Document:

Exhibit
4.14

 

THIS EQUIPMENT NOTE HAS NOT BEEN REGISTERED
PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT'"). OR PURSUANT TO THE SECURITIES LAWS OF ANY STATE
OR OTHER JURISDICTION. ACCORDINGLY, THIS EQUIPMENT NOTE MAY NOT BE OFFERED FOR SALE OR SOLD UNLESS EITHER REGISTERED UNDER THE
ACT AND SUCH APPLICABLE STATE OR OTHER LAWS OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE. IN ADDITION, THIS
EQUIPMENT NOTE IS SUBJECT TO RESTRICTIONS ON TRANSFER PURSUANT TO THE PARTICIPATION AGREEMENT REFERRED TO HEREIN.

 

PARTNA LEASING LIMITED

SERIES 2015-1B-01 (6698) EQUIPMENT
NOTE DUE NOVEMBER 15, 2023

ISSUED IN CONNECTION WITH THE
AIRBUS MODEL A321-200 AIRCRAFT BEARING CHILEAN REGISTRATION NUMBER CC-BEE BEING LEASED TO LATAM AIRLINES GROUP S.A.

 

	No. l	Date: July 29, 2015	$6,496,000
	 	 	 
	DEBT RATE	 	MATURITY DATE
	4.500%	 	November 15, 2023

 

PARINA LEASING LIMITED (together with its
successors and permitted assigns, the “Owner”) hereby promises to pay to Wilmington Trust Company as Subordination
Agent, or the registered assignee thereof, the principal amount of six million four hundred and ninety-six thousand Dollars ($6,496,000)
in installments on the Payment Dates set forth in Schedule I hereto, each such installment to be in an amount set forth in Schedule
I hereto opposite the Payment Date on which such installment is due, and to pay, on each Payment Date, interest in arrears on the
principal amount remaining unpaid from time to time from the date hereof, or from the most recent date to which interest hereon
has been paid or duly provided for, until paid in full at a rate per annum (calculated on the basis of a year of 360 days comprised
of twelve 30-day months) equal to the Debt Rate shown above as such Debt Rate may be changed from time to time for such period(s),
and in such amount(s) and circumstances, as provided in Section 2(d) of the relevant Registration Rights Agreement. Notwithstanding
the foregoing, the final payment made on this Equipment Note shall be in an amount sufficient to discharge in full the unpaid principal
amount and all accrued and unpaid interest on, and any other amounts due under, this Equipment Note. Notwithstanding anything to
the contrary contained herein, if any date on which a payment under this Equipment Note becomes due and payable is not a Business
Day, then such payment shall not be made on such scheduled date but shall be made on the next succeeding Business Day with the
same force and effect as if made on such scheduled date, and if payment is made on such next succeeding Business Day, no interest
shall accrue on the amount of such payment from and after such scheduled date.

 

     

     

    

  

For purposes hereof, the term “Indenture”
means the Indenture and Security Agreement (6698), dated as of July 29, 2015, between the Owner and Wilmington Trust Company, as
Loan Trustee (the “Loan Trustee”), as the same may be amended, supplemented or otherwise modified from time to time
in accordance with its terms. All capitalized terms used in this Equipment Note and not defined herein, unless the context otherwise
requires, shall have the respective meanings set forth or incorporated by reference, and shall be construed and interpreted in
the manner described, in the Indenture.

 

This Equipment Note shall bear interest,
payable on demand, at the Past Due Rate (and not the Debt Rate) (calculated on the basis of a year of 360 days comprised of twelve
30-day months) on any principal amount and (to the extent permitted by applicable law) Make-Whole Amount, if any, interest and
any other amounts payable hereunder not paid when due for any period during which the same shall be overdue, in each case for the
period the same is overdue. Amounts shall be overdue if not paid in the manner provided herein or in the Indenture when due (whether
at stated maturity, by acceleration or otherwise).

