Document:

EX-10.31

 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 10.31 
 Execution Version 
 DATED APRIL 13, 2011 

WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, NOT IN ITS 
 INDIVIDUAL CAPACITY, BUT SOLELY 
 AS OWNER TRUSTEE 

LESSOR 
 AND

 CONCESIONARIA VUELA COMPAÑIA DE AVIACIÓN S.A.P.I. DE C.V. 

LESSEE 
  

 
 AIRCRAFT
OPERATING LEASE 
 AGREEMENT (MSN 4741) 
 ONE (1) AIRBUS A320-233 AIRCRAFT [GENERIC 
 MODEL AIRBUS A320-200 AIRCRAFT]
WITH 
 MANUFACTURER’S SERIAL NUMBER 4741 

 
  

 CONTENTS 

 

							
	Clause	  	Page	 
			
	 1.
	 	Definitions and Interpretation	  	 	1	  
			
	 2.
	 	Agreement to Lease	  	 	1	  
			
	 3.
	 	Representations and Warranties	  	 	4	  
			
	 4.
	 	Delivery and Acceptance	  	 	9	  
			
	 5.
	 	Payments	  	 	11	  
			
	 6.
	 	Absolute and Unconditional Obligations	  	 	16	  
			
	 7.
	 	Lessor’s Obligations	  	 	17	  
			
	 8.
	 	Information	  	 	19	  
			
	 9.
	 	Control of the Aircraft	  	 	21	  
			
	 10.
	 	Engines and Parts	  	 	23	  
			
	 11.
	 	Registration, Certification, Filing	  	 	27	  
			
	 12.
	 	Title Protection and Operation	  	 	30	  
			
	 13.
	 	Technical	  	 	33	  
			
	 14.
	 	Indemnities	  	 	35	  
			
	 15.
	 	Total Loss	  	 	44	  
			
	 16.
	 	Requisition	  	 	46	  
			
	 17.
	 	Insurance	  	 	47	  
			
	 18.
	 	Return of the Aircraft	  	 	50	  
			
	 19.
	 	Events of Default	  	 	51	  
			
	 20.
	 	Remedies	  	 	58	  
			
	 21.
	 	Illegality	  	 	63	  
			
	 22.
	 	Disclaimer	  	 	64	  
			
	 23.
	 	Assignment and Transfer	  	 	66	  
			
	 24.
	 	Miscellaneous	  	 	72	  
			
	 25.
	 	Law	  	 	75	  
			
	 26.
	 	Confidentiality	  	 	78	  
			
	 27.
	 	True Lease	  	 	79	  
			
	 28.
	 	[Intentionally Left Blank]	  	 	79	  
			
	 29.
	 	Time is of the Essence	  	 	79	  
			
	 30.
	 	Counterpart	  	 	79	  
			
	 31.
	 	Rights of Third Parties	  	 	80	  
			
	 32.
	 	Survival	  	 	80	  
			
	 33.
	 	No Brokers	  	 	80	  

  
 - i -

							
			
	 34.
	 	Statements of Owner Trustee	  	 	80	  
			
	 35.
	 	Know Your Customer/OFAC Compliance	  	 	81	  
			
	 36.
	 	USA Patriot Act and Other Information:	  	 	82	  
		
	Schedule 1 Definitions and Interpretation	  	 	83	  
		
	Part A Definitions	  	 	83	  
		
	Part B Interpretation	  	 	101	  
		
	Schedule 2 Aircraft Particulars	  	 	102	  
		
	Schedule 3 Conditions Precedent	  	 	103	  
		
	Part A Lessee Conditions Precedent	  	 	103	  
		
	Part B Lessor Conditions Precedent	  	 	109	  
		
	Schedule 4 Aircraft Specification and Deliver	  	 	110	  
		
	Part A-1 Aircraft Specification	  	 	110	  
		
	Part B Delivery Procedure	  	 	120	  
		
	Part C Delivery Condition	  	 	121	  
		
	Schedule 5 Form of Acceptance Certificate	  	 	122	  
		
	Schedule 6 Payment	  	 	125	  
		
	Part A Rent	  	 	125	  
		
	Part B Maintenance Payments	  	 	126	  
		
	Part C End of Lease Maintenance Payment Adjustments	  	 	133	  
		
	Part D Other Economic Terms	  	 	134	  
		
	Part E Airworthiness Directive Cost Sharing Formula	  	 	135	  
		
	Schedule 6 [To Be Intentionally Left Blank in the FAA-Filed Version]	  	 	136	  
		
	Schedule 7 Reporting & Notice	  	 	137	  
		
	Part A Form of Technical Report	  	 	137	  
		
	Part B Notices	  	 	141	  
		
	Schedule 8 Insurance Requirements	  	 	142	  
		
	Schedule 9 Redelivery	  	 	147	  
		
	Part A Redelivery Procedure	  	 	147	  
		
	Part B Redelivery Condition	  	 	149	  
		
	Schedule 10 Form of Notice and Acknowledgement	  	 	155	  
		
	Schedule 11 Subleasing Requirements	  	 	166	  
		
	Schedule 12 List of Agreed Modification for FAA Registration	  	 	171	  

  
 - ii -

 AIRCRAFT OPERATING LEASE AGREEMENT (MSN 4741) 

THIS AGREEMENT is made as of April 13, 2011 
 BETWEEN 
  

	(1)	 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States,
whose address and principal place of business is at 299 South Main Street, 12th Floor, Salt Lake City, Utah 84111, United States of America, not in its individual capacity but solely as Owner Trustee under the Trust Agreement, as defined below (the “Lessor”); and

  

	(2)	 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V., a company (sociedad anónima promotora de
inversión de capital variable) incorporated under the laws of México, whose registered office is at Prolongación Paseo de la Reforma 490, 1er piso, Col. Santa Fe Peña Blanca, 01210 México, D.F.,] México (the “Lessee”).

 IT IS AGREED: 
  

	1.	DEFINITIONS AND INTERPRETATION 

 In this Agreement capitalised words and expressions have the meanings set out in Part A of Schedule 1 (Definitions and interpretation). The rules of interpretation and construction set
out in Part B of Schedule 1 (Definitions and interpretation) shall apply to this Agreement. 
  

	2.	AGREEMENT TO LEASE 

  

	2.1	Lease 

 Subject to the
terms of this Agreement, the Lessor agrees to lease the Aircraft to the Lessee and the Lessee agrees to take the Aircraft on lease for the Lease Period. The Lessee shall have the option to renew the leasing of the Aircraft hereunder pursuant to, and
subject to the terms and conditions of, Clause 2.6, for a Renewal Lease Term. This Agreement is effective on the date that it is signed but the Lessor will have no obligation to deliver the Aircraft to the Lessee unless the Lessee has performed
all the actions and the Lessor has received each of the documents and evidence listed in Part A of Schedule 3 (Conditions precedent) in a form and substance satisfactory to the Lessor and the Owner Participant on or before the
Scheduled Delivery Date unless deferred by the Lessor and the Owner Participant in their absolute discretion. 
  

	2.2	No Default 

 The Lessor
will not have to deliver the Aircraft to the Lessee if, on the Scheduled Delivery Date, a Default has occurred and is continuing or would occur as a result of Delivery. 

  
 - 1 -

	2.3	Lessee’s obligations 

The Lessor will not be responsible for any delay in Delivery if the Lessee fails to satisfy all its obligations listed in Part A of
Schedule 3 (Conditions precedent) on the required date. 
  

	2.4	Deferral of conditions precedent 

 If the Lessor delivers the Aircraft to the Lessee even though it has not received all the documents and evidence referred to in Clause 2.1 (Lease) on or prior to the date specified, the Lessor
may defer any of the obligations of the Lessee listed in Schedule 3 (Conditions precedent) on specific conditions and at the Lessor’s and the Owner Participant’s sole discretion. 

 

	2.5	Waiver of Default 

 The
Lessor reserves all of its rights under this Agreement and pursuant to all Applicable Regulations in connection with any Event of Default even if it delivers the Aircraft to the Lessee whilst a Default is continuing. 

 

	2.6	Renewal Option 

  

	 	2.6.1	Renewal Notice 

  

	 	(a)	At least eighteen (18) months prior to the Scheduled Expiry Date, the Lessee may provide notice to the Lessor that the Lessee will extend the leasing of the
Aircraft for a Renewal Lease Term (a “Renewal Notice”). 

  

	 	(b)	Notwithstanding anything to the contrary in this Agreement or any other Transaction Document: 

 

	 	(i)	No Renewal Notice shall be binding on the Lessor or oblige the Lessor to extend the leasing of the Aircraft hereunder for a Renewal Lease Term, and shall be considered
not to have been given, if the Renewal Notice is received after the date eighteen (18) months prior to the Scheduled Expiry Date or if any Default shall have occurred and be continuing (y) on and as of the date of any such notice, which
Default shall not have been subsequently cured or (z) on the date of the commencement of the Renewal Lease Term, and the occurrence of an Event of Default shall automatically terminate the Lessee’s rights hereunder to extend the Lease
Period (but not its obligations hereunder if a Lease Amendment, as provided in Clause 2.6.2(a) below, for such extension has been executed). 

  

	 	(ii)	A Renewal Notice shall be irrevocable and shall constitute an unconditional obligation of the Lessee and the Lessor to extend the leasing of the Aircraft hereunder for
the Renewal Lease Term in accordance with the terms hereof and contained in any Lease Amendment contemplated under Clause 2.6.2(a) below. 

  
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	 	2.6.2	Renewal Rent and Documentation 

  

	 	(a)	Upon receipt of the Renewal Notice, as provided in Clause 2.6.1 (Renewal Notice) above and provided no Default has occurred and is continuing, the Lessee
and the Owner Participant shall enter into good faith negotiations, but otherwise with the right to act in their sole and absolute discretion, with respect to the amount to be paid by the Lessee as Rent during the Renewal Lease Term. If the amount
of the Rent is agreed between the Lessee and the Owner Participant within sixty (60) days of the receipt of the Renewal Notice, such agreement of the Lessee and the Owner Participant shall be documented in a Lease Amendment within a further
period of thirty (30) days, which subject to sub-clause (c) below, shall be in form and substance reasonably acceptable to the Lessee and the Owner Participant. Thereupon, each party hereto shall promptly execute and deliver to the other
party such Lease Amendment and provide (i) written evidence of appropriate corporate action authorizing the execution, delivery and performance of such Lease Amendment, (ii) evidence of the issue of each approval, license and consent which
may be required in connection with such Lease Amendment, and (iii) such other documents and filings as either of the parties (acting reasonably) may request. 

 

	 	(b)	If the Lessee and the Owner Participant are unable to reach an agreement as to the amount to be paid by the Lessee as Rent in respect of the Renewal Lease Term within
the period permitted under Clause 2.6.2(a), the option to extend the leasing of the Aircraft provided herein shall be deemed to be terminated and the Renewal Notice shall be considered not to have been given and the Lessee’s rights under
this Clause 2.6 shall be deemed to be terminated. 

  

	 	(c)	Except for the Rent payable during the Renewal Lease Term as provided above, all terms and conditions of this Agreement during the Base Lease Term shall remain in full
force and effect during the Renewal Lease Term. 

  

	2.7	Parent Guaranty 

 The
Lessee will cause the Parent to execute and deliver the Parent Guaranty on or before the date of this Agreement. 

  
 - 3 -

	3.	REPRESENTATIONS AND WARRANTIES 

  

	3.1	Representations and warranties 

 Each party is making the statements in this Clause 3.1 in order to induce the other party to enter into this Agreement. Each party understands that the statements it makes in this Agreement must be
true, when this Agreement is signed and on the Delivery Date. Pursuant to the Owner Participant Letter Agreement, the Owner Participant hereby makes the representations and warranties set out in this Clause 3.1 and the Clause 3.4. On this
basis each party represents and warrants to the other that: 
  

	 	3.1.1	in the case of the Lessor, it is a national banking association, validly existing and in good standing under the laws of the United States of America, and since the
date of its formation, it has been maintained in accordance with all Applicable Regulations; in the case of the Lessee, it is a sociedad anónima promotora de inversión de capital variable duly organized, validly existing and in
good standing under the laws of the State of Incorporation and since the date of its organization, it has been maintained in accordance with all Applicable Regulations and in the case of the Owner Participant, it is a company incorporated under the
laws of Cayman Islands, and since the date of its incorporation, it has been maintained in accordance with all Applicable Regulations; 

  

	 	3.1.2	in entering into each Transaction Document to which it is a party and performing its obligations thereunder, it does not contravene, nor in respect of any Transaction
Document to which it is a party which is entered into after the date of this Agreement will it contravene, any Applicable Regulations; 

  

	 	3.1.3	all necessary corporate actions have been taken and all authorisations have been obtained for the execution by it of each Transaction Document to which it is a party
and the performance of its obligations thereunder, it has the power to enter into the Transaction Documents to which it is a party and perform its obligations thereunder and this Agreement has been duly executed and delivered by it; and

  

	 	3.1.4	its obligations under each Transaction Document to which it is a party are, or if any Transaction Document to which it is a party is entered into after the date of this
Agreement will be, from the date of execution of such Transaction Document to which it is a party, legal, valid and binding, enforceable against it in accordance with their respective terms (except as enforceability may be limited by
(i) applicable bankruptcy, insolvency, examination, reorganization, concurso mercantil or other similar law, and (ii) general principles of equity). 

 

	3.2	Lessee’s representations and warranties 

 The Lessee further represents and warrants to the Lessor that: 
  

	 	3.2.1	no Default has occurred and is continuing or would occur as a result of Delivery; 

  
 - 4 -

	 	3.2.2	it is not involved in any litigation or other dispute nor is there (to its knowledge) any claim pending against it, the outcome of which could have a material adverse
effect on its financial condition or its ability to perform its obligations under this Agreement or any other Transaction Document to which it is a party; 

  

	 	3.2.3	the Original Financial Statements and its most recently prepared management financial statements (subject to normal year-end adjustments) (which have been delivered to
the Lessor): 

  

	 	(a)	have been prepared in accordance with Mexican GAAP; 

  

	 	(b)	fairly represent the financial condition of the Lessee as at the date to which they were drawn up; and 

 

	 	(c)	do not contain any untrue statement or omit to state a material fact which could make them misleading; 

 

	 	3.2.4	since the preparation of the financial statements referred to in (c) above, there has been no material adverse change in the Lessee’s ability to perform its
obligations under this Agreement or its financial condition; 

  

	 	3.2.5	all licences, authorisations, consents, registrations and notifications required in connection with the entry into, performance, validity and enforceability of, the
Transaction Documents and the transactions contemplated therein, have been (or will promptly following the Delivery Date be) obtained or effected (as appropriate) and are (or will on their being obtained or effected be) in full force and effect;

  

	 	3.2.6	it has paid or caused to be paid, all fees or charges assessed and due against it by any airport or air navigation authority assessing landing or navigation fees or
charges in respect of aircraft operated by the Lessee the failure of which would have a material adverse effect on the Lessee’s ability to perform its obligations hereunder or which could reasonably be expected to result in a material risk of
the sale, forfeiture, detention, impoundment or other loss of the Aircraft or the use thereof; 

  

	 	3.2.7	it does not hold a contract or other obligation to operate the Aircraft to or from an Excluded Country; 

 

	 	3.2.8	 where the State of Registration is México, except for (1) the Lessor’s (or the Security Trustee’s) taking possession in New York
of the tangible chattel paper original copy of this Agreement (insofar as this Agreement constitutes tangible chattel paper (as such term is defined in the UCC)), (2) the registration of a certified Spanish language translation of this
Agreement and the Bill of Sale and the registration of the Aircraft with the Aviation Authority, (3) the effectuation of the Pre-Delivery Authorizations and Filings and the Post-Delivery Authorizations and Filings and the filing of any relevant
document evidencing the interests of the Security Trustee (if any) with the DGAC, (4) the recordation of the International Interests arising hereunder and thereunder (if any) with the International Registry

  
 - 5 -

	 	
pursuant to the Cape Town Convention, (5) the issuance of a permanent certificate of airworthiness, (6) the placing on the Aircraft and on each Engine of the plates containing the
legends referred to in Clause 12.1.1), (7) the import of the Aircraft into México and the payment of any applicable import duties related to such import and (8) the filing of UCC 1 financing statements in the District of
Columbia, it is not necessary under the laws of the State of New York, the State of Registration, the State of Incorporation or the Habitual Base in order to: 

 

	 	(a)	ensure the legality, validity, effectiveness, enforceability or admissibility in evidence; or 

 

	 	(b)	establish, protect or perfect the rights and interests of the Lessor, the Owner and any Security Trustee in the Aircraft or any Engine or Part,

 that this Agreement or any other Transaction Document or any other instrument be notarised, filed, recorded,
registered or enrolled in any court, public office or elsewhere in the United States of America, the State of Incorporation, the Habitual Base or, if different, the State of Registration or that any other action be taken or that any stamp,
registration or similar tax or charge be paid in the United States of America, the State of Incorporation, the Habitual Base or, if different, the State of Registration on or in relation to any of the Transaction Documents: 

 

	 	3.2.9	where the State of Registration is the United States of America, except for (1) the Lessor’s (or the Security Trustee’s) taking possession in New York of
the tangible chattel paper original copy of this Agreement (insofar as this Agreement constitutes tangible chattel paper (as such term is defined in the UCC)), (2) the registration of the Aircraft with the FAA, (3) the filing of the FAA
Filed Documents and any relevant document evidencing the interests of the Security Trustee (if any) with the FAA, (4) the recordation of the International Interests arising hereunder and thereunder (if any) with the International Registry
pursuant to the Cape Town Convention, (5) the issuance of a permanent certificate of airworthiness, (6) the placing on the Aircraft and on each Engine of the plates containing the legends referred to in Clause 12.1.1) and (7) the
filing of UCC-1 financing statements in the District of Columbia, it is not necessary under the laws of the United States of America, the State of Incorporation or the Habitual Base in order to: 

 

	 	(a)	ensure the legality, validity, effectiveness, enforceability or admissibility in evidence; or 

 

	 	(b)	establish, protect or (if possible under applicable law) perfect the rights and interests of the Lessor, the Owner Participant and any Security Trustee in the Aircraft
or any Engine or Part, 

 that this Agreement or any other Transaction Document or any other instrument be
notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere in the United States of America, the State of Incorporation or the Habitual Base or that any other action be taken or that any stamp, registration or similar
tax or charge be paid in the United States of America, the State of Incorporation or the Habitual Base on or in relation to any of the Transaction Documents; 

  
 - 6 -

	 	3.2.10	it is subject to civil commercial law with respect to its obligations under the Transaction Documents to which it is a party, neither it nor any of its assets is
entitled to any right of immunity and the entry into and performance by it of the Transaction Documents to which it is a party constitute private and commercial acts; 

 

	 	3.2.11	the choice by the Lessee of New York law to govern the Transaction Documents to which it is a party and the submission by the Lessee to the jurisdiction of the New York
courts specified in Clause 25.1, hereof is valid and binding on the Lessee; 

  

	 	3.2.12	its obligations under the Transaction Documents to which it is a party rank at least pari passu with all of its present and future unsecured and unsubordinated
obligations (including contingent obligations) with the exception of such obligations as are mandatorily preferred by law and not by virtue of any contract; 

 

	 	3.2.13	it has duly appointed and registered with the International Registry an administrator to act on behalf of the Lessee as a transacting user entity;

  

	 	3.2.14	it holds all licenses, certificates, permits and approvals necessary for the conduct of its business as a passenger commercial carrier and to operate on the routes that
it currently operates and for the performance of its obligations under this Agreement and each other Transaction Document to which it is a party; 

  

	 	3.2.15	its “location”, for purposes of Section 9-307 of the UCC, is the District of Columbia and the full and correct legal name and mailing address of the
Lessee as of the Delivery Date are correctly set forth in Part B of Schedule 7 (Reporting & notices), and the Lessee is situated for the purposes of Article 3(1) of the Cape Town Convention in a “contracting
state”, as such term is defined in the Cape Town Convention. 

