Document:

EX-10.33

 Exhibit 10.33 

Dated 25 November 2013 

(and amended and restated on the First Amendment and Restatement Date and further amended and restated on the Second Amendment and
Restatement Date) 
 Wells Fargo Bank Northwest, National Association (not in its individual capacity but as owner trustee for GAIF II
Investment Sixteen, LLC) 
 (as the Seller) 

- and - 
 MSN 39286 Pte.
Ltd. 
 (as the Buyer) 
  

 
 AMENDED AND RESTATED AIRCRAFT
SALE AGREEMENT 
 RELATING TO 

ONE BOEING 777F AIRFRAME MSN 39286 

AND TWO GE90 ENGINES 
 MSN
907006 and 907007 
  
  

[*] Portions of this exhibit have been omitted pursuant to a Confidential Treatment Request. An unredacted version of this exhibit has been filed separately
with the Commission. 

 CONTENTS 
  

							
	 	 	 	  	 	 
	 	 	 	  	Page	 
			
	 1
	 	 Definitions and Interpretation
	  	 	1	  
			
	 2
	 	 Agreement to Sell and Buy
	  	 	7	  
			
	 3
	 	 Seller Conditions Precedent
	  	 	8	  
			
	 4
	 	 Buyer Conditions Precedent
	  	 	8	  
			
	 5
	 	 Purchase Price
	  	 	8	  
			
	 6
	 	 Delivery and Acceptance
	  	 	9	  
			
	 7
	 	 Termination; Return of Security Deposit
	  	 	12	  
			
	 8
	 	 Tax
	  	 	14	  
			
	 9
	 	 Default Interest
	  	 	15	  
			
	 10
	 	 Indemnities
	  	 	16	  
			
	 11
	 	 Costs and Expenses
	  	 	18	  
			
	 12
	 	 Seller Representations
	  	 	19	  
			
	 13
	 	 Acknowledgement and Disclaimer
	  	 	21	  
			
	 14
	 	 Buyer Representations
	  	 	22	  
			
	 15
	 	 Insurance
	  	 	23	  
			
	 16
	 	 Authorisations and Fees
	  	 	23	  
			
	 17
	 	 Intentionally Omitted
	  	 	24	  
			
	 18
	 	 Assignments; Further Assurance
	  	 	24	  
			
	 19
	 	 Payment Mechanics
	  	 	24	  
			
	 20
	 	 Notices
	  	 	25	  
			
	 21
	 	 Calculations and Certificates
	  	 	27	  
			
	 22
	 	 Partial Invalidity
	  	 	27	  
			
	 23
	 	 Remedies and Waivers
	  	 	27	  
			
	 24
	 	 Amendments; Waiver
	  	 	27	  
			
	 25
	 	 Counterparts
	  	 	27	  
			
	 26
	 	 Entire Agreement
	  	 	28	  
			
	 27
	 	 Time of the Essence
	  	 	28	  
			
	 28
	 	 Brokers and Other Third Parties
	  	 	28	  
			
	 29
	 	 Third Party Rights
	  	 	28	  
			
	 30
	 	 Governing Law
	  	 	28	  
			
	 31
	 	 Jurisdiction
	  	 	28	  
			
	 32
	 	 Process Agent
	  	 	29	  
			
	 33
	 	 Confidentiality
	  	 	29	  

							
			
	 Schedule 1
	  	 Lease Documents
	  	 	31	  
			
	 Schedule 2
	  	 Conditions Precedent
	  	 	34	  
			
	 Schedule 3
	  	 Bill of Sale
	  	 	38	  
			
	 Schedule 4
	  	 Delivery Acceptance Certificate
	  	 	39	  
			
	 Schedule 5
	  	 Supplemental Rental Balance
	  	 	40	  

 THIS AIRCRAFT SALE AGREEMENT (this “Agreement”) is made on 25 November 2013 (and amended
and restated on the First Amendment and Restatement Date and further amended and restated on the Second Amendment and Restatement Date) 
 BETWEEN:

  

	(1)	Wells Fargo Bank Northwest, National Association, not in its individual capacity but solely as owner trustee under that certain trust agreement dated as of 16 September 2010 and made with GAIF II Investment
Sixteen, LLC, a national banking association organised and existing under the laws of the United States of America with its principal place of business at 260 North Charles Lindbergh Drive, MAC: U1240-026, Salt Lake City, Utah 84116, United
States of America (the “Seller”); and 

  

	(2)	MSN 39286 Pte. Ltd., a company limited by shares incorporated under the laws of the Republic of Singapore, whose registered office is at 1 Marina Boulevard #28-00, One Marina Boulevard, Singapore
(018989) (the “Buyer”). 

 IT IS AGREED AS FOLLOWS: 

 

	1	Definitions and Interpretation 

  

	 	1.1	Definitions 

 In this Agreement the following words and expressions have the meanings
set out below: 
 “AAWW” means Atlas Air Worldwide Holdings, Inc.; 

“Actual Purchase Price” has the meaning given to such term in clause 5.2; 

“Additional Security Deposit” means the sum of [*]; 

“Aircraft” means the Airframe together with the Engines and, where the context permits, the Technical Records; 

“Airframe” means the Boeing 777F airframe with MSN 39286 together with any and all Parts and, where the context permits, the
Technical Records relating to such airframe and such Parts; 
 “Airframe Warranties Assignment” means an assignment by the
Seller to the Buyer, without recourse and subject to any rights of the Lessee under the Lease and the Sub-lessee under the Sub-Lease, of all of its right, title and interest in all warranties provided by the Manufacturer in respect of the Aircraft;

 “Authorisations” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration; 
 “Aviation Authority” means the civil aviation authority of Belgium, or any successor thereto; 

“Base Purchase Price” has the meaning given to such term in clause 5.1; 

 “Bill of Sale” means the bill of sale for the Aircraft substantially in the
form of Schedule 3; 
 “Business Day” means a day (other than a Saturday, Sunday or holiday scheduled by law) on which
banks are open for general business in London, United Kingdom and New York, New York, United States of America; 
 “Buyer Conditions
Precedent” means each of the items referred to in Part 2 of Schedule 2; 
 “Buyer Guarantee” means the guarantee
of certain of the Buyer’s and the Other Aircraft Buyers’ obligations to the Seller and the Other Aircraft Sellers under and pursuant to the Transaction Documents as specified therein, dated on or about the date hereof executed by the Buyer
Guarantor in favour of the Seller and the Other Aircraft Sellers; 
 “Buyer Guarantor” means Titan Singapore Aircraft
Leasing Pte. Ltd., a company organised and existing under the laws of the Republic of Singapore; 
 “Default” has the
meaning given to such term in the Lease; 
 “Delivery” means the transfer of title to the Aircraft from the Seller to the
Buyer in accordance with this Agreement; 
 “Delivery Acceptance Certificate” means a certificate substantially in the form
set out in Schedule 4; 
 “Delivery Date” means the date (being a Business Day) on which Delivery occurs; 

“Delivery Location” means such location as may be agreed between the Seller and the Buyer and coordinated with the Lessee
where any Taxes arising from the Delivery are mitigated; 
 “Delivery Payment” has the meaning given to such term in clause
5.4; 
 “Dollars” and “$” means the lawful currency of the United States of America; 

“Economic Closing Date” means 27 September 2013; 

“Effective Time Notice” has the meaning given to such term in the Novation Agreement; 

“Engine” means each of the General Electric GE90 model engines with MSNs 907006 and 907007 or any replacement therefor
pursuant to and in accordance with the Lease, in each case together with any and all Parts belonging to or installed in such engine and, where the context permits, the Technical Records relating to such engine and such Parts; 

  
 2 

 “Engine Warranties Assignment” means an assignment by the Seller to the Buyer,
without recourse and subject to the rights of the Lessee under the Lease and the Sub-lessee under the Sub-lease, of all of its right, title and interest in all warranties provided by the Manufacturer in respect of the Engines; 

“Existing Financing Documents” means the loan agreement and related agreements with the Existing Financing Parties in
relation to the financing of the Aircraft by GAIF 16; 
 “Existing Financing Parties” means Wells Fargo Bank Northwest,
National Association (as security trustee), Credit Agricole Corporate and Investment Bank (as facility agent and lender), DVB Bank SE, Norddeutsche Landesbank Girozentrale and Westpac Banking Corporation; 

“Existing Financing Releases” means the release documents to be entered into at Delivery between the Seller, GAIF 16 and
the Existing Financing Parties in relation to the release of the security over the Aircraft; 
 “Final Delivery Date” has
the meaning given to such term in clause 6.3; 
 “First Amendment and Restatement Date” means 20 December 2013; 

“First Deed of Amendment and Restatement” means the deed of amendment and restatement dated the First Amendment and
Restatement Date between the Seller and the Buyer relating to this Agreement; 
 “GAIF II” means Guggenheim Aviation
Investment Fund II, LP; 
 “GAIF II [*]” means [*]; 

“GAIF 16” means GAIF II Investment Sixteen, LLC, the beneficiary of the Seller; 

“GAP [*]” means [*]; 

“Governmental Authority” means any: 
  

	 	(a)	nation or government, any state or other political sub division thereof or local jurisdiction therein; 

  

	 	(b)	any central bank (or similar monetary or regulatory authority) thereof; 

  

	 	(c)	any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government; and 

  

	 	(d)	any corporation or other entity of which any of the above is a member or to whose jurisdiction any thereof is subject or in whose activities any of the above is a participant; 

“Initial Security Deposit” means the sum of [*]; 

“Interest Rate” has the meaning given to such term in clause 5.2; 

“Lease” means the lease agreement in respect of the Aircraft dated 25 May 2011 between the Seller and the Lessee as
amended, assigned, transferred or restated from time to time; 

  
 3 

 “Lease Documents” means the documents which are listed in Schedule 1; 

“Lessee” means TNT Transport International B.V., a company incorporated under the laws of The Netherlands; 

“Losses” means any claim, loss, liability, fine, penalty, damages, cost, expense, fee, suit, judgment, proceeding, order or
other sanction; 
 “Manufacturer” means, in relation to the Airframe, The Boeing Company and, in relation to the Engines,
General Electric Company; 
 “MSN” means manufacturer’s serial number; 

“Novation Agreement” means the novation agreement entered into or to be entered into between the Buyer, the Seller and the
Lessee in relation to the novation of the Lease; 
 “Other Aircraft” means each of the two Boeing 777F aircraft with MSNs
38969 and 37138 in each case as is more particularly defined as the “Aircraft” in the Other Aircraft Sale Agreement relating thereto; 

“Other Aircraft Buyer” means, as applicable, MSN 37138 Ltd. or MSN 38969 Ltd.; 

“Other Aircraft Sale Agreement” means, with respect to each of the Other Aircraft, the amended and restated aircraft sale
agreement in respect thereof dated the date hereof and made between the applicable Other Aircraft Buyer and the applicable Other Aircraft Seller; 

“Other Aircraft Seller” means, as applicable, (i) Wells Fargo Bank Northwest, National Association (not in its
individual capacity but as owner trustee for GAIF II Investment Twenty-Eight, LLC) or (ii) Wells Fargo Bank Northwest, National Association (not in its individual capacity but as owner trustee for GAIF II Investment Nineteen, LLC); 

“Parts” means, whether or not from time to time installed on the Airframe or the Engines, any and all appliances,
accessories, computers, instruments, assemblies, modules, components and other items of equipment (other than a complete Engine) that are furnished with any of the Airframe or the Engines at Delivery, and, where the context permits, such of the
Technical Records as relate thereto; 
 “Party” means a party to this Agreement; 

“Permitted Liens” means (i) the Lease and the Sub-lease, (ii) Security permitted under the Lease or the Sub-Lease
(other than Security which relates to the Seller’s financing of the Aircraft), (iii) Security that the Lessee is obligated under the Lease to discharge and (iv) any other Security created by or through Buyer at Delivery. 

