Document:

EX-10.21

 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the
information subject to the confidentiality request. Omissions are designated as [*****]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

Exhibit 10.21 

Execution Version 
 Dated as of January 25, 2008 
 WELLS FARGO BANK NORTHWEST, NATIONAL
ASSOCIATION, AS OWNER TRUSTEE 
 as Lessor 
 and 
 CONCESIONARIA VUELA COMPAÑIA DE AVIACION S.A. DE C.V.

 as Lessee 
  

 
  

AIRCRAFT LEASE AGREEMENT 
 relating to the leasing of one A319-133 aircraft 
 bearing
manufacturer’s serial 
 number 3450 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	1.	 	 Interpretation
	  	 	1	  
			
	2.	 	 Agreement to Lease
	  	 	1	  
			
	3.	 	 Delivery
	  	 	1	  
			
	4.	 	 Expiry Date
	  	 	3	  
			
	5.	 	 Rent
	  	 	3	  
			
	6.	 	 Deposit
	  	 	5	  
			
	7.	 	 Maintenance Rent
	  	 	9	  
			
	8.	 	 Payments
	  	 	9	  
			
	9.	 	 Lessor Covenants
	  	 	13	  
			
	10.	 	 Lessee Covenants
	  	 	13	  
			
	11.	 	 Possession and Sub-Leasing
	  	 	20	  
			
	12.	 	 Technical Reporting, Records, Inspection, Maintenance and Repair
	  	 	23	  
			
	13.	 	 Replacement and Interchange of Engines and Parts
	  	 	26	  
			
	14.	 	 Manufacturer’s Warranties
	  	 	30	  
			
	15.	 	 Indemnities
	  	 	31	  
			
	16.	 	 Insurance
	  	 	33	  
			
	17.	 	 Loss, Damage and Requisition
	  	 	36	  
			
	18.	 	 Disclaimers
	  	 	37	  
			
	19.	 	 Redelivery
	  	 	39	  
			
	20.	 	 Events of Default
	  	 	41	  
			
	21.	 	 Taxation
	  	 	48	  
			
	22.	 	 Assignment and Transfer
	  	 	55	  
			
	23.	 	 Miscellaneous Provisions
	  	 	56	  
			
	24.	 	 Notices
	  	 	61	  
			
	25.	 	 Governing Law Jurisdiction and Waiver of Jury Trial
	  	 	62	  
			
	26.	 	 Owner Participant and Lessee Undertakings
	  	 	65	  
		
	Schedule 1 DEFINITIONS AND CONSTRUCTION	  	 	68	  
		
	Schedule 2 REPRESENTATIONS AND WARRANTIES	  	 	84	  
		
	Schedule 3 CONDITIONS PRECEDENT	  	 	88	  
		
	Schedule 4 *****	  	 	92	  
		
	Schedule 5 INSURANCE REQUIREMENTS	  	 	93	  
		
	Schedule 6 *****	  	 	97	  
		
	Schedule 7 [INTENTIONALLY LEFT BLANK]	  	 	102	  
		
	Schedule 8 *****	  	 	103	  
		
	*****	  	 	103	  

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - i - 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
		
	Schedule 9 *****	  	 	106	  
		
	Schedule 10 [INTENTIONALLY LEFT BLANK]	  	 	107	  
		
	Schedule 11 *****	  	 	108	  
		
	*****	  	 	108	  
		
	*****	  	 	111	  
		
	Schedule 12 *****	  	 	120	  
		
	Schedule 13 *****	  	 	121	  
		
	*****	  	 	121	  
		
	Schedule 14 *****	  	 	128	  
		
	Schedule 15 *****	  	 	132	  
		
	*****	  	 	133	  
		
	*****	  	 	133	  

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - ii - 

 THIS AGREEMENT is made as of January 25, 2008 

Between: 
 (1) WELLS FARGO BANK
NORTHWEST, NATIONAL ASSOCIATION, not in its individual capacity, except as otherwise expressly herein provided, but solely as Owner Trustee, under the Trust Agreement (as defined below), a national banking association organized under the laws of
the United States, whose main office is at 299 South Main Street, 12th Floor, Salt Lake City, Utah 84111 (Lessor); and 
 (2) CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE C.V., a company (sociedad anónima de capital variable) incorporated under the laws of México, whose
registered office is at Alfonso Nápoles Gándara #490, Edificio General Electric, 1er piso, Col. Santa Fe Peña Blanca, 01210 México, D.F., México (Lessee). 
 It is agreed as follows: 
  

	1.	Interpretation 

 Definitions

  

	1.1	In this Agreement, unless the context otherwise requires, capitalized words and expressions shall have the respective meanings given to them in
paragraph 1.1 of Schedule 1 (Definitions and Construction). 

 Construction 

 

	1.2	The conventions on construction and usage set out in paragraph 1.2 of Schedule 1 (Definitions and Construction) shall apply to this Agreement.

 Clauses and Schedules 
  

	1.3	References in this Agreement to clauses or schedules are, unless otherwise specified, references to clauses of and schedules to this Agreement and together the
clauses and schedules shall constitute this Agreement. Certain provisions including conditions precedent and representations and warranties have been placed in the schedules and shall take effect as part of this Agreement. 

 

	2.	Agreement to Lease 

 Subject to and in
accordance with the terms and conditions of this Agreement, Lessor agrees to lease the Aircraft to Lessee and Lessee agrees to take the Aircraft on lease from Lessor for the Term. 

 

	3.	Delivery 

 Delivery 

 

	3.1	Subject to satisfaction (or waiver by Lessor in its sole discretion) of all Lessee Conditions Precedent, Lessor shall deliver and Lessee shall accept the
Aircraft on lease immediately following delivery of, and transfer of title to, the Aircraft by Airbus to Lessor as evidenced by delivery of the Bill of Sale. The Aircraft shall be delivered to and accepted by Lessee at the Delivery Location in an
“AS IS, WHERE IS” condition. Lessee shall effect acceptance of the Aircraft by execution and delivery to Lessor of the Acceptance Certificate. Lessee’s acceptance shall be absolute, unconditional and irrevocable.

  
 - 1 -

	3.2	Lessor and Lessee acknowledge that the Lessor has appointed Lessee, pursuant to the Aircraft Purchase Agreement Assignment, as Lessor’s agent for the
purposes of accepting delivery of the Aircraft from Airbus under the Aircraft Purchase Agreement Assignment. Lessee acknowledges that Lessor shall not execute and deliver the Aircraft Purchase Agreement Assignment, and Lessee agrees that it will not
so accept delivery of the Aircraft from Airbus, unless and until Lessor notifies Lessee that the Lessee Conditions Precedent have been satisfied or waived. Lessee hereby agrees that in the event delivery of the Aircraft shall be accepted from Airbus
under the Aircraft Purchase Agreement Assignment by Lessee, as Lessor’s agent pursuant to such appointment by Lessor, such acceptance of delivery by Lessee on behalf of Lessor shall, without further act, irrevocably constitute absolute and
unconditional acceptance by Lessee of the Aircraft for all purposes of this Agreement (including for the avoidance of doubt, satisfaction (or waiver, provided the terms of any such waiver are acceptable to Lessor) of the conditions precedent set
forth in paragraph 3 of Schedule 3), and upon such acceptance of the Aircraft, the Lessee will execute and deliver to the Lessor the Acceptance Certificate. 

 Delayed Delivery 
  

	3.3	If owing to: 

  

	 	(a)	any seller or manufacturer of the Aircraft delaying in the delivery of, or failing to deliver, the Aircraft to Lessor for any reason (other than because of any default
of Lessor in the payment of the purchase price of the Aircraft, or any failure of Lessor to provide notice pursuant to clause 3.2 above, when obligated to do so as provided therein when all Lessee Conditions Precedent have been satisfied)
whether or not in circumstances entitling that seller or manufacturer to terminate that agreement; or 

  

	 	(b)	the Aircraft Purchase Agreement Assignment terminating with respect to the Aircraft prior to delivery of the Aircraft (other than because of any default of Lessor in
the payment of the purchase price of the Aircraft when all Lessee Conditions Precedent have been satisfied); or 

  

	 	(c)	any delay due to a Delayed Delivery Event or otherwise which is beyond the reasonable control of Lessor; or 

 

	 	(d)	any Lessee Condition Precedent not having been fulfilled, 

 Lessor delays in the Delivery of, or fails to deliver, the Aircraft under this Agreement then: 
  

	 	(a)	Lessor will not be responsible for any Loss, including loss of profit, costs or expenses arising from or in connection with the delay or failure suffered or incurred by
Lessee; 

  

	 	(b)	subject to clause 3.3(c) and (d) below and to clause 20, Lessee will not be entitled to terminate this Agreement or to reject the Aircraft when tendered
for delivery by Lessor, on the grounds of any such delay; 

  

	 	(c)	in the case of termination of the Aircraft Purchase Agreement Assignment in respect of the Aircraft, Lessor or Lessee may at any time after such termination terminate
this Agreement; 

  
 - 2 -

	 	(d)	if the Delivery is delayed for a period of more than ***** after the end of the Scheduled Delivery Month by reason of the occurrence of any of the events referred to in
clause 3.3 above, Lessor may terminate this Agreement by giving notice in writing to Lessee within ten (10) days after the expiration of such period (or, if applicable after the expiration of such other period as Lessor and Lessee may
agree) 

 Upon any termination pursuant to this clause 3.3 (Delayed Delivery) neither Lessor nor Lessee
will have any further obligation to the other under this Agreement other than: 
  

	 	(i)	pursuant to clause 8.4 (Breakage Costs Indemnity), clause 23.3 (Expenses) and clause 23.12 (Confidentiality); and

  

	 	(ii)	Lessor will pay to Lessee the amount of any Deposit (including the amount by which it shall be deemed to have increased in respect of accrued interest as provided in
clause 6.1) and any prepaid rent received by Lessor on or prior to the date of such termination, or, if applicable, return the Letter of Credit. 

 Risk 
  

	3.4	Throughout the Term Lessee shall be responsible for all risks associated with or relating to the Aircraft, including for any loss of or damage to the Aircraft.
In recognition of the foregoing, and notwithstanding Lessor’s rights under this Agreement, including under clause 12, Lessee acknowledges and agrees that, as between Lessor and Lessee, Lessee (a) is in sole operational control of the
Aircraft and is in the business of operating commercial aircraft, (b) it is solely responsible for the condition, maintenance, repair and security of the Aircraft and compliance with all requirements of applicable Regulations, and (c) has
not relied upon, and shall not rely upon, any statement, act, or omission of Lessor in connection with the use, operation, maintenance, repair, condition or security of the Aircraft. 

 

	4.	Expiry Date 

 The Expiry Date shall be the
Scheduled Expiry Date, subject to the following provisions: 
  

	 	(a)	if Lessor, acting in accordance with clause 20.2 (Lessor’s Rights) of this Agreement, terminates the leasing of the Aircraft to Lessee under this
Agreement, the date of such termination shall be the Expiry Date and clause 20.2 (Lessor’s Rights) shall apply; 

  

	 	(b)	if the Aircraft or Airframe suffers a Total Loss, the Expiry Date shall be the date when Lessor receives the full amount of the Agreed Value together with any other
amounts then due and unpaid under this Agreement; and 

  

	 	(c)	if clause 19.2 (Non-compliance) becomes applicable, the Expiry Date shall be extended pursuant to clause 19.2(a). 

 

	5.	Rent 

 Rent Periods 

 

	5.1      (a)	The Term shall be divided into successive periods (each a Rent Period) in respect of which Rent shall accrue and be payable. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 3 - 

	 	(b)	The first Rent Period shall commence on the Delivery Date, and each subsequent Rent Period shall commence on the date immediately following the last day of the previous
Rent Period. 

  

	 	(c)	Each Rent Period shall be of one calendar month’s duration except that, with respect to the final Rent Period, if it would not otherwise end on the Expiry Date, it
shall end on the Expiry Date. 

 Rent Date 
  

	5.2      (a)	Lessee shall pay Rent to Lessor or to its order in advance on each Rent Date. Lessee shall initiate payment adequately in advance of each Rent Date to ensure that
Lessor receives the payment for value on such Rent Date. 

  

	 	(b)	If a Rent Date is not a Business Day, the Rent shall be paid on the Business Day immediately before such Rent Date. 

Rent 
  

	5.3      (a)	Subject to the provisions of clause 5.4 (One Time Option to Fix Rent Prior to Delivery), for purposes of determining amounts of Rent under this
clause 5.3 (Rent), the Term shall be divided into successive periods (each a Relevant Period). 

  

	 	(b)	The first Relevant Period shall commence on the Delivery Date and each subsequent Relevant Period shall commence on the date immediately following the last day of the
previous Relevant Period. 

  

	 	(c)	Each Relevant Period shall be of 6 calendar months’ duration except that with respect to the final Relevant Period, if it would not otherwise end on the Expiry
Date, it shall end on the Expiry Date. 

  

	 	(d)	Rent payable in respect of each Rent Period shall be calculated as follows: 

 ***** 
 where: 

 

							
	*****	  	=	  	*****	  	
	*****	  	=	  	*****	  	
	*****	  	=	  	*****	  	

 One Time Option to Fix Rent Prior to Delivery 

 

	5.4      (a)	 Lessee shall have the one time option, so long as no Default shall then be continuing, exercisable by not less than three (3) Business Days
irrevocable notice (such notice a Fixed-Rent Election Notice) to Lessor, such notice to be received by Lessor no later than 2:00 p.m. Dublin time in Dublin on the third (3rd) Business Day prior to the Scheduled Delivery Date, to elect that the Rent payable by Lessee on each Rent Date
and in respect of each Rent Period shall be fixed on a forward basis for the entire duration of the Term. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 4 - 

	 	(b)	If Lessor shall receive a validly issued Fixed-Rent Election Notice, then notwithstanding the provisions of clause 5.3 (Rent), Rent payable on each Rent
Date in respect of each Rent Period shall be calculated as follows: 

 ***** 

where: 
  

							
	*****	  	=	  	*****	  	
	*****	  	=	  	*****	  	
	*****	  	=	  	*****	  	

  

	 	(c)	Once the Rent has been established pursuant to this clause 5.4, the provisions of clause 5.3 (Rent Calculation) shall be overridden and Rent shall be payable
in the amount, as determined pursuant to this clause 5.4, on each Rent Date in respect of each Rent Period. 

  

	 	(d)	The actual dollar amount of Rent payable by Lessee hereunder, as adjusted pursuant to clause 5.3 (Rent) or, if applicable, clause 5.4 (One Time
Option to Fix Rent Prior to Delivery) will be notified in writing to Lessee no later than two (2) Business Days prior to Delivery, and, in the case of Rent calculated pursuant to clause 5.3, prior to the first day of each Relevant
Period thereafter, and will be set out in the Acceptance Certificate and the execution and delivery of the Acceptance Certificate by Lessee shall, in the absence of manifest error, constitute conclusive evidence of the actual dollar amount of Rent
in the case of Fixed Rent, and of the calculation of rent in the case of Rent under clause 5.3, payable on each Rent Date. 

  

	6.	Deposit 

 Payment 

 

	6.1	Lessee shall pay to Lessor the Deposit in the following installments: 

 

	 	(a)	***** paid on or before the date of this Agreement (receipt of which is hereby acknowledged); and 

 

	 	(b)	the balance to be paid no later than two (2) Business Days prior to the Delivery Date. 

On the date of any return of the Deposit by Lessor hereunder, there shall be deemed added to the amount of the Deposit an amount equal to
interest on the amount of the Deposit as of and from the Delivery Date at a floating rate per annum equal to the “bid” rate of interest quoted by the Bank for London interbank dollar deposits of six months in duration on the Delivery Date
and thereafter at approximately 11:00 am London time as in effect on the first day of each Relevant 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 5 - 

 
Period, so long as Lessee has not provided a Letter of Credit in lieu of the Deposit and so long as no Event of Default has occurred and is continuing. The Deposit shall not be deemed to increase
by an amount equal to interest as provided above during any period during which an Event of Default shall be continuing. 
  

	6.2	No later than the date falling ten (10) Business Days after the later of (a) the Expiry Date and (b) the date on which any Default (including
under clause 20.1(e)(iv) in respect of “Other Agreements”) existing as of the Expiry Date ceases to be continuing, and, provided no Letter of Credit in lieu of the Deposit has been provided, Lessor shall pay to Lessee an amount equal to
the remaining Deposit (including the amount by which it shall be deemed to have increased in respect of accrued interest as provided in clause 6.1) that has not been applied by Lessor in accordance with the terms of this Agreement. Except as
expressly specified in this Agreement, Lessee shall have no entitlement to receive payment of any part of the Deposit (including the amount by which it shall be deemed to have increased in respect of accrued interest as provided in clause 6.1).

 Concerning the Deposit 
  

	6.3      (a)	Lessee hereby grants a security interest in and first fixed charge and pledge of the Deposit (including the amount by which it shall be deemed to have increased in
respect of accrued interest as provided in clause 6.1) to Lessor as security for Lessee’s and Lessee Affiliates’ obligations under this Agreement and all Other Agreements (including any and all Losses suffered or incurred by Lessor or any
of its Affiliates in respect of which Lessee or any Lessee Affiliate is obligated under this Agreement or any Other Agreement). Lessor shall be entitled to commingle the Deposit with Lessor’s general or other funds, and Lessor will not hold any
such funds as agent or on trust for Lessee or in any similar fiduciary capacity. 

  

	 	(b)	Following the occurrence of an Event of Default which is continuing, including an Event of Default under clause 20.1(e)(iv) in respect of any of the Other
Agreements, in addition to all rights and remedies accorded to Lessor elsewhere in this Agreement or under Law, Lessor may, on behalf of itself or on behalf of any of its Affiliates, immediately or at any time thereafter, without notice to Lessee,
use, apply or retain all or part of the Deposit in or towards the payment or discharge of any matured obligation owed by Lessee (or any Affiliate of Lessee) under this Agreement or any Other Agreement, in such order as Lessor sees fit, and/or
exercise any of the rights of set-off described in clause 23.4 (Set-off) against all or part of the Deposit and/or exercise any other right or remedy of a secured creditor upon a default provided in the UCC. 

 

	 	(c)	If Lessor exercises any of the rights described in clause 6.3(b): 

  

	 	(i)	Lessee shall, upon a demand in writing from Lessor, within three (3) Business Days restore the Deposit to the level at which it stood immediately prior to such
exercise; and 

  

	 	(ii)	such application shall not be deemed a cure of any Event of Default unless such application was sufficient to cure such Event of Default (or Lessee has otherwise cured
the same) and Lessee has restored the Deposit to the level at which it stood immediately prior to such exercise. 

  

	 	(d)	 Without prejudice to its rights under Section 6.1 above, Lessee acknowledges and agrees that it is not located in the State of New York within the
meaning of Section 7-101 1-c. 

  
 - 6 -

	 	
(b) of the New York General Obligations Law and, therefore, the requirements of Section 7-101 of the New York General Obligations Law to the effect that Lessor hold the Deposit in a separate
interest bearing account do not apply. 

 Provision of Letter of Credit 

 

	6.4	Lessor agrees that Lessee may, by 10 Business Days prior notice in writing to Lessor given at any time, elect to substitute for the Deposit a Letter of Credit
substantially in the form set out in Schedule 15 (Form of Letter of Credit) or as otherwise approved by Lessor from time to time (the Letter of Credit), provided that no Default is continuing. Such Letter of Credit
shall in any event: 

  

	 	(a)	be denominated in and payable in the currency in which the Rent is payable and be payable in an amount of not less than the Deposit required hereunder;

  

	 	(b)	be issued by an OECD registered bank with a long term unsecured credit rating of A with Standard & Poors and A2 with Moody’s (the Acceptable SDLC
Bank Rating) and from a jurisdiction satisfactory to Lessor or confirmed by such a bank; 

  

	 	(c)	be an irrevocable standby letter of credit payable on demand without proof or evidence of entitlement of loss required at an office of the issuing bank in Dublin,
London or New York or in another location satisfactory to Lessor, and shall be capable of being drawn by the Lessor directly; 

  

	 	(d)	without prejudice to clause 6.4(c) above, be capable of being drawn if a replacement letter of credit is not provided in accordance with clause 6.5; and

  

	 	(e)	have a non-cancelable term of at least three hundred and sixty five (365) days. 

The Lessor shall not be obliged to accept a Letter of Credit in substitution for the Deposit if a Default has occurred and is continuing.

 Letter of Credit 
  

	6.5      (a)	If Lessee has elected pursuant to clause 6.4 (Provision of Letter of Credit) to provide Lessor with a Letter of Credit and Lessee does so provide Lessor
with a Letter of Credit in accordance with the terms of clause 6.4 (Provision of Letter of Credit), then on receipt of such Letter of Credit Lessor shall return any cash Deposit paid by Lessee to Lessor pursuant to clause 6.1
(Payment) to Lessee no later than ten (10) Business Days after receipt of the Letter of Credit. 

  

	 	(b)	Lessee shall ensure that the Letter of Credit remains in place throughout the Lease Period or any relevant part thereof and for a period of not less than ten
(10) Business Days following the Redelivery Date. 

  

	 	(c)	Lessee shall procure the renewal of or new issue of a Letter of Credit no later than thirty (30) days (the SDLC Renewal Date) prior to the stated
expiry date of any then current Letter of Credit. 

  

	 	(d)	 If Lessee fails to put in place a replacement Letter of Credit by the SDLC Renewal Date in accordance with clause 6.5(c) and has not notified
Lessor that Lessee will replace the same with a cash Deposit of like amount by such SDLC Renewal Date and thereafter 

  
 - 7 -

	 	
does in fact replace the Letter of Credit with such cash Deposit not later than ten (10) Business Days prior to the stated expiry date of such Letter of Credit, an Event of Default shall be
deemed to have occurred and be continuing and Lessor shall be entitled to drawdown on the Letter of Credit for the full amount thereof and such monies so drawn shall thenceforth be held by Lessor as provided below. 

 

	 	(e)	If at any time the long term unsecured credit rating of the issuing bank or (if applicable) the confirming bank in respect of the Letter of Credit falls below the
Acceptable SDLC Bank Rating then, upon notice from Lessor, Lessee shall promptly and in any event within ten (10) Business Days of receipt of such notice, either (1) provide Lessor with a replacement letter of credit complying with
clause 6.4 (Provision of Letter of Credit); or (2) provide a cash Deposit that meets the requirements of, and in accordance with the provisions of, clause 6.1 (Deposit), in which event, upon receipt of such replacement
letter of credit or cash Deposit Lessor will return the original Letter of Credit to Lessee as soon as reasonably practicable following receipt of such replacement letter of credit or cash Deposit. Any such Letter of Credit must be substantially in
the form set out in Schedule 15 (Form of Letter of Credit) (or as otherwise approved by Lessor) and comply with the requirements of clause 6.4 (Provisions of Letter of Credit), together with acceptable evidence of
confirmation, if applicable. This clause 6.5(e) is entirely without prejudice to the provisions of clause 20 (Events of Default) and exercise of rights and remedies thereunder. 

 

	 	(f)	Lessor may assign or pledge its interest under the Letter of Credit to any Financing Party or any assignee or transferee of the Lessor’s interests as permitted by
clause 22.3 (Transfer by Lessor) (and Lessee shall at Lessor’s cost perform such acts and deliver such instruments as Lessor may reasonably request in order to carry out and effect any such assignment or pledge).

  

	 	(g)	Lessor shall be entitled to make any number of demands under the Letter of Credit at any time following any Event of Default which is continuing and at any other time
as specified in this clause 6 (Deposit). Any amounts drawn under the Letter of Credit shall be held by Lessor and/or applied (and/or set off) against all obligations of Lessee or any Lessee Affiliate under this Agreement or any Other
Agreement, including any Losses arising as a result of the occurrence of any Default, including any Default under clause 20.1(e)(iv). Such holding as security, application and/or set off of any amount so drawn by Lessor shall not be deemed a
cure by Lessee, or waiver by Lessor or any other person, of any Default except to the extent Lessee replaces the Letter of Credit pursuant to clause 6.5(h) or by another Deposit in the amount so applied, held as security, and/or set-off by
Lessor. 

  

	 	(h)	If for any reason Lessor applies any amount (the Paid Amount) under the Letter of Credit, then Lessee shall within five (5) Business Days of demand,
cause an additional letter of credit complying with the requirements of clause 6.4 (Provision of Letter of Credit) with a face amount equal to the Paid Amount and expiring on the same date as the existing Letter of Credit to be issued,
or shall pay to Lessor in immediately available funds an amount equal to the Paid Amount to Lessor so that Lessor shall at all times have on an aggregate basis the benefit of a letter of credit and/or a cash Deposit for the amount of the Deposit
pursuant to clause 6 (Deposit). 

  

	 	(i)	 Any amount drawn by Lessor under the Letter of Credit shall, pending application and/or set off in the manner contemplated by clause 6.5(g) or the
payment of the same to Lessee 

  
 - 8 -

	 	
pursuant to clause 6.5(k) (Return of Letter of Credit), be the absolute and unconditional property of Lessor (but to the extent that in any jurisdiction any such amounts would be held
to be the property of Lessee, Lessee hereby declares to the fullest extent permissible under applicable Law, for the benefit of Lessor that such property is and will be held subject to the security interest provided in clause 6.3(a) by Lessee
for the benefit of Lessor). 

  

	 	(j)	If at any time any Letter of Credit delivered to Lessor shall cease to constitute the legal, valid and binding obligations of the issuer thereof or any applicable
confirming bank enforceable in accordance with its terms, or amounts payable under any Letter of Credit shall cease to be freely available for drawing, Lessee shall forthwith notify Lessor upon becoming aware of such circumstance(s) and as soon as
practicable and in any event within five (5) Business Days after becoming aware of such circumstances or after written demand from Lessor either (i) deliver to Lessor a replacement Letter of Credit complying with the requirements set out
in clause 6.4 (Provision of Letter of Credit) or (ii) deliver to Lessor a cash Deposit of an amount equal to the face value of the Letter of Credit, to be held by Lessor, whereupon Lessor shall redeliver to Lessee the first above
mentioned Letter of Credit not later than ten (10) Business Days following receipt of such replacement Letter of Credit or, as the case may be, cash deposit. 

 

	 	(k)	Subject to the payment, performance and discharge in full of all of Lessee’s obligations under each of the Operative Documents and so long as no Default is then
continuing under this Agreement, Lessor shall within ten (10) Business Days of the Expiry Date return to Lessee the Letter of Credit. 

  

	7.	Maintenance Rent 

 Lessee shall pay
Maintenance Rent to Lessor in respect of the Aircraft. Such Maintenance Rent shall be calculated and paid in accordance with Schedule 8 (Maintenance Rent). Lessee acknowledges and agrees that Maintenance Rent is additional rent for the
leasing of the Aircraft and not cash collateral or other collateral security for Lessee’s maintenance obligations under this Agreement. Once paid, all Maintenance Rent is the property of Lessor, it is not refundable to Lessee under any
circumstances whatsoever and Lessee has no interest therein whatsoever. In addition, Maintenance Rent shall otherwise be treated for all purposes of this Agreement as Rent, and Lessor shall have the same remedies in respect of Lessee’s failure
to pay Maintenance Rent when due as Lessor has for Lessee’s failure to pay Rent when due. 

  
 - 9 -

	8.	Payments 

 Account for Lessee Payments

  

	8.1	All payments by Lessee to Lessor under this Agreement will be made for value on the due date in dollars in immediately available funds by SWIFT or wire transfer
to Lessor’s account set out below or to such other account as Lessor may from time to time notify Lessee in writing: 

  

			
	Bank:	  	 The Royal Bank of Scotland PLC

Financial Institutions
 PO Box 39952

2 1/2 Devonshire Square
 London
 EC2M 4XJ

		
	Account No:	  	*****
		
	Account Name:	  	*****
		
	Sort Code:	  	*****
		
	IBAN BIC/Swift Code:	  	*****
		
	IBAN:	  	*****
		
	Correspondent Bank:	  	 American Express International Bank
 23rd
Floor
 American Express Tower
 200
Vesey Street
 New York City
 NY
10285-2300
 USA

		
	Swift Code:	  	*****
		
	ABA:	  	*****

 Default Interest 
  

	8.2	If Lessee fails to pay any amount payable under this Agreement on the due date, Lessee shall pay to Lessor on demand from time to time interest at the Default
Rate (both before and after judgment) on that amount, from the due date to the date of payment in full by Lessee to Lessor. All such interest will be compounded monthly and calculated on the basis of the actual number of days elapsed and a
360 day year. Any Default Interest which is unpaid after a Lessor demand shall thereafter bear interest at the Default Rate. 

Absolute Obligations 
  

	8.3      (a)	Lessee’s obligations to pay Rent and to perform any of its other obligations pursuant to this Agreement are absolute and unconditional and shall be paid and
performed in full when due without reduction, deduction, set-off, recoupment, claim or counter claim, and Lessor shall have all of the rights and benefits of a lessor under a lease to which Section 2A-407 of the UCC applies as provided therein.
Lessee may not regard its obligations as terminated, suspended, reduced or altered (and waives to the greatest extent permitted by applicable Laws any rights which it may have at any time to terminate, suspend, reduce or alter such obligations) by
reason of any contingency or circumstance whatsoever, including (but not limited to): 

  

	 	(i)	any right of set-off, counterclaim, recoupment, reduction, reimbursement, claim, defense or other right which Lessee may have against Lessor, the Manufacturer, any
other vendor, or against any other Person; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 10 - 

	 	(ii)	any unavailability of the Aircraft for any reason or interruption of or interference with Lessee’s use, operation or possession of the Aircraft;

  

	 	(iii)	any defect in title, airworthiness, condition, design, operation of, fitness for use of, registration of the Aircraft or any damage to or (subject to the provisions of
clause 17.2 (Payment of Agreed Value following Total Loss)) loss or destruction of the Aircraft, or any Security Interest or Taxes; 

  

	 	(iv)	any insolvency, bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceedings by or against Lessor or Lessee or any
other Person; 

  

	 	(v)	any invalidity or unenforceability or other defect in, this Agreement; and, 

 

	 	(vi)	any other cause or circumstance which but for this provision would or might otherwise have the effect of terminating, canceling, suspending, abating, reducing,
deferring or in any way affecting any obligation of Lessee under this Agreement, including to lease the Aircraft or pay Rent or Maintenance Rent. Lessee acknowledges and agrees that it has used its own judgment in selecting the Aircraft, and has not
relied on Lessor or on any information supplied by Lessor, that Lessor is not a manufacturer of or dealer in aircraft. 

  

	 	(b)	Each payment of Rent or Maintenance Rent made by Lessee shall be final. Lessee will not seek to recover all or any part of any payment of Rent or Maintenance Rent for
any reason whatsoever except manifest error. 

  

	 	(c)	The provisions of this clause 8.3 (Absolute Obligations) shall not be construed to limit Lessee’s right to institute separate legal proceedings for
direct damages or otherwise pursue remedies for direct damages against Lessor in the event of Lessor’s breach of the terms of this Agreement or to limit Lessee’s rights and remedies against any other Person. 

Breakage Costs Indemnity 
  

	8.4	Lessee shall indemnify and hold harmless Lessor, on first written demand by Lessor on an after-Tax basis, against any and all Breakage Costs as a result of:

  

	 	(a)	the late or non-Delivery of the Aircraft, as the case may be (other than where such late or non-delivery is caused by breach by Lessor of its obligations under this
Agreement); or 

  

	 	(b)	the termination of the leasing of the Aircraft under this Agreement prior to the Scheduled Expiry Date for any reason; ***** 

***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 11 - 

 Currency Indemnity 
  

	8.5      (a)	If, under any applicable Law, whether as a result of judgment against Lessee or the liquidation of Lessee or for any other reason, any payment under or in connection
with this Agreement is made or is recovered in a currency (the other currency) other than the currency (the contractual currency) in which it is payable pursuant to this Agreement then, to the extent that the payment
(when converted into the contractual currency at the rate of exchange on the date of payment or, in the case of a liquidation, the latest date for the determination of liabilities permitted by the applicable Law) falls short of the amount unpaid
under this Agreement, Lessee shall, as a separate and independent obligation, fully indemnify Lessor against the amount of the shortfall. For the purposes of this sub-clause rate of exchange means the rate at which Lessor is able on
the relevant date to purchase the contractual currency in London with the other currency. 

  

	 	(b)	Lessee waives any right it may have in any jurisdiction to pay any amount under this Agreement in a currency other than that in which such amount is expressed to be
payable. 

 Application of Payments by Lessor 

 

	8.6	If any sum paid to Lessor or recovered by Lessor in respect of the liabilities of Lessee under this Agreement is less than the amount then due, Lessor may apply
that sum to amounts due under this Agreement in such proportions and order and generally in such manner as Lessor may, acting reasonably, determine. 

 Lessor’s Determination of Amounts Due 
  

	8.7	Any certificate or determination by Lessor as to any rate of interest, Breakage Costs (or gain), or as to any other amount payable under this Agreement shall be
prepared in reasonable detail and, in the absence of manifest error, be conclusive and binding on Lessee. 

 Business Day
Convention 
  

	8.8	If any payment due under this Agreement (other than a payment of Rent) would otherwise be due on a day which is not a Business Day, it shall be due on the next
following Business Day, or, if that Business Day falls in the following month, in the following year, or after the Expiry Date, on the Business Day immediately before such date. 

  
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	9.	Lessor Covenants 

 Quiet Enjoyment

  

	9.1	Lessor agrees that provided no Event of Default has occurred and is continuing, neither Lessor nor any Person lawfully claiming through it shall interfere with
the quiet use, possession and enjoyment of the Aircraft by Lessee during the Term. The lawful exercise by Lessor of its rights in accordance with this Agreement will not constitute such an interference. 

Lessor Obligations following Expiry Date 
  

	9.2	Subject to the payment, performance and discharge in full of all of Lessee’s obligations under this Agreement and so long as no Default, including under
clause 20.1(e)(iv) in respect of any Other Agreement, has occurred and is continuing, Lessor shall within ten (10) Business Days of the Expiry Date: 

 

	 	(a)	pay to Lessee a portion of any Rent paid to Lessor to the extent such portion is attributable to the period falling after, but excluding, the Expiry Date;

  

	 	(b)	pay to Lessee any amount equal to the remaining Deposit in accordance with clause 6.2 or return the Letter of Credit in accordance with clause 6.5(k),
whichever is applicable; and 

  

	 	(c)	pay to Lessee any amounts payable pursuant to Schedule 14 hereof. 

 If any Default is continuing, Lessor may hold and apply any such amounts in or towards cure of such Default and at such time as no Default (including under clause 20.1(e)(iv)) is in existence, shall
pay the unapplied portion thereof, if any, to Lessee. 
 Maintenance Contributions 

 

	9.3	Notwithstanding references herein to the non-refundability of Maintenance Rent, Lessor shall pay Maintenance Contributions in respect of the Aircraft as a
separate obligation not constituting a refund of Maintenance Rent. Such Maintenance Contributions shall be calculated and paid in accordance with the relevant provisions of Schedule 14 (Maintenance Contributions).

 Lessor Limitation on Liability 
  

	9.4	Lessee agrees that its only right with respect to a default by Lessor under this Agreement is to make a claim against Lessor for actual damages resulting
directly therefrom, subject to clause 18 hereof. Lessee hereby waives any and all other rights or remedies it may have under Section 2A-211 of the UCC or Sections 2A-508 through 2A-522 of the UCC or otherwise.

  

	10.	Lessee Covenants 

 Performance

  

	10.1    (a)	Lessee shall perform and comply with its undertakings and covenants in this Agreement at all times prior to Delivery (where applicable) and during the Term. All such
undertakings and covenants shall, except where expressly otherwise stated, be performed at the expense of Lessee. 

  
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	 	(b)	Lessee shall remain liable to Lessor for all of Lessee’s obligations and liabilities under this Agreement notwithstanding any delegation by Lessee to another
Person of any such obligations or liabilities or any reliance by Lessee on another Person to perform or discharge any such obligations or liabilities, whether or not such delegation or reliance is permitted or contemplated by this Agreement
(provided that to the extent any such obligation or liability is actually performed or discharged by such other Person on Lessee’s behalf, such performance or discharge shall constitute performance or discharge of the corresponding
obligation or liability of Lessee). 

  

	 	(c)	Lessee will take such steps as are necessary to ensure that no Person (other than Lessor or any Financing Party) acts in any manner inconsistent with Lessee’s
obligations under this Agreement. 

  

	 	(d)	Lessee will cause the Post-Delivery Authorizations and Filings to be made or obtained as provided in the definition of such term and by the deadline provided in the
definition of such term. 

 Information – General and Financial 

 

	10.2	Lessee shall: 

  

	 	(a)	furnish to Lessor: 

  

	 	(i)	upon Lessor’s request, but not more often than once quarterly, Lessee’s unaudited consolidated management prepared financial statements (in English, in
dollars, and comprising a balance sheet and profit and loss statement) prepared for the most recent previous financial quarter certified by a qualified financial officer of Lessee as being true and correct; 

 

	 	(ii)	as soon as available, but, in any event, no later than one hundred and twenty (120) days after the last day of each financial year of Lessee, its audited
consolidated balance sheet and cash flow statement as of such day and its audited consolidated profit and loss statement for the year ending on such day (each may be in Spanish and in Mexican currency so long as such financial statements and the
auditors opinion thereon shall be provided in English and in dollars within forty-five (45) days thereof); and 

  

	 	(iii)	to the extent that Lessee is permitted by applicable Law and is not bound by confidentiality undertakings to third parties, such other information concerning the
business or financial affairs of the Lessee as the Lessor may from time to time reasonably request; 

  

	 	(b)	promptly notify Lessor of the occurrence of any Total Loss or of any event which is likely to result in a claim under the Insurances (but in the case of hull claims
only, for any claim in excess of the Damage Notification Threshold) and reasonable details of any negotiations with the insurance brokers over any such claim; 

 

	 	(c)	promptly notify Lessor of the occurrence of any Default or Event of Default; 

 

	 	(d)	 provide Lessor, upon request, with evidence reasonably satisfactory to Lessor that all Taxes and charges incurred by Lessee in connection with the
Aircraft, its location and its 

  
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operation, including those invoiced by airports and air traffic control authorities have been paid in full or are being contested as and to the extent permitted under the definition of Permitted
Lien; and 

  

	 	(e)	within thirty (30) days after receipt by Lessee of a request by Lessor (or such shorter period as may be set forth in any written request by any Government Entity
for information or documents) Lessee shall furnish in writing to Lessor such information or documents within its or any Affiliate’s possession or which is reasonably available to it or any of its Affiliates and subject to any legal or
contractual requirements of confidentiality (or copies thereof certified as correct by an authorized officer of Lessee) regarding the Aircraft as may reasonably be requested by Lessor or as may be required to enable Lessor or any Affiliate thereof
to file any report or document required to be filed by it with any Government Entity because of its ownership or other interest in the Aircraft, the Airframe or the Engines. 

 Operation of the Aircraft 
  

	10.3	Lessee shall: 

  

	 	(a)	operate the Aircraft solely for commercial purposes from the Habitual Base; 

 

	 	(b)	not use or operate the Aircraft in violation of or contrary to any applicable Regulation or in a manner causing Lessor or any Financing Party to be in violation of any
applicable Regulation; 

  

	 	(c)	not permit any items to be on or transported by the Aircraft if such item is itself an illegal substance or contraband or if it is prohibited by any Regulation for such
item to be on or transported by the Aircraft; 

  

	 	(d)	not use or operate the Aircraft for any purpose for which the Aircraft is not designed or for any purpose other than primarily in passenger service in passenger
configuration; 

  

	 	(e)	not use the Aircraft for purposes of training, qualifying or re-confirming the status of cockpit personnel except for the benefit of Lessee’s cockpit personnel,
and then only if the use of the Aircraft for such purpose is not disproportionate to the use for such purpose of other aircraft of the same type operated by Lessee; 

 

	 	(f)	subject to (h) below, not use, operate, or locate the Aircraft or suffer or permit the Aircraft to be used, operated or located in any manner not covered by the
Insurances or in any area excluded from coverage by the Insurances; 

  

	 	(g)	not operate, maintain, modify, insure or deal with the Aircraft or any Engine or Part in a manner which discriminates against the Aircraft or such Engine or Part, when
compared with the manner in which Lessee operates, maintains, modifies, insures or deals with similar aircraft, engines or parts in Lessee’s fleet. 

  

	 	(h)	 Notwithstanding the provisions of clause 10.3(f) above, Lessee shall not be deemed in breach of such clause if Lessee’s violation of the
provisions thereof is done to safeguard the lives, safety or well being of passengers or crew or to preserve and protect the Aircraft, provided it is attributable to causes beyond the reasonable control of the Lessee or to extraordinary
circumstances, in each case involving an isolated occurrence or series 

  
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of incidents not in the ordinary course of the regular operations of the Lessee and in each case the Lessee is taking all reasonable steps to remedy such failure as soon as is reasonably
practicable. 

 General Covenants, Compliance and Outgoings 

 

	10.4	Lessee shall: 

  

	 	(a)	at all times during the Term maintain (i) its business as a commercial scheduled air carrier; (ii) its corporate existence (except as permitted by
clause 10.4(b) below); and (iii) in full force and effect, all consents, licenses, authorizations, approvals, permits, rights and privileges material to its business or to the performance of its obligations under this Agreement;

  

	 	(b)	not enter into any merger with or into, or consolidation with, or sell, convey, transfer, lease or otherwise dispose, in one or a series of transactions, of all or
substantially all of its assets as an entirety to, any Person, unless Lessor shall have consented thereto (such consent not to be unreasonably withheld), or unless the surviving Person, including the Lessee (the “Successor”),
resulting from such merger, or consolidation, or which acquires by purchase, conveyance, transfer or lease all or substantially all of the assets of it as an entirety (i) is a corporation organized under the laws of Mexico and is an air carrier
duly certificated by the Aviation Authority, (ii) executes a duly authorized, legal, valid, binding, and enforceable agreement, satisfactory in form and substance to the Lessor, acting reasonably, containing an effective assumption of and
agreement to be bound by and fully and punctually perform all of Lessee’s obligations under, and a confirmation of its continuing liability under, this Agreement, the other Operative Documents and the Other Agreements and delivers such
instrument to the Lessor, and (iii) provides an opinion from counsel acceptable to Lessor (acting reasonably), which opinion shall be reasonably satisfactory to Lessor, and an officer’s certificate (which may rely, as to legal matters, on
such legal opinion), each stating that such merger, consolidation, conveyance, transfer, lease or other disposition and the instrument noted in clause (ii) above comply with this clause, that such instrument is a legal, valid and binding
obligation of, and is enforceable (except as enforceability may be limited by bankruptcy, insolvency and other laws applicable to the enforcement of creditors’ rights generally and by general principles of equity) against, such Successor , and
that this Agreement, the other Operative Documents and the Other Agreements continue to be enforceable against (except as enforceability may be limited by bankruptcy, insolvency and other laws applicable to the enforcement of creditors’ rights
generally and by general principles of equity) the Successor as Lessee hereunder, and that all conditions precedent provided for herein have been complied with; provided that no such merger, consolidation or conveyance, transfer or lease shall be
permitted if the tangible net worth of the Successor (including for the avoidance of doubt the Lessee) at the effective time thereof is less than the tangible net worth of Lessee immediately prior to such effective time or, if immediately after
giving effect to such consolidation, merger, purchase, conveyance, transfer, lease or other disposition, a Default or Event of Default shall have occurred and be continuing. 

 

	 	(i)	Prior to any transaction permitted pursuant to this clause 10.4, Lessee shall provide reasonable prior written notice to Lessor and, at Lessor’s request, shall
make available to Lessor appropriate management personnel in order to answer reasonable questions and concerns from Lessor and to provide such information as Lessor may reasonably request relating to such transaction including reasonable evidence of
conformity with the provisions of this clause 10.4. 

  
 - 16 -

	 	(ii)	Upon any consolidation or transaction, or any conveyance, transfer or lease of all or substantially all of the assets of the Lessee and the satisfaction of the
conditions specified in this clause, the Successor formed by such consolidation or into or with which the Lessee is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Lessee under this Agreement and any other document contemplated hereby with the same effect as if such successor corporation had been named as the Lessee herein. No such merger or consolidation, or sale, conveyance, transfer or
lease of all or substantially all of the assets of the Lessee as an entirety shall have the effect of releasing the Lessee or any Successor which shall theretofore have become the Lessee hereunder in the manner prescribed in this clause from its
liability hereunder. 

  

	 	(c)	comply with all Regulations required for the making of payments, and the performance by Lessee of its other obligations under this Agreement (including complying with
any applicable carriage regulations or restrictions from time to time issued by IATA); 

  

	 	(d)	not cause or permit the Aircraft to proceed to, or remain at, any location in an Excluded Country except under the circumstances contemplated by clause 10.3(h);

  

	 	(e)	ensure that the Habitual Base remains the habitual base of the Aircraft unless Lessor gives its prior written consent to a change thereof, which consent shall not be
unreasonably withheld; 

  

	 	(f)	promptly pay or cause to be paid within such period as may be agreed between Lessee and the relevant Government Entity and/or Eurocontrol all license, registration,
navigation and airport fees and charges assessed and demanded by any Government Entity and/or Eurocontrol and/or any other air navigation authority in accordance with applicable Regulations relating to the Aircraft or to the extent failure to comply
therewith could reasonably be expected to result in a breach of this Agreement or in a Security Interest on the Aircraft, or could reasonably be expected to affect materially and adversely Lessee’s ability to perform any of its obligations in
respect of other aircraft operated by Lessee, and Lessee shall be responsible for all costs, expenses, charges, fees (including license and registration fees), Taxes and other outgoings related to the operation, storage, maintenance, leasing or
registration of the Aircraft, and shall promptly pay the same as and when they become due in each case, unless the amount, imposition or assessment of or demand for the same is or are being contested in good faith as provided in the definition of
Permitted Lien; 

  

	 	(g)	comply with all Applicable Laws and implement reasonable procedures concerning security measures to protect the Aircraft and its passengers from theft, destruction,
hijacking, bombing or other acts of terrorism in accordance with applicable Law and industry practices of similarly situated air carriers; 

  

	 	(h)	Lessee is not a “foreign air carrier” within the meaning of the Act, but if it becomes such a “foreign air carrier,” it will cause itself to be
located (as defined in Section 9-307 of the UCC) in the District of Columbia, except upon thirty (30) days prior written notice to the contrary to Lessor; and 

 

	 	(i)	Lessee shall cause all Post Delivery Authorizations and Filings to be made or accomplished by the date specified in the definition of such term.

  
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 Registration and Protection 
 10.5 
  

	 	(a)	Lessee shall to the greatest extent permitted by applicable Law: 

  

	 	(i)	register and keep the Aircraft registered with the Aviation Authority in the name of Lessor as owner thereof; 

 

	 	(ii)	register and record with the Aviation Authority and any other relevant public record (or as required to comply with the Geneva Convention where applicable) (x) the
Aircraft, this Agreement (or particulars thereof) and/or (y) the interest of Lessor as owner and lessor and, at Lessor’s cost, the rights of any Financing Parties under any Security Interest in respect of the Aircraft or this Agreement (as
the case may be) on such public record; and 

  

	 	(iii)	make any changes to the registrations referred to at (i) or (ii) above as may be necessary or advisable (and are consistent with the provisions of this
Agreement) to take account of any change permitted by this Agreement in ownership of the Aircraft any Engine or Part (including any permanent replacement of any Engine or Part) or any modification to the Aircraft (including Equipment Changes) or any
change in the financing of the Aircraft or of any change in applicable Regulations or introduction of new Regulations. 

 Lessor shall pay all costs incurred in respect of a change in ownership and/or financing of the Aircraft pursuant to clause 22.2 (Lessor Transfer). Lessee will pay any other costs incurred in
complying with this clause; 
  

	 	(b)	Lessee shall not without the prior written consent of Lessor change the State of Registration; 

 

	 	(c)	if the state and/or any territorial unit in which Lessee is domiciled or the State of Registration has, or at any time brings into force, any legislative or other
provisions giving effect to the Convention and/or the Protocol and/or becomes a Contracting State, Lessee at its own cost and expense shall from time to time, do or cause to be done any and all acts and things which may be required or desirable (in
the discretion of Lessor acting reasonably, but in each case consistent with the provisions of the Agreement and the other Operative Documents) to ensure that Lessor, and, at Lessor’s cost, the Financing Parties, if any, have or obtain the
fullest benefit(s) of the Convention and/or the Protocol in connection with the Aircraft and any Engine, including (but not limited to): 

  

	 	(i)	any matters connected with registering, perfecting or preserving and/or enhancing any International Interest(s) or other registrable interests vested in the Financing
Parties with respect to the Aircraft and/or any Engine and constituted by this Agreement; 

  
 - 18 -

	 	(ii)	constituting any International Interest(s) or other registrable interests to be vested in the Financing Parties with respect to the Aircraft and/or any Engine in
connection with this Agreement; and 

  

	 	(iii)	entry into agreements (subordination or otherwise) to protect, perfect and/or enhance and/or improve the priority of any International Interest(s) or other registrable
interests referred to in the foregoing paragraph (i) and/or (ii). 

 For the purposes of this
clause 10.5(c) the place in which Lessee is situated shall be construed and determined in accordance with the provisions of Article 4 (and Article 68) of the Consolidated Text and the terms: “assignment” (for
the purposes of this clause 10.5(c) only), “Contracting State”, “Regional Economic Integration Organisation”, “situated in”, “State”, and “territorial unit” shall have the meaning given to them
in (or, as appropriate, shall be construed in accordance with) the Consolidated Text. 
 Title and other Property and Security Interests

  

	10.6	Lessee shall: 

  

	 	(a)	affix, and maintain in a prominent position, a fireproof plate (having dimensions of not less than 10 cm. x 7 cm.) on each Engine and in the cockpit or cabin of the
Aircraft stating: 

 “THIS [AIRCRAFT/ENGINE] IS OWNED BY WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, AS
OWNER TRUSTEE (“OWNER”) UNDER THAT CERTAIN TRUST AGREEMENT (MSN TBD), AND IS LEASED TO [LESSEE] AND MAY NOT BE OR REMAIN IN THE POSSESSION OF, OR BE OPERATED BY, ANY OTHER PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF OWNER”;

  

	 	(b)	not at any time (i) represent to others that Lessor or the Financing Parties are in any way connected with or responsible for any operation of the Aircraft or the
business of the Lessee or carriage (whether for hire or reward or gratuitously) which may be undertaken by Lessee; or (ii) pledge the credit of Lessor or the Financing Parties; 

 

	 	(c)	on all occasions when the ownership of the Aircraft, any Engine or any Part is relevant, make clear to third parties that title is held by Lessor. Lessee further
undertakes to inform any third party attempting to seize or arrest the Aircraft that it does not have any ownership interest in or title to the Aircraft; 

  

	 	(d)	not do or omit to do or knowingly permit to be done or omitted to be done any act or thing which might reasonably be expected to jeopardize the rights of Lessor as
owner or lessor of the Aircraft or the Financing Parties under any Security Interest or assignment in respect of the Aircraft; 

  

	 	(e)	not abandon the Aircraft, any Engine or any Part; and 

  

	 	(f)	not allow the Aircraft, any Engine or any Part, Lessor’s or any Financing Party’s interest in the same, or this Agreement or the Insurances, to become or
remain subject to any Security Interest (other than Permitted Liens) and promptly at Lessee’s expense take such action as may be necessary to discharge any such Security Interest other than Permitted Liens if the same shall exist at any time.

  
 - 19 -

 Recognition of Rights 

 

	10.7	Lessee shall from time to time, on request by Lessor, procure that any Person to whom possession of the Aircraft, the Airframe or any Engine is given
acknowledges in writing to Lessor, in a form acceptable to Lessor, acting reasonably, which may be included within a mortgage or lease or other agreement between Lessee and such Person, that it will respect the interests of Lessor as owner and
lessor of the Aircraft, the Airframe or such Engine, as applicable and the interests of the Financing Parties under any Security Interest in respect of such Aircraft, the Airframe or such Engine and will not seek to exercise any rights whatsoever in
relation to such Aircraft, Airframe or Engine. Lessor hereby agrees for the benefit of such Person that Lessor shall not claim any interest in or seek to exercise any rights whatsoever in relation to an engine belonging to such Person and from time
to time installed on the Airframe or in any airframe upon which an Engine may from time to time be installed. 

  

	11.	Possession and Sub-Leasing 

 Possession

  

	11.1	Lessee shall not, without the prior written consent of Lessor (such consent not to be unreasonably withheld), sub-lease or part with possession of the Aircraft,
the Engines or any Part, except that Lessee may part with possession, without Lessor’s consent: 

  

	 	(a)	with respect to the Aircraft, the Engines or any Part, to the relevant manufacturers for testing or to the Maintenance Performer for service, repair, maintenance or
other work to the extent required or permitted by this Agreement; 

  

	 	(b)	on a wet lease which complies with clause 11.2; 

  

	 	(c)	on a sub-lease which complies with clause 11.3; and 

  

	 	(d)	with respect to an Engine or Part as expressly permitted by this Agreement. 

 Wet-leasing 
  

	11.2	Lessee shall be permitted to wet-lease the Aircraft to a third party provided that under the terms of such wet-lease: 

 

	 	(a)	the Aircraft shall be operated solely by regular crews of Lessee possessing all current certificates and licenses that are required by applicable Regulations;

  

	 	(b)	the Aircraft shall be subject to Lessee’s insurance coverage or such other insurance coverage as is approved by Lessor; 

 

	 	(c)	the Aircraft shall be maintained by the Maintenance Performer in accordance with the Maintenance Program and Lessee’s normal maintenance practices;

  

	 	(d)	the Aircraft shall not be subject to any change in its State of Registration or Habitual Base; 

  
 - 20 -

	 	(e)	such wet-lease is expressly subordinated to this Agreement and the rights of Lessor and the Financing Parties hereunder and to the Aircraft; and

  

	 	(f)	the duration of such wet-lease (including all extensions and renewals) does not exceed six (6) months and does not extend beyond the Expiry Date.

 Sub-leasing 

11.3 
  

	 	(a)	Lessee may sub-lease the Aircraft to TACA International Airlines and/or any Affiliate of TACA International Airlines that is a certificated air carrier (a
Permitted Sub-Lessee) if: 

  

	 	(i)	Lessee shall have given no less than 10 Business Days’ prior written notice (it being acknowledged that in any case (y) the below conditions are required to
be satisfied prior to commencement of the relevant sub-lease and (z) the evidence and/or documentation specified below shall be required to be supplied to Lessor in good time prior to commencement of the relevant sub-lease to enable Lessor to
review the same) to Lessor of its intention to enter into any sub-lease agreement or arrangement (which notice shall include full details of the proposed sub-lessee and sub-leasing arrangements) and a copy of the draft sub-lease agreement and
insurance certificate; 

  

	 	(ii)	no Default shall have occurred and be continuing at the time of commencement of such sub-lease; 

 

	 	(iii)	(i) the sub-lease shall be expressly stated to be and shall remain subject to and subordinate to Lessor’s rights under this Agreement and will terminate
immediately upon any termination of the leasing of the Aircraft under this Agreement; (ii) the sub-lease and all of Lessee’s right, title and interest thereunder shall have been assigned to Lessor, pursuant to a sub-lease assignment in
form and substance acceptable to Lessor (acting reasonably), as collateral security for the performance of all obligations of Lessee and its Affiliates under this Agreement and all Other Agreements, and (iii) prior to delivery of the Aircraft
under such sub-lease (and as a condition precedent thereof) the sub-lessee shall provide an acknowledgement to Lessor, in a form satisfactory to Lessor (acting reasonably), confirming such subjection, subordination and assignment and confirming that
its rights to possession of the Aircraft under such sub-lease will terminate immediately on written notice from Lessor stating that the leasing of the Aircraft under this Agreement has terminated following an Event of Default and that it will
redeliver the Aircraft (together with all Engines, Parts and Aircraft Documents) to Lessor upon receipt of such written notice, and that it will perform all obligations under the sub-lease directly to, and deal exclusively with, Lessor;

  

	 	(iv)	the sub-lease requires the sub-lessee to operate the Aircraft substantially on the same terms as those set out in clause 10.3 (Operation of the Aircraft),
maintain the Aircraft on the same terms as those set out in clause 12.1 (Maintenance and Repair) and (if the Permitted Sub-Lessee is to maintain Insurances rather than Lessee) insure the Aircraft on the same basis as set out in
clause 16 (Insurance) and shall contain equivalent restrictions on interchange and replacement of Engines and Parts as those contained in clause 13 (Interchange and Replacement of Engines and Parts); 

  
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	 	(v)	the sub-lease shall contain terms substantially similar to clauses 15 (Indemnities), 16 (Insurance), 17 (Loss, Damage and Requisition), and 20
(Events of Default); 

  

	 	(vi)	the sub-lease shall not permit any further sub-leasing or, unless Lessor otherwise consents, wet leasing, of the Aircraft; 

 

	 	(vii)	the sub-lease shall not have a term which extends or is capable of extending beyond the term of the Term; 

 

	 	(viii)	on or prior to the commencement of the sub-lease Lessee shall provide to Lessor evidence satisfactory to Lessor confirming that the Aircraft will continue to be insured
in accordance with this Agreement; 

  

	 	(ix)	the sub-lessee under the sub-lease shall not at the time of commencement of the relevant sub-lease be insolvent or otherwise be subject to any events of the type set
out in clauses 20.1(g) through (j); 

  

	 	(x)	the sub-lessee under the sub-lease shall hold all certificates, licenses, permits and authorization required for its use and operation of the Aircraft; and

  

	 	(xi)	prior to the delivery of the Aircraft under such sub-lease, Lessor shall have received a legal opinion from reputable independent counsels in the jurisdiction in which
each of Lessee and the sub-lessee is established and has its principal place of business and in which the Aircraft is to be habitually based and registered, in form and content and from legal counsel in each case reasonably satisfactory to Lessor.
Such opinion would be required to confirm (amongst other things): 

  

	 	(x)	that the rights of Lessor (and, if applicable, the Financing Parties) in respect of this Agreement and the Aircraft are not adversely affected following the
commencement of the sub-lease; 

  

	 	(y)	the legal, valid, binding and enforceable nature of the obligations of the sub-lessee in connection with the sub-lease (and in particular in relation to the direct
obligation to Lessor to return the Aircraft on the termination of the leasing of the Aircraft under this Agreement for any reason); and 

  

	 	(z)	the proper compliance with registration and other formalities (including any registrations with the international registry in relation to the Convention and Protocol),
if applicable) necessary or advisable in connection with the sub-lease, the subordination thereof or the assignment to Lessor thereof, including the perfection of Lessor’s rights and interests in respect thereof against Lessee, sub-lessee and
all other Persons. 

  

	 	(b)	 Lessor shall (if necessary in connection with such sub leasing (at no cost to Lessor) co operate with Lessee upon reasonable request to assist Lessee
and/or the relevant sub-lessee, as the case may be, in promptly making any filings, recordings and 

  
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registrations in the Habitual Base or the State of Registration (or with the International Registry in relation to the Convention and Protocol), if applicable) which, to the extent applicable,
are necessary or desirable in order to (i) protect the interests of Lessor as owner and lessor under this Agreement; or (ii) ensure the validity, enforcement or priority thereof; or (iii) at Lessor’s request and only if
Lessee’s co operation is required, protect the rights of the Financing Parties and Lessee shall pay all reasonable costs, expenses and liabilities incurred by Lessor and any Financing Party in connection with any re-registration of the Aircraft
and such filings, recordings and registrations (and no sub-lease shall be permitted unless and until such filings, recordings and registrations have been made). 

 

	 	(c)	Lessee will indemnify Lessor and any Financing Party on demand for all reasonable out of pocket expenses (including reasonable legal fees) incurred in connection with
Lessor’s evaluation of any proposed sub-lease or its implementation. 

  

	 	(d)	Lessee shall provide Lessor with a copy of the executed sub-lease and any amendments thereto within five (5) Business Days after the execution of such sub-lease or
such amendments; such copy may be in electronic form to be followed promptly by hard copy. 

  

	 	(e)	No sub-leasing of the Aircraft shall release Lessee from its obligations under this Agreement, and Lessee hereby confirms and agrees that it shall remain fully liable
to perform all of its obligations under this Agreement notwithstanding any such sub-leasing. 

  

	 	(f)	Notwithstanding any reference above to re-registration of the Aircraft or changes in the registry of the Aircraft, in no event shall the Aircraft be registered in a
jurisdiction or on a registry other than the registry of the State of Registration without first obtaining the consent of Lessor. 

  

	12.	Technical Reporting, Records, Inspection, Maintenance and Repair 

 Technical Reporting 
  

	12.1	Lessee shall: 

  

	 	(a)	Furnish to Lessor within fifteen (15) days after the end of every calendar month during the Term a Technical Status Report on the Aircraft and each Engine;

  

	 	(b)	give Lessor not less than thirty (30) days’ written notice of the time and location of all Major Checks and of all maintenance in respect of which Lessee is
entitled to a Maintenance Contribution pursuant to this Agreement and following such checks provide, on request of Lessor a copy of the relevant completed workpack relating to such check (for purposes of clarification, the parties agree that
notwithstanding the foregoing their rights and obligations in respect of Maintenance Contributions shall be governed by Schedule 14); 

  

	 	(c)	within ten (10) Business Days of Lessor’s request, provide to Lessor such other information and documentation as Lessor may reasonably request concerning the
location, condition use and operation of the Airframe, any Engine or Part, and any engine or part installed on the Airframe; and 

  

	 	(d)	notify Lessor promptly following the removal of any Engine for the purpose of the Engine Refurbishment. 

  
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 Records 
  

	12.2	Lessee shall: 

  

	 	(a)	keep accurate, complete and current records (which records shall form part of the Aircraft Documents and, notwithstanding that such records may be generated by Lessee,
shall be deemed the property of Lessor and leased to Lessee hereunder): 

  

	 	(i)	as required by the Aviation Authority and all applicable Regulations (including JAR/EU-OPS1 sub-part M) of all flights made by, and all maintenance carried out on,
the Aircraft (including in relation to each Engine and Part subsequently installed, before the installation), in such manner as the Aviation Authority may from time to time require, and ensure that they comply with the recommendations of the
Manufacturers and the OEMs; 

  

	 	(ii)	of all structural checks and compliance with the corrosion protection and control program, including historical checks; and 

 

	 	(iii)	evidencing Back to Birth Traceability of all Life Limited Parts; 

  

	 	(b)	maintain all Aircraft Documents in English (with an appropriate revision service) and best practice of major international air transport operators in respect of the
Aircraft; 

  

	 	(c)	retain such Aircraft Documents and other materials at either Lessee’s principal place of business, the facility of the Maintenance Performer or an agreed storage
location under Lessee’s control, and not permit any other Person to have possession of or control over the same without Lessor’s prior written consent; and 

 

	 	(d)	(if Lessee subscribes to the Manufacturer’s on-line electronic information database and maintains on that facility an updated record of the aircraft service
bulletin and other configuration embodiment status and to the extent permissible as a result of future developments by the Manufacturer, Airworthiness Directives, structural repairs and Maintenance Planning Data compliance status) make available to
Lessor Lessee’s access to the relevant parts of such on-line system. 

 Inspection 

 

	12.3    (a)	On request from Lessor, Lessee shall arrange that at any reasonable time during the Term, Lessor, any Financing Party and any prospective purchaser of the Aircraft or
their authorized representatives may inspect the Aircraft and the Aircraft Documents and Lessee shall provide reasonable assistance and co-operation in connection with such inspection (including facilitating access to the Aircraft and the Aircraft
Documents) provided that, unless a Default and/or an Event of Default shall have occurred and be continuing, Lessor shall give Lessee reasonable notice of such inspection and shall ensure that such inspections shall be coordinated with Lessee
so as not to cause unreasonable interference with or delay to Lessee’s operation of the Aircraft. Lessee shall comply with the reasonable requests of Lessor’s representatives during the course of an inspection including any request to open
quick release panels or to travel on the flight deck of the Aircraft as an observer, subject to any applicable Regulations or insurance restrictions. 

  
 - 24 -

	 	(b)	The cost of conducting an inspection (including all reasonable out-of-pocket expenses) shall be borne by Lessor unless: (i) an Event of Default has occurred and is
continuing, in which case the cost shall be borne by Lessee; or (ii) an inspection reveals that Lessee has failed to comply in any material way with its obligations under this Agreement, in which case any follow up inspection required to verify
that remedial work has been completed will be at Lessee’s cost. 

  

	 	(c)	Lessor shall have no duty or obligation to inspect the Aircraft or arising out of such inspection and Lessor shall incur no liability as a result of non-exercise of any
inspection rights in this clause 12.3. In addition, any inspection of the Aircraft (including any Aircraft Documents) shall be solely for Lessor’s or such Financing Party’s information and failure to notify Lessee of any discrepancies
thereafter shall not imply that Lessee is in compliance with this Agreement, its Maintenance Program or applicable Regulation. 

Maintenance and Repair 
  

	12.4	Lessee shall or shall procure that a Maintenance Performer shall, maintain, overhaul and repair the Aircraft so that at all times during the Term:

  

	 	(a)	the Aircraft is kept airworthy in all respects and in good operating condition and repair; 

 

	 	(b)	Lessee has a current certificate of airworthiness (in the appropriate category for the nature of the operations of the Aircraft) for the Aircraft issued by the Aviation
Authority except where the Aircraft is undergoing maintenance, modification or repair required or permitted by this Agreement, and Lessee will from time to time, but not more frequently than once annually if no Default is in existence, provide to
Lessor a copy within ten (10) days of Lessor’s request; 

  

	 	(c)	the Aircraft is maintained in accordance with the Maintenance Program through a Maintenance Performer and in at least the same manner and with at least the same care as
is the case with respect to similar aircraft owned or otherwise operated by Lessee (taken as a whole), and as if Lessee were to retain and continue operating the Aircraft in its fleet after the Expiry Date, including maintenance scheduling,
modification status and technical condition, and all maintenance to the Airframe, any Engine or any Part required to maintain all warranties, performance guarantees or service life policies applicable to the Aircraft in full force and effect in
accordance with their terms; 

  

	 	(d)	the Aircraft complies with all applicable Regulations and all Mandatory Orders, all Airworthiness Directives and all other airworthiness directives issued by the
Aviation Authority or other aviation authorities with jurisdiction over Lessee or the Aircraft, any Engine or Part, regardless of upon whom such requirements are imposed having a compliance date during the Term or within one hundred and eighty
(180) days after the Scheduled Expiry Date (provided that in relation to Airworthiness Directives Lessor and Lessee agree to the cost sharing formula set out in Schedule 9 (Airworthiness Directive Cost Sharing Formula));

  

	 	(e)	Lessee and the Aircraft are each in compliance with any other applicable Regulation which relates to the maintenance, condition, use or operation of the Aircraft or
requires any modification or alteration to the Aircraft, any Engine or Part regardless of upon whom such requirements are imposed; and 

  

	 	(f)	if required by the Aviation Authority, a current certification as to maintenance issued by or on behalf of the Aviation Authority in respect of the Aircraft is
maintained and Lessee will from time to time provide to Lessor a copy within ten days of Lessor’s request. 

  
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 Maintenance Program 
  

	12.5	Lessee shall consult with Lessor before any material changes to the Maintenance Program (including the preamble and schedules thereto) encompassing scheduled
maintenance (including block maintenance) of the Airframe, Engines and Parts, including but not limited to service, testing, preventative maintenance, repairs, structural inspections, system checks, overhauls, approved modifications, service
bulletins, engineering orders, airworthiness directives, corrosion control inspection and treatments. Except for changes required by the Aviation Authority or the Manufacturer or engine manufacturer in order to preserve rights in respect of any
applicable product warranties, no material change to the Maintenance Program shall be made until such reasonable revisions to Schedules 8, 9, 11, 12, 13 and 14 have been made as requested by Lessor in order to maintain for Lessor the benefits
provided to Lessor pursuant to such Schedules; provided, however, that such request shall be made promptly following receipt of any notice of such change from Lessee. 