  

	 	3.2.16	no approvals, licenses or consents are necessary to enable the 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. 

  

	 	3.2.17	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 or shall be
obtained or complied with within the timeline provided in the definition of Post-Delivery Authorizations and Filings and all Taxes payable in connection with the import of the Aircraft into the Habitual Base have been paid or shall be paid when due;

  

	 	3.2.18	 the 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 5% (which may effectively be reduced by a Tax credit 

  
 - 7 -

	 	
available to the Lessee equivalent to 80% of the applicable withholding Tax and, without limiting Clause 3.1.4 the provisions of Clause 14.2 and Clause 14.4 requiring the Lessee to
“gross-up” the Lessor for such withholding Tax and any applicable rate after the date of this Agreement, are legal, valid, binding and enforceable obligations of the Lessee in accordance with their terms. 

 

	3.3	The Lessor’s representations and warranties 

 The Lessor further represents and warrants that: 
  

	 	3.3.1	it is a Citizen of the United States: 

  

	 	3.3.2	it is subject to civil commercial law with respect to its obligations under the Transaction Documents to which it is a party, neither it nor any of its assets is
entitled to any right of immunity and the entry into and performance by it of the Transaction Documents to which it is a party constitute private and commercial acts; 

 

	 	3.3.3	the choice by the Lessor of New York law to govern the Transaction Documents to which it is a party and the submission by the Lessor to the jurisdiction of the New York
courts is valid and binding on the Lessor; and 

  

	 	3.3.4	the Lessor has not received a notice from the Seller claiming that a “default” has occurred and is continuing under the Purchase Agreement and does not
reasonably believe that it is in “default” under the Purchase Agreement. 

  

	3.4	Owners Participant’s representation and warranties 

 The Owner Participant further represents and warrants that: 
  

	 	3.4.1	it is an Irish resident corporation for Irish Tax purposes (by virtue of being managed and controlled in Ireland; 

 

	 	3.4.2	it is entitled to treaty benefits under the Mexico-Ireland income Tax treaty; 

 

	 	3.4.3	its or the OP Guarantor’s tangible net worth is at least *****. 

  

	3.5	Survival of representations and warranties 

 The representations and warranties given by the Lessor in Clauses 3.1 (Representations and warranties) and Clause 3.3 (Lessor’s representations and warranties) shall survive
the execution of this Agreement and shall be deemed to be repeated by the Lessor on the Delivery Date. 
  

	3.6	Repetition of representations and warranties 

 The representations and warranties given by the Lessee in Clause 3.1 (Representations and warranties) and Clause 3.2 (Lessee’s representations and warranties) will
survive the execution of this Agreement and shall be deemed repeated by the Lessee on the Delivery Date. 
  
 ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 - 8 -

	4.	DELIVERY AND ACCEPTANCE 

  

	4.1	Delivery and Acceptance 

  

	 	4.1.1	The Lessee acknowledges that the condition of the Aircraft on delivery to the Lessee, and its compliance or otherwise with the Purchase Agreement shall be the sole
responsibility of the Lessee, and that the Lessor has agreed to purchase the Aircraft pursuant to the Purchase Agreement at the request of the Lessee and for the sole purpose of the Lessor leasing the Aircraft to the Lessee pursuant to this
Agreement. Accordingly the Lessee acknowledges that neither the Lessor nor the Owner Participant shall have any responsibility whatsoever in respect of the condition of the Aircraft at Delivery and that the Lessee shall not be entitled for any
reason whatsoever to refuse to accept the leasing of the Aircraft under this Agreement once the Lessor is obliged to accept title to the Aircraft under the Purchase Agreement. The Lessor hereby agrees that provided that the Lessee has executed the
Indemnity Letter, the Lessee shall have a right to inspect the Aircraft on or prior to Delivery and to attend and observe the acceptance tests of the Aircraft on or prior to the Delivery, in each case pursuant to the Delegation Letter. Neither the
Lessor nor the Owner Participant shall be liable for any Loss resulting directly or indirectly from any defect or alleged defect in the Aircraft or any failure or alleged failure of the Aircraft to comply with the Purchase Agreement.

  

	 	4.1.2	The Aircraft shall be new ex factory, as described in more detail in Part A of Schedule 4 provided that the Lessee hereby agrees that to the extent the
modifications listed in Part A-2 of Schedule 4 (Aircraft specifications and delivery) have not been completed by the Manufacturer on or before the Delivery Date (such non-completed modifications hereinafter referred to as the
“Post Delivery Modifications”), such Post Delivery Modifications shall be completed by the Lessee after Delivery but on or before the C Check Date and the Lessee shall be solely responsible for effecting and managing the
implementation of such Post Delivery Modifications. Except as expressly set forth in the next sentence of this Clause 4.1.2, it is hereby agreed that that neither the Lessor nor the Owner Participant shall bear any risk or liability therewith.
Notwithstanding the foregoing, the Lessor hereby agrees to pay the cost for installation of such Post Delivery Modifications, which shall be deemed to be a part of the FAA Modification Amount and shall be paid in accordance with the provisions of
Clause 11.1.4. For the avoidance of doubt, it is hereby agreed that the Lessee shall not be entitled to terminate this Agreement or reject the Aircraft when it is offered for Delivery solely because of the non-completion of any Post Delivery
Modifications on or before the Delivery Date. 

  
 - 9 -

	4.2	Acceptance Certificate 

The Lessee shall evidence its acceptance of the Aircraft by executing the Acceptance Certificate and delivering it to the Lessor.

  

	4.3	Risk 

 As from Delivery,
the Lessee shall bear all risks associated with any loss of or damage to the Aircraft until Redelivery, except solely during any periods during which the Lessor or the Security Trustee (or any person lawfully claiming by or through either) is in
possession of the Aircraft as a result of a breach of the Lessor’s or the Security Trustee’s covenant of quiet enjoyment as contained herein in the case of the Lessor or in case of the Security Trustee, as contained in the quiet enjoyment
letter provided by the Security Trustee, substantially in the form attached as Annex 2 of Schedule 10 (Confirmation of quiet enjoyment). In recognition of the foregoing, and notwithstanding the Lessor’s rights under this
Agreement, including under Clause 13.4, the Lessee acknowledges and agrees that, as between the Lessor and the Lessee, the 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 and repair of the Aircraft in accordance with this Agreement and for the security of the Aircraft and compliance with all requirements of the Applicable Regulations, and (c) has
not relied upon, and shall not rely upon, any statement, act, or omission of the Lessor in connection with the use, operation, maintenance, repair, condition or security of the Aircraft. 

 

	4.4	Failure to take Delivery 

  

	 	4.4.1	If the Lessee fails: 

  

	 	(a)	to comply with the conditions contained in this Agreement so as to allow Delivery to take place immediately following tender of delivery of the Aircraft by the
Manufacturer pursuant to the Purchase Agreement; or 

  

	 	(b)	to take delivery of the Aircraft when tendered for delivery by the Lessor in accordance with the terms of the Transaction Documents, 

the Lessee will indemnify the Lessor for all costs and expenses, including Break Costs, incurred by the Lessor as a result of such
failure. 
  

	 	4.4.2	The Lessor shall provide to the Lessee reasonable evidence of such costs and expenses. 

 

	4.5	Delayed Delivery 

 It is
intended that Delivery shall occur on the Scheduled Delivery Date. If Delivery takes place after the Scheduled Delivery Date or not at all: 
  

	 	4.5.1	 the Lessor will not be responsible for any Losses, including loss of profit, costs and expenses, the Lessee suffers resulting from Delivery taking
place after the Scheduled Delivery Date or non delivery of the Aircraft, except for direct out-of-pocket costs incurred by the Lessee which result from a breach 

  
 - 10 -

	 	
by “buyer” of its obligations under the Purchase Agreement that does not relate to or arise out of any breach by the Lessee of its obligations hereunder or any other Transaction
Document (including any failure on the part of the Lessee to fulfill any condition precedent to the leasing of the Aircraft hereunder or under the Indemnity Letter); 

 

	 	4.5.2	the Lessee will not, except in the circumstances described in Clause 4.5.3 below, be entitled to terminate this Agreement or to reject the Aircraft when it is
offered for Delivery on the grounds of the delay; and 

  

	 	4.5.3	if for any reason other than the Lessee’s failure to satisfy any of the conditions precedents provided in Part A of Schedule 3 (Conditions precedent)
or an Event of Default hereunder, the Aircraft has not been offered for Delivery in the condition required hereunder by the Cut-Off Date and the parties have not otherwise agreed in writing to extend the Cut-Off Date, either party may terminate this
Agreement by serving notice to the other party within ten (10) days of such Cut-Off Date, at which time the obligations of each party will end from the date of that notice and the Lessor will have no liability to the Lessee arising from the
non-delivery of the Aircraft except that, provided no Event of Default has occurred, the Lessor will promptly repay to the Lessee an amount equal to the Security Deposit and any Rent paid in advance by the Lessee under this Agreement and return to
the Lessee, or agree to the cancellation, of any Security Deposit Letter of Credit. 

  

	5.	PAYMENTS 

  

	5.1	Rent and Maintenance Payments 

  

	 	5.1.1	On each Rent Date (commencing on the Delivery Date) the Lessee will pay Rent to the Lessor as set out in Part A of Schedule 6. 

 

	 	5.1.2	The Lessee will pay to the Lessor the Maintenance Payment amounts as set out in, and at the times specified in, Part B of Schedule 6 (Payments). The Lessee
acknowledges and agrees that Maintenance Payments are additional payments for the leasing of the Aircraft and not cash collateral or other collateral security for the Lessee’s maintenance obligations under this Agreement. Once paid, all
Maintenance Payment amounts are the sole and exclusive property of the Lessor and may be commingled by it with its and its Affiliates’ other funds, with no interest payable with respect thereto. Maintenance Payments shall otherwise be treated
for all purposes of this Agreement as Rent, and the Lessor shall have the same remedies in respect of the Lessee’s failure to pay Maintenance Payment amounts when due as the Lessor has for the Lessee’s failure to pay Rent when due. For
purposes of clarification, the foregoing shall not derogate from the Lessor’s independent, separate obligations to make a Maintenance Contribution. 

  

	 	5.1.3	 Without limiting or prejudicing Clause 5.1.2 above in any way, if and to the extent that in any jurisdiction any Maintenance Payment amounts paid
by the Lessee, or any obligation of the Lessor or the Owner Participant, to make a Maintenance Contribution in respect thereof, is held to be the 

  
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property of the Lessee, or if it is so determined that all or any part of the Maintenance Payment amounts or the Maintenance Contribution obligations are a debt owed to the Lessee or that the
Lessee shall have any interest in all or any part of the Maintenance Payment amounts or the Maintenance Contribution obligations, to the fullest extent permitted by any Applicable Regulations and by way of continuing security, the Lessee hereby
charges and grants a security interest in the Maintenance Payments and all rights of the Lessee to payment of any Maintenance Contributions hereunder, and any proceeds thereof, general intangibles relating thereto, the debt represented thereby
and/or any and all interest of the Lessee therein to the Lessor as secured party for itself under this Agreement and for its Affiliates under the Other Agreements, as applicable, and for the Owner Participant and its Affiliates by way of a first
priority security interest, pledge and a first fixed charge as security for the Lessee’s and the Lessee Affiliates’ obligations under this Agreement and all Other Agreements (including any and all Losses suffered or incurred by the Lessor
or any of its Affiliates in respect of which the Lessee or any the Lessee Affiliate is obligated under this Agreement or any Other Agreement). The Lessee acknowledges and agrees that the Lessor has complete dominion and control over the foregoing
collateral (within the meaning of the UCC) and possession thereof. The Lessee hereby agrees that the Lessee shall at its own expense take all such steps and enter into any additional documents and instruments necessary or reasonably requested by the
Lessor and the Owner Participant, including the Mexican Pledge, to evidence, create or perfect the Lessor’s rights in the Maintenance Payment amounts and the Maintenance Contribution obligations granted hereunder. 

 

	5.2	Rent Periods 

 The first
Rent Period will commence on the Delivery Date and each subsequent Rent Period will commence on the numerically corresponding day in the next calendar month throughout the Lease Period. Each Rent Period will end on the day preceding the numerically
corresponding day in the next month, except that: 
  

	 	5.2.1	if there is no such numerically corresponding day in that month, it will end on the last day of that month; and 

 

	 	5.2.2	if a Rent Period would otherwise overrun the Expiry Date, it will end on the Expiry Date. 

 

	5.3	Security Deposit 

  

	 	5.3.1	The Lessee shall pay to the Lessor, the Security Deposit no later than two (2) Business Days prior to the Delivery Date. 

 

	 	5.3.2	 The Lessor (or its designee) may co-mingle the Security Deposit with its own funds, the Lessor will not hold such funds as agent or on trust for the
Lessee or in any similar fiduciary capacity, the Lessee may not create security over such funds. The Security Deposit (and any interest accrued thereon) will be the sole and absolute property of the Lessor and the Lessor

  
 - 12 -

	 	
will only be obligated to pay amounts in respect thereof to the Lessee as set out in this Agreement. Except as otherwise expressly provided in this Agreement, the Security Deposit shall be
non-refundable. Notwithstanding the above and without prejudice to the rights and interests of the Lessor in the Security Deposit, if and to the extent the Security Deposit, under any Applicable Regulations or otherwise, is determined to be the
property of the Lessee, the Lessee hereby grants a security interest in and first fixed charge and pledge of the Security Deposit to the Lessor as security for the Lessee’s and the Lessee Affiliates’ obligations under this Agreement and
all Other Agreements (including any and all Losses suffered or incurred by the Lessor or any of its Affiliates in respect of which the Lessee or any Lessee Affiliate is obligated under this Agreement or any Other Agreement). The Lessee acknowledges
and agrees that the Lessor has complete dominion and control over the foregoing collateral and the collateral under Clause 5.3.7 (within the meaning of the UCC) and possession thereof. The Lessee hereby agrees that the Lessee shall at its own
expense take all such steps and enter into any additional documents and instruments necessary or reasonably requested by the Lessor and the Owner Participant, including the Mexican Pledge, to evidence, create or perfect the Lessor’s rights in
the Security Deposit granted hereunder or the Lessor’s rights in any amount drawn under any Security Deposit Letter of Credit, granted pursuant to Clause 5.3.7. 

 

	 	5.3.3	The Lessor agrees that the Lessee may, by irrevocable notice in writing to the Lessor, from time to time, elect to substitute for the Security Deposit described in
Clause 5.3.1, a letter of credit in form and substance satisfactory to the Lessor, the Owner Participant and any Security Trustee (the “Security Deposit Letter of Credit”). The Security Deposit Letter of Credit shall:

  

	 	(a)	be issued or confirmed and payable by a Permitted LC Bank and be denominated in and payable in Dollars in an amount of not less than the Security Deposit;

  

	 	(b)	name the Lessor or its nominee (including the Servicer) as the beneficiary; 

 

	 	(c)	be a first demand, transferable, irrevocable and absolute payment undertaking of the Permitted LC Bank payable on written demand (without proof or evidence of
entitlement, loss or cause required), presentable for payment at sight, by facsimile at an office of the Permitted LC Bank in New York or such other office of the Permitted LC Bank as the Lessor shall agree (in its reasonable discretion); and

  

	 	(d)	have a non-cancellable term up to the date falling thirty (30) days after the Expiry Date provided that such Security Deposit Letter of Credit may have a term
expiring prior to such date provided that the Lessee shall either: 

  
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	 	(i)	renew, extend or cause to be reissued such Security Deposit Letter of Credit not later than thirty (30) days prior to its expiry; or 

 

	 	(ii)	substitute such Security Deposit Letter of Credit with a cash Security Deposit no later than thirty (30) days prior to its expiry, 

and, if such Security Deposit Letter of Credit is not so renewed, extended, reissued or substituted with cash by such time, an Event of
Default shall be deemed to have occurred and be continuing and the Lessor shall be entitled to draw on all or any part of such Security Deposit Letter of Credit). 
  

	 	5.3.4	If the Lessee at any time elects, pursuant to Clause 5.3.3, to provide the Lessor with a Security Deposit Letter of Credit and the Lessee does so provide the
Lessor with a Security Deposit Letter of Credit complying with the terms of Clause 5.3.3, then on receipt and acceptance of such Security Deposit Letter of Credit, the Lessor shall, promptly upon the cure of any Default and, provided no other
Default has occurred and is then continuing, return to the Lessee the balance of the Security Deposit paid in cash pursuant to Clause 5.3.1 after such receipt and acceptance. 

 

	 	5.3.5	If at any time: 

  

	 	(a)	any events of the nature specified in Clauses 19.1.14 (Insolvency) or 19.1.15 (Insolvency proceedings) occur with respect to the bank issuing or
confirming the Security Deposit Letter of Credit; or 

  

	 	(b)	the rating of the bank issuing or confirming the Security Deposit Letter of Credit falls below the Minimum LC Rating; or 

 

	 	(c)	a Security Deposit Letter of Credit ceases to constitute the legal, valid and binding obligations of the issuer thereof enforceable in accordance with its terms, or
amounts payable under a Security Deposit Letter of Credit shall cease to be freely available for drawing, 

 the
Lessee shall promptly, and in any event within ten (10) Business Days, either: 
  

	 	(i)	provide the Lessor with a replacement Security Deposit Letter of Credit issued or confirmed, as the case may be, by a Permitted LC Bank that meets the requirements of
Clause 5.3.3; or 

  

	 	(ii)	provide a cash security deposit in the amount of the Security Deposit, 

 in which event, upon receipt of such cash security deposit or replacement Security Deposit Letter of Credit, the Lessor will, promptly upon the cure of any Default and provided that no other Default has
occurred and is then continuing, cause to be returned to the Lessee the original Security Deposit Letter of Credit. 