“Relevant Period” has the meaning given to such term in clause 15.1; 

“Rental” has the meaning given to such term in the Lease; 

  
 4 

 “Reservations” means the principle that equitable remedies are remedies which
may be granted or refused at the discretion of the court, the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes, moratoria, administration and other laws generally affecting the rights
of creditors, the time barring of claims under any applicable limitation acts and the possibility that a court may strike out provisions of a contract as being invalid for reasons of oppression, undue influence or similar reasons and any other
reservations or qualifications of law (but not of fact) expressed in any legal opinions provided as conditions precedent under this Agreement in relation to the law in force on the date of such opinions; 

“Right of [*]” means [*]; 

“Scheduled Delivery Date” has the meaning given to such term in clause 6.3; 

“Second Amendment and Restatement Date” means 3 January 2014; 

“Second Deed of Amendment and Restatement” means the second deed of amendment and restatement dated the Second Amendment and
Restatement Date between the Seller and the Buyer relating to this Agreement. 
 “Security” means any mortgage, charge,
pledge, lien, statutory or other right in rem, hypothecation, assignment, security interest, lease, option, title retention, preferential right or trust or any encumbrance of any kind having the effect of securing any obligation of any person or
preferring any creditor (including rights of set off, reciprocal fee arrangements and defeasance) and any rights of forfeiture, confiscation or detention; 

“Security Deposit” means the Initial Security Deposit and the Additional Security Deposit; 

“Seller Conditions Precedent” means each of the items referred to in Part 1 of Schedule 2; 

“Seller Indemnitees” means the Seller, Guggenheim Aviation Partners, LLC, Guggenheim Aviation Partners Limited, GAIF II, GAIF
16, each of the Existing Financing Parties as financing parties and each of their respective assigns, successors, officers, directors, shareholders, subsidiaries, partners, members, managers, affiliates, employees, servants, agents and contractors;

 “Sub-lease” means the sub-lease agreement in respect of the Aircraft dated 30 March 2012 between the Lessee and the
Sub-lessee, as amended, assigned, transferred or restated from time to time; 
 “Sub-lessee” means TNT Airways S.A., a
company incorporated under the laws of Belgium; 
 “Supplemental Rental” has the meaning given to such term in the Lease;

 “Supplemental Rental Balance” means, in relation to each category of Supplemental Rental payable by the Lessee pursuant
to the Lease, an amount equal to the aggregate amount of applicable Supplemental Rental paid by Lessee pursuant to the Lease prior to the date of this Agreement. 

“Supplementary Security Deposit” means the sum of [*]; 

  
 5 

 “Tax” means any tax, customs duty, levy, impost, duty or other charge or
withholding of a similar nature in any jurisdiction (including any deferred tax and any penalty or interest payable in connection with any failure to pay or delay in paying any of the same) and “Taxes” shall be construed
accordingly; 
 “Tax Indemnitees” means the Seller Indemnitees other than the Existing Financing Parties and each of their
respective assigns, successors, officers, directors, shareholders, subsidiaries, partners, members, managers, affiliates, employees, servants, agents and contractors; 

“Technical Records” has the meaning given to such term in the Lease; 

“Total Loss” means: 
  

	 	(a)	the actual, constructive, arranged or total loss of the Aircraft or Airframe being agreed by insurers; 

  

	 	(b)	the Aircraft or Airframe being destroyed, damaged beyond economic repair or becoming permanently unfit for normal use for any reason (including any damage to the Aircraft or Airframe or it being requisitioned for use
where the insurers agree a total loss settlement); 

  

	 	(c)	the Aircraft or Airframe being requisitioned for title, confiscated, detained, forfeited, compulsorily purchased or requisitioned for hire; or 

 

	 	(d)	the Aircraft or Airframe being hijacked, stolen or disappearing for 30 days or longer; 

“Transaction Documents” means this Agreement, the First Deed of Amendment and Restatement, the Second Deed of Amendment and
Restatement, the Bill of Sale, the Buyer Guarantee, the GAIF II [*], the GAP [*], the Delivery Acceptance Certificate, the Novation Agreement, the Effective Time Notice, the Warranty Assignments and any other document specified as such and by mutual
agreement of the Parties; 
 “VAT” means any value added tax and/or any goods and services, sales or turnover tax,
imposition or tax of a similar nature; 
 “Warranty Assignments” means the Airframe Warranties Assignment and the Engine
Warranties Assignment. 
  

	 	1.2	Interpretation: 

  

	 	(a)	Unless a contrary indication appears, any reference in this Agreement to: 

  

	 	(i)	any Party shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

  

	 	(ii)	any agreement, instrument or document include references to such agreement, instrument or document as amended, supplemented, novated, re-enacted and/or restated; 

  
 6 

	 	(iii)	a provision of law includes references to such provision as re-enacted, amended or extended and any subordinate legislation made under it; 

 

	 	(iv)	clauses, paragraphs and Schedules shall be construed as references to clauses and paragraphs of, and Schedules to, this Agreement; 

  

	 	(v)	“including” shall not be construed restrictively but shall mean “including, without prejudice to the generality of the foregoing”; and 

 

	 	(vi)	a “person” shall include any individual, company, corporation, firm, partnership, joint venture association, organisation, institution, authority, trust or agency, whether or not having a separate legal
personality. 

  

	 	(b)	The index and any headings, sub-headings or footnotes in this Agreement are for ease of reference only and shall be ignored in construing this Agreement. 

 

	 	(c)	Any consent, waiver or approval required from the Seller under this Agreement must be in writing and will be of no effect if not in writing. 

 

	2	Agreement to Sell and Buy 

  

	 	2.1	Agreement to Sell and Buy: Subject to the terms of this Agreement, the Seller agrees to sell and deliver to the Buyer, and the Buyer agrees to buy and accept from the Seller, the Aircraft with the benefit of the
Lease on the Delivery Date in an “as is where is” condition at the Delivery Location for the Actual Purchase Price. The transfer to and assumption by the Buyer of the rights and obligations of the Seller under the Lease shall take effect
concurrently with Delivery in accordance with the terms of the Novation Agreement. 

  

	 	2.2	Title: Subject to the terms of this Agreement, on Delivery, the Seller shall transfer title to the Aircraft to the Buyer with full title guarantee free and clear of any Security other than Permitted Liens.

  

	 	2.3	Risk: All risk of loss or destruction of, or damage to, the Aircraft shall (as between the Seller and the Buyer) pass from the Seller to the Buyer on Delivery. 

 

	 	2.4	Warranties: On Delivery, the Seller and the Buyer shall enter into the Airframe Warranties Assignment and the Engine Warranties Assignment. The Seller agrees to give notice of (i) the Airframe Warranties
Assignment to the relevant Manufacturer and use reasonable endeavours to deliver the consent of such Manufacturer to such assignment at or prior to Delivery and (ii) the Engine Warranties Agreement to the relevant Manufacturer and use
reasonable endeavours to deliver the consent of such Manufacturer to such assignment at or prior to Delivery. 

  

	 	2.5	Lease Documents: Following execution of this Agreement, the Seller will not amend, vary, novate or assign, or waive any material requirement under or exercise any material discretion or give any material consent
or material approval under the Lease Documents without the prior written consent of the Buyer (not to be unreasonably withheld or delayed). 

  
 7 

	3	Seller Conditions Precedent 

  

	 	3.1	Seller Conditions Precedent: The Seller shall only be obliged to sell and deliver the Aircraft to the Buyer if each of the Seller Conditions Precedent has been satisfied (or waived or deferred pursuant to clause
3.2) on or before Delivery. 

  

	 	3.2	Waiver: The Seller Conditions Precedent are for the sole benefit of the Seller and may be waived or deferred, in whole or in part and with or without conditions, by the Seller in its absolute discretion.

  

	4	Buyer Conditions Precedent 

  

	 	4.1	Buyer Conditions Precedent: The Buyer shall only be obliged to buy and accept the Aircraft from the Seller if each of the Buyer Conditions Precedent has been satisfied (or waived or deferred pursuant to clause
4.2) on or before Delivery. 

  

	 	4.2	Waiver: The Buyer Conditions Precedent are for the sole benefit of the Buyer and may be waived or deferred, in whole or in part and with or without conditions, by the Buyer in its absolute discretion.

  

	5	Purchase Price 

  

	 	5.1	Purchase Price: The purchase price of the Aircraft shall be [*] (the “Base Purchase Price”), subject to adjustment as set forth below and payable in accordance with clause 5.4. The Base Purchase
Price is based on an assumed Dollar amortising LIBOR swap rate with an average life of [*] years of [*]% (the “Reference Interest Rate”). 

  

	 	5.2	Purchase Price Adjustment. The Base Purchase Price shall be: 

  

	 	(a)	either (i) reduced by [*] for each basis point that the Dollar-amortising Libor swap rate with an average life of [*] years (pay fixed, receive floating) on [*] with reference to Bloomberg page IRSB18 using the [*]
(the “Interest Rate”) exceeds the Reference Interest Rate, or (ii) increased by [*] for each basis point that the Reference Interest Rate exceeds the Interest Rate. The adjustments described in this clause 5.2(a) will be
calculated to one tenth of a basis point. The adjustment factor of [*] will accordingly be prorated, being [*] for every tenth of a basis point; and then 

  

	 	(b)	reduced further by an amount equal to the portion of any Rental paid, or to be paid, by the Lessee under the Lease (pro-rated on a daily basis) which is allocable to the period commencing on, and including, the Economic
Closing Date and ending on, but excluding, the Delivery Date; and then 

  

	 	(c)	reduced further by any amount of Rental received by the Seller in respect of the period from (and including) the Delivery Date to the end of the monthly invoice period during which the Delivery Date occurs; and then

  
 8 

	 	(d)	increased by the amount of interest accrued on the Base Purchase Price for the period commencing on, and including, the Economic Closing Date and ending on, but excluding, the Delivery Date, at the rate of [*]% ([*] per
cent) per annum, calculated on the basis of the number of actual days elapsed. 

 (such Base Purchase Price, as so adjusted,
the “Actual Purchase Price”). 
  

	 	5.3	Calculation of the Actual Purchase Price. On the date falling three Business Days prior to the Delivery Date, the Seller shall deliver to the Buyer a statement showing its calculation of the Actual Purchase
Price. Unless the Buyer, at least one Business Day prior to the Delivery Date, notifies the Seller in writing that it objects to the Seller’s calculation of the Actual Purchase Price, specifying the basis for such objection, the Seller’s
calculation shall become final, binding and conclusive upon the Parties for purposes of this Agreement (absent any delay in the actual Delivery Date). In the event the Buyer timely notifies the Seller of a disagreement in the calculation, the
Parties will endeavour to resolve any discrepancies in the Actual Purchase Price calculation prior to the Delivery Date and, in any event, by the Final Delivery Date. For the avoidance of doubt, if after determination of the Actual Purchase Price in
accordance with clause 5.2, the Delivery Date is changed, the final determination of the Actual Purchase Price under clause 5.2 shall be made three Business Days prior to the actual Delivery Date. 