 

There shall be maintained an Equipment
Note Register for the purpose of registering transfers and exchanges of Equipment Notes at the Corporate Trust Office of the Loan
Trustee, or at the office of any successor trustee, in the manner provided in Section 2.07 of the Indenture.

 

The principal amount and interest and other
amounts due hereunder shall be payable in Dollars in immediately available funds at the Corporate Trust Office of the Loan Trustee,
or as otherwise provided in the Indenture. The Owner shall not have any responsibility for the distribution of any such payment
to the Noteholder of this Equipment Note. Each such payment shall be made on the date such payment is due and without any presentment
or surrender of this Equipment Note, except that in the case of any final payment with respect to this Equipment Note, this Equipment
Note shall be surrendered to the Loan Trustee for cancellation.

 

The holder hereof, by its acceptance of
this Equipment Note, agrees that, except as provided in the Indenture, including the subordination provisions referred to below,
each payment of an installment of principal amount, interest and Make-Whole Amount, if any, received by it hereunder shall be applied:
first, to the payment of accrued interest on this Equipment Note (as well as any interest on (i) any overdue
principal amount, and (ii) to the extent permitted by law, any overdue Make-Whole Amount, if any, any overdue interest and
any other overdue amounts hereunder) to the date of such payment; second, to the payment of Make-Whole Amount, if
any, with respect to this Equipment Note; third, to the payment of the principal amount of this Equipment Note (or
portion thereof) then due hereunder, if any; and fourth, the balance, if any, remaining thereafter to the payment
of installments of the principal amount of this Equipment Note (or portion thereof) remaining unpaid in the inverse order of their
maturity.

 

This Equipment Note is one of the Equipment
Notes referred to in the Indenture which have been or are to be issued by the Owner pursuant to the terms of the Indenture. The
Collateral is held by the Loan Trustee as security, in part, for the Equipment Notes. The provisions of this Equipment Note are
subject to the Indenture, the Related Indentures, the Participation Agreement, the other Financing Agreements and the Pass Through
Documents. Reference is hereby made to the Indenture, the Related Indentures, the Participation Agreement, the other Financing
Agreements and the Pass Through Documents for a complete statement of the rights and obligations of the holder of, and the nature
and extent of the security for, this Equipment Note (including as a “Related Equipment Note” under each Related Indenture)
and the rights and obligations of the holders of, and the nature and extent of the security for, any other Equipment Notes executed
and delivered under the Indenture, to all of which terms and conditions in the Indenture, the Related Indentures, the Participation
Agreement, the other Financing Agreements and the Pass Through Documents each holder hereof agrees by its acceptance of this Equipment
Note.

 

     

     

    

  

As provided in the Indenture and subject
to certain limitations therein set forth, this Equipment Note is exchangeable for an equal aggregate principal amount of Equipment
Notes of the same Series of different authorized denominations, as requested by the holder surrendering the same. Prior to the
due presentment for registration of transfer of this Equipment Note, the Owner and the Loan Trustee shall deem and treat the Person
in whose name this Equipment Note is registered on the Equipment Note Register as the absolute owner and holder hereof for the
purpose of receiving all amounts payable with respect to this Equipment Note and for all purposes, and neither the Owner nor the
Loan Trustee shall be affected by notice to the contrary.

 

This Equipment Note is subject to redemption
as provided in Section 2.10, Section 2.11 and Section 2.12 of the Indenture but not otherwise. In addition, this Equipment Note
may be accelerated as provided in Section 4.02 of the Indenture.

 

This Equipment Note is subject to certain
restrictions set forth in Section 4.01(a)(ii) and Section 4.01(a)(iii) of the Intercreditor Agreement, as further specified in
Section 2.07 of the Indenture, to all of which terms and conditions in the Intercreditor Agreement each holder hereof agrees by
its acceptance of this Equipment Note.