  
 - 14 -

	 	5.3.6	The Lessor may assign or pledge its interest in or otherwise create a Security Interest in respect of the Security Deposit or a Security Deposit Letter of Credit to the
Security Trustee or to any permitted transferee or assignee (and the Lessee shall, at the cost and expense of the Lessor, perform such acts and deliver such instruments as the Lessor may reasonably request in order to carry out and effect any such
assignment or pledge or Security Interest). 

  

	 	5.3.7	Any amount drawn by the Lessor under a Security Deposit Letter of Credit shall, pending application and/or set-off in the manner contemplated hereunder be the absolute
and unconditional property of the Lessor (but to the extent that in any jurisdiction any such amounts would be held to be the property of the Lessee, the Lessee hereby grants to and confers upon the Lessor, a Security Interest in the same to secure
performance of its obligations and its Affiliates’ under this Agreement, the other Transaction Documents and any Other Agreement). 

  

	 	5.3.8	In addition to all the rights and remedies under this Agreement, the Transaction Documents, any Other Agreement or under any Applicable Regulations, the Lessor may (in
its absolute discretion) immediately or whenever it chooses, following the occurrence and during the continuation of any Event of Default, set-off against, use, retain, or apply all or any part of the Security Deposit, and/or draw under any Security
Deposit Letter of Credit and apply the amounts drawn, in or towards the payment or discharge of any obligation owed by the Lessee or any Affiliate of the Lessee to the Lessor, the Owner Participant or any Affiliate of the Lessor or the Owner
Participant under this Agreement, the other Transaction Documents or any Other Agreement, in such order as the Lessor chooses. The Lessor shall promptly notify the Lessee in writing following the exercise of any of its rights under this
Clause 5.3.8 (but a failure to notify shall not affect the effectiveness of the set-off). 

  

	 	5.3.9	If as a result of the exercise by the Lessor of its rights under this Agreement the Security Deposit is reduced or the Security Deposit Letter of Credit is drawn, the
Lessee will either pay to the Lessor on demand an amount equal to such reduction or drawing, or, if applicable, otherwise procures the reinstatement of the full face value of the Security Deposit Letter of Credit, as applicable. Application of the
Security Deposit or a drawing under the Security Deposit Letter of Credit shall not be deemed to cure any Event of Default otherwise cured by the application of such monies, unless and until the Lessee pays to the Lessor, within five
(5) Business Days, an amount equal to the reduction in the Security Deposit, or the drawing under the Security Deposit Letter of Credit (or otherwise procures the reinstatement of the full face value of the Security Deposit Letter of Credit).

  

	 	5.3.10	Without prejudice to its rights under this Clause 5.3, the Lessee acknowledges and agrees that it is not located in the State of New York within the meaning of
Section 7-101 1-c.(b) of the New York General Obligations Law and, therefore, the requirements of Section 7-101 of the New York General Obligations Law, including to the effect that the Lessor hold the Security Deposit in a separate
interest bearing account do not apply. 

  
 - 15 -

	 	5.3.11	Subject to no Default having occurred and then continuing under this Agreement, the Lessor will return an amount equal to any balance of the Security Deposit (without
interest) not applied in accordance with this Agreement or, as the case may be, shall cause to be returned any Security Deposit Letter of Credit, within ten (10) Business Days following the Expiry Date. 

 

	5.4	Manner of payments 

 All
sums payable by the Lessee to the Lessor in the performance of its obligations under the Transaction Documents will be paid on or prior to the due date, in Dollars and in immediately available funds not later than 12.00 p.m. (Noon) New York City
time for value on the due date of payment into the account in New York provided in the Notice and Acknowledgment (or such other account as the Lessor may notify in writing to the Lessee at least three (3) Business Days prior to the date such
payment is due). The Lessee must make reference to the Aircraft in the payment instructions to enable the payment to be more easily traced and any payment will only be considered as having been paid when it has been credited to the account of the
Lessor. 
  

	5.5	Late payments 

 If the
Lessee fails to pay any amount payable under this Agreement or any other Transaction Document on the due date, it will pay default interest on the overdue amount at the Default Rate from (and including) the due date to (but excluding) the date on
which such overdue amount is paid in full. Default interest will be payable at intervals as demanded by the Lessor (irrespective of whether the Lessor obtains a court judgment for sums owed to it in the meantime; provided, however, that there shall
be no duplication of payment of Default interest) and any interest which remains unpaid after such interval shall thereafter bear interest at the Default Rate. All default interest will be calculated on the basis of the actual number of days elapsed
and a 360 day year. 
  

	5.6	Payments on Business Days 

If any payment of Rent, Security Deposit, Maintenance Payments or Agreed Value under this Agreement would otherwise be due on a
non-Business Day, it will be due on the preceding Business Day. If any other payment falls due on a non-Business Day, it will be due on the succeeding Business Day. 
  

	6.	ABSOLUTE AND UNCONDITIONAL OBLIGATIONS 

 The Lessee’s obligations to pay Rent, Agreed Value, Maintenance Payments and any other amounts due under this Agreement and to perform all of its other obligations punctually under this Agreement and
any other Transaction Document, 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 the 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; and the Lessee may not regard its obligations as 

  
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cancelled, terminated, suspended, reduced or altered (and waives to the greatest extent permitted by the Applicable Regulations any rights which it may have at any time to cancel, terminate,
suspend, reduce or alter such obligations), no matter what happens and no matter how fundamental or unforeseen the event and regardless of any partial or total failure of consideration, including without limitation: 

 

	 	6.1.1	any unavailability of the Aircraft for any reason, including, but not limited to, any defect in the airworthiness, merchantability, satisfactory condition, fitness for
any purpose, condition, design or operation of any kind or nature of the Aircraft; or 

  

	 	6.1.2	the ineligibility of the Aircraft for any particular use or trade, or for registration or documentation under the laws of any relevant jurisdiction; or

  

	 	6.1.3	the Total Loss (except as provided herein upon payment of the Agreed Value and all other amounts then due and payable hereunder) of, or any damage to, the Aircraft,
Airframe or any Engine; or 

  

	 	6.1.4	any set off, counterclaim, recoupment, reduction, reimbursement, withholding defence or other rights which the Lessee may have against the Lessor, the Owner
Participant, any Financier or any other person, including without limitation, rights pursuant to Sections 2A-401 or 2A-402 of the UCC; or 

  

	 	6.1.5	any failure or delay on the part of any party hereto in performing or complying with any of the terms or conditions of this Agreement or any other Transaction Document;
or 

  

	 	6.1.6	any insolvency, bankruptcy, administration, reorganisation, concurso mercantil, arrangement, readjustment of debt, dissolution, liquidation or similar
proceedings by or against the Owner, the Lessor, any Financier or the Lessee; or 

  

	 	6.1.7	any lack of due authorisation of, or other defect in, this Agreement or any other Transaction Document. 

Nothing in this Clause 6 will be construed to extinguish or otherwise limit the Lessee’s right to institute legal proceedings
against the Lessor or any other person in the event of the Lessor’s or such other person’s breach of its obligations under this Agreement or the other Transaction Documents. 

 

	7.	LESSOR’S OBLIGATIONS 

  

	7.1	Quiet enjoyment 

  

	 	(a)	So long as no Event of Default has occurred and is continuing, the Lessor will not interfere, and will not permit any person lawfully claiming by or through the Lessor
to interfere, with the Lessee’s quiet use, enjoyment and possession of the Aircraft during the Lease Period. The exercise by the Lessor of its rights under or in connection with this Agreement or any other Transaction Document, in each case in
accordance with the relevant provisions hereof or thereof (as applicable), will not constitute such interference. 

  
 - 17 -

	 	(b)	The Lessor shall cause the Owner Participant to provide the Lessee on or prior to Delivery a letter of quiet enjoyment containing a covenant of quiet enjoyment
substantially as provided by the Lessor in Clause 7.1(a) above and, if applicable, the Security Trustee to provide the Lessee on or prior to Delivery a letter of quiet enjoyment substantially in the form of Annex 2 of Schedule 10
(Confirmation of quiet enjoyment) hereto. 

  

	7.2	Warranties 

  

	 	7.2.1	The Lessee shall, during the Lease Period, enjoy the benefit of the Airframe Warranties and the Engine Warranties pursuant to the terms of the Airframe Warranties
Agreement and the Engine Warranties Agreement respectively. 

  

	 	7.2.2	Save as provided below, during the Lease Period, the Lessor will allow the Lessee to have the use and benefit of any other existing and transferable manufacturer,
vendor or supplier warranties relating to the Aircraft in each case subject to any necessary consents of the relevant manufacturer, vendor or supplier. The Lessor agrees to take such steps at the cost and expense of the Lessee, as are reasonably
necessary to enable the Lessee to receive the benefits of such warranties. The Lessee will have the benefit of any such warranties subject to any terms that the relevant manufacturer, vendor or supplier may require and the Lessee will enter into
such agreements as may be reasonably required with such relevant manufacturer, vendor or supplier. The Lessee will diligently and promptly pursue and valid claims that it may have against any such relevant manufacturer, vendor or supplier and will
give the Lessor prompt written notice of the same. 

  

	 	7.2.3	The Lessee shall give the Lessor prompt written notice of any warranty claim in respect of the Aircraft in excess of ***** which is settled with the 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 the Lessee. Any cash payments to the Lessee in respect of warranty claims concerning the Aircraft
which are not applied to repair or 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 Lease Period due to a defect covered by such
warranty, shall be for the Lessor’s account and shall to the extent received by the Lessee be promptly paid by the Lessee to the Lessor. 

  

	 	7.2.4	The 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 Lease Period or are to be paid to the Lessor in accordance with Clause 7.2.3 under any warranty relating to the Aircraft, any Engine or any Part received by the Lessee to remedy the defect, if any, in the Aircraft, any
Engine or any Part giving rise to such claim or toward reimbursement for such remedy with any excess to be retained by the Lessee. 

  

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

  
 - 18 -

	 	7.2.5	Following an Event of Default which has occurred and is continuing, the Lessee’s authorization to exercise the Lessor’s warranty rights shall automatically
terminate, and the Lessor may immediately: 

  

	 	(a)	retain for its own account any such proceeds previously paid to the Lessor which would have been remitted to the Lessee under this Clause 7.2 in the absence of
such Event of Default; 

  

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

 

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

provided that, upon cure of any such Event(s) of Default, the Lessor shall promptly pay or return such proceeds to the Lessee.

  

	 	7.2.6	On the Expiry Date, the Lessee’s rights under the warranties referred to in Clause 7.2.2 (excluding the Lessee’s rights to receive payments thereunder
for claims previously made by the Lessee) shall immediately revert to the Lessor. 

  

	 	7.2.7	On the Expiry Date, the Lessee will at its own cost and expense, take all steps necessary to ensure that the benefit of any unexpired warranties relating to the
Aircraft shall vest in the Lessor pursuant to the terms of the applicable warranties assignment. 

  

	7.3	Maintenance Contributions 

Notwithstanding references herein to the non-refundability of Maintenance Payment amounts, the Lessor shall pay Maintenance Contributions
in respect of the Aircraft as a separate obligation not constituting a refund of Maintenance Payment amounts. Such Maintenance Contributions shall be calculated and paid in accordance with the relevant provisions of Part B of Schedule 6
(Maintenance Payments). 
  

	8.	INFORMATION 

  

	8.1	Financial information 

During the Lease Period, the Lessee will deliver to the Lessor and any Security Trustee: 

 

	 	8.1.1	 as soon as available, but, in any event, no later than one hundred twenty (120) days after the last day of each financial year of the Lessee or
the Parent, as the case may be, the audited financial statements of the Lessee and the Parent, in each case prepared in accordance with IFRS or Mexican GAAP, as the Lessee may elect (provided that once the Lessee has elected to use IFRS, such
election shall be final and the Lessee shall not then revert to Mexican GAAP to fulfill its reporting obligations hereunder) as of such 

  
 - 19 -

	 	
day and the audited consolidated profit and loss statement of the Lessee and the Parent for the year ending on such day (each may be in Spanish and in Mexican currency so long as such financial
statements and the auditor’s opinion thereon shall be provided in English and in Dollars within forty-five (45) days thereof) certified by a reputable firm of accountants. The financial statements will fairly and accurately present the
financial position of the Lessee and the Parent, as the case may be, as at the end of such financial period and the results of its operations for such financial period and will disclose all material liabilities (contingent or otherwise) of the
Lessee and the Parent, as the case may be; 

  

	 	8.1.2	copies of every report, notice or like document generally issued by the Lessee or the Parent to its creditors at the time that it is so issued;

  

	 	8.1.3	within forty-five (45) days after the end of each three (3) month period, the consolidated management prepared financial statements (in Dollars) of the Lessee
and the Parent in English prepared for the most recent previous financial quarter certified by a qualified financial officer of the Lessee and the Parent, as the case may be, as being true and correct; 

 

	 	8.1.4	to the extent that the Lessee and the Parent are permitted by the Applicable Regulations and are not prohibited therefrom by confidentiality undertakings to third
parties, with reasonable promptness, such other financial, operational and other information and data with respect to the Lessee and the Parent as the Lessor and the Owner Participant may from time to time reasonably request in the context of the
transactions contemplated hereby; and 

  

	 	8.1.5	the Lessee’s obligations hereunder shall be deemed satisfied should the Lessee or the Parent publish, on a website generally available free of charge to the
public, the equivalent of the information required to be provided by the Lessee hereunder. The Lessee shall notify the Lessor in writing of the website address. 

 

	8.2	Technical Information 

Throughout the Lease Period, the Lessee will: 
  

	 	8.2.1	provide the Lessor within ten (10) days after the end of each calendar month, a technical report for the Aircraft in the form of Schedule 7 (Reporting and
notices) which must have all requested information completed (to the extent applicable) and show whether an Engine, APU or Landing Gear has been removed (specifying the reason for any such removal) and the details of the airframe on which it has
been installed or the actual physical location if not so installed and the address and contact details of the maintenance organisation responsible for the safekeeping and/or maintenance of such Engine, APU or Landing Gear; 

 

	 	8.2.2	give the Lessor at least forty-five (45) days written notice as to the time and location of all major checks and all scheduled Qualifying Work;

  
 - 20 -

	 	8.2.3	give notification to the Lessor, as soon as reasonably possible, of any unscheduled Qualifying Work; and 

 

	 	8.2.4	provide to the Lessor all information the Lessor may reasonably request from time to time regarding the maintenance of the Aircraft. 

 

	8.3	Other information 

Throughout the Lease Period, the Lessee shall: 
  

	 	8.3.1	notify the Lessor and any Security Trustee as soon as practicable of 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 *****; 

  

	 	8.3.2	notify the Lessor and any Security Trustee of any Default promptly after it occurs; and 

 

	 	8.3.3	provide the Lessor, the Owner Participant and any Security Trustee, on request (not more frequently than twice annually), with evidence that all Taxes and charges
incurred and payable by the Lessee in connection with the Aircraft and its operation and which, if unpaid, could give rise to Security Interest on the Aircraft, have been paid in full. 

 

	9.	CONTROL OF THE AIRCRAFT 

  

	9.1	No disposal or parting of possession 

 The Lessee shall not, and shall not attempt or hold itself out as having any power to, sell, charge, lease or otherwise dispose of or part with possession of the Aircraft or any part thereof except as
expressly provided herein. 
  

	9.2	Subleasing 

 The Lessee
will not, without the prior written consent (not to be unreasonably withheld) of the Lessor and any Security Trustee (and then subject to such terms and conditions as the Lessor or any Security Trustee may reasonably stipulate), sublease, or
otherwise part with possession of the Aircraft, except that the Lessee may: 
  

	 	9.2.1	charter or wet lease the Aircraft in accordance with Clause 9.3 (Charter or wet leasing); 

 

	 	9.2.2	sublease the Aircraft in accordance with Clause 9.4 (Permitted subleasing); 

 

	 	9.2.3	part with possession of the Aircraft, an Engine or Part to the relevant manufacturer for testing or similar purposes or to the Maintenance Performer for service,
repair, maintenance or overhaul work or alterations, modifications or additions to the extent required or permitted by this Agreement; and 

  

	 	9.2.4	part with possession with respect to an Engine or Part as permitted by Clause 10 (Engines and Parts). 

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

  
 - 21 -

	9.3	Charter or wet leasing 

The Lessee shall be permitted to charter or wet lease the Aircraft in the ordinary course of the Lessee’s business on a short-term
basis (and in any event for a period no greater than twelve (12) months and so that it does not extend beyond the Expiry Date) provided such charter or wet lease constitutes an arrangement whereby the Lessee agrees to furnish the Aircraft to a
third party pursuant to which the Aircraft: 
  

	 	9.3.1	shall be operated solely by cockpit personnel under the operational control of the Lessee, possessing all current certificates and licences that are required by
Applicable Regulations; 

  

	 	9.3.2	shall remain subject to the insurance coverage required under Clause 17 (Insurance); 

 

	 	9.3.3	shall be maintained and operated by the Lessee in accordance with this Agreement; 

 

	 	9.3.4	shall not be operated to or from an Excluded Country; and 

  

	 	9.3.5	shall remain registered in the State of Registration, 

 and provided always that such arrangement is expressly subordinated to this Agreement, the rights of the Lessor and any Security Trustee under this Agreement (and, if applicable, to the rights of
any Security Trustee as assignee of the Lessor) and to the Aircraft. The Lessee’s obligations under this Agreement shall continue in full force and effect notwithstanding any such charter or wet lease and in no event shall any chartering or wet
leasing of the Aircraft extend beyond the Expiry Date. 
  

	9.4	Permitted subleasing 

 The
Lessee may sublease the Aircraft to a Permitted Sublessee (such sublease, a “Permitted Sublease”) without the prior consent of the Lessor and any Security Trustee, upon and subject to the terms and conditions set out in
Schedule 11. 
  

	9.5	Continuing obligations 

The Lessee acknowledges and agrees that, notwithstanding any sublease of the Aircraft, the Lessee will remain fully liable to perform its
obligations under this Agreement and the other Transaction Documents to which it is a party but to the extent the relevant Permitted Sublessee properly performs an obligation under the sublease, the Lessor agrees that such performance shall be
regarded as discharging (to such extent) any corresponding obligations of the Lessee under this Agreement. 
  