 

	 	5.4	Payment of the Purchase Price: Subject to the terms of this Agreement, at Delivery, the Buyer shall pay to the Seller by wire transfer of immediately available funds an amount equal to the Actual Purchase Price,
less (i) the Security Deposit (ii) the Supplementary Security Deposit and (iii) the sum of all the Supplemental Rental Balances as at the Delivery Date (which amount shall be confirmed by the Seller and the Lessee pursuant to the Novation
Agreement), (the “Delivery Payment”). Receipt by the Seller of the Delivery Payment in full shall satisfy pro tanto the Buyer’s obligation to pay the Actual Purchase Price hereunder. 

 

	 	5.5	Security Deposit and Supplementary Security Deposit: The Buyer shall pay the Security Deposit and the Supplementary Security Deposit to the Seller to secure the Buyer’s performance of its obligations under
this Agreement. Each of the Security Deposit and the Supplementary Security Deposit shall be the property of the Seller once the Seller has received it. The Seller hereby acknowledges that it has received the Security Deposit and the Supplementary
Security Deposit from the Buyer. 

  

	 	5.6	Interest on Security Deposit and Supplementary Security Deposit: All interest accruing on the Security Deposit and the Supplementary Security Deposit shall be for the account of the Seller. 

 

	6	Delivery and Acceptance 

  

	 	6.1	Delivery: Subject to the terms and conditions of this Agreement, the Seller shall, on the Delivery Date, tender the Aircraft for Delivery and effect the transfer of title to the Aircraft to the Buyer by executing
and delivering to the Buyer the Bill of Sale. Delivery will occur when all the Buyer Conditions Precedent and all the Seller Conditions Precedent have been satisfied, deferred or waived. 

  
 9 

	 	6.2	Acceptance: Subject to the terms and conditions of this Agreement, upon the Seller tendering the Aircraft for Delivery pursuant to clause 6.1, the Buyer shall accept the Aircraft and shall evidence such
acceptance by executing and delivering to the Seller the Delivery Acceptance Certificate. 

  

	 	6.3	Delivery Date: Each Party currently anticipates that Delivery will take place on 7 January 2014 or as soon as reasonably practicable thereafter as agreed by the Parties (the “Scheduled Delivery
Date”). The Seller and the Buyer shall keep each other reasonably apprised as to the actual expected Delivery Date. Delivery shall not occur later than 15 January 2014 (or such later date as the Seller and the Buyer may agree) (the
“Final Delivery Date”). 

  

	 	6.4	Delivery Location: The Buyer acknowledges that the Aircraft is in the possession of the Sub-lessee and shall be legally tendered for sale and delivery by the Seller without any transfer of physical possession.
Notwithstanding the foregoing, Delivery shall occur while the Aircraft is located at the Delivery Location. 

  

	 	6.5	Delay: 

  

	 	(a)	Subject to clause 6.5(b), neither Party shall be responsible to the other Party for any direct or indirect Losses the other Party suffers as a result of any delay or failure in Delivery, including, without limitation,
any failure of the Lessee or the Sub-lessee to co-operate with Delivery. 

  

	 	(b)	If: 

  

	 	(i)	Delivery does not occur on the Scheduled Delivery Date for any reason other than failure by the Seller or GAIF II to observe, perform or fulfil any of its obligations under this Agreement (unless such failure is caused
by, or results from, any act or omission of the Buyer, the Buyer Guarantor, the Lessee or the Sub-lessee); and 

  

	 	(ii)	as a result of such failure, GAIF 16 is required to indemnify, or otherwise compensate, any Existing Financing Party for any losses suffered by such Existing Finance Party as a result of the loan advanced by such
Existing Finance Party to GAIF 16 (the “Loan”) not being prepaid on the Scheduled Delivery Date, 

 the Buyer
shall, within seven days of demand, pay to GAIF 16 an amount equal to: 
  

	 	(A)	 the interest accruing on an amount equal to the aggregate of the principal amount of the Loan payable by GAIF 16 to the Existing Financing Parties on
the Scheduled Delivery Date, accrued interest thereon and any breakage costs payable in connection with such prepayment in respect of the period commencing on (and including) the Scheduled Delivery Date and ending on (and excluding) the earlier of
(i) the Delivery Date and (ii) the date of termination of this Agreement (the “Calculation Period”) at the 

  
 10 

	 	
rate of interest per annum equal to the higher of (x) 6.865% and (y) the LIBOR rate then applicable to the prepayment amount pursuant to the terms of the loan agreement entered into
between GAIF 16 and the Existing Financing Parties plus 4.875%; less 

  

	 	(B)	the interest accruing on the Base Purchase Price in accordance with clause 5.2(d) during the Calculation Period. 

  

	 	(c)	All interest amounts to be calculated pursuant to clause 6.5(b) shall accrue from day to day and be calculated on the basis of a year of 360 days and the actual number of days elapsed during the Calculation Period.

  

	 	(d)	Any demand for payment made by GAIF 16 pursuant to clause 6.5(b) shall be accompanied by a statement setting out in reasonable detail the calculation of the amount so demanded. 

 

	 	6.6	Cape Town: 

  

	 	(a)	Unless and until the Aircraft has been delivered by the Seller to the Buyer in accordance with this Agreement, the Buyer shall not seek to, nor be entitled to, register any interest in the Airframe or any Engine at the
international registry (the “IR”) located in Dublin, Ireland, established pursuant to the Convention on International Interests in Mobile Equipment, and the Protocol to the Convention on International Interests in Mobile Equipment
on Matters Specific to Aircraft Equipment, in each case adopted on November 16, 2001, at a diplomatic conference in Cape Town, South Africa Cape Town Convention. 

 

	 	(b)	At or after Delivery, the Seller will cooperate with the Buyer to (i) register a contract of sale in respect of the Airframe and each of the Engines with the international registry, (ii) cause Wells Fargo Bank
Northwest, National Association to discharge its existing international interests in respect of the Airframe and each of the Engines then registered with the IR and (iii) if permitted by applicable law, cause new international interests created
by the Novation Agreement to be registered with the IR with the Lessee as Debtor and the Buyer as creditor (it being understood that this registration will be for notice purposes only). The Seller’s co-operation will include the Seller being,
at its own expense, a Transacting User Entity approved by the IR at Delivery. 

  

	 	6.8	Buyer’s Financing: 

  

	 	(a)	The Buyer shall keep the Seller reasonably apprised of the status and estimated closing date of its financing related to the Aircraft, provided that the Buyer shall not be obligated to disclose any confidential
information to the Seller. 

  

	 	(b)	Nothing in this clause 6.8 shall be construed to restrict, modify, waive or in any way affect the Buyer’s right to terminate this Agreement pursuant to clause 7.2(a). 

  
 11 

	7	Termination; Return of Security Deposit/Supplementary Security Deposit 

  

	 	7.1	Termination by Either Party: Either Party may terminate this Agreement by written notice to the other Party upon the occurrence of any of the following: 

 

	 	(a)	[intentionally deleted]; 

  

	 	(b)	on or before Delivery, a Total Loss occurs; 

  

	 	(c)	if, on or before Delivery, it becomes unlawful in any applicable jurisdiction for (i) either the Buyer or the Seller to perform any of its respective obligations under this Agreement or any other document or
agreement to be entered into pursuant to this Agreement, (ii) the Buyer Guarantor to perform any of its obligations under the Buyer Guarantee or (iii) GAIF II to perform any of its obligations under the GAIF II [*]; or 

 

	 	(d)	Delivery has not occurred on or prior to the Final Delivery Date; provided, however, that the right to terminate this Agreement under this clause 7.1(d) shall not be available to a Party whose failure to observe,
perform or fulfil any of its obligations under this Agreement has been the cause of, or resulted in, the failure of Delivery to occur on or before such date (unless such failure results from, or is caused by, an act or omission of the other Party or
any third party (other than in the case of the Seller, GAIF II or in the case of the Buyer, the Buyer Guarantor)). 

  

	 	7.2	Buyer Termination: The Buyer may terminate this Agreement as follows: 

  

	 	(a)	on or prior to 6.00 p.m. (New York time) on 20 December 2013, the Buyer provides written notice to the Seller that the Buyer has not secured financing for the Aircraft in form and substance acceptable to it;

  

	 	(b)	the Buyer provides written notice to the Seller at any time prior to Delivery following the occurrence of any of the following: 

  

	 	(i)	on or before Delivery, the Aircraft suffers damage requiring repairs costing in excess of [*] which is not rectified on or prior to the Final Delivery Date to the Buyer’s reasonable satisfaction; or

  

	 	(ii)	the Seller breaches any of its obligations, covenants, representations or warranties under this Agreement or any other Transaction Document (unless occasioned by an act or omission on the part of the Buyer or the Buyer
Guarantor) and the same has not been cured to the satisfaction of the Buyer within five Business Days after the date on which the Buyer notifies the Seller in writing of such failure (it being understood that this Agreement may not be terminated
pursuant to this clause if such breach is cured during such five Business Day period). 

  

	 	7.3	 Seller Termination: The Seller may terminate this Agreement by written notice to the Buyer if the Buyer breaches any of its obligations,
covenants, representations or warranties under this Agreement or any other Transaction 

  
 12 

	 	
Document (unless such breach is occasioned by an act or omission on the part of the Seller or GAIF II) and the same has not been cured to the satisfaction of the Seller within five Business Days
after the date on which the Seller notifies the Buyer in writing of such failure (it being understood that this Agreement may not be terminated pursuant to this clause if such breach is cured during such five Business Day period). 

 

	 	7.4	Return of Security Deposit and Supplementary Security Deposit: 

  

	 	(a)	If this Agreement is terminated pursuant to clause 7.1(d) (but only in circumstances where the Buyer has failed to satisfy the Seller Conditions Precedent (other than solely as a consequence of circumstances beyond the
control of either of the Parties, GAIF II or the Buyer Guarantor)) or pursuant to clause 7.3, the Seller shall be entitled to retain the Security Deposit. 

  

	 	(b)	If this Agreement is terminated pursuant to: 

  

	 	(i)	clause 7.1(c); 

  

	 	(ii)	clause 7.1(d), but only in circumstances where the Buyer has: 

  

	 	(A)	failed to satisfy the Seller Conditions Precedent (except if such failure was solely a consequence of circumstances beyond the control of either of the Parties, GAIF II or the Buyer Guarantor other than a failure of the
Seller Condition Precedent referred to in paragraph B7 of Part 1 of Schedule 2 due to a default occurring after 20 December 2013); or 

  

	 	(B)	terminated this Agreement pursuant to clause 7.1(d) because the Seller has failed to satisfy one or more of the Buyer Conditions Precedent referred to in paragraphs B2 and B3 of Part 2 of Schedule 2 (but only if the
relevant damage or Default occurs after 20 December 2013 and irrespective of whether or not any other Buyer Conditions Precedent have not then been satisfied); 

 

	 	(iii)	clause 7.2(b)(i) due to relevant damage occurring after 20 December 2013; or 

  

	 	(iv)	clause 7.3, 

 the Seller shall be entitled to retain the Supplementary Security Deposit. 

 

	 	(c)	If the Seller retains the Security Deposit or the Supplementary Security Deposit in accordance with clause 7.4(a) or (b) (as the case may be), the Seller shall apply the Security Deposit and/or the
Supplementary Security Deposit as liquidated damages in full satisfaction of its Losses resulting from the relevant termination. Each of the Seller and the Buyer acknowledges the difficulty in calculating the Losses the Seller would suffer in such a
case, and the Seller and the Buyer have agreed that the Security Deposit and/or the Supplementary Security Deposit (as the case may be) is a fair and genuine estimate of such Losses. 