 

The holder hereof, by its acceptance of
this Equipment Note, agrees that no payment or distribution shall be made on or in respect of the Secured Obligations (as defined
in the Indenture) or the Secured Obligations (as defined in any Related Indenture) owed to such holder, including, without limitation,
any payment or distribution of cash, property or securities after the occurrence of any of the events referred to in Section 4.01(f)
of the Indenture or after the commencement of any proceedings of the type referred to in Section 4.01(g), Section 4.01(h) or Section
4.0 l(i) of the Indenture, except, in each case, as expressly provided in Article III of the Indenture or Article III of the applicable
Related Indenture, as appropriate.

 

The holder hereof, by its acceptance of
this Equipment Note, agrees to treat this Equipment Note as indebtedness for all U.S. federal, state and local income tax purposes.

 

The indebtedness evidenced by this Equipment
Note is, to the extent and in the manner provided in each Related Indenture, subordinate and subject in right of payment to the
prior payment in full under such Related Indenture of the “Secured Obligations” in respect of the “Equipment
Notes” issued under such Related Indenture, and this Equipment Note is issued subject to such provisions. The Noteholder
of this Equipment Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes
and directs the Loan Trustee or the Related Loan Trustee under the applicable Related Indenture, as appropriate, on such Noteholder's
behalf to take any action necessary or appropriate to effectuate the subordination as provided in this Indenture or the applicable
Related Indenture and (c) appoints the Loan Trustee or the Related Loan Trustee under the applicable Related Indenture,
as appropriate, as such Noteholder's attorney-in-fact for such purpose.

 

Without limiting the foregoing, the Noteholder
of this Equipment Note, by accepting the same, agrees that if such Noteholder, in its capacity as a Noteholder, shall receive any
payment or distribution on any Secured Obligation in respect of this Equipment Note that it is not entitled to receive under Section
2.13 or Article III of the Indenture, it shall hold any amount so received in trust for the Loan Trustee and forthwith turn over
such amount to the Loan Trustee in the form received to be applied as provided in Article III of the Indenture.

 

Unless the certificate of authentication
hereon has been executed by or on behalf of the Loan Trustee by manual signature, this Equipment Note shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

  

THIS EQUIPMENT NOTE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 

     

     

    

  

IN WITNESS WHEREOF, the Owner has caused
this Equipment Note to he executed in its corporate name by its officer thereunto duly authorized on the date hereof.

 

	 	PARINA LEASING LIMITED,
	 	 	 
	 	By:	  /s/ Pilar Duarte
	 		Name: 	Pilar Duarte
	 		Title:  	Authorized Signatory

 

Equipment Note (Class B)

 

MSN6698

 

     

     

    

 

 

		LOAN TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

This is one of the Equipment Notes referred
to in the within-mentioned Indenture.

 

	 	WILMINGTON TRUST COMPANY,
	 	not in its individual capacity but solely as Loan Trustee
	 	 	 
	 	By: 	  /s/ Drew H. Davis
	 		Name: 	Drew H. Davis
	 		Title: 	Assistant Vice PResent

 

Equipment Note (Class B)

 

MSN6698

 

     

     

    

  

SCHEDULE I

 

SERIES A EQUIPMENT NOTES

Airbus A321-200

6698

 