	9.6	Sublease Event of Default 

If an event of default (howsoever described) is continuing under a sublease whilst a Permitted Sublessee is in possession of the Aircraft,
the Lessee shall promptly notify the Lessor and the Security Trustee of the steps that it is proposing to take to enforce the terms of the sublease or recover possession of the Aircraft. 

  
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	10.	ENGINES AND PARTS 

  

	10.1	With The Lessor’s Consent 

 Save as permitted in this Clause 10, the Lessee must not replace any Part or install any Engine or Part on any other aircraft whether by way of permanent title swap or for operational short term
exchange without first obtaining the Lessor’s prior written consent, which consent shall not be unreasonably withheld. 
  

	10.2	Without The Lessor’s Consent 

  

	 	10.2.1	The Lessee may permanently replace Parts (but not Engine modules without the Lessor’s prior written consent if: 

 

	 	(a)	the replacement part was manufactured by the same manufacturer of the Part it replaces; 

 

	 	(b)	the replacement part is in as good an operating condition, has as much useful life available until the next scheduled maintenance procedure, has the correct effectivity
in accordance with the latest revision of the Manufacturer’s illustrated parts catalogue, is of the same or a more advanced make and model, is of the same interchangeable and mixable modification status as the replaced Part and is of equivalent
or greater value and utility as the replaced Part; 

  

	 	(c)	the replacement part must not have elapsed Flight Hours, Cycles or calendar time (whichever is limiting) in excess of 110 percent (110%) of the Flight Hours,
Cycles or calendar time (whichever is limiting) for the Aircraft as a whole; 

  

	 	(d)	the replacement part is not a PMA Part; 

  

	 	(e)	the Lessee has full details in accordance with the FAA Regulations as to the source and maintenance records of the replacement part and in the case of life limited
parts that a complete service-history is available (including traceability “back to birth”); 

  

	 	(f)	the Part to be replaced is unserviceable, the servicing of the same is not cost effective, or the replacement part is required in order for the Aircraft to meet the
redelivery condition or is an improvement to the Aircraft permitted in accordance with the terms of this Agreement; 

  

	 	(g)	the replacement part is free and clear of all Security Interests (other than Permitted Security Interests); and 

 

	 	(h)	the replacement part meets all Applicable Regulations. 

  

	 	10.2.2	Upon the replacement part being installed on the Aircraft, it shall automatically and without further act: 

 

	 	(a)	 become and remain the property of the Lessor free from Security Interests (other than Permitted Security Interests) and without any

  
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obligation and/or liability on the part of the Lessor, the Owner Participant and/or the Financiers, whether as to Taxes and/or otherwise; and 

 

	 	(b)	become subject to this Agreement and the Financing Documents as if it had been attached to the Aircraft on Delivery. 

 

	 	10.2.3	If the Lessor so requests, the Lessee shall, at its own cost, provide such documentary evidence and take such other action as the Lessor may reasonably request to
evidence the transfer to the Lessor of full ownership of the replacement part (including the provision if requested by the Lessor or the Owner Participant of bills of sale, to the extent available). 

 

	10.3	Temporary Installation of Parts on other aircraft 

 A Part may be temporarily installed on an aircraft owned by or leased to the Lessee without the Lessor’s, the Owner Participant’s or any Security Trustee’s prior written consent if:

  

	 	10.3.1	no Event of Default has occurred and is continuing; 

  

	 	10.3.2	the Lessee has operational control over that aircraft and the terms of this Agreement will continue to apply to the Part as if it were still installed on the Aircraft;

  

	 	10.3.3	the Lessor retains title to the Part concerned; 

  

	 	10.3.4	the Part does not become subject to a Security Interest (other than a Permitted Security Interest); and 

 

	 	10.3.5	that Part is removed from that aircraft and reinstalled on the Aircraft as soon as practicable but no later than the earlier to occur of (A) the next “C”
check or equivalent and (B) the Expiry Date. 

  

	10.4	Temporary Installation of Parts 

 If necessary to avoid the grounding of the Aircraft, the Lessee may temporarily install any part on the Aircraft by way of short term replacement without the Lessor’s prior written consent if:

  

	 	10.4.1	no Event of Default has occurred and is continuing; 

  

	 	10.4.2	as soon as practicable after installation of the part on the Aircraft but, in any event, no later than the earlier to occur of (A) the next “C” check or
equivalent and (B) the Expiry Date, the Lessee removes that part and replaces it with the Part replaced by it or, in the case of a part, by a part complying with Clause 10.2.1 above; and 

 

	 	10.4.3	the Insurance for the Aircraft is not affected. 

  
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	10.5	Removal and Interchange of Engines 

  

	 	10.5.1	The Lessee will ensure that no Engine is removed from the Airframe unless it is promptly replaced on the Airframe by an engine complying with the following conditions:

  

	 	(a)	it is of the same manufacture and model as the original Engine (or an improved model), it has not been involved in any incident or accident as defined in the FARs, it
is certified in accordance with FAA rules and regulations for installation on the Aircraft, it is suitable for installation and use on the Airframe without impairing the value or utility of the Airframe and it is compatible with the remaining
installed Engine, it has equivalent interchangeable modification status, equivalent or lower time elapsed since Engine Performance Restoration, equivalent or lower time Life Limited Parts life used and equivalent remaining warranty status as the
original Engine, and it is of an equivalent or greater value and utility as the original Engine; 

  

	 	(b)	the Lessee has full details of its source and maintenance records with back-to-birth traceability of LLPs; 

 

	 	(c)	the original Engine is reinstalled on the Airframe on or prior to the Expiry Date unless replaced with a Replacement Engine as required hereunder; and

  

	 	(d)	the Insurance for the Aircraft is not affected. 

 provided that if an engine complying with the conditions in Clause 10.5(a) 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 the Lessee to ground the Aircraft until an engine complying with Clause 10.5(a) becomes available for installation on the Aircraft, the 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 than one twenty days (120) days after such installation, the Lessee shall remove
the engine and replace it with the original Engine or an engine complying with Clause 10.5.1(a) and (b), subject always to the requirement of Clause 10.5.1(c) and Clause 10.5.1(d). 

 

	 	10.5.2	The Lessee will: 

  

	 	(a)	ensure that any Engine which is not installed on the Airframe if unserviceable is promptly delivered to the Maintenance Performer for repair with such repairs to be
completed prior to the Expiry Date; 

  

	 	(b)	ensure that any Engine which is not installed on the Airframe (or another aircraft permitted by Clause 10.5.3) is properly and safely stored and insured in
accordance with this Agreement, free from Security Interests (other than Permitted Security Interests); and 

  
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	 	(c)	on request by the Lessor, procure that any person to whom possession of an Engine is given acknowledges in writing to the Lessor and any Security Trustee, that it will
respect the interests of the Lessor as owner and lessor of the Engine and any Financiers under any Security Interest (or assignment) in respect of the Engine and will not seek to exercise any rights whatsoever in relation to such Engine.

  

	 	10.5.3	The Lessee will be permitted, if no Default has occurred and is continuing, to install any Engine on an airframe owned by or leased to the Lessee and under the
operational control of the Lessee, provided that: 

  

	 	(a)	neither: 

  

	 	(i)	the provisions of any Applicable Regulations; nor 

  

	 	(ii)	the terms of any lease or other agreement or Security Interest to which such airframe is subject, 

prohibit such installation or will have the effect at any time of divesting or impairing the title and interests of the Lessor or owner
of the Engine and/or any Financiers under any Security Interest or assignment in respect of the Engine; 
  

	 	(b)	the terms of any lease, agreement or Security Interest to which such airframe is subject contain an undertaking for the benefit of the Lessor that neither the relevant
lessor, owner, seller or the holder of any Security Interest under such lease, agreement or Security Interest nor their successors or assigns will acquire, as against the Lessor, any right, title or interest in an Engine as a result of such Engine
being installed on such airframe; 

  

	 	(c)	the Lessor retains title to the Engine; 

  

	 	(d)	the other aircraft is being operated at the same or lower engine thrust; 

  

	 	(e)	the terms of this Agreement (including Insurance) will continue to apply to the Engine as if it were still installed on the Airframe; and 

 

	 	(f)	such Engine is reinstalled on the Airframe on or prior to the Expiry Date. 

 The Lessor hereby agrees for the benefit of any lessor or holder of any Security Interest in an engine which may be installed on the Airframe during the Lease Period, that the Lessor shall not, and shall
not permit any person lawfully claiming by or through it to, acquire, as against such lessor or holder of such Security Interest in the engine, any right, title, or interest in such engine as a result of such engine being installed on the Airframe.

  
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	11.	REGISTRATION, CERTIFICATION, FILING 

  

	11.1	Registration with Aviation Authority 

  

	 	11.1.1	Subject to Clause 11.1.3, during the period the Aircraft is to be registered with the DGAC, the Lessee will, save as provided in Schedule 11 (Subleasing
requirements), register and maintain the registration of the Aircraft with the Aviation Authority throughout the Lease Period on terms satisfactory to the Lessor. The Lessor agrees to provide such assistance, at the Lessee’s cost and risk,
as may be reasonably requested by the Lessee in order to enable the Lessee to comply with its obligations hereunder. Except as expressly provided in Clauses 11.1.3 and 11.1.4 below, all expenses associated with such registration shall be at the
sole cost, expense and responsibility of the Lessee. 

  

	 	11.1.2	Throughout the Lease Period, the Lessee will to the maximum extent within its control or will assist the Lessor in: 

 

	 	(a)	if allowed under Applicable Regulations at its own cost, (i) record on the relevant register of the Aviation Authority that the Lessor is the owner of the Aircraft
and, if applicable, that the Financiers have a Security Interest in the Aircraft and (ii) file this Agreement, the Bill of Sale and each Financing Document (or their main details) on that register; 

 

	 	(b)	at the Lessee’s cost, make any changes to any registration or filing that may be necessary or advisable to take account of any change in any modification to the
Aircraft (such as the permanent replacement of any Engine or Part) in accordance with this Agreement or of any change in any Applicable Regulations; and 

  

	 	(c)	at the Lessor’s request and cost, make any changes to any registration or filing that may be necessary or advisable to take account of any change in the ownership
of the Aircraft or the interests of any Financier in the Aircraft, save where such change in registration of filing is required as a result of a change of law which adversely effects the interests of the Lessor or the Financiers in the State of
Registration or the Habitual Base, if different, in which case such change shall be made at the Lessee’s cost. 

  

	 	11.1.3	 From the Delivery Date until the FAA Registration Date, the Aircraft shall be registered with the DGAC. On and from the FAA Registration Date and for
the duration of the remainder of the Lease Period, the Lessee shall, to the maximum extent within its control, cause the Aircraft to be registered with the FAA, which registration shall show the Lessor as the owner and the Lessee as the lessee and
shall be effected at the Lessee’s expense except as expressly provided in Clause 11.1.4 below. The foregoing obligation of the Lessee to register and maintain the registration of the Aircraft with the FAA is subject to the Lessor being and
remaining eligible for such registration and to the Lessor renewing the registration of the Aircraft with the FAA as contemplated by 14 C.F.R § 47. The Owner Participant shall at

  
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its own cost and expense instruct the Lessor to take such actions, including execution and delivery of documents to the Lessee, that are required by the FAA to maintain (including renew) the
registration of the Aircraft and the Lessor hereby agrees to take all such actions as are so instructed by the Owner Participant in connection with the foregoing. The Lessee shall cooperate with the Lessor at the Lessee’s expense to take such
action as the Lessor may reasonably request in connection with such registration or any renewal thereof, provided that the Lessor shall be responsible for all of the Lessor’s legal costs in connection with such registration including all
costs associated with perfecting and recording the Lessor’s, the Owner Participant’s and any Financier’s interests in the Aircraft and/or the Agreement, including the cost of the legal opinions of the FAA Counsel. The Lessee shall be
solely responsible for and shall obtain at its cost a delegation for the DGAC of airworthiness surveillance of the Aircraft from the FAA. For the avoidance of doubt, except as expressly provided in Clause 11.1.4 below, it is hereby agreed that
the Lessee shall be solely responsible for all costs and expenses associated with the registration of the Aircraft with the DGAC and with the perfecting and recording of the Lessor’s interests in the Aircraft and/or this Agreement, where the
State of Registration of the Aircraft is México, including the cost of all legal opinions in form and substance and from counsel reasonably acceptable to the Lessor, while the Lessor shall be solely responsible for all costs and expenses
associated with registering, perfecting and recording any Financier’s interest in the Aircraft and/or this Agreement. 

  

	 	11.1.4	The Lessee shall be solely responsible for managing the implementation of the technical and specification modifications (as listed in Schedule 12) required to make
the Aircraft eligible to be registered with the FAA and neither the Lessor nor the Owner Participant shall bear any risk or liability therewith. Notwithstanding the foregoing, once the Aircraft is registered with the FAA and the installation of the
requisite modifications completed, the Lessor hereby agrees to pay the FAA Modification Amount promptly to the Lessee upon receipt of (i) evidence of payment of invoices for such modifications by the Maintenance Performer in accordance with the
specifications therefor, and (ii) evidence reasonably satisfactory to the Lessor of the absence of any Security Interests on the Aircraft in favour of the Maintenance Performer or any supplier that could reasonably be expected to be claimed by
the Maintenance Performer or such supplier in connection with such modifications, provided that in no event shall the Lessor be liable to, and nothing contained in this provision shall be construed as creating an obligation on part of the
Lessor to, pay any amount in excess of the Lessor Cap. It is hereby agreed that any such excess amount shall be paid solely by the Lessee. 

  

	11.2	Certification 

 The Lessee
will take all actions needed to ensure that a current certificate of airworthiness (in the appropriate category for the nature of the operations of the Aircraft) is maintained in full effect throughout the Lease Period. 

  
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	11.3	Filings and Documentary Taxes 

 The Lessee will file or record each of the Transaction Documents and Financing Documents which can be filed or recorded by the Lessee and will pay any stamp duty or other documentary Taxes to which any of
the Transaction Documents or Financing Documents are or may become subject, in each case punctually and as may be necessary or considered by the Lessor to be advisable under Applicable Regulations. 

 

	11.4	Cape Town Convention 

  

	 	11.4.1	If the state in which the Lessee and/or a Permitted Sublessee is situated, the location of the Lessee’s principal place of business or registered office, or the
State of Registration has, or at any time brings into force, any legislative or other provisions giving effect to the Cape Town Convention and/or the Protocol, the Lessee (i) shall immediately after Delivery, register any international
interests with the International Registry with respect to the Aircraft and/or any Engine and constituted by this Agreement and/or the Transaction Documents, and (ii) at the Lessee’s cost and expense shall from time to time, do or cause to
be done (and hereby consents to the Lessor, the Owner Participant or any Financier doing or causing to be done) any and all acts and things capable of being done by the Lessee which may be required or desirable (in the discretion of the Lessor
(acting reasonably)) to ensure that the Lessee, the Lessor and any Financier has the full benefit of the Cape Town Convention and/or the Protocol in connection with the Aircraft and any Engine, including: 

 

	 	(a)	any matters connected with registering, perfecting, and/or preserving and/or enhancing any international interest(s) vested in the Lessor, as owner and lessor, or any
Financier with respect to the Aircraft and/or any Engine and constituted by this Agreement; 

  

	 	(b)	constituting any international interest(s) to be vested in the Lessor or any Financier with respect to the Aircraft and/or any Engine in connection with this Agreement;

  

	 	(c)	entry into agreements (subordination or otherwise) to protect the priority of any international interest(s) referred to in the foregoing paragraph;

  

	 	(d)	agreeing to, consenting to and acknowledging any assignment the Lessor enters, or has entered, into with a Financier in connection with this Agreement;

  

	 	(e)	excluding in writing the application of any provisions of the Cap Town Convention and/or Protocol that the Lessor may deem desirable in connection with the foregoing;

  

	 	(f)	executing and delivering an irrevocable de-registration and export request authorisation in the form set out in the annex to the Cape Town Convention; and

  
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	 	(g)	not registering, or consenting to the registration of, any conflicting interests (whether or not taking priority over the Lessor’s or any Financier’s
international interests) at the International Registry without the Lessor’s prior written consent. 

  

	 	11.4.2	The Lessee and the Lessor agree that for all purposes of the Cape Town Convention, this Agreement upon its execution will constitute a separate International Interest
with respect to the Airframe and/or each Engine identified in the Acceptance Certificate, (ii) the Airframe and each Engine constitute Aircraft Objects and (iii) this Agreement will constitute an agreement for the registration of the
Airframe and Engines identified in the Acceptance Certificate. 

 In this Clause 11.4 (Cape Town
Convention), the following terms have the following meanings: 
  

	 	(a)	international interest has the meaning as expressed in the Cape Town Convention and Protocol; 

 

	 	(b)	state has the meaning as expressed in the Cape Town Convention and Protocol; and 

 

	 	(c)	state in which the Lessee is situated shall be construed in accordance with the expression “state in which the debtor is situated in” as set out in
Article 4 of the Cape Town Convention. 

  

	11.5	Status 

 The Lessee shall
at all times during the Lease Period maintain (i) its business as a commercial scheduled air carrier; (ii) its corporate existence; 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. 
  

	11.6	Lessee’s Jurisdiction 

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

 

	12.	TITLE PROTECTION AND OPERATION 

  

	12.1	Title protection 

Throughout the Lease Period, the Lessee will at its own cost: 

 

	 	12.1.1	install (or cause Manufacturer to install) and maintain fireproof nameplates not less than 7 cm by 5 cm affixed in a prominent position in the cockpit or cabin of the
Aircraft and on each Engine showing the following: 

 “THIS [AIRCRAFT][ENGINE] IS OWNED BY WELLS FARGO BANK
NORTHWEST, NATIONAL ASSOCIATION, AS OWNER TRUSTEE, [IS 

  
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MORTGAGED TO [THE BANK OF NEW YORK MELLON, AS SECURITY TRUSTEE]] AND IS LEASED TO CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V., [AND IS SUBJECT TO A SECURITY
INTEREST IN FAVOR OF THE BANK OF NEW YORK MELLON, AS SECURITY TRUSTEE]]; 
 or such other legend as the Lessor may notify the
Lessee from time to time; provided that, any cost related to a change in the nameplates not requested by the Lessee, or not following and resulting from an Event of Default which is continuing, shall be borne by the Lessor. 

 

	 	12.1.2	take all reasonable steps to ensure that the interests of the Lessor and the Security Trustee in the Aircraft are, when appropriate, made known to third parties dealing
with the Lessee and the Aircraft and the Lessee will not: 

  

	 	(a)	hold itself out as owner of the Aircraft or as having an economic interest in it equivalent to ownership (whether to obtain a particular Tax treatment or otherwise);

  

	 	(b)	take or refrain from any action if, as a consequence, the rights of the Lessor, as lessor and owner, or any Financier in the Aircraft or the validity, enforceability or
priority of this Agreement or of any of the Financing Documents could be jeopardised; 

  

	 	(c)	represent to third parties that the Lessor, the Owner Participant or any Financier is in any way associated with or responsible for the business activities of the
Lessee; or 

  

	 	(d)	pledge the credit of the Lessor, the Owner Participant or any Financier. 