 

	 	(d)	If this Agreement is terminated for any other reason, the Seller shall pay to the Buyer an amount equal to the aggregate of the Security Deposit and the Supplementary Security Deposit received by the Seller (without
accrued interest) no later than the third Business Day after such termination. 

  
 13 

	 	7.5	Effect of Termination; Sole Remedy: If this Agreement is terminated in accordance with this clause 7, this Agreement shall be of no further force and effect and neither the Buyer nor the Seller shall have
any further obligation to the other hereunder, except that this clause 7.5 and clauses 6.5(b), 7.4, 8, 10, 31, 32 and 33 shall survive such termination. If the Seller is entitled to retain the Security Deposit and/or the Supplementary Security
Deposit as set forth herein, retention of such amount shall constitute the Seller’s sole and exclusive remedy in connection with the termination of this Agreement, and the Buyer shall have no further obligation or liability to the Seller in
respect of the Aircraft, this Agreement or any of the transactions contemplated hereby other than pursuant to clause 6.5(b) or 33. 

  

	8	Tax 

  

	 	8.1	Indemnity 

  

	 	(a)	The Buyer shall pay and indemnify the Tax Indemnitees on an after-tax basis from and against any Taxes, VAT and/or costs and expenses assessed against or upon such Tax Indemnitee or the Aircraft by any Governmental
Authority resulting from or arising in connection with the sale and delivery of the Aircraft and any Taxes, VAT and/or costs and expenses assessed against the Tax Indemnitees which are attributable to any payment made by the Buyer pursuant to this
clause 8.1(a). 

  

	 	(b)	Clause 8.1(a) shall not apply with respect to Taxes (i) assessed on a Tax Indemnitee under the law of the jurisdiction in which such Tax Indemnitee is incorporated or, if different, the jurisdiction (or
jurisdictions) in which such Tax Indemnitee is treated as resident for tax purposes if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by such Tax
Indemnitee or the profits or gains of such Tax Indemnitee in its jurisdiction of incorporation, (ii) arising as a result of gross negligence, breach of agreement or wilful misconduct of the relevant Tax Indemnitee or (iii) imposed on or
levied against a Tax Indemnitee relating to any period prior to Delivery or to any act, transaction, matter, event or circumstance which occurred prior to Delivery. 

 

	 	(c)	Notwithstanding the foregoing (and without prejudice to clause 10.3), the Parties shall reasonably cooperate to effect Delivery at a time when the Aircraft is located in a jurisdiction that will not impose any Taxes on
either Party or any Tax Indemnitee, the Transaction Documents or the Aircraft. 

  
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	 	8.2	Stamp taxes: The Buyer shall pay and indemnify, within seven days of demand, the Seller against any cost, loss or liability that the Seller incurs in relation to all stamp duty, registration and other similar
Taxes payable in respect of any Transaction Document. 

  

	 	8.3	VAT: 

  

	 	(a)	All consideration expressed to be payable under this Agreement by the Buyer shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by the Seller to the Buyer in connection with this
Agreement, the Buyer shall pay to the Seller (in addition to and at the same time as paying the consideration) an amount equal to the amount of VAT. 

  

	 	(b)	Where this Agreement requires the Buyer to reimburse the Seller for any costs and expenses, the Buyer shall also at the same time pay and indemnify the Seller against all VAT incurred by the Seller in respect of the
costs or expenses to the extent that the Seller reasonably determines that it is not entitled to credit or repayment of the VAT. 

  

	 	8.4	Mitigation: The Seller shall, in consultation with the Buyer, take reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to this clause
8 provided that: 

  

	 	(a)	the Seller shall not be under any obligation to take any such action if, in its reasonable opinion acting in good faith, to do so would have a material adverse effect on its business, operations or financial condition
or the financial basis under which, amongst other things, the Transaction Documents have been entered into or would entail any material cost or expense to the Seller (unless the Seller shall have been indemnified or otherwise secured to its
satisfaction); and 

  

	 	(b)	the Seller shall not be under any obligation to achieve any particular result and shall not incur any liability to the Buyer or any other person by virtue of the steps taken or such steps resulting in less than complete
mitigation. 

  

	 	8.5	Buyer Conditions Precedent: For the avoidance of doubt, the Buyer Conditions Precedent set out in paragraph B5 of Part 2 of Schedule 2 shall not be satisfied if the Buyer is not satisfied that it does not
have any liability to Taxes and/or VAT in connection with the delivery and sale of the Aircraft. 

  

	9	Default Interest 

  

	 	9.1	Default interest: 

  

	 	(a)	If the Buyer fails to pay any amount payable by it under this Agreement on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at
a rate which is two per cent. higher than the number which is the arithmetic mean of the rates of interest per annum (rounded up to the nearest four decimal points) at which, at or about 11.00 a.m. on the due date, Dollar deposits are offered
for a period of three months on the Telerate “LIBOR” page. Any interest accruing under this clause 9.1 shall be payable by the Buyer on demand by the Seller. 

 

	 	(b)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each month but will remain immediately due and payable. 

  
 15 

	 	9.2	Notification of rates of interest: The Seller shall promptly notify the Buyer of the determination of a rate of interest under this Agreement. 

 

	10	Indemnities 

  

	 	10.1	Currency indemnity: 

  

	 	(a)	Each of the Buyer and the Seller shall, within seven days of demand, indemnify the other Party against any Loss such Party suffers if: 

 

	 	(i)	it receives an amount relating to the other Party’s obligations under this Agreement in a different currency from that in which payments should be made under this Agreement; or 

 

	 	(ii)	it pays a judgment or claim in a different currency from that in which payments should be made under this Agreement. 

  

	 	(b)	Each Party waives any right to pay any amount under this Agreement in a currency which is different from the currency shown in this Agreement. 

 

	 	10.2	General Indemnity: 

  

	 	(a)	The Buyer shall indemnify and hold harmless each Seller Indemnitee against any Losses suffered or incurred (regardless of when the same are suffered or incurred) arising out of or in any way connected with the purchase,
manufacture, ownership, possession, registration, performance, transportation, management, sale, control, inspection, use or operation, design, condition, testing, delivery, leasing, maintenance, repair, service, modification, overhaul, replacement,
removal or redelivery of the Aircraft, or any loss of or damage to the Aircraft or relating to any loss or destruction of or damage to any property, or death of or injury to any person caused by, relating to or arising from or out of (in each case
whether directly or indirectly) any of the foregoing matters and regardless of when the same arises or occurs, or whether it arises out of or is attributable to any act or omission, negligent or otherwise, of any Seller Indemnitee.

  

	 	(b)	Clause 10.2(a) shall not apply to Losses in relation to any particular Seller Indemnitee to the extent that such Losses: 

  

	 	(i)	arise out of any act, omission or circumstance occurring prior to Delivery or after the end of the Relevant Period; 

  

	 	(ii)	are caused by such Seller Indemnitee’s gross negligence or wilful misconduct; 

  
 16 

	 	(iii)	are the result of a failure by the Seller Indemnitee to comply with any of its express obligations under this Agreement (unless such failure is caused by a failure by the Buyer to comply with any of its express
obligations under this Agreement); 

  

	 	(iv)	are the result of any representation and warranty given by the Seller Indemnitee not being true and correct; or 

  

	 	(v)	are covered by an indemnity from the Lessee under the Lease Documents or by an indemnity provided by any subsequent lessee, owner or operator of the Aircraft in a form acceptable to the Seller; 

 

	 	(vi)	represent a Tax or loss of Tax benefits; or 

  

	 	(vii)	arise as a consequence of any patent or intellectual property right in or to the Aircraft, any Engine or any Part for which the Buyer does not have recourse against either Manufacturer under a related indemnity or
warranty. 

  

	 	10.3	Indemnification Procedure: The following procedures shall apply to any claim made by any Seller Indemnitee pursuant to clause 8 or 10.2: 

 

	 	(a)	Notice. The relevant Seller Indemnitee shall provide written notice (the “Claim Notice”) to the Buyer within 10 Business Days after it becomes aware of facts giving rise to a claim by it for
indemnification under clause 8 or 10.2 (the “Claim”). The Claim Notice shall specify in reasonable detail the nature and basis of the Claim (including, in the case of a Third Party Claim (defined below), the name of the party
making such Third Party Claim, to the extent known). The Buyer shall have a period of 10 Business Days to reply to such Notice of Claim. If the Buyer does not respond to such claim within such 10-Business Day period (including by making payment),
the Buyer will be deemed to have rejected such Claim, in which event the person claiming indemnification hereunder will be free to pursue such remedies as may be available to it. 

 

	 	(b)	 Third Party Claims. In the event of the assertion by any third party of a claim against a Seller Indemnitee which gives rise to a claim for
indemnification under this Agreement (“Third Party Claims”), the Buyer will have the right, at its cost and expense and subject to the terms of this clause 10.3(b), to assume the defence thereof including the appointment and
selection of counsel. If the Buyer elects to assume the defence of any Third Party Claim, it shall within 30 days notify the Seller Indemnitee in writing of its intent to do so. In the event the Buyer exercises its right to undertake the defence
against any such Third Party Claim as provided above, the Seller Indemnitee shall cooperate with the reasonable requirements of the Buyer in such defence and make available to the Buyer all witnesses, pertinent records, materials and information in
such party’s possession or under its control relating thereto as may be reasonably required by the Buyer (save to the extent that such information is bound by a duty of confidentiality based on the written opinion of counsel), and the relevant
Seller Indemnitee may participate by its own counsel and at its own expense in defense of such Third Party Claim. 

  
 17 

	 	
Except for the settlement of a Third Party Claim which involves the payment of money only which is to be paid in full by the Buyer, no Third Party Claim for which the Buyer has elected to defend
may be settled by the Buyer without the prior written consent of the relevant Seller Indemnitee, which consent shall not be unreasonably withheld or delayed (it being understood that a Seller Indemnitee shall have sole discretion in relation to
settlement of any claim involving criminal liability of such Seller Indemnitee). Notwithstanding the foregoing, in order to assume the defence of a Third Party Claim the Buyer shall have agreed to fully indemnify the relevant Seller Indemnitee on
demand in respect of any fees, costs or expenses suffered or incurred by such Seller Indemnitee as a result of the relevant Third Party Claim or in connection with any action taken by the Buyer in connection therewith provided that the relevant
Seller Indemnitee shall not be prohibited by the foregoing provisions from settling or paying any Third Party Claim immediately if it is under a legal obligation (based on the written opinion of counsel) to do so and such settlement or payment shall
not impair its rights to indemnity under this Agreement. 

  

	 	(c)	Notification and Information: The Buyer shall provide such information regarding the defence of the Third Party Claim as any affected Seller Indemnitee may from time to time reasonably request. 

 

	 	(d)	Subrogation. The Buyer shall be subrogated to a Seller Indemnitee’s rights of recovery to the extent of any Losses satisfied by the Buyer. The relevant Seller Indemnitee shall (provided that the Buyer has
agreed to fully indemnify such Seller Indemnitee on demand in respect of any fees, costs or expenses suffered or incurred by such Seller Indemnitee as a result of any such action taken by the Buyer) permit the Buyer to use the name of such Seller
Indemnitee and the names of such Seller Indemnitee’s affiliates in any transaction or proceeding to enforce such rights and such Seller Indemnitee shall use reasonable efforts (at the cost of Buyer) to execute and deliver such instruments and
papers as are necessary to assign such rights and assist in the exercise thereof, including access to books and records with respect to such Losses. 