	Payment Date	 	Original Principal Amount
 To be Paid
	 
	 	 	 	 
	At Issuance	 	 	0.00	 
	May 15, 2016	 	 	768,874.04	 
	August 15, 2016	 	 	164,868.30	 
	November 15, 2016	 	 	41,217.00	 
	February 15, 2017	 	 	41,217.00	 
	May 15, 2017	 	 	41,217.00	 
	August 15, 2017	 	 	35,572.61	 
	November 15, 2017	 	 	164,740.52	 
	February 15, 2018	 	 	164,713.12	 
	May 15, 2018	 	 	164,685.06	 
	August 15, 2018	 	 	164,656.28	 
	November 15, 2018	 	 	164,626.83	 
	February 15, 2019	 	 	164,596.62	 
	May 15, 2019	 	 	164,565.67	 
	August 15, 2019	 	 	164,533.92	 
	November 15, 2019	 	 	164,501.38	 
	February 15, 2020	 	 	164,468.00	 
	May 15, 2020	 	 	164,433.75	 
	August 15, 2020	 	 	164,398.61	 
	November 15, 2020	 	 	164,362.55	 
	February 15, 2021	 	 	164,325.51	 
	May 15, 2021	 	 	164,287.48	 
	August 15, 2021	 	 	164,248.43	 
	November 15, 2021	 	 	164,208.31	 
	February 15, 2022	 	 	164,167.07	 
	May 15, 2022	 	 	164,124.70	 
	August 15, 2022	 	 	182,273.35	 
	November 15, 2022	 	 	218,601.52	 
	February 15, 2023	 	 	218,537.90	 
	May 15, 2023	 	 	273,022.85	 
	August 15, 2023	 	 	254,756.88	 
	November 15, 2023	 	 	1,131,197.74	 
	February 15, 2024	 	 	0.00	 
	May 15, 2024	 	 	0.00	 
	August 15, 2024	 	 	0.00	 
	November 15, 2024	 	 	0.00	 
	February 15, 2025	 	 	0.00	 
	May 15, 2025	 	 	0.00	 
	August 15, 2025	 	 	0.00	 
	November 15, 2025	 	 	0.00	 
	February 15, 2026	 	 	0.00	 
	May 15, 2026	 	 	0.00	 
	August 15, 2026	 	 	0.00	 
	November 15, 2026	 	 	0.00	 
	February 15, 2027	 	 	0.00	 
	May 15, 2027	 	 	0.00	 
	August 15, 2027	 	 	0.00	 
	November 15, 2027	 	 	0.00Exhibit 4.15

REPERTORIO NO 41.204.
-

AIRCRAFT MORTGAGE AGREEMENT1

 

PARINA LEASING LIMITED

 

TO

 

WILMINGTON TRUST COMPANY, AS LOAN TRUSTEE

 

IN SANTIAGO, CHILE, on 29 July 2015,
before me, MARIA GLORIA ACHARAN TOLEDO, a Chilean lawyer, Notary Public [              ], with office on Calle Matias Cousino 150,
Office 647, 6th Floor, there appears: /i/ Mr. DANIEL IGNACIO PARODI NEBREDA, a Chilean lawyer, single,
national identification card number 16,368,440-3, domiciled in Avenida El Golf 40, 20th Floor, Las Condes, Santiago, Chile, acting
under special power of attorney on behalf of WILMINGTON TRUST COMPANY, a Delaware trust company, hereinafter the
“Loan Trustee”, not in its individual capacity but solely as Loan Trustee for the Secured Parties, as
defined below, on one side; and, on the other /ii/ Ms. MARÍA DEL PILAR DUARTE PEÑA, a Chilean lawyer, single,
national identification card number 9,465,711, domiciled  Huidobro Building, Avenida Presidente Riesco 5711, [●] Floor,
Las Condes, Santiago, Chile, acting under special power of attorney on behalf of PARINA LEASING LIMITED, an exempted limited
liability company incorporated under the laws of the Cayman Islands, hereinafter also referred to as the “Borrower”;
and together with all the appearing parties already individualized jointly referred to as the “Parties”; the
appearing Parties are of legal age, evidence their identity by the aforesaid identity cards and state that the following Aircraft
Mortgage Agreement is being entered into:

 

FIRST: Background. 

One. One. Indenture and Security Agreement.
By private instrument granted in English language on July 29 2015, hereinafter the “Indenture”, Borrower
and Wilmington Trust Company acting as Loan Trustee, entered into an Indenture and Security Agreement, subject to rule 144A
and Regulation S of the United States Securities Act of 1933. Pursuant to the Indenture the Borrower issued two series of equipment
notes denominated in dollars of the United States of America, hereinafter “Dollars”, for a total amount of forty
million and fifty-two thousand Dollars (US$40,052,000), hereinafter the “MSN 6698 Equipment Notes”, the
proceeds of which were used to finance the acquisition by the Borrower of the Aircraft, as defined below.