 Engine Thrust and Operational Derate 
  

	12.6    (a)	No Engine may be utilized by Lessee on the Aircraft or on any other airframe (or by a sublessee pursuant to a sublease permitted by this Agreement) at a greater thrust
level than the Engine Thrust without the prior written consent of Lessor; and 

  

	 	(b)	if Lessor provides its consent pursuant to clause 12.6(a) then the amounts of Engine Performance Restoration Rent and Engine LLP Rent will be increased in
accordance with Schedule 8. 

  

	13.	Replacement and Interchange of Engines and Parts 

 Replacement and Interchange of Engines and Parts 
  

	13.1	(a) Lessee shall promptly replace any Engine which has suffered an Engine Total Loss in accordance with clause 13.6. 

 

	 	(b)	Lessee shall promptly replace any Part which has become time-, cycle- or calendar-expired, lost, stolen, seized, confiscated, destroyed, damaged beyond economic repair,
unserviceable or permanently rendered unfit for use, in accordance with clause 13.6. 

  

	 	(c)	Except to the extent otherwise agreed by Lessor, any engine, component, furnishing, equipment or part provided by the relevant manufacturer or vendor in replacement of
a defective Engine or Part pursuant to the terms of any warranty must be installed as a permanent replacement in accordance with clause 13.6. 

  

	 	(d)	Lessee shall be entitled to install replacement engines and parts on the Aircraft provided that: 

 

	 	(i)	a permanent replacement of an Engine or Part shall be in accordance with clause 13.6; 

  
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	 	(ii)	a temporary replacement of an Engine shall be in accordance with clause 13.3; and 

 

	 	(iii)	a temporary replacement of a Part shall be in accordance with clause 13.4. 

 Removed Engines and Parts 
  

	13.2	Lessee shall only be entitled to remove an Engine or Part from the Aircraft provided that: 

 

	 	(a)	any Engine or Part not installed on the Aircraft (a Removed Engine or Removed Part (as the case may be)) is promptly replaced in accordance
with clause 13.1; and 

  

	 	(b)	such Removed Engine or Removed Part: 

  

	 	(i)	is (x) installed on another aircraft operated by Lessee in accordance with clause 13.5; or (y) properly and safely stored; or (z) if unserviceable,
without delay placed with the Maintenance Performer and into the Maintenance Program for repair, maintenance and/or refurbishment in accordance with this Agreement; 

 

	 	(ii)	is kept free of Security Interests; 

  

	 	(iii)	continues to be covered by the Insurances; and 

  

	 	(iv)	remains the property of the Lessor unless and until there has been a permanent replacement in accordance with clause 13.6 and unless and until title to that
Replacement Engine or Replacement Part has passed to the Lessor subject to this Agreement; and 

  

	 	(c)	Lessee complies with clause 10.7 (Recognition of Rights) with respect to any Removed Engine and Removed Part; and 

 

	 	(d)	Lessee ensures that any Removed Engine or Removed Part is reinstalled on the Aircraft or permanently replaced by an engine or part in accordance with clause 13.6
on the earlier of (i) the Expiry Date or (ii) the occurrence of an Event of Default. 

 Installation of other engines

  

	13.3	Lessee may only install an engine on the Airframe that is not a permanent replacement in accordance with clause 13.6 if: 

 

	 	(a)	such engine is of the same manufacturer and model (or an improved model) as the Removed Engine it replaces; 

 

	 	(b)	such engine is owned by or leased or conditionally sold to Lessee; 

  

	 	(c)	the Insurances for the Aircraft are not affected; and 

  

	 	(d)	on the earlier of (i) the Expiry Date or (ii) the occurrence of an Event of Default, Lessee removes that engine and replaces it with the relevant Removed
Engine or a permanent replacement engine in accordance with clause 13.6, 

  
 - 27 -

 provided that if an engine complying with the conditions in clause 13.3(b) is
not available at the time and/or place where the engine is required to be installed on the Airframe and it would result in unreasonable disruption of the operation of the Aircraft and/or business of Lessee to ground the Aircraft until an engine
complying with clause 13.3(b) becomes available for installation on the Aircraft, Lessee may install any suitable engine on the Airframe by way of temporary replacement. As soon as reasonably practicable after the installation of the engine but
in any event no later ninety (90) days after such installation, Lessee shall remove the engine and replace it with an engine complying with clause 13.3(a), (b) and (c) subject always to the requirements of 13.3(d). 

Installation of other parts 
  

	13.4	Lessee may only install any part on the Aircraft that is not a permanent replacement pursuant to clause 13.6, if: 

 

	 	(a)	as soon as reasonably practicable after a part is installed on the Aircraft, but before the earlier of one hundred and twenty days (120) after such temporary
replacement and the Expiry Date, Lessee removes that part and replaces it with the relevant Removed Part or a part that is a permanent replacement pursuant to clause 13.6; and 

 

	 	(b)	the Insurances for the Aircraft are not affected. 

 Installation of Engines and Parts on Other Aircraft 
  

	13.5	(a) Lessee shall only be entitled to install a Removed Engine or Removed Part on an aircraft operated by Lessee (the Other Aircraft) if:

  

	 	(i)	no Default has occurred and is continuing; 

  

	 	(ii)	the Other Aircraft is being operated at the Engine Thrust and within the same Operational Derate as the Aircraft; 

 

	 	(iii)	Lessee owns or leases the Other Aircraft and has operational control of it; 

 

	 	(iv)	Lessor remains the owner of the Removed Engine or Removed Part until it is permanently replaced pursuant to clause 13.6 and the Removed Engine or Removed Part does
not become subject to a Security Interest (other than a Permitted Lien); 

  

	 	(v)	neither the provisions of applicable Law nor the terms of any lease or other agreement or Security Interest to which the Other Aircraft is subject, (x) prohibit
such installation or (y) require that the Removed Engine or Removed Part become the property of a Person other than Lessor and/or subject to any Security Interest or (z) will have the effect at any time of divesting or impairing the title
and interests of Lessor as owner and lessor of the Removed Engine or Removed Part (and the rights of the Financing Parties under any Security Interest or assignment in respect of the Removed Engine or Removed Part); and 

 

	 	(vi)	on the earlier of (i) the Expiry Date or (ii) the occurrence of an Event of Default, Lessee removes the Removed Engine or Removed Part from the Other
Aircraft. 

  
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 Permanent Replacement of Engines and Parts 

 

	13.6	If Lessee permanently replaces an Engine or Part Lessee shall procure that: 

 

	 	(a)	in the case of an Engine, the replacement engine: (i) is of the same manufacturer and model (or at Lessee’s option an improved model) as the Removed Engine;
(ii) has undergone an equal or lower number of Engine Performance Restorations; (iii) is certified in accordance with JAR 145 or its successor for installation on the Aircraft; (iv) has equivalent interchangeable modification status
as the Removed Engine; (v) has equivalent or greater time remaining to the next Engine Performance Restoration as the Removed Engine; (vi) has equivalent or lower time Life Limited Parts life used as the Removed Engine; (vii) has
equivalent remaining warranty status as the Removed Engine; (viii) is of an equivalent or greater value and utility as the Removed Engine; (ix) is suitable for installation and use on the Airframe without impairing the value or utility of
the Airframe; and (x) is compatible with the remaining installed Engine; 

  

	 	(b)	in the case of a Part, the replacement part: (i) is an OEM approved part and is of the same manufacturer and model (or at Lessee’s option an improved model)
as the Removed Part; (ii) is certified in accordance with JAR 145 or its equivalent successor for installation on the Aircraft; (iii) is in as good operating condition as the Removed Part (prior to any damage where relevant); (iv) has
not been involved in any accident or incident; (v) has equivalent interchangeable modification status as the Removed Part; (vi) has equivalent or more hours available until next scheduled check, inspection, overhaul and shop visit as the
Removed Part; (vii) is not from a military source; and (viii) is of equivalent or greater value and utility as the Removed Part; 

  

	 	(c)	the replacement engine or part becomes and remains (until replaced by this clause 13.6) the property of the Lessor free from Security Interests (except Permitted
Liens) and on installation on the Aircraft will without further act be deemed transferred to and owned by Lessor and subject to this Agreement, and Lessee shall supply to Lessor all such title documents as Lessor may require to evidence and perfect
such transfer of title in accordance with all applicable Laws (including the provision if requested by Lessor of bills of sale and legal opinions); and 

  

	 	(d)	Lessee has full details of the source and maintenance records of such replacement engine or part with full Back to Birth Traceability. 

Equipment Changes 
  

	13.7	(a) Lessee shall not make any modification or addition to the Aircraft (each an Equipment Change), except for an Equipment Change which:

  

	 	(i)	is expressly permitted or required by this Agreement; or 

  

	 	(ii)	does not diminish the value, utility, condition, or airworthiness of the Aircraft; or 

 

	 	(iii)	has the prior written approval of Lessor. 

  
 - 29 -

	 	(b)	So long as no Event of Default has occurred and is continuing, Lessee may remove and retain any Equipment Change to the extent it is severable from the Aircraft and
(i) such Equipment Change is not required by a Mandatory Order of the Aviation Authority or the JAA/EASA or an Airworthiness Directive or other airworthiness directives issued by aviation authorities with jurisdiction over Lessee or the
Aircraft, (ii) such severance will not adversely affect the value, utility, condition or airworthiness of the Aircraft, and (iii) such Equipment Change did not constitute directly or by function a replacement of Part installed on the
Aircraft at Delivery. 

  

	 	(c)	Lessor may require Lessee to remove any Equipment Change on the Expiry Date and to restore the Aircraft to its condition prior to that Equipment Change.

  

	 	(d)	Title to any equipment installed on the Aircraft pursuant to an Equipment Change after the Delivery Date will on installation, without further act, vest in Lessor and
shall be an Engine or Part (as the case may be) subject to this Agreement free and clear of all Security Interests (other than Permitted Liens). Lessee will at its own expense take all such steps and execute, and procure the execution of, all such
instruments as Lessor may require and which are necessary to ensure that title so passes to Lessor according to all applicable Laws. At any time when requested by Lessor, Lessee will provide such documents as Lessor may reasonably require to
evidence and perfect such transfer of title in accordance with all applicable Laws (including the provision, if required, to Lessor of bills of sale and legal opinions). 

 Lessee Title 
  

	13.8	Following (i) transfer of title of a replacement engine or part in accordance with clause 13.6(c) or (ii) restoration of the Aircraft to its
condition prior to an Equipment Change in accordance with clause 13.7(c), title to the replaced Engine or Part or removed Equipment Change will, provided no Event of Default has occurred and is continuing, pass to Lessee on an “AS IS,
WHERE IS” basis, without recourse, representation or warranty, except that it is free and clear of all Lessor Liens, and if requested by Lessee, Lessor will (at Lessee’s cost) provide such documents as Lessee may reasonably require to
evidence and perfect such transfer of title in accordance with all applicable Laws (including the provision, if required, to Lessee of bills of sale). 

  

	14.	Manufacturer’s Warranties 

 Use of
Warranties 
  

	14.1    (a)	With effect from Delivery, and so long as no Event of Default has occurred and is continuing, Lessor hereby makes available to Lessee, and authorizes Lessee to
exercise, such rights as Lessor may have under any warranty with respect to the Aircraft, any Engine or any Part made by any manufacturer, vendor, sub-contractor or supplier (including compensation for loss of use of the Aircraft during the Term),
to the extent that the same may be made available to Lessee and to the extent that the same have not otherwise been made available to Lessee pursuant to any other agreement. 

 

	 	(b)	 Lessee shall give Lessor prompt written notice of any warranty claim in respect of the Aircraft in excess of ***** which is settled with Lessee on the
basis of a total or partial cash payment other than cash payments constituting reimbursements for work performed on the Aircraft by or at the direction of Lessee. Any cash payments to Lessee in respect of warranty claims concerning the Aircraft
which are not applied to repair or 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 30 - 

	 	
remedy of defects in the Aircraft and which are not in respect of compensation for the condition of or loss of use of the Aircraft, an Engine or Part during the Term due to a defect covered by
such warranty, shall be for Lessor’s account and shall to the extent received by Lessee be promptly paid by Lessee to Lessor. 

  

	 	(c)	Lessee shall take all steps and execute all documents as are necessary at the end of the Term to ensure that the benefit of any warranties to which this
clause 14.1 applies and which have not expired is vested in Lessor including all claims thereunder other than claims made in respect of any facts or circumstances occurring during the Term and in respect of which Lessee has notified the
relevant manufacturer prior to the end of the Term. 

 Proceeds of Warranty Claims 

 

	14.2    (a)	Lessee agrees promptly to apply any proceeds of any claims (other than to the extent that they relate to compensation for the condition or loss of use of the Aircraft
during the Term or are to be paid to Lessor in accordance with clause 14.1(b)) under any warranty relating to the Aircraft, any Engine or any Part received by Lessee to remedy the defect, if any, in the Aircraft, any Engine or any Part giving
rise to such claim or an reimbursement for such remedy. 

  

	 	(b)	If an Event of Default has occurred and is continuing, Lessee’s authorization to exercise Lessor’s warranty rights shall automatically terminate, and Lessor
may immediately: 

  

	 	(i)	retain for its own account any such proceeds previously paid to Lessor which would have been remitted to Lessee under this clause 14.2 (Proceeds) in the absence of
such Event of Default; 

  

	 	(ii)	cause any proceeds of any pending claims to be paid to Lessor, rather than to Lessee; and 

 

	 	(iii)	recover from Lessee the proceeds of any such claims previously paid to Lessee to the extent that such claims relate to any defect in the Aircraft, any Engine or any
Part not rectified by Lessee in accordance with the requirements of this Agreement and applicable manufacturer’s guidelines before such Event of Default. 

 

	15.	Indemnities 

 General 

 

	15.1	Lessee agrees to assume liability for (as between itself and the Indemnitees), and to defend and indemnify and hold harmless each of the Indemnitees against,
upon demand, and agrees to pay and agrees not to make any claim against any Indemnitee for, any and all Losses (without duplication): 

  

	 	(a)	 which may at any time be suffered or incurred by any Indemnitee directly or indirectly as a result of, arising from or connected with (i) the
possession, delivery, purchase, sale, transfer, importation, transportation, pooling, interchange, leasing, sub-leasing, wet leasing, chartering, storage, registration, insurance, replacement, maintenance, modification, refurbishment, condition,
service, repair, overhaul, control, management, 

  
 - 31 -

	 	
ownership, use, operation, exportation or redelivery of the Aircraft, any Engine or Part (either in the air or on the ground), whether or not such Losses may be attributable to any defect in the
Aircraft, any Engine or any Part or to its design, testing or use or otherwise, and regardless of whether it arises out of or is attributable to any act or omission, negligent or otherwise, of any Indemnitee, or (ii) any Security Interest in
respect of the Aircraft, any Engine or Part (other then a Lessor Lien); 

  

	 	(b)	which arise out of any act or omission which invalidate or renders voidable any of the Insurances; 

 

	 	(c)	which arise as a result of any breach by Lessee of its representations, warranties or other obligations under this Agreement or any Event of Default; or

  

	 	(d)	which may at any time be suffered or incurred as a consequence of any design, article or material in the Aircraft, any Engine or any Part, including any defect therein
(regardless of whether it is discoverable) or its operation or use constituting an infringement of patent, copyright, trademark, design or other proprietary right, 

but excluding any Loss in relation to a particular Indemnitee to the extent that such Loss: 

 

	 	(i)	arises as a result of the Gross Negligence or willful misconduct of such Indemnitee; or 

 

	 	(ii)	arises as a result of Lessor Taxes or a Lessor Lien; or 

  

	 	(iii)	is a Tax (without prejudice to any Indemnitee’s rights under any other provision of this Agreement); or 

 

	 	(iv)	arises as a result of acts or events which occur after the Aircraft has been redelivered to Lessor in compliance with clause 19 and is no longer subject to this
Agreement, unless any such act or event is attributable to an act, omission, event or circumstance which occurred during the Term; or 

  

	 	(v)	arises from the breach by such Indemnitee of this Agreement or any other Operative Document but excluding any such breach which is attributable to or arises out of an
Event of Default; or 

  

	 	(vi)	constitutes the ordinary and usual operating and overhead expenses of such Indemnitee (other than any such Loss which is suffered or incurred as a result of or
following the occurrence of an Event of Default); or 

  

	 	(vii)	is a Loss for which Lessor has expressly agreed to be responsible under any other provision of this Agreement. 

Notification 
  

	15.2	 Lessor or any other Indemnitee intending to claim any amounts from Lessee pursuant to clause 15.1, shall notify Lessee in writing of any matter
of which Lessor or such Indemnitee, through a responsible officer has received formal notice and for which Lessee is obligated to indemnify under this clause 10 (each a Claim); provided, however, the delay or failure
of Lessor to give notice to Lessee in accordance with this clause 10.2 will not discharge or release Lessee from any 

  
 - 32 -

	 	
of its indemnity obligations under clause 10.1 except, and only to the extent, that such delay or failure was unreasonable and materially prejudices Lessee’s right to defend any such
Claim or results in a material increase in the amount which Lessee is required to indemnify (in such case to the extent of such increase). 

 Contest 
  

	15.3	If Lessee disputes the payment of any claim payable by Lessor or any Indemnitee for which Lessee acknowledges and agrees it is responsible under this
clause 10, Lessor will consider with Lessee the taking of such action as Lessee may reasonably request at Lessee’s risk and expense to contest that payment, but no Indemnitee will be obliged to take any such action:

  

	 	(a)	which such Indemnitee considers, acting in good faith, may prejudice it; or 

 

	 	(b)	which such Indemnitee considers, acting in good faith, not to have a reasonable prospect of success; 

 

	 	(c)	for which Lessee has not made adequate provision to the satisfaction of such Indemnitee in respect of the potential expense or risk concerned; 

 

	 	(d)	while a Default is in existence; or 

  

	 	(e)	against an Indemnitee’s own insurers. 

Duration 
  

	15.4	The indemnities contained in this Agreement will continue in full force after the Expiry Date notwithstanding any breach or repudiation of this Agreement by
Lessor or Lessee or the termination of the leasing of the Aircraft under this Agreement. 

  

	16.	Insurance 

 Insurances 

 

	16.1    (a)	Lessee shall, at its own expense, obtain and maintain the Insurances in full force during the Term and thereafter and, in each case, as required by this Agreement which
shall have such deductibles and be subject to such exclusions as may (in each case) be permitted by this Agreement or as otherwise approved by Lessor (which approval shall not be unreasonably withheld) and with such insurers, brokers and
underwriters complying with clause 16.1(b). 

  

	 	(b)	The Insurances shall be effected either: 

  

	 	(i)	on a direct basis with insurers of recognized standing who normally participate in aviation insurances in the leading international insurance markets and led by
reputable underwriter(s) and through brokers of recognized standing, in each case satisfactory to Lessor, acting reasonably (and for such purposes, Lessee’s current lead underwriter and broker are each deemed satisfactory to Lessor); or

  

	 	(ii)	 with a single insurer or group of insurers acceptable to Lessor, acting reasonably who does not fully retain the risk but effects substantial
reinsurance with reinsurers who normally participate in aviation insurances in the leading 

  
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international insurance markets and through brokers each of recognized standing and acceptable to Lessor acting reasonably (and for purposes hereof Lessee’s current reinsurers and
reinsurance brokers are deemed acceptable to Lessor) for a percentage acceptable to Lessor (acting reasonably and taking into account any Application) of all risks insured. 

 Requirements 
  

	16.2	Lessor’s current requirements as to the Insurances are as specified in this clause 16 (Insurance) and in Schedule 5 (Insurance
Requirements) Lessor may from time to time following any material change in applicable industry practices, and after consultation with Lessee and its designated brokers, amend the requirements in Schedule 5 so that (a) the scope and
level of cover are maintained in line with prudent industry practice as applied to similarly situated carriers; and (b) the interests of Lessor and the other Indemnitees are prudently protected. 

Change 
  

	16.3    (a)	If at any time Lessor wishes to revoke its approval of any insurer, reinsurer, insurance or reinsurance, Lessor and/or its brokers shall consult with Lessee and
Lessee’s insurers or, if applicable, brokers regarding whether that approval should be revoked to protect the interests of the parties insured. If, following the consultation, Lessor considers that any change should be made, Lessee shall then
promptly arrange or procure the arrangement of alternative cover satisfactory to Lessor. 

  

	 	(b)	To the extent such endorsement is accepted on the Delivery Date as meeting the requirements of Schedule 5 and subject to the other provisions of this clause 16
(including clause 16.2). Lessee shall maintain insurance in respect of the Aircraft for the purposes of this Agreement which reflects Lloyds endorsement AVN67B or AVN67C (whichever, in the reasonable judgment of Lessor, shall, at any relevant time
constitute customary industry practice) in respect of leased aircraft (as at the date hereof). In the event that any provision of AVN67B or AVN67C, as applicable (as at the date hereof) conflicts or is otherwise inconsistent with the requirements of
this clause 9 and Schedule 4 then (so long as it shall be general industry practice to insure aircraft financed or leased on the basis of such endorsement and subject to clause 16.2) the provisions of AVN67B or AVN67C, as applicable, shall prevail
and such endorsement shall be deemed to satisfy the requirements of this Agreement. 

 Insurance Covenants 

 

	16.4	Lessee shall: 

  

	 	(a)	comply with the terms and conditions of each policy of the Insurances and any applicable Regulations and not do, consent or agree to any act or omission which:

  

	 	(i)	invalidates or may invalidate the Insurances; or 

  

	 	(ii)	renders or may render void or voidable the whole or any part of any of the Insurances; or 

 

	 	(iii)	brings any particular insured liability within the scope of an exclusion or exception to the Insurances; 

  
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	 	(b)	not take out any insurance or procure any reinsurance in respect of the Aircraft which would prejudice the recovery by Lessor or otherwise prejudice Lessor’s
interests under the Insurances required to be maintained by Lessee under this Agreement; 

  

	 	(c)	on request, provide to Lessor such documents and information as may be reasonably requested by Lessor in respect of (i) claims made under the insurances or
(ii) payment of Insurance premiums (including daily status updates of payment or non-payment of premiums after issuance of any notice of cancellation for failure to pay premiums); 

 

	 	(d)	if at any time insurance clause AVN 2000 or its successor is endorsed on the policies of Insurance, ensure that the insurance write back clauses AVN 2001 and AVN
2002 as applicable (or any equivalent clauses) are endorsed on the policies of Insurance required to be maintained under this Agreement and give and comply with all representations, warranties and undertakings required by the insurers or reinsurers
in connection with such clauses; and 

  

	 	(e)	provide any other information and assistance in respect of the Insurances which Lessor may from time to time reasonably require. 

Renewal of Insurances 
  

	16.5	Lessee shall commence renewal procedures in a timely manner in accordance with its general practices, and provide to Lessor: 

 

	 	(a)	If requested by Lessor in writing a written status report of renewal negotiation fourteen (14) days prior to each insurance expiry date; 

 

	 	(b)	confirmation of completion of renewal prior to each insurance expiry date; and 

 

	 	(c)	certificates of insurance (and where appropriate certificates of reinsurance), and a brokers’ and any reinsurance brokers’ letter of undertaking in a form
acceptable to Lessor in English, detailing the coverage and confirming the insurers’ (and any reinsurers’) agreement to the specified insurance requirements of this Agreement within seven (7) days after each renewal date.

 Failure to Insure 
  

	16.6	If Lessee fails to maintain the Insurances in compliance with this Agreement, each of the Indemnitees will be entitled but not bound (without prejudice to any
other rights of Lessor under this Agreement): 

  

	 	(a)	to pay the premiums due or to effect and maintain insurances satisfactory to it or otherwise remedy Lessee’s failure in such manner (including, without limitation
to effect and maintain an owner’s interest policy) as such Indemnitee considers appropriate. Any sums so expended by such Indemnitee will become immediately due and payable by Lessee to such Indemnitee together with interest thereon at
the Default Rate, from the date of expenditure by such Indemnitee up to the date of reimbursement by Lessee; and 

  

	 	(b)	at any time while such failure is continuing to require the Aircraft to remain at any airport or to proceed to and remain at any airport designated by it until the
failure is remedied to its satisfaction. 

  
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 Continuing Insurance for Indemnity 

 

	16.7	Lessee shall effect and maintain (at no cost to Lessor) liability insurance after the Expiry Date, including with respect to its liability under the indemnities
in clause 15 (Indemnities), for a period of two years, which provides for each Indemnitee to be named as additional insured. 

  

	17.	Loss, Damage and Requisition 

 Total
Loss prior to Delivery 
  

	17.1	If a Total Loss occurs prior to Delivery, this Agreement shall immediately terminate, and except as expressly stated in this Agreement neither party will have
any further obligation or liability under this Agreement other than: 

  

	 	(a)	pursuant to clauses 23.3 (Expenses) and 23.12 (Confidentiality); and 

 

	 	(b)	Lessor will pay to Lessee the amount of Deposit received by Lessor prior to the date of such Total Loss and not applied in accordance with clause 6
(Deposit); or return the Letter of Credit, as applicable and any prepaid rent, as provided above. 

 Total Loss after
Delivery 
  

	17.2    (a)	If a Total Loss occurs after Delivery, Lessee shall pay the Agreed Value to Lessor on or prior to the earlier of: 

 

	 	(i)	ninety (90) days after the Total Loss Date; and 

  

	 	(ii)	the date of receipt of insurance proceeds in respect of that Total Loss. 

  

	 	(b)	Subject to the rights of any insurers and reinsurers or other third parties, upon irrevocable payment in full to Lessor of the Agreed Value and all other amounts which
are then payable to Lessor under this Agreement, Lessor shall transfer to Lessee all of Lessor’s right, title and interest in and to the Aircraft including any Engines and Parts not installed when the Total Loss occurred, on an AS-IS WHERE-IS
basis and without recourse, representation or warranty (save as to freedom from Lessor Liens), and Lessor shall provide such documents as Lessee may reasonably require to evidence and perfect such transfer of title in accordance with all applicable
Laws (including the provision, if required, to Lessee of bills of sale and removal of any International Interests created by this Agreement from the International Registry). Lessee shall indemnify Lessor for all fees, expenses and Taxes incurred by
Lessor in connection with any such transfer. 

  

	 	(c)	Upon a Total Loss of any Engine not involving a Total Loss of the Airframe, Lessee shall give Lessor prompt written notice thereof and Lessee shall promptly replace the
destroyed Engine as required under clause 13.1(a). 

  

	 	(d)	 The receipt by Lessor of the insurance proceeds in respect of the Event of Loss on or prior to the date required pursuant to this clause 17.2
shall discharge Lessee from its obligation to pay the Agreed Value to Lessor, provided such proceeds are not less than the Agreed Value and to the extent such proceeds are available to be, and are, applied to pay such Agreed Value (it being agreed
that if available Lessor shall apply the same to pay such Agreed Value unless an Event of Default is in existence in which case Lessor 

  
 - 36 -

	 	
may apply such proceeds to such of Lessee’s obligations as Lessor may elect in its discretion) and so long as no Default (other than a Default relating to the condition of the Aircraft) is
in existence, any excess of insurance proceeds over and above the Agreed Value and other amounts then payable by Lessee under this Agreement or any Other Agreement shall be promptly paid over to Lessee less an amount of any other sums then payable
on the date of payment of the Agreed Value by Lessee to Lessor hereunder or under any Other Agreement. If the insurance proceeds are paid initially to Lessee and not to Lessor, they may be retained by Lessee if Lessee shall have paid the Agreed
Value and all other payments then owing hereunder or under the Other Agreements to Lessor, and so long as no Default (other than a Default relating to the condition of the Aircraft) is in existence, otherwise Lessee shall be deemed to hold them in
trust for Lessor and shall pay the Agreed Value to Lessor immediately upon the receipt by Lessee of such proceeds. If Lessee pays the Agreed Value and all other amounts then owing hereunder or under the Other Agreements and no Default is in
existence, Lessor shall promptly assign (and shall procure that Owner assigns) to Lessee its rights under the Insurances to receive the insurance proceeds in respect of the Event of Loss (to the extent that such proceeds shall not have been paid to
Lessee). 

 Requisition 
  

	17.3    (a)	During any requisition for use or hire of the Aircraft, any Engine or any Part which does not constitute a Total Loss: 

 

	 	(i)	the Rent and other amounts payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its
other obligations under the Agreement (other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition); 

  

	 	(ii)	so long as no Default or Event of Default has occurred and is continuing, Lessee shall be entitled to any hire fee paid by the requisitioning authority in respect of
the Term; 

  

	 	(iii)	Lessee shall, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement; and

  

	 	(iv)	Lessor shall be entitled to all compensation payable by the requisitioning authority in respect of any change in the structure, state or condition of the Aircraft
arising during the period of requisition, and Lessor shall apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any such change, provided that, if any Default or Event
of Default has occurred and is continuing, Lessor may apply the compensation in or towards settlement of any amounts owing by Lessee under this Agreement or any Other Agreement and, so long as no Default is in existence or upon cure of any such
Default, any excess shall be applied as described above. 

  

	18.	Disclaimers 

 LESSOR AND LESSEE AGREE THAT
THE DISCLAIMERS, WAIVERS AND CONFIRMATIONS SET FORTH IN CLAUSES 18.1 (EXCLUSION) TO 18.4 (CONFIRMATION) SHALL APPLY AT ALL TIMES WITH EFFECT FROM LESSEE’S ACCEPTANCE OF THE AIRCRAFT IN

  
 - 37 -

 
ACCORDANCE WITH CLAUSE 3, WHICH SHALL BE CONCLUSIVE EVIDENCE THAT LESSEE HAS FULLY INSPECTED THE AIRCRAFT AND EVERY PART THEREOF AND THAT THE AIRCRAFT, THE ENGINES, THE PARTS AND THE
AIRCRAFT DOCUMENTS ARE AS BETWEEN LESSOR (AND THE OTHER INDEMNITIEES) AND LESSEE, TECHNICALLY ACCEPTABLE TO LESSEE AND SATISFY THE DELIVERY CONDITION SPECIFICATION AND ARE IN SUITABLE CONDITION FOR DELIVERY TO AND ACCEPTANCE BY LESSEE: 

Exclusion 
  

	18.1	THE AIRCRAFT IS TO BE LEASED AND DELIVERED HEREUNDER “AS IS, WHERE IS”, AND LESSEE AGREES AND ACKNOWLEDGES THAT AS BETWEEN LESSOR (AND THE OTHER
INDEMNITIEES) AND LESSEE: 

  

	 	(a)	LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) WILL HAVE NO LIABILITY IN RELATION TO, AND LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT)
HAS NOT AND WILL NOT BE DEEMED TO HAVE MADE OR GIVEN (WHETHER BY VIRTUE OF HAVING DONE OR FAILED TO DO ANY ACT, OR HAVING ACQUIRED OR FAILED TO ACQUIRE ANY STATUS UNDER OR IN RELATION TO THIS AGREEMENT OR OTHERWISE), ANY WARRANTIES, CONDITIONS OR
REPRESENTATIONS, EXPRESS OR IMPLIED, WITH RESPECT TO, THE AIRCRAFT OR ANY ENGINE OR PART UNDER THIS AGREEMENT INCLUDING (BUT NOT LIMITED TO) THE TITLE, DESCRIPTION, AIRWORTHINESS, COMPLIANCE WITH SPECIFICATIONS, OPERATION, MERCHANTABILITY, QUALITY,
FREEDOM FROM INFRINGEMENT OF PATENT OR OTHER PROPRIETARY RIGHTS, FITNESS FOR ANY PARTICULAR USE OR PURPOSE, VALUE, DURABILITY, CONDITION, OR DESIGN, OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP, THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER
OR NOT DISCOVERABLE, OR AS TO ANY OTHER MATTER WHATSOEVER, EXPRESS OR IMPLIED (INCLUDING ANY IMPLIED WARRANTY ARISING FROM A COURSE OF PERFORMANCE OR DEALING OR USAGE OR TRADE) WITH RESPECT TO THE AIRCRAFT, ANY ENGINE OR ANY PART OR ANY SERVICES
PROVIDED BY LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) UNDER THIS AGREEMENT; AND 

  

	 	(b)	LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) SHALL NOT HAVE ANY OBLIGATION OR LIABILITY WHATSOEVER TO LESSEE (WHETHER ARISING IN CONTRACT OR IN TORT,
AND WHETHER ARISING BY REFERENCE TO NEGLIGENCE OR STRICT LIABILITY OR OTHERWISE) FOR: 

  

	 	(i)	ANY LIABILITY, LOSS OR DAMAGE CAUSED OR ALLEGED TO BE CAUSED DIRECTLY OR INDIRECTLY BY THE AIRCRAFT OR ANY ENGINE OR BY ANY INADEQUACY THEREOF OR DEFICIENCY OR DEFECT
THEREIN OR BY ANY OTHER CIRCUMSTANCE IN CONNECTION THEREWITH; 

  

	 	(ii)	THE USE, OPERATION OR PERFORMANCE OF THE AIRCRAFT OR ANY RISKS RELATING THERETO; 

  
 - 38 -

	 	(iii)	ANY INTERRUPTION OF SERVICE, LOSS OF BUSINESS OR ANTICIPATED PROFITS OR ANY OTHER DIRECT, INDIRECT OR CONSEQUENTIAL LOSS OR DAMAGE; OR 

 

	 	(iv)	THE DELIVERY, OPERATION, SERVICING, MAINTENANCE, REPAIR, IMPROVEMENT OR REPLACEMENT OF THE AIRCRAFT, ANY ENGINE OR ANY PART. 

Waiver 
  

	18.2	LESSEE HEREBY WAIVES, AS BETWEEN ITSELF AND LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT), ALL ITS RIGHTS IN RESPECT OF ANY WARRANTY OR
REPRESENTATION, EXPRESS OR IMPLIED, ON THE PART OF LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) AND ALL CLAIMS AGAINST LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) HOWSOEVER AND WHENEVER ARISING AT ANY TIME IN
RESPECT OF OR OUT OF THE MATTERS EXPRESSLY WAIVED IN CLAUSE 18.1 (EXCLUSION). 

 Disclaimer of Consequential Damages

  

	18.3	LESSEE AGREES THAT IT SHALL NOT BE ENTITLED TO RECEIVE AND HEREBY DISCLAIMS AND WAIVES ANY RIGHT THAT IT MAY OTHERWISE HAVE TO RECOVER LOST PROFITS, LOST REVENUE
OR OTHER CONSEQUENTIAL, SPECIAL INCIDENTAL, INDIRECT OR PUNITIVE DAMAGES AS A RESULT OF ANY BREACH OR ALLEGED BREACH BY LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) OF ANY OF THE AGREEMENTS CONTAINED IN THIS AGREEMENT.

 No Duties 
  

	18.4	LESSEE ACKNOWLEDGES AND AGREES THAT LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT) HAS NO FIDUCIARY OR OTHER DUTIES TO LESSEE WHATSOEVER, AND THAT
LESSOR (AND FOR PURPOSES OF CLARIFICATION, OWNER PARTICIPANT)’S ONLY OBLIGATIONS TO LESSEE ARE THOSE OBLIGATIONS EXPRESSLY SET FORTH HEREIN. 

 Confirmation 
  

	18.5	LESSEE CONFIRMS THAT IT IS FULLY AWARE OF THE PROVISIONS OF THIS CLAUSE 18 (DISCLAIMERS) AND ACKNOWLEDGES THAT RENT AND OTHER AMOUNTS PAYABLE UNDER
THIS AGREEMENT HAVE BEEN CALCULATED TAKING ITS PROVISIONS INTO ACCOUNT. 

  

	19.	Redelivery 

 Redelivery 

 

	19.1    (a)	On the Expiry Date or (if earlier) the date of required redelivery of the Aircraft pursuant to clause 20.2, Lessee shall (unless a Total Loss has occurred)
redeliver the Aircraft and Aircraft Documents (which shall include each of the documents referred to in Schedule 11 (Aircraft Documents at Redelivery)) to Lessor at Lessee’s expense at the Redelivery Location in accordance with the
procedures, and in compliance with the conditions set forth, in Schedule 13 (Redelivery Procedure and Return Conditions). 

  
 - 39 -

	 	(b)	At the time of such redelivery the Aircraft shall be free and clear of all Security Interests (other than Lessor Liens) and in a condition qualifying for immediate
issuance of a certificate of airworthiness under JAR-OPS-1 or as otherwise agreed between Lessor and Lessee. 

  

	 	(c)	If requested by Lessor, Lessee shall thereupon cause the Aircraft to be deregistered by the Aviation Authority. 

 

	 	(d)	On the Redelivery Date, Lessee shall pay to Lessor any Redelivery Maintenance Payment Adjustments due and owing pursuant to and calculated in accordance with
Schedule 12 (Redelivery Maintenance Payment Adjustments). 

 Non-Compliance 

 

	19.2	If at the time of Final Inspection, the condition of the Aircraft does not comply with this Agreement, or, unless nevertheless Lessor in its sole discretion
still accepts the Aircraft as being in compliance herewith on or before the Expiry Date, Lessee fails to make the Aircraft available to Lessor on a timely basis as provided in Schedule 13 for inspection and redelivery pursuant to
clause 19.1 (Redelivery) and Schedule 13 (Redelivery Procedure and Return Conditions) (regardless of the circumstance), then: 

  

	 	(a)	Lessee shall immediately rectify the non-compliance and to the extent that the non-compliance extends beyond the Expiry Date, the Term will be automatically extended
solely for the purpose of enabling such non-compliance to be rectified; 

  

	 	(b)	Lessee shall not use the Aircraft in flight operations except such operations directly related to the redelivery of the Aircraft to Lessor; 

 

	 	(c)	all Lessee’s obligations and covenants under this Agreement will remain in full force until Lessee so redelivers the Aircraft; and 

 

	 	(d)	Lessee shall pay to Lessor rent in respect of the period during which the Term is so extended (which rent shall be calculated in accordance with the provisions of
clause 5 (Rent) and shall be payable to the Lessor at such intervals as the Lessor may specify or, in the absence of such specification, daily) at a rate, per month (prorated for actual days elapsed) equal to (a) for the first ten
(10) days of such extension period, the rent payable in respect of the rent period immediately prior to the Scheduled Expiry Date, (b) for the period commencing on the ***** day and ending on the day following ***** days after the date
Scheduled Expiry Date, an amount equal to ***** of such amount and (c) from the thirty-first day following the Scheduled Expiry Date, an amount equal to ***** of such amount. 

Any such extension shall not prejudice Lessor’s right to treat such non-compliance as an Event of Default at any time and to enforce
such rights and remedies as may be available to Lessor in respect thereof under the terms of this Agreement and applicable Law. 
  

	19.3	 Lessor may elect (either on first tender of the Aircraft for redelivery or at any time during a period of extension pursuant to
clause 19.2(a)) to accept redelivery of the Aircraft 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 40 - 

	 	
notwithstanding non-compliance with clause 19.1 or Schedule 13, in which case Lessee shall indemnify Lessor and if requested by Lessor provide security to Lessor (in a form and amount
acceptable to Lessor acting reasonably) in respect of such indemnity in respect of the cost to Lessor of putting the Aircraft into the condition required by this Agreement. 

 Export Documents 
  

	19.4	Upon redelivery Lessee shall provide to Lessor all documents necessary to export the Aircraft from the Habitual Base (including, without limitation, a valid and
subsisting export license and export certificate of airworthiness for the Aircraft) and required in relation to the deregistration of the Aircraft with the Aviation Authority. 

 Acknowledgement 
  

	19.5	Provided Lessee has complied with its obligations under this Agreement, following redelivery of the Aircraft by Lessee to Lessor at the Redelivery Location,
Lessor shall deliver to Lessee an acknowledgement confirming that Lessee has redelivered the Aircraft to Lessor in accordance with this Agreement. 

  

	20.	Events of Default 

 Events

  

	20.1	Each of the following events will constitute an Event of Default and a repudiatory breach of this Agreement by Lessee: 

 

	 	(a)	Non-payment: Lessee fails to make any payment of Deposit (after the full amount of Deposit has been initially paid, it being agreed there is no grace
period for initial payment of the Deposit), Rent, Maintenance Rent or Agreed Value under this Agreement within three (3) Business Days after such payment is due, or Lessee fails to provide a Letter of Credit or renewal thereof when applicable
hereunder or, in the case of any other sums payable to Lessor or any other Indemnitee under the provisions of this Agreement or the other Operative Documents, Lessee fails to make payment thereof within 10 Business Days of demand made by Lessor
or such Indemnitee; or 

  

	 	(b)	Insurance: Lessee fails to comply with any provision of clause 16 (Insurance) or Schedule 5 (Insurance Requirements), or any
insurance required to be maintained under this Agreement is cancelled or terminated, or a notice of cancellation is given in respect of any such insurance; or 

 

	 	(c)	Breach: Lessee or any Lessee Affiliate fails to comply with any other provision of this Agreement or any other Operative Document and, if such failure is
in the opinion of Lessor capable of remedy, such failure continues for twenty (20) days after notice from Lessor to Lessee; or 

  

	 	(d)	Representation: any representation or warranty made by Lessee or any Lessee Affiliate in or pursuant to this Agreement or any other Operative Document or
in any document or certificate or statement is or proves to have been incorrect in any material respect when made and the circumstances giving rise to the breach of such representation or warranty if capable of being remedied are not remedied to
Lessor’s satisfaction within twenty (20) days after notice to Lessee from Lessor requiring such remedy; or 

  
 - 41 -

	 	(e)	Cross-Default: 

  

	 	(i)	any Financial Indebtedness in excess of ***** (or the equivalent in another currency) of Lessee or any Lessee Affiliate is not paid when due after giving effect to any
applicable grace period; or 

  

	 	(ii)	any Financial Indebtedness in excess of ***** (or the equivalent in another currency) of Lessee or of any Lessee Affiliate becomes due or capable of being declared due
prior to the date when it would otherwise have become due; or 

  

	 	(iii)	any security granted in respect of such Financial Indebtedness becomes enforceable; or 

 

	 	(iv)	any event of default or termination event (meaning, in each case, after the expiration of any applicable cure period) caused by Lessee’s or any Affiliate of
Lessee’s default or another circumstance relating to Lessee or any Lessee Affiliate, howsoever described, occurs under any Other Agreement; or 

  

	 	(f)	Approvals: any Post-Delivery Authorization and Filing is not made or obtained as provided in the definition of such term by the deadline provided in the
definition of such term; or any consent, authorization, license, certificate or approval of or registration with or declaration to any Government Entity required in connection with this Agreement, including: 

 

	 	(i)	any authorization required by Lessee to obtain and transfer freely dollars (or any other relevant currency) out of any relevant country (unless such authorization is
not relevant to Lessee’s ability to perform its obligations hereunder); or 

  

	 	(ii)	any authorization required by Lessee to authorize, or required in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of
this Agreement or the performance by Lessee of its obligations under this Agreement; or 

  

	 	(iii)	the registration of the Aircraft or the Aircraft’s certificate of airworthiness; or 

 

	 	(iv)	any airline license or air transport license required by Lessee, 

 is modified in a manner adverse to Lessor or to Lessee’s ability to perform its obligations hereunder or is withheld, or is revoked, suspended, cancelled, withdrawn, terminated or not renewed, or
otherwise ceases to be in full force and, except in the case of clause (iii) above, is not, as applicable, restored, replaced, returned, re-granted or renewed within thirty (30) days; or 

 

	 	(g)	Insolvency: 

  

	 	(i)	Lessee or any Material Lessee Affiliate is, or is deemed for the purposes of any relevant law to be, unable to pay its debts as they fall due or to be insolvent, or
admits in writing inability to pay its debts as they fall due; or 

  

	 	(ii)	Lessee or any Material Lessee Affiliate suspends making payments on all or any class of its debts or announces, in writing, an intention to do so, or a moratorium is
declared in respect of any of its indebtedness; or 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 42 - 

	 	(h)	Liquidation and Similar Proceedings: 

  

	 	(i)	a meeting of the shareholders or directors of Lessee or any Material Lessee Affiliate is convened to consider a resolution to present an application for an
administration order or to appoint an administrator (whether out of court or otherwise) or any such resolution is passed; or 

  

	 	(ii)	any step (including filing of a petition or application to the court or affidavit, giving of notice, petition proposal or convening a meeting or giving notice) is taken
with a view to a composition, assignment or arrangement with any creditors of, or the rehabilitation, administration (whether out of court or otherwise), custodianship, reorganization, liquidation, protection from creditors or dissolution of, Lessee
or any Material Lessee Affiliate or any other insolvency or bankruptcy proceedings (including any concurso mercantil or suspension de pagos proceedings) involving Lessee or any Material Lessee Affiliate; or 

 

	 	(iii)	any order is made or resolution passed or petition filed for any such composition, assignment, arrangement, rehabilitation, administration (whether out of court or
otherwise), custodianship, reorganization, liquidation, dissolution or insolvency or bankruptcy proceedings, or Lessee or any Material Lessee Affiliate becomes subject to or enters into any of the foregoing unless, in the case of any such
involuntary action filed against Lessee or such Material Lessee Affiliates without its consent or acquiescence, the same is dismissed or stayed within sixty (60) days; or 

 

	 	(iv)	any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator, examiner or similar officer (in each
case, whether out of court or otherwise) is appointed, or an assignment for the benefit of creditors is made, or an order for relief under the United States bankruptcy laws is granted or entered, in respect of Lessee, or any Material Lessee
Affiliate or any of their respective assets; or 

  

	 	(v)	an administrative or other receiver or manager or other insolvency officer (in each case, whether out of court or otherwise) is appointed in respect of Lessee or any
Material Lessee Affiliate or any material part of their respective assets; or 

  

	 	(vi)	Lessee or any Material Lessee Affiliate requests any Person to appoint such a receiver or manager (whether out of court or otherwise); or 

 

	 	(vii)	any other steps are taken to enforce any Security Interest over all or any material part of the assets of Lessee or any Material Lessee Affiliate; or

  

	 	(viii)	any attachment, sequestration, distress or execution affects any material assets of Lessee or any Material Lessee Affiliate and is not discharged or stayed within
thirty (30) days of such attachment, sequestration, distress or execution; or 

  
 - 43 -

	 	(i)	Other Jurisdiction: there occurs in relation to Lessee or any Material Lessee Affiliate any event in any jurisdiction which corresponds with any of the
events mentioned in paragraphs (g), (h) or (i) above; or 

  

	 	(j)	Rights and Remedies: Lessee or any other Person claiming by or through Lessee challenges the existence, validity, enforceability (but not the validity or
manner of any enforcement action by Lessor) or priority of the rights of Lessor as owner or lessor of the Aircraft or the Financing Parties under any Security Interest or assignment in respect of the Aircraft; or 

 

	 	(k)	Suspension of Business: Except due to acts of God and other matters outside of its control or affecting the commercial airline industry in general, Lessee
or Parent suspends or ceases or threatens to suspend or cease to carry on all or substantially all of its business; or 

  

	 	(l)	Disposal: Lessee conveys, leases or otherwise transfers or disposes of all or substantially all of its property and assets to or consolidates or merges
with or into any other Person unless Lessee has obtained Lessor’s prior written consent except as permitted in clause 10.4(b); or 

  

	 	(m)	Change of Control: without the previous consent in writing of Lessor, any single Person or group of Persons (other than a Person that is a shareholder of
Lessee, or as a group of Persons who are shareholders of Lessee, on the date of this Agreement) acquires (i) the direct or indirect ability to vote in excess of 50% of the voting shares of Lessee, or (ii) the direct or indirect ability to
appoint or remove more than 50% of the directors with voting rights or officers of Lessee or (iii) the direct or indirect ability to give effective directions with respect to and control the management and operations and financial policies and
decisions of Lessee, with which the directors or other equivalent officers of Lessee are obligated to comply; provided, for purposes of clarification, a bona fide initial public offering of up to 70% of the voting equity shares of the Lessee
shall not be deemed a change of control under this clause 20.1 (m) unless and until a circumstance described in clause (i), (ii) or (iii) otherwise exists; or 

 

	 	(n)	Delivery: Lessee fails to comply with its obligation under clause 3 (Delivery) to accept delivery of the Aircraft; or

  

	 	(o)	Adverse Change: any event or series of events occurs which, in the reasonable opinion of Lessor, could reasonably be expected to have a material adverse
effect on the financial condition or operations of Lessee and its Affiliates or on the ability (including the prospective ability) of Lessee to comply with its obligations under this Agreement; such opinion to be based upon and with reference to
Lessee’s operational and/or financial condition as set forth in its most recent financial and management statements provided to Lessor under this Agreement prior to the date of such determination; or 

 

	 	(p)	Redelivery: Lessee fails to redeliver the Aircraft to Lessor on the Expiry Date in accordance with clause 19 (Redelivery); or

  

	 	(q)	 Certain Charges: Eurocontrol (or any authority on its behalf) or any other authority with jurisdiction over Lessee or the Aircraft
notifies Lessor that there are Eurocontrol charges or other navigation, landing, airport or similar charges due from Lessee, and such charges remain outstanding for a period of the longer of (i) thirty days from the date of receipt by

  
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Lessee of notice from Lessor that it has received such notice from Eurocontrol or any such other aviation authority and (ii) any payment period applicable pursuant to agreement between
Lessee and the relevant aviation authority and the failure to pay such charges could reasonably be expected to result in a material risk of a Security Interest on the Aircraft; provided that: (i) no Event of Default shall arise under
this paragraph (r) for so long as such charges are being contested in good faith and by appropriate proceedings, an adequate bond has been provided and such proceedings do not involve any danger of the detention, interference with use or
operation or sale, forfeiture or loss of the Aircraft; and (ii) such thirty day period shall not apply if there is any risk of detention, interference with use or operation or sale, forfeiture or loss of the Aircraft; or

  

	 	(r)	Litigation: any judgment of a court or tribunal for the payment of money in excess of ***** or the equivalent in another currency shall be rendered
against Lessee and as to which Lessee’s insurers have not agreed to accept liability therefor shall remain undischarged for a period of ***** unless during such period execution of such judgment shall have been effectively stayed or bonded; or

  

	 	(s)	Letter of Credit: any Letter of Credit is not renewed, extended or replaced as provided in clause 6 or the issuer or confirming bank under any Letter
of Credit fails to make payment upon any draw thereunder pursuant to the terms thereof or the issuer or any confirming bank becomes subject to any of the circumstances described in or analogous to clause 20.1(g), (h), (i) or
(j) hereof; or 

  

	 	(t)	Registration Amendments: without the previous consent in writing of Lessor, Lessee amends or otherwise modifies any of the filings or registrations with the
Aviation Authority described herein. 

 Lessor’s Rights 

 

	20.2    (a)	Lessor Rights and Remedies: If an Event of Default occurs, Lessor may at its option (and without prejudice to any of its other rights or remedies under this Agreement
or available under applicable Law), at any time thereafter while such Event of Default is continuing (and subject to compliance with any non-waivable mandatory requirement of applicable Law then in effect): 

 

	 	(i)	accept such repudiation and by notice to Lessee and with immediate effect, terminate the leasing of the Aircraft or, if such leasing has not yet commenced, terminate
Lessor’s obligations under this Agreement (but, in each case, without prejudice to any continuing obligations of Lessee under this Agreement (including to provide Insurance, maintain and repair the Aircraft and/or redeliver the Aircraft at the
location and in the condition required hereunder)), whereupon all rights of Lessee under this Agreement shall cease; and/or 

  

	 	(ii)	proceed by appropriate court action or actions to enforce performance of this Agreement and/or to recover damages for the breach of this Agreement; and/or

  

	 	(iii)	either: 

  

	 	(y)	 take possession of the Aircraft, for which purpose Lessor may enter any premises belonging to or in the occupation of or under the control of Lessee
where the Aircraft may be located, or cause the Aircraft to be 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 45 - 

	 	
redelivered to Lessor at the Redelivery Location (or such other location as Lessor may require), and Lessor is hereby irrevocably by way of security for Lessee’s obligations under this
Agreement appointed attorney for Lessee in causing the redelivery or in directing the pilots of Lessee or other pilots to fly the Aircraft to that airport and will have all the powers and authorizations necessary for taking that action; or

  

	 	(z)	by serving notice require Lessee to redeliver the Aircraft to Lessor at the Redelivery Location (or such other location as Lessor may require).

  

	 	(b)	Sale or Re-Lease of Aircraft: If an Event of Default occurs, Lessor may sell or re-lease or otherwise deal with the Aircraft at such time and in such
manner as Lessor considers appropriate in its absolute discretion, free and clear of any interest of Lessee, as if this Agreement had never been entered into. Lessor shall have no obligation or duty to sell the Aircraft and Lessor shall be obligated
to attempt to re-lease the Aircraft only to the extent, if any, that it is required to do so under Article 2A of the UCC. 

  

	 	(c)	Deregistration/Removal of Lease from Registry: If an Event of Default occurs, Lessor may, and Lessee shall at the request of Lessor promptly assist Lessor
to, take all steps necessary to remove this Agreement from the registry of the Aviation Authority, effect deregistration of the Aircraft and its export from the country where the Aircraft is for the time being situated and any other steps necessary
to enable the Aircraft to be redelivered to Lessor in accordance with this Agreement. Without limiting the foregoing, Lessor may take any and all actions provided for in any Deregistration Power of Attorney executed by or on behalf of Lessee.

  

	 	(d)	Payments: If an Event of Default occurs, require that Lessee pay to Lessor, and Lessee shall be liable for and immediately pay to Lessor, and/or Lessor
may proceed by appropriate court action or actions to recover, any or all of the following amounts: 

  

	 	(i)	all Rent, Maintenance Rent and other amounts which are or become due and payable under this Agreement prior to the earlier to occur of the date Lessor sells or
re-leases the Aircraft or receives payment of the amount calculated pursuant to clause (ii) below; 

  

	 	(ii)	an amount equal to the aggregate Rent for the remainder of the Term (determined without reference to any right of Lessor to cancel the leasing of the Aircraft, whether
or not such right is exercised), discounted periodically (equal to installment frequency) to present worth at the Discount Rate to the date of payment by Lessee to Lessor, less the applicable amount set forth below: 

 

	 	(Y)	in the event that Lessor has re-let the Aircraft on terms (other than rental payment terms) which, taken as a whole, Lessor reasonably regards as being substantially
similar to the terms of this Agreement, an amount equal to the aggregate basic rental payments to become due under such re-lease for the period coinciding with the remainder of the Term (determined without reference to any right of Lessor to cancel
the leasing of the Aircraft, whether or not such right is exercised), discounted periodically (equal to installment frequency) to present worth at the Discount Rate to the date of payment by Lessee; 

  
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	 	(Z)	In the event that Lessor has not re-let the Aircraft or has sold the Aircraft or has re-let the Aircraft on terms (other than rental payment terms) which, taken as a
whole, Lessor does not reasonably regard as being substantially similar to the terms of the Lease, an amount equal to the Fair Market Rental Value (determined pursuant to the Appraisal Procedure) of the Aircraft for the period commencing with the
date that Lessor reasonably anticipates that the Aircraft could be re-let at such rental rate and ending with the date that the Term was scheduled to expire (determined without reference to any right of Lessor to cancel the leasing of the Aircraft,
whether or not such right is exercised), discounted periodically (equal to installment frequency) to present worth at the Discount Rate to the date of payment by Lessee. 

The “Fair Market Rental Value” of the Aircraft shall be the then “As is, Where is” rental value which would be
obtained in an arm’s-length transaction between an informed and willing lessee under no compulsion to lease, and an informed and willing lessor in possession under no compulsion to lease, based upon the actual condition and location of the
Aircraft and the then existing market conditions and assuming an immediate delivery to the lessee and a lease term equal to the remaining Term of this Lease determined by an appraisal completed in accordance with the Appraisal Procedure. The
“Appraisal Procedure” shall mean an appraisal of the Aircraft prepared on the basis of market practices and procedures and the code of ethics established by the International Society of Transport Aircraft Traders and delivered by an
internationally recognized reputable firm of independent aircraft appraisers experienced in appraising aircraft of the make and model of the Aircraft, selected by Lessor. The fees and expenses of the appraiser shall be paid by Lessee.
Notwithstanding the foregoing, “Fair Market Rental Value” shall be deemed to be zero if Lessor does not have possession and effective control over the Aircraft for release or sale thereof unless such failure is attributable to a Lessor
Lien. 
  

	 	(iii)	without duplication, an amount equal to Lessor’s actual or reasonably anticipated costs, expenses and other incidental damages and losses associated with
Lessor’s exercise of its remedies under this Agreement or otherwise incurred by Lessor as a result of an Event of Default or the exercise of rights or remedies with respect thereto, including repossession costs, legal fees, Aircraft storage,
preservation, shipment, repair, refurbishment, modification, maintenance and insurance costs, Aircraft re-lease or sale costs (including any costs incurred to prepare the Aircraft for sale or lease, advertising costs, sale or lease costs (including
commissions) and, without duplication, any costs to place the Aircraft in the return condition) in any way related to the Aircraft, any Engine or any Part, including to put the Aircraft in (Enforcement and Remarketing Costs) the
Redelivery Condition or in the location provided for in this Agreement, or otherwise, and, without duplication, any loss, cost, expenses or liability, or damage to Lessor’s residual interest in the Aircraft, sustained by Lessor due to
Lessee’s failure to maintain the Aircraft in accordance with the terms of the Lease or Lessee’s failure to redeliver the Aircraft in the Redelivery Condition, including any consequential loss of profits. 

  
 - 47 -

	 	(iv)	without duplication, such additional amount, if any, as may be necessary to place Lessor in the same economic position as Lessor would have been in if Lessee had timely
performed each of its obligations under this Agreement; 

  

	 	(v)	without duplication, all legal fees and expenses incurred to enforce this Agreement or Lessor’s rights and/or remedies or as a result of Lessee’s default
under this Agreement or failure to comply with the obligations under the Lease; 

  

	 	(vi)	without duplication, any loss of profit suffered by Lessor because of Lessor’s inability to place the Aircraft on lease with another lessee on terms as favorable
to Lessor as the Lease, or because whatever use, if any, to which Lessor is able to put the Aircraft upon its return to Lessor, or the funds arising upon a sale or other disposal of the Aircraft, is not as profitable to Lessor as this Agreement;

  

	 	(vii)	all Breakage Costs; if any; and 

  

	 	(viii)	without duplication, any incremental amount of principal, interest, fees or other sums whatsoever paid or payable on account of funds borrowed in order to carry any
unpaid amount. 

  

	 	(e)	Interest: Require Lessee to pay, and Lessee shall pay to Lessor, interest on all unpaid amounts at the Default Rate, from the due date until the date of
payment in full. 

  

	 	(f)	Deposit: Apply all or part of the Deposit, or draw under the Letter of Credit and apply the proceeds, to any amounts owing or to be owing to Lessor under
this Agreement. 

  

	 	(g)	No Exclusive Remedy: No remedy referred to in this clause 20.2 is intended to be exclusive, but, to the extent permissible under this Agreement or
under applicable Law, each shall be cumulative and in addition to any other remedy referred to above or otherwise available to Lessor at Law or in equity and in Lessor’s sole and absolute discretion; and the exercise by Lessor of any one or
more of such remedies shall not preclude the simultaneous or later exercise by Lessor of any or all of such other remedies. No waiver by Lessor of any Default or Event of Default shall in any way be, or be construed to be, a waiver of any future
subsequent Default or Event of Default. 

 Lessor’s Right To Remedy 

 

	20.3	If Lessee fails to comply with any provision of this Agreement, Lessor may, without being in any way obliged to do so or responsible for so doing and without prejudice
to the ability of Lessor to treat such non-compliance as a Default, effect compliance on behalf of Lessee, whereupon Lessee shall become liable to pay immediately any sums expended by Lessor together with all costs and expenses (including legal
costs) in connection with the non-compliance. 

  

	21.	Taxation 

 Gross-up 

 

	21.1    (a)	All payments by Lessee under or in connection with this Agreement shall be made without set-off or counterclaim, free and clear of and without deduction for or on
account of all Taxes unless Lessee is required by law to make any such deduction or withholding. 

  
 - 48 -

	 	(b)	All Taxes (other than Lessor Taxes) in respect of payments under this Agreement shall be for the account of Lessee and shall be paid by Lessee within the period for
payment permitted by law. 

  

	 	(c)	If any Taxes are required to be deducted or withheld from any amount payable hereunder, Lessee shall: 

 

	 	(i)	pay to Lessor and/or Owner Participant (as applicable and without duplication) by way of additional rent such additional amounts, in the same currency as such payment
as may be necessary in order that the amount of such payment received by Lessor and/or Owner Participant (as applicable and without duplication) on the date of such payment, after deduction or withholding for all such Taxes, and after deduction for
income Taxes thereof at the highest marginal rate applicable to Lessor and/or Owner Participant (as applicable and without duplication), will be equal to the amount that Lessor and/or Owner Participant (as applicable and without duplication) would
have received if such Taxes had not been deducted or withheld; 

  

	 	(ii)	pay to the relevant authority within the period for payment permitted by applicable Laws the full amount of the deduction or withholding; and 

 

	 	(iii)	furnish to Lessor or Owner Participant (as applicable) evidence of payment to the relevant authority of all amounts deducted or withheld as aforesaid.

  

	 	(d)	If any payment is made by Lessee under clause 21.1(c) and Owner Participant in good faith determines that it has actually received a credit against, or relief or
remission for, or repayment of, any Tax paid or payable by Owner Participant in respect of or calculated with reference to the deduction or withholding giving rise to such payment, Owner Participant shall, to the extent that it can do so without
prejudice to the retention of the amount of such credit, relief, remission or repayment and without leaving Owner Participant in any worse position than that in which it would have been had such deduction or withholding not been required to be made,
pay to Lessee such amount as Owner Participant shall in good faith have determined to be attributable to the relevant deduction or withholding. 

 Nothing in this clause 21.1(d) shall: 
  

	 	(i)	interfere with the right of Lessor and/or Owner Participant (without duplication) to arrange its tax affairs in whatever manner it thinks fit and, in particular, but
without limitation, Lessor and/or Owner Participant (without duplication) shall not be under any obligation to claim credit, relief, remission or repayment from or against its corporate profits or similar Tax liability in respect of the amount of
any such deduction or withholding in priority to any other claims, reliefs, credits or deductions available to Lessor and/or Owner Participant (without duplication); or 

 

	 	(ii)	oblige Lessor and/or Owner Participant (without duplication) to disclose any information relating to its Tax affairs or any computations in respect thereof.

  
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	Covenant	to Pay Taxes 

  

	21.2	Lessee shall promptly pay when due: 

  

	 	(a)	all Taxes (other than Lessor Taxes) imposed by any Government Entity with respect to the Aircraft, including the ownership, delivery, leasing, possession, use,
operation, redelivery, import, export, sale or other disposition of the Aircraft; and 

  

	 	(b)	all Taxes (other than Lessor Taxes) in respect of any premises where the Aircraft, any Engine or any Part thereof is located from time to time and in respect of which
the failure to pay the same could reasonably be expected to result in a material risk of a Security Interest on the Aircraft or an Engine or an inability to procure possession of the Aircraft or an Engine by Lessor, 

except to the extent that such payment is being contested in good faith by appropriate proceedings, in respect of which adequate resources
have been provided by Lessee and non-payment of which does not give rise to any material risk of the Aircraft or any interest therein being sold, forfeited or otherwise lost or any risk of criminal liability on the part of Lessor or any Finance
Party. Without limiting the foregoing, Lessee will be responsible for and shall pay when due any Tax in respect of the Aircraft under the Mexican Asset Tax Law (Ley del Impuesto al Activo) or any successor or similar law from time to time in
effect. 
 Tax Indemnity 
  

	21.3    (a)	Lessee agrees to indemnify and hold harmless each Tax Indemnitee against, and agrees to pay on demand, all Taxes (other than Lessor Taxes) levied or imposed against or
upon any Tax Indemnitee or Lessee and relating to or attributable to Lessee, this Agreement, or the Aircraft or directly or indirectly in connection with the possession, delivery, purchase, sale, transfer, location, existence, importation,
transportation, pooling, interchange, leasing, sub-leasing, wet-leasing, chartering, storage, registration, insurance, replacement, maintenance, modification, refurbishment, condition, service, repair, overhaul, control, management, ownership, use,
operation, exportation or redelivery of the Aircraft, any Engine or any Part or any part thereof or any rent, receipts, insurance proceeds, income or other amounts arising therefrom, or the making of any Equipment Change. 

 

	 	(b)	The provisions of clause 21.3(a) shall not apply to, and Lessee shall have no liability pursuant to such clause to a Tax Indemnitee in respect of, any Tax to the
extent that such Tax (a Lessor Tax): 

  

	 	(i)	arises as a result of the Gross Negligence or willful misconduct of such Tax Indemnitee; or 

 

	 	(ii)	is imposed as a result of a Lessor Lien; or 

  

	 	(iii)	is imposed with respect to any period commencing or event occurring after the Aircraft has been redelivered to Lessor in compliance with clause 19 and is no longer
subject to this Agreement unless such Tax is attributable to any act, omission, event or circumstance which occurred during the Term and would not have constituted a “Lessor Tax” had it arisen during the Term; or 

 

	 	(iv)	arises from the breach by such Tax Indemnitee of this Agreement but excluding any such breach which is attributable to or arises out of any Event of Default; or

  
 - 50 -

	 	(v)	is imposed as a direct result of any connection between that Tax Indemnitee and the jurisdiction imposing the Tax that is unrelated to the transactions contemplated by
this Agreement or the operation of the Aircraft by Lessee or any sub-lessee, or the location of the Aircraft, the Lessee or any sub-lessee; or 

  

	 	(vi)	is imposed or levied on or measured by or with respect to the net income, profits, assets, net-worth, turnover, capital gains or any alternative minimum tax of Lessor
and/or Owner Participant (without duplication) by any Government Entity in the United States or Ireland or any jurisdiction where Lessor and/or Owner Participant (without duplication) has a principal place of business; but excluding any Tax imposed
by any government or taxing authority of any jurisdiction if and to the extent that such Tax results from the use, operation, presence or registration of the Aircraft, the Airframe, any Engine or any Part in the jurisdiction imposing the Tax; or

  

	 	(vii)	is imposed in connection with the sale, transfer, assignment (whether legal or equitable, voluntary or involuntary) or other disposition by that Tax Indemnitee of any
or all of its rights, title and interest in or with respect to the Aircraft, the Airframe, any Engine or any Part or this Lease except a sale, transfer assignment or other disposition permitted or required under this Agreement (other than pursuant
to clause 22.2), or at Lessee’s request or while an Event of Default is in existence; or 

  

	 	(viii)	is imposed as a result of any failure of that Indemnitee to provide the information/documentation when required to do so pursuant to clause 21.9 below.

 Notwithstanding the foregoing, in no event shall withholding Taxes imposed by Mexico be a Lessor Tax unless and
to the extent such withholding tax arises as a result of a transfer by Lessor or Owner Participant of any of their respective right, title and interest in and to this Lease or the Aircraft (except as requested by Lessee or permitted or required
under this Agreement, except pursuant to clause 22.2, or while an Event of Default is in existence) and, as of the date of such transfer, no withholding tax would have existed in the absence of such transfer. 

 

	 	(c)	If Lessor and/or Owner Participant (without duplication) is required by any applicable Law, or by any third party, to deliver any report or return in connection with
any Taxes for which Lessee is obliged to indemnify Lessor and/or Owner Participant or any Tax Indemnitee under this Agreement, Lessee will complete the same and, on request, supply a copy of the report or return to Lessor and/or Owner Participant,
as applicable. 

  

	 	(d)	If any report, return or statement is required to be made by Lessor or any Tax Indemnitee with respect to any Tax for which there is an indemnity obligation of Lessee
under this Agreement, Lessee will promptly notify Lessor of the requirement, and: 

  

	 	(i)	if permitted by applicable Law, make and file in a timely manner such report, return or statement (except for any report, return or statement that Lessor has notified
Lessee that Lessor or any Tax Indemnitee intends to prepare and file), prepare such return in such manner as will indicate Lessor as owner and lessor of the Aircraft if required or appropriate, and provide Lessor upon request a copy of each such
report, return or statement filed by Lessee, or 

  

	 	(ii)	if Lessee is not permitted by applicable Law to file any such report, return or statement, Lessee will prepare and deliver to Lessor a proposed form of such report,
return or statement within a reasonable time prior to the time such report, return or statement is to be filed. 