  

	12.2	Lessee’s rights 

 The
Lessee shall have no right, title or interest in or to any part of the Aircraft except the rights expressly set out in this Agreement, it being expressly agreed and acknowledged by the Lessee that title to the Aircraft shall remain vested in the
Lessor subject to any Security Interests arising under the Financing Documents in favour of the Financiers (or any of them). 
  

	12.3	Operation 

  

	 	12.3.1	The Lessee will not use or operate the Aircraft, or permit the Aircraft to be used or operated: 

 

	 	(a)	in breach of any Applicable Regulations, or, knowingly, in a manner causing the Lessor, the Owner Participant or any Financier to be in breach of any Applicable
Regulations; 

  

	 	(b)	for any purpose for which the Aircraft was not designed or contrary to any recommendation of the Manufacturer, the Engine Manufacturer or the Aviation Authority;

  
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	 	(c)	for the carriage of: 

  

	 	(i)	whole animals living or dead except in the cargo compartment according to IATA regulations (except domestic pet animals carried in a suitable container to prevent
the escape of any liquid and to ensure the welfare of the animal); 

  

	 	(ii)	acids, toxic chemicals, other corrosive materials, explosives, nuclear fuels, nuclear wastes, or any nuclear assembles or components, except as permitted for passenger
aircraft under the “Restriction of Goods” schedule issued by IATA from time to time and provided that all the requirements for packaging or otherwise contained therein are fulfilled; 

 

	 	(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 items or substance; 

  

	 	12.3.2	in any circumstances or geographic location where the Aircraft is not covered by the Insurance; or 

 

	 	12.3.3	or permit the Aircraft to proceed to, or remain at, or operate from any location in an Excluded Country; 

 

	 	12.3.4	for any training, demonstration or test flights but the Lessee will be entitled to undertake flight deck crew training of its own personnel (or any Permitted
Sublessee’s personnel pursuant to a Permitted Sublease) provided that the use of the Aircraft for such crew training is not disproportionate to the amount of such crew training on other aircraft of the same type as the Aircraft operated
by the Lessee. 

  

	 	12.3.5	The Lessee will: 

  

	 	(a)	base the aircraft at the Habitual Base; 

  

	 	(b)	use the Aircraft solely in commercial or other operations for which the Lessee is duly authorised by the Aviation Authority and Applicable Regulations;

  

	 	(c)	ensure that the crew and engineers employed by the Lessee in connection with the operation and maintenance of the Aircraft have the qualifications and hold the licences
required by the Aviation Authority and Applicable Regulations; and 

  

	 	(d)	obtain and maintain in full force any certificates, licences, permits and authorisations for the time being required for the use and operation of the Aircraft and for
the making of payments required by, and the compliance by the Lessee with its other obligations under, this Agreement. 

  
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	12.4	Operational Costs 

 The
Lessee will pay or cause to be paid all costs of operating the Aircraft, and, to the extent failure to pay the same could result in a Security Interest upon the Aircraft, all other aircraft operated by the Lessee, including all air navigation
charges (including, to the extent applicable, Eurocontrol charges and the equivalent), licenses and other overflight and airport fees and charges and passenger Taxes when due. 

 

	13.	TECHNICAL 

  

	13.1	Maintenance, overhaul and repair 

  

	 	13.1.1	Throughout the Lease Period, the Lessee will at its own cost and provided it qualifies as a Maintenance Performer, maintain, overhaul and repair the Aircraft (or
arrange for the Aircraft to be maintained, overhauled and repaired by a Maintenance Performer), so that: 

  

	 	(a)	the Aircraft is kept safe for operation and airworthy in all respects in accordance with the requirements of the Aviation Authority and FAA Regulations and in as good
operating condition and state of repair as on the Delivery Date (normal wear and tear excepted) and in compliance with all requirements of the FAA or EASA and the Aviation Authority; 

 

	 	(b)	all maintenance is conducted in accordance with the Maintenance Programme by a Maintenance Performer; and 

 

	 	(c)	the Aircraft is not discriminated against, in respect of modification status, maintenance or operation, as compared with any other aircraft of the same type in the
Lessee’s fleet. 

  

	 	13.1.2	No agreement relating to work done on the Aircraft may give the Maintenance Performer the right to hold the Aircraft in respect of work done on any other aircraft in
the Lessee’s fleet. 

  

	 	13.1.3	Any structural repairs required or allowed will be performed in accordance with the provisions of the most recent iteration of the Manufacturer’s structural repair
manual applicable to the Aircraft or, if outside the scope of the such structural repair manual, in accordance with an FAA or EASA approved Manufacturer’s written instruction, and shall be permanent in nature. The Lessee will keep detailed
records and associated maintenance data relating to such repairs in accordance with the requirements of the Aviation Authority and the FAA or EASA. 

  

	13.2	Configuration 

 The Lessee
will not make any change to the configuration of the Aircraft other than those that may be required to comply with its obligations under Clause 13.5 (Airworthiness Directives) or, if the cost thereof exceeds *****, for which it has
obtained the prior written consent of the Lessor. The Lessee will promptly report any change in configuration of the Aircraft to the Lessor. Notwithstanding the foregoing, the Lessor may require the Lessee to return the Aircraft hereunder in its
original configuration. 
  
 ***** Confidential portions of the
material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 - 33 -

	13.3	Aircraft Documents 

  

	 	13.3.1	The Lessee will maintain the Aircraft Documents throughout the Lease Period: 

 

	 	(a)	in the English language; 

  

	 	(b)	in accordance with customary major international airline industry practice; and 

 

	 	(c)	so as to comply with the requirements of the FAA, the Aviation Authority, all Applicable Regulations, the Maintenance Programme and the mandatory requirements of the
original equipment manufacturer (as the case may be); and 

  

	 	(d)	up to date to reflect the operation of the Aircraft and the current configuration of the Aircraft including all maintenance, repair and work performed and all
“approved data” required by the FAA and the Aviation Authority. 

  

	 	13.3.2	Except as required by applicable Regulation or the Manufacturer, the Maintenance Programme may not be changed without the prior written consent of the Lessor, except
for any change which is more restrictive than the Manufacturer’s MPD. 

  

	13.4	Inspection 

  

	 	13.4.1	 On request from the Lessor or the Owner Participant, the Lessee shall arrange that at any reasonable time during the Lease Period, the Lessor, the
Owner Participant, any Financier and any prospective purchaser of the Aircraft or their authorized representatives may inspect the Aircraft and the Aircraft Documents and the 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, the Lessor shall give the Lessee reasonable notice of
such inspection and shall ensure that such inspections shall be coordinated with the Lessee so as not to cause unreasonable interference with or delay to the Lessee’s operation of the Aircraft. The inspection of the Aircraft shall be limited to
a visual, walk around inspection, which may include access to cargo bay areas, electronic bay, opening of Engine cooling and APU access panels as reasonably required by the inspecting person, and inspection of the Aircraft Records. The Lessee shall
comply with the reasonable requests of the 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. Any such inspection shall be conducted not more than once during any calendar year provided that while any Default and/or an Event 

  
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of Default has occurred and is continuing the number of inspections shall be unlimited and provided further that any follow-up inspection pursuant to Clause 13.4.2(ii) shall not be construed
to be an exercise of the right of the inspection provided herein. 

  

	 	13.4.2	The cost of conducting an inspection (including all reasonable out-of-pocket expenses) shall be borne by the Lessor unless: (i) an Event of Default has occurred
and is continuing, in which case the cost shall be borne by the Lessee; or (ii) an inspection reveals that the 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 the Lessee’s cost. 

  

	 	13.4.3	The Lessor, the Owner Participant and the Financier shall have no duty or obligation to inspect the Aircraft or arising out of such inspection and the Lessor, the Owner
Participant and the Financier shall incur no liability as a result of exercise or non-exercise of any inspection rights in this Clause 13.4. In addition, any inspection of the Aircraft (including any Aircraft Documents) shall be solely for the
Lessor’s, the Owner Participant’s or such Financier’s information and failure to notify the Lessee of any discrepancies thereafter shall not imply that the Lessee is in compliance with this Agreement, its Maintenance Programme or the
Applicable Regulations. 

  

	 	13.4.4	All repairs agreed at such inspection or required by this Agreement shall be made at the Lessee’s expense and shall be commenced and completed as soon as
practicable after the date on which the Lessee receives notice from the Lessor or the Owner Participant requiring it to do so. 

  

	 	13.4.5	The Lessee agrees that it will co-operate in all reasonable respects with the efforts of the Lessor to lease or sell the Aircraft (subject to the provisions of
Clause 23 of this Agreement), including, without limitation, permitting potential lessees or purchasers to inspect the Aircraft and the Aircraft Documents provided that the same shall not interfere with the Lessee’s use or
maintenance of the Aircraft or require the Lessee to incur out-of-pocket expenses for which it is not reimbursed by the Lessor. 

  

	13.5	Airworthiness Directive 

The Lessee will incorporate in the Aircraft all Airworthiness Directives and mandatory Service Bulletins which apply to the Aircraft and
which have a compliance date during the Lease Period or, to the extent the same exist as of the Expiry Date, which require compliance within one hundred and eighty (180) days after the Expiry Date. 

 

	14.	INDEMNITIES 

  

	14.1	General Indemnity 

  

	 	14.1.1	 Subject to the exclusions set out in Clause 14.1.2, the Lessee shall immediately upon demand, indemnify and hold harmless each of the

  
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Indemnitees against any and all Losses which an Indemnitee may suffer or incur, whether directly or indirectly (and regardless of when the same are suffered or incurred) as a result of or in
connection with: 

  

	 	(a)	the ownership, purchase, sale, control, management, service, maintenance, repair, overhaul, delivery, possession, transfer of title or possession, import, export,
storage, modification, leasing, inspection, refurbishment, transportation, storing, testing, design, sub-leasing, pooling, wet-leasing, charter, interchange, replacement, condition, environmental damage, use, operation, registration or redelivery of
the Aircraft, any Engine, any Part and/or which otherwise relate to the Aircraft 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
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)	any act or omission which invalidates or which renders voidable any of the Insurances; 

 

	 	(c)	preventing or attempting to prevent the arrest, confiscation, seizure, taking in execution, impounding, forfeiture or detention of the Aircraft or in securing its
release; 

  

	 	(d)	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 in respect of any of the matters referred to in this Clause 14.1.1; 

 

	 	(e)	any latent or other defects or deficiencies therein, whether or not discoverable, known or unknown, apparent or concealed, exterior or interior;

  

	 	(f)	any breach by the Lessee of its obligations under the Transaction Documents; or 

 

	 	(g)	any Security Interest (other than a Lessor Lien). 

 Notwithstanding anything to the contrary herein, the foregoing shall not be construed as requiring the Lessee to indemnify the Indemnitees for the residual value of the Aircraft except to the extent
provided here as a result of an Event of Default. 
  

	 	14.1.2	The Lessee will not be required to indemnify any Indemnitee under Clause 14.1.1 to the extent the Loss for which the indemnity claim is made:

  

	 	(a)	 is caused by such Indemnitee’s fraud, wilful misconduct or Gross Negligence; or

  
 - 36 -

	 	(b)	is caused by a breach or default by such Indemnitee of its express obligations under a Transaction Document which does not result from any act or omission of any other
person; or 

  

	 	(c)	arises solely as a result of an event or occurrence occurring after the Expiry Date while no Default is in existence and redelivery of the Aircraft to the Lessor in
accordance with this Agreement and is not attributable to any act, omission, event or circumstance occurring prior to such redelivery; 

  

	 	(d)	is covered pursuant to another indemnity provision of this Agreement and payment to such Indemnitee under such other indemnity has actually been received by it;

  

	 	(e)	comprises the Lessor’s acquisition cost of the Aircraft or is an ordinary and usual overhead expense of such Indemnitee (but excluding any such Losses which is
suffered or incurred as a result of or following the occurrence of an Event of Default); or 

  

	 	(f)	arises as a result of any Lessor Lien or Lessor Tax; or 

  

	 	(g)	consists of a Loss for which such Indemnitee has expressly agreed to be responsible in this Agreement. 

 

	14.2	Withholdings 

  

	 	14.2.1	The Lessee will not deduct any amount from any of its payments under the Transaction Documents, for or on account of any Taxes, unless the Lessee is obliged to do so
under any Applicable Regulations. 

  

	 	14.2.2	If the Lessee legally has to make a deduction as described in Clause 14.2.1, the Lessee must: 

 

	 	(a)	deduct the minimum amount necessary to comply with any Applicable Regulations; 

 

	 	(b)	pay the Tax to the relevant authority in accordance with all Applicable Regulations; 

 

	 	(c)	with the exception of the exclusions set out in Section 14.4.2 below, pay to the Lessor and/or the 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 the Lessor and/or the Owner Participant (as applicable and without duplication) on the date of
such payment, after deduction or withholding for all such Taxes will be equal to the amount that the Lessor and/or the Owner Participant (as applicable and without duplication) would have received if such Taxes had not been deducted or withheld;

  
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	 	(d)	obtain a receipt or, if not legally possible, provide other evidence for the payment of such Tax from the relevant authority and give it to the Lessor; and

  

	 	(e)	following receipt of a written request therefor from the Lessee, which request shall not be more frequent than once per calendar year throughout the Lease Period, the
Lessor shall provide the Lessee with a certificate relating to the Owner Participant’s tax residency, as requested, from the relevant tax authority, in such form as may be provided by such relevant tax authority. 

 

	14.3	Payment of Taxes 

 The
Lessee shall promptly pay all Taxes imposed by any Government Entity with respect to the Aircraft, including without limitation with respect to the ownership, delivery, leasing, sub-leasing, possession, use, operation, importation, exportation,
redelivery, sale or other disposition of the Aircraft, any payments under this Agreement and in respect of any premises where the Aircraft, any Engine or any Part thereof is located from time to time. 

 

	14.4	Tax Indemnity 

  

	 	14.4.1	Subject to the exclusions set out in Clause 14.4.2, the Lessee shall immediately upon demand indemnify and hold harmless each of the Indemnitees against any and
all Taxes which an Indemnitee may suffer or incur, whether directly or indirectly and which arise (and regardless of when the same are suffered or incurred) as a result of the purchase, sale, ownership, maintenance, service repair, overhaul,
delivery, possession, transfer of title or possession, control, management, import, export, storage, modification, leasing, inspection, refurbishment, replacement, transportation, storing, testing, design, sub-leasing, pooling, wet leasing, charter,
interchange, condition, environmental damage, use, operation, registration or redelivery of the Aircraft, any Engine, any Part and/or which otherwise relate to the Aircraft. 

 

	 	14.4.2	The Lessee will not be required to indemnify any Indemnitee under Clause 14.4.1 to the extent the Tax for which the indemnity claim is made:

  

	 	(a)	is caused by such Indemnitee’s fraud, wilful misconduct or Gross Negligence; 

 

	 	(b)	is a Tax liability which such Indemnitee has and which would have arisen even if the Transaction Documents had not been entered into; 

 

	 	(c)	is covered pursuant to another indemnity provision of this Agreement and payment to such Indemnitee under such other indemnity has actually been received by it;

  

	 	(d)	is caused by a breach, misrepresentation or default by such Indemnitee of its express obligations under a Transaction Document which does not result from any act or
omission of any other person other than an Indemnitee; 

  
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	 	(e)	arises as a result of any Lessor Lien or Lessor Tax, 

  

	 	(f)	arises from the failure of an Indemnitee to comply with any certification or documentation concerning residence, nationality or identity, or other requirement of the
jurisdiction imposing the Tax as a precondition to any exemption from, or reduction of, such Tax to which such Indemnitee may be entitled; provided such certification, documentation or other requirement or compliance therewith would not expose such
Indemnitee to any risk of material adverse consequences and further provided that the Lessee has notified such Indemnitee, or such Indemnitee has otherwise acquired knowledge, of the relevant Tax and such certification, documentation or other
requirement within reasonably sufficient time so as to allow such Indemnitee, acting with diligence, to comply with such certification, documentation or requirement, 

 

	 	(g)	arises from the voluntary or involuntary sale, assignment, transfer or other disposition (whether as security or otherwise) by an Indemnitee of all or any part of its
interest in and to the Aircraft, the Airframe, any Engine, any Part, this Lease, any Transaction Document or any loan secured by any of the foregoing other than as a result of (a) the exercise of remedies in connection with an Event of Default
or any transfer at any time during an Event of Default; or (b) the substitution, replacement, maintenance, repair or modification of the Aircraft or any Engine or Part or the pooling of an Engine or any Part or other transfer contemplated by
this Agreement or any other Transaction Document other than under Clauses 23.4 though 23.10 hereof or made at the Lessee’s request, 

  

	 	(h)	is related to a Tax imposed to the extent such Tax would not have been imposed but for any amendment, supplement, modification, contest or waiver to this Agreement or
any Transaction Documents requested by the Lessor that is unrelated to any actual or potential Default or Event of Default; or 

  

	 	(i)	is imposed on an Indemnitee that is a transferee of any interest of any transferor Indemnitee to the extent the Tax imposed on such transferee Indemnitee exceeds the
amount of Tax which would have been imposed on the relevant transferor Indemnitee in the absence of any transfer, in each case solely as determined at the time of, and with reference to the Applicable Regulations in effect or enacted and scheduled
to come into effect as of, the date of the relevant transfer. 

 Notwithstanding the foregoing, in no event shall
withholding Taxes imposed by México be a Lessor Tax unless and to the extent such withholding Tax arises as a result of a transfer by the Lessor or the Owner Participant of any of their respective right, title and interest in and to this
Agreement, the Aircraft, any Engine or any Part, or any Transaction Document (except as requested by 

  
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the Lessee or permitted or required under this Agreement, 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. 
  

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

  

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

  

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

  

	 	(b)	if the Lessee is not permitted by the Applicable Regulations to file any such report, return or statement, the Lessee will prepare and deliver to the 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. The Lessor or any Indemnitee will arrange (at the Lessee’s cost and expense) for any such report, return or
statement to be filed with the relevant tax authorities. 

 provided, however, that if notwithstanding the
Lessee’s timely notification of such report or return to be filed by the Lessor or an Indemnitee, the Lessor or any Indemnitee, as the case may be, fails to file in a timely fashion any report or return with respect to any Tax for which there
is an indemnity obligation of the Lessee, the Lessee shall have no obligation to indemnify the Lessor or any Indemnitee, for any penalties, addition to Tax, interest or fines with respect to such failure to file. 