  

	 	(d)	Reduction of Losses. To the extent any Losses of a Seller Indemnitee are reduced by receipt of payment (i) under insurance policies which are not subject to retroactive adjustment or other reimbursement to
the insurer in respect of such payment or (ii) from third parties not affiliated with the relevant Seller Indemnitee, such payments (net of the expenses of the recovery thereof) shall be credited against such Losses and, if indemnification
payments shall have been received prior to the collection of such proceeds, the relevant Seller Indemnitee shall remit to the Buyer the amount of such proceeds (net of the cost of collection thereof) to the extent of indemnification payments
received in respect of such Losses. 

  

	11	Costs and Expenses 

  

	 	11.1	 Transaction expenses: Each Party shall bear its own costs and expenses in connection with the transactions contemplated by the Transaction
Documents, including, without limitation, the fees of external legal, tax and any other advisors (save that the Buyer shall bear the legal fees and expenses incurred by the Seller 

  
 18 

	 	
in connection with the preparation, negotiation and execution of the First Deed of Amendment and Restatement in an amount of £1,700 (excluding any applicable VAT)). The Seller shall bear
the reasonable and properly incurred costs of the Lessee in connection with the Novation Agreement and the documentation and matters ancillary thereto, provided that the Seller shall not be responsible for (i) any costs of the Lessee that are
attributable to the Buyer’s arrangements for financing the acquisition of the Aircraft hereunder or any change in the leasing structure requested by or on behalf of the Buyer, (ii) the provision or cost of any legal opinions for the
benefit of the Buyer’s and/or its financiers in relation to the Lessee, its obligations under the Novation Agreement and such other documents to which the Lessee may be a party in connection therewith and/or the state of registration of the
Aircraft. 

  

	 	11.2	Enforcement costs: Each Party agrees to pay the other Party, within seven days of demand and on a full indemnity basis, the amount of all costs and expenses (including legal, valuation, accountancy and consulting
fees and commission and out-of-pocket expenses) and any VAT thereon incurred by such Party in connection with the enforcement of, or the preservation of, its rights under this Agreement. 

 

	 	11.3	Inspection and Registration Costs: The Buyer shall pay all costs in respect of: (i) its inspection of the Aircraft and the Technical Records, (ii) any and all recording and filing fees associated with
the Transaction Documentation, including, without limitation, the transfer of title to the Aircraft from the Seller to the Buyer and the novation of the Lease pursuant to the Novation Agreement, and (iii) the costs and expenses of any financier
which may finance or re-finance the acquisition of the Aircraft by the Buyer. 

  

	12	Seller Representations 

 The Seller makes the representations and warranties set out in
this clause 12 to the Buyer. 
  

	 	12.1	Status: The Seller is a national banking association duly organised in, validly existing and in good standing under the laws of, the United States of America and has the power to own its assets and carry on its
business as it is presently being conducted. 

  

	 	12.2	Powers: The Seller has power to enter into, deliver, exercise its rights and perform its obligations under and pursuant to the Transaction Documents to which it is a party, and has taken all necessary action to
authorise the entry into and performance of each such document and the transactions contemplated thereby, and no limits on its powers will be exceeded as a result of the taking of any action contemplated by those documents. 

 

	 	12.3	Due authorisation: The Seller has the power to enter into, exercise its rights and perform and comply with its obligations contained in the Transaction Documents to which it is a party and to consummate the
transactions contemplated by the Transaction Documents to which it is or will be a party. 

  

	 	12.4	Obligations binding: Each Transaction Document to which it is a party constitutes the legal, valid and binding obligations of the Seller enforceable in accordance with its terms, except as such enforceability may
be limited by the Reservations. 

  
 19 

	 	12.5	Non-contravention: Neither the execution or delivery of any Transaction Document, nor the exercise of any rights or performance of any obligations under any such document by the Seller will result in any:

  

	 	(a)	violation of any law or regulation to which it is subject; 

  

	 	(b)	breach of its constitutional documents; 

  

	 	(c)	breach of any deed, agreement, instrument or obligation binding upon it or affecting any of its assets; or 

  

	 	(d)	breach of any limits on its powers. 

  

	 	12.6	Title: The Seller has full legal title in and to the Aircraft, and on the Delivery Date the Seller will transfer full legal and beneficial title to Buyer with full title guarantee free and clear of any Security
other than Permitted Liens. 

  

	 	12.7	No Liens: To the best of the Seller’s knowledge, there is no Security against the Aircraft that is not a Permitted Lien (as defined in the Lease). 

 

	 	12.8	Supplemental Rental: To the best of the Seller’s knowledge, each Supplemental Rental Balance is set out in Schedule 5 as at the date hereof and, except as otherwise provided in any confirmation provided
by the Seller and the Lessee to the Buyer pursuant to the Novation Agreement, as at the Delivery Date. As of the date hereof and, except as provided in any confirmation provided by the Seller pursuant to the Novation Agreement, as at the Delivery
Date, the Lessee has not notified the Seller of any pending claims for reimbursement of any Supplemental Rental. 

  

	 	12.9	Lease Documents: Other than the Novation Agreement, the Lease Documents constitute the entire agreement between the Seller or any of its Affiliates, on the one hand, and the Lessee or any of its Affiliates, on
the other hand, with respect to the Aircraft, and there are no waivers, consents, approvals, or amendments (oral or written) in effect that would affect the terms of leasing of the Aircraft or that modify or amend the provisions of the Lease
Documents. 

  

	 	12.10	Lessor Assignment: Except pursuant to the Existing Financing Documents and the Novation Agreement, it has not assigned or transferred any of its rights or obligations under the Lease Documents. 

 

	 	12.11	Lessee Assignment: It has not consented to any assignment by the Lessee of its rights under the Lease except as required pursuant to the Existing Financing Documents or, so far as it is aware, to any transfer of
possession of the Aircraft, except as permitted by the terms of the Lease. 

  

	 	12.12	No Breach By Lessor: It is not in breach of any of its obligations under the Lease. 

  

	 	12.13	Litigation: There is no actual, pending or, to the knowledge of the Seller, threatened, litigation or arbitration, dispute resolution or proceedings before any court or arbitrator involving the Seller which by
itself or together with any other such proceedings or claims, if determined adversely to it, could reasonably be expected to have a material adverse effect on the Seller’s ability to perform its obligations under this Agreement and the other
Transaction Documents. 

  
 20 

	 	12.14	Tax Claim: No claim has been made by the Seller against the Lessee for any Tax indemnification under the Lease Documents. 

  

	 	12.15	Default: To the best of Seller’s knowledge, no Default has occurred and is continuing. 

  

	 	12.16	Rent: The Seller has not received any payment of Rental that would be due before the Delivery Date in advance of the date such payment is due and payable under the Lease. 

 

	 	12.17	Termination: The Lease has not been terminated by the Seller, and the Seller has not consented to any termination of the Lease. 

 

	 	12.18	Repetition: The Seller shall make each representation and warranty in this clause 12 on the date of this Agreement and shall repeat each such representation and warranty on the Delivery Date, by reference to the
facts and circumstances then existing, and each such representation and warranty shall survive the execution of this Agreement and Delivery. 

  

	13	Acknowledgement and Disclaimer 

  

	 	13.1	Disclaimer: THE BUYER UNCONDITIONALLY AGREES THAT AS BETWEEN THE BUYER AND THE SELLER THE AIRCRAFT IS TO BE SOLD AND BOUGHT IN AN “AS IS WHERE IS” CONDITION AS AT THE DELIVERY DATE AND, EXCEPT AS
EXPRESSLY SET OUT IN CLAUSE 12, THE SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER IN RESPECT OF THIS AGREEMENT, THE AIRCRAFT OR ANY OTHER MATTER RELATING TO THIS AGREEMENT OR THE AIRCRAFT AND, EXCEPT AS EXPRESSLY SET OUT IN CLAUSE 12, THE
SELLER EXPRESSLY DISCLAIMS: 

  

	 	(a)	ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY AS TO CONDITION, DESCRIPTION, AIRWORTHINESS, VALUE, SATISFACTORY QUALITY, DESIGN, QUALITY, DURABILITY, MANUFACTURE OR OPERATION OF ANY KIND OR NATURE; 

 

	 	(b)	ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY OF MERCHANTABILITY OR FITNESS FOR PURPOSE OR USE OF THE AIRCRAFT; 

  

	 	(c)	ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY AS TO ABSENCE OF LATENT, INHERENT OR OTHER DEFECTS (WHETHER OR NOT DISCOVERABLE) OR AS TO FREEDOM FROM ANY RIGHTFUL CLAIM BY WAY OF INFRINGMENT OF ANY PATENT, COPYRIGHT,
DESIGN OR OTHER PROPRIETARY RIGHTS; 

  

	 	(d)	ANY IMPLIED REPRESENTATION OR WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE; AND 

  
 21 

	 	(e)	ANY OBLIGATION OR LIABILITY OF THE SELLER ARISING IN CONTRACT OR TORT, WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF THE SELLER, ACTUAL OR IMPUTED, OR IN STRICT LIABILITY IN RELATION TO ANY OF THE MATTERS REFERRED TO IN
CLAUSES 13.1(a) TO 13.1(d) OR FOR LOSS OF USE, REVENUE OR PROFIT WITH RESPECT TO THE AIRCRAFT OR ANY RISKS RELATING THERETO OR FOR ANY LIABILITY OF THE BUYER TO ANY THIRD PARTY OR ANY OTHER DIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGE
WHATSOEVER AND HOWSOEVER CAUSED. 

  

	 	13.2	Delivery Acceptance Certificate: DELIVERY BY THE BUYER TO THE SELLER OF THE DELIVERY ACCEPTANCE CERTIFICATE SHALL BE CONCLUSIVE PROOF, AS BETWEEN THE BUYER AND THE SELLER, THAT THE AIRCRAFT IS IN EVERY WAY
SATISFACTORY TO THE BUYER. 

  

	14	Buyer Representations 

 The Buyer makes the representations and warranties set out in
this clause 14 to the Seller. 
  

	 	14.1	Status: The Buyer is a company limited by shares validly incorporated and existing under the laws of the Republic of Singapore and has the power and all necessary governmental and other consents, approvals,
licences and authorities in any applicable jurisdiction to own its assets and carry on its business. 

  

	 	14.2	Powers: The Buyer has power to enter into, deliver, exercise its rights and perform its obligations under and pursuant to the Transaction Documents to which it is a party, and has taken all necessary action to
authorise the entry into and performance of each such document and the transactions contemplated thereby, and no limits on its powers will be exceeded as a result of the taking of any action contemplated by those documents. 

 

	 	14.3	Due authorisation: All Authorisations required by, or desirable to, the Buyer in connection with the entry into, performance, validity and enforceability of and admissibility in evidence of and the transactions
contemplated by, the Transaction Documents to which it is a party have been obtained or effected (as appropriate) and are in full force and effect. 

  

	 	14.4	Obligations binding: Each Transaction Document to which it is a party is the legal, valid and binding obligation of the Buyer enforceable in accordance with its terms, except as such enforceability may be limited
by the Reservations. 

  

	 	14.5	Non-contravention: Neither the execution or delivery of any Transaction Document, nor the exercise of any rights or performance of any obligations under any such document by the Buyer will result in any:

  

	 	(a)	violation of any law or regulation to which it is subject; 

  

	 	(b)	breach of its constitutional documents; 

  

	 	(c)	breach of any deed, agreement, instrument or obligation binding upon it or affecting any of its assets; or 

  

	 	(d)	breach of any limits on its powers. 

  
 22 

	 	14.6	Repetition: The Buyer shall make each every representation and warranty in this clause 14 on the date of this Agreement and shall repeat each representation and warranty on the Delivery Date by reference to the
facts and circumstances then existing and each such representation and warranty shall survive the execution of this Agreement and Delivery. 