  
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 Sales Tax 
  

	21.4    (a)	Without limiting clause 21.3 above, Lessee shall pay to Lessor and/or Owner Participant (without duplication) (or, if permitted by applicable Law and if requested
by Lessor and/or Owner Participant (without duplication), Lessee shall pay to the relevant tax authority for the account of Lessor and/or Owner Participant (as applicable)): 

 

	 	(b)	all sales, use, rental, value added, goods and services and similar Taxes (Sales Taxes) required to be paid to the tax authority of the jurisdiction in
which the Delivery Location is situated or in which the Aircraft, any Engine or any Part is located at the time of a transfer of any thereof permitted or required under this Agreement (other than under clause 22.2), in connection with a request of
Lessee or while an Event of Default is in existence or to the jurisdiction of the Habitual Base or the State of Incorporation with respect to the lease of the Aircraft to Lessee pursuant to this Agreement or any such transfer unless Lessee delivers
to Lessor and/or Owner Participant (without duplication) on or prior to the Delivery Date or such other date upon which any such tax would otherwise become due, such exemption certificate or other document as may be required by applicable Law to
evidence Lessor’s and/or Owner Participant’s (without duplication) entitlement to exemption from all Sales Taxes imposed by each such jurisdiction with respect to the lease of the Aircraft pursuant to this Agreement or any such transfer;
and 

  

	 	(c)	all Sales Taxes required to be paid to the tax authority of any jurisdiction in which the Aircraft may be used, operated or otherwise located from time to time unless
Lessee delivers to Lessor and/or Owner Participant (without duplication) such exemption certificates or other documents as may be required by applicable Law to evidence Lessee’s entitlement to exemption from all Sales Taxes imposed by each such
jurisdiction with respect thereto. 

 Value Added Tax 

 

	21.5    (a)	For the purposes of this clause 21.4: 

  

	 	(i)	VAT means value added tax and any goods and services, sales or turnover tax, imposition or levy of a like nature; and 

 

	 	(ii)	supply includes anything on or in respect of which VAT is chargeable. 

 

	 	(b)	Lessee shall pay to Lessor and/or Owner Participant (without duplication) or the relevant taxing authority, as the case may be, the amount of any VAT chargeable in
respect of any supply for VAT purposes under this Agreement. 

  

	 	(c)	 Each amount stated as payable by Lessee under this Agreement is exclusive of VAT (if any), and if VAT is payable in respect of any amount as aforesaid,
Lessee shall pay all such VAT and shall indemnify Lessor and/or Owner Participant (without duplication) against any claims for the same (and where appropriate Lessee shall increase the payments which would otherwise be required to be made under this
Agreement so that 

  
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Lessor and/or Owner Participant (without duplication) is left in the same position as it would have been in had no VAT been payable); and Lessee shall provide evidence to Lessor and/or Owner
Participant (without duplication), if available, in respect of payment of any such VAT. 

 Information regarding Taxes

  

	21.6	(a) If Lessee is required by any applicable Laws, or by any third party, to deliver any report or return in connection with any Taxes, Lessee shall complete the same in
a manner satisfactory to Lessor and in particular shall state therein that Lessee is exclusively responsible for the use and operation of the Aircraft and for any Taxes arising therefrom, and Lessee shall, on request supply a copy of the report or
return to Lessor. 

  

	 	(b)	Lessee shall (without prejudice to its right to contest the same in accordance with this Agreement): 

 

	 	(i)	within thirty days after the end of any Rent Period, furnish to Lessor evidence satisfactory to Lessor of payment of all Taxes arising in connection with or as a result
of the transactions contemplated by this Agreement requiring payment within such Rent Period, including, without limitation, copies of receipts from the relevant tax authorities or other Governmental Entities for payments of withholding taxes, any
VAT and payment of customs duties; and 

  

	 	(ii)	furnish to Lessor evidence satisfactory to Lessor that all Taxes and charges incurred by Lessee with respect to the Aircraft, including without limitation all payments
due to the relevant air traffic control authorities, have been paid and discharged in full. 

 Taxation of Indemnity Payments

  

	21.7    (a)	If and to the extent that any sums payable to any Indemnitee by Lessee under this Agreement by way of indemnity are insufficient, by reason of any Taxes payable in
respect of those sums, for such Indemnitee to discharge the corresponding liability to the relevant third party (including any taxation authority), or to reimburse such Indemnitee for the cost incurred by it to a third party (including any taxation
authority) Lessee shall pay to such Indemnitee such sum as will after the tax liability has been fully satisfied leave that Indemnitee with the same amount as it would have been entitled to receive in the absence of that liability together with
interest on the amount of the deficit at the Default Rate in respect of the period commencing on the date on which the payment of taxation is finally due until payment by Lessee (both before and after judgment). 

 

	 	(b)	If and to the extent that any sums constituting (directly or indirectly) an indemnity to an Indemnitee but paid by Lessee to any Person other than such Indemnitee are
treated as taxable in the hands of such Indemnitee, Lessee shall pay to such Indemnitee such sum as will, after the tax liability has been fully satisfied at the highest marginal rate of the applicable jurisdiction, indemnify such Indemnitee to the
same extent as it would have been indemnified in the absence of such liability together with interest on the amount payable by Lessee under this clause 21.6(b) at the Default Rate in respect of the period commencing on the date on which the
payment of taxation is finally due until payment by Lessee (both before and after judgment). 

  
 - 53 -

 Notification 
  

	21.8	Lessor or any other Tax Indemnitee shall notify Lessee in writing of any Taxes of which Lessor or such other Tax Indemnitee has, through a responsible officer
received formal notice and for which Lessee is obligated to indemnify under this clause 21 (each a Claim); provided, however, the delay or failure of Lessor to give notice to Lessee in accordance with this Clause 21.8
will not discharge or release Lessee from any of its indemnity obligations under Clause 21.8 except, and only to the extent, that such delay or failure was unreasonable and materially prejudices or precludes Lessee’s right to defend any such
Claim or results in additional amounts payable by Lessee which amounts would not have been imposed in the absence of such delay. 

Information 
  

	21.9	Any Indemnitee that is entitled to an exemption from or reduction of withholding Tax under any applicable law or income tax treaty with respect to payments under
this Lease, shall deliver to Lessee at the time or times prescribed by such applicable law or income tax treaty, such properly completed and executed documentation prescribed by such applicable law or income tax treaty that is reasonably requested
by the Lessee as will permit such payments to be made without withholding or at a reduced rate of withholding, provided, however, that, an Indemnitee shall not be required to furnish to the Lessee any form or any other document if such
Indemnitee determines in its reasonable discretion that providing such form or other document would expose it to tax liability in a jurisdiction where it would not otherwise have such liability if it did not provide the form or other document,
unless Lessee agrees to indemnify such Indemnitee against such liability and such indemnity is reasonably acceptable to such Indemnitee. 

 ***** 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 54 - 

 TABLE OF CONTENT 

(continued) 
  

	22.	Assignment and Transfer 

 By Lessee

  

	22.1	LESSEE WILL NOT ASSIGN, DELEGATE OR OTHERWISE TRANSFER (VOLUNTARILY, INVOLUNTARILY, BY OPERATION OF LAW OR OTHERWISE) ANY OF ITS RIGHTS OR OBLIGATIONS UNDER THIS
AGREEMENT OR CREATE OR PERMIT TO EXIST ANY SECURITY INTEREST OVER ANY OF ITS RIGHTS UNDER THIS AGREEMENT, AND ANY ATTEMPT TO DO SO WILL BE NULL AND VOID. 

 Lessor Transfer 
  

	22.2    (a)	Lessor may, subject to the provisions of this clause 22.2, without the consent of the Lessee assign and/or transfer any of its rights or obligations under this
Agreement and/or any of its right title or interest in the Aircraft, including any assignment or transfer relating to (i) financing or refinancing arrangements secured on this Agreement or any right or interest therein, and/or the Aircraft
and/or (ii) sale and leaseback of the Aircraft and/or (iii) any sale or other transfer of the Aircraft together with a transfer or novation of Lessor’s rights and obligations under this Agreement and/or (iv) any sale or other
transfer of any interest in the Aircraft or this Agreement, including rights to payments hereunder. 

  

	 	(b)	Lessor shall notify Lessee in advance of any such transfer or assignment and Lessee agrees to provide all reasonable assistance and cooperation to Lessor in connection
therewith, subject to the provisions of this clause 22.2 and Lessee agrees to execute and deliver all such documents and take such further action as Lessor may reasonably request to establish and protect the rights and remedies created or
intended to be created in favor of the assignees or transferees in connection with any assignment or transfer. 

  

	 	(c)	Notwithstanding any such assignment or transfer, Lessor will remain entitled to the benefit of each indemnity and the liability insurances effected under this
Agreement. 

 Provisions Relating to Lessor Transfer 

 

	22.3    (a)	Lessor shall reimburse Lessee for all reasonable its out of pocket costs and expenses (including reasonable legal expenses) incurred in connection with any transfer or
assignment pursuant to clause 22.2. 

  

	 	(b)	Lessor shall procure that any Person that becomes a holder of an interest in the Aircraft or this Agreement by virtue of a transfer pursuant to clause 22.2(a) (by
way of security or otherwise) except a Person that becomes Lessor shall provide an undertaking of quiet enjoyment to Lessee in substantially the same terms as the Lessor’s covenant set out in clause 9.1. 

 

	 	(c)	Upon a transfer or novation of this Agreement described in clause 22.2(a)(ii) or (iii) above, Lessor shall be released from its obligations and liabilities
under this Agreement to the extent such obligations and liabilities are assumed by such transferee or novatee. 

  
 - 55 -

	 	(d)	***** 

  

	 	(e)	Lessee shall have no greater obligations under this Agreement as a result of such sale, assignment, transfer, novation or disposal than Lessee would have had if such
sale, assignment, transfer, novation or disposal had not taken place based on applicable Laws (or then proposed Laws that would thereafter become applicable) and circumstances in effect as at the date of such sale, assignment, transfer, novation or
disposal; and 

 Any transfer of the Aircraft or this Agreement to a trust shall be exempt from the foregoing
provisions; provided, however, that any transfer of the beneficial interest in such a trust having title to the Aircraft shall comply with the foregoing provisions. 

 

	23.	Miscellaneous Provisions 

 Rights
Cumulative, Waivers 
  

	23.1	The rights of Lessor under this Agreement may be exercised as often as Lessor considers appropriate, are cumulative and are in addition to its rights under any
Law. The rights of Lessor against Lessee or in relation to the Aircraft (whether arising under this Agreement or any Law) cannot be waived or varied other than by an express waiver or variation in writing. Any failure to exercise or any delay in
exercising any of such rights shall not operate as a waiver or variation of that or any other such right; any defective or partial exercise of any of such rights shall not preclude any other or further exercise of that or any other such right; and
no act or course of conduct or negotiation on Lessor’s part or on its behalf shall in any way preclude it from exercising any such right or constitute a suspension or any variation of any such right. 

Delegation 
  

	23.2	Lessor may, without releasing it from its obligations hereunder, delegate to any Person or Persons all or any of its rights, powers or discretions vested in it
by this Agreement, and any such delegation may be made upon such terms and conditions and subject to such regulations (including power to sub-delegate) as Lessor in its absolute discretion thinks fit. 

Expenses 
  

	23.3	 Lessee shall pay to Lessor and/or Owner Participant (without duplication) on demand all documented expenses (including legal, professional, and
out-of-pocket expenses, which shall be reasonable except in the case of enforcement or preservation of Lessor and/or Owner Participant (without duplication)’s rights or remedies) incurred or payable by Lessor and/or Owner Participant (without
duplication) in connection with registration of the Aircraft or the filing, recordation or registration of any interests or documents in the State of Registration or the State of Incorporation, any amendment to or extension of or other documentation
in connection with, or the granting of any waiver or consent under, this Agreement or the monitoring of compliance by 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 56 - 

	 	
Lessee with this Agreement (but in the case of such monitoring of compliance, only if upon such monitoring a Default is found to have occurred or the enforcement or preservation of any of Lessor
and/or Owner Participant (without duplication)’s rights or remedies under this Agreement (including in connection with any Event of Default). 

 Set-off 
  

	23.4    (a)	Lessor may set off any matured obligation owed by Lessee under this Agreement or any of the Other Agreements against any obligation (whether or not matured) owed by
Lessor or any of its Affiliates to Lessee, regardless of the place of payment or currency. If the obligations are in different currencies, Lessor may convert either obligation at the market rate of exchange available in London or (at Lessor’s
option) New York for the purpose of the set-off. 

  

	 	(b)	If an obligation is unascertained or unliquidated, Lessor may in good faith estimate that obligation and set off in respect of the estimated amount, in which case when
the obligation is ascertained or liquidated Lessor or Lessee shall make a payment to the other (as appropriate) in respect of any amount by which the ascertained or liquidated amount differs from the estimated amount. 

 

	 	(c)	Notwithstanding any other provision of this Agreement, Lessor and its Affiliates shall not be obliged to pay any amount to Lessee under this Agreement or any of the
Other Agreements so long as any sums which are then due from Lessee under this Agreement or any Other Agreements remain unpaid or if any Event of Default has occurred and is continuing, and any such amount which would otherwise be due shall fall due
only if and when Lessee has paid all such sums and cured all Events of Default, except to the extent that Lessor otherwise agrees in writing or sets off such amounts against such payment pursuant to clause 23.4(a). 

Time of Essence 
  

	23.5	The time stipulated in this Agreement for all payments by Lessee to Lessor and for the prompt performance of Lessee’s other obligations under this Agreement
are of the essence of this Agreement. 

 Entire Agreement 

 

	23.6	This Agreement constitutes the sole and entire agreement between Lessor and Lessee in relation to the leasing of the Aircraft and supersedes all previous agreements in
relation to that leasing. Any amendments to this Agreement must be in writing and signed on behalf of Lessor and Lessee. 

Rights of Third Parties 
  

	23.7	All rights expressed to be granted to each Indemnitee or Tax Indemnitee (other than Lessor) under this Agreement are given to Lessor on behalf of that Indemnitee
or Tax Indemnitee, and each Indemnitee or Tax Indemnitee is an express third party beneficiary hereof. Except for Lessor, Owner Participant, the Financing Parties, each Indemnitee and each Tax Indemnitee, no other Person shall be a third party
beneficiary of this Agreement. Without limiting the foregoing, Lessee agrees with Owner Participant that: 

  

	 	(i)	Owner Participant is an express third party beneficiary of all of the obligations and liabilities of the Lessee under and in conformity with this Agreement, and all
notices and communications given by Lessee to Lessor shall also be given to Owner Participant; and 

  
 - 57 -

	 	(ii)	any approval, consent, waiver, amendment, supplement or other modification of this Agreement shall require the written consent or instruction of the Owner Participant
to be binding against the Lessor and Owner Participant, and Owner Participant agrees that, where Lessor has agreed to give or not unreasonably withhold such consent or instruction, it shall give such consent or instruction or not unreasonably
withhold such consent or instruction. For the avoidance of doubt, any instructions for an approval, consent, waiver, amendment, supplement or other modification of this Agreement issued by the Owner Participant to Lessor shall be binding on Lessor.

  

	23.8	Any Tax Indemnitee or Indemnitee who is not a party to this Agreement may enforce the terms of this Agreement expressed to be for the benefit of or given by
Lessee to or in favor of such Tax Indemnitee or Indemnitee. 

  

	23.9	All terms of this Agreement may be varied, amended or otherwise released by an agreement between Lessor and Lessee without reference to any Indemnitee or Tax
Indemnitee. 

 Counterparts 
  

	23.10	This Agreement may be executed in two or more counterparts each of which will be deemed an original but all of which together will constitute one and the same
agreement. 

 Language 
  

	23.11	All notices, requests, direction and other communications to be given under this Agreement will be in English. All documents delivered to Lessor pursuant to this
Agreement will be in English or, if not in English, will be accompanied by a certified English translation. If there is any inconsistency between the English version of this Agreement and any version in any other language, the English version will
prevail. 

 Confidentiality 
  

	23.12	This Agreement, the terms hereof and all non-public information obtained by either party about the other are confidential and are between Lessor and Lessee only.
Lessor and the Lessee shall not, and shall procure that their respective officers, employees and agents shall not, disclose this Agreement, the terms hereof or such non public information to any third party (other than (a) to such party’s
auditors, legal advisors, financial advisors and rating agencies; (b) as required in connection with any filing of this Agreement in accordance with clause 10.5; (c) in connection with Lessor’s potential sale, financing,
refinancing of or related to the Aircraft and/or transfer or assignment of this Agreement (provided such potential transferee or financing party agrees in writing to keep such information confidential and executes an agreement regarding the same on
no less favorable terms than those set forth herein); (d) as required for enforcement by either party of its rights and remedies with respect to this Agreement; or (e) as required by applicable Regulation without the prior written consent
of the other party. If any disclosure will result in the Agreement becoming publicly available, Lessor and Lessee will cooperate with one another to obtain confidential treatment or limit the scope of disclosure as to the commercial terms and other
material provisions of this Agreement. 

  
 - 58 -

 Invalidity of any Provision 

 

	23.13	If any provision of this Agreement becomes invalid, illegal or unenforceable in any respect under any Law, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired. 

 Survival 

 

	23.14	All indemnities, representations, warranties and other obligations of Lessee shall survive, and remain in full force and effect, notwithstanding the expiration
or other termination of this Agreement and/or the leasing of the Aircraft hereunder. 

 Further Assurance 

 

	23.15  (a)	Each of the parties agree to perform (or procure the performance of) all further acts and things within its control, and execute and deliver (or procure the execution
and delivery of) such further documents, as may be required by applicable Laws or as may be necessary or reasonably desirable to implement and/or give effect to this Agreement, the transactions contemplated by this Agreement or any Other Agreement.

  

	 	(b)	The documented out-of-pocket costs and expenses of performing the acts contemplated by sub-clause (a) above shall be borne by Lessee. 

No Brokers 
  

	23.16	Each of the parties 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 (except the fees and expenses of a financial advisor to Lessee, for which fees
and expenses Lessee shall be solely responsible). 

 Chattel Paper 

 

	23.17	To the extent, if any, that this Agreement constitutes chattel paper (as such term is defined in the UCC as in effect in any applicable jurisdiction), no
security interest in this Agreement may be created through the transfer or possession of any counterpart other than the original counterpart, which shall be identified as the counterpart designated as the “original” on the signature page
of this Agreement by the Financing Parties or Lessor, as the case may be. 

 True Lease 

 

	23.18	The parties intend and agree that this Agreement: 

  

	 	(a)	constitutes a “true lease”, and not a “security interest” as defined in Section 1-201(37) of the UCC; 

 

	 	(b)	to the extent applicable, constitutes a “true lease” for United States federal income tax purposes and for purposes of article 188 of the Ley del Impusto
Sobre la Renta; and 

  

	 	(c)	confers only a leasehold interest on Lessee in and to the Aircraft on and subject to the terms of this Agreement, and no ownership or other interest with respect to the
Aircraft is provided to Lessee under this Agreement. 

  
 - 59 -

 Lessee shall not file a tax return that is inconsistent with the provisions of this clause.

 Know Your Customer/OFAC Compliance 
  

	23.19	Anti-Terrorism Law: 

  

	 	(a)	Lessee represents, warrants and agrees that neither Lessee nor any of its Affiliates is in violation of any Law relating to terrorism or money laundering
(Anti-Terrorism Laws), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the Executive Order), and the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the Patriot Act). 

  

	 	(b)	Lessee represents, warrants and agrees that neither Lessee nor any of its Affiliates is any of the following: 

 

	 	(i)	a person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 

 

	 	(ii)	a person owned or controlled by, or acting for or on behalf of, any person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive
Order; 

  

	 	(iii)	a person with which Lessor and/or Owner Participant (without duplication) is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law;

  

	 	(iv)	a person that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or 

  
 - 60 -

	 	(v)	a person that is named as a “special designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of
Foreign Assets Control (OFAC) at its official website or any replacement website or other replacement official publication of such list. 

  

	 	(c)	Lessee represents, warrants and agrees that neither Lessee nor any of its Affiliates (i) conducts any business or engages in making or receiving any contribution
of funds, goods or services to or for the benefit of any person described in the preceding paragraph (b), (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the
Executive Order, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

  

	23.20	USA Patriot Act Notice: 

Lessee agrees that pursuant to the requirements of the Patriot Act, Lessor may obtain, verify, and record information from Lessee that
identifies Lessee, which information may include the name and address of Lessee, and its officers, directors and shareholders, and other information that will allow Lessor and/or Owner Participant (without duplication) to identify Lessee in
accordance and for purposes of compliance with the Patriot Act. 
  

	23.21	Statements of Owner Trustee: The parties hereto agree that all of the statements, representations, covenants and agreements made by the Owner Trustee (when made
in such capacity) contained in this Agreement and any agreement referred to herein, unless expressly otherwise stated, are made and intended only for the purpose of binding the Trust Estate and establishing the existence of rights and remedies which
can be exercised and enforced against the Trust Estate. Therefore, anything contained in this Agreement or such other agreements to the contrary notwithstanding (except for any express provisions that the Owner Trustee is responsible for in its
individual capacity), no recourse shall be had with respect to this Agreement or such other agreements against the Owner Trustee in its individual capacity or against any institution or person which becomes a successor trustee or co-trustee or any
officer, director, trustee, servant or direct or indirect parent or controlling person or persons of any of them; provided, however, that this clause 23.21 shall not be construed to prohibit any action or proceeding against any party hereto
for its own willful misconduct or grossly negligent conduct for which it would otherwise be liable; and provided further, that nothing contained in this clause 23.21 shall be construed to limit the exercise and enforcement in accordance with
the terms of this Agreement or such other agreements of rights and remedies against the Trust Estate. The foregoing provisions of this clause 23.21 shall survive the termination of this Agreement; 

 

	24.	Notices 

  

	24.1	Every notice, request, direction or other communication under this Agreement shall be in English and be in writing delivered personally or sent with an
internationally recognized courier service or fax and shall be deemed to have been received: 

  

	 	(a)	in the case of a letter when delivered personally or where sent with an internationally recognized courier service, on the date shown as the delivery date in the
records of the Person who effected such delivery; or 

  
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	 	(b)	in the case of a fax, in which case such notice, direction or other communication shall be deemed to have been received at the time of dispatch with confirmed
transmission report stating the correct facsimile number and number of pages sent and that such transmission is “OK” or equivalent (provided always that if the time of dispatch is not within normal business hours on a
business day in the country of the addressee it shall be deemed to have been received at the opening of business on the next business day), 

 provided always that where delivery by hand or by fax occurs after 5:00 p.m. on a Business Day, or on a day which is not a Business Day, service shall be deemed to occur at
9:00 a.m. on the next Business Day. 
  

	24.2	Every notice, request, direction or other communication under this Agreement shall be sent: 

To Lessor at: 
  

			
	Address:	  	Wells Fargo Bank Northwest, National Association
		  	299 South Main Street, 12th Floor
		  	Salt Lake City, Utah 84111
		
		  	Attention: Corporate Trust Services
		  	Fascimile: +1 (801) 246-5053
		
		  	With a copy to:
		
		  	RBS Aerospace Limited
		  	IFSC House
		  	IFSC
		  	Dublin 1
		  	Ireland
		
	Attention:	  	Head of Transaction Management
		
	Facsimile:	  	+ 353 1 859 9230

 To Lessee at: 
  

			
	Address:	  	Prolongación Paseo de la Reforma No. 490
		  	Piso 1 (Edificio GE)
		  	Colonia Santa Fé Peña Blanca
		  	Del. Alvaro Obregón
		  	Mexico D.F. 01012
		  	Mexico
		
	Attention:	  	General Counsel
		
	Facsimile:	  	+ 011 52 55 5261 6460

 or any substitute address or fax number or department or officer as the relevant party may notify to the other party by
not less than five (5) Business Days’ notice. 

  
 - 62 -

	25.	Governing Law Jurisdiction and Waiver of Jury Trial 

 Governing Law 
  

	25.1	PURSUANT TO AND IN ACCORDANCE WITH SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, THE PARTIES HERETO AGREE THAT THIS AGREEMENT IN ALL RESPECTS
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK AS APPLIED TO CONTRACTS TO BE PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK (EXCLUSIVE OF SECTION 7-101 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH IS
INAPPLICABLE TO THIS AGREEMENT). THE PARTIES AGREE THAT THIS AGREEMENT WAS DELIVERED IN THE STATE OF NEW YORK. 

 Jurisdiction

  

	25.2	Pursuant to and in accordance with Section 5-1402 of the New York General Obligations Law, Lessee and Lessor each irrevocably agrees that (i) the
United States District Court for the Southern District of New York sitting in The Borough of Manhattan and any New York state court sitting in the County of New York, New York, and all related appellate courts, (ii) the competent courts of the
corporate domicile (domicilio social) of the Lessee on the date of this Agreement (Distrito Federal), and (iii) the courts of the jurisdictions in which the Aircraft at the relevant time is located in the case of enforcement
proceedings in respect of remedies hereunder have exclusive jurisdiction to settle any disputes arising out of or relating to this Agreement or any of the other Operative Documents and submits itself and its property to the jurisdiction of the
foregoing courts with respect to such dispute, hereby waiving any other jurisdictions which may be available thereto by reason of domicile or otherwise. 

 Process Agents 
  

	25.3    (a)	Without prejudice to any other mode of service, Lessee: 

  

	 	(i)	 appoints C.T. Corporation, 1111 Eighth Avenue, 13th Floor, New York, New York 10011 as its agent for service of process relating to any proceedings before the New York
courts described in clause 25.2 in connection with this Agreement and agrees to maintain the process agent in New York notified to Lessor; 

  

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

 

	 	(iii)	consents to the service of process relating to any such proceedings by prepaid mailing or by personal delivery of a copy of the process to Lessee’s agent at the
address identified in paragraph (i) or by facsimile or prepaid mailing by air mail, certified or registered mail, or by personal delivery, of a copy of the process to Lessee at the address set forth in clause 24.2.

  

	 	(b)	Without prejudice to any mode of service, Lessor: 

  

	 	(i)	 appoints C.T. Corporation, 1111 Eighth Avenue, 13th Floor, New York, New York 10011 as its agent for service of process relating to any proceedings before the courts
described in clause 25.2 in connection with this Agreement and agrees to maintain the process agent in New York notified to Lessor; 

  

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

 

	 	(iii)	consents to the service of process relating to any such proceedings by prepaid mailing or by personal delivery of a copy of the process to Lessor’s agent at the
address identified in paragraph (i) or by prepaid mailing by air mail, certified or registered mail, or by personal delivery, of a copy of the process to Lessor at the address set forth in clause 24.2. 

  
 - 63 -

 Waiver of Objections 
  

	25.4	Each of Lessee and Lessor: 

  

	 	(i)	waives to the fullest extent permitted by Law any objection which it may now or hereafter have to the courts referred to in clause 25.2 on grounds of inconvenient
forum or otherwise as regards proceedings in connection with this Agreement; 

  

	 	(ii)	waives to the fullest extent permitted by Law any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Agreement brought in the courts referred to in clause 25.2; and 

  

	 	(iii)	agrees that a judgment or order of any court referred to in clause 25.2 in connection with this Agreement is conclusive and binding on it and may be enforced
against it in the courts of any other jurisdiction as if made by the highest court in that other jurisdiction and accordingly Lessee will not seek to, nor be entitled to, contest and/or delay and/or obstruct registration or enforcement of any such
judgment and/or award and/or order on grounds of public policy or otherwise. 

 No Alternative Jurisdictions 

 

	25.5	This clause 25 shall survive, continue to take full effect and not merge in any order or judgment and this clause 25 prohibits either party to bring
proceedings against the other in connection with this Agreement or any other Operative Document in any court other than as provided in clause 25.2 above. 

 Waiver of Sovereign Immunity and Other Defenses 
  

	25.6	Each of Lessee and Lessor irrevocably and unconditionally: 

  

	 	(i)	agrees that if the other brings legal proceedings against it or its assets in relation to this Agreement no sovereign or other immunity from such legal proceedings
(which will be deemed to include suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment, other attachment, the obtaining of judgment, execution of a judgment or other enforcement or legal process or
remedy) will be claimed by or on behalf of itself or with respect to its assets; 

  

	 	(ii)	waives any such right of immunity which it or its assets now has or may in the future acquire and agrees that the foregoing waiver shall have the fullest extent
permitted under the Foreign Sovereign Immunities Act of 1976 of the United States of America and is intended to be irrevocable for the purposes of such Act; and 

  
 - 64 -

	 	(iii)	waives any requirement, of any kind whatsoever, for Lessor to provide any form of security in respect of the payment of any damages, costs, expenses or any other
financial obligation resulting from the commencement or prosecution of proceedings or the making of or service of any order and Lessee undertakes (x) not to challenge the validity of any proceedings or the making of any orders without any
requirement for the provision of such security (y) to advise any court upon Lessor’s request that Lessee requires no such security and (z) to provide security itself for any third party claims arising out of or in connection with such
proceedings and/or orders. 

 Waiver of Jury Trial 

 

	25.7	EACH OF LESSEE AND LESSOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS TO A JURY TRIAL IN RESPECT OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THE LESSOR/LESSEE RELATIONSHIP BEING ESTABLISHED, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS
AND OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF LESSOR AND LESSEE REPRESENTS AND WARRANTS THAT EACH HAS REVIEWED AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH ITS LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, AND THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS CLAUSE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

 

	26.	Owner Participant and Lessee Undertakings 

  

	26.1	By its execution of the Owner Participant Aircraft Lease Agreement Signature Page hereto, Owner Participant makes the agreements set forth thereon or in this
Agreement and the representations and warranties in Part 3 of Schedule 3 hereof. 

  
 - 65 -

 IN WITNESS WHEREOF Lessor and Lessee have executed this Agreement, both as of the date shown at the
beginning of this Agreement. 
 SIGNED on behalf of:  
 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, not in its individual 

capacity, except as expressly provided herein, but solely as Owner Trustee 

 

			
	Name:	 	 /s/ John Croasmun

		
	Title:	 	Vice President

 SIGNED on behalf of:  
 CONCESIONARIA VUELA 
 COMPAÑÍA DE AVIACIÓN, S.A. DE C.V.

  

			
	Name:	 	 /s/ Alfonso Ascencio Triujeque

		
	Title:	 	General Counsel

 This signature page forms part of that certain Aircraft Lease Agreement made as of January 25, 2008 between WELLS
FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, as Lessor and CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE C.V., as Lessee, relating to the leasing of one A319-133 aircraft bearing manufacturer’s serial number
3450. 

  
 - 66 -

 OWNER PARTICIPANT AIRCRAFT LEASE AGREEMENT (MSN 3450) 

SIGNATURE PAGE 
 The
undersigned Owner Participant hereby instructs the Owner Trustee to enter into this Agreement and further agrees as follows: 
  

	 	a.	so long as no Event of Default has occurred and is continuing, neither Owner Participant nor any Person lawfully claiming through it shall interfere with the quiet use,
possession and enjoyment of the Aircraft by Lessee during the Term. The lawful exercise by Owner Participant of its or Lessor’s rights in accordance with this Agreement will not however constitute such an interference; 

 

	 	b.	it will comply with clause 22.3 of this Agreement with respect to a transfer of its interest under the Trust Agreement; 

 

	 	c.	throughout the term of this Agreement, and subject to the terms and conditions of this Aircraft Lease Agreement, it will cause Lessor to pay and perform when due all of
the obligations of Lessor under this Agreement (the “Lessor Obligations”) and to the extent, if any, that Lessor fails to pay or perform any Lessor Obligation when due, and subject to the terms and conditions of this Agreement,
Lessee shall have a direct right of action against Owner Participant for the payment or performance of such Lessor Obligation; and 

  

	 	d.	it will be bound by this Agreement. 

  

			
	SIGNED on behalf of:
	RBS AEROSPACE LIMITED
		
	Name:	 	  

		
	Title:	 	  

  
 - 67 -

 Schedule 1 
 DEFINITIONS AND CONSTRUCTION 
  

	1.1	The following words and expressions have the respective meanings set forth below: 

 Acceptable SDLC Bank Rating has the meaning given to it in clause 6.4(b); 

Acceptance Certificate means a certificate of acceptance of the Aircraft in the Agreed Form; 

Act means the Federal Aviation Act of 1958, as amended, and as recodified in Title 49 of the U.S.C. pursuant to Public
Law 103-272, or any similar legislation of the United States of America as enacted in substitution or replacement thereof; 

Affiliate means, in relation to any Person, a Subsidiary of that Person or a Holding Company of that Person or any other Subsidiary of that
Holding Company or any trust of which such Person or any of its Affiliates is a beneficiary; 
 Agreed Form means the form agreed
between Lessor and Lessee; 
 Agreed Value means, from the Delivery Date to and excluding the first anniversary thereof, ***** and
on the first anniversary of the Delivery Date and on each anniversary of the Delivery Date thereafter, such amount shall reduce to an amount equal to ***** of the amount previously in effect; 
 Agreement means this Aircraft Operating Lease Agreement together with its Schedules; 

Airbus means Airbus Industrie SAS; 
 Aircraft means the aircraft described in Schedule 6 (Description of Aircraft), including all buyer furnished equipment and in-flight entertainment equipment (which term includes
where the context admits a separate reference to all Engines, Parts and Aircraft Documents); 
 Aircraft Documents means the
documents, data, aircraft manuals and technical records relating to the Aircraft at the time of Delivery and any other documents and records referred to in clause 12.2 (Records) and Schedule 11 (Aircraft Documents at
Redelivery) and all additions, renewals, revisions and replacements from time to time made thereto in accordance with this Agreement; 

Aircraft Purchase Agreement means the A320 Family Purchase Agreement dated as of October 28, 2005 between Parent and Airbus insofar as
it relates to the Aircraft; 
 Aircraft Purchase Agreement Assignment means the aircraft purchase agreement assignment in form and
substance acceptable to Lessor (acting reasonably) between Parent (as assignor) and Lessor (or such other person notified to Lessee as purchaser of the Aircraft) (as assignee) in relation to the Aircraft Purchase Agreement; 

Airframe means the Aircraft, excluding the Engines and the Aircraft Documents; 
 Airframe 12 Year Block Structural Check means a block structural check including all 12 year and lesser structural inspections which shall also include all 6,000 Flight Hours, 4,500 Cycles,
20 month and lesser tacks ensuring that no schedule inspections are due within the next 6,000 Flight Hours, 4,500 Cycles and 20 month period in accordance with Lessee’s airworthiness authority, Approved Maintenance Program and as a minimum, the
latest revision of the Manufacturers Maintenance Planning Document. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 68 - 

 Airframe 6 Year Block Structural Check means a block structural check including all 6 year and
lesser structural inspections which shall also include all 6,000 Flight Hours, 4,500 Cycles, 20 month and lesser tasks ensuring that no schedule inspections are due within the next 6,000 Flight Hours, 4,500 Cycles and 20 month period in accordance
with Lessee’s airworthiness authority, Approved Maintenance Program and as a minimum, the latest revision of the Manufacturers Maintenance Planning Document. 
 Airframe Warranty Assignment means the airframe warranty assignment entered into or to be entered into between Lessor and Lessee, and the related consent and agreement between Lessor, Lessee
and the Manufacturer, in respect of the Aircraft in the Agreed Form; 
 Airworthiness Directive means any and
all mandatory airworthiness directives issued by the French DGAC and applicable to the Aircraft, the Airframe, either Engine, any Part or the Aircraft Documents; 
 Approved Maintenance Performer means the Lessee insofar as maintenance other than Major Checks, the check scheduled to clear maintenance items for the next 6,000 Flight Hours, 4,500 Cycles
and 20 months, and Engine Performance Restoration are concerned, and for such maintenance means any other Person (including Aeromantenimiento) that meets the requirements of being a Maintenance Performer, provided that it shall retain its EASA
/ JAA approval including for those which (1) Maintenance Reserves are provided and (2) for end of lease airframe C check maintenance work-scope package; 
 APU means the auxiliary power unit installed on the Aircraft on the Delivery Date and any replacement auxiliary power unit installed in accordance with this Agreement title to which is
transferred to Lessor in accordance with this Agreement; 
 APU Operating Hour means each hour or part thereof elapsing from the
moment the APU is started to the moment when the APU is shut down. For the purpose of all calculations under this Agreement measured in APU Operating Hours, such hours, rounded to the nearest minute, shall be accumulated since the most recent APU
Performance Restoration (or since new if no previous overhaul has been accomplished with respect to the APU); 
 APU Performance
Restoration means off-wing APU shop visits including disassembly, inspection, component repair and balancing, testing and reassembly of the relevant APU, accomplished in accordance with the APU manufacturer’s component maintenance
manual, with a Scheduled Life Limited Part and Airworthiness Directive release of no less than 6,000 Cycles and 3 years and on-condition release of no less than 9,000 Flight Hours and 6,000 Cycles and 3 years; 

Assumed Aircraft Flight Hour to Cycle Ratio means a Flight Hour to Cycle ratio of 1.8 to 1; 

Aviation Authority means all and any of the authorities, government departments, committees or agencies which under the laws of the State
of Registration shall from time to time: 
  

	 	(a)	have control or supervision of civil aviation in that state; or 

  

	 	(b)	have jurisdiction over the registration, airworthiness or operation of, or other matters relating to, the Aircraft; 

  
 - 69 -

 Back to Birth Traceability means in respect of any Part or part, original documentary evidence
providing the part number and the unique serial number of such Part or part, and providing a detailed full record acceptable to an EASA regulatory standard but in any event having the following: (i) a removal/installation (‘on/off’)
transaction history with the applicable hours and cycles at each on/off event up to and including installation of the Airframe and Engine; (ii) the original airworthiness tag document or other original record issued when the part was new such
as the manufacturer’s tag certificate of conformity or readiness log document as appropriate and (iii) any other appropriate certified document or job card indicating hours, cycles or calendar time at each on/off event demonstrating an
unbroken record of the hours, cycles or calendar time from date of manufacture of such part up to the relevant current time; 

Bank means The Royal Bank of Scotland plc; 
 Bill of Sale means the warranty bill of sale transferring title to the Aircraft from Airbus to Lessor; 
 Breakage Costs means, without duplication, all costs, losses, premiums, penalties or out-of-pocket expenses, if any, incurred or suffered by Lessor or Owner Participant, any Affiliate of
Lessor or Owner Participant or any Financing Party in liquidating or employing funds raised on any interbank market or internally by Lessor or Owner Participant or their respective Affiliates or otherwise in connection with the financing of
Lessor’s or Owner Participant’s purchase or ownership of the Aircraft and/or the setting of the Rent and/or the unwinding or terminating or maintaining any swap agreement, interest rate agreement or other financial instrument relating in
whole or in part to such financing and/or the leasing of the Aircraft hereunder, and/or any amounts receivable by Lessor or Owner Participant pursuant to this Agreement; 
 Business Day means: 
  

	 	(a)	in the case of payments, any day (other than a Saturday or Sunday) on which banks are open for business in New York; and 

 

	 	(b)	in all other cases, any day (other than a Saturday or Sunday) on which banks are open for business in New York, London, Dublin and México City, México;

 Conditions Precedent means the conditions specified in Schedule 3 (Conditions Precedent); 

Consolidated Text means the Consolidated Text of the Convention and the Protocol attached to Resolution No. 1 of the Final Act of the
Diplomatic Conference to adopt the Convention and the Protocol held under the auspices of ICAO and UNIDROIT at Cape Town, South Africa from 29 October to 16 November 2001; 
 Contracting State shall have the meaning given to it in the Consolidated Text; 

Convention means the Convention on International Interests in Mobile Equipment signed in Cape Town, South Africa on November 16, 2001;

 CPCP means corrosion prevention and control program; 
 Cycle means one take-off and landing of the Aircraft; 
 Damage Notification
Threshold means ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 70 - 

 Default means any Event of Default and any condition, event or circumstance which, with the
giving of notice and/or lapse of time, would, if such time had elapsed at the time of the occurrence of such condition, event or circumstance, constitute an Event of Default; 
 Default Interest mans any interest paid or payable pursuant to clause 8.2; 

Default Rate means a rate of interest per annum equal to LIBOR plus ***** per annum; 

Delayed Delivery Event means the occurrence of any of the following: 

 

	 	(a)	war, civil disturbance or act of any Government Entity, natural disaster, labor disputes, unexpected shortage of labor, materials or facilities affecting the Aircraft;
or 

  

	 	(b)	any defect or non-conformity with the Delivery Condition Specification notified by Lessee to Lessor during the Pre-Delivery Procedure; or 

 

	 	(c)	any failure to deliver the Aircraft by any Person, including any seller or manufacturer, with possession or control of the Aircraft, whether or not a breach of contract
by any Person, to Lessor for any reason (other than because of any default of Lessor); or 

  

	 	(d)	any purchase agreement for the Aircraft terminating prior to Delivery (other than because of any default of Lessor); or 

 

	 	(e)	any delays that Lessor cannot reasonably control in obtaining the Aircraft or any equipment or services for the Aircraft; or 

 

	 	(f)	any other cause which is beyond the reasonable control of Lessor; 

 Delivery means delivery of the Aircraft on lease by Lessor to Lessee under this Agreement; 
 Delivery Condition Specification means the condition detailed in Schedule 6; 

Delivery Date means the date on which Delivery occurs; 
 Delivery Location means Toulouse, France, Hamburg, Germany or such other location as may be agreed by Lessor and Lessee; 
 Deposit ***** 
 Deregistration Power of Attorney means an irrevocable
power of attorney in Agreed Form authorizing Lessor or such other Person as Lessor may from time to time specify to do any thing or act or to give any consent or approval which be required to obtain deregistration of the Aircraft and export the
Aircraft from the Habitual Base upon termination of the leasing of the Aircraft under this Agreement, and, if applicable, duly notarized and legalized; 
 Discount Rate means ***** per annum; 
 Dollars, $ and US$
means the lawful currency of the United States of America and, in relation to all payments in dollars to be made under or pursuant to this Agreement, in immediately available funds; 
 EASA means the European Aviation Safety Agency and any successor thereof; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 71 - 

 Engine means, whether or not for the time being installed on the Aircraft: 

 

	 	(a)	the engines specified in the Acceptance Certificate; or 

  

	 	(b)	any engine which has replaced that engine, title to which has, or should have, passed to Lessor in accordance with this Agreement, 

and in each case includes all modules and Parts from time to time belonging to or installed in that engine but excludes any properly replaced engine
title to which has, or should have, passed to Lessee pursuant to this Agreement; 
 Engine Cycle means, with respect to an Engine,
one take off and landing of the airframe on which that Engine is installed. 
 Engine Flight Hour means each hour or part thereof
an Engine is operated, elapsing from the moment the wheels of an aircraft on which such Engine is installed leave the ground until the wheels of such aircraft next touch the ground; 
 Engine Performance Restoration shall mean off-wing engine shop visits including performance restoration or full overhaul of all core modules of the relevant Engine, accomplished in
accordance with the Engine manufacturer’s workscope planning document as customized for Lessee, with a scheduled Life Limited Part and Airworthiness Directive release of no less than 7,500 Cycles and 3 years and on-condition release of no less
than 11,000 Flight Hours and 7,500 Cycles and 3 years; 
 Engine Thrust means the “Engine Thrust Rating” of the Engines
as set out in Schedule 6; 
 Engine Total Loss means the occurrence with respect to an Engine only, whether or not installed
on the Airframe, of any of those events described in the definition of Total Loss; 
 Engine Warranties Assignment means the
assignment entered into or to be entered into on or prior to the Delivery Date in relation to the Engines between Lessee as assignor and Lessee as assignee; 
 Equipment Change has the meaning given to it in clause 13.7 (Equipment Change); 
 Eurocontrol means the European Organisation for the Safety of Air Navigation; 

Event of Default means any event or circumstance specified in clause 20 (Events of Default); 

Excluded Country means any country to which the export and/or use of Airbus aircraft is not permitted under any sanctions orders or
legislation from time to time promulgated by any of the United Nations, the European Union or any Government Entity of the State of Registration or any country having jurisdiction over Lessor or any Affiliate of Lessor, the effect of which prohibits
or restricts the export and/or use of Airbus aircraft to and from and within to such country; 
 Excluded Maintenance has the
meaning given to it in Schedule 8 (Maintenance Rent); 
 Expiry Date means the date determined in accordance with
clause 4 (Expiry Date); 
 FAA means the Federal Aviation Administration of the United States of America and any
successor thereof; 

  
 - 72 -

 FAR means the Federal Aviation Regulations set forth in Title 14 of the United States
Code of Federal Regulations; 
 Final Inspection has the meaning given to it in Schedule 13 (Return Conditions);

 Financial Indebtedness means any indebtedness in respect of: 

 

	 	(a)	moneys borrowed or raised; or 

  

	 	(b)	any liability under any debenture, bond, note, loan stock, acceptance, documentary credit or other security; or 

 

	 	(c)	the acquisition cost of any asset, to the extent payable before or after the time of acquisition or possession not being indebtedness in respect of the purchase or
acquisition of goods and/or services in the ordinary course payment for which is deferred for a period of not more than thirty (30) days or in respect of goods and services the purchase price is not material, ninety (90) days; or

  

	 	(d)	any capital amount in respect of any finance lease payable by Lessee which would be shown as an obligation in a balance sheet prepared in accordance with accounting
principles generally accepted in Lessee’s state of incorporation; or 

  

	 	(e)	any guarantee, indemnity or similar assurance against financial loss issued in favor of any Person in respect of any obligation of a kind referred to in
paragraph (a) to (d) above; 

 Financing Parties means any Affiliate of Lessor or Owner Participant who
provides finance to Lessor or Owner Participant in connection with Lessor’s or Owner Participant’s acquisition of the Aircraft and/or any other Person or Persons from time to time notified by Lessor or Owner Participant to Lessee as
providing finance to Lessor or Owner Participant in respect of its acquisition, ownership or leasing of the Aircraft, whether by way of loan, head lease or otherwise or acting as agent or security trustee in relation to any such financing;

 Financing Statements means Uniform Commercial Code Financing Statements in respect of this Agreement and the Aircraft and
Engines leased hereunder prepared in a form acceptable for filing with the applicable Government Entities in the state in which Lessee is located (as determined pursuant to Section 9-307 of the Uniform Commercial Code as in effect in such
state) and such other jurisdictions as Lessor shall reasonably require; 
 Flight Hour means each hour or part thereof (rounded up
to two decimal places) elapsing from the moment the wheels of the Aircraft leave the ground on take off until the wheels of the Aircraft next touch the ground; 
 French DGAC means la Direction Générale de l’Aviation Civile; 

Geneva Convention means the Convention on the International Recognition of Rights in Aircraft signed at Geneva, Switzerland on 19 June
1948, and amended from time to time; 
 Government Entity means: 

 

	 	(a)	any national government, political subdivision thereof, or local jurisdiction therein; 

  
 - 73 -

	 	(b)	any instrumentality, board, commission, court, or agency of any thereof, however constituted; 

 

	 	(c)	any association, organization, or institution 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; and 

  

	 	(d)	to the extent that an airport or air navigation service is not run or provided by an entity which falls within sub-paragraph (a) - (c) above, the relevant such
entity, body, corporate, organization or institution to the extent it has authority over the Aircraft or the Lessee from time to time; 

 Gross Negligence means, in relation to an Indemnitee or Tax Indemnitee, gross negligence as determined under New York law; 
 Habitual Base means ***** or (i) if a sub-lease complying with the terms of clause 11.3 this Agreement is in effect, ***** or (ii) such other base agreed by Lessor; 

Holding Company means, in relation to any Person, any other Person of which it is a Subsidiary; 

IATA means the International Air Transport Association; 
 Indemnitees means Lessor, Owner Participant, the Financing Parties, each of their Affiliates and each of their respective successors and permitted assigns, and each of their shareholders,
Affiliates, contractors performing services at Lessor’s direction in respect of the Aircraft or this Agreement, trustees, beneficiaries, members, directors, officers, servants, agents and employees; 

Insurances means insurances and any reinsurances in respect of the Aircraft described in and complying with the requirements of
clause 16 (Insurances) and Schedule 5 (Insurance Requirements); 
 International Interest shall have the
meaning given to such term in the Consolidated Text; 
 International Registry shall have the meaning given to such term in the
Consolidated Text; 
 JAA means the European Joint Aviation Authority and any successor thereof; 

JAR means the Joint Aviation Requirements of the JAA; 
 Landing Gear means the complete strut assembly, consisting of the inner and outer cylinders of each main landing gear and nose landing gear and all associated parts that comprise each
landing gear assembly, as listed in the Manuals and Technical Records including side struts, braces, and uplock and downlock mechanisms but excluding, without limitation, rotable parts such as wheels, tires, brakes, transducers and switch
assemblies; 
 Landing Gear Overhaul means an overhaul accomplished in accordance with the manufacturer’s component
maintenance manual and with a calendar release in respect of Life Limited Parts, Airworthiness Directives, corrosion prevention and control program CPCP requirements of no less than 20,000 cycles and 10 years; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 74 - 

 Law includes common or customary law and any constitution, decree, judgment, legislation,
order, ordinance, regulation, statute, treaty or other legislative measure in any jurisdiction or any present or future directive, regulation, request or requirement (in each case, whether or not having the force of law but, if not having the force
of law, the compliance with which is in accordance with the general practice of Persons to whom the directive, regulation, request or requirement is addressed); 
 LBA means the Luftfahaut-Bundesamt or any successor agency having jurisdiction over civil aviation in the Federal Republic of Germany; 

Lessee Conditions Precedent means the Conditions Precedent to be satisfied by Lessee, listed at paragraph 1 of Schedule 3
(Conditions Precedent); 
 Lessee’s Certificate means a certificate in the Agreed Form to be provided by Lessee to
Lessor; 
 Lessor Condition Precedent means the Conditions Precedent to be satisfied by Lessor, listed at paragraph 3 of
Schedule 3 (Conditions Precedent); 
 Lessor Lien means: 

 

	 	(a)	any Security Interest from time to time created by or through Lessor, Owner Participant, any Affiliate of Lessor or Owner Participant or any Financing Party in
connection with the financing of the Aircraft; 

  

	 	(b)	any other Security Interest in respect of the Aircraft which results from acts of or claims against Lessor or Owner Participant or their respective Affiliates or any
Financing Party not related to the transactions contemplated by or permitted under this Agreement or the other Operative Documents; and 

  

	 	(c)	any Security Interest in respect of the Aircraft for Lessor Taxes; 

 Lessor Taxes means Taxes specified in clause 21.3(b); 
 Letter of
Credit means a letter of credit provided pursuant to and in accordance with clause 6.3; 
 LIBOR means, in relation
to any period and amount in respect of which an interest rate falls to be determined pursuant to this Agreement: 
  

	 	(a)	the British Banking Association (BBA) US Dollar fixing of the London Inter-Bank Offered Rate, as appearing on page BBAM1 of Bloomberg (or successor or replacement page)
or equivalent page published by an alternative information provider for the specified period at or around 11:00 a.m. on the Quotation Date therefor; or 

 

	 	(b)	if no such rate is available, the rate determined by Lessor to be the arithmetic mean (rounded upwards, if not already such a multiple, to the nearest whole multiple of
one sixteenth of one per cent.) of the rates (as notified to Lessor) at which each of the Reference Banks (on the basis that at least two Reference Banks so notify Lessor) was offering to prime banks in the London Interbank Market, on the Quotation
Date, deposits in dollars for the specified period; 

 for the purposes of this definition, specified period means
the period having a duration equal to or as close as practicable to the relevant period in respect of which LIBOR falls to be determined; 

  
 - 75 -

 Life Limited Part means any Part that has a pre-determined life limit as mandated by
Manufacturer, the Aviation Authority, the French DGAC or any other Government Entity having jurisdiction, which requires any such Part to be discarded upon reaching such life limit; 
 Loss means any loss, liability, action, claim, proceeding, judgment, penalty, fine, damages, fee, cost or expense (including legal fees and expenses, including legal fees and expenses
incurred to enforce any applicable indemnity); 
 Maintenance Contributions shall have the meaning given to it in paragraph 1
of Schedule 14 (Maintenance Contributions); 
 Maintenance Performer means such Person approved by JAA/EASA to perform
maintenance and/or modification services on commercial aircraft and/or commercial aircraft engines which Person shall be agreed by Lessor and Lessee to have internationally recognized standing and reputation with first-class experience, first class
facilities and suitable equipment to perform such services on aircraft and/or engines of the same or improved model as the Aircraft or in the case of the Engines, engines; 
 Maintenance Program means an Air Authority approved Maintenance Program for the Aircraft based on the Manufacturer’s Maintenance Planning Document and in accordance with
Manufacturer’s and/or the OEM’s specifications, requirements, mandatory service bulletins, planning documents, maintenance manuals and documents and encompassing scheduled maintenance (including block maintenance), condition monitored
maintenance, and/or on condition maintenance of Airframe, Engines and Parts, including (but not limited to) servicing, testing, preventive maintenance, repairs, structural inspections, system checks, overhauls, approved modifications, service
bulletins, engineering orders, airworthiness directives, corrosion control, inspections and treatments; 
 Maintenance Rent means
together the Airframe Rent, the Engine Performance Restoration Rent, the Engine LLP Rent, the Landing Gear Overhaul Rent and the APU Performance Restoration Rent (each as defined in Part A of Schedule 8 (Maintenance Rent));

 Major Checks means an Airframe 6 Year Block Structural Check, and an Airframe 12 Year Block Structural Check, and any similar
check as determined by the Manufacturer; 
 Mandatory Orders means all and any Aviation Authority and JAA/EASA mandatory orders
and regulations applicable to the Aircraft, any Engine or any Part; 
 Manufacturer means, in relation to the Airframe, Airbus or,
in relation to the Engines, International Aero Engines A.G; 
 Manufacturer’s Maintenance Planning Document or MPD means the
planning document relating to recommended maintenance of the Aircraft issued by Manufacturer, as the same may from time to time be amended, modified or supplemented; 
 Master Agreement means the Master Agreement dated as of March 12, 2007 between Parent, Lessor and Lessee relating to the purchase and leasing of the Aircraft hereunder and the aircraft
covered by certain Other Agreements, as amended and supplemented by Master Agreement Supplement No. 1 dated as of January 25, 2008 between Parent, Owner Participant and Lessee. 
 Material Lessee Affiliate means the Parent and each Subsidiary of the Parent which as of the date of the then most recent quarterly financial statements prior to any date of determination
accounts for more than 5% of the Parent’s consolidated total assets or more than 5% of the Parent’s consolidated total revenue or more than 5% of the Parent’s consolidated net income. 

  
 - 76 -

 Mexico means the United Mexican States. 

Minimum Liability Coverage means ***** for general liability, and ***** for war risk liability, each occurrence, each aircraft; 

MR Rates means together the Airframe Rent Rate, the Engine Performance Restoration Rate, the Engine LLP Rent Rate, the Landing Gear
Overhaul Rent Rate and the APU Performance Restoration Rate (each as defined in Part A of Schedule 8 (Maintenance Rent), and MR Rate shall mean any of them as the context may require; 

OEM means in relation to any Part or part the original equipment manufacturer of such Part or part; 

Operational Derate means operation of an Engine below the maximum thrust level for such Engine; 

Operative Documents means (a) this Agreement, the Acceptance Certificate, the Deregistration Power of Attorney, the Letter of Credit,
the Participation Agreement, the Master Agreement, the Airframe Warranty Assignment, Engine Warranties Assignment and the Aircraft Purchase Agreement Assignment, together with (b) any schedules, documents, notices or certificates from time to
time executed or issued by Lessee pursuant thereto and (c) any side letters, supplements, amendments or modifications to any of the foregoing from time to time executed or agreed to by Lessee which (other than in the case of amendments to
Operative Documents, which shall automatically be Operative Documents), are agreed in writing by Lessor and Lessee to be Operative Documents for the purposes of this Agreement; 
 Other Agreements means the aircraft lease agreements relating to ***** aircraft bearing manufacturer’s serial number 3045, 3069, 3253, 3279 and 3672, and any other aircraft lease
agreement or other agreement from time to time entered into between Lessor (or any Affiliate of Lessor, or Owner Participant, including a trust of which the beneficiary is Owner Participant or an Affiliate of Owner Participant) and Lessee (or any
Affiliate of Lessee); provided, however, that solely for the purpose of Clause 20.1(e)(iv), Other Agreements includes any aircraft lease agreement or other agreement managed or serviced by Owner Participant or any Affiliate of Owner Participant;

 Other Aircraft has the meaning given to it in clause 13.5 (Installation of Engines and Parts on Other Aircraft);

 Owner Participant means RBS Aerospace Limited, a company incorporated under the laws of Ireland, whose registered office is at
IFSC House, IFSC, Dublin 1, Ireland; 
 Owner Trustee means Wells Fargo Bank Northwest, National Association, as national banking
association, in its capacity as Owner Trustee; 
 Parent means Controladora Vuela Compañia de Aviacion S.A. de C.V.;

 Part means, whether or not for the time being installed on the Aircraft: 

 

	 	(a)	any component, furnishing or equipment (other than a complete Engine) furnished with the Aircraft on the Delivery Date; and 

 

	 	(b)	any other component, furnishing or equipment (other than a complete Engine) title to which has, or should have, passed to Lessor pursuant to this Agreement;

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 77 - 

 but excludes any such items title to which has, or should have, passed to Lessee pursuant to this Agreement;

 Participation Agreement means the participation agreement dated on even date herewith between Owner Participant and Lessee,
including the consent and agreement thereto between Owner Participant, Lessee and the Manufacturer in respect of the Aircraft in the Agreed Form; 
 Permitted Lien means: 
  

	 	(a)	any lien for Taxes not assessed or, if assessed, not yet due and payable, or being contested in good faith by appropriate proceedings; 

 

	 	(b)	any lien of a repairer, mechanic, carrier, hangarkeeper, airport, air navigation authority or other similar lien arising in the ordinary course of business by operation
of law in respect of obligations which are not overdue or are being contested in good faith by appropriate proceedings; and 

 but
only if (in the case of both (a) and (b)) (i) adequate reserves have been taken by Lessee for the payment of such Taxes or obligations; and (ii) such proceedings, or the continued existence of such lien, do not give rise to any
material risk of the sale, forfeiture or other loss of the Aircraft or any interest therein or any risk of criminal liability on Lessor or any other Indemnitee; 
  

	 	(c)	any Lessor Lien; and 

  

	 	(d)	any lien arising out of any judgment or award against Lessee provided such judgment or award is discharged, vacated or the execution thereof stayed pending appeal
within thirty (30) days of the date of entry thereof and so long as during any such period such judgment or award does not involve any material risk of the sale, forfeiture or other loss of the Aircraft or any risk of criminal or unindemnified
civil liability against Lessor or any other Indemnitees. 

 Permitted Sub-Lessee has the meaning given to it in
clause 11.3; 
 Person means any individual, firm, partnership, joint venture, trust, corporation, Government Entity,
corporate or business association, committee, department, authority or any other entity, incorporated or unincorporated, whether having distinct legal personality or not, or any member of the same and Persons shall be construed accordingly;

 Post-Delivery Authorizations and Filings means each of the following: 

 

	 	(a)	evidence that the Bill of Sale, duly notarized and legalized and accompanied by a Spanish translation thereof certified by a Mexican court registered translator as true
and correct, and an application for registration thereof, have been submitted to the Mexican Aeronautical Registry (Registro Aeronáutico Mexicano), together with payment of all fees and Taxes in connection with such submission, which
shall be obtained (and a copy provided to Lessor) within five (5) Business Days following the Delivery Date; 

  
 - 78 -

	 	(b)	Certificate of Airworthiness (Certificado de Aeronavegabilidad) and Certificate of Registration (Oficio de Asignación de Matrícula) for the
Aircraft issued by the Department of Civil Aviation (Dirección General de Aeronáutica Civil), which shall be obtained (and a copy provided to Lessor) within five (5) Business Days following the Delivery Date;

  

	 	(c)	temporary import license for the Aircraft in Mexico, which shall be obtained (and evidence thereof provided to Lessor), together with evidence that such permit has been
filed with the Air Authority, that Lessee has paid all import duties related to the transaction contemplated by this Agreement and that the import of the Aircraft into Mexico is exempt from Taxes, within five (5) Business Days following the
Delivery Date; 

  

	 	(d)	definitive registration of this Agreement (including the Acceptance Certificate) and the DGAC Bill of Sale with the Mexican Aeronautical Registry (Registro
Aeronáutico Mexicano), which registration shall show Lessor as owner and lessor and Lessee as operator and possessor of the Aircraft and shall be completed (and evidence thereof provided to Lessor) within forty-five (45) days
following the Delivery Date, but evidence of the submission of this Agreement, the Acceptance Certificate and the DGAC Bill of Sale (each duly notarized and legalized and accompanied by a Spanish translation thereof certified by a Mexican court
registered translator as true and correct) to the Mexican Aeronautical Registry (Registro Aeronáutico Mexicano) and the payment of all fees and Taxes in connection with such submission shall be provided to Lessor within ten
(10) Business Days following the Delivery Date; and 

  

	 	(e)	a copy of Lessee’s air operator’s certificate annotated to reflect the addition of the Aircraft to Lessee’s fleet, within 30 days following the
Delivery Date. 

 Pre-Delivery Authorizations and Filings means each of the following: 

 

	 	(a)	evidence that this Agreement, duly notarized and legalized and accompanied by a Spanish translation hereof certified by a Mexican court registered translator as true
and correct, and an application for registration thereof, have been submitted to the Mexican Aeronautical Registry (Registro Aeronáutico Mexicano), together with payment of all fees and Taxes in connection with such submission;

  

	 	(b)	evidence that Lessee has received from the Department of Civil Aviation (Dirección General de Aeronáutica Civil) a temporary Mexican registration
mark; 

  

	 	(c)	such other authorizations, filings, registrations and other like action to made with or obtained from any Government Entity as Lessor may reasonably request; and

  

	 	(d)	evidence of a temporary registration certificate issued by the Aviation Authority. 

 Protocol means the Protocol to the Convention on Matters Specific to Aircraft Equipment, signed in Cape Town, South Africa on 16 November 2001; 

Quotation Date means, in relation to any period in respect of which LIBOR is to be determined, the day falling two (2) Business Days
before the beginning of such period; 

  
 - 79 -

 Redelivery Date means the date on which the Aircraft is redelivered by Lessee to Lessor in
accordance with the terms of this Agreement; 
 Redelivery Location means Toluca Airport, México or, if Lessee so notifies
Lessor not less than 45 days prior to the Scheduled Expiry Date, El Salvador International Airport, El Salvador, or such other location as may be agreed by Lessor and Lessee; 
 Redelivery Maintenance Payment Adjustments means all adjustments to be made pursuant to Schedule 12 (Redelivery Maintenance Payment Adjustments); 

Reference Banks means The Royal Bank of Scotland plc, Barclays Bank plc and Citibank N.A.; 

Regulation means any Law or regulation of any governmental entity, official directive or mandatory requirement which applies to Lessee or
the Aircraft and any Law or regulation, official directive or recommendation or mandatory requirement which applies to Lessor; 
 Related
Relevant Period has the meaning given to it in clause 5.3(d) (Rent); 
 Relevant Period has the meaning given
to it in clause 5.3(a) (Rent); 
 Removed Engines has the meaning given to it in clause 13.2 (Removed Engines
and Parts); 
 Removed Part has the meaning given to it in clause 13.2 (Removed Engines and Parts); 

Rent means all amounts payable pursuant to clause 5 (Rent); 
 Rent Adjustment Factor means the rent adjustment factors set out in Schedule 4 (Rent Adjustment Factors); 
 Rent Date means the first day of each Rent Period; 
 Rent Period means
each period ascertained in accordance with clause 5.1 (Rent Periods); 
 Replacement Engine means a replacement engine
complying with clause 13.6 (Permanent Replacement of Engines and Parts); 
 Return Conditions means the conditions
specified in Schedule 13 (Return Conditions); 
 Scheduled Delivery Date means the date in the Scheduled Delivery
Month notified by Airbus or Parent to Lessor, at least 5 Business Days in advance thereof, as the Scheduled Delivery Date under the Aircraft Purchase Agreement; 
 Scheduled Delivery Month means March, 2008; 
 Scheduled Expiry Date
means the day immediately before the day falling 84 months after the Delivery Date; 
 Security Interest means any
mortgage, charge, pledge, lien, encumbrance, assignment, lease, sublease, hypothecation, right of set-off or any other agreement or arrangement having the effect of conferring security or creating an encumbrance; 

State of Incorporation means México; 

  
 - 80 -

 State of Registration means México or any other country in which the Aircraft is from
time to time registered in accordance with clause 10.5 (Registration and Protection); 
 Subsidiary means, in
reference to any Person: 
  

	 	(a)	in relation to any reference to accounts, any company whose accounts are consolidated with the accounts of such Person in accordance with accounting principles
generally accepted under accounting standards of the State of Incorporation; 

  

	 	(b)	for any other purpose, an entity from time to time: 

  

	 	(i)	of which another has direct or indirect control or owns directly or indirectly more than 50 per cent. of the voting share capital or of which another has the
ability directly or indirectly to appoint or remove more than 50 per cent of the directors with voting rights or officers or of which another has the ability to give effective directions with respect to and control the management and
operational and financial policies and decisions of such person which the directors or other equivalent officers of such person are obliged to comply with; or 

 

	 	(ii)	which is a direct or indirect subsidiary of another under the laws of the jurisdiction of its incorporation; 

Tax Indemnitee means Lessor, Owner Participant, their respective Affiliates and each Financing Party, if any; 

Taxes means all present and future taxes, levies, imposts, duties or charges of any nature whatsoever, and wheresoever imposed, including
(without limitation) value added tax or any similar tax and any franchise, transfer, sales, use, business, occupation, excise, personal property, real property, stamp, gross income, personal property, fuel, leasing, occupational, turnover, excess
profits, excise, gross receipts, franchise, registration, license, corporation, capital gains, export/import, income, levies, imposts, withholdings or other taxes or duties of any nature whatsoever (or any other amount corresponding to any of the
foregoing) now or hereafter imposed, levied, collected, withheld or assessed by any national or regional taxing or fiscal authority or agency, together with any penalties, additions to tax, fines or interest thereon, and Tax and Taxation shall be
construed accordingly; 
 Technical Status Report means a monthly report on the operation of the Aircraft Engines and Parts
including Flight Hours, Cycles, Engine Flight Hours and Engine Cycles operated by the Airframe and Engines in respect of each calendar month in the Agreed Form; 
 Term means the period commencing on the Delivery Date and ending on the Expiry Date; 

Total Loss means, with respect to the Aircraft (including for the purposes of this definition the Airframe) or an Engine: 

 

	 	(a)	the actual, constructive, compromised, arranged or agreed total loss of the Aircraft or any Engine (including any damage to the Aircraft or any Engine or requisition
for use or hire which results in an insurance settlement on the basis of a total loss); or 

  

	 	(b)	the Aircraft or any Engine being destroyed, damaged beyond economic repair or permanently rendered unfit for normal use for any reason whatsoever; or

  
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	 	(c)	the requisition of title, confiscation, forfeiture or other compulsory acquisition of title for any reason of the Aircraft or any Engine by the government of the State
of Registration or any other authority (whether de jure or de facto); or 

  

	 	(d)	the hi-jacking, theft, disappearance, seizure or requisition for use or hire of the Aircraft or any Engine which deprives any Person permitted by this Agreement to have
possession and/or use of the Aircraft of its possession and/or use for more than sixty (60) days or such lesser number of days as ends on the Expiry Date; 

 Total Loss Date means with respect to the Aircraft (including for the purposes of this definition, the Airframe) or an Engine: 

 

	 	(a)	in the case of an actual total loss or destruction, damage beyond economic repair of the Aircraft or any Engine, or the Aircraft or an Engine being rendered permanently
unfit, the date on which such loss, destruction, damage or rendition occurs (or, if the date of loss or destruction is not known, the date on which the Aircraft or Engine was last heard of); 

 

	 	(b)	in the case of a constructive, compromised, arranged or agreed total loss of the Aircraft or any Engine, whichever shall be the earlier of (i) the date being sixty
(60) days after the date on which notice claiming such total loss is issued to the insurers or brokers, and (ii) the date on which such loss is agreed or compromised by the insurers; 

 

	 	(c)	in the case of requisition for title, confiscation, forfeiture or other compulsory acquisition or similar event of the Aircraft or any Engine by the government of the
State of Registration or any other authority, the date on which the same takes effect; and 

  

	 	(d)	in the case of hi-jacking, theft, disappearance, seizure or requisition for use or hire of the Aircraft or any Engine, the earlier of (i) the last day of the
period referred to in paragraph (d) of the definition of Total Loss and (ii) the date on which the Insurers make payment on the basis of a Total Loss; 

 Trust Estate has the meaning set out in the Trust Agreement (MSN 3450) for that certain A319-133 Aircraft dated on or about January 25, 2008 between Owner Trustee and Owner Participant;
and 
 UCC means the Uniform Commercial Code as enacted in the State of New York or, if the laws of another state of the United
States so provide, as enacted in such state. 
 Construction and Usage 

 

	1.2      (a)	References in this Agreement to: 

  

	 	(i)	any statutory or other legislative provision shall be construed as including any statutory or legislative modification or re-enactment thereof, or any provision enacted
in substitution therefor; 

  

	 	(ii)	“Lessor” or “Lessee” include any assignee or successor in title to Lessor or Lessee respectively (subject to the provisions of clause 22);

  

	 	(iii)	any deed, agreement or instrument shall include any such deed, agreement or instrument as may from time to time be amended, supplemented or substituted;

  
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	 	(iv)	an “agreement” also include a concession, contract, deed, franchise, license, treaty or undertaking (in each case, whether oral or written);

  

	 	(v)	the “assets” of any Person shall be construed as a reference to the whole or any part of its business, undertaking, property, assets and revenues (including
any right to receive revenues); 

  

	 	(vi)	“month” is a reference to a period which starts on one day in a calendar month and ends on the day immediately preceding the numerically corresponding day in
the next calendar month, except that if there is no numerically corresponding day in that next month it shall end on the last day of that next month (and references to “months” shall be construed accordingly); and 

 

	 	(vii)	“includes,” “including”, “include” or similar terms shall not be construed as limiting and shall mean “including, without
limitation”. 