 

	14.5	Lessee’s Indemnity 

If the Lessee pays to an Indemnitee any Tax that is not subject to indemnification under Clause 14.4.2 of this Agreement, such
Indemnitee shall, so long as no Default is in existence, repay such amount to the Lessee within thirty (30) days after receipt of the Lessee’s written request therefore. 

  
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	14.6	Sales Tax 

 Without
limiting Clause 14.4 above, the Lessee shall pay to the Lessor and/or the Owner Participant (without duplication) (or, if permitted by the Applicable Regulations and if requested by the Lessor and/or the Owner Participant (without duplication),
the Lessee shall pay to the relevant tax authority for the account of the Lessor and/or the Owner Participant (as applicable)): 
  

	 	14.6.1	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, in connection with a request of the 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 the Lessee pursuant to this Agreement or any such transfer unless the Lessee delivers to the Lessor and/or
the 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 documentation as may be required by the Applicable Regulations to evidence the Lessor’s
and/or the 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

  

	 	14.6.2	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
the Lessee delivers to the Lessor and/or the Owner Participant (without duplication) such documentation as may be required by any Applicable Regulations to evidence the Lessee’s entitlement to exemption from all Sales Taxes imposed by each such
jurisdiction with respect thereto. 

  

	14.7	VAT 

  

	 	14.7.1	For the purposes of this Clause 14.7: 

  

	 	(a)	VAT – includes value added Tax and any goods and services, sales or turnover Tax, or charges of a similar kind. 

 

	 	(b)	Supply – includes anything on which VAT is charged. 

  

	 	14.7.2	The Lessee must pay the Lessor and/or the Owner Participant (without duplication) or the relevant Tax authority (as applicable) the amount of any VAT which is
chargeable for any Supply under any of the Transaction Documents. 

  

	 	14.7.3	 Each amount shown which the Lessee must pay under the Transaction Documents does not include VAT and if VAT is payable in respect of any amount, the
Lessee shall pay all such VAT and shall indemnify the Lessor and/or the Owner Participant (without duplication) against any claims for the same (and where appropriate the Lessee shall increase the payments

  
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which would otherwise be required to be made hereunder so that the Lessor and/or the Owner Participant (without duplication) is left in the same position as it would have been in had no VAT been
payable); and the Lessee shall provide evidence to the Lessor and/or the Owner Participant (without duplication) in respect of payment of any such VAT. 

  

	14.8	Currency protection 

  

	 	14.8.1	The Lessee agrees to indemnify each Indemnitee against any Loss which such Indemnitee suffers in converting any sum into Dollars if: 

 

	 	(a)	such Indemnitee receives an amount relating to the Lessee’s obligations in a different currency from that in which payments should be made under the Transaction
Documents; or 

  

	 	(b)	the Lessee pays a judgment or claim in a different currency from that in which payments should be made under the Transaction Documents. 

 

	 	14.8.2	The Lessee waives any right it may have in any jurisdiction to pay any amount under the Transaction Documents or to pay a judgment or a claim in a currency other than
the contractual currency. 

  

	14.9	Notification and Contest 

  

	 	14.9.1	The Lessor or any other Indemnitee shall notify the Lessee in writing of any matter or any Taxes of which the Lessor or such other Indemnitee has, through a responsible
officer received formal notice and for which the Lessee is obligated to indemnify under this Clause 14 (each a Claim); provided, however, the delay or failure of the Lessor to give notice to the Lessee in accordance
with this Clause 14.9 will not discharge or release the Lessee from any of its indemnity obligations under Clause 14 except, and only to the extent, that such delay or failure was unreasonable and materially prejudices or precludes the
Lessee’s right to defend and contest any such Claim or results in additional amounts payable by the Lessee which amounts would not have been imposed in the absence of such delay. 

 

	 	14.9.2	 If reasonably requested by the Lessee in writing within thirty (30) days of the Lessee’s receipt of notice of such Claim, the Lessor or any
other Indemnitee shall at the Lessee’s risk and expense, in good faith diligently contest or, in the case of a Lessee-Controlled Contest (as hereafter defined) permit the Lessee to contest the validity, applicability or amount of such Taxes by
(a) resisting payment thereof, if practicable, (b) paying the same only under protest, if protest is necessary and proper or (c) if payment shall be made, seeking a refund thereof in appropriate administrative and judicial
proceedings. The Lessor or the relevant Indemnitee shall determine the method of any contest that is not a Lessee-Controlled Contest and (in good faith consultation with the Lessee) control the conduct thereof; provided however, that the Lessor or
the relevant Indemnitee shall not settle a Claim without the prior written consent of the Lessee. The Lessee shall determine (acting reasonably and in good faith) the method of any contest that is a Lessee-Controlled Contest and shall control the
contest in good faith consultation with Lessor or the relevant Indemnitee. The term “Lessee-Controlled Contest” shall mean any contest (i) that, under Applicable Regulations, may be conducted in the Lessee’s name and that does
not involve 

  
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income Taxes or Lessor Taxes or (ii) which the Lessor or the relevant Indemnitee determines in good faith the contest of which by the Lessee will not adversely affect Lessor or the relevant
Indemnitee. In no event shall the Lessor or the relevant Indemnitee be required or the Lessee be permitted to contest the imposition of any Tax for which the Lessee is obligated pursuant to this Clause 14.9.2 unless: 

 

	 	(A)	the Lessee shall pay such Indemnitee on demand, and indemnify the such Indemnitee as applicable on an after-Tax basis against, all costs and expenses that such
Indemnitee may incur in contesting such claim or arising out of or relating to such contest (including, without limitation, all reasonable legal and accounting fees, disbursements, penalties, interest and additions to Tax); 

 

	 	(B)	the Lessee shall have provided to the Lessor and the relevant Indemnitee an opinion of tax counsel reasonably acceptable to the Lessor and such relevant Indemnitee that
there is a “reasonable basis” (as such term is interpreted by the American Bar Association tax opinion standards) for such disputation, and the Lessee shall have acknowledged and agreed that it is responsible for indemnifying the relevant
Indemnitee for such Tax; 

  

	 	(C)	such Indemnitee shall have determined that there is no material risk that the action to be taken will result in a sale, forfeiture or loss of, or the creation of any
Security Interest on, the Aircraft; and 

  

	 	(D)	no Event of Default shall have occurred and be continuing. 

 Nothing contained in this Section 14.9.2 shall require the Lessor or any Indemnitee to contest, or permit the Lessee to contest in the name of the Lessor or an Indemnitee, a Claim which the Lessor or
Indemnitee would otherwise be required to contest pursuant to Section 14.9 if the Lessor or such Indemnitee shall waive payment by Lessee of any amount that might otherwise be payable by the Lessee under Section 14 in connection with such
Claim. If the Lessor or any Indemnitee agrees to a settlement of any contest conducted pursuant to this Section 14.9.2 without the prior written consent of the Lessee, then the Lessor or the relevant Indemnitee shall be deemed to have waived
its rights to the indemnification provided for in Section 14 with respect to the Tax liability accepted in such settlement (and all directly-related Claims, and Claims based on the outcome of such Claim). So long as no Event of Default has
occurred and is continuing, in the event that the Lessor or an Indemnitee either waives or is deemed to have waived its rights to indemnification as provided above, the Lessor or the relevant Indemnitee shall repay to the Lessee any amount
previously paid or advanced to or on behalf of such Indemnitee with respect to such Claim, together with any interest that might have been generated therein. 
  

	14.10	Tax on indemnity payments 

The amount of any payment made under this Clause 14 (Indemnities) must take into account the Tax treatment of the payment and
of the Loss in respect of which the payment is claimed so that the Indemnitee is fully compensated, after that Tax treatment has been taken into account, for the Loss for which the relevant claim is made. 

  
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	14.11	Tax Credit 

 If an
Indemnitee, in good faith, determines that it has realized a Tax benefit (by way of deduction, credit or otherwise) as a result of any payment which the Lessee has made under Clause 14.4 to or for the benefit of such Indemnitee, such Indemnitee
shall pay to the Lessee as soon as practicable after the Tax benefit has been realized (but not before the Lessee has made all payments and indemnities to the Lessor required under this Clause 14 and so long as no Default is in existence) an
amount which will ensure that (after taking account of the payment itself) such Indemnitee is in no better and no worse position than it would have been if the Tax benefit had not been realized. Nothing in this Clause 14.11 shall:
(i) interfere with the right of any Indemnitee to arrange its Tax affairs in whatever manner it thinks fit; or (ii) oblige any Indemnitee to disclose any information relating to its Tax affairs or any Tax computations. 

 

	14.12	Duration 

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

 

	15.	TOTAL LOSS 

  

	15.1	Risk of Loss 

 The Lessee
will be responsible for all risks associated with a Total Loss throughout the Lease Period. 
  

	15.2	Total Loss: Airframe 

  

	 	15.2.1	If the Airframe or the Aircraft suffers a Total Loss at any time prior to Delivery, this Agreement will immediately terminate and neither party will have any further
obligations hereunder except as expressly stated and save for accrued rights, obligations and claims and any obligations expressed to survive the termination of this Agreement provided that the Lessor will repay to the Lessee an amount equal
to the Security Deposit paid by the Lessee and not applied in accordance with Clause 5.3 and return to the Lessee or agree to the cancellation of, any Security Deposit Letter of Credit. 

 

	 	15.2.2	If the Airframe or the Aircraft suffers a Total Loss at any time after Delivery: 

 

	 	(a)	the Lessee will pay the Agreed Value to the Loss Payee on the Total Loss Payment Date together with any unpaid Rent calculated up to and including that date and any
Break Costs; 

  

	 	(b)	the Lessee will continue to perform those of its obligations that remain capable of performance (including, for the avoidance of doubt, the payment of Rent) up to and
including the Total Loss Payment Date; and 

  
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	 	(c)	when the Lessor has received all amounts payable by the Lessee under this Agreement and under any Other Agreement and unless the insurers are entitled to the Aircraft
by way of salvage, the Lessor will then ensure that it transfers title to the Aircraft to the Lessee or its nominee, if requested to do so. Ownership will be transferred on an “AS IS WHERE IS” basis without any recourse, representation or
warranty except that there are no Lessor Liens. The Lessee shall indemnify the Lessor and the Owner Participant for all fees, expenses and Taxes incurred by the Lessor or the Owner Participant resulting from their compliance with this
Clause 15.2.2(c). 

  

	15.3	Total Loss: Engine or Part 

If an Engine or a Part suffers a Total Loss which does not also involve a Total Loss of the Airframe (and as if, for these purposes, all
references in the definition of Total Loss to Aircraft were to Engine or Part as the context may require): 
  

	 	15.3.1	the Lessee must replace that Engine or Part; 

  

	 	15.3.2	any replacement part must meet the requirements of Clause 10.2.1; 

  

	 	15.3.3	in the case of a replacement engine, such engine must be a “Suitable Replacement Engine” which for the purposes of this Clause shall mean an engine:

  

	 	(a)	which is of the same model, or an improved or advanced version of the Engine it replaces, approved by the Manufacturer and the Aviation Authority for installation and
operational use on the Airframe in conjunction with the other Engine; 

  

	 	(b)	which is in the same or better operating condition and having equivalent or better time elapsed since hot section refurbishment and cold section refurbishment,
reduction gear overhaul and remaining equivalent warranty status as the Engine it replaces; 

  

	 	(c)	which has as much useful life available until the next scheduled maintenance procedure for performance restoration (shop visit) condition as the Engine it replaces;

  

	 	(d)	for which the Lessee can provide to the Lessor full details as to its source and full maintenance records (which in the case of life limited parts are sufficient to
demonstrate to the Lessor’s satisfaction full back-to-birth traceability of such life limited parts); 

  

	 	(e)	which has the same or greater value, utility, modification status and use as the Engine it replaces including life limited parts; 

 

	 	(f)	which is free from any Security Interests (other than Permitted Security Interests) and for which the Lessee can provide to the Lessor and any Security Trustee such
evidence of title as the Lessor or any Security Trustee may reasonably request; and 

  
 - 45 -

	 	(g)	which meets all Applicable Regulations; 

  

	 	15.3.4	upon installation of a Suitable Replacement Engine on the Aircraft, such Suitable Replacement Engine shall automatically and without any further act:

  

	 	(a)	become and remain the property of the Lessor, without any obligation and/or liability on the part of the Lessor, the Owner Participant and/or Financiers, whether as to
Taxes and/or otherwise; and 

  

	 	(b)	become subject to this Agreement and the Financing Documents as if it had been attached to the Aircraft on Delivery; 

 

	 	15.3.5	if the Lessor, the Owner Participant or any Security Trustee requests, the Lessee shall, at its own cost, provide such documentary evidence and take such other action
as the Lessor, the Owner Participant or any Security Trustee may request to evidence the transfer to the Lessor of full ownership of the Suitable Replacement Engine and to protect the rights of the Security Trustee and/or other Financiers as
mortgagee(s) in respect of such Suitable Replacement Engine (including the provision, if required, to the Lessor of bills of sale, and legal opinions), and where the Cape Town Convention applies, cooperate with the prompt registration of the
Contract of Sale on the International Registry; 

  

	 	15.3.6	after the Lessee has carried out all of its obligations under this Clause 15.3 (Total Loss: Engine or Part), and unless the insurers are entitled to the
replaced Engine or Part as salvage, the Lessor will, if requested, transfer ownership of the replaced Engine or Part to the Lessee or its nominee. Ownership will be transferred on an “AS IS WHERE IS” basis without any, recourse,
representation or warranty except that there are no Lessor Liens. The Lessee shall indemnify the Lessor and the Owner Participant for all fees, expenses and Taxes incurred by the Lessor or the Owner Participant resulting from their compliance with
this Clause 15.3.6; and 

  

	 	15.3.7	a Total Loss of an Engine or Part shall not result in any reduction in the Rent or any other sums payable by the Lessee under this Agreement. 

 

	16.	REQUISITION 

  

	16.1	No Default 

 If the
Aircraft is requisitioned for use which does not constitute a Total Loss, then provided that all the provisions of this Agreement are complied with (including Insurance) there will be no Default as a result of such requisitioning and
throughout the Requisitioning Period: 
  

	 	16.1.1	the Lessee will continue to pay Rent and Maintenance Payments and perform those of its obligations that remain capable of performance; 

 

	 	16.1.2	the Lessee will be entitled to any hire paid by the requisitioning authority prior to the Expiry Date so long as no Default or Event of Default has occurred and is
continuing; 

  
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	 	16.1.3	if the Requisitioning Period extends beyond the Expiry Date, the Lessor will have an option, exercisable on notice to the Lessee either: 

 

	 	(a)	to continue the leasing of the Aircraft until the date on which the Aircraft ceases to be subject to such requisition; or 

 

	 	(b)	to treat the leasing of the Aircraft as terminated. 

  

	16.2	Continuing Leasing 

  

	 	16.2.1	If the Lessor chooses to continue the leasing of the Aircraft as set forth in Clause 16.1.3(a), all of the obligations of the Lessee which remain capable of
performance (including the obligations to pay Rent and Maintenance Payments at the same rate and on the same basis as before the Expiry Date) will continue until the Expiry Date. In such circumstances, the Lessee will be entitled to any hire paid by
the requisitioning authority which is attributable to the period in question, so long as no Default or Event of Default has occurred which is continuing. 

  

	 	16.2.2	If the Lessor chooses to treat the leasing of the Aircraft as terminated, as set forth in Clause 16.1.3(b) the Lessor will be entitled to any hire paid by the
requisitioning authority after the Expiry Date. 

  

	 	16.2.3	At the end of the Requisitioning Period, and irrespective of the option chosen, the Lessee will put the Aircraft into the Redelivery Condition and redeliver it to the
Lessor in accordance with Clause 18 (Return of the Aircraft). 

  

	16.3	Compensation 

 In the case
of a requisition for use, the Lessor will be entitled to all compensation paid by the requisitioning authority for any structural change, damage or wear and tear to the Aircraft, but the Lessor will either use that compensation: 

 

	 	16.3.1	to reimburse the Lessee for the expense of complying with its obligations to put the Aircraft into the Redelivery Condition; or 

 

	 	16.3.2	if a Default or an Event of Default has occurred and is continuing, towards settlement of any amounts owing by the Lessee under the Transaction Documents or any Other
Agreement. 

  

	17.	INSURANCE 

  

	17.1	General Requirements 

  

	 	17.1.1	The Lessee will keep the Aircraft covered by Insurance at all times during the Lease Period as required by this Clause 17 (Insurance) and Schedule 8
(Insurance Requirements). The Insurance Broker and the lead underwriters employed for this purpose shall be of internationally recognized reputation in the London or New York aviation insurance markets and shall be satisfactory to the Lessor
(acting reasonably). 

  
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	 	17.1.2	All insurance premiums and other costs of maintaining the Insurance will be for the account of the Lessee. 

 

	 	17.1.3	The Lessee will ensure that each certificate of Insurance is in form and substance acceptable to the Lessor, the Owner Participant and any Security Trustee (each acting
reasonably). 

  

	17.2	Specific Requirements 

  

	 	17.2.1	The specific requirements of the Lessor, at the date of this Agreement, with respect to Insurance for the Aircraft are set out in Schedule 8 (Insurance
Requirements). 

  

	 	17.2.2	In the event there shall occur a material change in international aviation insurance practices affecting operators operating similar aircraft or similar routes as the
Lessee, the Lessor may, upon consultation with the Lessee and the Lessee’s broker of record, stipulate other requirements for the Insurance so that the scope and level of the cover is maintained in line with best industry practice for such
operators and to ensure that the interests of each Indemnitee are properly protected and such conditions shall be binding upon the Lessee. 

  

	17.3	Insurance Covenants 

  

	 	17.3.1	The Lessee will comply with each Insurance policy and will not do or omit to do anything, or permit any act or omission, which: 

 

	 	(a)	results in or could reasonably be expected to result in the Insurance not being valid in any respect or which renders it or may render it wholly or partially void or
voidable; or 

  

	 	(b)	could bring any particular liability, that would otherwise be covered by the Insurance, if a claim were made, within the scope of an exclusion from or an exception to
it; or 

  

	 	(c)	results in any alteration to, or the creation of any Security Interest (other than a Permitted Security Interest) in, the Insurances (or there being any other insurance
cover on or in respect of the Aircraft) and which could prejudice the interests of any Indemnitee; or 

  

	 	(d)	is in breach of or does not comply with Applicable Regulations as regards insurance requirements for the Aircraft. 