 

One. Two. Related Indentures. /i/
On May 29, 2015, the Borrower, Cuclillo Leasing Limited, Rayador Leasing Limited, Canastero Leasing Limited, hereinafter together
the “Owners”, LATAM Airlines Group S.A., a company duly incorporated under the laws of Chile, notional taxpayer
number 89,862,200-2, domiciled at Edificio Huidobro, Avenida Presidente Riesco 5711, 20th floor, Las Condes, Santiago, Chile (hereinafter
“LATAM”), Wilmington Trust Company, as pass through trustee under each of the pass through trust agreements
referred to therein, as subordination agent and as paying agent, Wilmington Trust, National Association, as escrow agent, and MaplesFS
Limited, as put & call trustee, entered into a Note Purchase Agreement, hereinafter the “Note Purchase Agreement”.
/ii/ Pursuant to the Note Purchase Agreement, the Owners have agreed to issue the Indenture and certain other indentures,
each such other indenture hereinafter a “Related Indenture”. Pursuant to each Related Indenture, the Owner party
thereto has or will issue two series of equipment notes denominated in Dollars, for a total amount specified in such Related Indenture,
hereinafter all such equipment notes issued under the Related Indentures the “Related Equipment Notes”, the
proceeds of which were or will be, as the case may be, used to finance the acquisition by such Owner of the aircraft specified
in the relevant Related Indenture.

 

 

1 NOTE. The final document
has been granted in Spanish as a Chilean law public deed and does not include the English language. This document constitutes
a fair and accurate English translation of the foreign language document.

 

    1 

     

    

  

One. Three. Participation Agreement.

On 29 July 2015, Borrower; LATAM; and Wilmington
Trust Company acting in its individual capacity and as Pass Through Trustee, Subordination Agent and Loan Trustee; entered into
a New York law Participation Agreement, hereinafter the “Participation Agreement”, in which, among other matters,
they agreed on the delivery, finance and lease of one (1) aircraft and its respective engines and the granting of this Aircraft
Mortgage Agreement and prohibition in favor of the Loan Trustee acting on behalf of the Secured Parties, as said term is defined
in the Participation Agreement.

 

One. Four. Related Participation Agreements.
Pursuant to the Note Purchase Agreement, the Owners have agreed to enter into the Participation Agreement and certain other
participation agreements, each such other participation agreement hereinafter a “Related Participation Agreement”.
Pursuant to each Related Participation Agreement, the parties thereto agreed or will agree on the delivery, finance and lease of
one (1) aircraft and its respective engines and the granting of an aircraft mortgage agreement and prohibition in favor of the
Loan Trustee acting on behalf of the Secured Parties, as said term is defined in such Related Participation Agreement.

 

One. Three. Secured Obligations.2
For the purposes of this Aircraft Mortgage Agreement, “Facility Documents” means together, the following
documents: /a/ the Indenture; /b/ the Related Indentures; /c/ the Participation Agreement and /d/ the Related Participation Agreements.
The Facility Documents provide for, among other things, issuance by the Borrower and the other Owners, as the case may be, of the
MSN 6698 Equipment Notes and the Related Equipment Notes, hereinafter jointly the “Equipment Notes”, the capital
payment dates, the interest rate, the interest payment dates, the payment of interest on overdue amounts and the interest rates
applicable to such overdue amounts. The Facility Documents also provide for the payment by the Owner party thereto of increased
costs and other amounts which the Secured Parties may incur in connection with the borrowing contemplated thereby and associated
expenses; the payment of commissions, compensation, taxes, expenses, fees, legal costs, mandatory prepayments, indemnities, break
costs and other amounts, affirmative covenants and certain prohibitions and events of default, which if they occur shall enable
the Secured Parties by complying with certain procedures, to request immediate payment of the Equipment Notes or any other amounts
payable under the Facility Documents. Each and all the obligations undertaken by the Borrower or any other Owner under the Facility
Documents will be hereinafter referred to as the “Secured Obligations”.