  

	 	(b)	Headings are for ease of reference only. 

  

	 	(c)	Where the context so admits, words importing the singular number only shall include the plural and vice versa, and words importing neuter gender shall include the
masculine or feminine gender. 

  
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 Schedule 2 
 REPRESENTATIONS AND WARRANTIES 
  

	1.	Lessee’s Representations and Warranties 

Lessee represents and warrants to Lessor and Owner Participant on the date of execution of this Agreement and on the Delivery Date in each case by
reference to the facts and circumstances existing on such date that: 
  

	 	(a)	Status: Lessee is a sociedad anónima de capital variable duly incorporated and validly existing and in good standing under the laws of the
State of Incorporation; 

  

	 	(b)	Power and Authority: (i) Lessee and each relevant Lessee Affiliate has the corporate power and authority to carry on its business as presently being
conducted and to enter into and perform its obligations under this Agreement and each other Operative Document to which Lessee or such Lessee Affiliate is a party, (ii) Lessee and each relevant Lessee Affiliate has taken all necessary corporate
action to authorise the entry into, performance and delivery of, this Agreement and each other Operative Document to which Lessee or such Lessee Affiliate is a party and (iii) this Agreement and each other Operative Document has been duly
executed and delivered by Lessee or such Lessee Affiliate; 

  

	 	(c)	Legal validity: this Agreement and each other Operative Document constitutes legal, valid and binding obligations of Lessee and each relevant Lessee
Affiliate party thereto, enforceable against Lessee or such Lessee Affiliate in accordance with its terms, except insofar as enforceability may be limited by (i) applicable bankruptcy and/or similar laws affecting creditors’ rights
generally or (ii) general principles of equity; 

  

	 	(d)	Non-conflict: the entry into and performance by Lessee and each relevant Lessee Affiliate of, and the transactions contemplated by, this Agreement and
each other Operative Document do not and will not: (i) conflict with any Laws or Regulations applicable to Lessee or such Lessee Affiliate; or (ii) conflict with the constitutional documents (estatutos sociales) of Lessee or such
Lessee Affiliate; or (iii) conflict with or result in default under any document which is binding upon Lessee or such Lessee Affiliate or any of its assets nor result in the creation of any Security Interest over any of its assets (other than
as contemplated hereby); 

  

	 	(e)	Licenses and permits: Lessee and each relevant Lessee Affiliate holds all licenses, certificates, permits and approvals necessary for the conduct of its
business and the performance of its obligations under this Agreement and each other Operative Document to which Lessee or such Lessee Affiliate is a party; 

 

	 	(f)	Approvals and Consents: except for the Post-Delivery Authorizations and Filings, all Pre-Delivery Authorizations and Filings and all other authorizations,
approvals, consents and notifications required by Lessee and any such relevant Lessee Affiliate in connection with the entry into, performance, validity and enforceability of, this Agreement and each other Operative Document to which Lessee or such
Lessee Affiliate is a party and the transactions contemplated by this Agreement and each other Operative Document to which Lessee or such Lessee Affiliate is a party, have been (or will on or before the Delivery Date have been) obtained or effected
(as appropriate) and are (or will on their being obtained or effected be) in full force and effect; 

  
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	 	(g)	Registrations and Filings: except for the Post-Delivery Authorizations and Filings, no filing or recording of any instrument or document is necessary or
advisable under the laws of the State of Incorporation, the State of Registration or the Habitual Base in order to ensure the validity, effectiveness and enforceability of this Agreement or to establish, perfect or protect the rights and interests
of Lessor in the Aircraft and this Agreement against Lessee and all other Persons; 

  

	 	(h)	Export: no approvals, licenses or consents are necessary to enable Lessor to export the Aircraft from the Habitual Base and to deregister the Aircraft
from the State of Registration upon the termination of the leasing of the Aircraft under this Agreement; 

  

	 	(i)	Excluded Countries: Lessee does not hold a contract or other obligation to operate the Aircraft to or from any country which is an Excluded Country;

  

	 	(j)	Financial Statements: the financial statements delivered to Lessor pursuant to paragraph 1.2(i) of Schedule 3 (Conditions Precedent)
fairly present the financial condition of Lessee as at such date and the results of its operations for the period ended on such date, all in accordance with generally accepted accounting principles in the State of Incorporation applied on a
consistent basis; 

  

	 	(k)	Material Adverse Change: there has been no material adverse change in the financial condition or prospects of the Lessee and its Affiliates on the part of
the Lessee or its Affiliates since the date of the financial statements referred to in paragraph (j) above or in the consolidated financial condition of Lessee or its Affiliates which would materially adversely affect the ability of Lessee or
any Lessee Affiliate to perform its obligations under this Agreement or any other Operative Document; 

  

	 	(l)	No Litigation: no litigation, arbitration or administrative proceedings are pending or, to Lessee’s knowledge, threatened before any court or
administrative agency against Lessee or any Lessee Affiliates which, if adversely determined, would have a material adverse effect upon Lessee’s or such Lessee Affiliate’s financial condition or business or its ability to perform its
obligations under this Agreement or any other Operative Document; 

  

	 	(m)	No Default: no Default has occurred and is continuing or might result from the entry into or performance of this Agreement by Lessee;

  

	 	(n)	Full Disclosure: each of the Operative Documents and any other document, certificate or statement furnished to Lessor by or on behalf of Lessee in
connection with the transactions contemplated hereby or thereby (including, without limitation, financial information) does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements contained herein and therein not misleading; all forecasts and opinions contained therein were made in good faith and, if applicable, based upon assumptions deemed reasonable by Lessee; 

 

	 	(o)	Pari Passu: the obligations of Lessee and of each relevant Lessee Affiliate under this Agreement or any other Operative Document are direct and general
obligations and rank at least pari passu with all other present and future unsecured and unsubordinated obligations (including contingent obligations) of Lessee or such Lessee Affiliate, with the exception of such obligations as are mandatorily
preferred by law and not by virtue of any contract; 

  
 - 85 -

	 	(p)	No Immunity: Lessee and each relevant Lessee Affiliate is subject to civil commercial law with respect to its obligations under this Agreement and each
other Operative Document, neither Lessee nor any Lessee Affiliate nor any of its assets is entitled to any right of immunity and the entry into and performance of this Agreement or any other Operative Document by Lessee and by each relevant Lessee
Affiliate constitute private and commercial acts; 

  

	 	(q)	Import: all required import licenses and all customs formalities relating to the import of the Aircraft into the Habitual Base have been obtained or
complied with and all Taxes payable in connection with the import of the Aircraft into the Habitual Base have been paid; 

  

	 	(r)	Location: Lessee’s location (within the meaning of Section 9-307 of the UCC) is as set forth in clause 10.4(h); 

 

	 	(s)	Tax Election: Prior to or on the Delivery Date, if such law or a successor or similar law is in effect, Lessee will have duly made an election under
Article 25 of the regulations to the Mexican Assets Tax Law (Ley del Impuesto al Activo) or any similar law to be treated as the owner of the Aircraft for the purpose of the application of the tax on assets imposed by that law (or any
successor or similar law), including submission of a letter to the Mexican Ministry of Finance and Public Credit to effectuate and confirm such election; and 

 

	 	(t)	Withholding Tax: Lessee is not required to deduct, from any payment hereunder, any Taxes other than applicable Withholding Tax at a rate, as of the date
of this Agreement, of ***** and the provisions of clause 21 requiring Lessee to “gross-up” Lessor for such Withholding Tax and any applicable rate after the date of this Agreement, are legal, valid, binding and enforceable obligations of
Lessee. 

  

	2.	Lessor’s Representation and Warranties 

Lessor, in its capacity and (but only as provided in clause (b) and (c) below to the extent that it relates to the Owner Trustee) as Owner
Trustee, represents and warrants to Lessee and Owner Participant on the date of execution of this Agreement and on the Delivery Date in each case by reference to the facts and circumstances existing on such date that: 

 

	 	(a)	Status: Lessor, in its individual capacity, is a national banking association duly organised and validly existing in good standing under the laws of the
United States, has full corporate power and authority to carry on its business as so conducted, has the corporate power and authority to execute and deliver the Trust Agreement, has the corporate power and authority to carry out the terms of the
Trust Agreement and has the corporate power and authority to execute and deliver and to carry out the terms of this Agreement; 

  

	 	(b)	Power and Authority: this Agreement has been duly authorized by all necessary corporate action on the part of Owner Trustee, has been duly executed and
delivered by Owner Trustee and constitutes the valid, legal and binding obligation of Owner Trustee enforceable in accordance with its terms except insofar as enforceability may be limited by (i) applicable bankruptcy and similar laws
afflicting creditors’ rights generally or (ii) general principles of equity; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 86 - 

	 	(c)	Non-conflict: the entry into and performance by Lessor of, and the transactions contemplated by, this Agreement does not and will not: (i) conflict
with any Laws or Regulations applicable to Lessor; or (ii) conflict with the constitutional documents of Lessor; or (iii) conflict with or result in default under any document which is binding upon Lessor or any of its assets nor result in
the creation of any Security Interest over any of its assets; and 

  

	 	(d)	Approvals and Consents: no consent, approval, order or authorization of giving of notice to, or registration with, or taking of any other action in
respect of any Utah state or local governmental authority or agency or any United States federal governmental authority or agency regulating the trust powers of the Owner Trustee in its individual capacity is required for the execution and delivery
of or the carrying out by, the Owner Trustee, in its individual capacity or as Owner Trustee, as the case may be, of any of the transactions contemplated hereby or by the Trust Agreement, other than any such consent, approval, order, authorization
registration, notice or action as has been duly obtained, given or taken. 

  

	3.	Owner Participant’s Representation and Warranties 

 Owner Participant hereby represents and warrants to Lessee and Owner Trustee that as of the Effective Time: 
  

	 	(a)	Status: Owner Participant is a company incorporated and validly existing under the laws of Ireland and has the power and authority to enter into and to
perform its obligations under this Agreement; 

  

	 	(b)	Power and Authority: this Agreement has been duly authorized by all necessary corporate action on the part of Owner Participant, has been duly executed
and delivered by Owner Participant and constitutes the valid, legal and binding obligation of Owner Participant enforceable in accordance with its terms except insofar as enforceability may be limited by (i) applicable bankruptcy and similar
laws afflicting creditors’ rights generally or (ii) general principles of equity; and 

  

	 	(c)	Non-conflict: the entry into and performance by Owner Participant of, and the transactions contemplated by, this Agreement does not and will not:
(i) conflict with any Laws or Regulations applicable to Owner Participant; or (ii) conflict with the constitutional documents of Owner Participant; or (iii) conflict with or result in default under any document which is binding upon
Owner Participant or any of its assets nor result in the creation of any Security Interest over any of its assets. 

  

	4.	Survival 

 The representations and warranties of
Lessee pursuant to paragraph 1 of this Schedule 2 (Representations and Warranties) shall survive the execution of this Agreement and Delivery. 

  
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 Schedule 3 
 CONDITIONS PRECEDENT 
 Conditions Precedent to be satisfied by the Lessee

 1. Lessor’s obligations to deliver and lease the Aircraft to Lessee are subject to the satisfaction of the conditions precedent set
out in paragraph 1 to this Schedule 3 (the Lessee Conditions Precedent). All documents delivered to Lessor pursuant to paragraph 1 of this Schedule 3 will be in English and if not in English will be accompanied by a
certified English translation. 
  

	1.1	Pre Execution Conditions Precedent: On or before the date of this Agreement Lessee shall furnish the following to Lessor in each case in form and
substance satisfactory to the Lessor (acting reasonably): 

  

	 	(a)	Signing Authority: written evidence of appropriate corporate action authorizing the execution, delivery and performance of this Agreement and each other
Operative Document and the leasing of the Aircraft hereunder and appointing a specified Person or Persons to execute this Agreement and each other Operative Document on Lessee’s or the relevant Lessee Affiliate’s behalf, and a specimen of
the signature of each Person authorized to execute the Agreement on behalf of Lessee and each relevant Lessee Affiliate; 

  

	 	(b)	Know Your Customer: all such documentation and information from Lessee and each relevant Lessee Affiliate as requested by Lessor in respect of its
“Know Your Customer” checks, anti-money laundering checks and any other similar requirements; and all such checks and requirements shall be satisfactory to Lessor in its sole and absolute discretion; 

 

	 	(c)	Process Agent Letter: from the process agent appointed by Lessee accepting such appointment, together with an irrevocable power of attorney for lawsuits
and collections granted to such process agent, and duly granted before a Mexican notary public under Mexican law; 

  

	 	(d)	Due Execution Opinion: an opinion issued by independent counsel acceptable to Lessor in the State of Incorporation confirming the due execution of the
Agreement and each other Operative Document by Lessee and each relevant Lessee Affiliate, and that the Agreement and each other Operative Document constitutes the legal valid and binding obligations of Lessee and each relevant Lessee Affiliate
enforceable in accordance with its terms subject to bankruptcy, insolvency and similar laws affecting the rights of creditors generally and general principles of equity; 

 

	 	(e)	Approvals: evidence of the issue of each approval, license and consent (other than the Post Delivery Authorizations and Filings) which may be required in
relation to or in connection with the remittance to Lessor in Dollars of all amounts payable under this Agreement and each other Operative Document or the performance by Lessee and each relevant Lessee Affiliate of any of its other obligations
hereunder or thereunder or, if no such approvals are required, a statement to that effect included in the legal opinion referred to in paragraph 1.1(d). 

  
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 Pre Delivery Conditions Precedent 

 

	1.2	On or before the Scheduled Delivery Date, Lessee shall provide the following each in full force as of the Delivery Date and each in form and substance satisfactory to
Lessor (acting reasonably): 

  

	 	(a)	Corporate Documents: (to the extent not provided pursuant to paragraph 1.1(a)) a certified copy of (i) the constitutional documents
(estatutos sociales) of Lessee and each relevant Lessee Affiliate, (ii) the resolutions of the board of directors of Lessee and of each relevant Lessee Affiliate or other written evidence of appropriate corporate action authorizing the
execution, delivery and performance of this Agreement and each other Operative Document and the leasing of the Aircraft hereunder and appointing a specified Person or Persons to execute this Agreement and each other Operative Document on its behalf
and each other Operative Document and (iii) a specimen of the signature of each Person authorized to execute the Agreement and each other Operative Document on behalf of Lessee and of each relevant Lessee Affiliate; 

 

	 	(b)	Opinion: a legal opinion or opinions issued by independent legal counsel acceptable to Lessor in the State of Incorporation and the State of Registration
substantially in the Agreed Form; 

  

	 	(c)	Approvals and consents: evidence of the issue of each authorization, approval, consent and notification which may be required in relation to, or in
connection with, the remittance to Lessor in Dollars of all amounts payable under this Agreement and under each other Operative Document or the performance by Lessee of any of its other obligations hereunder or thereunder or, if no such approvals
are required, a statement to that effect included in the legal opinion described in paragraph 1.2(b); 

  

	 	(d)	Licenses: copies of Lessee’s air transport license, air operator’s certificates, concession and all other licenses, certificates and permits
required by Lessee in relation to, or in connection with, the operation of the Aircraft; 

  

	 	(e)	Intentionally Left Blank; 

  

	 	(f)	Air Traffic Control Letter: a letter in Agreed Form from Lessee addressed to Servicios a la Navegación en el Espacio Aéreo Mexicano,
Aeropuertos y Servicios Auxiliares, and each other relevant air traffic control authority or airport authority pursuant to which Lessee authorizes the addressee to issue to Lessor, upon Lessor’s request at any time that Lessor, following
consultation with Lessee (unless a Default exists), reasonably believes Lessee may not have paid any such sum when due , a statement of account of all sums due by Lessee to such authority in respect of all aircraft (including the Aircraft) operated
by Lessee, such letter to be in the Agreed Form; 

  

	 	(g)	Deregistration Power of Attorney: the Deregistration Power of Attorney, in Spanish and in English, duly notarized and legalized; 

 

	 	(h)	Insurance: a certificate of insurance and reinsurance evidencing the due compliance by Lessee with the insurances required to be maintained pursuant to
this Agreement together with a broker’s letter of undertaking; 

  

	 	(i)	Financial Statements: the balance sheet of Lessee as of December 31, 2006 and its profit and loss account, cashflow statement and the notes to its
financial statements in each case relating to the fiscal year then ended and all certified by the independent auditors of Lessee; 

  
 - 89 -

	 	(j)	Payments: all sums due to Lessor under this Agreement on or before the Delivery Date including the first payment of Rent and the Deposit;

  

	 	(k)	Maintenance: a copy of the preamble and matrix from the Agreed Maintenance Program; 

 

	 	(l)	Acceptance Certificate: the Acceptance Certificate, dated and fully completed, and executed by Lessee; 

 

	 	(m)	International Registry: evidence in a priority search certificate from the International Registry that there are no International Interests, prospective
International Interests or other interests registered in the International Registry in relation to the Airframe or any Engine; 

  

	 	(n)	UCC: Financing Statements with respect to this Agreement and the Aircraft in a form acceptable to Lessor duly executed and delivered by Lessee and duly
filed in each jurisdiction requested by Lessor; 

  

	 	(o)	Mexican Asset Tax: if such law or any successor or similar law is in effect, evidence that Lessee has elected to consider the Aircraft as part of its
assets for the purpose of the Mexican Asset Tax Law (Ley del Impuesto al Activo) or any successor or similar law then in effect, in the form of a file-stamped copy of the letter from Lessee to the Mexican Ministry of Finance and Public Credit
in which Lessee makes such election; and 

  

	 	(p)	General: such other documents and financial information as Lessor may reasonably request. 

Delivery Conditions Precedent 
  

	1.3	On the Delivery Date the following conditions shall be satisfied (and confirmed by a certificate of an authorized signatory of Lessee dated the Delivery Date):

  

	 	(a)	Default: no Default shall have occurred and be continuing or might result from the leasing of the Aircraft to Lessee under this Agreement;

  

	 	(b)	Registration: receipt by Lessor of evidence that on the Delivery Date, except for the Post-Delivery Authorizations and Filings, all Pre-Delivery
Authorizations and Filings and all other filings, registrations and recordings have been made, and that all other actions have been or will be taken which are necessary or advisable to ensure the validity, effectiveness and enforceability of this
Agreement and to protect the rights and interests of Lessor in the Aircraft and, if applicable, the Security Trustee as mortgagee and/or assignee; and 

  

	 	(c)	Representations and Warranties: Lessee shall repeat the representations and warranties in paragraph 1 of Schedule 2 (Representations and
Warranties). 

  

	 	(d)	 Aircraft Sale and Delivery: (i) The Aircraft shall be new “ex factory” in the condition required under the Aircraft
Purchase Agreement and Schedule 6 hereof; (ii) Lessor shall 

  
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have received (x) a certified copy of the full export certificate of airworthiness in relation to the Aircraft issued by the LBA, (y) evidence satisfactory to Lessor that a valid
Certificate of Registration for the Aircraft will be issued in the name of the Lessee with the Lessor’s interest noted on the register by the Aviation Authority and confirmation from the Aviation Authority that it will issue a full certificate
of airworthiness upon Delivery, together with a true and correct copy of the current valid air operator’s certificate and airline operation license, or equivalent, of the Lessee, permitting the Lessee to operate aircraft of the same type as the
Aircraft, issued by the Aviation Authority and (z) the conditions precedent to the Lessor’s obligation to purchase the Aircraft provided for in the Master Agreement shall have been satisfied; (iii) Airbus shall have transferred good
and marketable title to the Aircraft to Lessor free and clear of all Security Interests, except this Agreement, and Lessor shall have accepted the same in accordance with the Aircraft Purchase Agreement Assignment; (iv) receipt by Lessor of
originals (or copies of originals are not practically available) of all Operative Documents duly executed by the parties thereto (other than Lessor); (v) receipt by Lessor of originals of the Aircraft Manufacturer delivery documents and receipt
by Lessor of the delivery documents under the Master Agreement, including an Bill of Sale (duly translated into Spanish, and duly notarized and legalized) from Airbus, buyer furnished equipment listings in respect of the Aircraft and legal opinions;
(vi) neither Lessee nor Parent shall have entered into any agreement with the Manufacturer which does, or would, substantially amend, modify, rescind, cancel or terminate the Aircraft Purchase Agreement in respect of the Aircraft without the
prior written consent of Lessor; and (vii) the Delivery Date shall be occurring within 60 days of the last day of the Scheduled Delivery Month. 

 All opinions, certificates issued by Lessee, letters and instructions described herein as addressed to Lessor shall also be addressed to Owner Participant. 

2. Waiver: Each of the conditions precedent set out in paragraph 1 of this Schedule 3 are for the sole benefit of the Lessor and
maybe waived or deferred in whole or in part with or without conditions. If any condition precedent set out in paragraph 1.2 is not satisfied on the Scheduled Delivery Date, and/or any condition precedent set out in paragraph 1.3 is not
satisfied on the Delivery Date and the Lessor (in its absolute discretion) agrees to deliver the Aircraft to Lessee, Lessee shall ensure that such conditions precedent are fulfilled within 15 days after the Delivery Date and Lessor may treat
the failure of Lessee to do so as an Event of Default. 
 3. Conditions Precedent to be Satisfied by Owner Participant:
Lessee’s obligations to accept delivery and lease the Aircraft from Owner Participant are subject to receipt by Lessee from Owner Participant on or before the Delivery Date of the following, each in form and substance reasonably satisfactory to
Lessee: 
  

	 	(a)	Constitutional Documents: a copy of the constitutional documents of Owner Participant; and 

 

	 	(b)	Resolutions: a copy of a resolution of the board of directors or other written evidence of appropriate corporate action of Owner Participant approving the
terms of, and the transactions contemplated by, this Agreement, resolving that Owner Participant enter into this Agreement and authorizing a specified Person or Persons to execute this Agreement; and 

 

	 	(c)	Confirmation of Irish Tax Residency: Evidence reasonably satisfactory to Lessee confirming Owner Participant’s status as a resident of Ireland for
tax purposes. 

  
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 Schedule 4 
 ***** 
  

													
	 	  	*****	 	  	*****	 	  	*****	 
	 Period 1
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 2
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 3
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 4
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 5
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 6
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 7
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 8
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 9
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 10
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 11
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 12
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 13
	  	 	*****	  	  	 	*****	  	  	 	*****	  
	 Period 14
	  	 	*****	  	  	 	*****	  	  	 	*****	  

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 92 - 

 Schedule 5 
 INSURANCE REQUIREMENTS 
 Types of Insurance 

 

	1.	The Insurances required to be maintained are as follows: 

  

	 	(a)	Hull All Risks of loss or damage whilst flying and on the ground with respect to the Aircraft on an agreed value basis for the Agreed Value and with a deductible not
exceeding ***** each claim, or such other amount agreed by Lessor from time to time; 

  

	 	(b)	Hull War and Allied Perils, being such risks excluded from the Hull All Risks Policy to the fullest extent available from the leading international insurance markets,
including confiscation and requisition by the State of Registration, for the Agreed Value; 

  

	 	(c)	All Risks (including War and Allied Risk except when on the ground or in transit other than by air) property insurance on all Engines and Parts when not installed on
the Aircraft on an “agreed value” basis for their full replacement cost and including engine test and running risks; 

  

	 	(d)	Aircraft Third Party, Property Damage, Passenger, Baggage, Cargo and Mail and Airline General Third Party (including Products) Legal Liability for a combined single
limit (bodily injury/property damage) of an amount not less than the Minimum Liability Coverage for the time being for any one occurrence each aircraft (but in respect of products and personal injury liability, this limit may be an aggregate limit
for any and all losses occurring during the currency of the policy). War and Allied Risks are also to be covered under the policy to the fullest extent available from the leading international insurance markets and customarily obtained by similarly
situated operators (which coverage shall include but not be limited to an extended war risk coverage endorsement equivalent to the terms of AVN52D but for a combined single limit of an amount not less than the Minimum Liability Coverage).

 Terms of Hull and Spares Insurance 
  

	2.	All required hull and spares insurance, so far as it relates to the Aircraft, will: 

 

	 	(a)	Additional Assureds: name Lessor, Owner Participant, the Security Trustee (if any) and the Financing Parties (if any) and their respective successors and
permitted assigns as additional assureds for their respective rights and interests; 

  

	 	(b)	Settlement of Losses: name Lessor as (sole) Loss Payee for the Agreed Value and (sole) Contract Party in respect of any Total Loss of the Aircraft or Airframe
for an amount equal to the Agreed Value and provide that any such Total Loss will be settled jointly by Lessor and Lessee (in respect of which settlement Lessee agrees that it shall comply with the reasonable and lawful instructions of Lessor) so
long as no Event of Default has occurred and is continuing and solely with Lessor if an Event of Default has occurred and is continuing, and will be payable in Dollars directly to Lessor provided that where the loss does not exceed the Damage
Notification Threshold and Lessor has not notified the insurers to the contrary, the loss will be settled with and paid to Lessee; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 93 - 

	 	(c)	50/50 Provision: if separate hull “all risks” and “war risks” insurances are arranged, include a 50/50 provision in accordance with market
practice (AVS. 103 is the current market language); and 

  

	 	(d)	No option to Replace: confirm that the insurers are not entitled to replace the Aircraft in the event of an insured Total Loss. 

Terms of Liability Insurance 
  

	3.	All required liability insurances will: 

  

	 	(a)	Additional Insureds: include Lessor and each of the other Indemnitees, as additional insureds for their respective rights and interests, warranted, each as to
itself only, no operational interest to the extent that Lessee has agreed to indemnify and/or hold harmless such Indemnitees; 

  

	 	(b)	Severability: include a severability of interests clause which provides that the insurance, except for the limit of liability, will operate to give each insured
the same protection as if there was a separate policy issued to each insured; 

  

	 	(c)	Primary Policy: contain a provision confirming that the policy is primary without right of contribution, and the liability of the insurers will not be affected
by any other insurance of which any Indemnitee or Lessee may have the benefit so as to reduce the amount payable to the additional insureds under such policies. 

 Terms of All Insurances 
  

	4.	All Insurances will: 

  

	 	(a)	Prudent Industry Practice: be in accordance with prudent industry practice of Persons operating similar aircraft in similar circumstances;

  

	 	(b)	Dollars: provide cover denominated in dollars and any other currencies which Lessor may reasonably require in relation to liability insurance;

  

	 	(c)	Worldwide: operate on a worldwide basis subject to such limitations and exclusions as are, from time to time, standard in the New York and/or London aviation
insurance markets or as Lessor may agree; 

  

	 	(d)	Acknowledgement: acknowledge the insurer is aware (and has seen a copy) of this Agreement and that the Aircraft is owned by Lessor; 

 

	 	(e)	Breach of Warranty: provide that, in relation to the interests of each of the additional insureds, the Insurances will not be invalidated by any act or omission
by Lessee, or any other Person other than the respective additional insureds seeking protection and shall insure the interests of each of the additional insureds regardless of any breach or violation by Lessee, or any other Person other than the
respective additional insureds seeking protection of any warranty, declaration or condition, contained in such Insurances; 

  
 - 94 -

	 	(f)	Subrogation: provide that the insurers will hold harmless and waive any rights of recourse against the additional assureds or to be subrogated to any rights of
Lessor or Lessee; 

  

	 	(g)	Premiums: provide that the additional insureds will have no obligation or responsibility for the payment of any premiums due (but reserve the right to pay the
same should any of them elect so to do) and that the insurers will not exercise any right of set-off or counter-claim in respect of any premium due against the respective interests of the additional insureds other than outstanding premiums relating
to the Aircraft, any Engine or Part the subject of the relevant claim; 

  

	 	(h)	Cancellation/Change: provide that the Insurances will continue unaltered for the benefit of the additional insureds for at least thirty days after written notice
by registered mail or fax of any cancellation, change, event of non-payment of premium or installment thereof has been sent by insurer(s) to Lessor or where an insurance broker is appointed to the insurance broker who shall promptly send on such
notice to Lessor, except in the case of war risks for which seven days (or such lesser period as is or may be customarily available in respect of war risks or allied perils) will be given, or in the case of war between the five great powers or
nuclear peril for which termination is automatic; 

  

	 	(i)	Reinsurance: reinsurance with reinsurers acceptable to Lessor acting reasonably is required and such reinsurance will: 

 

	 	(i)	be on the same terms as the original insurances and will include the provisions of this Schedule; 

 

	 	(ii)	provide that notwithstanding any bankruptcy, insolvency, liquidation, dissolution or similar proceedings of or affecting the reinsured that the reinsurers’
liability will be to make such payments as would have fallen due under the relevant policy of reinsurance if the reinsured had (immediately before such bankruptcy, insolvency, liquidation, dissolution or similar proceedings) discharged its
obligations in full under the original insurance policies in respect of which the then relevant policy of reinsurance has been effected; and 

  

	 	(iii)	contain a “cut-through” clause in the following form (or otherwise satisfactory to Lessor): 

“The Reinsurers and the Reinsured hereby mutually agree that, in the event of any claim arising under the reinsurances in respect of
a total loss or other claim, as provided by the Aircraft Lease Agreement dated January 25, 2008 and made between Lessor and Lessee, such claim is to be paid to the Person named as sole loss payee under the primary insurances, the Reinsurers
will in lieu of payment to the Reinsured, its successors in interest and assigns pay to the Person named as sole loss payee under the primary insurances effected by the Reinsured that portion of any loss due for which the Reinsurers would otherwise
be liable to pay the Reinsured (subject to proof of loss), it being understood and agreed that any such payment by the Reinsurers will (to the extent of such payment) fully discharge and release the Reinsurers from any and all further liability in
connection therewith; subject to such provisions not contravening any Law of the State of Incorporation;” 

  
 - 95 -

	 	(j)	Initiating Claims: contain a provision entitling Lessor or any insured party to initiate a claim under any policy in the event of the refusal or failure of
Lessee to do so; and 

  

	 	(k)	Indemnities: insure (to the extent of the risks covered by the policies) the indemnity provisions of this Agreement. 

Deductibles 
  

	5.	Lessee shall be responsible for any and all deductibles under the Insurances. 

 Application of Insurance Proceeds 
  

	6.	The Insurances will be endorsed to provide for payment of proceeds as follows: 

 

	 	(a)	Total Loss: all insurance payments received as the result of a Total Loss occurring during the Term will be paid to Lessor, and Lessor will pay the balance of
those amounts to Lessee after deduction of the Agreed Value and all other amounts which may be or become payable by Lessee to Lessor under this Agreement; 

  

	 	(b)	Exceeding Damage Notification Threshold: all insurance proceeds of any property, damage or loss to the Aircraft, any Engine or any Part occurring during the Term
not constituting a Total Loss and in excess of the Damage Notification Threshold will be paid to Lessor and applied in payment (or to reimburse Lessee) for repairs or replacement property upon Lessor being satisfied that the repairs or replacement
have been effected in accordance with this Agreement. Any balance remaining shall be paid to and may be retained by Lessor; 

  

	 	(c)	Below Damage Notification Threshold: insurance proceeds in amounts below the Damage Notification Threshold may be paid by the insurer directly to Lessee;

  

	 	(d)	Liability Proceeds: all insurance proceeds in respect of third party liability will, except to the extent paid by the insurers to the relevant third party, be
paid to Lessor to be paid directly in satisfaction of the relevant liability or to Lessee in reimbursement of any payment so made; and 

  

	 	(e)	Default: notwithstanding the foregoing paragraphs, if at the time of the payment of any such insurance proceeds a Default has occurred and is continuing, all
such proceeds will be paid to or retained by Lessor to be applied toward payment of any amounts which are or become payable by Lessee pursuant to this Agreement and the Other Agreements in such order as Lessor may elect with any remainder after
payment of all amounts payable hereunder or thereunder to be paid to Lessee. 

 To the extent that insurance
proceeds are paid to Lessee, Lessee agrees to comply with the foregoing provisions and apply or pay over such proceeds as so required. 

  
 - 96 -

 Schedule 6 
 ***** 
 In order for the Lessor to be obligated to purchase the Aircraft and lease it to the
Lessee hereunder, the Aircraft shall be new “ex-factory” and comply with the following specifications: 

Specification 
  

			
	General Model	  	A319-133
	Engine Type / SLST	  	V2527E or V2527 TBA
	APU Mfgr & Model	  	Honeywell, model 131-9A
	Registration	  	Mexico
	Manufacturer’s Serial #s	  	3450
	Year Built	  	2008 (March)
	ETOPS	  	No
	Autoland Capability	  	Category 3B
	WEIGHTS, FUEL & Max Taxi	  	75,900 kgs
	CARGO VOLUME Max Take Off	  	75,500 kgs
	Max Zero Fuel	  	58,500 kgs
	Max Landing	  	62,500 kgs
	Fuel Capacity	  	6,302 gallons / 41,291 lbs
	INTERIOR Seating Configuration, F / Y	  	144 Y/C
	CONFIGURATION Total Seats	  	144
	Coat closet Cabin	  	Yes, 2 in the front before row 1 of seats
	Lavatories	  	1 fwd cabin, 2 aft cabin lavs are vacuum type)
	Seat Vendor, First	  	N/A
	Seat Pitch, First	  	N/A
	Seat Vendor, Coach	  	RECARO Model 3510
	Seat Pitch, Coach	  	30 inches except as noted on LOPA
	Escape Path Lighting Location	  	Floor Mounted
	Escape Path Lighting Vendor	  	PER / Lufthansa Guideline 400
	Vendor, Galley G1 and G5	  	Driessen for Fwd. Galley 1 and mini-Galley S3 in aft. Bulkhead, between two lavatories
	Airphone	  	None
	Audio/Visual Entertainment	  	PANASONIC MPES. 16 PSU mounted 10.4” retractable LCD monitors.
	SYSTEMS Wheels & Brakes	  	B F Goodrich
	Brake Fans	  	B F Goodrich
	Electrical	  	115v AC / 28v DC. 90kva
	Hydraulic	  	3,000psi, Eaton pumps

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 97 - 

 Avionics Equipment 
 Significant avionics equipment includes the following: 
  

					
	Quantity	 	Equipment Supplier	 	Part Number
			
	3 Radio Tuning Panels	 	THALES AVIONICS	 	C12848CA01
	2 HFS-900 HF Data Radios	 	Collins	 	822-0330-020
	3 VHF-900 VHF Data Radios	 	Collins	 	822-1047-030
	1 SELCAL Control Panel	 	TEAM	 	BC2065C
	1 SELCAL Decoder	 	Coltech	 	1200008-000
	1 Communications Mgmt Unit	 	N/A	 	N/A
	1 CVR (2 hour)	 	Allied Signal Avionic	 	980-6022-001
	1 DFDAU	 	SAGEM	 	ED48A100
	1 DFDR	 	Honeywell	 	980-4700-042
	1 Accelerometer	 	AMETEK AEROSPACE	 	3001-01-111
	2 Multi-Mode Receiver, ILS/GPS	 	Collins	 	22-1152-121
	2 Low Range Radio Altimeter	 	Collins	 	822-0334-020
	1 Wx Radar w/ PredictiveWindshear	 	Collins	 	822-1710-202
	1 Weather Radar Control Panel	 	Collins	 	622-5130-820
	1 TCAS II Computer	 	Honeywell	 	7517900-10003
	2 ATC Mode S Transponder	 	Collins	 	822-1338-021
	1 TCAS Control Panel	 	THALES AVIONICS	 	C12404AB02
	2 VOR/Marker Beacon Receiver	 	Collins	 	822-0297-020
	2 DME Interrogator	 	Collins	 	822-0329-020
	2 Multipurpose CDU	 	Honeywell	 	4077880-982
	2 FMC w/ Update and 1 MB Nav DB	 	Honeywell	 	C13042BA01
	1 EGPWS Computer	 	Allied Signal	 	965-1676-002

  
 - 98 -

			
	 EPAC Ref.
	  	 Title

		
		  	Introduction of A319-100 Standard Specification at Issue 5
		
	ATA 02	  	Certification
	02.10.100/06	  	High altitude certification up to 14100 ft
	02.10.104/20	  	Certification of dynamically tested passenger seats - all classes
	02.10.111/01	  	Compliance with FAA type certification requirements
	02.10.120/01	  	15 knots tailwind certification at Take - off
	02.10.120/02	  	15 knots tailwind certification at landing
	02.12.108/01	  	Extended environmental envelope ( ISA + 40 )
	02.12.140/03	  	Compliance with FAR 121.344
	02.35.135/XX	  	Cabin BFE equipment turned into SSBFE
	02.35.135/XX	  	Avionics BFE equipment turned into SSBFE
	02.40.101/01	  	External livery
	ATA 03	  	Weights
	03.20.400/XX	  	Design weights MTOW 64 T/ MLW 62.5 T / MZW 58.5 T
	03.20.400/02	  	Design weights increased to MTOW 75.5 T/MLW 62.5 T/MZFW 58.5 T
	ATA 11	  	Placards and markings
	11.00.104/03	  	Identification plates
	11.00.104/26	  	Cockpit identification plate on lavatory partition
	11.00.105/03	  	Installation of additional identification plate on rear LH fuselage (FAA requirements)
	11.00.136/01	  	Second language for residual cabin and cargo pressure doors
	11.20.106/05	  	Exterior placards and markings in Spanish and English
	11.30.100/01	  	Bilingual cabin placards for passengers per customized definition
	11.30.111/36	  	Bilingual EEPMS exit identifier - English below (vertical) and second language (Horiz.) - Airsignal
	11.30.122/07	  	Installation of placards on emergency equipment containers
	11.30.127/72	  	Installation of additional placards in lavatories
	11.20.115/07	  	Ram Air Turbine - bilingual markings (English / Spanish)
	11.20.119/01	  	NLG permanent steering markers (+/-95° wheels positions)
	11.20.125/07	  	RVSM markings
	11.20.128/67	  	Air conditioning packs outlet (RAM AIR)
	11.20.128/75	  	Additional external markings
	ATA 21	  	Air conditioning
	21.27.108/01	  	Avionics ventilation air filter PALL APME QB0452
	21.27.109/04	  	Installation of two ozone catalytic converters (A318 type)
	21.30.000/20	  	Non installation of RPCU
	21.50.050/01	  	Installation of A318 type ECS
	ATA 22	  	Auto flight
	22.70.100/XX	  	FMS alternate equipment
	ATA 23	  	Communications
	23.73.144/01	  	Flashing steward call light
	23.00.132/30	  	ELT installation - BFE
	23.11.115/14	  	Installation of one HF system - COLLINS 900 - DIGITAL ATENNA COUPLER - BFE
	23.13.101/02	  	Installation of third RMP 8.33 KHz capable
	23.50.138/04	  	Cockpit hand microphone alternate equipment – Holmberg

  
 - 99 -

			
	 EPAC Ref.
	  	 Title

		
	23.51.136/06	  	Installation of Plantronics Boom-sets
	23.71.103/10	  	Solid State Cockpit Voice Recorder (SSCVR) – Honeywell
	Global	  	IFE system - PANASONIC
	23.36.007/01	  	Wiring provisions for digital server system (SC-A and crew panel) - PANASONIC
	23.36.105/04	  	Provisions for VCC in OHSC aft of door 1 LH
	Global	  	CIDS Changes – GLOBAL
	23.73.144/01	  	Flashing steward call light
	ATA 24	  	Electrical power
	24.00.335/01	  	Installation of additional electrical outlets 115V/60Hz in cockpit
		  	Provisions and installation of in-seat PC power outlets (2 outlets per triple seat)
	ATA 25	  	Cabin & cockpit
	Global	  	Cabin layout (144 pax – DWG 319-25-11542)
		  	Provisions for cabin conversion to TACA definition
		  	Interior colour scheme
	25.24.125/01	  	OHSC alternate door – Increased Volume
	Global	  	Cargo compartment –full bulk with reinforced floor panels
	25.50.137/01	  	Rubber seal profile in cargo compartment floor panels
	25.61.112/01	  	Installation of slide raft at FWD and AFT doors
	25.45.212/03	  	Lavatory wash basin – installation of stainless steel
	25.28.103/02	  	From dispersion-adhesive to double-sided adhesive tape
	25.35.130/04	  	Installation of electrical galley catering equipment (BFE) (change 1)
	25.35.131/03	  	Installation of non-electrical galley catering equipment (BFE) (change 1)
	25.35.132/02	  	Installation of non-electrical galley catering/loose equipment (BFE) (change 1)
	25.45.201/18	  	Installation of holder for soap bottles celeste
	25.67.001/01	  	Installation of medical outlets in Aft RH PSU channel (115V/400Hz and 28VDC/360W)
	25.28.142/XX	  	Non Textile Floor covering selection
		  	Cabin emergency equipment
	ATA 26	  	Fire protection
	26.21.104/XX	  	Engine fire exting. Alternate equipment – PACIFIC SCIENTIFIC
	ATA 27	  	Flight Controls
	27.92.101/02	  	Visual/Aural indication of simultaneous side stick action
	ATA 29	  	Hydraulic Power
	29.10.110/09	  	Hydraulic Engine Driven Pumps (EDPs) – EATON AEROSPACE
	29.21.104/07	  	Electropumps – EATON AEROSPACE
	ATA 30	  	Ice and Rain Protection
	30.11.101/01	  	Wing anti-ice valve alternate equipment – Honeywell
	ATA 31	  	Indicating/Recording
	31.33.050/24	  	FDIMU – Alternate equipment
	31.33.200/01	  	SSFDR alternate equipment (256 w/s capable) – HONEYWELL
	31.52.102/02	  	ECAM OEB reminder function activation on FWC
	31.60.120/01	  	Installation of LCD EIS2 – Thales Avionics
	ATA 32	  	Landing gear
	32.00.100/02	  	Installation of full electrically signaled braking system
	32.10.103/01	  	Small bore inflation valve on NLG & MLG BF Goodrich wheels (without indicator)
	32.40.113/25	  	Installation of wheels and brakes – GOODRICH DURACARB
	32.41.111/01	  	Main Landing Gear (MLG) tire selection – MICHELIN

  
 - 100 -

			
	 EPAC Ref.
	  	 Title

		
	32.41.120/05	  	Nose Landing Gear (NLG) tire selection – MICHELIN
	32.48.200/XX	  	Installation of universal brake cooling fans
	ATA 33	  	Lights
	33.50.110/41	  	Installation of floor mounted EEPMS – Lufthansa Technik (with cover) / Exit identifier Airsigna
	ATA 34	  	Navigation
	34.10.117/04	  	ADIRS alternate equipment – HONEYWELL
	34.13.105/01	  	Installation of aspirated TAT probes – Rosemount
	34.13.106/01	  	Pitot Probes alternate equipment – BF GOODRICH
	34.20.202/02	  	Installation of ISIS
	34.41.300/05	  	Single weather radar with PWS function activated and multi-scan capability – Rockwell Collins
	34.42.101/07	  	Radio altimeter – alternate equipment
	34.42.117/01	  	Radio altitude automatic call-out
	34.43.200/35	  	Installation of TCAS – change 7
	34.48.132/01	  	Activation of the GEOMETRIC ALTITUDE function in the EGPWS
	34.48.132/02	  	Activation of the Peaks function in the EGPWS
	34.48.132/03	  	Activation of the Obstacle function in the EGPWS
	34.50.104/04	  	DDRMI VOR / ADF / DME
	34.58.313	  	Multi Mode Receiver (MMR) alternate equipment – ROCKWELL COLLINS
	ATA 35	  	Oxygen
	35.11.101/01	  	Alternate flight crew oxygen cylinder 115 Cu/ft (steel)
	35.20.104/01	  	Identification of pax chemical oxygen generators
	35.21.106/01	  	Installation of four masks per double triple seats
	35.31.108/04	  	Installation of a Scott Aviation PBE in cockpit (BFE) P/N 802300-14
	ATA 36	  	Pneumatic
	36.110.05/01	  	Engine bleed air alternate supply system
	ATA 38	  	Water/Waste
	38.41.101/01	  	Pressurization of potable water system
	38.10.104/02	  	Installation of water conditioner in potable water system (A318 A319 A321)
	ATA 46	  	ATSU
	46.21.102/08	  	Upgraded standard Airbus AOC software for ATSU – Rockwell-Collins
	ATA 49	  	APU
	49.00.105/04	  	APU alternate equipment – ALLIED SIGNAL 131-9A
	ATA 51	  	Structure
	51.22.201/02	  	Basic paint system selection – PPG AEROSPACE
	ATA 52	  	Doors
	52.51.100/00	  	Installation of intrusion & penetration resistant cockpit door
	ATA 55	  	Stabilizers
	55.30.101/01	  	Installation of erosion protection on vertical stabilizer leading edge – Stainless steel
	ATA 56	  	Windows
	56.10.102/02	  	Cockpit alternate front windows – SAINT-GOBAIN SULLY
	56.10.102/13	  	Cockpit alternate lateral windows – SAINT-GOBAIN SULLY
	ATA 72	  	Engines
	72.00.119/XX	  	Engines selection

  
 - 101 -

 Schedule 7 
 [INTENTIONALLY LEFT BLANK] 

  
 - 102 -

 Schedule 8 
 ***** 
 ***** 

***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 103 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 104 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 105 - 

 Schedule 9 
 ***** 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 106 - 

 Schedule 10 
 [INTENTIONALLY LEFT BLANK] 

  
 - 107 -

 Schedule 11 
 ***** 
 ***** 

 

			
	1.	  	List of manuals
	
	 Basic:

		
	 1.
	  	Airplane Flight Manual
		
	 2.
	  	Flight crew operating Manual
		
	 3.
	  	Trim Sheet
		
	 4.
	  	Quick Reference Handbook
		
	 5.
	  	Weight and Balance Manual
		
	 6.
	  	Performance Engineer’s Programs
		
	 7.
	  	Airbus A [xxx-xxx] Standard Specification [xxx xxxxx] issue [x], revision [x] dated [xx xx xxx] and as amended to include all Lessee standard SCNs (Specification Change
Notices)
		
	 8.
	  	Performance Programs Manual
		
	 9.
	  	Aircraft Maintenance Manual
		
	 10.
	  	Wiring Diagram Manual
		
	 11.
	  	Power Plant Build-up Manual
		
	 12.
	  	Engine Brochures
		
	 13.
	  	APU Log Book (with manufacturer delivery documents)
		
	 14.
	  	Illustrated Parts Catalogue
		
	 15.
	  	Illustrated Parts catalogue (Airframe) Additional Cross Reference Table
		
	 16.
	  	Structural Repair Manual
		
	 17.
	  	Nacelle Structural Repair Manual
		
	 18.
	  	Engine Maintenance Manual
		
	 19.
	  	Illustrated Parts catalogue (power-plant)
		
	 20.
	  	Master Minimum Equipment List

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 108 - 

			
	21.	  	Maintenance Planning Document
		
	 22.
	  	Component Maintenance Manuals (Vendor and Manufacturer)
		
	 23.
	  	Engineering and Tooling Drawings
		
	 24.
	  	Maintenance Facility Planning
		
	 25.
	  	Support Equipment Summary
		
	 26.
	  	Tool and Equipment bulletins
		
	 27.
	  	Tools and equipment Drawings
		
	 28.
	  	Tools and equipment index
		
	 29.
	  	Illustrated tools and Equipment Manual
		
	 30.
	  	Technical Publications Combined Index
		
	 31.
	  	Trouble shooting Manual
		
	 32.
	  	Component Documentation Status
		
	 33.
	  	Component Evolution List
		
	 34.
	  	Cable Fabrication Manual
		
	 35.
	  	Standards Manual
		
	 36.
	  	Parts usage
		
	 37.
	  	Schedule (drawing Nomenclature)
		
	 38.
	  	Process and Materials Specification
		
	 39.
	  	Installation and Assembly Drawings
		
	 40.
	  	Airplane Characteristics for Airport Planning
		
	 41.
	  	ATA breakdown index
		
	 42.
	  	CADETS (technical Publications Training)
		
	 43.
	  	Aircraft Recovery Manual
		
	 44.
	  	Crash Crew Chart
		
	 45.
	  	Cargo Loading system Manual
		
	 46.
	  	List of applicable publications

  
 - 109 -

			
	47.	  	List of radio active and hazardous elements
		
	 48.
	  	Livestock transportation Manual
		
	 49.
	  	Service Bulletins
		
	 50.
	  	Service information letters
		
	 51.
	  	Supplier Product Support Agreements
		
	 52.
	  	Transportability Manual
		
	 53.
	  	Vendor Information Manual
		
	 54.
	  	Vendor Information Manual for Ground Support Equipment
		
	 55.
	  	Maintenance Review Board
		
	 56.
	  	Non Destructive Testing Manual
		
	 57.
	  	Power Plant Build up Manual
		
	 58.
	  	Aircraft Schematics Manual
		
	 59.
	  	Aircraft Wiring Lists
		
	 60.
	  	Aircraft Wiring Manual
		
	 61.
	  	Component Location Manual
		
	 62.
	  	Consumable Material List
		
	 63.
	  	Duct Repair Manual
		
	 64.
	  	Electrical Load Analysis
		
	 65.
	  	Electrical Standards Practices Manual
		
	 66.
	  	Electrical Standards Practices Booklet
		
	 67.
	  	Fuel Pipe Repair Manual
		
	 68.
	  	Maintenance Planning Task Cards

  
 - 110 -

 ***** 
 The Technical Records and Manuals shall be in English, shall include those as of the Delivery Date, shall include those required during the Term to comply with EASA Regulation 2042 and JAR OPS 1 and
shall otherwise be as detailed below. 
 All documents shall be presented in a good, legible condition and, if applicable, sorted and/or bound
together in a manner appropriate to the document type, loose page documents shall be grouped together in a secure manner and in the correct numerical or chronological order. Distinct groups, packages or boxes of documents shall be numbered and
labeled according to their content and a master index of all packages or boxes shall be provided. 
  

	1.	CERTIFICATES 

  

	 	(a)	Certificate of Airworthiness (current). 

  

	 	(b)	Current Aircraft Registration Certificate. 

  

	 	(c)	Original Export Certificate of Airworthiness from State of Manufacture. 

  

	 	(d)	Current Export Certificate of Airworthiness from State of Registration. 

  

	 	(e)	Export Certificate of Airworthiness for fitted engines if not original to the Aircraft (Copy). 

 

	 	(f)	Radio Station License (current). 

  

	 	(g)	Noise certificate (current). 

  

	 	(h)	Registration cancellation notice (if issued by State of Registration). 

  

	 	(i)	Air Operator Certificate (Lessee). 

  

	 	(j)	RVSM, B-RNAV, P-RNAV, ATC transponder, Altimeter and pitot / static check certification as applicable and as required by the FAR part 43 and 91.

  

	 	(k)	Certificate of most recent Release to Service (copy). 

  

	 	(l)	Certificate of Sanitary Construction (Galleys) if applicable. 

  

	 	(m)	All Supplemental Type Certificates (STC) applied to the Aircraft (Copies). 

 

	2.	AIRCRAFT STATUS SUMMARIES 

 All
status summary document to be signed and dated on final page by the Lessee’s Quality Manager and all other pages initialed. 
  

	 	(a)	Aircraft record of flight time and cycles (listing accumulated hours and cycles on specific dates). 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 111 - 

	 	(b)	Airworthiness Directive Applicability and Compliance status Reports (Airframe, Engines and Appliances) Format/content as follows: 

 

	 	(i)	Airworthiness Directives listed in a chronological order. 

  

	 	(ii)	All Airworthiness Directives applicable to the Aircraft, Engine, APU or Aircraft Appliance type listed as follows: 

 

	 	(A)	AD number. 

  

	 	(B)	AD effective date. 

  

	 	(C)	Title. 

  

	 	(D)	Applicability status. 

  

	 	(E)	Accomplishment status. 

  

	 	(F)	Date or hours /cycles at last accomplishment action. 

  

	 	(G)	Date or hours /cycles of next action due (if applicable). 

  

	 	(c)	Manufacturer’s Airworthiness Directive compliance Status at time of Manufacture. 

 

	 	(d)	Manufacturer Service Bulletin Compliance Report for the Aircraft, Engine, APU and the Aircraft Appliances. Format/content as follows: 

 

	 	(i)	SB number. 

  

	 	(ii)	SB effective date. 

  

	 	(iii)	Title. 

  

	 	(iv)	Applicability status. 

  

	 	(v)	Accomplishment status. 

  

	 	(vi)	Date or hours /cycles at last accomplishment action. 

  

	 	(vii)	Date or hours /cycles of next action due (if applicable). 

  

	 	(e)	Corrosion Prevention and Control Program Task Status (showing last accomplishment and next due for each task) if applicable, listing the Corrosion Prevention and
Control Program Tasks in a numerical order. 

  
 - 112 -

	 	(f)	Aging Aircraft Inspection and Modification Program tasks status (showing task number, termination status as applicable, last accomplishment and next due for each item
if open) if applicable. Manner of presentation as follows: 

  

	 	(g)	List of Operator implemented Modifications Incorporated (Engineering Orders applied to Airframe, Engines and Appliances). Format/content as follows:

  

	 	(i)	Operator Modifications listed in numerical order. 

  

	 	(ii)	Cross reference document between Operators modification number and original engineering source /vendor document provided. 

 

	 	(iii)	Air Authority/FAA/JAA/State of Manufacture type certificate data approval for modification provided. 

 

	 	(h)	Structural Repair File with a detailed structural Map showing exact location of all external repairs and damages indicating their status in accordance with the
Manufacturers structural repair manual showing general size and location of each external repair and basis for approval). Format/content as follows: 

  

	 	(i)	Records of accomplishment or compliance of each indexed repair provided as follows: 

 

	 	(A)	Original signed /certified “dirty finger print” records. 

  

	 	(B)	Presented in binder (or binders). 

  

	 	(C)	Numbered and sorted by index number. 

  

	 	(ii)	Records for Major Repairs or repairs that do not conform to the Manufacturer’s Structural Repair Manual accompanied by the appropriate Engineering Approval
document issued by the State of Manufacture Airbus RAS. 

  

	 	(i)	List of Major Alterations and Supplemental Type Certificate’s Incorporated (STC’s) (with reference to approved documentation used to accomplish).

  

	 	(j)	List and Status of Airframe Life Limited Parts (if any) with full back to birth traceability support documents. Format/content as follows: 

 

	 	(i)	Each Life Limited Part fitted to the Airframe listed by part number and unique serial number. 

 

	 	(ii)	Detailed full back to birth traceability file supplied for each individual Life Limited Part detailing on /off transaction history. 

 

	 	(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new (such as the manufacturer’s tag, certificate of conformity or readiness log document
as appropriate) provided. 

  

	 	(iv)	Full back to birth traceability file for each Life Limited Part provided, to include the Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or
equivalent)pertaining to each subsequent (if any) on/off transaction up to and including installation on the subject airframe. 

  

	 	(v)	Supplied tags and any other appropriate certified document or job-card indicating hours /cycles or calendar time at each on/off demonstrating unbroken trace of the
Hours /cycles or calendar time from birth up to current time. 

  
 - 113 -

	 	(k)	List and Status of Landing Gear Life Limited Parts for each Landing Gear with full back to birth traceability support documents Format/content as follows:

  

	 	(i)	Each Life Limited Part fitted to Landing Gear listed by part number and unique serial number. 

 

	 	(ii)	Detailed full back to birth traceability file supplied for each individual Life Limited Part detailing on /off transaction history. 

 

	 	(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new (such as the manufacturer’s tag, certificate of conformity or readiness log document
as appropriate) provided. 

  

	 	(iv)	Full back to birth traceability file for each Life Limited Part provided, to include the Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or
equivalent) pertaining to each subsequent (if any) on/off transaction up to and including installation on the subject airframe. 

  

	 	(v)	Supplied tags and any other appropriate certified document or job-card indicating hours /cycles or calendar time at each on/off demonstrating unbroken trace of the
Hours /cycles or calendar time from birth up to current time. 

  

	 	(l)	List and Status of Engine Life Limited Parts with full back to birth traceability support documents. Format/content as follows: 

 

	 	(i)	Each Life Limited Parts fitted to the engine identified by part number and unique serial number. 

 

	 	(ii)	Detailed full back to birth traceability file supplied for each individual Life Limited Part detailing on /off transaction history. 

 

	 	(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new (such as the manufacturer’s tag, certificate of conformity or readiness log document
as appropriate) provided. 

  

	 	(iv)	Full back to birth traceability file for each Life Limited Part provided, to include the Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or
equivalent) pertaining to each subsequent (if any) on/off transaction up to and including installation on the subject airframe. 

  

	 	(v)	Supplied tags and any other appropriate certified document or job-card indicating hours /cycles or calendar time at each on/off demonstrating unbroken trace of the
Hours /cycles or calendar time from birth up to current time. 

  
 - 114 -

	 	(m)	List and Status of Auxiliary Power Unit (APU) Life Limited Parts (if any) with full back to birth traceability support documents Format/content as follows:

  

	 	(i)	Life Limited Part fitted to the APU identified by part number and unique serial number. 

 

	 	(ii)	Detailed full back to birth traceability file supplied for each individual Life Limited Part detailing on /off transaction history. 

 

	 	(iii)	Original Airworthiness tag document issued when the Life Limited Parts was new (such as the manufacturer’s tag, certificate of conformity or readiness log document
as appropriate) provided. 

  

	 	(iv)	Full back to birth traceability file for each Life Limited Part provided, to include the Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or
equivalent) pertaining to each subsequent (if any) on/off transaction up to and including installation on the subject airframe. 

  

	 	(v)	Supplied tags and any other appropriate certified document or job-card indicating hours /cycles or calendar time at each on/off demonstrating unbroken trace of the
Hours /cycles or calendar time from birth up to current time. 

  

	 	(vi)	Check/Inspection History and Current Status. 

  

	 	(n)	List and Current Status of Time-Controlled Components Format/content as follows: 

 

	 	(i)	Time-Controlled Components fitted to the Aircraft listed by part number and unique serial number. 

 

	 	(ii)	Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or equivalent) provided for Time-Controlled Components. 

 

	 	(o)	Inventory of Installed Serialized On-Condition/Condition Monitored Components. Format/content as follows: 

 

	 	(i)	Serialized Components fitted to the Aircraft listed by part number and unique serial number. 

 

	 	(ii)	Airworthiness approval tag (JAA form 1 or FAA form 8130-3 or equivalent) provided for Serialized Components. 

 

	 	(p)	List of Deferred Maintenance Items (if no Deferred Maintenance Items are “open” at transfer, a signed statement to that effect is required).

 List and Status of any Out-of-Phase Checks, Special Inspection Requirements, Time Limited Repairs, etc. (If
none exist or if requirements are incorporated into aircraft status reports, then a signed statement to that effect is required.) 
  

	 	(q)	Supplemental Structural Inspection (SSID) Status (if applicable) (showing last accomplishment and next due for each task). Format/content as follows:

  

	 	(i)	listing the Supplemental Structural Inspections in a numerical or chronological order as applicable. 

  
 - 115 -

	3.	AIRCRAFT MAINTENANCE RECORDS 

  

	 	(a)	Aircraft Flight and Maintenance Log Sheets (minimum of operation back to previous highest level Airframe Structural Check). 

 

	 	(b)	Airframe inspection, maintenance, modification and repair documents with maintenance and/or inspection signatures (as required) and description of work done.

  

	 	(c)	Last “A”, and all systems “C” Checks, and Airframe 6 Year Block Structural Check and Airframe 12 Year Block Structural Check (or equivalents) (In
the event that a check is performed in phases, all phases necessary to constitute a complete block check are required. In the event that check content varies by multiples of the check, all multiples necessary to constitute a complete cycle are
required). 

  

	 	(d)	Airworthiness Directive, Service Bulletin and Modification compliance documents including engineering orders, drawings, shop cards, etc., as necessary to establish
method of compliance, quality control acceptance, and approval authority. 

  

	 	(e)	Corrosion Prevention and Control Program compliance documents and inspection findings as applicable including records of accomplishment or compliance provided (the
original signed /certified “dirty finger print” workcards). 

  

	 	(f)	Documentation for Operator Modifications such as engineering orders, drawings, FAA form 8110-3, Supplemental Type Certificates, Master Change Notice, FAA type
certificate conformity approval from manufacturer or approved design organization etc., as necessary to define work done, certification basis, and approval authority. 

 

	 	(g)	Supporting Documentation for Operator Modifications such as engineering orders, drawings, FAA form 8110-3, Supplemental Type Certificates, Master Change Notice,
FAA type certificate conformity approval from manufacturer or approved design organization etc., as necessary to define work done, certification basis, and approval authority. 

 

	 	(h)	Aircraft weight and balance records (including weight change ledger, most recent weighing report and individual flight control weight and balance data).

  

	 	(i)	Test Flight Reports. 

  

	 	(j)	X-Ray Inspection findings (pictures/film) as applicable. 

  

	4.	AIRCRAFT HISTORY RECORDS 

  

	 	(a)	Service Difficulty Reports, Lessee System Reliability reports and equivalent. 

 

	 	(b)	Accident and Incident Reports (if none, then a signed “no Incident /Accident” statement from operator’s Quality Control Manager).

  

	 	(c)	Aircraft Log Book(s) and Aviation Authority Operation and Modification Log Book(s) (as applicable). 

  
 - 116 -

	5.	ENGINE RECORDS (FOR EACH ENGINE) 

 Each
status summary signed and dated on the final page by the Lessee’s Quality Manager and all content pages initialed. 
  

	 	(a)	Certified statement as to following: 

  

	 	(i)	time and cycles since new 

  

	 	(ii)	time and cycles since overhaul on each engine module 

  

	 	(iii)	flying hours and cycles in lessee’s operation 

  

	 	(b)	Engine Master Record (record of installation and removal and accumulated flight time and cycles for Engine and each module installed at Redelivery Date)

  

	 	(c)	List of Operator Modifications Incorporated, if any including supporting documentation with Manufacturer approval 

 

	 	(d)	List of all Major Repairs and Alterations, if any 

  

	 	(e)	Check/Inspection Status 

  

	 	(f)	Accessory Status sheet with certified TSO for each rotable item installed 

  

	 	(g)	Last overhaul tags (or copies) for each of the accessory rotables 

  

	 	(h)	Engine Build Specifications 

  

	 	(i)	(Repair, overhaul and inspection documents such as JAA form 1, FAA 8130-3 and FAA form 337 for each shop visit (minimum acceptable is shop visit history
through last Engine Performance Restoration shop visit and if different, last overhaul of each module) 

  

	 	(j)	List of current Line Replaceable Units (LRU)/QEC Items missing from engine (if applicable for a spare Engine redelivery or off-wing Engine) 

 

	 	(k)	Engine Condition Monitoring Report for the three (3) months prior to redelivery 

 

	 	(l)	Last three (3) months of aircraft flight/technical logs to which engine was fitted 

 

	 	(m)	Reason for last engine removal, engine change paperwork and date of engine removal 

 

	 	(n)	Most recent certified engine borescope (videotaped) 

  

	 	(o)	Most recent fuel, oil sampling, magnetic chip detector and vibration survey results 

 

	 	(p)	Most recent on-wing ground performance run specifying engine OATL (outside air temperature limit) at rated thrust 

  
 - 117 -

	 	(q)	Last certified Test Cell Run specifying engine OATL 

  

	 	(r)	Engine Oil used 

  

	 	(s)	Any incidents during operation since last performance restoration shop visit with action taken i.e. IFSD/FOD/oil loss etc. 

 

	6.	APU RECORDS 

  

	 	(a)	Certified statement as to following: 

  

	 	(i)	hours and cycles since new 

  

	 	(ii)	hours and cycles since overhaul 

  

	 	(iii)	hours and cycles since hot section inspection 

  

	 	(iv)	lessee’s method for APU time accrual i.e. 1:1 with aircraft hours and cycles 

 

	 	(b)	APU Master Record (record of installation and removal and accumulated time and cycles) 

 

	 	(c)	List of Operator Modifications Incorporated, if any including supporting documentation with Manufacturer approval 

 

	 	(d)	(Accessory Status Sheet with certified time since overhaul for each rotable item installed 

 

	 	(e)	Last overhaul tags (or copies) for each of the accessory rotables 

  

	 	(f)	Certified and Updated APU Log Book from new (with manufacturer delivery documents) 

 

	 	(g)	Repair, overhaul and inspection documents such as FAA Forms 337 (minimum acceptable is shop visits through last APU Performance Restoration /Hot section Inspection/
overhaul) 

  

	 	(h)	Documents demonstrating installation and full traceability back to birth (to new) for each Life Limited Part 

 

	 	(i)	List of Line Replaceable Units (LRU)/QEC Rotable items missing from APU (if any for any spare APU redelivery) 

 

	 	(j)	Last three (3) months of aircraft flight/technical logs to which APU was fitted 

 

	 	(k)	Reason for last APU removal, removal paperwork and date of APU removal 

  

	 	(l)	Most recent certified APU borescope report (videotape) 

  

	 	(m)	Most recent APU on-wing health check datasheets 

  

	 	(n)	Last certified test cell run 

  
 - 118 -

	7.	MISCELLANEOUS TECHNICAL DOCUMENTS 

  

	 	(a)	Maintenance Program Specifications including a cross-reference to Manufacturer’s maintenance planning document 

 

	 	(b)	Reference material necessary for interpretation of status summaries, i.e. Operator part numbers Cross Reference to Manufacturer’s part numbers

  

	 	(c)	Interior configuration drawings as follows: 

  

	 	(i)	L.O.P.A. 