 

	 	17.3.2	The Lessee shall: 

  

	 	(a)	not without the prior written approval of the Lessor, the Owner Participant and the Security Trustee take out any insurance or reinsurance in respect of the Aircraft
other than that required under this Agreement, except for total loss only insurance to the extent the same would not prejudice the coverage or recovery by the Lessor, the Owner Participant or the Security Trustee under the insurances required to be
maintained hereunder (including by increasing the amount of damage that is required to constitute a total loss); 

  
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	 	(b)	be responsible for any deductible under the Insurances; and 

  

	 	(c)	provide any other insurance and reinsurance related information or assistance in respect of the Insurances that the Lessor, the Owner Participant or any Security
Trustee may reasonably require, including, without limitation, in relation to the expiry and/or renewal of the Insurances. 

  

	 	17.3.3	The Lessee will start renewal procedures in a timely manner prior to the expiry of any policy of Insurance and provide to the Lessor: 

 

	 	(a)	upon written request at any time during the 30 day period prior to expiry, a report on the status of negotiations for renewal; 

 

	 	(b)	on or prior to each renewal date, confirmation from the relevant insurance broker that the insurance coverage required to be effected in accordance with this Agreement
has been renewed prior to the expiry of the current policy; and 

  

	 	(c)	certificates of Insurance (and where reinsurance has been required by the Lessor or the Owner Participant, certificate of reinsurance) and Broker’s Letter of
Undertaking, in a form acceptable to the Lessor, the Owner Participant and any Security Trustee (each acting reasonably) in English, detailing the coverage of each policy and evidencing compliance with the requirements of this Clause 17 and
Schedule 8 of this Agreement, no later than seven (7) Business Days after each renewal date. 

  

	17.4	Failure to Insure 

 If the
Lessee fails to insure the Aircraft in accordance with this Agreement: 
  

	 	17.4.1	any Indemnitee may (but is not obliged to) pay outstanding premiums or effect alternative insurance in respect of the Aircraft and any sums so expended by such
Indemnitee will become immediately due and payable by the 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 the Lessee; and

  

	 	17.4.2	the Lessor may (but is not obliged to) require the Aircraft to be grounded at an airport of its choice and to remain there until it is once again insured in accordance
with this Agreement. 

  

	17.5	Continuation of Insurance 

  

	 	17.5.1	The Lessee will maintain liability insurance (at no cost to the Lessor) after the Expiry Date to cover the Lessee’s continuing liability under the indemnities in
Clause 14.1 (General Indemnity), until the second anniversary of the Expiry Date. 

  
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	 	17.5.2	Each Indemnitee will be named as additional insured under the insurance maintained under Clause 17.5.1 and neither the Lessee ceasing to lease the Aircraft, nor
the Indemnitees ceasing to have any interest in it, will affect the Lessee’s obligations under this Clause 17 (Insurance). 

  

	17.6	Application of Insurance Proceeds 

 The proceeds of any policy of Insurance will be applied in accordance with Schedule 8 (Insurance Requirements). 

 

	18.	RETURN OF THE AIRCRAFT 

  

	18.1	Return 

 Unless the
Aircraft has suffered a Total Loss, the Lessee will redeliver the Aircraft to the Lessor on the Expiry Date, at the Redelivery Location in the Redelivery Condition and free and clear of all Security Interests (other than Lessor Liens). The Lessee
will bear the cost of ferrying the Aircraft to the Redelivery Location. 
  

	18.2	Rectification 

  

	 	18.2.1	If during the Redelivery Procedure, the Lessor determines that the Lessee has not fully complied with any of its obligations under this Agreement, the Lessee will, at
the Lessor’s option either: 

  

	 	(a)	immediately rectify such non-compliance and all the Lessee’s obligations under this Agreement will remain in force until such non-compliance has been rectified and
in particular (without limitation) the Lessee will continue to pay Rent to the Lessor for the first thirty (30) days at a rate equal to the rate of Rent payable immediately prior to the Scheduled Expiry Date or if applicable, the Scheduled
Renewal Term Expiry Date prorated on a daily basis and thereafter at a rate equal to 150 per cent. (150%) of the equivalent of Rent payable immediately prior to the Scheduled Expiry Date prorated on a daily basis or if applicable, the
Scheduled Renewal Term Expiry Date until the date such non-compliance shall have been rectified and Redelivery of the Aircraft shall have taken place, and the Lease Period will be automatically extended solely for the purpose of enabling such
non-compliance to be rectified; or 

  

	 	(b)	redeliver the Aircraft to the Lessor and indemnify the Lessor, and provide to the Lessor’s satisfaction cash as security for that indemnity, against the cost of
putting the Aircraft into the Redelivery Condition. 

  

	 	18.2.2	If the Lease Period is extended pursuant to Clause 18.2.1(a), the Lessee shall not be entitled to use the Aircraft in commercial or training operations during the
period of such extension (it being understood that the sole purpose of such extension will be to allow the Lessee to put the Aircraft in the Redelivery Condition) and such extension shall not prejudice the Lessor’s right to treat the
Lessee’s failure to comply with the Redelivery Procedure as an Event of Default at any time and to enforce such right and remedies as may be available to the Lessor in respect thereof under the terms of this Agreement and the Applicable
Regulations. 

  
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	18.3	Export and Deregistration 

Upon Redelivery, the Lessee will provide to the Lessor upon the Lessor’s request, all documents (a) necessary to export the
Aircraft from the State of Registration (or, if different, the country where the Aircraft is located at Redelivery) (including a valid and subsisting export license for the Aircraft) and (b) reasonably requested by the Lessor in relation to the
deregistration of the Aircraft from the aircraft register maintained by the Aviation Authority. 
  

	18.4	Acknowledgement 

 Provided
the Lessee has complied with its obligations under this Clause 18 (Return of the Aircraft) and Schedule 9 (Redelivery), following Redelivery of the Aircraft (including the Aircraft Documents) by the Lessee to the Lessor at
the Redelivery Location and in the Redelivery Condition, the Lessor will deliver to the Lessee an acknowledgement confirming that the Lessee has redelivered the Aircraft to the Lessor in the Redelivery Condition, which acknowledgement shall be
without prejudice to the Lessor’s accrued and continuing rights under this Agreement. 
  

	18.5	Licence 

 The Lessee
hereby grants to the Lessor an irrevocable non-exclusive licence to use, free of charge by the Lessee, any intellectual property rights of the Lessee needed to operate the Aircraft in its then condition and the right to use any item which may be
installed on the Aircraft at Redelivery in which the Lessee has any intellectual property rights, in each case, solely to the extent the Lessee possesses such rights and is lawfully entitled to grant the license contemplated hereby without cost to
the Lessee. 
  

	18.6	Title 

 Title to any loose
equipment installed in the Aircraft on Redelivery shall, without further act, vest in the Lessor, free and clear of Security Interests, unless otherwise agreed by the Lessor and the Lessee in writing. 

 

	18.7	Payment of End of Lease Maintenance Payment Adjustments 

 On the Expiry Date, the Lessee shall pay to the Lessor the amounts specified in Part C of Schedule 6 (End of Lease Maintenance Payment Adjustments). 

 

	19.	EVENTS OF DEFAULT 

  

	19.1	The following events will constitute Events of Default: 

  

	 	19.1.1	Failure to take Delivery or to provide conditions precedent: The Lessee gives notice of its intention not to accept Delivery of the Aircraft or fails to
accept Delivery of the Aircraft on the day the Aircraft has been tendered for Delivery in the condition required under this Agreement and otherwise in accordance with the terms of this Agreement or fails to provide all the documents and evidence
listed in Part A of Schedule 3 (Conditions precedent) when due (to the extent not deferred by the Lessor). 

  
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	 	19.1.2	Non-payment by the Lessee: The Lessee fails to make any payment of Rent, Security Deposit (after the full amount of the Security Deposit has been paid, it
being agreed that there is no grace period for the payment of the initial Security Deposit), Maintenance Payments or Agreed Value under any of the Transaction Documents to which it is a party within three (3) Business Days after the date on
which the payment is expressed to be due or fails to make any other payment within ten (10) Business Days after the date of the Lessor’s, the Owner Participant’s or the Security Trustee’s written demand for such payment.

  

	 	19.1.3	Failure to Insure: 

  

	 	(a)	The Lessee fails to comply with any provision of Clause 17 (Insurance), or any insurance required to maintained under this Agreement is not maintained or is
cancelled or terminated or becomes invalid or unenforceable as a result of any breach of their terms. 

  

	 	(b)	The Aircraft is operated at any time when or in any place where any Insurance is not in full force and effect. 

 

	 	19.1.4	Breach: The Lessee fails to observe or perform any of its obligations under this Agreement or any other Transaction Document (not specifically mentioned
elsewhere in this Clause 19) and such failure (if remediable) is not remedied within thirty (30) days after the Lessee has been notified or becomes aware of such failure; 

 

	 	19.1.5	Loss of possession: The Lessee parts with possession of the Aircraft except as permitted by this Agreement (other than as a consequence of a Total Loss or
due to the Lessor, the Owner Participant or the Security Trustee taking possession of the Aircraft in breach of their respective covenants of quiet enjoyment). 

 

	 	19.1.6	Security Interest: The Lessee permits the Aircraft, or any interest of the Lessor, the Owner Participant or of any Financier in it, or any party’s
rights under this Agreement or any other Transaction Document, to become subject to any Security Interest (other than a Permitted Security Interest). 

  

	 	19.1.7	Representation: Any representation or warranty made by the Lessee in any of the Transaction Documents or deemed to be repeated, proves to have been
incorrect in any material respect at the time made or repeated and the circumstances giving rise to the breach of such representation or warranty if remediable are not remedied within thirty (30) days after notice from the Lessor requiring such
remedy. 

  

	 	19.1.8	Cessation of business: The Lessee suspends or ceases or threatens to suspend or cease to carry on its business as a scheduled air carrier or disposes or
threatens to dispose of all or a part of its undertaking, properties, assets, rights or revenues (other than a transfer or disposal in the ordinary course of business for full commercial value). 

  
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	 	19.1.9	Existence: Neither the Lessee nor the Parent may consolidate with or merge into or with any other corporation or other person, and convey, transfer, lease
or otherwise dispose of all or substantially all of their respective property and other assets (whether in one transaction or a series of transactions) to, any person, unless the Lessee or the Parent has, as the case may be, provided the Lessor and
the Owner Participant with not less than thirty (30) days prior written notice of such transaction describing such transaction in reasonable detail and providing the Lessor and the Owner Participant with evidence reasonably satisfactory to the
Lessor and the Owner Participant that such transaction will comply with the following requirements: 

  

	 	(a)	the Lessee or the Parent, as may be the case, or the person formed by or surviving such consolidation or merger or the person which acquires by conveyance, transfer,
lease or other disposition all or substantially all of such property and other assets or stock (the “Successor Entity”): (A) immediately after giving effect to such transaction, shall have acquired or succeeded to all or
substantially all of the property and other assets of the Lessee or the Parent, as applicable, as an entirety, and shall have a tangible net worth of not less than the Lessee’s or the Parent’s tangible net worth (as applicable) (determined
in each case in accordance with IFRS) immediately prior to such transaction; (B) shall make such recordations and filings with any Government Entity of the State of Registration as are reasonably necessary to evidence such consolidation,
merger, sale, lease, transfer or other disposition; (C) is a corporation or company organized under the laws of Mexico or a state of the United States, and if a Successor Entity of the Lessee, is a United States or Mexican duly certificated air
carrier and (D) the Lessee or the Parent, as the case may be, shall, unless it is the surviving person in a merger, cause such Successor Entity to execute and deliver to the Lessor an agreement, in form and substance reasonably satisfactory to
the Lessor which is a valid, binding and enforceable assumption and agreement to be bound by and perform by such Successor Entity of the obligations and limitations of the Lessee or the Parent (as the case may be) under this Agreement and/or the
other Transaction Documents to which the Lessee or the Parent (as applicable) is a party, and delivers to the Lessor (i) a certificate signed by an officer of the Lessee, the Parent or the Successor Entity, as the case may be, confirming that
such consolidation, merger or transfer and the assumption agreement mentioned in sub-clause (D) complies with this Clause 19.1.9 and all conditions precedent provided herein relating to such transaction have been complied with and
(ii) a legal opinion from independent counsel reasonably satisfactory to the Lessor to such effect and otherwise in such form and substance reasonably satisfactory to the Lessor; and 

  
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	 	(b)	no Default or Event of Default shall have occurred and be continuing immediately after giving effect thereof. 

Upon any such consolidation or merger of the Lessee or the Parent with or into, or the conveyance, transfer or lease by the Lessee or the
Parent of all or substantially all of its assets to, any Successors Entity in accordance with this Clause 19.1.9, such Successors Entity will succeed to, and be substituted for, and may exercise every right and power of, the Lessee or the
Parent, as the case may be under the Transaction Documents to which the Lessee or the Parent is a party with the same effect as if such Successors Entity had been named as the “Lessee” or the “Parent”, as the case may be, therein
and thereafter, the Lessee or the Parent, as the case may be shall be released and discharged from all obligations and covenants under the Transaction Documents to which the Lessee or the Parent is a party. No such consolidation or merger, or
conveyance, transfer or lease, shall have the effect of releasing the Lessee, the Parent or such Successors Entity from any of the obligations, liabilities, covenants or undertakings of the Lessee or the Parent, as the case may be under this
Agreement and this Clause shall not be construed as permitting any sublease or other arrangement for the use, operation or possession of the Aircraft except as permitted under the applicable provision of this Agreement. 

The Lessee or the Parent shall pay all reasonable costs and expenses incurred by the Lessor, the Owner Participant and the Financiers
(including reasonable and documented legal fees and expenses) in relation to any such consolidation or merger. 
  

	 	19.1.10	Change of Control: Any single person or group of persons acquires control of the Lessee or the Parent without the previous consent in writing of the
Lessor which consent shall not be unreasonably withheld or delayed and for the purposes of this Clause 19.1.10 “control” means the ability to direct the management and policy of the Lessee or the Parent, as the case may be,
whether by control of the management, board of directors or similar governing body of the Lessee or the Parent, or by ownership of or rights over the voting capital of the Lessee or the Parent, provided that, for purposes of clarification, a
bona fide public offering of up to 100% of the voting equity shares of the Lessee or the Parent shall not be deemed a change of control under this Clause 19.1.10 so long as no concurrent change in the management of the Lessee or the Parent
occurs. 

  

	 	19.1.11	Corporate existence: Except as otherwise contemplated hereunder, the Lessee or the Parent fails to maintain its corporate existence in the jurisdiction in
which it is incorporated at the date of this Agreement. 

  

	 	19.1.12	Registration: The registration of the Aircraft in the State of Registration is cancelled otherwise than as permitted by this Agreement or as a result of a
Total Loss or any failure of the Lessor to comply with its obligations hereunder or under the other Transaction Documents or any failure of the Owner Participant to instruct the Lessor to take any actions where the Owner Participant is obligated to
provide such instructions. 

  

	 	19.1.13	 Arrest: The Aircraft is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained, in each case in exercise or
purported exercise of any possessory lien or other claim, or otherwise taken from the 

  
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possession of the Lessee or any operator thereof (otherwise than a requisition for hire or in circumstances which constitute, or would with the passage of time constitute, a Total Loss unless the
same is due to a breach by the Lessor, the Owner Participant or the Security Trustee of their respective covenants of quiet enjoyment). 

  

	 	19.1.14	Cross Default: 

  

	 	(a)	any Financial Indebtedness, the outstanding balance of which is in excess of ***** or its equivalent in one or more other currencies, of the Lessee or the Parent is not
paid when due; or 

  

	 	(b)	any such Financial Indebtedness in excess of ***** or its equivalent in one or more other currencies, becomes due or capable of being declared due prior to the date
when it would otherwise have become due; or 

  

	 	(c)	the security for any such Financial Indebtedness in excess of ***** or its equivalent in one or more of currencies, becomes enforceable; or 

 

	 	(d)	any event of default or termination event, howsoever described, occurs under any Other Agreement. 

 

	 	19.1.15	Insolvency: Any of the following occurs in respect of the Lessee, or the Parent: 

 

	 	(a)	it is unable to pay its debts generally as they fall due or it is insolvent; 

 

	 	(b)	it admits its inability to pay its debts generally as they fall due; 

  

	 	(c)	it suspends making payments of its debts generally or announces an intention to do so; 

 

	 	(d)	a moratorium is declared by the Lessee and/or the Parent in respect of its indebtedness generally or a class thereof; or 

 

	 	(e)	any similar local law process not described in Clauses 19.1.15(a) to (d). 

 

	 	19.1.16	Insolvency proceedings: Any of the following occurs in respect of the Lessee or the Parent: 

 

	 	(a)	a meeting of its shareholders, directors or other officers is convened for the purpose of considering any resolution for, to petition for or to file documents with a
court or any registrar for, its winding-up, administration or dissolution or any such resolution is passed; 

  

	 	(b)	any person presents a petition, or files documents with a court or any registrar for, for its winding-up, administration, dissolution or reorganisation (by way of
voluntary arrangement, scheme of arrangement or otherwise (including any concurso mercantil or 

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

  
 - 55 -

	 	
suspension de pagos proceedings)) and, only in the case of an involuntary petition or filing, the same is not discharged, dismissed, remedied or relinquished within sixty (60) days;

  

	 	(c)	an order for its winding-up, administration or dissolution is made 

  

	 	(d)	any liquidator, trustee in bankruptcy, conciliator in a concurso mercantil, judicial custodian, compulsory manager, receiver, administrative receiver,
administrator or similar officer is appointed in respect of it or any of its assets; 

  

	 	(e)	its shareholders, directors or other officers request the appointment of, or give notice of their intention to appoint, a liquidator, trustee in bankruptcy, conciliator
in a concurso mercantil, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer; 

  

	 	(f)	An order for relief under the Bankruptcy Code is granted or issued; or 

  

	 	(g)	any other analogous step or procedure is taken in any jurisdiction. 

  

	 	19.1.17	Approvals: any Post-Delivery Authorization and Filing is not made or obtained as provided in the definition of such term by within the time period
specified in the definition of such term; or any consent, authorisation, licence, certificate or approval of or registration with or declaration to any Government Entity required in connection with this Agreement, including, without limitation:

  

	 	(a)	any authorisation required by the Lessee to obtain and transfer freely Dollars out of any relevant country; or 

 

	 	(b)	any authorisation required by the Lessee or the Parent to authorise, or required in connection with, the execution, delivery, validity, enforceability or admissibility
in evidence of any Transaction Document to which each is a party or the performance by the Lessee or the Parent of its obligations under any Transaction Document to which each is a party; or 

 

	 	(c)	the registration of the Aircraft (other than to the extent the same is the result of an omission or act of the Lessor to perform an action required to be performed by
it for the registration of the Aircraft) or the Aircraft’s certificate of airworthiness; or 

  

	 	(d)	any airline licence or air transport licence required by the Lessee, 

 is modified in a manner unacceptable to the Lessor or 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
(a) or (b) above, steps (reasonably acceptable to the Lessor) are not being taken by the Lessee to obtain or reinstate the same and the same is not reinstated within thirty (30) days. 