  

	15	Insurance 

  

	 	15.1	Liability Insurance: Commencing on the Delivery Date and ending on the second anniversary of the Delivery Date (the “Relevant Period”) and regardless of whether the Buyer ceases to be the owner
thereof or the leasing of the Aircraft pursuant to the Lease or any replacement lease is terminated before the expiration of the Relevant Period, the Buyer shall ensure that (i) airline third party liability insurance is maintained in respect
of the Aircraft (and each engine when separated from the Aircraft) in an amount not less than the amount required to be maintained by the Lessee under the Lease from time to time and (ii) such insurances name as “additional insureds”
the parties required to be so named under the Lease, including the Seller Indemnitees (and compliance with such obligations shall be determined by reference to the terms of the Lease irrespective of whether or not the leasing of the Aircraft to the
Lessee pursuant to the Lease is then continuing). 

  

	 	15.2	Certificates: On or before Delivery and at each renewal of the insurances required to be maintained pursuant to clause 15.1 during the Relevant Period, the Buyer shall deliver to the Seller a certificate (which
may be an insurance certificate provided by Lessee or any replacement lessee) issued by the insurance brokers for the Aircraft in respect thereof (and, if applicable, a certificate issued by any reinsurers), each in form and substance consistent
with the requirements of the Lease in respect of any insurance which the Buyer is required to procure pursuant to clause 15.1 with each Seller Indemnitee named as additional insured for their respective rights and interest during the policy
period (and compliance with such obligations shall be determined by reference to the terms of the Lease irrespective of whether or not the leasing of the Aircraft to the Lessee pursuant to the Lease is then continuing). 

 

	16	Authorisations and Fees 

  

	 	16.1	Authorisations: The Buyer will be responsible for all Authorisations necessary for the ownership, leasing, registration, maintenance, use or operation of the Aircraft after Delivery. 

 

	 	16.2	Fees: The Buyer will, within seven days of demand, pay and indemnify the Seller from and against, any fees, duties or costs payable to the Aviation Authority or any other aviation authority or Governmental Entity
in connection with the transfer of title to the Aircraft from the Seller to the Buyer and/or the Transaction Documents. 

  
 23 

	17	Intentionally Omitted. 

  

	18	Assignments; Further Assurance 

  

	 	18.1	Assignments and transfers: Neither Party may assign any of its rights or transfer any of its rights or obligations under this Agreement except as otherwise agreed between the Parties in writing.

  

	 	18.2	Further assurance: Each Party shall do and perform such other and further acts and enter into such additional documentation (if any) reasonably requested by the other Party (and at the expense of such other
Party) to establish, maintain and protect the rights and remedies of the Parties and carry out the intent and purpose of this Agreement. 

  

	19	Payment Mechanics 

  

	 	19.1	Payments to the Seller:  

  

	 	(a)	On each date on which the Buyer is required to make a payment under this Agreement, the Buyer shall make the same available to the Seller for value on the due date and in Dollars settled through the New York Clearing
House Interbank Payments System or such other funds as may be customary at the time for settlement of transactions in Dollars in New York City. 

  

	 	(b)	All payments due to the Seller hereunder shall be made to the following account or to such other account as the Seller may direct: 

[*] 
  

	 	19.2	Partial payments: If the Seller receives a payment that is insufficient to discharge all the amounts then due and payable by the Buyer under this Agreement, the Seller shall apply that payment towards the
obligations of the Buyer under this Agreement in such proportions and order and generally in such manner as the Seller may, in its sole discretion, determine. 

  

	 	19.3	No set-off by Buyer: All payments to be made by the Buyer under this Agreement shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim and without any deduction
or withholding for or on account of Tax. 

  

	 	19.4	Currency of account: 

  

	 	(a)	Subject to clauses 19.4(b) and (c) Dollars is the currency of account and payment for any sum due from the Buyer under this Agreement. 

  
 24 

	 	(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	 	(c)	Any amount expressed to be payable in a currency other than Dollars shall be paid in that other currency. 

  

	20	Notices 

  

	 	20.1	Communications in writing: Any communication to be made under or in connection with this Agreement shall be made in writing and, unless otherwise stated, may be made by fax, letter or email. 

 

	 	20.2	Addresses: The address, fax number and, email address of each Party for any communication or document to be made or delivered under or in connection with this Agreement is: 

 

	 	(a)	in the case of the Seller: 

 Wells Fargo Bank Northwest, National Association an Owner Trust as
Owner Trustee for GAIF II Investment Sixteen, LLC 
 c/o Guggenheim Aviation Partners, LLC 

Eastpointe Corporate Center 

22833 SE Black Nugget Road 

Suite 110 
 Issaquah, WA 98027

  

			
	Fax:	    	 [*]

	Tel:	    	 [*]

	Email:	    	 [*]

	Attention:	    	 [*]

 with a copy to: 

Guggenheim Aviation Partners Limited 

110 Wigmore Street 
 London W1U
3RW 
  

			
	Fax	    	 [*]

	Email:	    	 [*]

	Attention:	    	 [*]

  

	 	(b)	in the case of the Buyer: 

 MSN 39286 Pte. Ltd. 

c/o Allen & Gledhill LLP 

One Marina Boulevard #28-00 

Singapore 018989 
  

			
	Fax:	    	 [*]

	Email:	    	 [*]

	Attention:	    	 [*]

  
 25 

 With a copy to (which copy does not constitute notice) 

Titan Singapore Aircraft Leasing Pte Ltd. 

1 Marina Boulevard 
 One Marina
Boulevard 
 #28-00 Singapore 018989 

			
	Email:	    	 [*]

	Attention:	    	 [*]

 and to: 

Atlas Air, Inc. 
 2000
Westchester Avenue 
 Purchase, New York 

Email: [*] 
 Attention: [*] 

or any substitute address, fax number, email address, telephone number or department or officer as a Party may notify to the other Party by
not less than five Business Days’ notice. 
  

	 	20.3	Delivery: Any communication or document made or delivered by one person to another under or in connection with this Agreement will only be effective: 

 

	 	(a)	if by way of fax, upon receipt by the sender of a facsimile transmission report (or other appropriate evidence) showing the correct fax number and the number of pages sent and that such transmission is “OK” or
equivalent; or 

  

	 	(b)	if by way of email, when it has been sent provided the message is in legible form and no message is received by the sender indicating that such message has not been received by or delivered to the intended recipient; or

  

	 	(c)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, 

and, if a particular department or officer is specified as part of its address details provided under clause 20.2, if addressed to that
department or officer. 
  

	 	20.4	English language: 

  

	 	(a)	Any notice given under or in connection with any Transaction Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Transaction Document (including any documents provided pursuant to the Buyer Conditions Precedent or the Seller Conditions Precedent) must be:

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by a Party, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other
official document. 

  
 26 

	 	20.5	Working day convention: Any communication received on a non-Business Day or after business hours in the place of receipt will only be deemed to be given on the next Business Day in that place (subject to its
having been delivered in accordance with the terms of this Agreement). 

  

	21	Calculations and Certificates 

  

	 	21.1	Day count convention: Except as otherwise provided in this Agreement, any interest, commission or fee accruing under this Agreement will accrue from day to day and is calculated on the basis of the actual number
of days elapsed and a year of 360 days. 

  

	 	21.2	Days in a period: In determining the number of days in a period, the first day shall be included but not the last. 

  

	22	Partial Invalidity 

 If, at any time, any provision of this Agreement is or becomes
illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired. 
  

	23	Remedies and Waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Party, any right or remedy under this Agreement shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and
remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	24	Amendments; Waiver 

 No term of this Agreement may be amended, waived or modified without
an instrument in writing executed by both Parties. 
  

	25	Counterparts 

 This Agreement may be executed in any number of counterparts, each of
which when executed and delivered shall be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart signature page of this Agreement by e-mail (PDF) or telecopy shall be effective as
delivery of a manually executed counterpart of this Agreement. In relation to each counterpart, upon confirmation by or on behalf of the signatory that the signatory authorises the attachment of such counterpart signature page to the final text of
this Agreement, such counterpart signature page shall take effect, together with such final text, as a complete authoritative counterpart of this Agreement. 

  
 27 

	26	Entire Agreement 

 This Agreement contains the entire agreement between the Parties in
relation to the sale and purchase of the Aircraft. 
  

	27	Time of the Essence 

 The time stipulated in this Agreement for all payments by the Buyer
and the prompt and punctual performance of the Buyer’s and Seller’s obligations under this Agreement are of the essence of this Agreement. 
  

	28	Brokers and Other Third Parties 

  

	 	28.1	No brokers: Each of the Parties hereby represents and warrants to the other that it has not paid, agreed to pay or caused to be paid directly or indirectly in any form, any commission, percentage, contingent fee,
brokerage or other similar payments of any kind in connection with the establishment or operation of this Agreement, to any person, other than fees payable to its legal advisers and, in respect of the Seller, Guggenheim Aviation Partners, LLC and
Guggenheim Aviation Partners Limited in respect of whose costs the Seller will be responsible. 

  

	 	28.2	Indemnity: Each Party agrees to indemnify and hold the other harmless, within seven days of demand, against any and all claims, suits, damages, costs and expenses (including reasonable attorneys’ fees)
asserted by any agent, broker or other third party for any commission or compensation of any nature whatsoever based upon any Transaction Document or the Aircraft if such claim, suit, damage, cost or expense arises out of breach by the indemnifying
Party, its employees or agents of this clause 28. 

  

	29	Third Party Rights 

  

	 	29.1	Save for any Seller Indemnitees (other than the Seller), a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy
the benefit of any term of this Agreement. 

  

	 	29.2	Notwithstanding any term of this Agreement, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time. 

 

	30	Governing Law 

 This Agreement and all non-contractual obligations arising in any way
whatsoever out of or in connection with this Agreement shall be governed by, construed and take effect in accordance with English law. 
  

	31	Jurisdiction 

  

	 	31.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any
non-contractual obligations arising in any way whatsoever out of or in connection with this Agreement) (a “Dispute”). 

  
 28 

	 	31.2	The Buyer agrees that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly the Buyer will not argue to the contrary. 

 

	 	31.3	This clause 31 is for the benefit of the Seller only. As a result, the Seller shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the
Seller may take concurrent proceedings in any number of jurisdictions. 

  

	32	Process Agent 

  

	 	32.1	Process Agent for Buyer 

 Without prejudice to any other mode of service, the Buyer: 

 

	 	(a)	appoints Elaine Proud, Amy House, Park Road, Cromer Norfolk NR27 0EA United Kingdom as its agent for service of process relating to any proceedings before the English courts in connection with this Agreement and agrees
to maintain the process agent in England notified to the Seller; 

  

	 	(b)	agrees that failure by a process agent to notify the Buyer of the process shall not invalidate the proceedings concerned; and 

  

	 	(c)	consents to the service of process relating to any such proceedings by prepaid mailing of a copy of the process to Buyer’s agent at the address identified in clause 32.1(a) or by prepaid mailing by air mail,
certified or registered mail of a copy of the process to Buyer at the address set forth in Clause 20.2(b). 

  

	 	32.2	Process Agent for Seller 

 Without prejudice to any other mode of service, the Seller: 

 

	 	(a)	appoints Guggenheim Aviation Partners, Limited of 110 Wigmore Street, London W1U 3RW, England as its agent for service of process relating to any proceedings before the English courts in connection with this Agreement
and agrees to maintain the process agent in England notified to the Buyer; 

  

	 	(b)	agrees that failure by a process agent to notify the Seller of the process shall not invalidate the proceedings concerned; and 

  

	 	(c)	consents to the service of process relating to any such proceedings by prepaid mailing of a copy of the process to Seller’s agent at the address identified in clause 32.2(a) or by prepaid mailing by air mail,
certified or registered mail of a copy of the process to Seller at the address set forth in Clause 20.2(a). 