  

	 	(ii)	Emergency Equipment Locations 

  

	 	(iii)	Galley Drawings 

  

	 	(iv)	Cargo Loading System layout 

  

	 	(d)	Aircraft Readiness Log (or parts configuration Status document) 

  

	 	(e)	Loose Equipment Inventory 

  

	 	(f)	Seat, cushion and fabric cover Material Burn Test documents for JAR25.853 

  

	 	(g)	Flight Data Recorder – Print / Copy of Last Read-Out with all exceedences (if any) identified and parameter accuracy confirmed 

 

	8.	AIRCRAFT STATUS SUMMARIES 

  

	 	(a)	Airworthiness Directive Applicability and Compliance status at time of Manufacture 

 

	 	(b)	Manufacturer Service Bulletin Compliance Report for the Aircraft, Engine, APU and the Aircraft Appliances 

 

	 	(c)	[Airbus A [xxx-xxx] Standard Specification J [xxx xxxxx] issue [x], revision [x] dated [xx xx xxx] and as amended to include all Lessee standard SCNs (Specification
Change Notices)] 

  

	 	(d)	Loose Equipment Inventory 

  

	 	(e)	Seat, cushion and fabric cover Material Burn Test documents for JAR 25/FAR 25.853 (If BFE) 

  
 - 119 -

 Schedule 12 
 ***** 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 120 - 

 Schedule 13 
 ***** 
 ***** 

***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 121 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 122 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 123 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 124 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 125 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 126 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 127 - 

 Schedule 14 
 ***** 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 128 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 129 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 130 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 131 - 

 Schedule 15 
 ***** 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 132 - 

 ***** 
 ***** 
 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 133 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 134 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 135 - 

 ***** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 - 136 -EX-10.22

 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the
information subject to the confidentiality request. Omissions are designated as [*****]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

Exhibit 10.22 

Execution Version 

AIRCRAFT LEASE AGREEMENT 
 Dated November 7, 2008 
 Between 

CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE C.V. 

as Lessee 
 - and
- 
 AMENTUM AIRCRAFT LEASING NO. FOUR LIMITED 
 as Lessor 
 in respect of 

Aircraft : A319-133 

Serial No: 3705 

Registration Mark: XA-VOO 
  

McCann FitzGerald 
 Solicitors 
 Riverside One 

Sir John Rogerson’s Quay 
 Dublin 2 
 SKL\1818423.4 

 CONTENTS 

 

							
	Clause	  	 	  	Page	 
			
	1.	  	Interpretation	  	 	1	  
			
	2.	  	Representations and Warranties	  	 	1	  
			
	3.	  	Conditions Precedent	  	 	1	  
			
	4.	  	Commencement of Lease and Lease Extension	  	 	1	  
			
	5.	  	Payments	  	 	3	  
			
	6.	  	Taxation	  	 	9	  
			
	7.	  	Quiet Enjoyment	  	 	11	  
			
	8.	  	Lessee’s Covenants	  	 	12	  
			
	9.	  	Insurance and Total Loss	  	 	12	  
			
	10.	  	Manufacturer’s Warranties	  	 	12	  
			
	11.	  	Indemnity	  	 	13	  
			
	12.	  	Return of aircraft	  	 	14	  
			
	13.	  	Default	  	 	14	  
			
	14.	  	Assignment	  	 	15	  
			
	15.	  	Illegality	  	 	15	  
			
	16.	  	Notices	  	 	15	  
			
	17.	  	Disclaimers and Waivers	  	 	16	  
			
	18.	  	Confidentiality	  	 	17	  
			
	19.	  	Change of Control	  	 	17	  
			
	20.	  	Law and Jurisdiction	  	 	18	  
		
	Appendix 1 – Definitions and Construction	  	 	21	  
		
	Appendix 2 – Description of Aircraft and Aircraft Documents	  	 	37	  
		
	Appendix 3 – Representations and Warranties	  	 	38	  
		
	Appendix 4 – Conditions Precedent	  	 	42	  
		
	Appendix 5 – Payment Provisions	  	 	47	  
		
	Appendix 6 – Lessee’s Covenants	  	 	56	  
		
	Appendix 7 – Insurance	  	 	71	  

							
		
	Appendix 8 – Redelivery Conditions	  	 	81	  
		
	Appendix 9 – Events of Default	  	 	103	  
		
	Appendix 10 – Assignment	  	 	109	  
		
	Exhibit A – Acknowledgement of Assignment	  	 	111	  
		
	Exhibit A – Acknowledgement of Assignment	  	 	113	  
		
	Exhibit B – Form of Certificate of Acceptance	  	 	115	  
		
	Exhibit C – Air Traffic Control Letters	  	 	116	  
		
	Exhibit D – Deregistration and Export Power of Attorney	  	 	118	  
		
	Exhibit E – Quiet Enjoyment Letter	  	 	121	  
		
	Exhibit F – Form of Monthly Report	  	 	123	  
		
	Exhibit G – Process Agent Power of Attorney (Lessee)	  	 	126	  
		
	Exhibit H – Process Agent Power of Attorney (Guarantor)	  	 	127	  

 THIS AGREEMENT is made the day of
                     2008 

BETWEEN 
  

	(1)	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE C.V., a company duly incorporated and validly existing under the laws of Mexico and having
its registered office at Av. Prolongación Paseo de la Reforma 490, Piso 1, Col. Santa Fe Pena Blanca, 01210 Mexico (“Lessee”); and 

  

	(2)	AMENTUM AIRCRAFT LEASING NO. FOUR LIMITED, a company duly incorporated and validly existing under the laws of the Ireland and having its registered office at 28
Upper Mount Street, Dublin 2, Ireland (“Lessor”). 

 RECITALS 

Lessor has agreed to lease and Lessee has agreed to take and lease the Aircraft upon the terms and subject to the conditions set out in this Agreement.

 NOW IT IS AGREED as follows: 
  

	1.	Interpretation 

  

	1.1	In this Agreement, unless the context otherwise provides, capitalised terms and expressions have the meanings given to them in Part 1 of Appendix 1 and the
conventions of construction and usage set out in Part 2 of Appendix 1 shall apply to this Agreement. 

  

	1.2	References to “this Agreement” includes the Appendices and the Exhibits and accordingly Lessee and Lessor hereby agree to comply with the terms of each
such Appendix and Exhibit as if set out in this Agreement in full. 

  

	2.	Representations and Warranties 

  

	2.1	Lessee represents and warrants to Lessor in the terms set out in Part 1 of Appendix 3. 

 

	2.2	Lessor represents and warrants to Lessee in the terms set out in Part 2 of Appendix 3. 

 

	3.	Conditions Precedent 

  

	3.1	Lessor’s obligation to deliver and lease the Aircraft under this Agreement is subject to satisfaction or waiver of each of the conditions precedent specified in
Part 1 of Appendix 4. 

  

	3.2	Lessee’s obligation to accept delivery of the Aircraft and to lease the Aircraft under this Agreement is subject to satisfaction or waiver of each of the
conditions precedent specified in Part 2 of Appendix 4. 

  

	4.	Commencement of Lease and Lease Extension 

  

	4.1	Subject to Clause 3, immediately following Delivery the Aircraft shall be deemed to have been delivered to and accepted by Lessee in “as is, where
is” condition and shall become subject to and governed by this Agreement, the Term shall commence and Lessee shall thereupon sign and deliver to Lessor the Certificate of Acceptance. 

  
 1

	4.2	Lessee acknowledges that pursuant to the Purchase Agreement Assignment the condition of the Aircraft on delivery to Lessee, and its compliance or otherwise with the
Original Purchase Agreement, shall be the sole responsibility of Lessee, and that Lessor has agreed to purchase the Aircraft pursuant to the Purchase Agreement Assignment for the purpose of leasing the Aircraft to Lessee pursuant to this Agreement.
Accordingly, Lessee shall not be entitled for any reason whatsoever to refuse to accept delivery of the Aircraft under this Agreement once the same has been accepted by Lessor under the Purchase Agreement Assignment. Each of Lessor and Lessee
acknowledges that Lessor has appointed Lessee, under the Purchase Agreement Assignment, as agent of Lessor to accept delivery of the Aircraft from the Airframe Manufacturer. Each of Lessor and Lessee expressly acknowledges and agrees that Lessee
shall not execute or deliver any acceptance certificate under the Purchase Agreement Assignment pursuant to such agency appointment unless and until each of Lessor and Lessee has confirmed to the other that it is satisfied with the condition of the
Aircraft and the Aircraft Documents, the arrangements for Delivery of the Aircraft under the Purchase Agreement Assignment and the terms of the Commitment Letter. Lessee agrees that it will not consent to the inclusion of any terms or provisions in
the Commitment Letter which may adversely impact on Lessor’s rights as owner of the Aircraft and to the extent that it is proposed that any such terms or provisions be included in the Commitment Letter, Lessee shall promptly give written notice
thereof to Lessor and will not permit any such terms or provisions to be included in the Commitment Letter unless the same have been approved by Lessor, in its absolute discretion. 

 

	4.3	Lessor shall not be responsible for any Loss (including any loss of profit), arising from any delay in the delivery of, or failure to deliver, the Aircraft to Lessee
under this Agreement unless such delay or failure arises as a direct consequence of the wilful default, wilful misconduct or Gross Negligence of Lessor. 

  

	4.4	If for any reason, other than a default by the Lessor, the Aircraft shall not have been delivered to and accepted by Lessee in accordance with this Clause 4 by the
Final Delivery Date then Lessor may cancel the obligation contained in this Agreement to lease the Aircraft to Lessee by giving notice in writing to Lessee to that effect and Lessee shall reimburse to Lessor forthwith on demand all amounts which the
Lessor shall have expended under the Purchase Agreement Assignment or otherwise in connection with the purchase of the Aircraft, together with interest on each amount so demanded at the rate specified in Clause 5.5 from the date of demand until
the date of reimbursement (both before and after any relevant judgment). If for any reason, other than a default by Lessee, the Aircraft shall not have been delivered to and accepted by Lessee in accordance with this Clause 4 by the Final
Delivery Date then Lessee may cancel the obligation contained in this Agreement to take the Aircraft on lease from Lessor by giving notice to Lessor to that effect. Upon the service of a notice of cancellation by Lessor or Lessee under this
Clause 4.4, neither party shall have any further rights or obligations under this Agreement save as specified in Clause 4.3, this Clause 4.4 and paragraph 3 of Part 2 of Appendix 9 and save that Lessor shall return to
Lessee any payments previously made by Lessee to Lessor under this Agreement. 

  

	4.5	Lessee shall, when known, notify Lessor of the date on which Delivery is scheduled to occur (the “Scheduled Delivery Date”) but in any event (if known)
shall: 

  

	 	(a)	no later than fifteen (15) days prior to the Scheduled Delivery Month notify Lessor of the week in which the Scheduled Delivery Date is expected to occur; and

  
 2

	 	(b)	no later than seven (7) days prior to the week notified to Lessor pursuant to Clause 4.5(a) above, notify Lessor of the Scheduled Delivery Date.

  

	4.6	Lessee may, by notice (the “Lease Extension Notice”) in writing given to the Lessor no later than twelve (12) months before the Initial Expiry
Date, elect to extend the Term for a period of twelve (12) or twenty four (24) months from the Initial Expiry Date provided that: 

  

	 	(a)	no Default or Event of Default has occurred and is continuing as at the date of the Lease Extension Notice and as of the Initial Expiry Date; 

 

	 	(b)	in Lessor’s opinion, no material adverse change in the financial condition of Lessee or the Guarantor has occurred; 

 

	 	(c)	Lessor has obtained financing on terms acceptable to it for the Aircraft during the period of the Term falling on or after the Initial Expiry Date; and

  

	 	(d)	no later than one (1) month after the receipt by Lessor of the Lease Extension Notice, Lessor and Lessee have agreed the amount of Rent to be paid by Lessee under
this Agreement on each Rent Date falling on or after the Initial Expiry Date, the amount of Maintenance Reserves to be paid by Lessee for each month falling on or after the Initial Expiry Date and the revisions to the Return Condition (together, the
“Lease Extension Conditions”). If an amendment to this Agreement incorporating the Lease Extension Conditions and otherwise on terms acceptable to Lessor has not been executed by Lessee on or prior to the date falling sixty
(60) days after the date of receipt by Lessor of the Lease Extension Notice (or such longer period as Lessor may agree in its absolute discretion), then the option of Lessee in this Clause 4.6 to extend the Term shall thereupon lapse
automatically and this Agreement shall then expire on the Initial Expiry Date. Upon any extension of the Term pursuant to this Clause 4.6, save for the Lease Extension Conditions, all other terms of this Agreement shall remain in full force and
effect. 

  

	5.	Payments 

  

	5.1	Lessee shall, on or before the Delivery Date, pay to Lessor by way of deposit an amount equal to three (3) month’s Rent (the “Deposit”). The
Deposit shall be placed by Lessor in an interest bearing account with HSH Nordbank AG, or any other person who may be the Security Trustee from time to time and any interest earned on the Deposit (net of any Taxes) shall be added to and form part of
the Deposit for all purposes of this Agreement (and shall be returned to Lessee upon return of the Deposit pursuant to and in accordance with the terms of this Agreement). Lessor agrees to use reasonable endeavours to obtain interest on the Deposit
at the rate from time to time quoted by HSH Nordbank AG, or the Security Trustee, as applicable, to customers generally for deposits in an amount equal to the Deposit and for a term equal to the Term At any time during the Term and provided no
Default has occurred which is continuing, Lessee shall have the option to substitute for the Deposit an irrevocable letter of credit (the “Letter of Credit”) in an amount equal to the Deposit (the “LC Amount”) upon
the terms and subject to the conditions set out in paragraph 1 of Appendix 5. Upon receipt by Lessor of the Letter of Credit, Lessor shall promptly and in any event within seven (7) Business Days refund to Lessee that part of the
Deposit then held by Lessor, to the extent not previously applied by Lessor pursuant to Clause 5.4 or set-off by Lessor pursuant to Clause 5.6. 

  
 3

	5.2      (a)	For the purposes of calculating the amount of Rent payable hereunder, the Term shall be divided into successive periods (each, a “Rental Period”). The
first Rental Period shall begin on the Delivery Date and each subsequent Rental Period shall begin on the next following Rent Date. Each Rental Period shall end on (but not include) the date numerically corresponding to the date at which it
commences and which falls one (1) month after the commencement of that Rental Period, except that if there is no such numerically corresponding date in the relevant month, it will end on the last day of that month and provided that the last
Rental Period shall end on the Expiry Date. 

  

	 	(b)	Lessee shall have the option, exercisable by notice (the “Initial Fixed Rent Notice”) in writing to Lessor no later than two (2) Business Days
prior to Delivery, to fix the Rent for a period of 2 years, 3 years, 4 years, 5 years or 6 years (each an “Initial Fixed Rent Period”). An Initial Fixed Rent Notice, once given by Lessee shall be irrevocable. If Lessee does not
serve an Initial Fixed Rent Notice then Lessee will be deemed to have elected to fix the Rent for a period of two (2) years. 

  

	 	(c)	Lessee shall have the option (the “Rent Refix Option”), exercisable by notice in writing to Lessor no later than seven (7) Business Days prior to
the expiry of the Initial Fixed Rent Period, to elect to have Rent for the period of the Term on or after Initial Fixed Rent Period and up to but excluding the Initial Expiry Date calculated on either a fixed rate or a floating rate basis for that
period (the “Rent Refix Period”). A Rent Refix Notice once given shall be irrevocable. If Lessee does not issue a Rent Refix Notice, Lessee shall be deemed to have elected to pay floating Rent for the Rent Refix Period.

  

	5.3      (a)	Lessee will pay to Lessor or its order the amount calculated pursuant to Clause 5.3(b) or Clause 5.3(c) or Clause 5.3(d) below as applicable in advance
on each Rent Date falling on or prior to the Initial Expiry Date. In respect of the period of the Term (if any) falling on or after the Initial Expiry Date, Lessee will pay to Lessor or its order on each Rent Date the amount agreed between Lessor
and Lessee pursuant to Clause 4.6 above. 

  

	 	(b)	For the purposes of this Agreement, the Rent for each Rental Period falling during the period of the Term up to but excluding the last day of the Initial Rent Fixed
Period will be calculated as follows: 

 ***** 

***** 
 *****

 ***** 

***** 
  

	 	(c)	If Lessee elects to have the Rent during the Rent Refix Period calculated on a fixed rate basis, then for the purposes of this Agreement, the Rent for

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 4

	 	
each Rental Period falling during the Rent Refix Period will be calculated as follows: 

 ***** 
 ***** 

***** 
 *****

 ***** 
  

			
	Initial Fixed Rent Period	  	Adjustment Factor
		
	 2 years
	  	*****
		
	 3 years
	  	*****
		
	 4 years
	  	*****
		
	 5 years
	  	*****

  

	 	(d)	If Lessee elects or is deemed to have elected to have the Rent during the Rent Refix Period calculated on a floating rate basis, then for the purposes of this
Agreement, the Rent for each Rental Period falling during the Rent Refix Period shall be calculated as follows: 

***** 
 *****

 ***** 

***** 
 *****

  

			
	Rental Period	  	Adjustment Factor
	 *****
	  	
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 5

			
	Rental Period	  	Adjustment Factor
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****
	 *****
	  	*****

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 6

	5.4      (a)	If Lessee or the Guarantor fails to comply with any provision of the Transaction Documents, any Event of Default shall have occurred and be continuing or any event of
default (howsoever defined) shall have occurred and be continuing under any Other Agreement, in addition to all rights and remedies accorded to Lessor elsewhere under the Transaction Documents or under any applicable law in respect of the Deposit
and the Letter of Credit (if applicable), Lessor may immediately or at any time thereafter, without prior notice to Lessee (but Lessor shall, without prejudice to Lessor’s rights or Lessee’s obligations under this Clause 5.4(a),
notify Lessee of any application by Lessor pursuant to this Clause 5.4, promptly after such application by Lessor), apply the Deposit, the Maintenance Reserves or, if applicable, make a drawing under the Letter of Credit and apply all or part
of the amount drawndown under the Letter of Credit, in each case, in or towards the payment or discharge of any matured obligation owed by Lessee, the Guarantor or any Affiliate of Lessee under the Transaction Documents or any Other Agreement, in
such order as Lessor sees fit, and/or exercise any of the rights of set-off described in Clause 5.6 against all or part of the Deposit, the Maintenance Reserves, or, if applicable, the amount drawndown under the Letter of Credit.

  

	 	(b)	If Lessor exercises the rights described in Clause 5.4 (a) above, Lessee shall, following a demand in writing from Lessor, within ten (10) Business Days
restore the Deposit, the Maintenance Reserves or, if applicable, the LC Amount to the level at which it stood immediately prior to such exercise. 

  

	5.5	If Lessee fails to pay any amount payable under any Transaction Document on the due date, Lessee will pay on demand from time to time to Lessor interest (both before
and after judgement) on that amount, from the due date to the date of payment in full by Lessee to Lessor, at the rate calculated by Lessor to be LIBOR plus 200 basis points per annum. All such interest will be compounded monthly and calculated on
the basis of the actual number of days elapsed and a 360 day year. 

  

	5.6	Lessor may set off any matured obligation owed under any Transaction Document or any Other Agreement against any obligation (whether or not matured) owed by Lessor to
Lessee, regardless of the place of payment or currency. If the obligations are in different currencies, Lessor may convert either obligation at the market rate of exchange available in London or at its option New York for the purpose of the set-off.
If an obligation is unascertained or unliquidated, Lessor may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained or liquidated.
Lessor will not be obliged to pay any amounts to Lessee under any Transaction Document so long as any sums which are then due from Lessee under the Transaction Documents or any Other Agreement remain unpaid and any such amounts which would otherwise
be due from Lessor hereunder will fall due only if and when Lessee has paid all such sums except to the extent Lessor otherwise agrees or sets off such amounts against such payment pursuant to the foregoing. 

If any sum paid or recovered in respect of the liabilities of Lessee under any Transaction Document is less than the amount then due,
Lessor may apply that sum to amounts due under the Transaction Documents in such proportions and order and generally in such manner as Lessor may determine. 
  

	5.7	 Each party shall pay its own legal and professional costs in respect of the transactions contemplated by the Transaction Documents. Lessee shall pay
all 

  
 7

	 	
costs associated with registering the Aircraft, this Agreement, any documents contemplated under the Transaction Documents and the interests of Lessor (but not the Security Trustee or any Lender)
in the Aircraft in the State of Registration including, without limitation, the cost, if applicable, of notarising and apostilling this Agreement in New York. 

 

	5.8	Lessee’s obligations under this Agreement are absolute and unconditional irrespective of any contingency whatsoever including (but not limited to):

  

	 	(a)	any right of set-off, counterclaim, recoupment, defence or other right which either party to this Agreement may have against the other; 

 

	 	(b)	any unavailability of the Aircraft for any reason (except as a result of a Total Loss, following receipt by Lessor or the Security Trustee of the Agreed Value and any
other amounts due and owing as at the date of receipt by Lessor or Security Trustee of the Agreed Value pursuant to and in accordance with paragraph 2 of Part 3 of Appendix 7), including, but not limited to, a requisition of the
Aircraft or any prohibition or interruption of or interference with or other restriction against Lessee’s use, operation or possession of the Aircraft; 

 

	 	(c)	any lack or invalidity of title or any other defect in title, airworthiness, merchantability, fitness for any purpose, condition, design, or operation of any kind or
nature of the Aircraft for any particular use or trade, or for registration or documentation under the laws of any relevant jurisdiction, or in respect of or any damage to the Aircraft; 

 

	 	(d)	any insolvency, bankruptcy, reorganisation, concurso mercantil, arrangement, readjustment of debt, dissolution, liquidation or similar proceedings by or against
Lessor, Lessee or any other person; 

  

	 	(e)	any invalidity or unenforceability or lack of due authorisation of, or other defect in, any Transaction Document; and 

 

	 	(f)	any other cause which but for this provision would or might otherwise have the effect of terminating or in any way affecting any obligation of Lessee under, and in
accordance with the terms of, this Agreement. 

  

	5.9	The time stipulated in the Transaction Documents for all payments payable by Lessee thereunder and for the performance of Lessee’s other obligations under the
Transaction Documents will be of the essence. 

  

	5.10	If any payment under any Transaction Document falls due on a day which is not a Business Day, that payment will be due on the immediately preceding Business Day.

  

	5.11	Lessee shall comply with the additional payment provisions set out in Part 1 of Appendix 5. 

 

	5.12	Lessee shall pay Maintenance Reserves to Lessor upon the terms and subject to the conditions set out in Part 2 of Appendix 5. 

 

	5.13	Lessor will release funds to Lessee from the Maintenance Reserves upon the terms and subject to the conditions set out in Part 3 of Appendix 5.

  
 8

	6.	Taxation 

  

	6.1      (a)	All payments by Lessee under or in connection with the Transaction Documents will be made without set-off or counterclaim, free and clear of and without deduction or
withholding for or on account of any Taxes (other than Lessor Taxes) unless such deduction or withholding is required by law in which event (but subject always to Clause 6.1(b)) Lessee shall: 

 

	 	(i)	deduct or withhold the amount legally required; 

  

	 	(ii)	pay to the relevant Government Entities within the period for payment permitted by applicable law the amount of the deduction or withholding; and

  

	 	(iii)	furnish to Lessor or the relevant Indemnitee after each payment an official receipt of the relevant Government Entities involved (or other evidence reasonably
acceptable to Lessor or such Indemnitee) for all amounts so deducted or withheld. 

  

	 	(b)	If Lessee is compelled by law to make any payment under or in connection with the Transaction Documents subject to any Tax (other than a Lessor Tax) and Lessor does not
actually receive for its own benefit on the due date a net amount equal to the full amount provided for under the Transaction Documents, Lessee will pay all necessary additional amounts to ensure receipt by Lessor of the full amount so provided for.

  

	6.2	Lessee will on demand pay and indemnify the Indemnitees against all Taxes (other than Lessor Taxes) levied or imposed against or upon Lessor or Lessee or any other
Indemnitee and relating to or attributable to Lessee, the Transaction Documents, including the payments due under the Transaction Documents, or the Aircraft directly or indirectly in connection with the importation, exportation, registration,
ownership, leasing, sub-leasing, wet-leasing, purchase, delivery, possession, use, operation, repair, maintenance, overhaul, transportation, landing, storage, presence or redelivery of the Aircraft or any part thereof or any rent, receipts,
insurance proceeds, income or other amounts arising therefrom. 

  

	6.3      (a)	If and to the extent that any sums payable to an Indemnitee by Lessee under any Transaction Document by way of indemnity or under this Clause 6 are insufficient,
by reason of any Taxes (other than Lessor Taxes) payable in respect of those sums, for the Indemnitee to discharge the corresponding liability to the relevant third party (including any Taxation authority), or to reimburse the Indemnitee for the
cost incurred by it to a third party (including any Taxation authority) Lessee will pay to that Indemnitee such sum as will after the Tax liability has been fully satisfied leave the Indemnitee with the same amount as it would have been entitled to
receive in the absence of that Tax liability together with interest on the amount of the deficit at the rate of interest stated in Clause 5.5 in respect of the period commencing on the date on which the payment of taxation is finally due until
payment by Lessee (both before and after judgement). 

  

	 	(b)	 If and to the extent that any sums constituting (directly or indirectly) an indemnity to an Indemnitee but paid by Lessee to any person other than an
Indemnitee are treated as taxable in the hands of an Indemnitee, Lessee will pay to that Indemnitee such sum as will after the Tax liability has been fully satisfied indemnify that Indemnitee to the same extent as it would have been indemnified in
the absence of such Tax liability together with interest on the amount payable by Lessee under this Clause 6.3(b) at 

  
 9

	 	
the rate of interest stated in Clause 5.5 in respect of the period commencing on the date on which the payment of taxation is finally due until payment by Lessee (both before and after
judgement). 

  

	6.4	Lessee will promptly pay: 

  

	 	(a)	all licence and registration fees, Taxes (other than Lessor Taxes) and other amounts of any nature imposed by any Government Entity upon or with respect to the Aircraft
including without limitation the importation, leasing, possession, use, operation or return of the Aircraft; 

  

	 	(b)	all rent, fees, charges, Taxes (other than Lessor Taxes) and other amounts in respect of any premises where the Aircraft or any Part thereof is located from time to
time; and 

  

	 	(c)	and all charges incurred during the Term in connection with (i) the furnishing, issue or provision of information, directions and other facilities in connection
with the navigation or movement of aircraft (including the control or movement of vehicles in any part of an airport used for the movement of aircraft) and (ii) the landing, parking or taking off of aircraft at airports or for the use of, or
services provided at, airports (including, without limitation, all charges due to SENEAM), 

 except to the extent
such payment is being contested in good faith by appropriate proceedings, in respect of which adequate reserves have been provided by Lessee and the non-payment of which does not give rise to any risk of the Aircraft or any interest therein being
sold, forfeited, arrested, detained or otherwise lost or of civil or criminal liability on the part of Lessor, the Security Trustee or any Lender. 
  

	6.5	The Lessee shall promptly pay any stamp or other documentary duties and Taxes (other than Lessor Taxes), and any notarial, translation or similar fees, to which this
Agreement or any other Transaction Document (other than any Mortgage) may be subject, or which is necessary for purposes of registration of this Agreement with the Air Authority and the Lessee shall pay to the Lessor on demand the amount of Losses
which the Lessor may incur as a result of any delay by the Lessee in paying the same or any omission by the Lessee to pay the same. 

  

	6.6	If Lessee is liable to gross-up or indemnify under Clause 6.1 or Clause 6.2, then, without in any way limiting, reducing or otherwise qualifying any rights of
any Indemnitee or any obligations of Lessee under this Clause 6, Lessor shall: 

  

	 	(a)	promptly upon becoming aware of the liability arising notify Lessee thereof; and 

 

	 	(b)	in consultation in good faith with Lessee, for a period of up to thirty (30) days from the date of such notification, take such steps at the expense of Lessee as
may be open to it to mitigate the effects of such circumstances on Lessee, including, if requested by Lessee, the filing of any Tax form or return which any Indemnitee is legally able to file; 

provided that neither Lessor nor any Indemnitee shall be under any obligation to take or continue to take any such action or other steps
if an Event of Default has occurred and is continuing or if it is satisfied, in its absolute discretion, to do so would interfere with the right of Lessor or such Indemnitee to arrange its affairs (tax or otherwise) in whatever manner it thinks fit
or oblige Lessor or such Indemnitee to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax, or have a material adverse effect on its 

  
 10

 
business, or operations or financial condition or reputation or the financial basis under which, inter alia, the Transaction Documents have been entered into or would entail any cost or expense
to Lessor or that Indemnitee (unless, in the case of any cost or expense, Lessor or that Indemnitee shall have been indemnified or otherwise secured to its satisfaction) or is otherwise prejudicial to it. 

 

	6.7	If any Indemnitee in good faith determines that it has realised a tax benefit (by way of deduction, credit or otherwise) as a result of any payment for which Lessee is
responsible under this Clause 6, Lessor shall pay or use all reasonable endeavours to procure that the relevant Indemnitee pays to Lessee as soon as practicable after the tax benefit has been realised, an amount which the Indemnitee determines
will ensure that (after taking into account of the payment itself) such Indemnitee is in no better and no worse position than it would have been if the deduction had not applied. 

 

	6.8	Without prejudice to the obligations of Lessee pursuant to Clause 6.1, Lessor will use reasonable endeavours to deliver to Lessee and will use reasonable
endeavours to procure that each other Indemnitee delivers to Lessee, as soon as reasonably practicable following receipt of Lessee’s written request therefor (accompanied by a copy of each requested document, any published instructions for such
document, and an English translation of each such document and instruction that is not in English), such forms, certifications and other documents as (i) an Indemnitee is entitled under applicable law to execute or obtain and (ii) are
required by applicable law to permit Lessee to make any payment to or for the account of such Indemnitee pursuant to this Agreement without withholding (or withholding at a reduced rate, as the case may be) any withholding Tax that Lessee would be
required by any applicable law to withhold in the absence of such document provided that nothing in this Clause 6.8 shall oblige Lessor or any other Indemnitee to take any action if in its reasonable opinion, acting in good faith, to do so
would have a material adverse effect on its business, operations or reputation or the financial basis on which the Transaction Documents have been entered into or would entail any cost or expense to Lessor or any other Indemnitee unless, in the case
of any cost or expense, the Lessee and each other Indemnitee shall have been indemnified or otherwise secured to its satisfaction. Without prejudice to the generality of the foregoing provisions of this Clause 6.8, Lessor will use reasonable
endeavours to provide to Lessee as soon as reasonably practicable after Delivery, and in any event, no later than the first Rent Date falling after Delivery and on each anniversary of the Delivery Date falling during the Term, a statement from the
Irish Tax Revenue Commissioners that Lessor is resident for tax purposes in Ireland. 

  

	7.	Quiet Enjoyment 

  

	7.1	Provided no Event of Default has occurred and is continuing under this Agreement, neither Lessor, the Lease Manager nor any person lawfully claiming by or through
Lessor or the Lease Manager will interfere with the quiet use, possession and enjoyment of the Aircraft by Lessee, but the exercise by Lessor, the Security Trustee or any Lender of its rights under or in connection with this Agreement or the
Assignment, in each case, pursuant to and in accordance with the terms of this Agreement or the Assignment (as the case may be) will not constitute such an interference. 

 

	7.2	Simultaneously with delivery of the Aircraft from Lessor to Lessee under this Agreement, Lessor shall procure that the Security Trustee provides to Lessee the Quiet
Enjoyment Letter subject to Lessee providing the Security Trustee with the Acknowledgement of the Assignment. 

  
 11

	7.3	Lessor will not exercise any rights pursuant to the Deregistration Power of Attorney save where an Event of Default has occurred and is continuing.

  

	7.4	Lessor will not exercise any rights pursuant to the letter set out in Part 2 of Exhibit C save where an Event of Default has occurred and is continuing.

  

	7.5	Lessor will not exercise any rights pursuant to the letter set out in Part 1 of Exhibit C more frequently than quarterly, save where a Default has occurred and is
continuing. 

  

	8.	Lessee’s Covenants 

Lessee hereby covenants with Lessor in the terms set out in Appendix 6. 

 

	9.	Insurance and Total Loss 

  

	9.1	Lessee hereby covenants with Lessor in the terms set out in Appendix 7. 

 

	9.2	The provisions of Part 3 of Appendix 7 shall apply if a Total Loss occurs or if there is any requisition for use or hire of the Aircraft, any Engine or Part
which does not constitute a Total Loss. 

  

	10.	Manufacturer’s Warranties 

  

	10.1  (a)	Pursuant to the terms of the Airframe Warranty Agreement and the Engine Warranties Agreement, with effect from the Delivery Date, Lessor will authorise Lessee to
exercise, such rights as Lessor may have in respect of the Airframe Warranties and the Engine Warranties respectively upon the terms and subject to the conditions contained in the Airframe Warranty Agreement and the Engine Warranties Agreement.

  

	 	(b)	Lessee shall give Lessor prompt written notice of any warranty claim which is settled with Lessee on the basis of a total or partial cash payment in excess of
US$250,000. Lessee shall apply any cash payments whether above or below $250,000 to remedy the defect or, if any part of the cash payment has been made by the Manufacturer in respect of Lessee’s loss of use of the Aircraft, as compensation to
Lessee for any loss of use of the Aircraft arising as a result of such defect. Any cash payments to Lessee in respect of warranty claims which are not applied to the repair or remedy of defects in the Aircraft, and which are not in respect of
compensation for loss of use of the Aircraft during the Term due to a defect covered by such warranty, shall be for Lessor’s account and shall be paid by Lessee to Lessor. 

 

	 	(c)	Upon the occurrence of the earlier of an Event of Default or termination or expiry of the leasing of the Aircraft under this Agreement (each a “Termination
Event”): 

  

	 	(i)	all rights under the Airframe Warranties and the Engine Warranties will immediately revert to Lessor, including all claims thereunder (whether or not perfected except
(aa) to the extent necessary to reimburse Lessee the actual costs incurred by it for the repair of any defect or, (bb) if any part of the cash payment has been made by the Manufacturer in respect of Lessee’s loss of use of the Aircraft, to
compensate Lessee for any loss of use of the Aircraft suffered by it during the Term as a result of the defect) and Lessee will immediately take all steps and execute all documents required by Lessor to perfect such reversion; and

  
 12

	 	(ii)	Lessor may retain for its own account any such proceeds previously paid to Lessor which would have been remitted to Lessee under this Clause 10 in the absence of
such Event of Default or such Termination Event (arising otherwise than as a result of an Event of Default), as the case may be, cause any proceeds of any pending claims to be paid to Lessor, rather than to Lessee and recover from Lessee the
proceeds of any such claims previously paid to Lessee to the extent that such claims relate to any defect in the Aircraft not fully and completely rectified by Lessee before such Event of Default or Termination Event (arising otherwise than as a
result of an Event of Default), as the case may be and, in the absence of such an Event of Default, not constituting compensation for loss of use during the Term. 

 

	10.2	To the extent any warranties relating to the Aircraft are made available under an agreement between any manufacturer, seller, subcontractor or supplier and Lessee,
Lessee will: 

  

	 	(a)	pay the proceeds of any claim thereunder in accordance with Clause 10.1 and pending such payment will hold the claim and the proceeds on trust for Lessor; and

  

	 	(b)	Lessee will take all such steps as are necessary at the end of the Term to ensure the benefit of any of those warranties which have not expired are vested in Lessor.

  

	11.	Indemnity 

  

	11.1	Lessee agrees to defend, indemnify and hold harmless the Indemnitees from and against any and all claims, proceedings, losses, liabilities, suits, judgements, costs,
expenses, penalties or fines (each a “Claim”) regardless of when the same is made or incurred, whether during or after the Term: 

  

	 	(a)	which may at any time be suffered or incurred directly or indirectly as a result of or connected with the possession, importation, delivery, performance, management,
ownership, registration, control, maintenance, condition, service, repair, overhaul, leasing, use, operation, storage, transport or return of the Aircraft, any Engine or Part (either in the air or on the ground) whether or not the Claim may be
attributable to any defect in the Aircraft, any Engine or any Part or to its design, testing or use or otherwise, and regardless of when the same arises or whether it arises out of or is attributable to any act or omission, negligent or otherwise,
of any Indemnitee; 

  

	 	(b)	which arise out of any act or omission which invalidates or which renders voidable any of the Insurances; and 

 

	 	(c)	 which may at any time be suffered or incurred as a consequence of any design, article or material in the Aircraft, any Engine or any Part or its
operation or use constituting an infringement of patent, copyright, trademark, design or other proprietary right or a breach of any obligation of confidentiality owed to any person,

  
 13

	 	
but excluding any Claim in relation to a particular Indemnitee to the extent that such Claim: 

  

	 	(i)	is covered pursuant to another indemnity provision of any Transaction Document; or 

 

	 	(ii)	arises solely as a result of the wilful misconduct or Gross Negligence of that Indemnitee under any Transaction Document; or 

 

	 	(iii)	relates to Lessor Taxes or a Lessor Lien attributable to that Indemnitee; or 

 

	 	(iv)	arises solely as a result of any breach by that Indemnitee of any express obligation owed to Lessee under this Agreement or any other Transaction Document; or

  

	 	(v)	relates solely to the period after the Expiry Date and return of the Aircraft in the condition required by this Agreement and which is unrelated to any act or omission
of Lessee or the use or possession by Lessee of the Aircraft during the Term or the transactions contemplated by the Transaction Documents. 

  

	11.2	The indemnities contained in this Agreement will continue in full force after the Expiry Date. 

 

	11.3	All rights expressed to be granted to each Indemnitee (other than the Lessor) under this Agreement are given to the Lessor on behalf of each such Indemnitee.

  

	12.	Return of aircraft 

 The
provisions of Appendix 8 shall govern the parties’ respective rights and obligations regarding the return of the Aircraft. 
  

	13.	Default 

  

	13.1	Each of the events specified in Part 1 of Appendix 9 will constitute an Event of Default and a repudiation of this Agreement by Lessee.

  

	13.2	The provisions of Part 2 of Appendix 9 shall govern the respective rights and obligations of the parties following the occurrence of a Default or an Event of
Default. 

  

	13.3	If Lessee fails to comply with any provision of any Transaction Document, Lessor may, without being in any way obliged to do so or responsible for so doing and without
prejudice to the ability of Lessor to treat the non-compliance as an Event of Default, effect compliance on behalf of Lessee, whereupon Lessee shall become liable to pay immediately any sums expended by Lessor together with all costs and expenses
(including legal costs) in connection therewith. 

  

	13.4	The rights of Lessor under the Transaction Documents may be exercised as often as necessary, are cumulative and not exclusive of its rights under any law and may be
waived only in writing and specifically. Delay in exercising or non-exercise of any such right will not constitute a waiver of that right. 

  
 14

	14.	Assignment 

 The
provisions set out in Appendix 10 shall govern assignment and/or transfer of Lessee’s and Lessor’s rights and obligations under this Agreement. 
  

	15.	Illegality 

  

	15.1	If it becomes, or will become, illegal for either Lessor or Lessee to perform its obligations or to enforce its rights under any Transaction Document or to participate
in the transactions contemplated thereby, Lessor or Lessee (as the case may be) shall, promptly upon becoming aware of such cessation or illegality, notify the other party thereof (such notice being referred to herein as an “Illegality
Notice”). Subject to any restrictions imposed on the party affected by such illegality and provided that the rights of the other party are not adversely impacted by such illegality, the parties shall, following service or receipt of an
Illegality Notice, negotiate in good faith for a period (the “Consultation Period”) of up to thirty (30) days from the date of the Illegality Notice (or such shorter period as may end on the date on which such illegality takes
effect) with a view to restructuring the arrangements contemplated by the Transaction Documents so as to avoid such illegality. The party for whom it becomes illegal to perform its obligations or to enforce its rights under the Transaction Documents
or to participate in the transactions contemplated thereby shall reimburse the other parties involved in such consultations for their reasonable legal and other expenses incurred in connection with such consultations and the implementation of
arrangements (if any) agreed during such consultations. The Lessee acknowledges that Security Trustee or any Lender may, at no cost to the Lessee, also participate in such consultations. 

 

	15.2	If no satisfactory arrangement for restructuring the transactions contemplated by the Transaction Documents is agreed by the end of the Consultation Period, Lessor may,
by written notice to Lessee, terminate the leasing of the Aircraft under this Agreement with effect from the date of such notice (if the illegality has become effective on or before such date) or otherwise with effect from the last Business Day
before the illegality takes effect, whereupon the Lessee shall forthwith redeliver the Aircraft to Lessor in accordance with Appendix 8. 

  

	16.	Notices 

  

	16.1	All notices under, or in connection with, the Transaction Documents will, unless otherwise stated, be given in writing by letter or facsimile. Any such notice is deemed
effectively to be given as follows: 

  

	 	(a)	if by letter, when delivered personally or, if sent by registered post, on the third day after posting; and 

 

	 	(b)	if by facsimile, when transmitted and confirmed by the transmitting party’s fax machine. 

 

	16.2	The address, facsimile and telephone numbers of Lessee and Lessor are as follows: 

 

					
	Lessee:	 	Address:	  	 Av. Prolongación Paseo de la Reforma 490
 Piso 1, Col. Santa Fe Pena Blanca, 01210
 Mexico

			
		 	Attn:	  	General Counsel/Director Juridico
		 	Facsimile:	  	+52 55 52 61 6460
		 	Telephone:	  	+52 55 52 61 6400

  
 15

					
			
	Lessor:	 	Address:	  	28 Upper Mount Street
		 		  	Dublin 2
		 		  	Ireland
			
		 	Attn:	  	Company Secretary
		 	Facsimile:	  	+353 1 639 8118
	
	 (with a copy to Amentum Capital Limited: Address: 28 Upper Mount Street

		 		  	Dublin 2
		 		  	Ireland
			
		 	Attn:	  	Company Secretary
		 	Facsimile:	  	+353 1 639 8118
		 	Telephone:	  	+353 1 6398111

  

	16.3	All notices to be given under the Transaction Documents will be in English. All documents delivered to Lessor pursuant to the Transaction Documents will be in English,
or if not in English, will be accompanied by a certified English translation. 

  

	17.	Disclaimers and Waivers 

  

	17.1	THE AIRCRAFT IS DELIVERED “AS IS, WHERE IS” AND LESSEE AGREES AND ACKNOWLEDGES THAT AS BETWEEN LESSOR, LESSEE AND THE INDEMNITEES NEITHER LESSOR NOR
ANY OTHER INDEMNITEE WILL HAVE ANY LIABILITY IN RELATION TO, AND NEITHER LESSOR NOR ANY OTHER INDEMNITEE HAS NOR WILL BE DEEMED TO HAVE MADE OR GIVEN, ANY WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, WITH RESPECT TO, THE AIRCRAFT, INCLUDING
BUT NOT LIMITED TO: 

  

	 	(a)	THE DESCRIPTION, AIRWORTHINESS, MERCHANTABILITY, FITNESS FOR ANY USE OR PURPOSE, VALUE, CONDITION, OR DESIGN, OF THE AIRCRAFT OR ANY PART; OR 

 

	 	(b)	ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER OR NOT ARISING FROM LESSOR’S OR ANY OTHER INDEMNITEE’S NEGLIGENCE, ACTUAL OR IMPUTED; OR

  

	 	(c)	ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF OR DAMAGE TO THE AIRCRAFT, FOR ANY LIABILITY OF LESSEE TO ANY THIRD PARTY, OR FOR ANY OTHER DIRECT,
INCIDENTAL OR CONSEQUENTIAL DAMAGES. 

  

	17.2	LESSEE HEREBY WAIVES, AS BETWEEN ITSELF AND EACH INDEMNITEE, ALL ITS RIGHTS IN RESPECT OF ANY WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, ON THE PART OF ANY
INDEMNITEE AND ALL CLAIMS AGAINST EACH INDEMNITEE HOWSOEVER AND WHENEVER ARISING AT ANY TIME IN RESPECT OF OR OUT OF THE OPERATION OR PERFORMANCE OF THE AIRCRAFT. 

 

	17.3	LESSEE CONFIRMS THAT IT IS FULLY AWARE OF THE PROVISIONS OF THIS CLAUSE AND THE OTHER TERMS OF THIS AGREEMENT AND ACKNOWLEDGES THAT THE TERMS OF THIS AGREEMENT HAVE
BEEN AGREED AND THE RENT AND OTHER AMOUNTS HAVE BEEN CALCULATED NOTWITHSTANDING ITS PROVISIONS. 

  
 16

	18.	Confidentiality 

  

	18.1	Lessor and Lessee agree that the Transaction Documents and information supplied pursuant to the Transaction Documents are to be kept confidential. Neither party will
disclose or permit its officers, agents or advisers to disclose any information from or in connection with the Transaction Documents without the consent of the other or to use any such information for any purpose other than for the purpose of the
transactions contemplated by the Transaction Documents, except: 

  

	 	(a)	for disclosures of the terms of the Transaction Documents and any information provided under this Agreement made by Lessor to any actual or potential assignee or
transferee permitted by Appendix 10 or to any actual or potential Lender or Security Trustee or to their respective professional advisers, provided that (i) Lessor has obtained a confidentiality undertaking in respect of such information
from each such person or (ii) such person is subject to a recognised duty of confidentiality; 

  

	 	(b)	for disclosures made by either party to its professional advisers, shareholders and any rating agency or as may be required by law or legal process or by the
administrative or regulatory requirements of any recognised stock exchange on which such party’s or its shareholders’ shares are listed; 

  

	 	(c)	for disclosures made by or on behalf of either party or any Indemnitee to any governmental or other official body in connection with the registration of any Transaction
Document, the Mortgage or the Assignment or otherwise reasonably advisable in order to establish, maintain, protect and enforce the rights and remedies of either party hereto or any Indemnitee under the Transaction Documents, the Mortgage or the
Assignment; 

  

	 	(d)	Lessee may deliver a copy of this Agreement to International Finance Corporation (“IFC”) pursuant to and in accordance with the facility agreement
between Lessee and the Guarantor and IFC and IFC may disclose this Agreement to its legal advisers and other professional advisers provided such persons are under a recognised duty of confidentiality or have executed a confidentiality undertaking or
to a rating agency or to any potential assignee or transferee of IFC , subject to the receipt by Lessee of a confidentiality undertaking from each such assignee or transferee, 

provided that notwithstanding the foregoing provisions of this Clause 18, Lessor may only disclose the Agreed Maintenance Programme
to third parties who are either bound by a duty of confidentiality or have executed a confidentiality undertaking. 
  

	19.	Change of Control 

  

	19.1	Lessee shall immediately notify Lessor in writing (a “Change of Control Notice”) if the shareholders in Lessee at the date of this Agreement (the
“Current Shareholders”) individually or together cease to own, or enter into any legally binding arrangements pursuant to which they agree to cease to beneficially own (directly or indirectly) 50% of Lessee or cease to retain the
right to control the management and policies of Lessee (a “Change of Control”). 

  
 17

	19.2	Promptly: 

  

	 	(a)	after receipt of a notice referred to in Clause 19.1, Lessor will on request of Lessee; or 

 

	 	(b)	upon Lessor becoming aware of a Change of Control, Lessee will on request of Lessor, 

consult in good faith with Lessee or Lessor, as the case may be for a period (the “Change of Control Consultation
Period”) of up to sixty (60) days from the date of the Change of Control Notice with a view to restructuring the arrangements contemplated by the Transaction Documents (including, without limitation, the provision by Lessee of new or
additional security) in a manner acceptable to Lessor and the Security Trustee (each acting in good faith). Lessee shall reimburse Lessor and the Security Trustee on behalf of itself and without duplication any Lender for their reasonable legal and
other out of pocket expenses incurred in connection with such consultations and the implementation of arrangements (if any) agreed during such consultations. 
  

	19.3	If no satisfactory arrangement for restructuring the transactions contemplated by the Transaction Documents is agreed by the end of the Change of Control Consultation
Period, Lessor may, by written notice to Lessee given within fifteen (15) days of the last day of the Change of Control Consultation Period, terminate the leasing of the Aircraft under this Agreement with effect from the date (the
“Early Termination Date”) not earlier than six (6) months after the date of such notice and upon the Early Termination Date Lessee shall redeliver the Aircraft to Lessor in accordance with Appendix 8.

  

	20.	Law and Jurisdiction 

  

	20.1	This Agreement, including any non-contractual obligations arising out of or in connection with, this Agreement is governed by and this Agreement shall be construed in
accordance with the laws of Ireland. 

  

	20.2	The parties hereto irrevocably agree that any legal action or proceedings in connection with this Agreement may be brought in the courts of Ireland. The parties further
agree that any party may take proceedings against the other in the courts of the domicile of the parties or where the Aircraft is located, hereby waiving any jurisdiction not referred to in this Clause 20.2. The courts agreed to in this
paragraph shall have jurisdiction to settle any disputes arising out of or in connection with this Agreement. 

  

	20.3	Lessee agrees that the process by which any suit, action or proceeding is begun in Ireland may be served on it by being delivered to Matsack Trust Limited at its
address for the time being in Ireland. 

  

	20.4	Each of the parties irrevocably waives any objection it may now or hereafter have to the laying of venue of any action or proceeding in any court and any claim it may
now or hereafter have that any action or proceeding has been brought in an inconvenient forum. 

  

	20.5	Each party irrevocably and unconditionally: 

  

	 	(a)	agrees that if the other brings legal proceedings against it or its assets in relation to this Agreement, no immunity from such legal proceedings will be claimed by it;

  
 18

	 	(b)	waives any such right of immunity which it or it’s assets now has or may in the future acquire; and 

 

	 	(c)	consents generally in respect of any such proceedings to the giving of any relief or the issue of any process in connection with such proceedings including, without
limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgement which may be made or given in such proceedings. 

IN WITNESS whereof the parties hereto have executed this Agreement on the date shown at the beginning of this Agreement. 

  
 19

 SIGNED on behalf of CONCESIONARIA VUELA  

COMPAÑÍA DE AVIACIÓN, S.A. DE C.V. 
  

			
	By:	 	 /s/ Alfonso Ascencio Triujeque

	Name:	 	Alfonso Ascencio Triujeque
	Title:	 	General Counsel

 SIGNED on behalf of AMENTUM AIRCRAFT LEASING NO. FOUR LIMITED 

 

			
	By:	 	 /s/ Stephan Rihm

	Name:	 	Stephan Rihm
	Title:	 	Vice President Contracts and Legal

  
 20

 APPENDIX 1 

PART 1 

DEFINITIONS 

“”A” Check” means a package of scheduled maintenance tasks with repeat intervals up to 600 Flight Hours, 6 months and
500 Cycles (including any lesser tasks) performed by an Agreed Maintenance Performer in accordance with the Agreed Maintenance Programme. 

“Acknowledgement of Assignment of Guarantee” means the acknowledgement from the Guarantor to Lessor and the Security Trustee in respect
of the Assignment in the form of Part 1 of Exhibit A. 
 “Acknowledgement of Assignment of Lease” means the
acknowledgement from Lessee to Lessor and the Security Trustee in respect of the Assignment in the form of Part 2 of Exhibit A. 

“Agreed Maintenance Performer” means Lessee, Aeromantenimiento S.A. and any person which is approved by, and holds all necessary
licences from, the Air Authority and holding a valid repair station certificate for maintenance work on the Airframe, Landing Gear, APU, Engine and Parts issued by the FAA or, in respect of any “A” Check, any maintenance facility approved
by the Air Authority. 
 “Agreed Maintenance Programme” means the Maintenance Programme for the Aircraft from time to time as
approved by the Air Authority which shall be based on the Maintenance Planning Document. 
 “Agreed Value” means with respect
to the period from the Delivery Date up to but excluding the first anniversary of the Delivery Date, ***** and thereafter reducing on each anniversary of the Delivery Date by an amount equal to ***** of the amount of the Agreed Value on the previous
such anniversary or the Delivery Date as applicable. 
 “Affiliate” means in relation to any person (the “First
Person”): 
  

	(a)	any person controlled by the First Person; 

  

	(b)	any person who controls such First Person; 

  

	(c)	any person controlled by the same person who controls the First Person, 

 (and for this purpose “Control” means either the ownership of more than fifty per cent. (50%) of the voting share capital (or equivalent right of ownership) of a person or power to
direct its policies and management whether by contract or otherwise). 
 “Air Authority” means all and any of the authorities,
government departments, committees or agencies which under the laws of the State of Registration shall from time to time: 
  

	(a)	have control or supervision of civil aviation in that state; or 

  

	(b)	have jurisdiction over the registration, airworthiness or operation of, or other matters relating to, the Aircraft. 

 

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 21

 “Airbus Consent and Agreement” means the consent and agreement of the Airframe
Manufacturer, in the form scheduled to the Purchase Agreement Assignment, entered into or to be entered into on or prior to the Delivery Date between the Guarantor, Lessor and the Airframe Manufacturer. 

“Airbus Delivery Documents” means: 
  

	(a)	the bill of sale to be executed in respect of the Airframe and the Engines by the Airframe Manufacturer in favour of Lessor pursuant to the Purchase Agreement
Assignment (the “Bill of Sale”); 

  

	(b)	the invoice issued by the Airframe Manufacturer in respect of the Aircraft at Delivery; 

 

	(c)	the certificate of acceptance to be executed by Lessee (on behalf of Lessor) at Delivery in respect of the Aircraft pursuant to the Purchase Agreement Assignment;

  

	(d)	the Netting Letter; and 

  

	(e)	the Commitment Letter. 

“Aircraft” means the aircraft described in Appendix 2, (which term includes where the context admits a separate reference to the
Engines, Parts and Aircraft Documents) (but for the avoidance of doubt excludes any engine or part installed on the Aircraft title to which is not required by this Agreement to be passed to or vested in Lessor). 

“Aircraft Documents” means all such technical data, documents, manuals and log books and any other records relating to the Aircraft
which Lessee is required to keep and maintain to comply with the regulations of the Air Authority and FAA and all additions, renewals, revisions and replacements from time to time made in accordance with this Agreement and shall include: 

 

	(a)	without limitation, at Delivery, those documents delivered by the Airframe Manufacturer under the Purchase Agreement Assignment; and 

 

	(b)	at redelivery, those documents set out in Part 3 of Appendix 8. 

 “Airframe” means the Aircraft, excluding the Engines and Aircraft Documents. 

“Airframe Manufacturer” means Airbus S.A.S. 
 “Airframe Warranties” means the warranties in respect of the Aircraft specified in the Airframe Warranty Agreement. 
 “Airframe Warranty Agreement” means the airframe warranty agreement entered into or to be entered into on or prior to the Delivery Date between Lessee, Lessor, the Security Trustee and
the Airframe Manufacturer. 
 “Airworthiness Directive” or “AD” means any airworthiness directive issued or
endorsed by the FAA, the French DGAC and/or the Air Authority applicable to the Airframe, any Engine, any Part or the Aircraft Documents. 

“APU” means the auxiliary power unit installed on the Aircraft at Delivery and any replacement auxiliary power unit installed on the
Aircraft in accordance with this Agreement and in each case includes any attaching Part. 

  
 22

 “APU Hours” means each hour or part of an hour during which the APU is operated.

 “APU Performance Restoration” means a shop visit which restores performance and durability of the APU so as to return the
APU to service for a complete APU run interval and shall include a Heavy Repair (as defined in the Honeywell Shop Maintenance Philosophy) or APU overhaul as required by the APU manufacturer’s component maintenance manual. 

“Arranger” means HSH Nordbank AG, New York Branch, in its capacity as head arranger under Lessor’s financing arrangements.

 “Assignment” means any present or future assignment in favour of the Security Trustee of Lessor’s rights in respect of,
amongst other things, this Agreement, the Insurances, any Letter of Credit, the Guarantee, the Deposit and the Maintenance Reserves as security for Lessor’s obligation to the Lenders. 
 “Assignment of Insurances” means the assignment of Lessee’s rights, title, benefit and interest in and to the Insurances (other than the liability insurances) entered into or to be
entered into on or prior to the Delivery Date between Lessor as assignee and Lessee as assignor. 
 “Business Day” means a day
(other than a Saturday or Sunday) on which business of the nature required by this Agreement is carried out in Ireland and Mexico or, where used in relation to payments, on which banks are open for business in Dublin, Ireland and New York.

 “Certificate of Acceptance” means a certificate of acceptance in respect of the Aircraft duly executed by Lessee
substantially in the form of Exhibit B. 
 “”C” Check” means a package of scheduled maintenance tasks with
repeat intervals between 18 and 24 months, 5,000 and 7,000 Flight Hours or 4,000 and 5,000 Cycles performed by an Agreed Maintenance Performer in accordance with the Maintenance Planning Document in effect on the relevant date. 

“Claim” has the meaning given to it in Clause 11.1. 
 “Commitment Letter” means the commitment letter entered into between the Guarantor and/or Lessee with the Airframe Manufacturer in respect of the Aircraft on or prior to Delivery.

 “Consolidated Text” means the Consolidated Text of the Convention and the Protocol attached to resolution No. 1 of the
Final Act of the Diplomatic conference to adopt the Convention and the Protocol held under the auspices of ICAOP and UNIDROIT at Cape Town, South Africa from 29 October to 16 November, 2001. 

“Convention” means the Convention on International Interests in Mobile Equipment signed in Cape Town, South Africa on 16 November,
2001. 
 “Cycle” means, in relation to the Airframe, one take-off and landing of the Aircraft, and in relation to an Engine, an
APU, or a Landing Gear, or any fitted component installed in any of the foregoing one take off and landing of any aircraft on which that Engine, APU, or Landing Gear or any other fitted component, as the case may be, is installed. 

“Default” means any Event of Default and any event which with the giving of notice, lapse of time or determination of materiality would
constitute an Event of Default. 

  
 23

 “Delivery” means delivery of the Aircraft by the Airframe Manufacturer to Lessor pursuant
to the Purchase Agreement Assignment. 
 “Delivery Date” means the date on which Delivery takes place. 

“Delivery Location” means the Airbus facility in Hamburg, Germany. 
 “Deregistration Power of Attorney” means a deregistration and export power of attorney in the form of Exhibit D or in such other form agreed by Lessor. 

“Dollars” and “$” means the lawful currency of the United States of America. 

“EASA” means the European Aviation Safety Agency established by the European Parliament and the Council of the European Union under
Regulation (EC) Number 1592/2002 or any other organisation or authority that, under the laws of the European Union, shall from time to time have jurisdiction over, amongst other things, aircraft airworthiness and aircraft safety standards for
the European Union. 
 “Emergency Operations” means any deviation in an agreed flight path of the Aircraft to a Prohibited
Jurisdiction made solely in order to protect the Aircraft or the lives, safety and/or wellbeing of the passengers and crew and provided Lessee shall promptly remove the Aircraft from such Prohibited Jurisdiction upon cessation of the conditions
giving rise to the relevant flight path deviation. 
 “EMMP” means the latest revision of the engine maintenance management
programme of the Lessee for the Engines adapted from the latest revision of the Engine Manufacturer’s engine maintenance management programme. 
 “Engine” means whether or not installed on the Aircraft: 
  

	(a)	each engine of the manufacture and model specified in Appendix 2 which the Airframe Manufacturer elects to tender to Lessor under the Purchase Agreement
Assignment, such engines being described as to serial numbers on the Certificate of Acceptance to be executed by Lessee upon delivery of the Aircraft under this Agreement; or 

 

	(b)	any engine which has replaced that engine, title to which has passed to Lessor in accordance with this Agreement; 

and in each case includes all modules and Parts from time to time belonging to or installed in that engine but excludes any properly replaced engine
title to which has passed to Lessee pursuant to this Agreement (and, for the avoidance of doubt, the term “Engine” excludes any engine installed on the Aircraft title to which is not required by this Agreement to be passed to or
vested in Lessor). 
 “Engine LLPs” means each or any of the Engine Manufacturer’s certified cyclic life controlled parts
as specified in the Engine Manufacturer’s “Time Limits Manual”. 
 “Engine Manufacturer” means IAE International
Aero Engines AG. 
 “Engine Performance Restoration” means, in respect of any Engine, the performance of a refurbishment of
such Engine to clear it until its next anticipated Engine Performance Restoration (including, without limitation, the completion of a Level 3 Refurbishment on each of the high pressure turbine, the high pressure compressor and the combuster) in all
cases in accordance with the maintenance procedures and soft times as defined in the EMMP (excluding any LRU’s on such Engine). 

  
 24

 “Engine Warranties” means, in respect of each Engine, the warranties in respect of those
Engines specified in the Engine Warranties Agreement. 
 “Engine Warranties Agreement” means the engine warranties agreement
entered into or to be entered into on or before the Delivery Date between the Engine Manufacturer, the Security Trustee, Lessor, the Guarantor and Lessee. 
 “Event of Default” means any of the events listed in Part 1 of Appendix 9. 
 “Expiry Date” means: 
  

	(a)	the Initial Expiry date or, if applicable, the Extended Expiry Date; or 

  

	(b)	the date on which the leasing of the Aircraft to Lessee is terminated or expressed to expire under and in accordance with the provisions of this Agreement; or

  

	(c)	the date on which Lessor receives the Agreed Value following a Total Loss. 

 “Extended Expiry Date” means the date, if any, to which the Term is extended pursuant to and in accordance with Clause 4.6. 
 “FAA” means the Federal Aviation Administration of the United States of America and any successor thereof. 
 “Facility Agent” means HSH Nordbank AG, New York Branch or such other institution or institutions as Lessor may from time to time advise Lessee in writing. 

“Final Delivery Date” means ***** or such later date as the parties may agree. 
 “Financial Indebtedness” means any indebtedness for or in respect of: 
  

	(a)	moneys borrowed; 

  

	(b)	any amount raised by acceptance under any acceptance credit facility; 

  

	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with generally accepted accounting principles in Mexico or, if
Lessee’s financial statements are prepared in accordance with generally accepted principles in the United States of America, the United States of America, be treated as a finance or capital lease; 

 

	(e)	receivables sold or discounted as a means of raising money (other than any receivables to the extent they are sold on a non-recourse basis); 

 

	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any
derivative transaction, only the market to market value shall be taken into account); 

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 25

	(h)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or
financial institution; and 

  

	(i)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above.

 “Fleet Aircraft” means any other aircraft owned or operated by Lessee. 

“Flight Hour” means in relation to the Aircraft, each hour or part thereof (rounded up to two decimal places) elapsing from the moment
the wheels of the Aircraft leave the ground on take off until the wheels of the Aircraft next touch the ground and in relation to an Engine, a Landing Gear, an APU and a Part each hour or part thereof (rounded up to two decimal places) elapsing from
the moment the wheels of an aircraft on which that Engine, the Landing Gear, the APU or the Part, as the case may be, is installed leaves the ground on take off until the wheels of that aircraft next touch the ground. 

“Government Entity” means (a) any national government, political subdivision thereof, or local jurisdiction therein; or
(b) any instrumentality, board, commission, court, tribunal or agency of any thereof, however constituted; or (c) any association, organisation, or institution 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. 
 “Gross Negligence” means an act or omission which is done
deliberately with intent to cause loss or damage or recklessly and with knowledge, that damage, death, delay, injury or loss would possibly result. 
 “Guarantee” means the guarantee dated the date of this Agreement executed by the Guarantor in favour of Lessor in respect of Lessee’s obligations to Lessor under the Transaction
Documents. 
 “Guarantor” means Controladora Vuela Compañía de Aviación, S.A. de C.V., a company organised
and validly existing under the laws of Mexico. 
 “Habitual Base” means Mexico. 

“IDERA” means an irrevocable deregistration and export request authority in the form set out in Annex 1 to the Convention.

 “Indemnitees” means each of Lessor, the Lease Manager, the Security Trustee, the Facility Agent, the Arranger and the
Lenders, including, any of their respective successors and permitted assigns, shareholders, Subsidiaries and Affiliates and their respective directors, officers, agents and employees. 
 “Initial Expiry Date” means the date falling seventy two (72) months after the Delivery Date. 
 “Insurances” has the meaning given to it in paragraph 1 of Part 1 of Appendix 7. 
 “International Interest” has the meaning given to it in the Convention. 

“International Registry” has the meaning given to it in the Convention. 
 “Landing Gear” means the landing gear assembly of the Aircraft including any attaching Part. 

  
 26

 “Landing Gear Overhaul” means a full overhaul of the Landing Gear as required by the
Maintenance Planning Document and in accordance with the manufacturer’s procedures. 
 “LC Amount” has the meaning given
to it in Clause 5.1. 
 “Lease Manager” means Amentum Capital Limited, a company incorporated in Ireland. 

“Lenders” means such financial institution(s) which from time to time participate in the financing of the Aircraft for Lessor and/or for
whose benefit security over, or rights relating to, the Aircraft and/or this Agreement and/or the Insurances is granted by Lessor or at Lessor’s request. 
 “Lessor Lien” means: 
  

	(a)	any Assignment, any Mortgage and any security interest whatsoever from time to time created by or through Lessor in connection with the financing of the Aircraft; or

  

	(b)	any other security interest in respect of the Aircraft which results from acts of or claims against Lessor, the Lease Manager or their respective Affiliates or
Subsidiaries not related to the transactions contemplated by or permitted under this Agreement; or 

  

	(c)	liens in respect of the Aircraft for Lessor Taxes. 

 “Lessor Taxes” means Taxes in respect of any Indemnitee: 
  

	(a)	imposed as a direct result of activities of that Indemnitee in the jurisdiction imposing the liability unrelated to the transactions contemplated by the Transaction
Documents, such Indemnitee’s dealings with Lessee or the use or operation of the Aircraft or any part thereof by Lessee; or 

  

	(b)	imposed on the net income, gross profits or gains of that Indemnitee by any Government Entity in the country of incorporation of the Indemnitee or any other
jurisdiction where that Indemnitee has a place of business, in each case unrelated to the transactions contemplated by the Transaction Documents, such Indemnitee’s dealings with Lessee or the use or operation of the Aircraft or any part thereof
by Lessee; or 

  

	(c)	imposed with respect to any period commencing or event occurring after the Expiry Date and unrelated to the transactions contemplated by the Transaction Documents or
the use or operation of the Aircraft or any part thereof by the Lessee; or 

  

	(d)	imposed solely as a direct result of the Gross Negligence or wilful misconduct of that Indemnitee or breach by that Indemnitee of any of its express obligations to
Lessee and/or Guarantor under any of the Transaction Documents, but excluding any such breach which is attributable to or arises out of any breach by Lessee of its obligations under this Agreement or any other Transaction Document or any Event of
Default; or 

  

	(e)	imposed solely as a direct result of a voluntary or involuntary sale, transfer, assignment, novation or other disposition by such Indemnitee of all or part of an
interest in the Aircraft or any part thereof or this Agreement, save for the Assignment, the Mortgage and/or any such sale, transfer, assignment or disposition which has occurred directly or indirectly as a result of an Event of Default and/or any
such sale, assignment, transfer or disposition which has occurred with the consent of Lessee pursuant to Clause 6.6, Clause 15 or Clause 19; or 

  
 27

	(f)	to the extent that the same are imposed or arise solely as a result of a Lessor Lien attributable to that Indemnitee; or 

 

	(g)	to the extent attributable to the failure of that Indemnitee to comply with Clause 6.8 of this Agreement; 

 

	(h)	to the extent that the same arise as a result of any financing arrangements entered into by such Indemnitee in connection with this Agreement and are not related to the
use, operation, leasing, maintenance, condition, design, defect, insurance or any other matters set forth in Clauses 11.1(a) to (c) inclusive of this Agreement; or 

 

	(i)	to the extent that the same are increased solely by reason of Lessor voluntarily changing, after the date of this Agreement the jurisdiction in which it is resident for
tax. 

 “Letter of Credit” has the meaning given to it in Clause 5.1. 

“Level 3 Refurbishment” has the meaning given to it in the latest revision of the Engine Manufacturer’s engine management
programme. 
 “LIBOR” means, in respect of the applicable period for the calculation of default interest hereunder or in
respect of any Rental Period for the calculation of Rent under Clause 5: 
  

	(a)	the applicable Screen Rate; or 

  

	(b)	if no Screen Rate is available for Dollars for the applicable interest period or Rental Period, as the case may be, the arithmetic mean (rounded upward to four decimal
places) of the rates, as supplied to the Lessor at its request, quoted by the Reference Banks to leading banks in the London interbank market, 

 for the offering of deposits in Dollars for the applicable interest period or Rental Period, as the case may be, as of 11.00 a.m. (London time) two (2) Business Days before the first day of such
period. 
 “Loan Agreement” means the Loan Agreement dated on or about the date of this Agreement between Lessor, as borrower
and HSH Nordbank AG, New York Branch as arranger, original lender, the agent and the security trustee. 
 “Loss” means any
cost, expense, financial liability, damage or monetary loss of any kind. 
 “LRU” means a line replacement unit. 

“Maintenance Planning Document” or “MPD” means the latest revision of the maintenance planning document issued by the
Airframe Manufacturer in respect of the same type of aircraft as the Aircraft. 
 “Maintenance Programme” means the
Lessee’s Air Authority approved maintenance programme for the Aircraft in accordance with the Maintenance Planning Document encompassing scheduled maintenance (including block maintenance), condition monitored maintenance, and/or on-condition
maintenance of Airframe, Engines and Parts, including but not limited to, servicing, testing, preventive maintenance, repairs, structural inspections, system checks, overhauls, corrosion control, inspection and treatments. 