 

SECOND: The Borrower is the
sole an exclusive owner of one Airbus A321-200 aircraft bearing manufacturer's serial number 6698 and Chilean Registration Mark
CC-BEE, (the “Aircraft”).

 

THIRD: Mortgage.
In order to secure the full, effective, complete and timely payment and performance of each of the Secured Obligations, the
Borrower hereby grants (and agrees to grant) in favor of the Secured Parties, duly represented by the Loan Trustee, a first degree
mortgage in accordance with articles 114 et seq. of Law 18.916 containing the text of the Aeronautical Code, over the Aircraft,
hereinafter the “Mortgage”. The Mortgage also extends to two (2) CFM56-5B3/3 engines, bearing engine manufacturer's
serial numbers 569903 and 569901 (the "Engines"), attached to the Aircraft at the time of its delivery /whether
or not any such Engine remains installed on the Aircraft/ any and all parts, pieces and components intended to be permanently used
with the Aircraft, the respective maintenance documents and records and the Aircraft manufacturer’s technical and maintenance
manuals, together with all flight records, logs, manuals, maintenance data and inspection, modification and overhaul records. The
Mortgage also extends to all requisition proceeds with respect to the Aircraft or any Engine, any amounts received in payment of
any insurance or reinsurance claim, excluding any insurance or reinsurance relating to third party liability, and any amounts received
from third parties due to damages caused to the Aircraft thereby.

 

 

2
Note: Each mortgage entered into will secure all obligations under all indentures and the related note guarantees.

 

    2 

     

    

 

FOURTH: Prohibition. Except
for the acts, contracts and transactions authorized and expressly contemplated in the Facility Documents, the Borrower hereby agrees:
/i/ not to transfer, mortgage, or in any manner encumber, lease, assign possession of, or grant any rights in favour of
third parties, whether in whole or in part, with respect to the Aircraft mortgaged hereunder, without the previous written consent
of the Loan Trustee on behalf of the Secured Parties; and /ii/ not to grant, without the previous written consent of the
Loan Trustee on behalf of the Secured Parties, a pledge without displacement over either of the Engines, or over any part, piece
and/or component intended to be permanently used with the Aircraft and, in general, over any current or future components/parts
that for reasons of adherence or destination form part of the Aircraft in accordance with applicable law, unless owned by third
parties. Such prohibitions shall be registered in the Registry of Aircraft Encumbrances and Prohibitions of the National Aircraft
Registry of the Dirección General de Aeronáutica Civil of Chile, jointly with the registration of this Aircraft
Mortgage Agreement.

 

FIFTH: The Borrower declares
that the Aircraft described in the Second Clause of this instrument belongs to it, and that it has sole and exclusive title thereof
and that the Aircraft is not subject to any seizure, injunctive measures, encumbrances, limitations on ownership, lawsuits, prohibitions
on encumbrance or transfer and that there does not exist any restriction whatsoever that could limit the creation of the Mortgage
and the prohibitions contained hereunder.

 

SIXTH: Following the occurrence
of an “Indenture Event of Default” under the Indenture or the Related Indentures or upon any of the Secured Obligations
becoming enforceable prior to its stated maturity, in accordance with the terms of the Facility Documents, the Loan Trustee and
its successors and assigns, as loan trustee for the Secured Parties, will be authorized to declare each and every one of the Secured
Obligations as immediately due and payable as if the period of payment therefore had expired. All payments to the Secured Parties
under this Aircraft Mortgage Agreement shall be made as stipulated in the Facility Documents.

 

SEVENTH: The Loan Trustee,
acting on behalf of the Secured Parties, accepts each and every one of the terms of this instrument, and especially the Mortgage
and prohibitions that are hereby created in favour of the Secured Parties.

 

EIGHTH: The provisions set
forth in this instrument should not be considered under any circumstance as a substitution or limitation of the rights granted
to the Secured Parties under the Facility Documents.

 

    3 

     

    

 

NINTH: If for any reason
any one or more of the provisions in this instrument is declared null and void, totally or partially, such declaration shall not
affect the validity of the other provisions hereunder as well as those of the Facility Documents.