  

	33	Confidentiality 

 The Seller and the Buyer agree to keep the existence and the terms of
this Agreement and each other Transaction Document strictly confidential and not to disclose it to any person other than (i) in the case of the Seller, each other Seller Indemnitee (ii) in the case of each

  
 29 

 
of the Seller Indemnitees and the Buyer, its affiliates, members, managers, directors, employees, their respective boards of directors and professional advisors including prospective lenders and
their legal advisors advising them in connection with the subject matter of this Agreement and (iii) for legal or statutory reasons, without, in any case, securing the prior written consent of the other Party. Notwithstanding any other
provision of this Agreement to the contrary, the legal obligations of confidentiality hereunder do not extend to the U.S. federal or state tax structure or the U.S. federal or state tax treatment of the transactions contemplated hereby. If any U.S.
federal or state tax analyses or materials are provided to any party, such party is free to disclose any such analyses or materials without limitation. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 30 

	
	Aircraft Sale Agreement
	in respect of one Boeing 777F
	Aircraft MSN 39286
	
	THE SELLER
	
	  

	
	for and on behalf of
	
	Wells Fargo Bank Northwest,
	 National Association (not in its individual capacity

but solely as owner trustee for the benefit of
 GAIF II
Investment Sixteen, LLC)

  

	
	Aircraft Sale Agreement
	in respect of one Boeing 777F
	Aircraft MSN 39286
	
	THE BUYER
	
	  

	
	for and on behalf of
	
	MSN 39286 Pte. Ltd.EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

PURCHASE AGREEMENT 

PURCHASE AGREEMENT, dated as of February 13, 2014 (this “Agreement”), by and among Fortress Operating Entity I LP, a
Delaware limited partnership (“FOE I”), FOE II (New) LP, a Delaware limited partnership (“FOE II”), Principal Holdings I LP, a Delaware limited partnership (“PH” and, together with
FOE I and FOE II, the “Companies”), and Nomura Investment Managers U.S.A., Inc., a Delaware corporation (the “Seller”). Capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in Article I of this Agreement. 
 RECITALS 

WHEREAS, the Seller wishes to sell to the Companies, and the Companies wish to purchase from the Seller, 60,568,275 Class A Shares (the
“Purchased Shares”) of FIG (as defined below), on the terms and subject to the conditions set forth herein. 
 AGREEMENT

 In consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby,
the Parties agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Certain Defined Terms. For purposes of this Agreement: 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to
be closed in New York, New York. 
 “Encumbrance” means any charge, claim, limitation, condition, equitable interest,
mortgage, lien, option, pledge, security interest, easement, encroachment, right of first refusal, adverse claim or restriction of any kind, including any federal, state or local tax lien and any restriction on transfer or other assignment, as
security or otherwise, of or relating to use, quiet enjoyment, voting, transfer, receipt of income or exercise of any other attribute of ownership. 

“FIG” means Fortress Investment Group LLC, a Delaware limited liability company, and an affiliate of each of the Companies.

 “Governmental Authority” means any United States or non-United States federal, national, supranational, state,
provincial, local or similar government, governmental, regulatory or administrative authority, branch, agency or commission or any court, tribunal, or arbitral or judicial body (including any grand jury). 

“Law” means any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or order of
any Governmental Authority. 
 “Party” means each of the Companies and the Seller. 

“Person” means an individual, corporation, partnership, limited liability company, limited liability partnership, syndicate,
person, trust, estate, association, organization or other entity, including any Governmental Authority, and including any successor, by merger or otherwise, of any of the foregoing. 

 “Purchase Price” means the aggregate purchase price payable to the Seller
hereunder in respect of all the Purchased Shares. 
 “Representatives” means, with respect to any Person, such
Person’s officers, directors, principals, trustees, executors, personal representatives, employees, legal counsel, advisors, auditors, agents, bankers and other representatives. 

“Shareholder Agreement” means the Investor Shareholder Agreement, dated as of January 17, 2007, by and between the
Seller and FIG (f/k/a Fortress Investment Group Holdings LLC). 
 ARTICLE II 

PURCHASE AND SALE 

Section 2.1 Purchase and Sale of the Shares. Upon the terms and subject to the conditions of this Agreement, on the date hereof,
the Seller shall sell, assign, transfer, convey and cause to be delivered to each Company the number of Purchased Shares set forth on Schedule A hereto, free and clear of all Encumbrances, and the Companies, in reliance on the
representations, warranties and covenants of the Seller contained herein, shall purchase the Purchased Shares from the Seller at a purchase price per share equal to $6.00. 

Section 2.2 Closing. 

(a) The closing of the sale and purchase of the Purchased Shares (the “Closing”) shall take place at the offices of Skadden,
Arps, Slate, Meagher & Flom LLP, 4 Times Square, New York, simultaneously with the execution and delivery of this Agreement. 
 (b)
At the Closing, (i) the Seller shall instruct that the Purchased Shares to be transferred on the books of the Depository Trust Company to the accounts previously specified in writing by Companies and in the amounts set forth on Schedule
A, and (ii) the Companies shall deliver to to the Seller by wire transfers an aggregate amount equal to the Purchase Price in immediately available funds to the account previously notified in writing to the Companies by the Seller in the
amounts set forth on Schedule A. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

OF THE SELLER 
 The
Seller hereby represents and warrants to the Companies as follows: 
 Section 3.1 Organization. The Seller is a corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware. 
 Section 3.2 Authority. The Seller
has the requisite corporate power and authority to execute and deliver this Agreement, and to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by the Seller, and
the performance by the Seller of its obligations under this Agreement, have been duly and validly authorized by all necessary corporate action. This Agreement has been duly executed and delivered by the Seller, and constitutes the legal, valid and
binding obligation of the Seller, 

  
 2 

 
enforceable against the Seller in accordance with its terms (except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar
Laws affecting the enforcement of creditors’ rights generally or by general principles of equity). 
 Section 3.3 No Conflict;
Required Filings and Consents. 
 (a) The execution and delivery by the Seller of this Agreement, the performance by the Seller of its
obligations under this Agreement, and the purchase and sale of the Purchased Shares contemplated hereby, do not and will not: 
 (i)
conflict with or violate the organizational documents of the Seller; 
 (ii) conflict with or violate in any material respect any Law
applicable to the Seller or the Purchased Shares or otherwise applicable to the transactions contemplated hereby; or 
 (iii) result in any
material breach of, constitute a material default (or an event that, with notice or lapse of time or both, would become a default) under, require any consent of or notice to any Person pursuant to, give to others any right of termination, amendment,
modification, acceleration or cancellation of, or result in the creation of any Encumbrance on any Purchased Shares pursuant to, any note, bond, mortgage, indenture, agreement, lease, license, permit, franchise, instrument, obligation or other
contract to which the Seller is a party or is bound or by which any of the Purchased Shares are bound or affected. 
 (b) Except as
contemplated in Section 5.4, the Seller is not required to file, seek or obtain any notice, authorization, approval, order, permit or consent of or with any Governmental Authority in connection with the execution and delivery by the Seller of
this Agreement or the performance by the Seller of its obligations under this Agreement. 
 Section 3.4 Title to Shares. The
Seller is the record and legal owner of the Purchased Shares, free and clear of any Encumbrance. The Seller has the right, authority and power to sell, assign and transfer the Purchased Shares to the Companies. Upon delivery to the Companies of the
Purchased Shares at the Closing and the Companies’ payment of the Purchase Price, the Companies shall acquire good, valid and marketable title to the Purchased Shares, free and clear of any Encumbrance other than Encumbrances, if any, that may
result from ownership thereof by any of the Companies. 
 Section 3.5 Brokers. No broker, finder or investment banker is
entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of the Seller. 

Section 3.6 No Other Representations or Warranties. The Seller acknowledges and agrees that it is not relying upon any
representations or warranties of the Companies, express or implied, except those contained herein, and the Seller specifically does not request, desire or require the Companies to make any other representations or warranties whatsoever with respect
to FIG, FOE I, FOE II, PH and/or the Purchased Shares or any other matter with respect to any of the transactions contemplated hereby. 

  
 3 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANIES 

The Companies hereby represents and warrants to the Seller as follows: 

Section 4.1 Organization. Each of the Companies is a limited partnership duly formed and validly existing under the laws of the
State of Delaware. 
 Section 4.2 Authority. Each of the Companies has the requisite limited partnership power and authority to
execute and deliver this Agreement, and to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by each of the Companies, and the performance by each of the Companies
of its obligations under this Agreement, have been duly and validly authorized by all necessary limited partnership action. This Agreement has been duly and validly executed and delivered by each of the Companies. This Agreement constitutes the
legal, valid and binding obligation of each of the Companies, enforceable against the Companies in accordance with its terms (except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or
similar Laws affecting the enforcement of creditors’ rights generally or by general principles of equity). 
 Section 4.3 No
Conflict; Consents. 
 (a) The execution and delivery by each Company of this Agreement, the performance by each Company of its
obligations under this Agreement, and the purchase and sale of the Purchased Shares contemplated hereby, do not and will not: 
 (i)
conflict with or violate the certificate of limited partnership or limited partnership agreement of such Company, as amended through the date hereof; 

(ii) conflict with or violate in any material respect Laws applicable to such Company or otherwise applicable to the transactions
contemplated hereby; or 
 (iii) result in any material breach of, constitute a material default (or an event that, with notice or lapse of
time or both, would become a default) under, require any consent of or notice to any Person pursuant to, give to others any right of termination, amendment, modification, acceleration or cancellation of, any material note, bond, mortgage, indenture,
agreement, lease, license, permit, franchise, instrument, obligation or other contract to which such Company is a party. 
 (b) Except as
contemplated in Section 5.4, the Companies are not required to file, seek or obtain any notice, authorization, approval, order, permit or consent of or with any Governmental Authority in connection with the execution and delivery by the
Companies of this Agreement or the performance by the Companies of their obligations under this Agreement. 
 Section 4.4 Certain
Securities Matters. The Companies acknowledge that they are not entering into this Agreement in anticipation of, in connection with, or to facilitate, a distribution of FIG’s securities, a self-tender offer or a third-party tender offer.

 Section 4.5 Exchange Act Filings. FIG is in compliance with its reporting obligations under the Securities Exchange Act of
1934, as amended (the “Exchange Act”) and its most recent Annual Report on Form 10-K, together with all reports subsequently filed by it pursuant to the 

  
 4 

 
Exchange Act, taken together and as amended and supplemented to the date of this representation, do not, as of their respective filing dates, contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

Section 4.6 Insolvency. The Companies are not “insolvent” (as such term is defined under Section 101(32) of the
U.S. Bankruptcy Code (Title 11 of the United States Code)) and the Companies are able to purchase the Purchased Shares with a value equal to the Purchase Price in compliance with the laws of the jurisdiction of the Companies’ incorporation.

 Section 4.7 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of any of the Companies. 