  
 28

 “Maintenance Reserves” has the meaning given to it in Part 2 of Appendix 5.

 “Major Checks” means the 6 Year Check and the 12 Year Check. 
 “Mandatory Service Bulletin” means any service bulletin affecting the airworthiness or safety of the Aircraft which is issued by the Manufacturer and compliance with which is required
within a defined period of time. 
 “Manufacturer” means in respect of the Airframe, the Airframe Manufacturer and in respect
of the Engines, the Engine Manufacturer. 
 “Mexico” means the United Mexican States. 

“Minimum Liability Coverage” means except in respect of war and allied perils risks liability coverage ***** or such higher amount
carried by Lessee on its fleet policy and in respect of war and allied perils risks liability coverage *****. 
 “Mortgage”
means any present or future aircraft mortgage, pledge or security agreement made by Lessor in favour of the Security Trustee in respect of the Aircraft. 
 “Netting Letter” means the netting letter to be entered into between Lessor, Lessee, the Guarantor and the Airframe Manufacturer on or prior to Delivery. 

“Original Purchase Agreement” means the A320 Family Purchase Agreement dated 28 October 2005, entered into between the Guarantor
and the Airframe Manufacturer with respect to amongst other things, the Aircraft and together with its appendices, amendment and letter agreements. 
 “Other Agreement” means the Lease Agreement dated 9 October 2008 currently between the Lessor and Lessee with respect to the Airbus A320-233 aircraft, with manufacturer’s serial
number 3624 and any other lease agreement entered into or to be entered into between Lessor (or any Affiliate of Lessor) with Lessee (or any Affiliate of Lessee). 
 “Part” means whether or not installed on the Aircraft: 
  

	(a)	any component, furnishing or equipment (other than a complete Engine) furnished with the Aircraft at Delivery; and 

 

	(b)	any other component, furnishing or equipment (other than a complete Engine) title to which has passed to Lessor pursuant to this Agreement, 

but excludes any such items title to which has passed to Lessee pursuant to this Agreement (and for the avoidance of doubt the term
“Part” excludes any part installed on the Aircraft title to which is not required by this Agreement to be passed to or vested in Lessor). 
 “Permanent Repairs” means any and all repairs relating to the Aircraft which: 
  

	(a)	are, subject to (c) and (d) below, of a permanent nature; 

  

	(b)	shall have been reviewed and completed in accordance with the latest revision of the Manufacturer’s published guidelines applicable at the time of repair and
supported by documentation evidencing accomplishment in accordance with FAA 

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 29

	 	
approved data (that is, the Manufacturer’s structural repair manual or the Manufacturer’s Service Bulletin or the Airframe Manufacturer’s written approval (wherein a statement of
no technical objection does not constitute the Manufacturer’s written approval and a statement of conformity to type certificate will be required)) or EASA or FAA STC (Supplemental Type Certificate) or otherwise approved by the FAA and/or EASA;

  

	(c)	shall be flush unless not reasonably or economically feasible; 

  

	(d)	shall be approved for unlimited continued service, without time limitations for removal, repair or replacement and shall have no special or distinct repetitive
inspection requirements, unless no such repair exists, in which case: 

  

	 	(i)	Lessee shall provide to Lessor, at the time the repair is being carried out, written confirmation from the Manufacturer that no further repair is currently available or
is reasonably capable of being developed within a reasonable period; and 

  

	 	(ii)	notwithstanding the written confirmation, Lessee shall carry out the repair with the least number of repeat inspections or the greatest time between and with the least
potential impact for future operators as is reasonably possible given Manufacturer’s guidelines. 

 “Permitted
Lien” means: 
  

	(a)	any lien for Taxes not assessed or, if assessed, not yet due and payable, or being contested in good faith by appropriate proceedings; 

 

	(b)	any lien of a repairer, mechanic, carrier, hangarkeeper or other similar lien arising in the ordinary course of business or by operation of law in respect of
obligations which are not overdue or are being contested in good faith by appropriate proceedings; and 

  

	(c)	any Lessor Lien, 

 but only if (in the case of
both (a) and (b)) (i) adequate reserves have been provided by Lessee for the payment of the Taxes or obligations; and (ii) such proceedings, or the continued existence of the lien, do not give rise to any likelihood of the sale,
forfeiture, detention or other loss of the Aircraft or any interest therein or of criminal liability or unindemnified civil liability on Lessor, the Security Trustee or any Lender. 
 “Permitted Transferee” means any person who (a) is not a competitor, or any Affiliate of a competitor, of Lessee; (b) is experienced in cross border leasing or owned or managed
by a person who is so experienced; and (c) has a net worth of at least $3 million (or whose obligations under this Agreement are guaranteed by a person with at least such a net worth). 
 “Process Agent Power of Attorney (Lessor)” means a process agent power of attorney substantially in the form of Exhibit G or in such other form requested by Lessor. 

“Process Agent Power of Attorney (Guarantor)” means a process agent power of attorney substantially in the form of Exhibit H or in such
other form requested by Lessor. 
 “Prohibited Jurisdiction” means any jurisdiction which, at any relevant time, is subject to
an embargo or sanction or prohibition order (or any similar order or directive) of: 
  

	(a)	the United Nations Security Council or the European Union; 

  
 30

	(b)	the United States of America, 

 any which is
applicable to the Lessee or any Indemnitee or the ownership, leasing or financing of the Aircraft or the transactions contemplated by the Transaction Documents and which order or directive prohibits or restricts or could reasonably be interpreted to
prohibit or restrict the export (taking into account any exemptions which would be available and any operations to the extent that they are not absolutely prohibited or restricted) of the Aircraft to, and/or the use or operation of the Aircraft on
flights to, and/or from such jurisdiction. 
 “Protocol” means the Protocol to the Convention on Matters Specific to Aircraft
Equipment, signed in Cape Town, South Africa on 16 November, 2001. 
 “Purchase Agreement Assignment” means the assignment
of the Original Purchase Agreement entered into or to be entered into on or about the date of this Agreement between Lessor, Lessee and the Guarantor. 
 “Purchase Price” means $35,900,000. 
 “Quiet Enjoyment Letter”
means a letter from the Security Trustee to Lessee in the form of Exhibit E. 
 “Recognition of Rights Agreement” means an
agreement in form and substance satisfactory to the Lessor and the Security Trustee (acting reasonably) concerning recognition of rights between Lessee, Lessor, the Security Trustee and any other owners, financiers or lessors of engines of the same
make and model as the Engines (or any other engines compatible therewith) operated by Lessee. 
 “Redelivery Location” has the
meaning given to it in Part 1 of Appendix 8. 
 “Reference Banks” means the principal London branches of HSH Nordbank
AG, Barclays Bank plc and JP Morgan Chase. 
 “Reinsurances” has the meaning given to it in paragraph 1 of Part 1 of
Appendix 7. 
 “Rent” means each amount calculated pursuant to Clause 5.3. 

“Rental Period” has the meaning given to it in Clause 5.2. 
 “Rent Date” means the first day of each Rental Period. 
 “Replacement
Part” means, in relation to any Part to be replaced under this Agreement, a component, furnishing or part (other than a complete Engine) that has the same or interchangeable specifications and modification status, is in as good an
operating condition as, and a value, utility and remaining life equal to or greater than, the Part to be replaced (assuming such replaced Part was in the condition and repair required by the terms of this Agreement) and which has not accumulated
more than 110% of the accumulated calendar time, Flight Hours and Cycles of the Aircraft and in respect of which title is capable of passing to Lessor free and clear of all Security Interests other than Permitted Liens. 

“Return Condition” has the meaning given to it in Part 1 of Appendix 8. 

“Screen Rate” means the British Bankers’ Association Interest Settlement Rate for the relevant currency and period displayed on the
appropriate page of the Bloomberg screen. If the agreed page is replaced or service ceases to be available, Lessor may specify another page or service displaying the appropriate rate after consultation with Lessee. 

  
 31

 “Security Interest” means any mortgage, charge, pledge, lien, assignment, hypothecation,
right of set-off, right of detention or any agreement or arrangement having the effect of creating a security interest other than a Permitted Lien. 
 “Security Trustee” means HSH Nordbank AG, New York Branch, or such other institution or institutions as Lessor may from time to time advise Lessee in writing. 

“SENEAM” means Servicios a la Navegación en el Espacio Aéreo Mexicano. 

“State of Incorporation” means Mexico. 
 “State of Registration” means Mexico. 
 “Subsidiary” means:

  

	(a)	in relation to any reference to accounts, any entity whose accounts are consolidated with the accounts of Lessee in accordance with accounting principles generally
accepted under accounting standards of the State of Incorporation; 

  

	(b)	for any other purpose an entity from time to time: 

  

	 	(i)	of which another has direct or indirect control or owns directly or indirectly more than 50 per cent. of the voting share capital; or 

 

	 	(ii)	which is a direct or indirect subsidiary of another under the laws of the jurisdiction of its incorporation, 

(and for this purpose “Control” means either the ownership of more than fifty per cent. (50%) of the voting share capital (or
equivalent right of ownership) of a person or power to direct its policies and management whether by contract or otherwise). 

“Suitable Replacement Engine” means an engine: 
  

	(a)	which is of the same model, and capable of being certified at the same thrust rating, as the Engine it replaces, or an improved or advanced version of the Engine it
replaces (the “Replaced Engine”), approved by the Air Authority for installation and operational use on the Airframe in conjunction with the other Engine; 

 

	(b)	(unless otherwise agreed by Lessor, acting reasonably) which shall have undergone no more Engine Performance Restorations since new than the Engine it replaces; and

  

	(c)	which has a value and utility at least equal to the Replaced Engine assuming the Replaced Engine was in the condition and repair required by the terms of this
Agreement. 

 “Taxes” means all present and future taxes, levies, imposts, duties or charges of any nature
whatsoever, and wheresoever imposed, including (without limitation) any registration tax in respect of the Aircraft, any withholding taxes, any value added tax or any other tax in respect of added value and any franchise, transfer, sales, use,
business, occupation, excise, fuel, carbon, personal property, real property, stamp or other tax imposed by any Government Entity together with any penalties, additions to tax, fines or interest thereon and tax, taxes and taxation shall be construed
accordingly. 

  
 32

 “Term” means the period commencing on the Delivery Date and ending on Expiry Date.

 “Termination Event” has the meaning assigned to it in Clause 10.1(c). 

“Total Loss” has the meaning assigned to it in Part 3 of Appendix 7. 
 “Transaction Documents” means this Agreement, the Purchase Agreement Assignment, the Airbus Delivery Documents, the Airbus Consent and Agreement, the Engine Warranties Agreement, the
Airframe Warranty Agreement, the Certificate of Acceptance, the Assignment of Insurances, the Acknowledgement of Assignment of Lease, the Acknowledgement of Assignment of Guarantee, the Guarantee, the Deregistration Power of Attorney, the IDERA, the
Process Agent Power of Attorney (Lessor), the Process Agent Power of Attorney (Guarantor), the Quiet Enjoyment Letter and any other document which is entered into in connection with any of those agreements and is designated as such by Lessor and
Lessee. 
 “Wet Lease” means a lease agreement with respect to the Aircraft: 

 

	(a)	pursuant to which Lessee agrees to operate the Aircraft under its air operator’s certificate on behalf of a third party airline under terms where all payment,
operational (including crew), maintenance, re-delivery and insurance obligations under this Agreement and for the Aircraft remain the responsibility of Lessee and Lessee remains fully liable to comply with all such obligations under or in connection
with this Agreement; 

  

	(b)	where there is no change in the Habitual Base or the State of Registration; 

 

	(c)	pursuant to which it is specifically stated in such wet lease that such agreement is expressly subordinated to the terms of this Agreement, any Mortgage, any Assignment
and the interests of Lessor, the Security Trustee and the Lenders in and to the Aircraft, this Agreement, any Mortgage and any Assignment (as the case may be); 

 

	(d)	the term of which, when aggregated with (i) any renewals or extensions thereof and (ii) the term of any consecutive such lease agreements (if any and as
applicable), does not exceed 6 months unless Lessee shall have procured the consent of Lessor and the Security Trustee (which consent shall not be unreasonably withheld or delayed); and 

 

	(e)	pursuant to which the expiry date thereunder occurs on or before the Expiry Date and the termination of this Agreement for any reason whatsoever will automatically
result in such wet lease terminating and Lessor or (if applicable) the Security Trustee shall be entitled to promptly repossess and de-register the Aircraft thereafter. 

 “6 Year Check” means a 6 year check performed by an Agreed Maintenance Performer in accordance with the MPD in effect when such check is carried out and required to be performed at a
threshold/interval of 6 years which shall include all system, zonal and structural tasks with an interval of 6 years or lower, all Flight Hour or Cycles driven tasks which are not due to be carried out at 6 years as a result of utilisation but which
for planning and access reasons would be performed at this 6 year check, all lower level checks, cabin refurbishment, out of phase work and cleaning and repair. 
 “12 Year Check” means a 12 year check performed by an Agreed Maintenance Performer in accordance with the MPD in effect when such check is carried out and required to be performed at a
threshold/interval of 12 years which shall include all system, zonal and structural tasks with an interval of 12 years or lower, all Flight Hour 

  
 33

 
or Cycles driven tasks which are not due to be carried out at 12 years as a result of utilisation but which for planning and access reasons would be performed at this 12 year check, all lower
level checks, cabin refurbishment, out of phase work and cleaning and repair. 

  
 34

 APPENDIX 1 

PART 2 

CONSTRUCTION 
  

	(a)	In this Agreement, unless the contrary intention is stated, a reference to: 

 

	 	(i)	each of “Lessor”, “Lessee”, “Guarantor” or any other person includes without prejudice to the provisions of this
Agreement any successor in title to it and any permitted assignee or transferee; 

  

	 	(ii)	words importing the plural shall include the singular and vice versa; 

  

	 	(iii)	any document shall include that document as amended, novated or supplemented; 

 

	 	(iv)	a law (1) includes any statute, decree, constitution, regulation, order, judgement or directive of any Government Entity; (2) includes any treaty, pact,
compact or other agreement to which any Government Entity is a signatory or party; (3) includes any judicial or administrative interpretation or application thereof and (4) is a reference to that provision as amended, substituted or
re-enacted; 

  

	 	(v)	a Clause, or a Recital or an Appendix or an Exhibit is a reference to a Clause, or recital of, or an appendix or an exhibit to, this Agreement;

  

	 	(vi)	an “amendment” includes a supplement, novation, restatement or re-enactment and “amended” will be construed accordingly;

  

	 	(vii)	an “approval” shall be construed as a reference to any approval, consent, authorisation, exemption, permit, licence, registration, filing or enrolment
by or with any competent authority; 

  

	 	(viii)	an “authorisation” includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration or notarisation;

  

	 	(ix)	the words “other” and “otherwise” shall not be construed ejusdem generis with any foregoing words where a wider construction is
possible and the words “including” and “in particular” shall be construed as being by way of illustration or emphasis only and shall not be construed as, nor shall they take effect as, limiting the generality of any
foregoing words; and 

  

	 	(x)	“indebtedness” means indebtedness for or in respect of money borrowed or any other obligation for the payment or repayment of money.

  

	(b)	In this Agreement a reference to a period of “months” is a reference to a period beginning in one calendar month and ending in the relevant calendar
month on the day numerically corresponding to the day of the calendar month in which the period started: 

provided that: 
  

	 	(i)	if the period started on the last Business Day in a calendar month or if there is no numerically corresponding day, the period shall end on the last Business Day in the
relevant calendar month; and 

  
 35

	 	(ii)	if the numerically corresponding day is not a Business Day the period shall end on the preceding Business Day; 

(and “month” and “monthly” shall be construed accordingly). 

 

	(c)	In this Agreement references to the “winding up”, “dissolution”, “examination” or “court protection”
of a company or corporation, or the appointment of a “liquidator”, “receiver”, “examiner” or “administrator” shall be construed so as to include any equivalent or analogous
proceedings or officer under the law of the jurisdiction in which such company or corporation is incorporated or established or any jurisdiction in which such company or corporation carries on business, including the seeking of liquidation,
winding-up, reorganisation, dissolution, administration, examination, arrangement, adjustment, protection or relief of debtors. 

  

	(d)	The headings in this Agreement are to be ignored in construing this Agreement. 

 

	(e)	If a provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, that will not affect: 

 

	 	(i)	the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement; or 

 

	 	(ii)	the legality, validity or enforceability in any other jurisdiction of that or any other provision of this Agreement. 

 

	(f)	This Agreement may be executed in counterparts each of which will constitute one and the same document. 

 

	(g)	This Agreement and the other Transaction Documents are the sole and entire agreement between Lessor and Lessee in relation to the sale and leasing of the Aircraft, and
supersede all previous agreements in relation to that leasing. 

  

	(h)	The terms of this Agreement may only be amended with the written consent of the parties hereto. 

 

	(i)	The rights of Lessor under the Transaction Documents may be exercised as often as Lessor considers appropriate, are cumulative and are in addition to its rights under
any law. The rights of Lessor against Lessee or in relation to the Aircraft (whether arising under this Agreement or any law) cannot be waived or varied other than by an express waiver or variation in writing. Any failure to exercise or any delay in
exercising any of such rights shall not operate as a waiver or variation of that or any other such right; any defective or partial exercise of any of such rights shall not preclude any other or further exercise of that or any other such right; and
no act or course of conduct or negotiation on Lessor’s part or on its behalf shall in any way preclude it from exercising any such right or constitute a suspension or any variation of any such right. 

  
 36

 APPENDIX 2 

DESCRIPTION OF AIRCRAFT 
  

					
	AIRCRAFT	  	 	  	 
			
	 MANUFACTURER:
	  	Airbus S.A.S.	  	
			
	 MODEL:
	  	A319-133	  	
			
	 SERIAL NUMBER:
	  	3705	  	
			
	 MTOW
	  	75.5 tons	  	
			
	ENGINES	  		  	
			
	 MANUFACTURER:
	  	IAE International Aero Engines AG	  	
			
	 ENGINE TYPE:
	  	V2527M-A5	  	
			
	 SERIAL NOS:
	  	V13093	  	
			
		  	 V13095
	  	

  
 37

 APPENDIX 3 

PART 1 

LESSEE’S REPRESENTATIONS AND WARRANTIES 
  

	1.      (a)	Each of Lessee and the Guarantor is a sociedad anõnima de capital variable (limited liability company) duly organised and validly existing under the laws of the
State of Incorporation and has the power to own its assets and carry on its business as it is being conducted and is the holder of all necessary licences required in connection therewith. 

 

	 	(b)	Each of Lessee and the Guarantor has the power to enter into and perform, and has taken all necessary corporate action to authorise the entry into, performance and
delivery of, the Transaction Documents to which it is a party and the transactions contemplated thereby and all other authorisations, consents, registrations and notifications required in connection with the entry into, performance, validity and
enforceability of, the Transaction Documents to which it is a party and the transactions contemplated thereby, have been (or will on or before the Delivery Date have been) obtained or effected (as appropriate) and are (or will on their being
obtained or effected be) in full force and effect except for any authorisations, consents, registrations or notifications listed in paragraph 4 of Part 1 of Appendix 4; 

 

	 	(c)	The Transaction Documents to which Lessee and/or the Guarantor is a party constitute each of Lessee’s and Guarantor’s legal, valid and binding obligations
enforceable in accordance with the terms thereof, except as enforcement may be limited by bankruptcy, insolvency, reorganisation and other laws generally affecting the rights of creditors. 

 

	 	(d)	The entry into, delivery and performance by each of Lessee and the Guarantor of, and the transactions contemplated by, the Transaction Documents do not and will not:

  

	 	(i)	conflict with any laws binding on Lessee or the Guarantor; or 

  

	 	(ii)	conflict with the constitutional documents of Lessee or the Guarantor; or 

  

	 	(iii)	conflict with or result in default under any document which is binding upon Lessee or the Guarantor or any of its assets. 

 

	 	(e)	Each of Lessee and the Guarantor is subject to civil and commercial law with respect to its obligations under the Transaction Documents to which it is a party and
neither Lessee, the Guarantor nor any of their respective assets is entitled to any right of immunity and the entry into, delivery and performance of the Transaction Documents constitute private and commercial acts. 

 

	 	(f)      (i)	The consolidated financial statements of the Guarantor and the financial statements of Lessee most recently delivered to Lessor have been prepared in accordance with
accounting principles and practices generally accepted and consistently applied in the State of Incorporation or in the United States of America and fairly represent the financial condition of Lessee and the Guarantor as at the date to which they
were drawn up; and 

  
 38

	 	(ii)	there has been no material adverse change in the financial condition of Lessee or the Guarantor since the date to which those accounts were drawn up and the financial
and other information furnished by Lessee to Lessor in connection with the Transaction Documents does not contain any untrue statement or omit to state facts, the omission of which makes the statements therein, in the light of the circumstances
under which they were made, misleading, nor omits to disclose any material matter to Lessor and all forecasts and opinions contained therein were made on reasonable grounds after due and reasonable enquiry by Lessee or the Guarantor.

  

	 	(g)	No litigation, arbitration or administrative proceedings are pending or to Lessee’s knowledge threatened against Lessee or the Guarantor which, if adversely
determined, could reasonably be expected to have a material adverse effect upon the financial condition of Lessee or the Guarantor or the ability of Lessee or the Guarantor to perform its obligations under the Transaction Documents to which it is a
party. 

  

	 	(h)	The obligations of each of Lessee and the Guarantor under the Transaction Documents to which it is a party rank at least pari passu with all other present and future
unsecured and unsubordinated obligations (including contingent obligations) of Lessee and the Guarantor, with the exception of such obligations as are mandatorily preferred by law and not by virtue of any contract. 

 

	 	(i)	No Default has occurred and is continuing or might result from the entry into or performance of the Transaction Documents and no other event has occurred and is
continuing which constitutes (or with the giving of notice, lapse of time, determination of materiality or the fulfilment of any other applicable condition or any combination of the foregoing, might constitute) a material default under any document
which is binding on Lessee or the Guarantor or any of its assets. 

  

	 	(j)	Save as specified in any qualification as to matters of law in any legal opinion furnished to Lessor pursuant to and in accordance with this Agreement, it is not
necessary or advisable under the laws of the State of Registration, the Habitual Base or the State of Incorporation, in order to ensure the validity, effectiveness and enforceability of the Transaction Documents to which Lessee and/or the Guarantor
is a party or any Security Interest expressed to be created thereunder or to, establish, perfect or protect the property rights of Lessor in the Aircraft that the Transaction Documents to which Lessee and/or Guarantor is a party or any other
instrument relating thereto be filed, registered or recorded or that any other action be taken except for the filing of this Agreement and the Bill of Sale for registration with the Mexican Aeronautics Registry, or if any such filings,
registrations, recordings or other actions are necessary or advisable, the same have been effected or will have been effected or will have been applied for on or before the Delivery Date and under all such laws the property rights of Lessor in the
Aircraft have been fully established, perfected and protected. 

  

	 	(k)	Neither Lessee nor the Guarantor is in default in the payment of any Taxes of a material amount which have been assessed and demanded of it other than Taxes which
Lessee or the Guarantor is contesting in good faith by appropriate proceedings and in respect of which adequate reserves have been made and the non payment of which does not give rise to any material likelihood of the Aircraft being sold, arrested,
detained or otherwise lost. 

  
 39

	 	(l)	Neither Lessee nor the Guarantor has engaged the services of a broker or similar representative or agent for the purposes of the Transaction Documents and the
transactions contemplated thereby. 

  

	2.	The representations and warranties in Part 1 of this Appendix 3 will survive the execution of this Agreement and will be deemed to be repeated by Lessee on
the Delivery Date and, with respect to those representations and warranties set out in (a) to (f)(i), (h), (j) and (m) above, on each Rent Date with reference to the facts and circumstances then existing. 

  
 40

 APPENDIX 3 

PART 2 

LESSOR’S REPRESENTATIONS AND WARRANTIES 
  

	1.      (a)	Lessor is a company duly incorporated and validly existing under the laws of Ireland and has the power to own its assets and carry on its business as it is now being
conducted. 

  

	 	(b)	Lessor has the power to enter into and perform, and has taken all necessary corporate action to authorise the entry into, performance and delivery of, the Transaction
Documents to which it is a party and the transactions contemplated by thereby. 

  

	 	(c)	The Transaction Documents to which Lessor is a party constitute Lessor’s legal, valid and binding obligations enforceable against Lessor in accordance with their
terms except as enforcement may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganisation or other similar laws affecting creditors’ rights generally or by equitable principles. 

 

	 	(d)	The entry into and performance by Lessor of, and the transactions contemplated by, the Transaction Documents to which it is a party do not and will not:

  

	 	(i)	conflict with any laws binding on Lessor; or 

  

	 	(ii)	conflict with the constitutional documents of Lessor; or 

  

	 	(iii)	conflict with or result in a default under any document which is binding upon Lessor or any of its assets. 

 

	 	(e)	So far as concerns the obligations of Lessor, all authorisations, consents, registrations and notifications required under the laws of Ireland in connection with the
entry into, performance, validity and enforceability of, and the transactions contemplated by, the Transaction Documents by Lessor have been (or will on or before the Delivery Date have been) obtained or effected (as appropriate) and are (or will on
their being obtained or effected be) in full force and effect. 

  

	 	(f)	Lessor is subject to civil and commercial law with respect to its obligations under the Transaction Documents to which it is a party, and neither Lessor nor any of its
assets is entitled to any right of immunity and the entry into and performance of the Transaction Documents to which it is a party by Lessor constitute private and commercial acts. 

 

	 	(g)	Lessor has not engaged the services of a broker or similar representative or agent for the purposes of the Transaction Documents or the transactions contemplated
thereby. 

  

	 	(h)	Lessor is a resident of Ireland for tax purposes. 

  

	2.	The representations and warranties of Lessor in this Part 2 of Appendix 3 will survive the execution of this Agreement and will be deemed to be repeated at
Delivery and (other than the representation and warranty at (h) above) on each Rent Date. 

  
 41

 APPENDIX 4 

PART 1 

LESSOR CONDITIONS PRECEDENT 
  

	1.1	Receipt by Lessor from Lessee not less than two (2) Business Days prior to Delivery Date of the following satisfactory in form and substance to Lessor (acting
reasonably): 

  

	 	(a)	a corporate certificate of each of Lessee and the Guarantor signed by an authorised officer of the Lessee or the Guarantor (as applicable) to which is attached complete
and up to date copies of: 

  

	 	(i)	the constitutional documents (estatutos sociales) of Lessee or the Guarantor (as applicable); 

 

	 	(ii)	a resolution of the board of directors of Lessee or the Guarantor (as applicable) approving the terms of, and the transactions contemplated by, the Transaction
Documents to which Lessee or the Guarantor (as applicable) is a party, resolving that Lessee or the Guarantor (as applicable) enter into the Transaction Documents to which Lessee or the Guarantor (as applicable) is a party and authorising a
specified person or persons to execute the Transaction Documents to which Lessee or the Guarantor (as applicable) is a party; 

  

	 	(iii)	any power of attorney of Lessee or the Guarantor (as applicable) approved at the meeting of the directors referred to at (ii) above; and 

 

	 	(iv)	an incumbency certificate setting out the names and signatures of the persons specified by Lessee or the Guarantor (as applicable) in (ii) above;

  

	 	(b)	evidence that an opinion in such form as may be approved by Lessor and the Security Trustee and addressed to Lessor, the Security Trustee and the Lease Manager will be
issued on the Delivery Date by: 

  

	 	(i)	Lessee’s and Guarantor’s in house legal counsel in the State of Incorporation; 

 

	 	(ii)	Ritch Mueller, Lessor’s and the Security Trustee’s legal counsel in the State of Registration; 

 

	 	(iii)	the Airframe Manufacturer in respect of the Airframe Manufacturer and the Airbus Delivery Documents; 

 

	 	(iv)	the Engine Manufacturer in respect of the Engine Manufacturer and the Engine Warranties Agreement if the Engine Manufacturer agrees to provide such an opinion,
otherwise an incumbency certificate executed by the Engine Manufacturer; 

  

	 	(v)	McCann FitzGerald, Lessor’s and the Security Trustee’s counsel in Ireland in relation to Lessor (such opinion to be obtained by Lessor at Lessor’s cost);

  
 42

	 	(vi)	Norton Rose, Munich, Lessor’s and the Security Trustee’s counsel in Germany, the cost of which opinion shall be borne equally by Lessor and Lessee, subject in
the case of Lessee, to a cap of €2,000; and 

  

	 	(vii)	Lessor’s insurance advisers in relation to the Insurances (such opinion to be obtained by Lessor at Lessor’s cost); 

 

	 	(c)	evidence of the issue of each approval, licence and consent which may be required in relation to, or in connection with, the performance by each of Lessee and the
Guarantor of any of its obligations under the Transaction Documents (including, without limitation, the remittance by Lessee or the Guarantor (as applicable) to Lessor in US Dollars of all amounts payable under the Transaction Documents);

  

	 	(d)	a temporary certificate of import (Pedimento de Importacion) for the Aircraft stamped by the relevant Government Entity in Mexico evidencing that any required import
licence, and all customs formalities, relating to the import of the Aircraft into the State of Registration will be complied with no later than ten (10) Business Days following Delivery and that the import of the Aircraft into the State of
Registration is exempt from Taxes; 

  

	 	(e)	copies of Lessee’s concession title, air operator’s certificate and all other licences, certificates and permits required by Lessee or the Guarantor in
relation to, or in connection with, the Transaction Documents to which it is a party and the sale, leasing and/or operation (as the case may be) of the Aircraft; 

 

	 	(f)	the latest available consolidated financial statements of the Guarantor and the latest available financial statements of Lessee; 

 

	 	(g)	two letters, in the form of Part 1 of Exhibit C and Part 2 of Exhibit C, from Lessee addressed to SENEAM and each other relevant air traffic control authority
pursuant to which Lessee authorises the addressee to issue to Lessor, the Lease Manager and the Security Trustee, upon Lessor’s, the Lease Manager’s or the Security Trustee’s request (i) from time to time (subject always to
Clause 7.5) in the case of the letter set out in Part 1 of Exhibit C and (ii) upon the occurrence of an Event of Default which is continuing in the case of the letter set out in Part 2 of Exhibit C, a statement of account of all
sums due by Lessee to the authority in respect of all aircraft (including, without limitation, the Aircraft) operated by Lessee; 

  

	 	(h)	the Deregistration Power of Attorney; 

  

	 	(i)	the Process Agent Power of Attorney (Lessor) and the Process Agent Power of Attorney (Guarantor) and any other special power of attorney which Lessee or the Guarantor
is required to execute and deliver pursuant to the terms of any other Transaction Document; 

  

	 	(j)	all such documentation and information from Lessee and the Guarantor as requested by Lessor in respect of “Know Your Customer” checks, anti-money
laundering checks and other similar requirements; and 

  

	 	(k)	a letter from the process agent appointed by Lessee and Guarantor under each Transaction Document to accept service of process, accepting that appointment.

  
 43

	1.2	Receipt by Lessor from Lessee on or prior to the Delivery Date (or in the case of any Letter of Credit at least five (5) days prior to the Delivery Date) of the
following satisfactory in form and substance to Lessor: 

  

	 	(a)	the Transaction Documents to which Lessee or the Guarantor is a party duly executed by Lessee or the Guarantor and the other parties thereto (other than Lessor), it
being acknowledged by each of Lessee and Lessor that Lessor will use all reasonable endeavours, subject to satisfaction of the conditions precedent contained in the Loan Agreement to arrange for the Security Trustee to execute the Transaction
Documents to which the Security Trustee is a party; 

  

	 	(b)	a signed copy of each opinion referred to it at 1.1(b) above; 

  

	 	(c)	all sums due to Lessor under the Transaction Documents on or before the Delivery Date including, without limitation, the Deposit and the first payment of Rent;

  

	 	(d)	certificates of insurance and reinsurance and an undertaking from Lessee’s insurance and reinsurance brokers evidencing compliance with the provisions of this
Agreement as to Insurances and Reinsurances; 

  

	 	(e)	the Certificate of Airworthiness for Export for the Aircraft issued by the German LBA the temporary Certificate of Airworthiness for the Aircraft issued by the Air
Authority and the temporary Certificate of Registration for the Aircraft issued by the Air Authority; 

  

	 	(f)	a copy of the Commitment Letter (save that any information in the Commitment Letter which relates to the amount of any concessions granted to Lessee which relate solely
to Lessee’s operation of the Aircraft may be omitted from the copy of the Commitment Letter provided to Lessor); 

  

	 	(g)	the Letter of Credit (if applicable); 

  

	 	(h)	a search certificate from the International Registry showing: 

  

	 	(i)	no International Interests recorded against the Airframe or either of the Engines; 

 

	 	(ii)	the recordation of the Purchase Agreement Assignment; and 

  

	 	(iii)	compliance by Lessee with the provisions at paragraph 4.4(b) of Appendix 6; and 

 

	 	(i)	such other documents as Lessor may reasonably request. 

  

	1.3	The Airframe Manufacturer shall have tendered and Lessor shall have accepted delivery of the Aircraft from the Airframe Manufacturer under the Purchase Agreement
Assignment. 

  

	1.4	Confirmation that Lessor is satisfied that no Taxes will be payable as a result of title transferring at the Delivery Location, such confirmation to be obtained by
Lessor at its own cost. 

  

	1.5	 Evidence that filing of this Agreement and the Aircraft will be made on the Delivery Date with the Mexican Aeronautics Registry under the laws of the
State 

  
 44

	 	
of Registration and that all other filings, registrations, recordings and other actions have been or will be taken which are necessary or advisable to ensure the validity, effectiveness and
enforceability of the Transaction Documents, the Mortgage and the Assignment and any Security Interest expressed to be created thereunder and to protect the property rights of Lessor, and the Security Interests of the Security Trustee and the
Lenders in the Aircraft or any Part. 

  

	1.6	The representations and warranties of Lessee under Part 1 of Appendix 3 of this Agreement and the representations and warranties of the Guarantor in any
Transaction Document to which it is a party are correct and would be correct if repeated at Delivery. 

  

	1.7	Receipt by Lessor of written confirmation from the Security Trustee that the Transaction Documents to which Lessee and/or the Guarantor is a party are in form and
substance satisfactory to the Lenders and accordingly the Aircraft shall be financed by such Lenders on terms and conditions satisfactory to Lessor and such confirmation being in full force and effect on the Delivery Date. 

 

	1.8	Lessor having reviewed the Agreed Maintenance Programme under which it is proposed the Aircraft will be maintained. For the purposes of such review, Lessee shall prior
to the Delivery Date provide Lessor with all necessary information and documents as Lessor may reasonably require with respect to the Agreed Maintenance Programme. 

 

	2.	The conditions specified in this Part 1 of Appendix 4 are for the benefit of Lessor and may be waived or deferred in whole or in part and with or without
conditions by Lessor. 

  

	3.	If any original document or certified copy of any document specified in Part 1 of this Appendix 4 is provided to Lessor by facsimile copy or pdf copy on or
prior to Delivery, Lessee shall provide the original of each such document to Lessor as soon as reasonably possible after Delivery but in any event no later than ten (10) Business Days after Delivery. 

 

	4.	As soon as reasonably practicable after Delivery, but in any event not later than the relevant day specified in column two below, Lessee shall provide the following to
Lessor: 

  

					
	Conditions Subsequent	  	Time Period
			
	 (a)
	  	 The stamped certificate referred to at paragraph 1.1(d) above
	  	 Ten (10) Business Days

			
	 (b)
	  	 Permanent Certificate of Airworthiness issued by the Air Authority
	  	 Ten (10) Business Days

			
	 (c)
	  	 Permanent Certificate of Registration issued by the Air Authority
	  	 One hundred and fifty (150) days

			
	 (d)
	  	 Filing of the Bill of Sale with the Air Authority
	  	 Fifteen (15) Business Days

			
	 (e)
	  	 Filing of this Agreement with the Air Authority
	  	 Ten (10) Business Days

			
	 (f)
	  	 Inclusion of the Aircraft in Lessee’s Air Operator’s Certificate
	  	 Fifteen (15) days

  
 45

 APPENDIX 4 

PART 2 

LESSEE CONDITIONS PRECEDENT 
  

	1.1	Receipt by Lessee from Lessor not less than two (2) Business Days prior to the Delivery Date of the following satisfactory in form and substance to Lessee:

  

	 	(a)	a copy of the constitutional documents of Lessor certified by an officer of Lessor to be true, complete and up to date; 

 

	 	(b)	a copy of a resolution of the board of directors of Lessor approving the terms of, and the transactions contemplated by, the Transaction Documents to which Lessor is a
party, resolving that Lessor enter into the Transaction Documents to which Lessor is a party and authorising a specified person or persons to execute the Transaction Documents to which Lessor is a party. 

 

	1.2	Receipt by Lessee from Lessor on or prior to the Delivery Date of: 

  

	 	(a)	the Transaction Documents to which Lessor is a party (other than this Agreement) executed by Lessor; 

 

	 	(b)	the Quiet Enjoyment Letter; and 

  

	 	(c)	evidence that an opinion in such form as may be approved by Lessee (acting reasonably) and addressed to Lessee will be issued on the Delivery Date by McCann FitzGerald,
Lessor’s counsel in Ireland, as to the due execution and enforceability of this Agreement. 

  

	1.3	Evidence satisfactory to Lessee (acting reasonably) that upon the satisfaction or waiver by Lessor of each of the conditions precedent specified in Part 1 of this
Appendix 4 that Lessor will accept delivery of the Aircraft under the Purchase Agreement Assignment. 

  

	1.4	The representations and warranties of Lessor in Part 2 of Appendix 3 of this Agreement are correct and would be correct if repeated at Delivery.

  

	2.	The conditions precedent in this Part 2 of Appendix 4 are for the benefit of Lessee and may be waived or deferred in whole or in part and with or without
conditions by Lessee. 

  
 46

 APPENDIX 5 

PART 1 

ADDITIONAL PAYMENT PROVISIONS 
  

	1.	Letter of Credit 

  

	 	(a)	The Letter of Credit shall be issued and payable by a bank acceptable to Lessor (or, at Lessor’s request, to the Security Trustee) and in form and substance
acceptable to Lessor and, if Lessor requests (in each case, acting reasonably), confirmed by the London or New York branch of a major international bank acceptable to Lessor (acting reasonably), as security for all payment obligations of Lessee to
Lessor under the Transaction Documents (including damages), and shall remain in full force and effect and may be drawn down by Lessor upon demand at any time or times until the earlier of sixty (60) days after the Expiry Date and the date on
which Lessee has redelivered the Aircraft to Lessor pursuant to and in accordance with this Agreement and complied with all its obligations under the Transaction Documents (the “Required LC Expiry Date”). 

 

	 	(b)	With the prior written consent of Lessor and the Security Trustee (such consent not to be unreasonably withheld or delayed), the Letter of Credit may have a validity
period or periods ending prior to the Required LC Expiry Date, provided that (i) the Letter of Credit shall, in each case, be renewed and delivered to Lessor not later than ten (10) Business Days prior to its expiry; and (ii) the
Letter of Credit shall remain in force at all times up to the Required LC Expiry Date. 

  

	 	(c)	If at any time during the Term, Lessor determines that the current issuing or confirming bank for the Letter of Credit is no longer an acceptable issuing or confirming
bank (whether by virtue of a material adverse change in its financial condition or for any other reason) Lessee shall promptly procure that the Letter of Credit is replaced either by a Letter of Credit issued by another bank acceptable to Lessor
(acting reasonably) and (if appropriate) that such replacement Letter of Credit is confirmed by another bank acceptable to Lessor or by an amount in cash equal to the Deposit (assuming no accrued interest), upon the terms and subject to the
conditions of Clause 5 of this Agreement. 

  

	2.	Payments 

 All payments by
Lessee to Lessor under the Transaction Documents will be made for value on the due dates in Dollars and in same day funds settled through the New York Clearing House System or such other funds as may for the time being be customary for the
settlement in New York City of international payments in Dollars by telegraphic transfer to such account as Lessor may advise Lessee in writing from time to time but no later than two (2) Business Days prior to the date on which any payment is
due by Lessee under any Transaction Document. 
  

	3.	Value Added Tax 

 Lessee
will pay to Lessor or the applicable Tax authority the amount of any value added tax, any sales or turnover tax, imposition or levy of a like nature (together “VAT”) chargeable in respect of any supply for VAT purposes under any
Transaction Document and each amount stated as payable by Lessee under any Transaction Document is exclusive of VAT (if any) and is accordingly to be construed as a reference to that amount plus any VAT in respect of it. 

  
 47

	4.	Currency and Currency Indemnity: 

  

	 	(a)	If Lessor receives an amount in respect of Lessee’s liability under any Transaction Document or if such liability is converted into a claim, proof, judgement or
order in a currency other than the currency (the “contractual currency”) in which the amount is expressed to be payable under any Transaction Document: 

 

	 	(i)	Lessee will indemnify Lessor as an independent obligation against any loss arising out of or as a result of such conversion; 

 

	 	(ii)	if the amount received by Lessor, when converted into the contractual currency (at the market rate at which Lessor is able on the relevant date to purchase the
contractual currency in London or at its option New York with that other currency) is less than the amount owed in the contractual currency, Lessee will, forthwith on demand, pay to Lessor an amount in the contractual currency equal to the deficit;
and 

  

	 	(iii)	Lessee will pay to Lessor on demand any exchange costs and Taxes actually incurred by Lessor in connection with the conversion. 

 

	 	(b)	Lessee waives any right it may have in any jurisdiction to pay any amount under any Transaction Document in a currency other than that in which it is expressed to be
payable. 

  

	5.	Certificates 

 Save where
expressly provided otherwise in the Transaction Documents, any certificate or determination made in accordance with the relevant provisions (if any) of the Transaction Documents by Lessor as to any rate of interest or as to any other amount payable
under the Transaction Documents will, in the absence of manifest error, be conclusive and binding on Lessee. 
  

	6.	Information 

  

	 	(a)	If Lessee is required by any applicable law, or by any third party, to deliver any report or return in connection with any Taxes relating to the Aircraft or the
Transaction Documents, Lessee will complete the same within any applicable time period and in a manner satisfactory to Lessor and, if relevant, will state therein that Lessee is exclusively responsible for the use and operation of the Aircraft and
for any Taxes arising therefrom, and Lessee will, on request supply a copy of the report or return to Lessor; and 

  

	 	(b)	Lessee will, on request but not more frequently than once annually unless a Default has occurred and is continuing, furnish to Lessor evidence satisfactory to Lessor,
with respect to the Aircraft, that all Taxes and charges incurred by Lessee including without limitation all withholdings and payments due to SENEAM or any other relevant air traffic control or airport authorities, have been paid and discharged in
accordance with the terms governing payment of such amounts. 

  
 48

 APPENDIX 5 

PART 2 

PAYMENT OF MAINTENANCE RESERVES 
  

	1.	Amount 

 Lessee shall pay
the following amounts (“Maintenance Reserves”) to Lessor (or to its order) by reference to each calendar month or part thereof following the Delivery Date during the Term on the tenth (10th) day following the end of that
calendar month: 
  

	 	(a)	in respect of the Airframe: 

  

	 	(i)	$11,111 per calendar month or part thereof (the “Airframe 6 Year Maintenance Reserves”); and 

 

	 	(ii)	$7,500 per calendar month or part thereof (the “Airframe 12 Year Maintenance Reserves”); 

 

	 	(b)	in respect of each Engine, $106 for each Flight Hour (or part thereof) operated by that Engine during any calendar month failing prior to the performance of the first
Engine Performance Restoration (“First Engine Maintenance Reserves”); 

  

	 	(c)	in respect of each Engine, $122 for each Flight Hour (or part thereof) operated during any calendar month falling on or after the performance of the first Engine
Performance Restoration (the “Second Engine Maintenance Reserves”); 

  

	 	(d)	in respect of the Engine LLPs within each Engine, $123 for each Cycle accomplished by that Engine during that calendar month (together “Engine LLP Maintenance
Reserves”). The Engine LLP Maintenance Reserves are an aggregate amount of all LLP’s, assume a 10% stub life and will be divided and held in sub accounts for each LLP as per the Attachment 1 to Part 2 of this Appendix 5.

  

	 	(e)	in respect of the APU, $33 for each APU Hour (or part thereof) accomplished by the APU during that calendar month (“APU Maintenance Reserves”); and

  

	 	(f)	in respect of the Landing Gear, $2,750 per calendar month or part thereof (“Landing Gear Maintenance Reserves”). 

 

	2.	Adjustment 

  

	2.1	The amount of the Maintenance Reserves in paragraph 1 will be adjusted by the Lessor on 1 January of each year (or in the case of the Engine LLP Maintenance
Reserves at such later date as the Engine Manufacturer releases its annual LLP prices should the new annual prices not be available on 1 January of the relevant year) after the date of this Agreement as follows: 

 

	 	(a)	the amount of the Maintenance Reserves (other than the Engine LLP Maintenance Reserves) shall be increased for inflation by a fixed amount of three per cent (3%). The
Engine LLP Maintenance Reserves shall be subject to increases in the relevant manufacturer’s catalogue price; and 

  
 49

	 	(b)	if there is any variation, based upon the information provided in the monthly status reports (supported, if requested by Lessor, by the flight logbook entries or
aircraft systems readout) delivered pursuant to paragraph 2.2(c) of Appendix 6 for the preceding twelve month period (or such shorter period commencing on the Delivery Date and ending on the following 1 January) from (i) the assumed
Flight Hour to Cycle ratio of 1:1.9 (the “Assumed Ratio”) or (ii) the assumed engine derate of ten per cent. (10%) (the “Assumed Derate”), the amount of the First Engine Maintenance Reserves and the Second
Engine Maintenance Reserves shall be adjusted in accordance with the tables set out in attachment 2 to part 2 of this Appendix 5 and the Maintenance Reserves (other than the Engine LLP Maintenance Reserves) shall be adjusted in the light
of (i) and (ii) above. 

  

	2.2	The amount of the Maintenance Reserves in paragraph 1 may be adjusted at any time by an amount determined by Lessor, if (i) any major change is made to the
Approved Maintenance Programme or the operating procedures relating to the Aircraft; (ii) there is, in the reasonable opinion of Lessor, any material change in the operating environment of Lessee in which the Aircraft is operated; or
(iii) if the certified thrust of the Engines (judged at Delivery) is increased through modification, upgrades or otherwise. 

  
 50

 Attachment 1 
 Engine LLP Maintenance Reserves Sub Accounts 
  

					
	 Item

 
	  	 P/N

 
	  	 Rate per FC in
USD
  

	 Stage 1 (fan) disk
  
	  	
5A1758
  
	  	
*****
  

	 Stub shaft
(LPC)
  
	  	 5A0896

 
	  	 *****

 

	 Stage 1.5 to 2.5 disk (LPC)
  
	  	
5R0161
  
	  	
*****
  

	 Stage 3 to 8 disk (HPC)
	  	 6A7706

 
	  	 *****

 

	 Stage 9 to 12 disk (HPC)
  
	  	
6A6546
  
	  	
*****
  

	 Rear Shaft
(HPC)
  
	  	 6A7712

 
	  	 *****

 

	 Rear rotating seal (HPC)
  
	  	
6A5869
  
	  	
*****
  

	 Stage 1 HPT
disk
  
	  	 2A5001

 
	  	 *****

 

	 Stage 1 HPT inner seal
  
	  	
2A3424
  
	  	
*****
  

	 Stage 1 HPT outer
seal
  
	  	 2A3423

 
	  	 *****

 

	 Stage 2 HPT seal
  
	  	
2A3596
  
	  	
*****
  

	 Stage 2 HPT
disk
  
	  	 2A4802

 
	  	 *****

 

	 Stage 2 HPT plate
  
	  	
2A3437
  
	  	
*****
  

	 Stage 3 LPT
disk
  
	  	 3A2513

 
	  	 *****

 

	 Stage 4 LPT disk
  
	  	
3A1984
  
	  	
*****
  

	 Stage 5 LPT
disk
  
	  	 3A2430

 
	  	 *****

 

	 Stage 6 LPT disk
  
	  	
3A1986
  
	  	
*****
  

	 Stage 7 LPT
disk
  
	  	 3A2514

 
	  	 *****

 

	 Stage 3 LPT seal
  
	  	
3A0963
  
	  	
*****
  

	 Stage 4 LPT
seal
  
	  	 3A2422

 
	  	 *****

 

	 Stage 5 LPT seal
  
	  	
3A2423
  
	  	
*****
  

	 Stage 6 LPT inner
seal
  
	  	 3A0078

 
	  	 *****

 

	 Stage 6 LPT seal
  
	  	
3A1988
  
	  	
*****
  

	 Stage 7 LPT seal
  
	  	 3A2522

 
	  	 *****

 

	 LPT shaft
  
	  	 5A1762

 
	  	 *****

 

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 51

 Attachment 2 
 First Engine Maintenance Reserve and Second Engine Maintenance Reserve Adjustment for changes to Assumed Ratio 
  

																			
	 Actual Flight
Hour to Cycle ratio
	  	 1.00:1

to

1.24:1
	  	 1.25:1

to

1.49:1
	  	 1.50:1

to

1.74:1
	  	 1.75:1

to

1.99:1
	  	 2.00:1

to

2.24:1
	  	 2.25:1

to

2.49:1
	  	 2.50:1

to

2.74:1
	  	 2.75:1

to

2.99:1
	  	 3.00:1
and
 above

	 First Engine Maintenance Reserve
	  	150	  	131	  	116	  	106	  	99	  	94	  	90	  	87	  	85
	 Second
Engine Maintenance Reserve
	  	166	  	147	  	132	  	122	  	115	  	110	  	106	  	103	  	101

 Engine Derate Adjustment Table 

 

																							
	 	 	 	 	 	 	 	 	 	 	 	 
	 Engine Derate %
	  	0	  	1	  	2	  	3	  	4	  	5	  	6	  	7	  	8	  	9	  	 10

(Datum)
  

	 Adjustment Factors
	  	1.55	  	1.45	  	1.40	  	1.35	  	1.30	  	1.25	  	1.20	  	1.15	  	1.10	  	1.05	  	1

 In the event that the adjusted First Engine Maintenance Reserves or the Second Engine Maintenance
Reserves payable as per the tables above are higher than the actual amount of such Maintenance Reserves already collected, Lessor shall invoice Lessee for such difference and Lessee shall pay the invoiced amount within thirty (30) days. If
Lessee does not issue a monthly status report pursuant to paragraph 2.2(c) of Appendix 6, Lessor will assume a monthly derate equal to Lessee’s average derate for its fleet in respect of the immediately preceding twelve
(12) month period (or such shorter period as Lessor may agree) for invoice purposes. If for three (3) consecutive months, no such monthly status report is issued by Lessee, then Lessor will assume a monthly derate of 0% for invoice
purposes. 

  
 52

 APPENDIX 5 

PART 3 

REFUND OF MAINTENANCE RESERVES 
  

	1.	Eligible Maintenance Events 

  

	1.1	Lessor shall have no obligation to distribute the Maintenance Reserves accumulated pursuant to Part 2 of this Appendix 5 other than: 

 

	 	(a)	in respect of the following events (each an “Eligible Maintenance Event”), each approved in advance by Lessor in accordance with paragraph 1.1(b)
below: 

  

	 	(i)	with respect to the Airframe 6 Year Maintenance Reserves, upon the accomplishment of a 6 Year Check relating to the Airframe in accordance with the MPD;

  

	 	(ii)	with respect to the Landing Gear Maintenance Reserves, upon the accomplishment of any Landing Gear Overhaul in accordance with the MPD; 

 

	 	(iii)	with respect to the First Engine Maintenance Reserves, upon the accomplishment of the first Engine Performance Restoration on the relevant Engine;

  

	 	(iv)	with respect to the Second Engine Maintenance Reserves, upon the accomplishment of the second Engine Performance Restoration on the relevant Engine;

  

	 	(v)	with respect to the Engine LLP Maintenance Reserves for an LLP, upon the replacement of that LLP in accordance with the Engine Manufacturer limits; and

  

	 	(vi)	with respect to the APU Maintenance Reserves, upon accomplishment of the APU Performance Restoration. 

 

	 	(b)	if Lessee has obtained written approval from Lessor (which shall not be unreasonably withheld or delayed) in respect of the workscope for the relevant Eligible
Maintenance Event prior to the commencement of the relevant Eligible Maintenance Event. 

  

	1.2	Subject to paragraph 2.4, any remaining balance of the Maintenance Reserves on the expiry of the Term (unless the Term terminated as a result of a Total Loss of
the Aircraft and Lessor has received the Agreed Value) shall be retained by Lessor as its sole property. 

  

	2.	Release of Maintenance Reserves 

  

	2.1	Lessee will provide Lessor with: 

  

	 	(a)	an invoice for each LLP which is replaced and for the cost of any second Engine Performance Restoration; 

 

	 	(b)	an invoice signed by Lessee in an amount equal to the relevant Maintenance Reserves to be refunded to Lessee; and 

  
 53

	 	(c)	written confirmation from the relevant maintenance contractor that the relevant Eligible Maintenance Event has been completed and paid for in full,

 within sixty (60) days after the completion of such Eligible Maintenance Event and such other supporting
documentation evidencing the performance of the relevant work as Lessor may reasonably request in writing within fifteen (15) Business Days of receiving an invoice at (b) above (a “Confirmation”). 

 

	2.2	Provided that no Default has occurred and is continuing, Lessor shall promptly (and in any event within fifteen (15) Business Days) following the receipt of a
Confirmation make payment (such payment date, the “Reserve Payment Date”) in accordance with paragraph 2.3 below to Lessee, or upon receipt of written instructions from Lessee, to Lessee’s maintenance provider
accomplishing the Eligible Maintenance Event. 

  

	2.3	If during the Term: 

  

	 	(a)	the Airframe undergoes a 6 Year Check, Lessor will on the relevant Reserve Payment Date pay the full amount, if any, of the Airframe 6 Year Maintenance Reserves held by
Lessor as at the time of the completion of the 6 Year Check; 

  

	 	(b)	an Engine undergoes its first Engine Performance Restoration, Lessor will on the relevant Reserve Payment Date pay the full amount of the First Engine Maintenance
Reserves for that Engine held by Lessor at the time of completion of its first Engine Performance Restoration; 

  

	 	(c)	the Landing Gear undergoes a Landing Gear Overhaul, Lessor will on the relevant Reserve Payment Date pay the full amount of the Landing Gear Maintenance Reserves held
by Lessor at the time of completion of the Landing Gear Overhaul; 

  

	 	(d)	an Engine undergoes its second or higher Engine Performance Restoration, Lessor will on the relevant Reserve Payment Date pay the lesser of the amount of the Second
Engine Maintenance Reserves for that Engine held by Lessor at completion of its second or higher Engine Performance Restoration and the invoiced amount relating to such second or higher Engine Performance Restoration and should there be a shortfall
between the amount of the Second Engine Maintenance Reserves held by Lessor for that Engine and the invoiced amount, such shortfall will be for the Lessee’s account; 

 

	 	(e)	an APU undergoes an APU Performance Restoration, Lessor will on the relevant Reserve Payment Date pay the full amount of the APU Maintenance Reserves held by Lessor at
completion of the APU Performance Restoration; 

  

	 	(f)	an Engine LLP is replaced pursuant to and in accordance with this Agreement, Lessor will on the relevant Reserve Payment Date pay the lesser of the amount of the Engine
LLP Maintenance Reserves held by Lessor for that LLP at the date of its replacement and the Engine Manufacturer’s catalogue price list for that LLP and should there be a shortfall between the Engine LLP Maintenance Reserves held by Lessor for
that LLP and such price list, such shortfall will be for Lessee’s account. 

 provided always that in no event
shall payment be made in respect of: 

  
 54

	 	(i)	components unless they are scheduled to be overhauled at that check and their lives are fully restored (and if this is not the case, a pro-rating payment adjustment
will be made in respect of overhauls or replacements that are made before the relevant component scheduled life limit); 

  

	 	(ii)	any maintenance resulting from design faults or damage covered by warranty or caused by accidental damage, (subject as provided below) foreign objects, faulty
maintenance, abnormal wear and tear, operational mishandling or line related quick engine change (QEC) kit maintenance (unless such maintenance is carried out at a different facility to the relevant Airframe check) or LRU component maintenance;

  

	 	(iii)	any cost items which are the costs of removal, reinstallation, transportation or are exchange or similar costs or charges; 

 

	 	(iv)	any cost which is in excess of the relevant manufacturer’s list price for the relevant parts or maintenance work (other than handling charges); or

  

	 	(v)	any maintenance, overhaul, renewal, replacement or repair which is reimbursable out of any insurance claim, 

(collectively, “Excluded Maintenance Events”). If any Engine suffers any foreign objects damage and as a result an Engine
Performance Restoration is required to be carried out on that Engine, then Lessee shall provide Lessor with full details of the foreign object damage and if Lessor (acting reasonably) agrees that the performance of an Engine Performance Restoration
on the Engine is advisable and will not impact adversely on the Engine or the future marketability of the Aircraft, then any such Engine Performance Restoration shall not be an Excluded Maintenance Event. 

 

	2.4	If the documentation in paragraphs 2.1(a), (b) and (c) above, as applicable, relating to the completion of an Eligible Maintenance Event has been
received by Lessor on or before the expiry of the Term and Lessor requests other supporting documentation evidencing the performance of the relevant work or Lessee has notified Lessor prior to the expiry of the Term that an Eligible Maintenance
Event has been completed and has not yet provided such documentation to Lessor, Lessee shall be entitled to receive payment in respect of such Eligible Maintenance Event at any time after the expiry of the Term. 

  
 55

 APPENDIX 6 

LESSEE’S COVENANTS 
  

	1.	GENERAL COVENANTS 

  

	1.1	Information 

 Lessee will:

  

	 	(a)	notify Lessor forthwith of the occurrence of any Event of Default under this Agreement and, upon the written request of Lessor, confirm to it that, save as specified in
such confirmation or as previously notified no such Event of Default has occurred and is continuing hereunder; and 

  

	 	(b)	furnish to Lessor: 

  

	 	(i)	as soon as possible, but in any event not later than ninety (90) days after the last day of each financial quarter, the consolidated financial statements for the
Guarantor and the financial statements for Lessee prepared by management for the financial quarter ending on such day; 

  

	 	(ii)	as soon as available but not in any event later than one hundred and twenty (120) days after the last day of each financial year of Lessee, the audited
consolidated balance sheet of the Guarantor as of such day and the audited balance sheet of Lessee as of such day and the audited consolidated profit and loss statement of the Guarantor and the audited profit and loss statement of Lessee, in each
case, for the year ending on such day (in Spanish with an English language copy to be provided within forty five (45) days thereafter), 

 unless in the case of (i) and (ii) above the same are available free of charge on Lessee’s or the Guarantor’s website notified in writing by Lessee to Lessor and provided further that
if there is a successful initial public offering of the Guarantor’s shares on the New York Stock Exchange, then Lessee shall only provide the information at (i) above upon receipt of a request to do so from Lessor; 

 

	 	(iii)	at the same time as it is issued to the creditors generally of Lessee or the Guarantor, a copy of each notice or circular issued to Lessee’s or the
Guarantor’s creditors generally; and 

  

	 	(iv)	on request from time to time such other information regarding Lessee and/or the Guarantor as Lessor may reasonably request. 

 

	1.2	General 

 Lessee will:

  

	 	(a)	not make any substantial change in the nature of the business (it being agreed that an extension of Lessee’s route network is not a change in the nature of its
business for this purpose) in which it is engaged, will preserve its existence (other than in connection with a solvent reconstruction the terms of which have been approved by Lessor, such approval not to be unreasonably withheld), and will conduct
its business in accordance with all applicable laws; 

  
 56

	 	(b)	ensure that no change will occur in the Habitual Base or the State of Registration of the Aircraft without the prior written consent of Lessor;

  

	 	(c)	procure that no person lawfully claiming by or through Lessee or which is an Affiliate or Subsidiary of Lessee or in respect of whom Lessee may exercise control whether
as a matter of law or contract or otherwise, will act in any manner inconsistent with its obligations under this Agreement and that all persons will comply with those obligations as if references to “Lessee” included a separate
reference to those persons; 

  

	 	(d)	ensure that its obligations under the Transaction Documents rank and will at all times rank at least pari passu with all its other present and future unsecured
indebtedness (save for obligations which are mandatorily preferred by operation of law and not by contract); and 

  

	 	(e)	Lessee agrees from time to time to do and perform such other and further acts and execute and deliver any and such other instruments as may be required by law or
reasonably requested by Lessor to establish, maintain and protect the rights and remedies of Lessor under, and to carry out and effect the intent and purposes of, the Transaction Documents. 

 

	1.3	Authorisations 

 Lessee shall:

  

	 	(a)	obtain and maintain in full force and effect all authorisations for the time being required by the laws or regulations of the State of Registration and any other
relevant jurisdiction to enable Lessee to perform its obligations under the Transaction Documents; and 

  

	 	(b)	obtain and promptly renew from time to time, and will promptly, upon written request, deliver to Lessor copies of all and any authorisation, approval, consent, licence,
exemption, registration, recording, filing or notarisation as may be necessary or in Lessee’s opinion (acting reasonably) desirable to ensure the validity, enforceability or priority of Lessee’s and the Guarantor’s liabilities and
obligations, and (to the extent within Lessee’s power and control) Lessor’s and the Security Trustee’s rights, under the Transaction Documents. 

 

	2.	OPERATIONAL COVENANTS 

  

	2.1	Lawful and Safe Operation 

Lessee will: 
  

	 	(a)	not use the Aircraft or permit the Aircraft to be used: 

  

	 	(i)	in any manner contrary to any recommendation of the manufacturers of the Aircraft, any Engine or any Part or any recommendation or regulation of the Air Authority or
any applicable law; or 

  

	 	(ii)	for any purpose for which the Aircraft is not designed or reasonably suitable; or 

  
 57

	 	(iii)	in a manner not covered by Insurances required under this Agreement (except for Emergency Operations); 

 

	 	(b)	ensure that the crew, mechanics and engineers employed in connection with the operation and maintenance of the Aircraft have the qualifications and hold the licences
and/or approvals required by the Air Authority and applicable law; 

  

	 	(c)	procure that the Aircraft is used solely in commercial or other operations for which Lessee is duly authorised by the Air Authority and applicable law;

  

	 	(d)	not use the Aircraft nor permit the Aircraft to be used for the carriage of: 

 

	 	(i)	whole animals living or dead except in the cargo compartments according to the International Air Transport Association regulations, and except domestic pet animals
carried in a suitable container to prevent the escape of any liquid and to ensure the welfare of the animal; or 

  

	 	(ii)	acids, toxic chemicals, other corrosive materials, explosives, nuclear fuels, nuclear wastes, or any nuclear assemblies or components, except as permitted for passenger
aircraft under the “Restriction of Goods” schedule issued by International Air Transport Association from time to time and provided that all the requirements for packaging or otherwise contained therein are fulfilled; or

  

	 	(iii)	any other goods, materials or items of cargo which could reasonably be expected to cause damage to the Aircraft and which would not be adequately covered by the
Insurances; or 

  

	 	(iv)	any illegal item or substance; 

  

	 	(e)	not utilise the Aircraft nor permit the Aircraft to be utilised for purposes of training, qualifying or re-confirming the status of cockpit personnel except for the
benefit of Lessee’s cockpit personnel, and then only if the use of the Aircraft for such purpose is not disproportionate to the use for such purpose of other aircraft of the same type operated by Lessee; 

 

	 	(f)	except for Emergency Operations, not cause or permit the Aircraft to proceed to, or remain at, any location in a Prohibited Jurisdiction or which is for the time being
the subject of a prohibition order (or any similar order or directive) by: 

  

	 	(i)	any Government Entity of the State of Registration and/or the Habitual Base; or 

 

	 	(ii)	any Government Entity of the country in which such location is situated; or 

 

	 	(iii)	any Government Entity having jurisdiction over Lessee, Lessor, the Security Trustee, the Lenders or the Aircraft 

and which order or directive prohibits or restricts or could reasonably be interpreted to prohibit or restrict the export (taking into
account any exemption which would be available and any operations to the extent that 

  
 58

 
they are not absolutely prohibited or restricted) of the Aircraft to, and/or the use or operation of the Aircraft on flights to, and/or from such jurisdiction; 

 

	 	(g)	obtain and maintain in full force all authorisations required for the use and operation of the Aircraft for the time being, and for the making of payments required by,
and the compliance by Lessee with its other obligations under, the Transaction Documents. 

  

	2.2	Information 

 Lessee will:

  

	 	(a)	subject to paragraph (c) below, keep Lessor informed as to current serial numbers of the Engines, the current serial number of the APU, any engine or auxiliary
power unit installed on the Aircraft and the location of any Engine or the APU removed from the Aircraft and the reasons for it being removed; 

  

	 	(b)	subject to paragraph (c) below, promptly furnish to Lessor all information Lessor from time to time reasonably requests regarding the Aircraft, any Engine, the APU
or any Part, its use, location and condition including, without limitation, the hours available on the Aircraft, the APU, the Landing Gear and any Engine until the next scheduled check, inspection, overhaul or shop visit, as the case may be;

  

	 	(c)	within seven (7) days after the end of each calendar month during the Term, provide Lessor with a monthly utilisation report on the Aircraft and each Engine in the
form specified in Exhibit F or such other form as may be required from time to time by Lessor (and the inclusion in such monthly report of the information referred to in paragraphs (a) and (b) above shall satisfy Lessee’s obligations
under those paragraphs); and 

  

	 	(d)	give Lessor not less than sixty (60) days written notice as to the time and location of all scheduled C Checks, Major Checks, any Engine Performance Restoration,
any APU Performance Restoration and any Landing Gear Overhaul and prompt prior notice of any non-scheduled or unplanned Engine Performance Restoration, APU Performance Restoration and any Landing Gear Overhaul. 

 

	2.3	Inspection: 

  

	 	(a)	Lessor, Security Trustee, the Lease Manager and any person designated by Lessor, the Security Trustee or the Lease Manager (the “Inspecting Parties”)
may at any time visit, inspect, examine and survey the Aircraft, any Engine, any Part or the Aircraft Documents and for such purpose may, subject to any applicable insurance requirements and Air Authority regulation, travel on the flight deck as
observer; 

  

	 	(b)	Lessee will pay to Lessor on demand all reasonable out-of-pocket expenses incurred by the Inspecting Parties in connection with any such visit, inspection or survey
where there exists a Default in respect of Lessee’s maintenance covenants under this Appendix 6 or where the inspection is required following the occurrence of an Event of Default; and 

 

	 	(c)	 no Inspecting Party will have a duty or liability to make or assume liability arising out of, any such visit, inspection or survey and so long as no

  
 59

	 	
Default has occurred and is continuing, no Inspecting Party will exercise such right more than once annually (unless a shop visit or check has occurred in which case any Inspecting Party may
inspect the Aircraft and the Aircraft Documents after any such shop visit or check) other than at reasonable times and on reasonable notice and so as not to disrupt the normal commercial operations of Lessee. 

 

	2.4	Records 

 Lessee will:

  

	 	(a)	procure that accurate, complete and current records of all flights made by, and all maintenance carried out on, the Aircraft (including in relation to each Engine and
Part subsequently installed, before the installation) are kept in accordance with the requirements of the Air Authority and the FAA; keep the records in such manner as the Air Authority and the FAA may from time to time require, and ensure that they
comply with the recommendations of the manufacturers of the Aircraft, any Engine or any Part. The records will form part of the Aircraft Documents; 

  

	 	(b)	procure access to a revision service in respect of, and will maintain with appropriate revisions in English, all Aircraft Documents, records, logs, and other materials
required by applicable laws and best practice of major international air transport operators in respect of the Aircraft; 

  

	 	(c)	at Delivery and redelivery and at each time that the Agreed Maintenance Programme is amended, maintain a cross reference list between all Maintenance Planning Document
tasks and the tasks in the Agreed Maintenance Programme; and 

  

	 	(d)	on request (but not more frequently than once a year) permit Lessor, the Lease Manager and any other person designated by Lessor to electronically scan the Aircraft
Documents. 