 

TENTH: The reasonable and
appropriate costs and expenses that are generated by Mortgage and prohibition and their registration hereof, shall be the sole
and exclusive responsibility of the Borrower.

 

ELEVENTH: For all purposes
in connection with Article 118 of the Aeronautical Code, the Secured Parties is domiciled at Avenida El Golf 40, 20th
Floor, Las Condes, Santiago, Chile. Pursuant to the powers granted by the Secured Parties to the Loan Trustee, the latter hereby
appoints Mr. Marcelo Armas Mac Donald and Mr. Andrés Sanfuentes Astaburuaga, as agents for the sole purpose
of service of judicial notices pursuant to this mortgage as required by article 118 of the Aeronautical Code.

 

TWELFTH: The parties expressly
declare that for all purposes this Aircraft Mortgage Agreement and prohibition shall be governed and construed in accordance with
Chilean law. The parties expressly declare that for all purposes deriving from this Aircraft Mortgage Agreement, they submit themselves
to the jurisdiction of the courts in the city of Santiago, Chile.

 

THIRTEENTH: Notwithstanding
any designation of a process agent already made or that may be made in the future and in addition to it, the Borrower hereby grants
an irrevocable special power of attorney to Mr. Andrés del Valle Eitel, Ms. María del Pilar Duarte Peña,
Mr. Cristián Toro Cañas, Mr. Diego Valenzuela Prado and Mrs. Elvira Vial Alliende, each
of whom is domiciled at Edificio Huidobro, Avenida Presidente Riesco 5711, Las Condes, Santiago, so that they may, either acting
jointly or separately, receive, for and on behalf of the Borrower, service of process or notices either judicially or extrajudicially,
in any act, procedure or lawsuit, in connection with the security interest created hereby as security for the present or future
Secured Obligations of the Borrower, including any judgment or judicial resolution with regard to the Facility Documents in connection
with the foreclosure of the Aircraft Mortgage Agreement granted herein. In exercising the power of attorney hereby each attorney
has the right to receive notices, defend demands and act in accordance with first paragraph, 7th Article of the Civil
Procedure Code of the Republic of Chile. The power of attorney hereby granted by the Borrower does not revoke any power of attorney
granted on or prior to the date hereof, the power of attorney hereby granted will not be revoked by the mere event of granting
a new power of attorney in the future.

 

FOURTEENTH: The bearer of
the authorized copy of this instrument is empowered to require the National Aeronautic Registry of the Chilean Directorate of Civil
Aeronautics any annotations, registrations and sub-registrations that may be necessary, and is specifically empowered to sign all
requests and applications in the presence of either or both of the parties hereto, to make presentations and petitions and, in
general, to do anything to effect any of the foregoing.

 

Authorities.

The authority of Mr. Sebastián
Barros Eyzaguirre to act on behalf of the Loan Trustee is evidenced in the special power of Attorney granted by WILMINGTON
TRUST COMPANY as Loan Trustee for the Secured Parties, in Wilmington, Delaware, United States of America on 28 July 2015, which
has been fully legalized and notarized in the Notary Public’s office of [●] on [●], 2015 under repertoire number
[●]. The authority of Ms. María del Pilar Duarte Peña on behalf of the Borrower is evidenced in the
Special Power of Attorney made by PARINA LEASING LIMITED, in Santiago, Chile, dated 21 July 2015. Said authorities are not
attached hereto, as requested by the parties.

 

    4 

     

    

  

IN WITNESS WHEREOF, and following a reading
of these presents, the appearing Parties sign together with the Notary, who authorizes. A copy was provided. - I attest.-

 

	/s/ Daniel Igancio Parodi Nebreda	 

 

Daniel Ignacio Parodi Nebreda

On behalf of WILMINGTON TRUST COMPANY, as Loan Trustee

 

	/s/ María del Pilar Duarte Peña	 

 

María del Pilar Duarte Peña

On behalf of PARINA LEASING LIMITED, as Borrower

 

    5

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