Section 4.8 No Other Representations or Warranties. The Companies acknowledge and agree that they are not relying upon any
representations or warranties of the Seller, express or implied, except those contained herein, and the Companies specifically do not request, desire or require the Seller to make any other representations or warranties whatsoever with respect to
the Seller and/or the Purchased Shares or any other matter with respect to any of the transactions contemplated hereby. 
 ARTICLE V

 COVENANTS AND AGREEMENTS 

Section 5.1 Consents and Filings; Further Assurances. The Companies and the Seller shall use their reasonable best efforts to
take, or cause to be taken, all appropriate action to do, or cause to be done, all things necessary, proper or advisable under applicable Law or otherwise to consummate and make effective the transactions contemplated by this Agreement as promptly
as practicable. 
 Section 5.2 Certain Services. The Companies hereby agrees that, following the Closing until the third
anniversary of the date of this Agreement, the Companies shall, for themselves and/or on behalf of their affiliates, (i) engage the Seller and/or its affiliates to provide certain services set forth on Schedule B hereto and/or
(ii) pay the Seller certain sums in lieu thereof, in each case, pursuant to the terms and subject to the conditions set forth on Schedule B. 

Section 5.3 Termination of the Shareholder Agreement. The Seller hereby acknowledges and agrees that the Shareholder Agreement
shall terminate by its own terms upon the Closing. 
 Section 5.4 Filings and Announcements. FIG will issue a press release and
will file a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”), each in a form that has been approved by the Seller, to announce the execution and delivery of this Agreement and the purchase by
the Companies of the Purchased Shares and will include a copy of this Agreement as an exhibit to such Form 8-K. The Seller may issue a press release, in a form that has been approved by the Companies, to announce the execution and delivery of this
Agreement, will file an appropriate amendment to its Schedule 13D regarding the sale of the Purchased Shares, and will make certain post-Closing regulatory filings and notices as required by applicable Law. Except as may be required by applicable
Law, none of the Parties shall issue a subsequent press release or public announcement or otherwise make any disclosure concerning this Agreement or the transactions contemplated hereby, without consulting with the other Parties and providing such

  
 5 

 
other Parties a reasonable opportunity to comment thereon. The Parties acknowledge and agree that, notwithstanding the foregoing, nothing in this Agreement shall limit the Parties’, or their
affiliates’, ability to file this Agreement as required by applicable Law or to disclose the terms and provisions of this Agreement and the transactions contemplated hereby in any reports that they file with regulators or in any teleconference
or webcast hosted by or on behalf of the Parties or their respective affiliates to discuss financial results or related matters. The Companies undertake to have FIG to comply with this Section 5.4. 

ARTICLE VI  

GENERAL PROVISIONS 

Section 6.1 Fees and Expenses. All fees and expenses incurred in connection with or related to this Agreement and the transactions
contemplated hereby shall be paid by the Party incurring such fees or expenses, whether or not such transactions are consummated; provided, however, that in any action or proceeding to enforce rights under this Agreement, the
prevailing Party shall be entitled to recover costs and reasonable attorneys’ fees. 
 Section 6.2 Amendment and
Modification. This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed by or on behalf of each
Party. 
 Section 6.3 Waiver. No failure or delay of any Party in exercising any right or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of any Party to any such
waiver shall be valid only if set forth in a written instrument executed and delivered by a duly authorized officer or other authorized Representative on behalf of such Party. 

Section 6.4 Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on
the date of delivery if delivered personally, or if by facsimile or e-mail, upon written confirmation of the receipt thereof by facsimile, e-mail or otherwise, (b) on the first Business Day following the date of dispatch if delivered utilizing
a next-day service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All
notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the Party to receive such notice: 

 

	 	(i)	if to the Seller, to: 

 Nomura Investment Managers U.S.A., Inc. 

c/o Nomura Holdings America Inc. 

309 West 49th Street 

New York, NY 10019-7316 

Attention: Jorge Pedreira 

Facsimile: (646) 587-1695 

Email: jorge.pedreira@nomura.com 

  
 6 

 with a copy (which shall not constitute notice) to: 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, NY 10019-6064 

Attention: Toby S. Myerson, Esq. 

Facsimile: (212) 492-0033 

Email: tmyerson@paulweiss.com 

if to any of the Companies, to: 

Fortress Investment Group LLC 

1345 Avenue of the Americas 
 46th Floor 
 New York, NY 10105 

Attention: David N. Brooks 

Facsimile: (212) 798-6131 

Email: dbrooks@fortress.com 

with a copy (which shall not constitute notice) to: 

Skadden Arps Slate Meagher & Flom LLP 

4 Times Square New York, NY 10036 

Attention: Joseph A. Coco, Esq. 

Facsimile: 917-777-3050 
 Email:
joseph.coco@skadden.com 
 Section 6.5 Interpretation. When a reference is made in this Agreement to a Section, Article,
Schedule, Exhibit or Annex such reference shall be to a Section, Article, Schedule, Exhibit or Annex of or to this Agreement unless otherwise indicated. The headings contained in this Agreement are for convenience of reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. The word “including” and words of similar
import when used in this Agreement will mean “including, without limitation,” unless otherwise specified. 
 Section 6.6
Entire Agreement. This Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof, and supersedes all prior and contemporaneous written or oral agreements, arrangements, communications and
understandings, between the Parties with respect to the subject matter hereof. 
 Section 6.7 No Third-Party Beneficiaries.
Other than as set forth in Section 6.10 hereof, nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than the Parties and their respective successors and permitted assigns any legal or equitable
right, benefit or remedy of any nature under or by reason of this Agreement; provided that FIG shall be a third-party beneficiary of this Agreement and shall have the right to enforce all of the rights and remedies hereunder on behalf of the
Companies and, provided further, that Nomura Holdings, Inc. shall be a a third-party beneficiary of this Agreement and shall have the right to enforce all of the rights and remedies hereunder on behalf of the Seller. 

  
 7 

 Section 6.8 Governing Law. This Agreement and all disputes or controversies arising
out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be
applied because of the conflicts of laws principles of the State of Delaware. 
 Section 6.9 Submission to Jurisdiction. Each of
the Parties irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement brought by the other Party or its successors or assigns shall be brought and determined in any Delaware state or federal court sitting in
Delaware, and each of the Parties hereby irrevocably submits to the exclusive jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such action or proceeding arising out
of or relating to this Agreement and the transactions contemplated hereby. Each of the Parties agrees not to commence any action, suit or proceeding relating thereto except in the courts described above in Delaware, other than actions in any court
of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in Delaware as described herein. Each of the Parties further agrees that notice as provided herein shall constitute sufficient service of process and the
Parties further waive any argument that such service is insufficient. Each of the Parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason, (b) that it
or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of
judgment or otherwise) and (c) that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject
matter hereof, may not be enforced in or by such courts. 
 Section 6.10 Assignment; Successors. Neither this Agreement nor any
of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of Law or otherwise, by any Party without the prior written consent of the other Parties, and any such assignment without
such prior written consent shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. 

Section 6.11 Enforcement. The Parties agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each of the Parties shall be entitled to specific performance of the terms hereof, including an injunction or injunctions to prevent
breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any Delaware state or federal court, this being in addition to any other remedy to which such Party is entitled at law or in equity. Each of the
Parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security as a prerequisite to obtaining equitable relief. 

Section 6.12 Severability. Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction,
such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such

  
 8 

 
jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein, so long as the economic and legal substance of the transactions
contemplated hereby are not affected in a manner materially adverse to any party hereto. 
 Section 6.13 WAIVER OF JURY TRIAL.
EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 6.14 Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and
the same instrument and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. 

Section 6.15 Facsimile or Electronic Signature. This Agreement may be executed by facsimile or electronic signature and a
facsimile or electronic signature shall constitute an original for all purposes. 
 Section 6.16 Survival of Representations and
Warranties and Covenants. Each of the representations and warranties and covenants of the Parties contained herein shall survive the Closing. 

[The remainder of this page is intentionally left blank.] 

  
 9 

 IN WITNESS WHEREOF, the Companies and the Seller have caused this Agreement to be executed as of
the date first written above by their respective officers or other authorized representatives thereunto duly authorized. 
  

					
	FORTRESS OPERATING ENTITY I LP
		
	By:	 	 FIG CORP.,
 its General
Partner

			
		 	By:	 	 /s/ David N. Brooks

		 	Name:	 	David N. Brooks
		 	Title:	 	Secretary
	
	FOE II (NEW) LP
		
	By:	 	 FIG CORP.,
 its General
Partner

			
		 	By:	 	 /s/ David N. Brooks

		 	Name:	 	David N. Brooks
		 	Title:	 	Secretary
	
	PRINCIPAL HOLDINGS I LP
		
	By:	 	 FIG ASSET CO. LLC,
 its General
Partner

			
		 	By:	 	 /s/ David N. Brooks

		 	Name:	 	David N. Brooks
		 	Title:	 	Secretary

 [Signature Page to Purchase Agreement] 

 
			
	NOMURA INVESTMENT MANAGERS U.S.A., INC.
		
	By:	 	 /s/ Jorge Pedreira

	Name:	 	Jorge Pedreira
	Title:	 	Managing Director

 [Signature Page to Purchase Agreement] 

 SCHEDULE A 
  

													
	 Purchaser
	  	Purchased Shares	 	  	Price	 	  	Wire Transfer Amount	 
	 FOE I
	  	 	47,647,557	  	  	$	6.00	  	  	$	285,885,342.00	  
	 FOE II
	  	 	25,000	  	  	$	6.00	  	  	$	150,000.00	  
	 PH
	  	 	12,895,718	  	  	$	6.00	  	  	$	77,374,308.00	  
		  	  
	  
	 	  				  	  
	  
	 
	 Total
	  	 	60,568,275	  	  				  	$	363,409,650.00	  
		  	  
	  
	 	  				  	  
	  
	 

 SCHEDULE B 

Services: Following the Closing until the third anniversary of the date of this Agreement, the Companies shall, for themselves and on behalf of their
affiliates, consider in good faith engaging, retaining and/or using the Seller and its affiliates in connection with the following services (collectively, the “Services”): 

 

	 	1.	Financial advisory services (including in connection with any acquisition, disposition, business combination, spin-off, reorganization, recapitalization or restructuring, tender or exchange offer, share exchange, option
or negotiated purchase, leveraged buyout, sale/lease back, lease or license, investment or partnership, joint or collaborative venture or similar transaction) 

  

	 	2.	Financing services (including in connection with any (i) issuance and/or placement (including, for the avoidance of doubt, the placement of any interests of funds managed by the Company’s affiliates) of
equity, equity-linked or debt securities (including asset backed securities), whether through a private placement or public offering, or (ii) credit (revolver or term loan) financing or refinancing) 

Payments: As promptly as practicable following each of the first, second and third anniversaries of the date of this Agreement, the Companies shall
pay, or cause to be paid, to the Seller or a US affiliate of the Seller designated by the Seller, by wire transfer of immediately available funds to an account designated by the Seller or its designated affiliate, an amount equal to the difference,
if any, between (i) $12,000,000 minus (ii) all fees for Services earned or received (without duplication) by the Seller and its affiliates from, or on behalf of, the Companies and their affiliates and related funds, managed accounts
and entities serviced on FIG’s affiliated managers platform during the one-year period immediately preceding such anniversary (it being understood and agreed, for the avoidance of doubt, that the amount calculated under this clause (ii):
(A) shall include (without duplication) all retainer or engagement fees, signing fees, placement fees, opinion fees, underwriting or lender fees, closing or success fees (including any discretionary fees), termination or breakage fees or any
similar fees, and (B) shall not include any expenses (including legal, accounting and other professional fees) payable pursuant to the terms of the agreements providing for the provision of such Services). For purposes of the foregoing
calculation, any fees paid in a currency other than US dollars shall be converted into US dollars based on the prevailing exchange rate at the time payment is made.

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