  

	3.	MAINTENANCE COVENANTS 

  

	3.1	Maintenance and Repair 

 Lessee
will maintain and repair the Aircraft in the same manner as similar aircraft and engines operated by Lessee without in any way materially discriminating against the Aircraft and will in addition: 

 

	 	(a)	keep the Aircraft airworthy in all respects (except when undergoing maintenance repair, overhaul or modification pursuant to and in accordance with the provisions of
this Agreement where a certificate of release to service will return the Aircraft to an airworthy condition) and in good repair and condition; 

  

	 	(b)	not make any major change to the Agreed Maintenance Programme or the schedule of the Agreed Maintenance Programme unless: 

 

	 	(i)	required by the Air Authority or the Manufacturer; or 

  

	 	(ii)	consented to by Lessor, such consent not to be unreasonably withheld; 

  
 60

	 	(c)	maintain the Aircraft in accordance with any requirements and recommendations of the Manufacturers and the Agreed Maintenance Programme through the Agreed Maintenance
Performer and perform (at the respective intervals provided in the Agreed Maintenance Programme) all checks on a ***** (no sampling permitted); 

  

	 	(d)	maintain the Aircraft and Aircraft Documents in accordance with EASA or FAA Federal Air Regulations Part 121 and the Air Authority (except to the extent of any
conflict with the Air Authority requirements) and as otherwise required by this Agreement; 

  

	 	(e)	comply with all mandatory inspection and modification requirements/recommendations, Airworthiness Directives, Mandatory Service Bulletins (which are either mandatory or
in respect of which Lessee is complying for its other Fleet Aircraft) and similar mandatory requirements applicable to the Aircraft, any Engine or Part having a compliance date during the Term or within 180 days after the Expiry Date and which are
required by the Air Authority, and/or the French DGAC and/or the FAA and/or, at Lessor’s cost, EASA (to the extent that any such EASA requirements are not covered by such FAA requirements); 

 

	 	(f)	comply with all applicable laws and regulations of the Air Authority and other aviation authorities with jurisdiction over Lessee or the Aircraft, any Engine or Part
regardless of upon whom such requirements are imposed and which relate to the maintenance, condition, use or operation of the Aircraft or require any modification or alteration to the Aircraft, any Engine or Part; 

 

	 	(g)	maintain in good standing a current certificate of airworthiness (in the appropriate category for the nature of the operations of the Aircraft) for the Aircraft issued
by the Air Authority and will from time to time provide to Lessor a copy on request; 

  

	 	(h)	maintain current certification as to maintenance issued by or on behalf of the Air Authority in respect of the Aircraft and will from time to time provide to Lessor a
copy on request, such request to be given no more than once annually unless a Default has occurred and is continuing; and 

  

	 	(i)	procure promptly the replacement of any Engine or Part which has become time, cycle or calendar expired, lost, stolen, seized, confiscated, destroyed, damaged beyond
repair, unserviceable or permanently rendered unfit for use, with an engine or part complying with the conditions set out in paragraph 3.3(a) (subject to the terms of paragraph 3.3 (b) if applicable). 

 

	3.2	Removal of Engines and Parts 

Lessee will ensure that no Engine or Part installed on the Aircraft is at any time removed from the Aircraft other than: 

 

	 	(a)	if replaced as expressly permitted by this Agreement; or 

  

	 	(b)	if the removal is of an obsolete item and is in accordance with the Agreed Maintenance Programme; or 

 

	 	(c)      (i)	during the course of maintaining, servicing, repairing, overhauling or testing that Engine or the Aircraft, as the case may be; or 

 

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 61

	 	(ii)	as part of a normal engine or part rotation programme; or 

  

	 	(iii)	for the purpose of making such modifications to the Engine or the Aircraft, as the case may be, as are permitted under this Agreement; 

and then in each case only if it is reinstalled or replaced by a Suitable Replacement Engine or Replacement Part complying with
paragraph 3.3(a) below (and subject to the terms of paragraph 3.3(b) where applicable) as soon as practicable and in any event no later than the Expiry Date in the case of a Replacement Part and no later than three (3) months prior to
the Expiry Date in the case of a Suitable Replacement Engine. Without prejudice to the generality of the foregoing, Lessee may not replace an Engine with a Suitable Replacement Engine save in the case of a Total Loss of an Engine. 

 

	3.3	Installation of Engines and Parts 

  

	 	(a)	Subject always to paragraph 3.2 above, Lessee may install an engine or part on the Aircraft if: 

 

	 	(i)	in the case of an engine, it is a Suitable Replacement Engine; 

  

	 	(ii)	in the case of a part, it is in a Replacement Part; 

  

	 	(iii)	in each case, it has become and remains the property of Lessor free from Security Interests and on installation on the Aircraft will without further act be subject to
the Mortgage and this Agreement; and 

  

	 	(iv)	in each case, Lessee has such details as to its source, maintenance records and life remaining as are required by the Air Authority and Lessee has for each Replacement
Part or Suitable Replacement Engine, such technical and maintenance records as would be included for the purposes of this Agreement in the Aircraft Documents in Part 3 of Appendix 8 for each such Suitable Replacement Engine or Replacement
Part if each such Suitable Replacement Engine or Replacement Part was then redelivered to Lessor pursuant to and in accordance with Appendix 8 of this Agreement; 

 

	 	(b)	Lessee will, if no Default has occurred which is continuing, be entitled to install any engine or part on the Aircraft by way of replacement notwithstanding
paragraph 3.3(a) if: 

  

	 	(i)	there is not available to Lessee at the time and in the place that that engine or part is required to be installed on the Aircraft, a replacement engine or, as the case
may be, part complying with the requirements of paragraph 3.3(a); 

  

	 	(ii)	it would result in an unreasonable disruption of the operation of the Aircraft and/or the business of Lessee to ground the Aircraft until an engine or part, as the case
may be, complying with paragraph 3.3(a) becomes available for installation on the Aircraft; and 

  

	 	(iii)	 as soon as practicable after installation of the same on the Aircraft but, in any event, no later than the Expiry Date in the case of a

  
 62

	 	
part and three (3) months prior to the Expiry Date in the case of an engine, Lessee removes any such engine or part and replaces it with the Engine or Part replaced by it or by a Suitable
Replacement Engine (if expressly permitted by paragraph 3.2 of this Appendix 6) or a Replacement Part and otherwise complying with paragraph 3.3(a). 

 

	3.4	Non-Installed Engines and Parts 

Lessee will: 
  

	 	(a)	ensure that any Engine or Part which is not installed on the Aircraft (or any other aircraft as permitted by this Agreement) is, except as expressly permitted by this
Agreement, properly and safely stored, and kept free from Security Interests; 

  

	 	(b)	notify Lessor whenever any Engine is removed from the Aircraft and, from time to time, on request procure that any person (other than an Agreed Maintenance Performer)
to whom possession of an Engine is given executes, prior to receipt of possession, a Recognition of Rights Agreement (or the relevant agreement with such person contains language substantially similar to the provisions of paragraph 3.8 of this
Appendix 6) each of which is enforceable by Lessor and the Security Trustee under the Contracts (Rights of Third Parties) Act 1999 or pursuant to the relevant governing law of the relevant agreement; and 

 

	 	(c)	(notwithstanding the foregoing provisions of this sub-paragraph), be permitted, if no Default has occurred and is continuing, to install any Engine (provided any such
Engine continues to be maintained by the Agreed Maintenance Performer) or Part on an aircraft, or in the case of a Part, an engine: 

  

	 	(i)	owned and operated by Lessee free from Security Interests; or 

  

	 	(ii)	leased or hired to Lessee pursuant to a lease or conditional sale agreement on a long-term basis and on terms whereby Lessee has full operational control of that
aircraft or engine; or 

  

	 	(iii)	acquired by Lessee and/or financed or refinanced, and operated by Lessee, on terms that ownership of that aircraft or engine, as the case may be, pursuant to a lease or
conditional sale agreement, or a Security Interest therein, is vested in or held by any other person; 

 provided
that in all cases Lessee gives Lessor reasonable prior written notice and in the case of (ii) and (iii): 
  

	 	(A)	the terms of any such lease, conditional sale agreement or Security Interest will not have the effect of prejudicing the interests of Lessor, the Security Trustee or
the Lenders in that Engine or Part or the interests of Lessor, the Security Trustee and the Lenders in respect thereof under the Assignment and the Mortgage; and 

 

	 	(B)	 the lessor under such lease, the seller under such conditional sale agreement or the holder of such Security Interest, as the case may be, has, prior
to installation, 

  
 63

	 	
entered into a Recognition of Rights Agreement (or the lease, conditional sale agreement or the relevant security interest contains language substantially similar to the provisions of
paragraph 3.8 of this Appendix 6) each of which is enforceable by Lessor and the Security Trustee under the Contracts (Rights of Third Parties) Act 1999 or pursuant to the relevant governing law of the relevant lease, conditional sale
agreement or other security agreement. 

  

	3.5	Equipment Changes: 

  

	 	(a)	Lessee will not make any modification or addition to the Aircraft (each an “Equipment Change”), except for an Equipment Change which:

  

	 	(i)	is expressly permitted by this Agreement; or 

  

	 	(ii)	has the prior written approval of Lessor which approval will not be unreasonably withheld or delayed where the Equipment Change does not diminish or impair the value,
utility, condition, or airworthiness of the Aircraft; or 

  

	 	(iii)	arises as a result of the requirements of the Air Authority, the Manufacturer, EASA or FAA which Equipment Change shall be for the account of Lessee; or

  

	 	(iv)	has a cost (including labour, overheads, engineering supplies, materials and third party costs) no greater than ***** (2008 US$) and which is performed pursuant to the
original equipment manufacturer service bulletin; 

  

	 	(b)	so long as no Event of Default has occurred and is continuing, Lessee may remove any Equipment Change provided such removal does not diminish or impair the value,
utility, condition or airworthiness of the Aircraft; and 

  

	 	(c)	Lessor may require Lessee to remove any Equipment Change and to restore the Aircraft to its condition as it was prior to that Equipment Change except to the extent such
Equipment Change is required to comply with the Return Condition. 

  

	3.6	Title on an Equipment Change: 

  

	 	(a)	Title to all Engines and Parts installed on the Aircraft whether by way of replacement, as the result of an Equipment Change or otherwise (except those installed
pursuant to paragraph 3.3(b)) will on installation, without further act, vest in Lessor subject to the Mortgage, this Agreement and the Assignment free and clear of all Security Interests. Lessee will at its own expense take all such steps and
execute, and procure the execution of, all such instruments as Lessor may require and which are necessary to ensure that title so passes to Lessor according to all applicable laws. At any time when requested by Lessor, Lessee will provide evidence
to Lessor’s satisfaction (including the provision, if required, to Lessor of one or more legal opinions, the cost of any English law opinion to be borne by Lessor) that title has so passed to Lessor. 

 

	 	(b)	Any Engine or Part at any time removed from the Aircraft will remain the property of Lessor until a replacement has been made in accordance with this Agreement and
until title in the Suitable Replacement Engine or 

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
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Replacement Part, as applicable, has passed, according to applicable laws, to Lessor subject to the Mortgage, the Assignment and this Agreement free of all Security Interests whereupon title to
the replaced Engine or Part will pass to Lessee free and clear of Lessor Liens. 

  

	3.7	Pooling of Parts 

 So long as no
Default has occurred and is continuing Lessee may lease, let or hire or charter or otherwise part with possession of a Part (on terms conferring no more than a contractual right against Lessee but not rights against the Part) pursuant to
pooling arrangements to which Lessee is a party and which either: 
  

	 	(a)     (i)	are arrangements involving responsible, solvent scheduled commercial air carriers or aircraft operators or the manufacturers, servicers or suppliers of the Part; and

  

	 	(ii)	do not contemplate transfer of title to the pooled Part except where title to the relevant Replacement Part passes, in accordance with paragraph 3.3(a) above at
the same time to Lessor; or 

  

	 	(b)	are otherwise acceptable to Lessor in its sole discretion. 

  

	3.8	Title to Engines 

 Lessor agrees,
for the benefit of Lessee and for the benefit of any mortgagee, indenture trustee, or other holder of a security interest in any engine (other than an Engine) owned by Lessee, any lessor of any engine (other than an Engine) leased to Lessee and any
conditional vendor of any engine (other than an Engine) purchased by Lessee subject to a conditional sale agreement or any other security agreement, that no interest shall be created hereunder in any engine so owned, leased or purchased and that
neither Lessor, the Security Trustee or any Lender nor their successors or assigns will acquire or claim, as against Lessee or any such mortgagee, indenture trustee, lessor or conditional vendor or other holder of a security interest or any
successor or assignee of any thereof, any right, title or interest in such engine as the result of such engine being installed on the Airframe; provided however that such agreement of Lessor shall not be for the benefit of any such mortgagee,
indenture trustee, lessor or conditional vendor or other holder of a security interest or any successor or assignee of any thereof unless it has expressly agreed substantially on the same terms as set out herein or otherwise on terms satisfactory to
Lessor acting reasonably (which agreement may be contained in such lease, conditional sale or other security agreement, indenture or mortgage or in a Recognition of Rights Agreement) that neither it nor its successors or assigns will acquire, as
against Lessor, any right, title or interest in an Engine as a result of such Engine being installed on an airframe (other than the Airframe). 
  

	4.	PRESERVATION OF ASSET 

  

	4.1	Sub-Leasing 

 Lessee will not
sub-lease or otherwise part with possession of the Aircraft, the Engines or any Part except that Lessee may, without the consent of Lessor or Security Trustee part with possession (a) with respect to the Aircraft, the Engines or any Part to the
relevant manufacturers for testing or similar purposes or to an Agreed Maintenance Performer for service, repair, maintenance or overhaul work, or alterations, modifications or additions to the extent required or permitted by this Agreement,
(b) with respect to an Engine or Part, as expressly permitted by 

  
 65

 
this Agreement (c) with respect to the Aircraft pursuant to a Wet Lease. Lessee shall give Lessor written notice prior to entering into any Wet Lease, save where it is not operationally
practicable to do so, in which case, Lessee shall give Lessor written notice of any such Wet Lease as soon as reasonably practicable after entering into any such Wet Lease. 

 

	4.2	Title 

 Lessee will: 

 

	 	(a)	not do or knowingly permit to be done or omit or knowingly permit to be omitted to be done any act or thing which might reasonably be expected to jeopardise the rights
of Lessor hereunder or as owner of the Aircraft or the rights of the Security Trustee as mortgagee of the Aircraft and as assignee under the Assignment or the validity, enforceability or priority of the Mortgage and the Assignment;

  

	 	(b)	on all occasions when the ownership of the Aircraft, any Engine or any Part is relevant, make clear to third parties that title is held by Lessor subject to the
Mortgage; 

  

	 	(c)	not at any time (i) represent or hold out Lessor, the Security Trustee, the Lease Manager or the Lenders as carrying goods or passengers on the Aircraft or as
being in any way connected or associated with any operation or carriage (whether for hire or reward or gratuitously) which may be undertaken by Lessee or (ii) pledge the credit of Lessor, the Lease Manager, the Security Trustee or the Lenders;

  

	 	(d)	ensure that there is always affixed, and not removed or in any way obscured, a fireproof plate (having dimensions of not less than 10 cm. x 7 cm.) in a reasonably
prominent position on the Aircraft and on each Engine stating: 

 “This Aircraft/Engine is owned by Amentum
Aircraft Leasing No. Four Limited is operated by Concesionaria Vuela Compañía de Aviación, S.A. de C.V., is subject to a mortgage in favour of the [Security Trustee] and may not be operated by any other person without the prior
written consent of [the Security Trustee]”; 
  

	 	(e)	not create or permit to exist any Security Interest upon the Aircraft, any Engine or any Part; 

 

	 	(f)	not do or permit to be done anything which may reasonably be expected to expose the Aircraft, any Engine or any Part to penalty, forfeiture, impounding, detention,
appropriation, damage or destruction and without prejudice to the foregoing, if any such penalty, forfeiture, impounding, detention or appropriation, damage or destruction occurs, give Lessor notice and use best endeavours to procure the immediate
release of the Aircraft, any Engine or the Part, as the case may be; 

  

	 	(g)	not abandon the Aircraft, any Engine or any Part; 

  

	 	(h)	pay and discharge or cause to be paid and discharged when due and payable or make adequate provision by way of security or otherwise for all debts, damages, claims and
liabilities which have given or may reasonably be expected to give rise to a Security Interest created by Lessee over or affecting the Aircraft, any Engine or any Part; and 

  
 66

	 	(i)	not attempt, or hold itself out as having any power, to sell, lease or otherwise dispose of the Aircraft, any Engine or any Part. 

 

	4.3	Protection 

 Lessee will:

  

	 	(a)	maintain the registration of the Aircraft with the Air Authority reflecting (so far as permitted by applicable law) the respective interests of Lessor, and at
Lessor’s cost, the Security Trustee and the Lenders and not do or suffer to be done anything which might adversely affect that registration; and 

  

	 	(b)	do all acts and things (including, without limitation, making any filing or registration with the Air Authority or any other Government Entity) and execute and deliver
all documents (including, without limitation, any amendment to this Agreement) as may be required by Lessor: 

  

	 	(i)	at Lessor’s expense, following any change or proposed change in the ownership or financing of the Aircraft or in the manner of securing Lessor’s obligations
to the Security Trustee and Lenders and/or Lessee’s obligations to Lessor provided that any transfer complies with the provisions of Appendix 10 or are otherwise agreed to by Lessee; or 

 

	 	(ii)	following any modification of the Aircraft, any Engine or any Part or the permanent replacement of any Engine or Part in accordance with this Agreement, so as to ensure
that the rights of Lessor under this Agreement and the rights of the Security Trustee and the Lenders under the Mortgage and the Assignment in respect thereof apply with the same effect as before; or 

 

	 	(iii)	to establish, maintain, preserve, perfect and protect the respective rights of Lessor under this Agreement and as owner of the Aircraft and, at Lessor’s cost and
expense, the Security Trustee and the Lenders in the Mortgage and the Assignment. 

  

	4.4	Cape Town Convention 

  

	 	(a)	In this Agreement, the Convention and the Protocol shall be read and interpreted together as a single instrument as required by Article 6(1) of the Convention. In
this paragraph 4.4 the following expressions have the respective meanings given to them in Article 1 of the Consolidated Text: 

 aircraft engines 
 aircraft object 

assignment 

associated rights 

contract of sale 

creditor 

international interest 

  
 67

 leasing agreement 
 registry authority 
 security agreement 

State of registry 
  

	 	(b)	Lessor and Lessee agree that: 

  

	 	(i)	without prejudice to paragraphs 4.1, 4.2 and 4.3 of this Appendix 6, the Aircraft shall be registered on the aircraft register of the State of Registration,
which is the State of registry for the purposes of the Convention; 

  

	 	(ii)	the Airframe is an airframe and, accordingly, is an aircraft object to which this Agreement relates for the purposes of the Convention and is an A319-100 aircraft with
manufacturer’s serial number 3705 and the Engines are aircraft engines and, accordingly, aircraft objects for the purposes of the Convention and are V2527M-A5 engines with manufacturer’s serial numbers V13093 and V13095;

  

	 	(iii)	the international interest of Lessor, as a creditor, in the Airframe and each of the Engines, being the lessor under a leasing agreement of an aircraft object, shall be
registered, with the consent of each of Lessor and Lessee, as an international interest under the Convention in each of the Airframe and the Engines, and such registration may be amended or extended prior to its expiry by either Lessor or Lessee,
with the consent in writing of the other, such consent not to be unreasonably withheld or delayed; 

  

	 	(iv)	the events which are referred to in Part 1 of Appendix 9 as Events of Default are events that constitute a default or otherwise give rise to the rights and
remedies specified in Articles 12 to 15 and 20 of the Consolidated Text; 

  

	 	(v)	Lessor shall have the remedies referred to in Articles 15(1) and 20(1) of the Consolidated Text; 

 

	 	(vi)	Lessor has power to dispose of the Airframe and the Engines for the purpose of Article 10(b) of the Consolidated Text subject to and in accordance with the
Transaction Documents; 

  

	 	(vii)	Lessee shall, on or prior to Delivery, execute and deliver to Lessor an IDERA in favour of the Lessor in the form annexed as an Annex to the Protocol;

  

	 	(viii)	Lessor may assign the associated rights (as defined in Article 1 of the Consolidated Text) under the Assignment or any other assignment permitted in accordance
with Appendix 10, which associated rights consist of all rights to payment or other performance by Lessee (as debtor) under this Agreement and are associated with the Airframe and the Engines being aircraft objects for the purposes of the
Convention. Any such assignment shall be made in accordance with and subject to the conditions specified in Appendix 10 and shall transfer to the relevant assignee the related international interests of Lessor; and 

  
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	 	(ix)	Lessee shall cooperate with Lessor, at Lessee’s expense, with respect to effecting registration pursuant to the Convention of the international interests of any
Lender or the Security Trustee as creditor in respect of the security agreement and the assignment constituted by any Mortgage and any Assignment and of any associated agreement related to the ranking of priority between the various international
interests and/or the interests of Lessee; 

  

	 	(c)	If any of the Engines is replaced by a Suitable Replacement Engine pursuant to and in accordance with this Agreement, Lessor and Lessee shall, at Lessee’s expense
and on or prior to title to the Suitable Replacement Engine being vested in Lessor, take such steps as shall be available to them under the terms of the Convention and as are necessary: 

 

	 	(i)	to constitute in favour of Lessor as a creditor (being the lessor under a leasing agreement of an aircraft object) an international interest in the Suitable Replacement
Engine, including, for this purpose, entering into a supplement to this Agreement in such form as Lessor shall reasonably require providing that the Suitable Replacement Engine (which shall be identified in such supplement in the same manner as is
provided in paragraph 4.4(b)(ii)above) shall be leased by Lessor to Lessee with effect from title to the same vesting in Lessor under the contract of sale referred to in paragraph 4.4(c)(iii) below and that the Suitable Replacement Engine
shall be an Engine for the purposes of this Agreement; 

  

	 	(ii)	to register such international interest in accordance with Chapter V of the Consolidated Text; 

 

	 	(iii)	to enter into a contract of sale with respect to the Suitable Replacement Engine which complies with the formalities of Article 11 of the Consolidated Text;

  

	 	(iv)	to register the contract of sale with respect to the Suitable Replacement Engine in accordance with Chapter V of the Consolidated Text; 

 

	 	(v)	if required by any person who has acquired title to the Replaced Engine from Lessor, to enter into a contract of sale with respect to the Replaced Engine which complies
with the formalities of Article 11 of the Consolidated Text and consent to the registration of such contract of sale in accordance with Chapter V of the Consolidated Text; and 

 

	 	(vi)	to subject the relevant Suitable Replacement Engine to the security constituted by any Mortgage, and to register the international interest of the Security Trustee
under any Mortgage in respect of such Suitable Replacement Engine in accordance with Chapter V of the Consolidated Text. 

  

	 	(d)	Without prejudice to any of the foregoing provisions of this paragraph 4.4, Lessee shall do or cause to be done (in conjunction with Lessor where necessary) any
and all acts which may be required or desirable in connection with the terms of the Convention, to the extent permitted by the law of the State of Registration, to register, perfect, preserve and/or enhance any international interests of Lessor
and/or the Security Trustee with respect to aircraft objects to which the Transaction Documents to which Lessee is a party relate. 

  
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	4.5     (a)	If the State of Registration has ratified the terms of the Geneva Convention, do all acts and things in the State of Registration which Lessor may reasonably require to
preserve the title, rights and interest of Lessor, and, at Lessor’s cost, the Security Trustee, to and in the Aircraft within the jurisdiction of any state which is a party to the Geneva Convention. 

 

	 	(b)	In the event of any other enactments or provisions being made or becoming operative relating to recognition of rights in aircraft and which may apply to the Aircraft,
promptly do and join with Lessor and, if appropriate, the Security Trustee and the Lenders in doing all such acts or things as may be necessary or reasonably desirable to perfect recognition of the title, rights and interest of Lessor, the Security
Trustee and the Lenders in respect of the Aircraft. 

  

	4.6	Lessor’s Financing 

 Lessee
acknowledges that Lessor may at any time during the Term grant new or further Security Interests over the Aircraft and the benefit of the Transaction Documents to the Lenders and the Security Trustee or any new or replacement lenders or security
trustee as security for Lessor’s obligations to the Lenders or such new or replacement lenders. Lessee undertakes to provide all reasonable assistance and co-operation to Lessor, any Lenders and any Security Trustee and their respective
representatives and advisers (at Lessor’s cost) in connection with the perfection and maintenance of such Security Interests, including (without limitation) the effecting of all necessary filings and registrations in the State of Registration
and the Habitual Base and with the International Registry and Lessor agrees to take all reasonable steps available to it to ensure that such assistance and co-operation will not interfere with Lessee’s commercial operations provided that any
security interests or assignment in favour of new or replacement lenders shall comply with the provisions of Appendix 10. To the extent that Lessor is aware of the identity of any new or replacement Lenders, Lessor shall (subject always to any
duty of confidentiality) give Lessee the names of any such Lenders. 
  

	4.7	Costs 

 Unless otherwise
specified in the Transaction Documents, all costs associated with compliance by Lessee with its obligations under the Transaction Documents shall be for the account of Lessee. 

  
 70

 APPENDIX 7 

PART 1 

INSURANCE COVENANTS 
  

	1.	Lessee will maintain or cause to be maintained in full force during the Term, and thereafter as expressly provided by this Agreement, insurances in respect of the
Aircraft (the “Insurances” which expression includes, where the context so admits, any relevant reinsurance(s)). The Insurances will be effected and maintained on a non-discriminatory basis compared with similar aircraft in
Lessee’s fleet. The Insurances will be effected either: 

  

	 	(a)	on a direct basis with insurers of recognised standing who normally participate in aviation insurances in the leading international insurance markets and led by
internationally recognised and reputable underwriter(s); or 

  

	 	(b)	with a single internationally recognised and reputable insurer or group of internationally recognised and reputable insurers who does or do not retain the risk but
effects ***** reinsurance of all risks insured with reinsurers in the leading international insurance markets and through brokers each of internationally recognised standing in the international aviation insurance markets (the
“Reinsurances”). 

  

	2.	Lessor’s current requirements as to required Insurances are as specified in Part 2 of this Appendix 7. Lessor or the Security Trustee may from time to
time upon reasonable consultation with Lessee and its insurance advisers stipulate other requirements (other than as to the level of the deductible or the Agreed Value) for the Insurances so that the scope and level of cover is maintained in line
with the prudent practice of reputable and experienced international operators of aircraft operating aircraft similar to the Aircraft and the interests of Lessor, the Security Trustee and the Lenders are protected in accordance with such practices.

  

	3.	If at any time Lessor’s or the Security Trustee’s insurance brokers (acting reasonably) consider that any change in circumstances may occur or has occurred
which in the reasonable opinion of such brokers may materially affect or has materially affected the rights of Lessor and other Indemnitees in and to the Insurances, then Lessor, the Security Trustee and their brokers will consult with Lessee and
Lessee’s brokers regarding what action is required to protect the interests of the parties insured. If, following the consultation, Lessor’s or the Security Trustee’s insurance brokers (acting reasonably) consider that any change
should be made (other than as to the level of the deductible or the Agreed Value) having regard to the level and type of Insurances, and the terms and conditions thereof, then maintained by reputable and experienced international operators of
aircraft operating aircraft similar to the Aircraft, Lessee will then arrange or procure the arrangement of alternative cover satisfactory to Lessor’s and the Security Trustee’s insurance brokers (acting reasonably).

  

	4.	Lessee will: 

  

	 	(a)	ensure that all legal requirements as to insurance of the Aircraft, any Engine or any Part which may from time to time be imposed by the laws of the State of
Registration, the Habitual Base or any state to, from or over which the Aircraft may be flown, in so far as they affect or concern the operation of the Aircraft, are complied with to ensure that (i) the Aircraft is not in danger of detention or
forfeiture, (ii) the Insurances remain valid 

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 71

	 	
and in full force and effect, and (iii) the interests of the Indemnitees in the Insurances and the Aircraft, the Engines or any Part are not thereby prejudiced; 

 

	 	(b)	not use, cause or permit the Aircraft, any Engine or any Part to be used for any purpose or in any manner not covered by the Insurances or outside any geographical
limit imposed by the Insurances; 

  

	 	(c)	comply with the terms and conditions of each policy of the Insurances and not do, consent or agree to any act or omission which invalidates or might reasonably be
expected to invalidate the Insurances, or renders or might reasonably be expected to render void or voidable the whole or any part of any of the Insurances; or brings any particular liability within the scope of an exclusion or exception to the
Insurances; 

  

	 	(d)	not take out without the prior written approval of Lessor any insurance or reinsurance in respect of the Aircraft other than those required under this Agreement which
would prejudice the rights or interest of Lessor or any of the other Indemnitees under or in respect of the Insurances and in no event maintain hull insurance in an amount in excess of ***** of the Agreed Value from time to time, unless relating
solely to business interruption, profit commission and deductible risk; 

  

	 	(e)	commence renewal procedures on a timely basis prior to expiry of any of the Insurances and provide to Lessor: 

 

	 	(i)	if requested by Lessor, a written status report of renewal negotiations fourteen (14) days prior to each expiry date; 

 

	 	(ii)	faxed confirmation of completion of renewal prior to each expiry date; and 

 

	 	(iii)	certificates of insurance (and where appropriate certificates of reinsurance), and broker’s (and any reinsurance brokers’) letter of undertaking in a form
acceptable to Lessor and the Security Trustee (each acting reasonably) in English, detailing the coverage and confirming the insurers’ (and any reinsurers’) agreement to the specified insurance requirements of this Agreement within 7 days
after each renewal date; 

  

	 	(f)	on request, provide to Lessor copies of such other documents as Lessor may reasonably request evidencing the Insurances provided that nothing in this paragraph (f)
shall require Lessee to give to Lessor a copy of Lessee’s fleet policy; 

  

	 	(g)	on request but no more frequently than once a year, unless a Default has occurred and is continuing, provide to Lessor evidence that the Insurance premiums have been
paid; 

  

	 	(h)	not make or accept any modification or alteration to the Insurances material and adverse to the interests of any of the Indemnitees; 

 

	 	(i)	be responsible for any deductible under the Insurances; 

  

	 	(j)	provide any other insurance and reinsurance related information, or assistance, in respect of the Insurances as Lessor may reasonably request but no more frequently
than once a year, unless a Default has occurred and is continuing; and 

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 72

	 	(k)	promptly notify Lessor of: 

  

	 	(i)	any loss, theft, damage or destruction to the Aircraft, any Engine or any Part, or any modification to the Aircraft if the potential cost may exceed *****; and

  

	 	(ii)	any claim or other occurrence likely to give rise to a claim under the Insurances in excess of ***** and reasonably sufficient details of any negotiations with the
insurance brokers over any such claim. 

  

	 	(l)	ensure or procure that insurance cover is maintained in accordance with the provisions of this Part 1 of this Appendix 7 in respect of an Engine at all times
while it is removed from the Airframe; and 

  

	 	(m)	maintain separate insurance cover in accordance with the provisions of this Part 1 of this Appendix 7 in respect of an Engine at all times while it is removed
from the Airframe. 

  

	5.	If Lessee fails to maintain the Insurances in compliance with this Agreement, each of the Indemnitees will be entitled but not bound, (without prejudice to any other
rights of Lessor under this Agreement): 

  

	 	(a)	to pay the premiums due or to effect and maintain insurances satisfactory to it or otherwise remedy Lessee’s failure in such manner (including, without limitation
to effect and maintain an “owner’s interest” policy) as it considers appropriate. Any sums so expended by it will become immediately due and payable by Lessee to Lessor together with interest thereon at the rate specified in
Clause 5.5, from the date of expenditure by the relevant Indemnitee up to the date of reimbursement by Lessee; and 

  

	 	(b)	at any time while such failure is continuing to require the Aircraft to remain at any airport or to proceed to and remain at any airport designated by it until the
failure is remedied to its satisfaction. 

  

	6.	Lessee shall effect and maintain liability insurance after the Expiry Date with respect to its liability under the indemnities in Clause 11 for such period as
Lessor may reasonably require (but in any event not more than two (2) years or until completion of the next scheduled Major Check, whichever is earlier) which provides for each Indemnitee to be named as additional insured. Lessee’s
obligation in this paragraph shall not be affected by Lessee ceasing to be lessee of the Aircraft and/or any of the Indemnitees ceasing to have any interest in respect of the Aircraft. 

 

	7.	Application of Insurance Proceeds 

  

	 	(a)	All hull insurance payments up to and including the Agreed Value received as the result of a Total Loss occurring during the Term will be paid to the Security Trustee
(or if requested by the Security Trustee, to Lessor) and Lessor will pay or procure the payment of the balance of those amounts to Lessee after deduction of all amounts which may be or become payable by Lessee to Lessor under this Agreement.

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 73

	 	(b)	All insurance proceeds of any property damage or loss to the Aircraft, any Engine or any Part occurring during the Term not constituting a Total Loss and in excess of
US$750,000 will be paid to the Security Trustee (or if requested by the Security Trustee, to Lessor) and applied in payment (or to reimburse Lessee) for repairs or replacement property upon Lessor being satisfied (acting reasonably) that the repairs
or replacement have been or are to be effected in accordance with this Agreement and any balance remaining (after deducting therefrom any amount of such insurance proceeds paid by the insurers in respect of a claim by Lessee for compensation for its
loss of use of the Aircraft) may be retained by the Security Trustee or Lessor, as the case may be. Insurance proceeds in amounts below US$750,000 may be paid by the insurer directly to Lessee. 

 

	 	(c)	All insurance proceeds in respect of third party liability will, except to the extent paid by the insurers to the relevant third party, be paid to the Security Trustee
or as directed by the Security Trustee, to Lessor to be paid directly in satisfaction of the relevant liability or to Lessee in reimbursement of any payment so made. 

 

	 	(d)	Notwithstanding paragraphs 7(a), (b) or (c), if at the time of the payment of any such insurance proceeds an Event of Default has occurred and is continuing,
all such proceeds will be paid to or retained by the Security Trustee (or if requested by the Security Trustee, to Lessor) to be applied toward payment of any amounts which may be or become payable by Lessee during any period when such Event of
Default is continuing in such order as Lessor sees fit or as Lessor may elect. 

  

	 	(e)	To the extent that insurance proceeds are paid to Lessee, Lessee agrees to comply with the foregoing provisions of this paragraph 7 and apply or pay over such
proceeds as so required. 

  
 74

 APPENDIX 7 

PART 2 

INSURANCE REQUIREMENTS 

The Insurances required to be maintained are as follows: 
  

	 	(a)	HULL ALL RISKS of Loss or Damage whilst flying and on the ground with respect to the Aircraft on an “agreed value basis” for an amount not less than
the Agreed Value, and not greater than 110% of the Agreed Value from time to time, and with a deductible (other than in respect of a Total Loss) not exceeding US$750,000 or such other amount agreed by Lessor from time to time;

  

	 	(b)	HULL WAR AND ALLIED PERILS, covering such risks excluded from the Hull All Risks Policy to the fullest extent maintained by prudent, experienced international operators
of aircraft similar to the Aircraft and at least as extensive as AVB48B (or its equivalent in respect of liabilities, other than paragraph (b)) and LSW 555D (or its equivalent in respect of Hull) from the leading international insurance markets
including confiscation and requisition by the State of Registration for an amount not less than the Agreed Value and not greater than 110% of the Agreed Value from time to time; 

 

	 	(c)	SPARES ALL RISKS (INCLUDING WAR AND ALLIED PERILS) property insurance on all Engines and Parts when not installed on the Aircraft on an “agreed value”
basis for their full replacement value and including engine test and running risks; 

  

	 	(d)	AVIATION THIRD PARTY LEGAL LIABILITY to the fullest extent maintained by prudent, experienced international operators of aircraft similar to the Aircraft from leading
international insurance markets including but not limited to aircraft third party, passenger, baggage, cargo, mail and general third party legal liability for a Combined Single Limit of an amount not less than the Minimum Liability Coverage or such
higher amount as may be applicable to Lessee’s policy covering its Fleet Aircraft for the time being any one occurrence but in respect of products and completed operations this limit may be an aggregate limit for any and all losses occurring
during the currency of the policy and further limited to $25,000,000 (or such higher amount as may be applicable to Lessee’s policy covering its Fleet Aircraft) any one occurrence and in the aggregate in respect of personal injury coverage. War
and Allied Risks are also to be covered under Extended Coverage Endorsement AVN52E (or its equivalent) for an amount not less than $600,000,000 (six hundred million dollars) or such higher amount as may be applicable to Lessee’s policy covering
its Fleet Aircraft for any one occurrence and in the annual aggregate. Any aggregation of limits will be subject to limits being restored following any claims which have been paid; 

 

	 	(e)	all required hull, hull war and spares insurance (as specified in (a), (b) and (c)), so far as it relates to the Aircraft will: 

 

	 	(i)	name the Security Trustee as loss payee (in an amount up to and including the Agreed Value) in respect of a Total Loss and name Lessor, the Lease Manager, the Security
Trustee and the Lenders as additional assureds for their respective rights and interests; 

  
 75

	 	(ii)	provide that any loss (other than a Total Loss, the proceeds of which in an amount up to and including the Agreed Value will be payable to the Security Trustee) will be
settled with Lessee, subject to final prior approval of the Security Trustee and Lessor and will be payable in Dollars to the Security Trustee in an amount up to the Agreed Value for the account of all interests except where the loss does not exceed
*****, and neither Lessor nor the Security Trustee has notified the insurers to the contrary, in which case the loss will be settled with and paid to Lessee; 

 

	 	(iii)	if separate Hull “all risks” and “war risks” insurances are arranged, include a 50/50 provision in accordance with market practice;

  

	 	(f)	all required liability insurances (as specified in (d) above) will: 

  

	 	(i)	include each of the Indemnitees as additional assureds for their respective rights and interests, warranted, each as to itself only, no operational interest;

  

	 	(ii)	include a Severability of Interest Clause which provides that the insurance, except for the limit of liability, will operate to give each assured the same protection as
if there was a separate policy issued to each assured; 

  

	 	(iii)	contain a provision confirming that the policy is primary without right of contribution from any other insurance which may be available to the additional assureds;

  

	 	(g)	all Insurances will: 

  

	 	(i)	provide cover denominated in Dollars and, in relation to liability insurance, in the currency of the claim; 

 

	 	(ii)	operate on a worldwide basis subject to such limitations and exclusions as Lessor may agree; 

 

	 	(iii)	acknowledge the insurer is aware that the Aircraft is owned by Lessor and is subject to the Mortgage and that the Insurances are subject to the Assignment and the
Assignment of Insurances; 

  

	 	(iv)	provide that the cover provided to each additional assured shall not be invalidated by any act or omission (including misrepresentation and non-disclosure) of any
person which results in a breach of any term, condition or warranty of the policy PROVIDED that the additional assured so protected has not caused, contributed to or knowingly condoned the said act or omission; 

 

	 	(v)	provide that the insurers will waive any rights of subrogation against the additional assureds; 

 

	 	(vi)	provide that the additional assureds will have no obligation or responsibility for the payment of any premiums due and that the insurers will not exercise any right of
set-off or counter-claim in respect of any premium due against the respective interests of the additional assureds other than outstanding premiums relating to the Aircraft, any Engine or Part the subject of the relevant claim;

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
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	 	(vii)	except in respect of any provision for Cancellation or Automatic Termination specified in the policy or any endorsement thereof, the Insurances may only be cancelled or
materially altered in a manner adverse to the additional assureds by the giving of not less than thirty (30) days’ (7 days’ or such other period as is customary in respect of War and Allied Perils) notice in writing. Notice shall be
deemed to commence from the date such notice is given by the insurers to Lessee’s designated brokers. It is accepted that such notice will NOT, however, be given at normal expiry date of the Insurances or any endorsement;

  

	 	(viii)	if Reinsurance is a requirement of this Agreement such Reinsurance will (i) be on the same terms as the original Insurances and will include the provisions of this
Appendix (ii) provide that notwithstanding any bankruptcy, insolvency, liquidation, dissolution or similar proceedings of or affecting the reinsured that the reinsurers’ liability will be to make such payments as would have fallen due
under the relevant policy of Reinsurance if the reinsured had (immediately before such bankruptcy, insolvency, liquidation, dissolution or similar proceedings) discharged its obligations in full under the original Insurance policies in respect of
which the then relevant policy of Reinsurance has been effected; and (iii) contain a “cut-through” Clause in the following form (or otherwise, satisfactory to Lessor): “The Reinsurers and the Reinsured hereby mutually
agree that in the event of any claim arising under the Reinsurances in respect of a total loss or other claim where as provided by the Aircraft Lease Agreement dated 2008 and made between [Lessor] and [Lessee] such claim is to be paid to the person
named as designated loss payee under the primary Insurances, the Reinsurers will in lieu of payment to the Reinsured, its successors in interest and assigns pay to the person named as sole loss payee under the primary Insurances effected by the
Reinsured that portion of any loss due for which the Reinsurers would otherwise be liable to pay the Reinsured (subject to proof of loss), it being understood and agreed that any such payment by the Reinsurers will (to the extent of such payment)
fully discharge and release the Reinsurers from any and all further liability in connection therewith”; subject to such provisions not contravening any law of the State of Incorporation; and 

 

	 	(ix)	include and insure the indemnity provisions of Clause 11 of this Agreement to the extent of the risks covered by the policies; 

 

	 	(h)	Lessee may maintain Insurances in respect of the Aircraft and any Engines for the purposes of this Agreement which incorporate the terms and conditions of Lloyd’s
Airline Finance Endorsement AVN67B (“AVN67B”) provided that Lessee will ensure that for the purposes of AVN67B: 

  

	 	(i)	this Agreement, the Mortgage, the Assignment and the Assignment of Insurances are identified as “Contracts”; and 

 

	 	(ii)	the Indemnitees are named as the “Contract Parties”; 

  

	 	(i)	 for so long as Insurance or Reinsurance is placed in the London market (it being agreed that, without prejudice to the obligations of Lessee pursuant
to Part 1 of this Appendix 7, Lessee is not obliged to place any Insurance or Reinsurance in the London market), in the event of any conflict or 

  
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inconsistency between this Appendix and AVN67B (or its equivalent) (and subject always to compliance by Lessee with (h) above), the relevant provisions of AVN67B (or its equivalent) shall be
acceptable to Lessor for so long as, insurance Clause AVN67B (or its equivalent) represents, at the relevant time in the international insurance markets, best aviation insurance practice; and 

 

	 	(j)	all insurances will contain a provision entitling Lessor or any additional assured to initiate a claim under any policy in the event of the refusal or failure of Lessee
to do so. 

  
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 APPENDIX 7 

PART 3 

TOTAL LOSS 
  

	1.	For the purpose of this Agreement, “Total Loss” means with respect to the Aircraft (including for the purposes of this definition the Airframe):

  

	 	(a)	the actual or constructive total loss of the Aircraft (including any damage to the Aircraft which results in an insurance settlement on the basis of a total loss, or
requisition for use or hire which results in an insurance settlement on the basis of a total loss); or 

  

	 	(b)	it being destroyed, damaged beyond repair or permanently rendered unfit for normal use for any reason whatsoever; or 

 

	 	(c)	the requisition of title, or other compulsory acquisition, capture, seizure, deprivation, confiscation or detention for any reason of the Aircraft by the government of
the State of Registration, Habitual Base or other competent authority (whether de jure or de facto), but excluding requisition for use or hire not involving requisition of title; or 

 

	 	(d)	the hi-jacking, theft, condemnation, confiscation, seizure or requisition for use or hire of the Aircraft which deprives any person permitted by this Agreement to have
possession and/or use of the Aircraft of its possession and/or use for more than sixty (60) days. 

  

	2.      (a)	If a Total Loss occurs prior to delivery of the Aircraft to Lessee, this Agreement will immediately terminate and except as expressly stated in this Agreement neither
party will have any further obligation or liability under this Agreement except that Lessor will return to Lessee or cancel the Letter of Credit in accordance with the provisions of paragraph 13 of Part 1 of Appendix 8 and any amounts
of Rent or Deposit received by Lessor under this Agreement; and 

  

	 	(b)	If a Total Loss occurs after delivery of the Aircraft to Lessee, Lessee will pay the Agreed Value to Lessor on or prior to the earlier of: 

 

	 	(i)	the day falling sixty (60) days after the Total Loss; and 

  

	 	(ii)	the date of receipt of insurance proceeds in respect of that Total Loss. 

 Until the Agreed Value and all other amounts which are then due and owing by Lessee to Lessor pursuant to the Transaction Documents and any Other Agreement are received by Lessor, Lessee shall continue to
comply with its obligations hereunder to pay Rent. Once the Agreed Value and all other amounts which are then due and payable under this Agreement and the Transaction Documents and which are then due and payable under any Other Agreement have been
paid in full to Lessor, Lessee’s obligation hereunder for the payment of Rent shall cease as and from the date on which Lessor receives the Agreed Value and Lessor will pay to Lessee all Maintenance Reserves and any Deposit (plus interest
accrued thereon in accordance with this Agreement) then held by Lessor and return any Letter of Credit. 

  
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	3.	During any requisition for use or hire of the Aircraft, any Engine or Part which does not constitute a Total Loss: 

 

	 	(a)	the Rent and other charges payable under this Agreement will not be suspended or abated either in whole or in part, and Lessee will not be released from any of its
other obligations under this Agreement other than operational obligations with which Lessee is unable to comply solely by virtue of the requisition; and 

  

	 	(b)	so long as no Default has occurred and is continuing, Lessee will be entitled to any hire amounts paid by the requisitioning authority in respect of the Term. Lessee
will, as soon as practicable after the end of any such requisition, cause the Aircraft to be put into the condition required by this Agreement. Lessor will be entitled to all compensation payable by the requisitioning authority in respect of any
change in the structure, state or condition of the Aircraft arising during the period of requisition, and Lessor will apply such compensation in reimbursing Lessee for the cost of complying with its obligations under this Agreement in respect of any
such change, but so that, if any Default has occurred and is continuing, Lessor may apply the compensation or hire in or towards settlement of any amounts owing by Lessee under this Agreement. 

  
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 APPENDIX 8 

PART 1 

RETURN OF THE AIRCRAFT 
  

	1.	Return 

 On the Expiry
Date or termination of the leasing of the Aircraft under this Agreement Lessee will, unless a Total Loss has occurred, at its expense, redeliver the Aircraft and Aircraft Documents to Lessor at an FAA or EASA approved maintenance facility at a
location agreed between Lessor and Lessee or, in default of agreement, as specified by Lessor (the “Redelivery Location”), in a condition complying with Part of 2 of this Appendix 8, (the “Return Condition”)
free and clear of all Security Interests and Permitted Liens (other than Lessor Liens) and thereupon, at Lessor’s request cause the Aircraft to be deregistered by the Air Authority. 

 

	2.	Pre-Redelivery Technical Report and Inspection 

 No later than six (6) months prior to the Expiry Date, Lessee will provide Lessor with a technical report in a form to be agreed between Lessee and Lessor (each acting reasonably) summarising the
current specification and maintenance status of the Aircraft, the equipment fitted on the Aircraft and status of the Aircraft Documents and allow Lessor to perform an inspection of the Aircraft and the Aircraft Documents. 

 

	3.	Aircraft Document Review 

At least ten (10) days prior to the Expiry Date Lessee shall make all key Aircraft Documents available to Lessor for review.

  

	4.	Final Inspection 

Immediately prior to redelivery of the Aircraft, Lessee will make the Aircraft available to Lessor and the Security Trustee for a
full-systems functional and operational inspection and other types of reasonable inspections based on the Aircraft type, age, use and other known factors with respect to the Aircraft (“Final Inspection”) in order to verify that the
condition of the Aircraft complies with this Agreement. The Final Inspection will take place in conjunction with the Major Check to be carried out prior to redelivery and in no event less than 2 weeks prior to redelivery in accordance with this
Agreement and be long enough to permit Lessor to: 
  

	 	(a)	perform a full inspection of the Aircraft Documents; 

  

	 	(b)	inspect the Aircraft and uninstalled Parts; 

  

	 	(c)	inspect the Engines, including without limitation (i) a hot and cold section video boroscope inspection of all areas (ii) engine condition runs and
(iii) trend monitoring data in accordance with the Engine Manufacturer’s maintenance manual; and 

  

	 	(d)	inspect the APU, including without limitation: 

  

	 	(i)	perform an APU condition run; and 

  
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	 	(ii)	hot and cold section video boroscope inspection of all areas. 

 Any deviations from the Return Condition will be discussed in good faith between Lessor and Lessee with a view to resolving each discrepancy prior to the Acceptance Flight (as defined in paragraph 5
below). 
 The cost of the Final Inspection (other than any costs relating to Lessor’s employees or representatives) shall
be borne by Lessee. 
  

	5.	Acceptance Flight 

Immediately prior to the redelivery of the Aircraft, Lessee will carry out for Lessor a demonstration flight in accordance with the
Manufacturers’ standard flight operation check flight procedures for in service aircraft (the “Acceptance Flight”), or, if agreed to in writing by Lessor, in accordance with an airline acceptance flight procedure, either of
which will be for the duration necessary to perform such acceptance flight procedures. The costs of such acceptance flight, up to a maximum duration of two (2) hours, will be on account of Lessee. 

 

	6.	Non-Compliance 

 To the
extent that, at the time of the Acceptance Flight, the condition of the Aircraft does not comply with this Agreement, Lessee will at Lessor’s option: 
  

	 	(a)	immediately rectify the non-compliance and to the extent the non-compliance extends beyond the Expiry Date, the Term will be automatically extended and this Agreement
will remain in force until the non-compliance has been rectified; or 

  

	 	(b)	redeliver the Aircraft to Lessor and indemnify Lessor, and provide to Lessor’s satisfaction cash as security for that indemnity, against the cost of putting the
Aircraft into the condition required by this Agreement. 

 In respect of minor discrepancies in the Return
Condition, Lessor and Lessee shall negotiate in good faith with a view to agreeing arrangements whereby Lessee rectifies the discrepancies immediately after redelivery and if such arrangements are agreed between Lessee and Lessor the provisions of
paragraph (b) above shall not apply. 
  

	7.	Redelivery 

Simultaneously with redelivery Lessee will provide to Lessor all documents necessary to export the Aircraft from the State of Registration
and Habitual Base (including, without limitation, a valid and subsisting export certificate of airworthiness stating the exceptions (if any) and applicable waivers from the Aircraft type certificate for the Aircraft) and required in relation to the
deregistration of the Aircraft with the Air Authority. 
  

	8.	Acknowledgement 

 Provided
Lessee has complied with its obligations under this Agreement, following redelivery of the Aircraft by Lessee to Lessor at the Redelivery Location, Lessor will deliver to Lessee an acknowledgement confirming that Lessee has redelivered the Aircraft
to Lessor in accordance with this Agreement. 

  
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	9.	Maintenance Programme: 

  

	 	(a)	Prior to the Expiry Date and upon Lessor’s request, Lessee will provide Lessor or, subject always to Clause 18, its agents reasonable access to the Agreed
Maintenance Programme and the Aircraft Documents in order to facilitate the Aircraft’s integration into any subsequent operator’s fleet. 

  

	 	(b)	Lessee will, if requested by Lessor to do so, before the return of the Aircraft deliver to Lessor a certified true current and complete copy of the Agreed Maintenance
Programme. Lessor agrees that it will not disclose the contents of the Agreed Maintenance Programme to any person or entity except to the extent necessary to monitor Lessee’s compliance with this Agreement and/or to bridge the maintenance
programme for the Aircraft from the Agreed Maintenance Programme to another programme after the Expiry Date. 

  

	 	(c)	If at redelivery, there are any missing or incomplete documents or records, Lessee will, at its cost and expense, re-accomplish, or cause to be re-accomplished, the
tasks necessary to produce such records prior to redelivery of the Aircraft. 

  

	10.	Storage 

 Upon redelivery
of the Aircraft, the Lessee shall if given at least thirty (30) days prior written notice by Lessor use its reasonable endeavours to assist the Lessor having regard to, inter alia, the Lessee’s space and operational requirements and any
required approvals, to store, maintain and insure the Aircraft at Lessor’s cost at Lessee’s principal operating base for a period not exceeding sixty (60) days from the redelivery of the Aircraft. For the avoidance of doubt, the
Lessee shall not be required to store, maintain and insure the Aircraft under this paragraph, if Lessee reasonably determines that to do so would adversely affect its commercial operations. 

 

	11.	Ferry Flight 

 Upon
redelivery of the Aircraft, the Lessee will, at Lessor’s sole risk and expense, and provided that (a) Lessor has irrevocably and unconditionally accepted redelivery of the Aircraft as evidenced by the delivery to Lessee of a Technical
Acceptance Certificate in form and substance satisfactory to Lessee (acting reasonably) and executed and delivered in escrow a Return Acceptance Certificate satisfactory to Lessee (acting reasonably) with instructions to release the same to Lessee
immediately upon arrival of the Aircraft to the Ferry Flight destination; and (b) it receives not less than thirty (30) days prior written notice from the Lessor, fly the Aircraft from the Redelivery Location to such location as the Lessor
may designate (the “Ferry Flight”) (provided that the Lessee is licensed and fully authorized to do so by all relevant authorities). The Lessee will provide insurance coverage for the duration thereof equivalent to that provided by
the policies required upon Appendix 7. The Lessor shall promptly reimburse the Lessee the actual costs incurred by the Lessee (without any element of Lessee profit or Lessee mark up) in performing such Ferry Flight, including maintaining the
insurances in connection therewith, upon presentation of appropriate invoices. 
  

	12.	Fuel 

 Immediately after
redelivery of the Aircraft to Lessor, an adjustment will be made in respect of fuel on board on the Delivery Date and the Expiry Date at the price then prevailing at the Redelivery Location. 

  
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	13.	Rent and Letter of Credit 

Within five (5) Business Days after: 
  

	 	(a)	redelivery of the Aircraft to Lessor in accordance with and in the condition required by this Agreement; or 

 

	 	(b)	payment to Lessor of the Agreed Value following a Total Loss after the Delivery Date; 

or in each case such later time as Lessor is satisfied that Lessee has irrevocably paid to Lessor all amounts which may then become
payable under this Agreement and any Other Agreement, Lessor will: 
  

	 	(i)	pay to Lessee the amount of any Rent received in respect of any period falling after the date of redelivery of the Aircraft or payment of the Agreed Value, as the case
may be; and 

  

	 	(ii)	if so requested by Lessee, consent to the cancellation of any Letter of Credit and/or return the balance of any Deposit (together with any interest accrued thereon
pursuant to this Agreement) then held by Lessor. 

  

	14.	Warranties 

 Lessee shall
comply with its obligations under Clause 10. 

  
 84

 APPENDIX 8 

PART 2 

OPERATING CONDITION AT REDELIVERY 
 On the Expiry Date the Aircraft, subject to fair wear and tear generally, will be in the condition set out below: 
  

	1.	GENERAL CONDITION 

 The
Aircraft will: 
  

	 	(a)	be in good operating condition, conforming to FAA or EASA type design certification and be clean by scheduled, passenger airline standards and will be configured in the
same configuration as at Delivery or such other configuration as Lessor may agree; 

  

	 	(b)	be returned with Lessor’s Engines and all Parts installed and with the same equipment as at Delivery, subject to replacements permitted under this Agreement;

  

	 	(c)	have installed the full complement of systems, equipment, parts, accessories, furnishings and loose equipment as normally installed in the Aircraft for continued
regular airline service operating within limits specified in the Manufacturer’s maintenance manual and functioning in accordance with their intended use and in compliance with operations under JAR OPS 1, EASA Part M, or its successors equipment
standards; 

  

	 	(d)	have a currently valid certificate of airworthiness issued by the Air Authority and a valid export certificate of airworthiness issued by the Air Authority to such a
country as will be specified by the Lessor and be in a condition qualifying for immediate issue of certificate of airworthiness pursuant to a Lessor specified EASA/EASA member state to JAR OPS 1, EASA Part M, or its successors standard;

  

	 	(e)	have immediately prior to redelivery, completed a 6 Year Check and no structural, systems, zonal and CPCP Airframe inspections will be due within the next following
6,500 Flight Hours and 4,500 Cycles and 20 months in accordance with the Maintenance Planning Document, have been accomplished; 

  

	 	(f)	be in compliance with all Airworthiness Directives existing as at the Expiry Date and Mandatory Service Bulletins (which are mandatory or in respect of which Lessee is
complying for its other Fleet Aircraft), which require compliance prior to the redelivery or within 180 days thereafter; 

  

	 	(g)	if any waivers, alternate means of compliance, dispensations, extensions or carryovers with respect to any Airworthiness Directives or mandatory orders are granted by
the Air Authority or permitted by the Agreed Maintenance Programme, the Lessee will nonetheless perform such Airworthiness Directives or mandatory orders as if such waivers, alternate means of compliance, dispensations or extensions did not exist;

  

	 	(h)	have installed all applicable original equipment manufacturer’s and manufacturer’s service bulletin kits received free of charge by the Lessee that are
appropriate for the Aircraft and to the extent not installed, those kits will be furnished free of charge to the Lessor; 

  
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	 	(i)	At redelivery the Aircraft shall be either rubbed down (subject to the acceptability of the current paint as base) and repainted in white with all necessary placards,
warning signs, emergency markings etc, in place or at Lessor’s cost, and provided the same does not delay redelivery, in such other external livery as advised by Lessor to Lessee in writing as soon as reasonably possible prior to the scheduled
Expiry Date but in any event no later than two (2) months prior to the scheduled Expiry Date subject to the Lessor paying the excess cost where such external livery is greater than the cost of the white one. Such painting will be accomplished
in such a manner as to result in uniformly smooth and cosmetically acceptable aerodynamic surfaces. The Aircraft has to be stripped if more than one coat of paint has been applied during the Term or if in Lessor’s opinion (acting reasonably)
the current paint is not acceptable as a base paint. If the Aircraft is stripped, Lessee shall, if applicable for Airbus aircraft of the same make and model as the Aircraft, perform detailed inspection for scribe marks in accordance with the
Manufacturer’s then current requirements and standard practices (if any) or in accordance with any Airworthiness Directive in effect for a scribe mark inspection on that make and model of aircraft. The requirement to perform scribe mark
inspections also applies where the Aircraft is stripped during the Term; 

  

	 	(j)	have all signs and decals clean, secure and legible; 

  

	 	(k)	meet the requirements of ICAO Annex 16, Chapter 3 noise compliance (as stated in the Air Authority issued noise certificate) without waiver or restriction;

  

	 	(l)	have no open, deferred, continued, carry over or placard log book items and have no temporary or time-limited structural repairs. No special or unique inspection or
check requirements which are specific to the Aircraft (as opposed to all aircraft of the same model) will exist with respect to the Aircraft; 

  

	 	(m)	be free of fuel, oil, hydraulic and pneumatic leaks in excess of maintenance manual limits allowing continued in service operation without special inspection. Hydraulic
and pneumatic leaks will be within maintenance manual limits for continued operation. Any temporary leak repairs will have been replaced by permanent repairs. All oil and hydraulic tanks and reservoirs and systems along with lavatory and potable
water tanks and systems shall have been freshly and full serviced; 

  

	 	(n)	have all non-structural repairs, modifications and alterations accomplished in accordance with Airframe Manufacturer’s service bulletins or Airframe
Manufacturer’s written approval (with a statement of conformity to type certificate data) or FAA/EASA STC Supplemental Type Certificate) or FAA 8110-3/8100-9 approval; and 

 

	 	(o)	have no less than the Aircraft flight manual approved design weights, 

  

	1.2	 The Lessee agrees if requested in writing by Lessor at least ninety (90) days prior to redelivery to perform or cause to be performed, during the
Final Inspection, providing such work does not cause the planned grounding of the Aircraft to be extended or for redelivery to be delayed, any other work reasonably requested by the Lessor to enable the Aircraft to be placed on another maintenance

  
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programme and the Lessor shall reimburse the Lessee for the reasonable actual cost of such other work required by the Lessor at the Lessee’s best rate to third parties where the work is
performed by Lessee or pay all costs incurred by Lessee for such work where such work is performed by a third party. 
  

	2.	COMPONENTS 

  

	 	(a)	Each Flight Hour and Cycle controlled Hard Time Component (other than the Landing Gear and APU) shall have not less than 6,500 Flight Hours and 4,500 Cycles (or 100% of
Hard-Time life if this interval is less) of life remaining to the next scheduled removal, in accordance with the Agreed Maintenance Programme and the Maintenance Planning Document (including the Airworthiness Limitations). Each calendar controlled
Hard Time Component including safety equipment will have not less than 20 months or 100% life remaining (whichever is less) to the next scheduled removal in accordance with the Agreed Maintenance Programme and the Maintenance Planning Document. Hard
Time Components shall be supported by appropriate certification documentation indicating TSN, CSN, TSO and CSO such as EASA/EASA form 1 or FAA form 8130-3. For this purpose “Hard Time Component” means any component which
has a limited on-wing life in accordance with the Agreed Maintenance Programme and the Maintenance Planning Document and which can have life fully restored through appropriate maintenance; 

 

	 	(b)	Each Airframe Life-Limited Component will have not less than 6,000 Flight Hours and 4,500 Cycles and 20 months remaining to next scheduled removal in accordance with
the Agreed Maintenance Programme and the Maintenance Planning Document and Aircraft EASA type certificates and will be supported by certification documentation necessary to demonstrate traceability back to birth. For this purpose
“Airframe-Life Limited Component” means a component with an ultimate life which cannot be restored through appropriate maintenance; 

  

	 	(c)	Each “on-condition” and “condition-monitored” component will be serviceable and shall be supported by appropriate certification
documentation such as EASA form 1 or FAA form 8130-3 at the point of last installation on the Aircraft if replaced since Aircraft new delivery. The “condition-monitored” components shall be supported by an appropriate
reliability programme and data in accordance with the Agreed Maintenance Programme; 

  

	 	(d)	The installed components will have total Flight Hours and Cycles since new no more than 110% of the Aircraft total Flight Hours and Cycles since new; and

  

	 	(e)	There shall be no PMA Parts on the Aircraft, save for consumable parts. For these purposes “consumable parts” means any non-serialised item of aircraft
material which is used only once and is not re-usable, such as (but not limited to) filters, seals, lubricants, cements, compounds, paints, chemicals, dyes and sealants. 

  
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	3.	ENGINES 

 The original
Engine or Suitable Replacement Engine (in case of Total Loss) is in the configuration as permitted under this Agreement installed on the Aircraft shall comply with the following: 

 

	 	(a)	have no less than 5,000 Cycles scheduled life remaining in respect of Life Limited Parts and no more than 110% of the Aircraft total Flight Hours and Cycles since new.
Engine Life Limited Parts will be supported by certification documentation necessary to demonstrate traceability back to birth; 

  

	 	(b)	will have accumulated no more than 10,000 Flight Hours and 6,500 Cycles since new or last Engine Performance Restoration shop visit; 

 

	 	(c)	shall be serviceable and capable of full rated performance without limitations throughout the entire operating envelop of the Aircraft as defined in the EASA AFM. Each
Engine shall have at least 25oC sea level hot day EGT margin and will not have accumulated more than 110% of the accumulated calendar time, Flight Hours and Cycles of the Airframe; 

 

	 	(d)	all items beyond the Engine Manufacturer’s in-service limits will be repaired; 

 

	 	(e)	will have just completed at the location for the Lessor’s acceptance on or about the redelivery date an all module, hot and cold section video borescope
inspection. The Lessee will also have just completed in respect of each Engine an inspection of each magnetic chip detector, laboratory oil sample analysis, main oil screen and oil and fuel filter inspections. Any defects discovered in such
inspections which exceed the Engine Manufacturer’s in-service limits shall be corrected at the Lessee’s expense. No Engine shall be “on watch” for any reason requiring any special or out of sequence inspection or reduced
interval inspections. Each such Engine will comply with and have been maintained in accordance with the Agreed Maintenance Programme without waiver or exceptions. All items beyond the Engine manufacturer’s in-service limits shall be repaired;
and 

  

	 	(f)	have trend or condition monitoring data over at least the previous year; if Engine trend or condition monitoring data indicates a rate of acceleration in performance
deterioration over at least the previous ninety days, which is higher than normal based on the maintenance experience of the Engine Manufacturer in operating the same model of engines, under similar conditions, the Lessee will, prior to redelivery,
cause to be corrected such conditions which are determined to have exceeded tolerances defined for such engines in the Manufacturer’s maintenance manual or are otherwise determined to be causing such performance deterioration.

  

	4.	FUSELAGE, WINDOWS AND DOORS 

  

	 	(a)	The fuselage and doors will be free of major dents and abrasions, loose or pulled or missing rivets in excess of maintenance manual limits and all repairs are Permanent
Repairs; 

  

	 	(b)	Windows will be free of major delamination, blemishes and crazing in excess of maintenance manual limits allowing continued in service operation without special
inspection or other action and will be properly sealed; 

  

	 	(c)	Doors will be free moving, correctly rigged and be fitted with serviceable seals; and 

 

	 	(d)	 All external repairs for the pressurised fuselage shall have been reviewed in accordance with the latest revision of the Manufacturer’s repair

  
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assessment programme (if issued, and otherwise in accordance with the Manufacturer’s published guidelines) applicable at the time of repair and supported by certified documentation
evidencing accomplishment in accordance with EASA or FAA approved data (that is, the Manufacturer’s structural repair manual or the Manufacturer’s service bulletin or the Manufacturer’s written approval or FAA/EASA STC (Supplemental
Type Certificate) or FAA Form 8110- 3/8100-9 approval or otherwise approved by the EASA or FAA. 

  

	5.	WINGS AND EMPENNAGE 

  

	 	(a)	The wings including nacelles and empennage will be free of major dents and abrasions, loose or pulled or missing rivets in excess of maintenance manual limits and all
repairs are Permanent Repairs; 

  

	 	(b)	Unpainted surfaces will be in the same condition as at Delivery, fair wear and tear accepted; and 

 

	 	(c)	The wings will be free of fuel leaks in accordance with the maintenance manual allowing continued in service operation without special inspection or other action. The
fuel tanks will have recently undergone an anti-fungal and biological growth contamination laboratory evaluation, with appropriate correction taken in accordance with the Manufacturer’s maintenance manual in the event excessive levels of
contamination are identified. 

  

	6.	INTERIOR AND COCKPIT 

  

	 	(a)	The Aircraft interior including cockpit, windows, main cabin and cargo compartments shall have been maintained in accordance with the Agreed Maintenance Programme will
be clean by normal industry standards, with all components free of excessive levels of foreign objects, dirt, grease, fluids, stains, grime, cracks, tears and rips and ready to be placed into immediate commercial airline operation;

  

	 	(b)	the flight deck shall be clean, substantially free of stains and cracks in excess of maintenance manual limits allowing continued in service operation without special
inspection or other action and all systems shall function properly; 

  

	 	(c)	soft furnishings including galley floor coverings, carpets, curtains, seat covers and seat cushions will be in good condition, freshly cleaned and free of stains and
meet JAA/EASA/FAA 25.853 and any subsequent JAA/EASA fire resistance regulations; 

  

	 	(d)	interior panels (including overhead bins, sidewall and ceiling panels, bulkheads and cargo compartment panels), and related seals (including window seals) shall be
clean and substantially free of holes, cracks, temporary repairs and numerous dents; 

  

	 	(e)	all signs and decals shall be clean secure and legible; 

  

	 	(f)	Lessee’s logos, insignias and proprietary markings shall be removed and the surface restored or repainted such that no evidence of such items remains;

  
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	 	(g)	safety belts and harnesses shall be free of stains, discolouration, and fraying other than minor stains, discolouration and fraying; 

 

	 	(h)	seats, lavatories and galleys shall be to an international airline standard and shall be fully serviceable, in good condition and repainted as necessary; and

  

	 	(i)	all panels and nets in the cargo compartment shall be in good condition; all rollers and cargo-restraint / nets and moving mechanisms shall be serviceable; and all
compartments shall meet the then current the EASA and FAA fire regulations; all doors shall be rigged and functioning properly; and the compartments shall be freshly painted. 

 

	7.	LANDING GEAR; WHEELS AND BRAKES 

  

	 	(a)	The Landing Gear and wheel wells will be clean, free of leaks and repaired as necessary and the Landing Gear shall have been stripped and repainted during any Landing
Gear Overhaul (if applicable); 

  

	 	(b)	Each installed Landing Gear shall have no less than 5,000 Cycles and 24 months (whichever is the most limiting factor) life remaining to the next scheduled removal in
accordance with Agreed Maintenance Programme and the Maintenance Planning Document. Life Limited Part within each installed Landing Gear shall have not more than 110% of the Airframe total Cycles since new and certificates and will be supported by
certification documentation necessary to demonstrate traceability back to birth; 

  

	 	(c)	The Landing Gear modification standard will meet the manufacturer requirements for an Aircraft Maximum Take-Off Weight as of delivery; and 

 

	 	(d)	The tires, wheels and brakes will have on average, not less than half of their useful life remaining but in no case, less than 25% of their useful life remaining.

  

	8.	AUXILIARY POWER UNIT 

  

	 	(a)	The APU will be serviceable in accordance with the requirements of the Maintenance Manual as evidenced by Maintenance Manual tests and inspections.

  

	 	(b)	APU Life Limited Parts will be supported by certification documentation necessary to demonstrate traceability back to birth. 

 

	 	(c)	The APU will have not accumulated more than 4,000 APU Hours of operation since new or last APU Performance Restoration. 

 

	 	(d)	The APU will have completed a video boroscope inspection prior to redelivery and any defects discovered in such inspection, which exceed the APU manufacturer in-service
limits, will be corrected. 

  

	9.	CORROSION 

  

	 	(a)	The Aircraft shall be in compliance with the Manufacturer’s CPCP document, the CPCP requirements of the Maintenance Planning Document and FAA CPCP airworthiness
directive requirements; and 

  
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	 	(b)	The entire fuselage will be substantially free from corrosion and all mild and moderate corrosion found will be adequately cleaned and treated and all severe or
exfoliated corrosion shall be repaired in accordance with the Manufacturer’s structural repair manual. 

  

	10.	WEIGHT AND BALANCE 

 The
weight and balance Schedule will be accurate, current and represent the Aircraft’s configuration at the time of redelivery. 
  

	11.	FUEL TANKS AND SYSTEMS 

There will be no untreated or uncorrected fungus or corrosion including fungus or corrosion within the fuel tanks and fuel systems, and
the Lessee will ensure that all fuel tanks are tested for fungus or other contamination, rectified and treated when applicable and certified clear. 

  
 91

 APPENDIX 8 

PART 3 

AIRCRAFT DOCUMENTS AT REDELIVERY 
 All Aircraft Documents will be in the condition as on Delivery, amended as required by the terms of this Agreement, by the Air Authority and by the EASA and FAA up to the date of redelivery. 

All of the Aircraft Documents referred to in the preceding sentence will be made available at the time of redelivery of the Aircraft to the Lessor for
inspection and will be in accordance with the regulations of the Air Authority. 
 The Aircraft Documents will include a list of all tasks
performed by the Lessee between Delivery and redelivery. 
 The following documentation and information is part of the Aircraft and is the
property of the Lessor. The documentation shall be in English, complete, current, accurate and include the latest revisions. All documentation shall have the necessary stamps, endorsements, certifications and signatures where appropriate. Workable
electronic copies should be provided if available. 
 Bulk storage media (CD, DVD) shall be in an industry standard format, requiring no
proprietary or “fee added” software to access. 
 Any costs associated with decustomisation of manuals provided by the
Manufacturer’s online service shall be borne by Lessee. 
  

	(1)	Certificates 

  

	 	(a)	Certificate of Airworthiness; 

  

	 	(b)	Certificate of Registration; 

  

	 	(c)	Aircraft De-Registration Confirmation; 

  

	 	(d)	Export Certificate of Airworthiness issued by the last country of registry; 

 

	 	(e)	Noise Limitation Certificate (AFM page); 

  

	 	(f)	Burn Certificates (Cabin Interiors), unless maintained as per Manufacturer type certificated configuration, as follows: 

 

	 	(i)	Certification of compliance with fire blocking requirements as outlined in the applicable regulation; 

 

	 	(ii)	Bottom Seat cushions (including “in combination” burn certification), Passenger and Cabin attendant; 

 

	 	(iii)	Back rest cushions (including “in combination” burn certification), Passenger and Cabin attendant; 

 

	 	(iv)	Dress covers (including “in combination” burn certification), Passenger and Cabin attendant; 

 

	 	(v)	Carpets; 

  
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	 	(vi)	Curtains; 

  

	 	(vii)	Interior Surfaces (if refurbished); and 

  

	(2)	Manuals 

  

	 	(a)	EASA/FAA Approval Airplane Flight Manual; 

  

	 	(b)	Weight and Balance Control and Cargo Loading Manual and Supplements (in U.S. units), including last weigh paperwork; 

 

	 	(c)	Operations Manual; 

  

	 	(d)	Quick Reference Handbook; 

  

	 	(e)	Structural Repair Manual; 

  

	 	(f)	Aircraft Maintenance Manual; 

  

	 	(g)	Component Overhaul Manuals, (MM, IPC, SRM) for the following cabin BFE, if such BFE is not factory installed and included in the Aircraft Manuals:

  

	 	(i)	Galleys; 

  

	 	(ii)	Coffee Makers, Ovens, Hot Jugs and other galley equipment; 

  

	 	(iii)	Lavatories; 

  

	 	(iv)	Toilet Assemblies; 

  

	 	(v)	Closets; 

  

	 	(vi)	Class Dividers; 

  

	 	(vii)	Passenger Seats; 

  

	 	(h)	Aircraft Illustrated Parts Catalog (I.P.C.) (Operator Customized), if Lessee uses a numbering system which differs from the system used by the Manufacturers, Lessee
will provide a certified cross reference listing, which shall include each part number used by Lessee and cross referenced to the Manufacturer’s part number; 

 

	 	(i)	Operator part number to manufacturer part number cross reference; 

  

	 	(j)	Aircraft Wiring Diagram; 

  

	 	(k)	Terminal List; 

  

	 	(l)	Aircraft Wiring List; 

  

	 	(m)	Aircraft Schematics Diagram Manual; 

  

	 	(n)	Aircraft Wiring Manual and List; 

  

	 	(o)	Engine CMM, IPC; 

  
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	 	(p)	APU CMM, IPC; 

  

	 	(q)	Schematics Manual; 

  

	 	(r)	Latest operator’s Maintenance Program; 

  

	 	(s)	List of Certification Maintenance Requirements; 

  

	 	(t)	Latest operator’s Minimum Equipment List; and 

  

	 	(u)	Configuration Deviation List. 

  

	 	(v)	Any other Manual originally delivered by Airbus to the Lessee (reference attachment to the Purchase Agreement, Technical documentation, Manuals)

  

	(3)	Airworthiness Directives Documentation 

  

	 	(a)	The Aircraft shall have all records associated with AD compliance: 

  

	 	(i)	A complete and current applicable AD status list of each Airframe, appliance, Engine and APU Airworthiness Directive applicable to the Aircraft. This list shall
include, but not be limited to: 

  

	 	(1)	AD number and revision number; 

  

	 	(2)	AD title; 

  

	 	(3)	Aircraft serial number, Engine serial number, APU serial number, appliance serial number, as applicable; 

 

	 	(4)	Engineering documentation reference; 

  

	 	(5)	Manufacturer’s Service Bulletin reference and cross-references where appropriate; 

 

	 	(6)	Specify terminated or repetitive status; 

  

	 	(7)	Date of initial accomplishment; 

  

	 	(8)	Date of last maintenance accomplishment, if repetitive; 

  

	 	(9)	Name and serial number of the internal maintenance form used to document accomplishment, if applicable; 

 

	 	(10)	The means by which compliance was accomplished (e.g., modified, repaired, inspected); 

 

	 	(11)	Details of any alternate means of compliance, including references, intervals, and applicability; 

 

	 	(b)	The list shall be typed, certified and signed by an authorized quality assurance representative of last operator at Delivery or of Lessee at redelivery of the Aircraft,
and countersigned by Lessor at Delivery or by Lessee at redelivery of the Aircraft. The list shall also be delivered in workable electronic format; 

  

	 	(c)	Legible copies of the dirty fingerprint work card completion documents that accomplish each AD If the AD is a repetitive inspection, documentation of the last
accomplishment is sufficient. These documents must have date of accomplishment, signature of a certified mechanic and/or inspector, and/or the mechanics/inspector’s certificate number or repair station number of the mechanic accomplishing the
work; 

  

	 	(d)	Exemptions or deviations granted by the French DGAC or EASA or the German LBA (or other applicable civil aviation authority with jurisdiction over the Aircraft) on AD
compliance, including copy of exemption request; and 

  
 94

	 	(e)	Items c) and d) will be provided in document packages for each AD. Each package will contain all documents relative to the AD/Aircraft combination, and include copies
of the AD. 

  

	(4)	Engineering Documentation 

  

	 	(a)	A current list (in paper and workable electronic format) of Airframe, appliance, Engine and APU Service Bulletins, Engineering Orders, major repairs and Supplemental
Type Certificates accomplished on the Aircraft, each Engine and the APU. For appliances, only AD related Service Bulletins and Engineering Orders are required; 

 

	 	(b)	Legible copies of the detailed dirty fingerprint work card accomplishment documentation for each Airframe, appliance, Engine and APU Service Bulletin, Engineering
Order, major repair and Supplemental Type Certificate accomplished on the Aircraft, each Engine and the APU, to include the following: 

  

	 	(i)	SB number and revision number; 

  

	 	(ii)	SB title; 

  

	 	(iii)	Aircraft serial number, Engine serial number, APU serial number, appliance serial number as applicable; 

 

	 	(iv)	Engineering documentation reference; 

  

	 	(v)	Manufacturer’s Service Bulletin reference and cross-references where appropriate; 

 

	 	(vi)	Specify terminated or repetitive status; 

  

	 	(vii)	Date of initial accomplishment of each portion of such engineering document; 

 

	 	(viii)	Date of last maintenance accomplishment, if repetitive; 

  

	 	(ix)	Name and serial number of the internal maintenance form used to document accomplishment, if applicable; 

 

	 	(x)	Statement of the means by which compliance was accomplished (e.g., modified, repaired, inspected); 

 

	 	(c)	French DGAC/EASA/FAA/German LBA approvals (DER Form 8110-3 or Form 8100-9) for modifications or alterations not covered by manufacturer’s Service
Bulletins (including appliances); 

  

	 	(d)	A current copy of all Engineering documentation related to all Aircraft alterations, repairs and configuration changes. This shall include documentation for work done
by the previous owner(s) and operators(s), the manufacturer or any seller; 

  
 95

	 	(e)	Data packages covering all non-manufacturer/non-French DGAC/German LBA/EASA-designed repairs or alterations, including the submittal to the French DGAC or EASA or
German LBA for an STC or Form 337, if applicable. The data packages shall include the following: 

  

	 	(i)	engineering orders; 

  

	 	(ii)	drawings; 

  

	 	(iii)	parts lists; 

  

	 	(iv)	installation documentation; 

  

	 	(v)	engineering analysis as submitted to obtain the STC or Form 337 approval; 

 

	 	(vi)	all manual supplements (MM, IPC, WD, AFM); 

  

	 	(vii)	maintenance program supplements; 

  

	 	(viii)	any and all reference documents referenced by documents contained in this section (4); 

 

	 	(f)	Engineering deviations records, if any, applicable to the airframe, Engines and APU, components and piece parts; and 

 

	 	(g)	Digital Flight Data Recorder System technical description 

  

	(5)	Aircraft Maintenance Status Summaries 

  

	 	(a)	Certified current Time in Service (Flight Hours & Cycles); 

  

	 	(b)	Certified maintenance status of the Aircraft, including Aircraft serial number, hours, cycles and days since major checks and applicable time remaining to major checks;

  

	 	(c)	Certified status of system, zonal and structural tasks, including SSI (including last accomplished and next due) and other scheduled tasks as per MPD number (in paper
and workable electronic format) 

  

	 	(d)	Certified status of CPCP (including last accomplished and next due); 

  

	 	(e)	Certified current status for all life limited parts and hard time components for the Airframe, Landing Gears, Engines and APU, including back-to-birth history for all
Landing Gear and Engine life limited parts and, to the extent any Engine lift limited parts (“Engine LLPs”) have been used in higher rated engines, a summary of the Engine Flight Hours and Engine Cycles consumed on each such
Engine LLP by use on such higher rated engines(s); 

  

	 	(f)	Certified listing of Aircraft, Landing Gear, Engine and APU components status to the extent required by the Aviation Authority or EASA by P/N – S/N –
Description Position – TSI – TSO – TSN, CSI – CSO – CSN, Total time, Total Cycles, next Due Time, including explanations of abbreviations; 

 

	 	(g)	Certified status of all non-SB and Major Modifications/STC’s including acceptable State of Manufacture Certification and/or equivalent French DGAC/EASA/German LBA
approval; 

  
 96

	 	(h)	List of out of Phase Checks, Service Bulletins requiring continuous surveillance and Special Requirements (if any); 

 

	 	(i)	Declaration of Aircraft Accident/Incident Report and major repairs, if any; and 

 

	 	(j)	Structural repairs and damage report (including Dent & Damage Chart) for pressure vessel, and unpressurized areas. 

 

	(6)	Aircraft Maintenance Records 

  

	 	(a)	Aircraft maintenance log from the past 24 months; 

  

	 	(b)	Cabin maintenance log from the past 24 months; 

  

	 	(c)	A Checks - Complete work card packages, tally sheets, material data sheets and maintenance releases for a complete cycle of A Checks (or equivalent);

  

	 	(d)	C Checks - Complete work card packages, tally sheets, material data sheets and maintenance releases for a complete cycle of C Checks (or equivalent);

  

	 	(e)	Complete work card packages, tally sheets, material data sheets and maintenance releases for all major checks (or equivalent); 

 

	 	(f)	Documentation and records concerning the last Aircraft major structural inspection including CPCP Tasks and Structural Sampling Inspection; 

 

	 	(g)	Last Weight & Balance Report including Schedule; 

  

	 	(h)	Last FDR parameter check; 

  

	 	(i)	Last Test Flight Report; and 

  

	 	(j)	Certified Cross reference list for each MPD task number vs. last operator’s Task Card number including date/time/cycles of last accomplished and next due.

  

	(7)	Configuration Status 

  

	 	(a)	French DGAC/EASA Approved and certified LOPA; 

  

	 	(b)	Galley Drawings; 

  

	 	(c)	Emergency, Safety and Loose Equipment Layout/Listing showing description, quantity, manufacturer, part number and location; 

 

	 	(d)	Inventory Listing of Avionics installed units; 

  

	 	(e)	Aircraft Major Equipment listing or current equipment list if not included in Weight and Balance Control and Cargo Loading Manual; 

 

	 	(f)	List of applicable STC’s; 

  

	 	(g)	Aircraft Detail Specification; 

  
 97

	 	(h)	Aircraft Readiness Log; 

  

	 	(i)	Passenger/ Cargo Buyer Furnished Equipment List (including, but not limited to seats, galley, lavatories, entertainment, cargo handling, emergency equipment.); and

  

	 	(j)	Electrical Load Analysis documents and data. 

  

	(8)	Aircraft Historical Records 

  

	 	(a)	Copy of original German LBA Export Certificate of Airworthiness; 

  

	 	(b)	Manufacturer’s AD Report (at new delivery); 

  

	 	(c)	Manufacturer’s Inspection Report, Initial Equipment list (at new delivery); 

 

	 	(d)	Manufacturer’s repair/alteration report (at new delivery), or statement that no such report was produced; 

 

	 	(e)	Manufacturer’s SB Report (at new delivery); 

  

	 	(f)	Copies of all applicable Master Changes (M.C.)/ Supplemental Type Certificate; 

 

	 	(g)	Service Difficulty Reports (if any); 

  

	 	(h)	Aircraft Historical Log; 

  

	 	(i)	Last Flight Data Recorder Read-out and calibration standards; 

  

	 	(j)	Weighing reports; 

  

	 	(k)	Historical report showing cumulative times for last major inspection accomplishments, Engine changes, landing gear and APU changes, etc.; and 

 

	 	(l)	Rigging document. 

  

	 	(m)	Any other documents as per List of Technical Documents provided by Airbus at new delivery 

 

	(9)	Engine Records 

  

	 	(a)	Engine log book or Engine Data Submittal; 

  

	 	(b)	Current Disk Sheet (LLP Sheet) signed and certified; 

  

	 	(c)	Manufacturer Delivery Documents; 

  

	 	(d)	Complete copies of all historical engine/ module shop visit reports and engine last shop visit report; 

 

	 	(e)	Copies of all dirty finger print shop work cards and material data sheets covering the last overhaul of each module; 

 

	 	(f)	On Wing Repair records; 

  
 98

	 	(g)	Engine Log Book/ Master Records of Installation/Removals; 

  

	 	(h)	Last Borescope Report, including video if available; 

  

	 	(i)	Test Cell Run Report for any shop visit; 

  

	 	(j)	If the Engines have not been involved in an incident, certified Statement that Engines are not involved in an accident; 

 

	 	(k)	Certified “On-Watch” statement; 

  

	 	(l)	List of “On-Watch Items” items requiring repetitive inspections; 

 

	 	(m)	List of repetitive inspections that are not required by AD; 

  

	 	(n)	List of technical variances or maintenance requirements unique to the particular Engine; 

 

	 	(o)	Certified QEC rotable parts list with Approved Release to Service Certification (FAA 8130-3 or JAA/EASA Form 1 for each QEC rotable part; 

 

	 	(p)	Certified Accessory LRU List with Approved Release to Service Certification (FAA 8130-3 or JAA/EASA Form 1) for installed LRU’s; 

 

	 	(q)	Engine Trend Monitoring data for the last 12 months of operation; 

  

	 	(r)	Last engine run and power assurance report; 

  

	 	(s)	All Life Limited Parts (“LLPs”) will have complete life traceability of time consumed (cycles and/or hours as applicable) since new. Such
traceability shall include historical removal and installation documentation of each LLP in respect of each Engine or module where such LLP had been installed and where time has been consumed. Each removal and installation document will evidence LLP
total hours and LLP total cycles accumulated in each Engine or module; 

  

	 	(t)	Each LLP will have a signed and certified cover page including engine or module total hours, total cycles, part total hours, total cycles and date for each removal and
installation depicting the life of the part since new. Notwithstanding, any LLPs replaced during the term of the lease will have the most recent FAA 8130-3 tag or JAA/EASA Form 1, as applicable, used to install such LLP into the applicable
Engine or module; 

  

	 	(u)	Engine Manufacturer’s or French DGAC or German LBA approved data shall be provided for any discrepancies outside of the Engine Manufacturer’s Engine Manual
shop limits that documents approval for unlimited continued service, without time limitations for removal, repair or replacement, or have any special or distinct inspection requirements. The data shall include: 

 

	 	(i)	Approval form; 

  

	 	(ii)	Complete description of the discrepancy; 

  

	 	(iii)	Supporting analysis and documentation; and 

  
 99

	 	(v)	Engine Manufacturer’s or French DGAC or German LBA approved data shall be provided for any repairs not in accordance with the Engine Manufacturer’s Engine
Manual that documents approval for unlimited continued service, without time limitations for removal, repair or replacement, or have any special or distinct inspection requirements. The data shall include: 

 

	 	(i)	Approval form; 

  

	 	(ii)	Complete description of repair; and 

  

	 	(iii)	Supporting analysis and documentation. 

  

	(10)	APU 

  

	 	(a)	Certified Statement on Status of APU; 

  

	 	(b)	In house modifications (if applicable); 

  

	 	(c)	Approved Release to Service Certification for installed units; 

  

	 	(d)	APU Log Book/ Master Record of Installation/ Removals; 

  

	 	(e)	Complete copies of all APU Shop Visit Reports & reason for removal; 

 

	 	(f)	Copies of all dirty finger print shop work cards and material data sheets covering the last overhaul of the APU; 

 

	 	(g)	Statement of APU hours to Aircraft Flying hours (if applicable); 

  

	 	(h)	APU Borescope Report; 

  

	 	(i)	Last Test Run Report for any shop visit; 

  

	 	(j)	All Life Limited Parts will have complete life traceability of time consumed (cycles and/or hours as applicable) since new. Such traceability shall include historical
removal and installation documentation of each LLP in respect of each APU where such LLP had been installed and where time has been consumed. Each removal and installation document will evidence LLP total hours and LLP total Cycles accumulated in
each Engine or module; 

  

	 	(k)	Each LLP will have a signed and certified cover page including engine or module total hours, total Cycles, part total hours, total Cycles and date for each removal and
installation depicting the life of the part since new. Notwithstanding, any LLPs replaced during the term of the lease will have the most recent FAA 8130-3 tag or JAA/EASA Form 1, as applicable, used to install such LLP into the applicable APU;

  

	 	(l)	APU manufacturer’s or French DGAC or German LBA approved data shall be provided for any discrepancies outside of the APU Manufacturer’s Engine Manual shop
limits that documents approval for unlimited continued service, without time limitations for removal, repair or replacement, or have any special or distinct inspection requirements. The data shall include: 

 

	 	(i)	Approval form; 

  
 100

	 	(ii)	Complete description of the discrepancy; 

  

	 	(iii)	Supporting analysis and documentation; and 

  

	 	(m)	APU manufacturer’s or French DGAC or German LBA approved data shall be provided for any repairs not in accordance with the APU Manufacturer’s Engine Manual
that documents approval for unlimited continued service, without time limitations for removal, repair or replacement, or have any special or distinct inspection requirements. The data shall include: 

 

	 	(i)	Approval form; 

  

	 	(ii)	Complete description of repair; 

  

	 	(iii)	Supporting analysis and documentation. 

  

	(11)	Components 

  

	 	(a)	Approved Release to Service Certification including either FAA 8130-3 or JAA/EASA Form 1 and last repair/overhaul records for hard time components (whether tracked
on an individual component basis or controlled as part of scheduled airframe check); and 

  

	 	(b)	Approved Release to Service Certification including either FAA 8130-3 or JAA/EASA Form 1 and last repair/ overhaul records for on condition and condition monitored
components. 

  

	(12)	Landing Gear 

  

	 	(a)	Approved Release to Service Certification for each fully built gear assembly, or major assemblies on each gear, as applicable, including either FAA 8130-3 or JAA/EASA
Form 1; and 

  

	 	(b)	Last Shop Visit Report. 

  

	(13)	Repairs 

  

	 	(a)	Manufacturer’s or EASA approved data shall be provided for any discrepancies outside of Manufacturer’s Structural Repair Manual limits or applicable
Maintenance Manual limits that documents approval for unlimited continued service, without time limitations for removal, repair or replacement. There shall be no special or distinct inspection requirements; 

 

	 	(b)	All repairs will be in accordance with the Manufacturer’s Maintenance Manual and Manufacturer’s Structural Repair Manual, or will have Manufacturer’s or
EASA approved data. Repairs will not have any time limitations for removal, repair, or replacement. There shall be no special or distinct inspection requirements; 

 

	 	(c)	All repairs to the pressure vessel shall be documented in accordance with the repair assessment guidelines set forth in FAR 121.370 or the EASA equivalent;

  

	 	(d)	All repairs to un-pressured parts of the Aircraft shall be documented in accordance with the repair assessment guidelines set forth in FAR 121.370 or the EASA
equivalent; and 

  
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	 	(e)	A repair and dent map shall be provided which includes the following: 

  

	 	(i)	Photo or drawing of the location, type and form of the repair; 

  

	 	(ii)	Details of the repair including dimensions of the damage, location, copies of the SRM if referenced, Form 8110-3 or Form 8100-9 if applicable, material
utilized in the repair, DER paperwork, and any engineering data utilized; 

  

	 	(iii)	A diagram of sufficient size and detail to illustrate all repairs to the entire Aircraft to include fuselage, empennage, and wings as well as an additional separate map
of all dents on the aircraft. 

  

	(14)	Software 

  

	 	(a)	All software and databases associated with or relating to any electronic or avionic equipment, if any, shall be compliant with the manufacturer’s recommended
standards at time of delivery, except for Lessee customized or Lessee proprietary software and databases. Any proprietary software or databases shall be replaced by generic equivalents; 

 

	 	(b)	A certified listing of onboard loadable software and databases to include the following: 

 

	 	(i)	ATA chapter; 

  

	 	(ii)	nomenclature; 

  

	 	(iii)	part number; 

  

	 	(iv)	revision date; 

  

	 	(v)	expiration date; and 

  

	 	(c)	Controlled diskettes or other seller provided physical media as appropriate for directly loading the software onto the Aircraft shall be provided as part of the
documentation (subject to express licensing or patent restrictions). 

  

	 	(d)	Procedures for obtaining downloadable software from the internet. 

  
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 APPENDIX 9 

PART 1 

EVENTS OF DEFAULT 
  

	(a)	Lessee fails to make any payment of Rent or Agreed Value or Total Loss proceeds on the due date and such payment remains unpaid for three (3) Business Days after
the due date therefor; or 

  

	(b)	Lessee or the Guarantor fails to make any other payment (other than those specified in (a) above) under any of the Transaction Documents to which it is a party
within ten (10) days of Lessor’s written demand for such payment; 

  

	(c)	Lessee fails to comply with any provision of Appendix 7 or any Insurance required to be maintained under that Appendix is cancelled or terminated or notice of
cancellation is given in respect of any such Insurance; or 

  

	(d)	Lessee or the Guarantor fails to comply with any other provision of any of the Transaction Documents to which it is a party and, if such failure is capable of remedy,
the failure continues for thirty (30) days after notice from Lessor to Lessee; or 

  

	(e)	any representation or warranty made (or deemed to be repeated) by Lessee or the Guarantor in or pursuant to any of the Transaction Documents to which it is a party or
in any document or certificate or statement delivered pursuant thereto is or proves to have been incorrect in any material respect when made or deemed to be repeated and if capable of remedy shall not have been remedied within thirty (30) days
after receipt by Lessor written notice from Lessee; or 

  

	(f)	any Financial Indebtedness of Lessee or the Guarantor individually or in the aggregate in excess of $5,000,000 is not paid when due or on demand, if payable on demand,
or becomes due prior to the date when it would otherwise have become due; or the security for any such Financial Indebtedness becomes enforceable; or 

  

	(g)	any consent, authorisation, licence, certificate or approval of or registration with or declaration to any Government Entity in connection with any Transaction Document
(including, without limitation): 

  

	 	(i)	any authorisation required by Lessee or the Guarantor to obtain and transfer freely Dollars (or any other relevant currency) out of any relevant country; or

  

	 	(ii)	required by Lessee or the Guarantor to authorise, or in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of any of the
Transaction Documents to which it is a party or the performance by Lessee or the Guarantor of its obligations thereunder; or 

  

	 	(iii)	the registration of the Aircraft; or 

  

	 	(iv)	any air operator certificate or concession title; 

 is withheld, or is revoked, suspended, cancelled, withdrawn, terminated or not renewed, or otherwise ceases to be in full force and in the case of (iv) is not reinstated within thirty (30) days
in circumstances where Lessor is satisfied (acting reasonably) that Lessee is using its best endeavours to reinstate the same and the revocation, suspension, cancellation, withdrawal, termination or non renewal is not related to any act, omission or
default of Lessee; or 

  
 103

	(h)    (i)	Lessee or the Guarantor is, or is deemed for the purposes of any relevant law to be, unable to pay its debts as they fall due or to be insolvent, or any responsible
officer or shareholder of Lessee or the Guarantor or any person authorised by any of the above to do so, admits the inability of Lessor or the Guarantor to pay its debts as they fall due; or 

 

	 	(i)	Lessee or the Guarantor suspends making payments on all or any class of its debts or announces an intention to do so, or a moratorium is declared in respect of any of
its indebtedness; or 

  

	(i)    (i)	any step (including petition proposal or convening a meeting of the shareholders or directors) is taken with a view to considering a resolution to present an
application for, or with a view to a composition, assignment or arrangement with any creditors of, or the rehabilitation, administration, custodianship, liquidation, or dissolution of Lessee or the Guarantor or any other insolvency proceedings
involving Lessee or the Guarantor; or 

  

	 	(ii)	any order is made or resolution passed for any such composition, assignment, arrangement, rehabilitation, administration, custodianship, liquidation consurso
mercantil, dissolution or insolvency proceedings, or Lessee or the Guarantor becomes subject to or enters into any of the foregoing; or 

  

	 	(iii)	any liquidator, trustee in bankruptcy, judicial custodian, statutory manager, compulsory manager, receiver, síndico, administrator, examiner or the like
is appointed in respect of Lessee or the Guarantor or any of its assets; 

 but excluding: (X) in each case,
any proceedings for the purposes of an amalgamation or reorganisation the terms of which shall have received the prior written approval of Lessor which approval will not be unreasonably withheld or delayed where Lessor is satisfied (acting
reasonably) that any such amalgamation or reorganisation will not have an adverse effect on Lessor’s or the Guarantor’s ability to perform its obligations under the Transaction Documents or on the rights of Lessor, the Security Trustee or
the Lenders under the Transaction Documents to which Lessee is a party, the Assignment or the Mortgage unless during or because of such amalgamation or reorganisation Lessee or the Guarantor becomes or is declared insolvent and (Y) in the case
of any non bona fide petition or action referred to in (i)(i) above taken by a creditor or creditors of Lessee or the Guarantor, Lessor is satisfied (acting reasonably) that each of Lessee or the Guarantor, as applicable, is using its best
endeavours to dismiss any such petition or action and the same is dismissed or discharged within sixty (60) days; or 
  

	(j)    (i)	an administrative or other receiver or manager is appointed in respect of Lessee or the Guarantor or any part of its assets; or 

 

	 	(ii)	Lessee or the Guarantor requests any person to appoint such a receiver or manager; or 

 

	 	(iii)	any other steps are taken to enforce any Security Interest over all or any part of the assets of Lessee or the Guarantor; or 

  
 104

	 	(iv)	any attachment, sequestration, requisa, distress or execution affects any assets of Lessee or the Guarantor and is not discharged within 14 days or where Lessor
is satisfied (acting reasonably) that Lessee or the Guarantor is using its best endeavours to discharge the same, within sixty (60) days; or 

  

	(k)	there occurs in relation to Lessee or the Guarantor any event anywhere which, in the reasonable opinion of Lessor, corresponds with any of those mentioned in
paragraphs (h) , (i) or (j); or 

  

	(l)	Lessee or the Guarantor suspends or ceases or threatens to suspend or cease to carry on all or a substantial part of its business; or 

 

	(m)	Lessee or the Guarantor disposes or threatens to dispose of all or a material part of its assets, whether by one or a series of transactions, related or not, other than
for the purpose of a reconstruction or amalgamation the terms of which have received the previous consent in writing of Lessor; or 

  

	(n)	Lessee or the Guarantor or any other person claiming by or through Lessee or the Guarantor challenges the property rights of Lessor as owner and lessor in respect of
the Aircraft or the security interests of the Security Trustee and the Lenders as mortgagee and as assignee under the Mortgage and the Assignment; or 

  

	(o)	any event or series of events occurs (including, without limitation, any litigation, arbitration or administrative proceedings are commenced against Lessee or the
Guarantor which, if adversely determined would have a material adverse effect on Lessee’s or the Guarantor’s ability to comply with its obligations under the Transaction Documents) which, in the reasonable opinion of Lessor might have a
material adverse effect on the ability of Lessee or the Guarantor to comply with its obligations under any of the Transaction Documents to which it is a party; or 

 

	(p)	any event of default (howsoever defined) is continuing beyond any applicable grace period under any Other Agreement; or 

 

	(q)    (i)	the issuer of the Letter of Credit fails to make any payment under the Letter of Credit when due; or 

 

	 	(ii)	the Letter of Credit is not in full force or, for any reason ceases to constitute the legal, valid and binding obligation of the issuer; or 

	 	(iii)	any of the events listed in paragraph (g)(i) above, with respect to the performance by the issuer of its obligations under the Letter of Credit, or
paragraphs (h), (i), (j) or (k) above apply to the issuer (references in those paragraphs to Lessee being deemed to be to the issuer); or the issuer ceases or suspends its business operations; or 

 

	 	(iv)	where applicable, the Letter of Credit is not renewed within the time required by paragraph 1(b) of Appendix 5; 

unless, in each case, the Letter of Credit is replaced by a new Letter of Credit or with cash in an amount equal to the Deposit, in each
case, pursuant to and in accordance with the provisions of this Agreement, 
 and each reference in this paragraph (q) to
“the issuer” shall include a reference to any confirming bank for the Letter of Credit; or 

  
 105

	(r)	any air traffic control authority (or any authority on their behalf) or any other authority or airport notifies Lessor that there are navigation, landing, airport or
similar charges due from Lessee, and such charges remain outstanding for a period of thirty (30) days from the date of such notice or such longer period for payment specified in such notice provided however that the failure to pay the same
would give rise to the likelihood of a sale, forfeiture, detention or other loss of the Aircraft or an interest therein or to civil or criminal liability on Lessor, the Security Trustee or any Lender. 

  
 106

 APPENDIX 9 

PART 2 
  

	1.	Rights 

 If an Event of
Default occurs, Lessor may at its option (and without prejudice to any of Lessor’s other rights under this Agreement) at any time thereafter: 
  

	 	(a)	accept such repudiation and by notice to Lessee and with immediate effect terminate the letting of the Aircraft (but without prejudice to the continuing obligations of
Lessee under this Agreement), whereupon all rights of Lessee under this Agreement shall cease; and/or 

  

	 	(b)	proceed by appropriate court action or actions to enforce performance of this Agreement or to recover damages for breach of this Agreement; and/or

  

	 	(c)	either: 

  

	 	(i)	take possession of the Aircraft, for which purpose Lessor may enter any premises belonging to or in the occupation of or under the control of Lessee where the Aircraft
may be located, or cause the Aircraft to be redelivered to Lessor at Dublin Airport, Ireland (or such other location as Lessor may require); or 

  

	 	(ii)	by serving notice require Lessee to redeliver the Aircraft to Lessor at Dublin Airport, Ireland (or such other location as Lessor may require).

  

	2.	Deregistration 

 If an
Event of Default occurs, Lessor may sell or otherwise deal with the Aircraft as if this Agreement had never been made and Lessee will at the request of Lessor take all steps necessary to effect (if applicable) deregistration of the Aircraft and its
export from the country where the Aircraft is for the time being situated and any other steps necessary to enable the Aircraft to be redelivered to Lessor in accordance with this Agreement. 

 

	3.	Default Payments 

 If:

  

	 	(a)	an Event of Default occurs; or 

  

	 	(b)	the Aircraft is not redelivered on the Expiry Date; or 

  

	 	(c)	Lessee has elected or is deemed to have elected to fix the Rent pursuant to Clause 5.2(b) and the Aircraft is not delivered to and accepted by Lessee on the
scheduled delivery date, other than as a result of any default by Lessor (save where such default arises as a result of any act, omission or default of Lessee or any Manufacturer). 

  
 107

 Lessee will indemnify Lessor on demand against any loss (including loss of profit), damage,
expense, cost or liability which Lessor may sustain or incur directly or indirectly as a result including but not limited to (but without duplication of amounts referred to in (i) to (iv) below): 

 

	 	(i)	any loss of profit suffered by Lessor because of Lessor’s inability to place the Aircraft on lease with another lessee on terms as favourable to Lessor as this
Agreement or because whatever use, if any, to which Lessor is able to put the Aircraft upon its return to Lessor, or the funds arising upon a sale or other disposal of the Aircraft, is not as profitable to Lessor as this Agreement;

  

	 	(ii)	any amount of principal, interest, fees or other sums whatsoever paid or payable on account of additional funds borrowed in order to carry any unpaid amount;

  

	 	(iii)	any loss, premium, penalty or expense which may be incurred in repaying funds raised to finance the Aircraft or in unwinding any swap, forward interest rate agreement
or other financial instrument relating in whole or in part to Lessor’s financing of the Aircraft; and 

  

	 	(iv)	any loss, cost, expense or liability actually sustained or incurred by Lessor owing to Lessee’s failure to redeliver the Aircraft on the date, at the place and in
the condition required by this Agreement. 

 Lessor will use reasonable endeavours to mitigate any loss, damages,
cost or expenses incurred by it as a result of the foregoing. 

  
 108

 APPENDIX 10 

ASSIGNMENT 
  

	1.	Security Interest 

 Lessee
will not assign, or create or permit to exist any Security Interest over any of its rights under this Agreement. 
  

	2.	Assign Rights 

  

	 	(a)	Lessor may in connection with its purchase of the Aircraft under the Purchase Agreement Assignment assign all or any of its rights under any of the Transaction
Documents by way of security. 

  

	 	(b)	Lessor may at any time assign all or any of its rights under the Transaction Document by way of security to any new or replacement lenders as contemplated by
paragraph 4.6 of Appendix 6 of this Agreement provided that no such assignment by way of security shall impose on Lessee any additional obligation or liability, including, without limitation, Taxes, which exceeds the obligations or
liabilities which would have existed had such assignment not been made save where such obligation or liability arises due to a change in law or the interpretation or application of any law after the date of such assignment and save that
Lessee’s indemnity obligations under this Agreement shall not be deemed to be increased merely as a consequence of including any new or replacement lenders or security trustee in the list of Indemnitees. For the avoidance of doubt, the
provisions of this paragraph 2(b) shall not apply to any changes in Lenders or any other parties to the Loan Agreement made pursuant to and in accordance with the provisions of the Loan Agreement. 

 

	 	(c)	Lessor may assign all or any of its rights absolutely (otherwise than by way of security) under this Agreement and in the Aircraft to any Permitted Transferee provided
that Lessor will have no further obligations under this Agreement following such assignment (except any liability and obligations in respect of any retained rights) but, notwithstanding that assignment, will remain entitled to the benefit of each
indemnity under, and subject to the terms of, this Agreement. Lessee will comply with all reasonable requests of Lessor, its successors and assigns in respect of any assignment referred to above. Lessor will promptly notify Lessee of any assignment.
No such assignment shall impose on Lessee any additional obligation or liability, including, without limitation, Taxes, which exceeds the obligations or liabilities which would have existed had such assignment not been made save where such
obligation or liability arises due to a change in law or the interpretation or application of any law after the date of such assignment and save that Lessee’s indemnity obligations under this Agreement shall not be deemed to be increased merely
as a consequence of including the Permitted Transferee (and its related indemnitees as per the definition of “Indemnitee” set forth in Schedule 1 hereto) in the list of Indemnitees. 

 

	3.	Transfer 

 Lessee agrees
that Lessor may at any time during the Term transfer its rights and obligations under this Agreement to any Permitted Transferee and upon completion of any such transfer Lessor will be released from and will have no further obligation under this
Agreement (except any liability and obligations in 

  
 109

 
respect of any retained rights). Lessee will promptly execute all documents reasonably requested by Lessor to effect, perfect, record or implement any such transfer, and will promptly comply with
any other reasonably requests of Lessor, its successors and assigns in respect of any such transfer (including, without limitation, the execution of any novation agreement between Lessor, Lessee and the Permitted Transferee). No such transfer shall
impose on Lessee any additional obligation or liability, including, without limitation, Taxes, which exceeds the obligations or liabilities which would have existed had such transfer not been made save where such obligation or liability arises due
to a change in law or the interpretation or application of any law after the date of such transfer and save that Lessee’s indemnity obligations under this Agreement shall not be deemed to be increased merely as a consequence of including the
Permitted Transferee (and its related indemnitees as per the definition of “Indemnitee” set forth in Schedule 1 hereto) in the list of Indemnitees. 
 For the purposes of paragraphs 2 and 3 above, references to “law” includes any law which at the date of the assignment or transfer, as the case may be, has been enacted but is not
yet in force. 

  
 110

 EXHIBIT A 
 Part 1 
 ACKNOWLEDGEMENT OF ASSIGNMENT OF GUARANTEE 

 

	To:	HSH Nordbank AG, New York Branch as Security Trustee 

 Amentum Aircraft Leasing No. Four Limited as Assignor 
 The Guarantor acknowledges receipt of a
notice (the “Notice”) of an assignment of even date herewith (the “Assignment”) between the Assignor and the Security Trustee and of a copy of the Assignment. 

Terms and expressions defined or referred to in the Assignment (whether incorporated by reference to another document or otherwise) shall have the same
meanings when used in this Acknowledgement. 
 In consideration of the payment to the Guarantor by the Security Trustee of *****, and of other
good and valuable consideration, the receipt and sufficiency of which the Guarantor acknowledges, the Guarantor confirms its agreement to the terms of the Assignment and irrevocably undertakes: 

 

	1.	to pay all moneys that may be payable by it pursuant to the Guarantee in accordance with the terms of the Notice and the Guarantee; 

 

	2.	that, if the Security Trustee issues to the Guarantor written notice (“Enforcement Notice”) that an Enforcement Event has occurred, the Guarantor shall
thereafter: 

  

	 	(a)	perform, observe and comply with all the Guarantor’s undertakings and obligations under the Guarantee in accordance with the terms thereof in the Security
Trustee’s favour and for the Security Trustee’s benefit and to the exclusion of the Assignor; and 

  

	 	(b)	if the Security Trustee so requests (and at no cost to the Guarantor, save where such Enforcement Event is attributable to an Event of Default (as defined in the
Operating Lease Agreement), enter into a Guarantee with the Security Trustee or the Security Trustee’s nominee on terms identical (mutatis mutandis) to the terms of the Guarantee; 

 

	3.	that, after issue by the Security Trustee of any Enforcement Notice, it shall not recognise the exercise by the Assignor of any of the Assignor’s rights and powers
under the Guarantee unless and until requested to do so by the Security Trustee and the Assignor confirms that the Guarantor shall not be in breach of its obligations under the Guarantee to the extent that the Guarantor complies with the provisions
of this paragraph 3; 

  

	4.	to deliver to the Security Trustee a copy of any document, written information, notice, request or other communication given by it to the Assignor pursuant to the
Guarantee at the same time as to the Assignor. Such copy shall be notified to the Security Trustee in the manner set forth in the notice provisions of clause 9.12 of the Guarantee save that for this purpose the notice details of the Security
Trustee are: 

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 111

			
	Address:	  	230 Park Avenue
		  	New York
		  	NY10169
		  	USA
		
	Fax:	  	+1 212 407 6033/6802
	Attention:        	  	 Barbara J. Dering (Vice President) and
 Rosetta Conti (Loan Administration Officer)

 This Acknowledgement is governed by, and shall be construed in accordance with, the laws of Ireland. 

Yours faithfully 

                         
                                         
                          
Date:                     2008 
 for and on
behalf of  
 CONTROLADORA VUELA COMPAÑÍA DE AVIACIÓN S.A. DE C.V. 

  
 112

 EXHIBIT A 
 Part 2 
 ACKNOWLEDGEMENT OF ASSIGNMENT OF LEASE 

 

	To:	HSH Nordbank AG, New York Branch as Security Trustee 

 Amentum Aircraft Leasing No. Four Limited as Assignor 
 The Lessee acknowledges and agrees the
foregoing provisions of this letter agreement (the “Notice”). In consideration of payment to the Lessee by the Security Trustee and the Assignor of *****, and of other good and valuable consideration, receipt and sufficiency of
which the Lessee hereby acknowledges, the Lessee hereby irrevocably agrees to the foregoing provisions of this letter and as follows: 
  

	1.	it confirms that any conditions required to be satisfied under clause 3.2 of the Operating Lease Agreement have been satisfied or unconditionally and irrevocably
waived by the Lessee; 

  

	2.	it shall pay all moneys that may be payable by it pursuant to the Operating Lease Agreement or any other Transaction Document to which the Lessee is a party and shall
perform its obligations, in each case in accordance with the terms of the Notice, the Operating Lease Agreement and the Transaction Documents; 

  

	3.	it acknowledges and agrees that (a) prior to its receipt of an Enforcement Notice the Assignor shall, notwithstanding the assignment to the Security Trustee
contained in the Assignment, be entitled to exercise all rights relating to the Relevant Collateral subject to the terms of the Notice and the provisions of the Operating Lease Agreement and other Transaction Documents and (b) after receipt of
an Enforcement Notice the Assignor shall pay all moneys payable by it under or in relation to the Relevant Collateral to such account or accounts as the Security Trustee may from time to time designate and the Assignor shall cease to be entitled to
exercise any and all rights in or in relation to the Relevant Collateral and the Security Trustee shall exclusively be entitled to exercise any and all rights in or in relation to the Relevant Collateral in accordance with the provisions of the
Operating Lease Agreement and the other Transaction Documents; 

  

	4.	it hereby confirms that it consents to the terms of the Assignment, has not received notice of any interest of any third party in the Relevant Collateral or of any
security interest (howsoever called) in the Relevant Collateral except as created or contemplated by the Assignment and hereby confirms receipt of a copy of the Assignment; 

 

	5.	notwithstanding anything to the contrary in any Transaction Document, the Lessee confirms that, without prejudice to any other persons constituting
“Indemnitees” as defined in the Operating Lease Agreement and subject to the relevant provisions of the Operating Lease Agreement, the Agent, the Security Trustee, the Arranger, the Lease Manager and any Lender shall constitute
“Indemnitees” under the Operating Lease Agreement and the Security Trustee on behalf of itself and each of the Agent, the Arranger, the Lease Manager and each Lender shall be entitled to rely on all provisions of the Operating Lease
Agreement which are expressed to be in favour of such Indemnitees and to exercise all rights expressed to be granted to such parties thereunder in each case as if the same were set forth in full herein (subject to any limitations or conditions
contained therein); the Assignor and Security Trustee hereby notify to the Lessee that HSH Nordbank AG, New York Branch is the Agent and the Lender as of the date hereof; 

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 113

	6.	it shall permit the Security Trustee to inspect the Aircraft on the same basis as set out in paragraph 2.3 of Appendix 6 and paragraph 4 of
Appendix 8 of the Operating Lease Agreement; 

  

	7.	it acknowledges the restrictions placed on the discretion of the Assignor pursuant to paragraph 3 of the Notice. 

The Lessee confirms that it has received a copy of the Assignment together with such other documents and information as it has required in connection
therewith. 
  
  

for and on behalf of 
 CONCESIONARIA VUELA
COMPAŇIA DE AVIATION S.A. DE C.V. 

Date:                    2008 

  
 114

 EXHIBIT B 
 FORM OF CERTIFICATE OF ACCEPTANCE 
 This Certificate of Acceptance relates to the operating
lease agreement (the “Agreement”) dated [—] 2008 and made between Amentum Aircraft Leasing No. Four Limited (the “Lessor”) and Concesionaria
Vuela Compañía de Aviación, S.A. de C.V., (the “Lessee”) in respect of the one (1) Airbus A319-133 aircraft with manufacturer’s serial number 3705 and having two (2) IAE V2527M-A5 Engines with
serial numbers [—] and [—] installed thereon (as more particularly described in the Agreement as the “Aircraft”). 

Unless otherwise defined in this certificate, capitalised words and expressions used in this certificate shall have the same meanings as given to them in
the Agreement. 
  

	1.	The Aircraft has been delivered to us together with its Aircraft Documents on [—]. Delivery took
place on that date at Hamburg, at [—] hours. 

  

	2.	We confirm that the Aircraft meets all of the requirements necessary for us to accept Delivery of it and that the Lessor has fully performed all of its obligations
under the Agreement with respect to that Delivery. 

  

	3.	The Lessee confirms to the Lessor that, as at the time indicated above, being the Delivery Date: 

 

	 	(a)	the representations and warranties made by the Lessee in Part 1 of Appendix 3 to the Agreement remain true and correct; 

 

	 	(b)	no Default or Event of Default is continuing; 

  

	 	(c)	the Aircraft is insured as required by the Agreement. 

 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE C.V. 
 By:
                      
                                         
                             
 Title:                     
                                         
                            
 Agreed and acknowledged 
 AMENTUM AIRCRAFT LEASING NO. FOUR LIMITED 

By:                       
                                         
                             
 Title:                     
                                         
                            

  
 115

 EXHIBIT C 
 Part 1 
 Air Traffic Control Letter 

 

	TO:	Servicios a la Navegación en el Espacio Aéreo Mexicano 

              2008 
 Dear Sirs

 One (1) Airbus A319-133 Aircraft MSN 3705 (the “Aircraft”) 

In connection with an aircraft lease agreement dated              2008 between Amentum
Aircraft Leasing No. Four Limited, (as lessor) (the “Lessor”) and Concesionaria Vuela Compañía de Aviación, S.A. de C.V., (as lessee) (the “Lessee”) (as may be amended, novated or supplemented
from time to time) (the “Lease Agreement”), we hereby authorise you to issue to: 
  

	(i)	the Lessor, at its address for notices being 28 Upper Mount Street, Dublin 2, Ireland (facsimile: +353 1 639 8118; Attention: Company Secretary); and

  

	(ii)	 HSH Nordbank AG, NY Branch, (as security trustee for certain financiers of the Aircraft) at its address for notices being 230 Park Avenue, 27th Floor, New York, NY 10169 (facsimile: +1 212 407 6033 and +1 212 407
6802; Attention: Barbara J Dering and Rosetta Conti) 

 (together with the Lessor, the “Authorised Parties”),

 in each case upon their request, from time to time, a statement of account of all sums due by us to you, as at the date of each such request,
in respect of the Aircraft and any other aircraft operated by us. Any request which you receive from an Authorised Party shall not be construed by you as evidence that an Event of Default (under and as defined in the Lease Agreement) has occurred
and is continuing. 
 You shall only regard the authority herein in respect of an Authorised Party as having been revoked upon receipt of
written revocation signed by such Authorised Party and us confirming such revocation. 
 Yours faithfully 

 
  
 For and on behalf of 
 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE
C.V. 

  
 116

 EXHIBIT C 
 Part 2 
 Air Traffic Control Letter 

 

	TO:	Servicios a la Navegación en el Espacio Aéreo Mexicano 

              2008 
 Dear Sirs

 One (1) Airbus A319-133 Aircraft MSN 3705 (the “Aircraft”) 

In connection with an aircraft lease agreement dated              2008 between Amentum
Aircraft Leasing No. Four Limited (as lessor) (the “Lessor”) and Concesionaria Vuela Compañía de Aviación, S.A. de C.V., (as lessee) (the “Lessee”) (as may be amended, novated or supplemented
from time to time) (the “Lease Agreement”), we hereby authorise you to issue to: 
  

	(i)	the Lessor, at its address for notices being 28 Upper Mount Street, Dublin 2, Ireland (facsimile: +353 1 639 8118; Attention: Company Secretary); and

  

	(ii)	 HSH Nordbank AG, NY Branch, (as security trustee for certain financiers of the Aircraft) at its address for notices being 230 Park Avenue, 27th Floor, New York, NY 10169 (facsimile: +1 212 407 6033 and +1 212 407
6802; Attention: Barbara J Dering and Rosetta Conti) 

 (together with the Lessor, the “Authorised Parties”),

 in each case upon their request, from time to time, a statement of account of all sums due by us to you, as at the date of each such request,
in respect of the Aircraft and any other aircraft operated by us. 
 You shall only regard the authority herein in respect of an Authorised
Party as having been revoked upon receipt of written revocation signed by such Authorised Party and us confirming such revocation. 
 Yours
faithfully 
  
  

For and on behalf of 
 CONCESIONARIA VUELA
COMPAÑÍA DE AVIACIÓN, S.A. DE C.V. 

  
 117

 EXHIBIT D 
 [TO BE GRANTED BEFORE A MEXICAN NOTARY PUBLIC IN SPANISH] 
 DEREGISTRATION
and EXPORT POWER OF ATTORNEY 
 SPECIAL IRREVOCABLE POWER-OF-ATTORNEY FOR LAWSUITS AND COLLECTIONS AND FOR ACTS OF ADMINISTRATION IN FAVOUR
OF EACH OF AMENTUM AIRCRAFT LEASING NO. FOUR LIMITED, HSH NORDBANK AG, AND AMENTUM CAPITAL LIMITED TO BE EXERCISED ON BEHALF OF THE GRANTOR OF SAID POWER OF ATTORNEY, CONCESIONARIA VUELA COMPAÑÍA DE
AVIACIÓN, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE ACCORDING TO THE FOLLOWING 
 CLAUSES: 

 

	1.	Mr. [                    ] in his capacity as LEGAL
REPRESENTATIVE of CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE (the “Lessee”), hereby grants in favour of each of Amentum Aircraft Leasing No. Four Limited (the
“Lessor”), HSH Nordbank AG, NY Branch, and Amentum Capital Limited and each of their respective employees and representatives (with the right of substitution and re-substitution, and with the right to revoke any substitution or
re-substitution granted), acting jointly and severally as its true and lawful attorneys (each an “Attorney”), a SPECIAL POWER OF ATTORNEY IN AN IRREVOCABLE CHARACTER, as it is a condition under a bilateral contract pursuant to the
Lease Agreement entered into between Lessor and Lessee dated [•] November 2008, (the “Lease”), in accordance with the provisions of Article 2596 of the Civil Code for the Federal District and its related one of the
Federal Civil Code and of the Civil Codes for all the States of the Mexican Republic in which this power of attorney shall be exercised, with general powers for LAWSUITS AND COLLECTIONS and for ACTS OF ADMINISTRATION, under the terms of the first
two paragraphs of Article 2554 and Article 2587 of the Civil Code for the Federal District and its related one of the Federal Civil Code and of the Civil Codes for all the States of the Mexican Republic where this power shall be exercised,
LIMITED WITH RESPECT TO ITS OBJECT, in order that, including, but not limited, each Attorney may, act on behalf of CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, SOCIEDAD ANÓNIMA DE CAPITAL VARIABLE, and pursuant to the Laws
of the United Mexican States carry out the necessary procedures, actions and proceedings to obtain the registration and cancellation of the registration and export the aircraft which is subject to the Lease, being one (1) Airbus A319-133
aircraft with manufacturer’s serial number 3705 (the “Aircraft”), and the exportation of said Aircraft with any relevant governmental or private authority or entity, including, without limitation, the General Direction of Civil
Aviation, the Mexican Aeronautics Registry, the Secretaría de Hacienda y Crédito Público and the Sistema de Administración Tributaria or before any other administrative or judicial authority in Mexico or in any other
jurisdiction, or before any customs broker, in order for each Attorney to: 

  

	 	(a)	release, terminate and void any and all interest of the Lessee in respect of the Aircraft; 

 

	 	(b)	deregister and/or consent to the transfer (to any registry inside or outside Mexico or such other jurisdiction in which the Aircraft is, for the time being, registered)
of the registration of the Aircraft and all other engines, accessories or items in use at the time of such transfer thereon or therein or otherwise held or used in substitution or replacement therefor in whatsoever manner, such transfer to be on
such terms and conditions as may be determined by the Attorney in its absolute discretion; 

  
 118

	 	(c)	represent the Lessee wheresoever and whatsoever in all matters and affairs in connection with the registration, deregistration or re-registration of the Aircraft
(including on the aircraft register maintained, for the time being, by the Mexican Aeronautics Registry (Registro Aeronáutico Mexicano) and the Dirección General de Aeronáutica Civil) and/or any interest of the
Lessee registered in any personal property security register; 

  

	 	(d)	remove the Aircraft from Mexico or any other jurisdiction and to submit a report to and apply for and obtain permits, licences or approvals from any governmental
authorities of Mexico (including, without limitation, the Mexican Aeronautics Registry (Registro Aeronáutico Mexicano) and the Dirección General de Aeronáutica Civil) or any such other jurisdiction with respect to
any of the above matters so that the Attorney is empowered to do and perform all things which the Lessee is now or would hereafter be entitled and empowered to do and perform, without any exception, in relation to those matters, all for the account
of the Lessee; 

  

	 	(e)	sign, seal (if appropriate), deliver, execute or otherwise perfect any and all documents, agreements, applications, consents or other instruments of whatsoever nature
as the Attorney considers in its absolute discretion necessary or desirable in connection with any or all of the matters referred to in (a) to (d) inclusive above; and 

 

	 	(f)	request any and all information with respect to registration status, servicing fees, taxes or any other type of payment status related to any procedures, process,
lawsuits, including without limitation, judicial or administrative, which may be necessary to be obtained by each Attorney in connection with the Lease, the Aircraft, any of its engines or its related equipment thereto, from the Dirección
General de Aeronáutica Civil (DGAC), Registro Aeronáutico Mexicano (RAM) and Servicios a la Navegación en el Espacio Aéreo Mexicano, (SENEAM). 

 

	2.	Each Attorney is authorised to delegate to such person or persons as it may choose the exercise of any or all of the powers conferred on such Attorney hereunder.

  

	3.	In this Power of Attorney words and expressions defined in the Lease shall have the same meanings when used in this Power of Attorney. 

 

	4.	The powers conferred by the Lessee in this Power of Attorney are irrevocable pursuant Article 2596 of the Civil Code for the Federal District and its related one
of the Federal Civil Code and of the Civil Codes for all the States of the Mexican Republic in which this power of attorney shall be exercised, and unconditional and are granted for value and secure proprietary interests, as a condition to a
bilateral agreement as stated in paragraph 1 above, in and the performance of obligations owed to the respective donees and shall not terminate unless and until all obligations owing by the Lessee to the Lessor in relation to the Aircraft have
been irrevocably discharged in full in writing by Lessor and any and all amounts outstanding, or which may become outstanding, in relation to the Aircraft from the Lessee to the Lessor. 

 

	5.	No failure or delay on the part of any Attorney to exercise, and no delay in exercising any right, power or privilege under this Power of Attorney shall operate as a
waiver thereof, nor shall the exercise of any right, power or privilege under this Power of Attorney preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

  
 119

	6.	The powers as set out in this Power of Attorney shall become effective in accordance with the provisions hereof from the date hereof. 

 

	7.	Any person dealing with an Attorney shall not be required to make any determination or require any further evidence as to whether the Attorney’s rights hereunder
have become exercisable. 

 Concesionaria Vuela Compañía de Aviación, S.A. de C.V. has executed this Power of
Attorney as a deed on                             2008. 

  
 120

 EXHIBIT E 
 QUIET ENJOYMENT LETTER 
  

	From:	HSH Nordbank AG, New York Branch 

	    	230 Park Avenue, 27th Floor 

	    	NY 10169 

	    	USA 

  

	To:	Concesionaria Vuela Compañía de Aviación, S.A. de C.V. 

	    	Av. Prolongación Paseo de la Reforma 490 Piso 1, 

	    	Col. Santa Fe Pena Blanca, 

	    	01210 Mexico 

Dated:                      
      2008 
 Dear Sirs 
 One Airbus A319-100 Aircraft Manufacturer’s Serial Number 3705 
  

	1.	We refer to the aircraft lease agreement dated [—] 2008 between Amentum Aircraft Leasing No. Four Limited (the
Lessor) and Concesionaria Vuela Compañía de Aviación S.A. de C.V. (the Lessee) in respect of the leasing of one Airbus A319-133 aircraft with manufacturer’s serial number 3705 (the “Aircraft”)
(the “Lease”). 

  

	2.	Words and expressions defined in the Lease shall, unless the context otherwise requires, have the same meanings where used in this letter. 

 

	3.	In consideration of the Lessee agreeing to enter into the acknowledgement of assignment of the Lease pursuant to a borrower security assignment dated on or about the
date hereof between the Lessor (as assignor) and HSH Nordbank AG, New York Branch (as assignee) in relation to the Aircraft (the “Borrower Security Assignment”), we hereby undertake that, so long as no Event of Default has occurred
and is continuing, neither we (nor anyone lawfully claiming through us) will interfere with the Lessee’s right to quiet use and possession of the Aircraft during the Term. The exercise by us of our rights under, or in connection with, the Lease
or any of the other Assigned Documents (as defined in the Borrower Security Assignment) to which the Lessee is a party in accordance with the terms of the Lease or such other Assigned Document, will not constitute such interference.

  

	4.	The foregoing undertaking is not to be construed as restricting any of our rights as Security Trustee (i) to sell or otherwise dispose of the Aircraft to such
persons and on such terms as we consider appropriate (subject to any requirements or restrictions imposed by applicable law and subject, unless an Event of Default has occurred and is continuing, to the Lease and other Transaction Documents), or
(ii) (as assignee of the Lessor’s rights under the Lease) to enforce, in accordance with the provisions of the Lease and the other Transaction Documents, any of the Lessor’s rights under the Lease which are exercisable prior to the
occurrence of an Event of Default which is continuing. 

  

	5.	The rights conferred by this letter are granted only to the Lessee and do not extend to any assignee or sub-lessee of the Lessee. 

 

	6.	This letter shall be governed by, and construed in accordance with, the laws of England. 

  
 121

 Please acknowledge your agreement to the terms of this letter by counter-signature below. 

Yours faithfully 
  

 
 For and on behalf of 

HSH NORDBANK AG, NEW YORK BRANCH (as Security Trustee) 
 Agreed and accepted 
  

 
 For and on behalf of 

CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A. DE C.V. 

  
 122

 EXHIBIT F 
 FORM OF MONTHLY REPORT 
  

	To:	Amentum Aircraft Leasing No. Four Limited 

  

	From:	Concesionaria Vuela Compañía de Aviación, S.A. de C.V. 

 

	Aircraft:	Airbus A319-100 Aircraft 

	  	Manufacturer’s Serial Number 3705 

  

	Month of:	                           
  

 AIRFRAME 
  

			
	 Aircraft Total Flight Hours Since New:
  
	 	 
	 Aircraft Total Cycles Since New:
  
	 	 
	 Airframe Flight Hours Operated During Month:
  
	 	 
	 Airframe Cycles Operated During Month:
  
	 	 
	 Time Remaining to **
                    Check:
  
	 	 

 ENGINES 
  

							
	 Engine Serial Number:

 
	  	 	  	 Engine Serial
Number:
  
	  	 
	 New Aircraft MSN (if applicable):

 
	  	 	  	 New Aircraft MSN (if
applicable):
  
	  	 
	 Original Position:

 
	  	 	  	 Original Position:

 
	  	 
	 Actual Location:

 
	  	 	  	 Actual Location:

 
	  	 
	 Total Flight Hours Since New:

 
	  	 	  	 Total Flight Hours Since
New:
  
	  	 
	 Total Cycles Since New:

 
	  	 	  	 Total Cycles Since
New:
  
	  	 
	 Flight Hours During Month:

 
	  	 	  	 Flight Hours During
Month:
  
	  	 
	 Cycles During Month:

 
	  	 	  	 Cycles During Month:

 
	  	 
	 Average Engine Derate During
Month:
  
	  	 	  	 Average Engine Derate During
Month:
  
	  	 

 Exact Flight Hours and Cycles since new of the Engine and the Airframe at the moment of removal/installation of Engine
during the month are to be recorded. 
  

	Note:	If an Engine is removed or installed on another Aircraft (subject to the provisions of the Agreement) it must be reported monthly on this form.

  
 123

 APU 
  

			
	 APU Serial Number:
  
	 	 
	 Original Position:
  
	 	 
	 Actual Location:
  
	 	 
	 Total Flight Hours Since New:
  
	 	 
	 Total Cycles Since New:
  
	 	 
	 Flight Hours Operated During Month:
  
	 	 
	 Cycles Operated During Month:

 
	 	 

 Exact Flight Hours and Cycles since new of the APU and the Airframe at the moment of removal/installation of the APU
during the month are to be recorded. 
  

									
	 Landing
Gear:
	  	 Flight Hours

Since Overhaul:
	  	 Flight Hours

Since New:
	  	 Cycles Since

Overhaul:
	  	 Cycles
Since
 New:

	 RH
Main:
  
	  	 	  	 	  	 	  	 
	 Central
Main:
  
	  	 	  	 	  	 	  	 
	 LH
Main:
  
	  	 	  	 	  	 	  	 
	 Nose:
  
	  	 	  	 	  	 	  	 

 Exact Flight Hours and Cycles since new of the Landing Gear and the Airframe at the moment of removal/installation of the
Landing Gear during the month are to be recorded. 
 Details of any engineering modifications or changes during the month: 

 
  
  

 
 Details of any Service Bulletins and
Airworthiness Directives accomplished for during the month: 
  
  

 
  

  
 124

 Details of any routine checks (A check and above) or replacement of major items (Engine, APU, Landing
Gear) performed during the month: 
  
  

 
  
 Details of any incident, accident and damage to the Aircraft during the month: 
  

 
  

 
 Details of any upcoming major upcoming
maintenance event (C and above, major modification or replacement of major items as Engine, APU, Landing Gear) scheduled for the next 12 months: 
  

 
  

 
 Details of any claims under the Airframe
Warranties or the Engine Warranties under ***** 
  
  

 
  
 Concesionaria Vuela Compañía de Aviación, S.A. de C.V. 
  

			
		
	 Name:
	  	  

		
	 Title:
	  	  

		
	 Date:
	  	  

  

	*****	Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 125

 EXHIBIT G 
 [TO BE GRANTED BEFORE A MEXICAN NOTARY PUBLIC IN SPANISH] 
 PROCESS AGENT
POWER OF ATTORNEY (LESSEE) 

Mr. [                    ], in his
capacity as Legal Representative of Concesionaria Vuela Compañía de Aviación, S.A. de C.V., hereby grants in favour of
                            , with address at
                            
[            ], [            ], a special power of attorney, in accordance with the provisions of Article 2596
of the Civil Code for the Federal District and its related one of the Federal Civil Code and of the Civil Codes for all the States of the Mexican Republic, with general powers for LAWSUITS AND COLLECTIONS and for ACTS OF ADMINISTRATION, under the
terms of the first two paragraphs of Article 2554 and Article 2587 of the Civil Code for the Federal District and its related one of the Federal Civil Code and of the Civil Codes for all the States of the Mexican Republic, but as broad as
required by law to be exercised in any jurisdiction, in order to receive, in the name and on behalf of Concesionaria Vuela Compañía de Aviación, S.A. de C.V., any and all notifications, service of process and in general any type
of documents, related to any procedures, process, lawsuits, including without limitation, judicial, administrative or arbitration procedures, in connection with the Lease Agreement to be entered into by and between Amentum Aircraft Leasing No. Four
Limited and Concesionaria Vuela Compañía de Aviación, S.A. de C.V., or any other document derived or related therewith, including to one (1) Airbus A319-133 with manufacturer’s serial number 3705 and to all and any
other document related therewith. 
 This power of attorney, although special, is granted in the broadest way permitted by law, in order that
the attorney-in-fact may receive any notice and documentation related to the transactions described above. 
 Concesionaria Vuela
Compañía de Aviación, S.A. de C.V. 

[                    ] 

Legal Representative 

  
 126

 EXHIBIT H 
 [TO BE GRANTED BEFORE A MEXICAN NOTARY PUBLIC IN SPANISH] 
 PROCESS AGENT
POWER OF ATTORNEY (GUARANTOR) 

Mr. [                    ], in his
capacity as Legal Representative of Controladora Vuela Compañía de Aviación, S.A. de C.V., hereby grants in favour of
                            , with address at
                     [            ],
[            ], a special power of attorney, in accordance with the provisions of Article 2596 of the Civil Code for the Federal District and its related one of the Federal
Civil Code and of the Civil Codes for all the States of the Mexican Republic, with general powers for LAWSUITS AND COLLECTIONS and for ACTS OF ADMINISTRATION, under the terms of the first two paragraphs of Article 2554 and Article 2587 of
the Civil Code for the Federal District and its related one of the Federal Civil Code and of the Civil Codes for all the States of the Mexican Republic, but as broad as required by law to be exercised in any jurisdiction, in order to receive, in the
name and on behalf of Controladora Vuela Compañía de Aviación, S.A. de C.V., any and all notifications, service of process and in general any type of documents, related to any procedures, process, lawsuits, including without
limitation, judicial, administrative or arbitration procedures, in connection with the Guarantee to be entered into by and between Amentum Aircraft Leasing No. Four Limited and Concesionaria Vuela Compañía de Aviación, S.A. de
C.V., or any other document derived or related therewith, including to one (1) Airbus A319-133 with manufacturer’s serial number 3705 and to all and any other document related therewith. 

This power of attorney, although special, is granted in the broadest way permitted by law, in order that the attorney-in-fact may receive any notice and
documentation related to the transactions described above. 
 Controladora Vuela Compañía de Aviación, S.A. de C.V.

 [                    ] 

Legal Representative 

  
 127

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