  
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	 	19.1.18	Material Adverse Changes: Any event or series of events occurs which has, had or which could reasonably be expected to have a material adverse effect on
the ability of the Lessee to perform its obligations under the Transaction Documents; 

  

	 	19.1.19	Litigation: A final judgment of a court for the payment of money in an amount not covered by insurance equal to or more than ***** or its equivalent in
one or more other currencies, is rendered against the Lessee or the Parent and the same remains unpaid for a period of sixty (60) days, unless during such period, execution of such judgment shall have been effectively stayed by agreement of the
parties involved or by court order or such judgment shall have been adequately bonded. 

  

	 	19.1.20	Unlawful: It is or becomes unlawful by reason of any act, omission or default of the Lessee or the Parent, as the case may be, for the Lessee or the
Parent to perform any of its obligations under any Transaction Document to which each is a party, or any Transaction Document is or becomes wholly or partly invalid or unenforceable by reason of any act, omission or default of the Lessee.

  

	 	19.1.21	Rights and Remedies: The Lessee or any other person claiming by or through the Lessee challenges the existence, validity, enforceability or priority of
the rights of the Lessor as owner or as lessor in respect of the Aircraft or of the rights of the Security Trustee as mortgagee or assignee. 

  

	 	19.1.22	Redelivery: The Lessee fails to redeliver the Aircraft to the Lessor on the Expiry Date in accordance with Clause 18 (Return of the Aircraft).

  

	 	19.1.23	Charges: Navigation, overflight, landing, airport, terminal or other operational charges due from the Lessee are not paid within the period of
ten (10) days after their original due date for payment or within any payment period applicable pursuant to agreement between the Lessee and the relevant aviation authority, and such charges relate to the Aircraft or such failure could result
in a Security Interest upon or detention, impoundment or other adverse action or circumstances with respect to the Aircraft. 

  

	 	19.1.24	Letters of Credit: Where applicable (i) a Security Deposit Letter of Credit is not renewed or reissued within the time required by this Agreement;
(ii) the issuer or confirming bank under any Security Deposit Letter of Credit fails to make payment upon any draw thereunder pursuant to the terms thereof or (iii) any of the events described in Clause 5.3.5 in relation to the issuer
or any confirming bank occurs and the Lessee fails to provide the Lessor with a replacement Security Deposit Letter of Credit or provide a cash Security Deposit within the period specified in Clause 5.3.5. 

 

	 	19.1.25	Registration Amendments: without the previous consent in writing of the Lessor, which consent shall not be unreasonably withheld or delayed, the Lessee
amends or otherwise modifies any of the filings or registrations with the Aviation Authority described herein. 

  

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

  
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	 	19.1.26	C Check: the first C Check of the Aircraft does not occur on or before the C Check Date (except as required by applicable Regulation).

  

	 	19.1.27	FAA Registration: The implementation of the specifications and modifications (as listed in Schedule 12) and any Post Delivery Modifications required
to make the Aircraft eligible for the FAA registration does not occur in a timely manner so as to enable the Aircraft to be registered on or before the FAA Registration Date or the Lessee fails to cause the de-registration of the Aircraft with the
DGAC and the notification of such de-registration to the FAA during such C Check or the Lessee fails to take any other action required to be taken by the Lessee to effect the registration of the Aircraft with the FAA on or before the FAA
Registration Date, subject to the Lessor’s compliance with its obligations in respect of such registration. 

  

	20.	REMEDIES 

  

	20.1	Rights 

 If an Event of
Default occurs and during the continuation of the same, the Lessor may, at its option and without prejudice to any other rights it may then have, at any time thereafter (without notice to the Lessee except as required by Applicable Regulations or as
provided below): 
  

	 	20.1.1	proceed by appropriate court action to enforce performance of the Transaction Documents or to recover damages for breach by the Lessee; 

 

	 	20.1.2	accept the Lessee’s repudiation of this Agreement and by notice in writing to the Lessee cancel the leasing of the Aircraft and: 

 

	 	(a)	if the Lessor’s notice is issued before the Delivery Date, the obligation of the Lessor to lease the Aircraft to the Lessee will be cancelled on the date of the
notice; and 

  

	 	(b)	if the Lessor’s notice is issued after the Delivery Date, the leasing of the Aircraft under this Agreement will be cancelled on the date specified in the
Lessor’s notice but in any event the Lessee will remain bound to perform all of its obligations under this Agreement; 

  

	 	20.1.3	direct the Lessee to ground the Aircraft at a location required by the Lessor or to return the Aircraft in accordance with Clause 18 (Return of the
Aircraft), as if it were being returned on the Expiry Date; and/or 

  

	 	20.1.4	 repossess the Aircraft (including the Aircraft Documents) and the Lessee agrees that the Lessor may enter onto the Lessee’s premises where the
Aircraft may be located or cause the Aircraft to be redelivered to the Lessor or its designee at the Redelivery Location (or such other location as the Lessor may require), and the Lessor is hereby irrevocably by way of security for the
Lessee’s obligations under this agreement, appointed attorney (which appointment is coupled with an interest) for the Lessee in causing such redelivery or in directing pilots to fly the Aircraft to the

  
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Redelivery Location (or such other location as the Lessor may require) for redelivery thereof to the Lessor and shall have all the powers and authorisations legally necessary for taking such
action. 

 The Lessee and the Lessor hereby agree that the Lessor shall not be required to provide notice to the
Lessee as set forth in Article IX(6) of the Protocol in connection with a proposal to procure the de-registration and export of the Aircraft without a court order. The Lessee expressly agrees to permit the Lessor to obtain from any applicable
court, pending final determination of any claim resulting from an Event of Default hereunder, which is continuing, speedy relief in the form of any of the orders specified in Article 13 of the Cape Town Convention and Article X of the
Protocol as the Lessor shall determine in its sole and absolute discretion, subject to any procedural requirements prescribed by the Applicable Regulations. The Lessee hereby consents to the exercise by the Lessor of the remedies granted herein and
in the Cape Town Convention (in accordance with the terms of the Cape Town Convention). The Lessee and the Lessor hereby agree that paragraph 2 of Article 13 of the Cape Town Convention shall not apply to this Agreement or to the exercise
of any remedy by the Lessor under this Agreement or the Cape Town Convention. The Lessee agrees to immediately discharge, upon demand by the Lessor, and agrees that the Lessor is empowered to immediately discharge, any registration made with the
International Registry regarding this Agreement, the Transaction Documents and any other arrangements contemplated thereunder. 
  

	20.2	Interim Remedies 

 The
Lessee agrees that if an Event of Default occurs which is continuing: 
  

	 	20.2.1	in addition to all other remedies available, the Lessor will be entitled to obtain any of the orders specified in Article 20(1) of the Cape Town Convention and
that Article 20(4) of the Cape Town Convention will not apply; and 

  

	 	20.2.2	the Lessor may procure the de-registration of the Aircraft, its export and physical transfer from the territory in which it is situated. 

 

	20.3	Payments 

 If an Event of
Default occurs and, as a result of such Event of Default, the Lessor terminates the leasing of the Aircraft under this Agreement or, to the extent expressly provided in Clause 21 (Illegality), the Lessee will indemnify the Lessor and pay
to the Lessor from time to time on demand against any Loss which the Lessor or the Owner Participant may sustain or incur directly or indirectly as a result of such Event of Default, including (without duplication): 

 

	 	20.3.1	 all Rent, Maintenance Payments and other amounts which are or become due and payable (including under this Clause 20.3) under the Transaction
Documents to which the Lessee is a party prior to the earlier to occur of the date the Lessor or the Owner Participant sells or re-leases the Aircraft or receives payment of the amount calculated pursuant to Clause 20.3.2 below

  
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and all other amounts payable under this Clause 20.3 and the Lessor has been tendered or otherwise has obtained uncontested and unfettered possession of the Aircraft but without regard to
the condition thereof (the “Reference Date”); 

  

	 	20.3.2	an amount equal to the aggregate Rent for the remainder of the Lease Period (determined without reference to any right of the 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 the Lessee to the Lessor, less the applicable amount set forth below:

  

	 	(Y)	in the event that the Lessor has re-let the Aircraft on terms (other than rental payment terms) which, taken as a whole, the Lessor or the Owner Participant 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 Lease Period (determined without
reference to any right of the 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 the Lessee;

  

	 	(Z)	in the event that the Lessor or the Owner Participant has not re-let the Aircraft, or the Lessor has sold the Aircraft or has re-let the Aircraft on terms (other than
rental payment terms) which, taken as a whole, the Lessor and the Owner Participant do not reasonably regard as being substantially similar to the terms of this Agreement, an amount equal to the Fair Market Rental Value (determined pursuant to the
Appraisal Procedure) of the Aircraft for the period commencing with the Reference Date and ending with the date that the Lease Period was scheduled to expire (determined without reference to any right of the 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 the 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 Lease Period of this Agreement 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 

  
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experienced in appraising aircraft of the make and model of the Aircraft, selected by the Lessor and the Owner Participant. The fees and expenses of the appraiser shall be paid by the Lessee.
Notwithstanding the foregoing, “Fair Market Rental Value” shall be deemed to be zero if the Lessor does not have possession and effective control over the Aircraft for release or sale thereof; 

 

	 	20.3.3	without duplication of the amounts payable elsewhere under this Section 20.3, in lieu of exercising its rights above with respect to the Airframe or any Engine, or
any Part thereof, the Lessor, by written notice to the Lessee specifying a purchase date (the “Default Purchase Date”), cause the Lessee to pay to the Lessor, and the Lessee in such event shall pay to the Lessor, on the Default
Purchase Date, as liquidated damages for loss of a bargain and not as a penalty, in lieu of future Rent (but not in respect of other damages) for the Aircraft payable for all periods commencing on or after the Default Purchase Date, the following
amounts: 

  

	 	(i)	all unpaid Rent due and payable at any time before the Default Purchase Date specified in such notice, but not including any portion of Rent allocable to any period
following the Default Purchase Date; plus 

  

	 	(ii)	the Agreed Value of the Aircraft as of the Default Purchase Date; plus 

  

	 	(iii)	interest on the amounts specified in the foregoing clause (i) at the Interest Rate from and including the date on which any such amount was due to the date of
payment of such amount; plus 

  

	 	(iv)	interest on the amount specified in the foregoing clause (ii) at the Interest Rate from and including the Default Purchase Date specified in such notice to the
date of payment of such amount. 

 Upon Lessee’s payment in full of the foregoing amounts and all other Rent
then due and payable (other than any portion of Rent allocable to any period following the Default Purchase Date), Lessor shall transfer to the Lessee or its designee the Aircraft in accordance with Clause 15.2.2(c) 

 

	 	20.3.4	 an amount equal to the Lessor’s and the Owner Participant’s actual or reasonably anticipated costs, expenses and other incidental damages and
losses associated with the Lessor’s exercise of its remedies under this Agreement or otherwise incurred by the Lessor or the Owner Participant 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
the Redelivery Condition or in the location provided for in this Agreement, or otherwise, and, without duplication, any 

  
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loss, cost, expenses or liability, or damage to the Lessor’s or the Owner Participant’s residual interest in the Aircraft, sustained by the Lessor or the Owner Participant due to the
Lessee’s failure to maintain the Aircraft in accordance with the terms of this Agreement or the Lessee’s failure to redeliver the Aircraft in the Redelivery Condition, including any consequential loss of profits (“Enforcement and
Remarketing Costs”); and 

  

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

  

	 	20.3.6	without duplication, all costs and expenses incurred by the Lessor in recovering possession of the Aircraft and in carrying out any works or modifications required to
put the Aircraft into the Redelivery Condition and in storing and insuring the Aircraft following such repossession; 

  

	 	20.3.7	all legal fees and out-of-pocket expenses, stamp, documentary, registration or other like duties, taxes or charges incurred by the Lessor and/or the Lessor’s
professional advisers, in connection with enforcing, protecting, or preserving (or attempting to enforce, perfect, protect or preserve) any of the Lessor’s rights, or in suing for or recovering any sum, under the Transaction Documents;

  

	 	20.3.8	without duplication, any Break Costs. 

  

	 	20.3.9	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; and 

  

	 	20.3.10	without duplication, all Losses (including any loss of profit) suffered by the Lessor or the Owner Participant because of the Lessor’s inability to re-lease or
sell the Aircraft concurrently with the Expiry Date as a result of the Lessee’s failure to redeliver the Aircraft on the date and in the condition provided herein. The Lessor will use reasonable efforts to mitigate such Losses (to the extent
within its control to do so), but (i) the Lessor shall not be obliged to consult with the Lessee concerning any proposed course of action or to notify the Lessee of the taking of any particular action, and (ii) this provision is without
prejudice to the Lessor’s rights under Clause 20.4 (Sale or re-lease of the Aircraft). 

  

	20.4	Sale or re-lease of the Aircraft 

 Without prejudice to the obligations of the Lessor under Clause 20.3 above, upon any termination described in Clauses 20.1 (Rights) or 21 (Illegality) the Lessor may sell or
re-lease or otherwise deal with the Aircraft at such time and in such manner and on such terms as the Lessor considers appropriate in its absolute discretion, free and clear of any interest of the Lessee, as if this Agreement had never been entered
into. Except as set forth in Clause 20.3.10, the Lessor shall have no obligation or duty to sell the Aircraft and the 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. 

  
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	20.5	Deregistration 

 Upon any
such termination as is mentioned in Clauses 20.1 (Rights) or 21 (Illegality), the Lessee shall cooperate with the Lessor to enable the Lessor to effect or cause to be effected deregistration of the Aircraft from the State of
Registration and the export of the Aircraft from the country where the Aircraft is for the time being situated and any other steps reasonably necessary to enable the Aircraft to be redelivered to the Lessor in accordance with this Agreement. Without
limiting the foregoing, the Lessor may take any and all actions provided for in any Deregistration Power of Attorney executed by or on behalf of the Lessee. 
  

	20.6	No Exclusive Remedy: No remedy referred to in this Clause 20 is intended to be exclusive, but, to the extent permissible under this Agreement or under any
Applicable Regulations, each shall be cumulative and in addition to any other remedy referred to above or otherwise available to the Lessor at law or in equity or under the Cape Town Convention and in the Lessor’s sole and absolute discretion;
and the exercise by the Lessor of any one or more of such remedies shall not preclude the simultaneous or later exercise by the Lessor of any or all of such other remedies. No waiver by the 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. 

  

	21.	ILLEGALITY 

 If as a
result of any change in Applicable Regulations after the date of this Agreement it becomes unlawful for the Lessor or the Lessee to give effect to any of their material obligations as contemplated by this Agreement or any other Transaction Document,
the either party may give notice thereof to the other and the parties hereto shall negotiate in good faith to restructure the transactions contemplated herein and amend this Agreement in order to lawfully address such illegality event with the same
commercial effect as this Agreement; provided, however, that if such negotiations are unable to produce a satisfactory outcome for both the Lessor and the Lessee within 60 days of the original notice of illegality, then either may, by notice
in writing to the other within 90 days of the original notice of illegality, terminate the leasing of the Aircraft under this Agreement, such termination to take effect on the latest date (the “Effective Date”) on which the Lessor
or the Lessee, as the case may be, may continue such leasing and such obligations without being in breach of Applicable Regulations, and the Lessee will forthwith redeliver the Aircraft to the Lessor in accordance with Clause 18 (Return of
the Aircraft) and, if and only if, such illegality is under Mexican Regulations or otherwise in any way relates to Mexico (whether under US Regulations or Irish Regulations or otherwise), or to the status of the Lessee (including the nationality
of the owner or its activities), Lessee shall pay to the Lessor amounts equal to those specified in Clause 20.3 (Payments). In all cases, the provisions of Clause 20.4 (Sale or re-lease of the Aircraft) and 20.5
(Deregistration) shall apply in respect of any such termination. 

  
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	22.	DISCLAIMER 

  

	22.1	Disclaimers 

 THE LESSOR
AND THE LESSEE AGREE THAT AS BETWEEN LESSOR AND THE OTHER INDEMNITEES AND LESSEE THE DISCLAIMERS, WAIVERS AND CONFIRMATIONS SET FORTH IN CLAUSES 22.2 (EXCLUSION) TO 22.6 (CONFIRMATION) SHALL APPLY AT ALL TIMES WITH EFFECT FROM THE LESSEE’S
ACCEPTANCE OF THE AIRCRAFT IN ACCORDANCE WITH CLAUSE 4, WHICH SHALL BE CONCLUSIVE EVIDENCE THAT THE 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 THE LESSOR (AND THE OTHER PROTECTED PARTIES, AS DEFINED BELOW) AND THE LESSEE, TECHNICALLY ACCEPTABLE TO THE LESSEE AND SATISFY THE DELIVERY CONDITION SPECIFICATION AND ARE IN SUITABLE CONDITION FOR DELIVERY TO AND ACCEPTANCE BY THE LESSEE.

  

	22.2	Exclusion 

 THE AIRCRAFT
IS TO BE LEASED AND DELIVERED “AS IS, WHERE IS”, THAT IS IN ITS ACTUAL STATE AND CONDITION AT DELIVERY AND THE LESSEE AGREES AND ACKNOWLEDGES THAT, SAVE AS EXPRESSLY STATED IN THIS AGREEMENT: 

 

	 	22.2.1	AS BETWEEN LESSOR AND THE OTHER INDEMNITEES AND LESSEE, NONE OF THE LESSOR, THE OWNER PARTICIPANT, THE SECURITY TRUSTEE, THE FINANCIERS, THE SERVICER OR ANY OTHER
INDEMNITEE (COLLECTIVELY, THE “PROTECTED PARTIES”) WILL HAVE ANY LIABILITY TO THE LESSEE OR ANY OTHER PERSON IN RELATION TO, AND NO PROTECTED PARTY HAS MADE OR GIVEN, NOR WILL 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 DESCRIPTION, AIRWORTHINESS, COMPLIANCE WITH SPECIFICATIONS, OPERATION, MERCHANTABILITY, SATISFACTORY 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 FROM A COURSE OF PERFORMANCE, DEALING, USAGE OR TRADE WITH RESPECT TO THE AIRCRAFT, ANY ENGINE OR PART OR ANY SERVICES PROVIDED BY THE LESSOR OR THE OWNER PARTICIPANT UNDER THIS AGREEMENT); AND

  
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	 	22.2.2	NO PROTECTED PARTY WILL HAVE ANY OBLIGATION OR LIABILITY WHATSOEVER TO THE LESSEE (WHETHER ARISING IN CONTRACT OR IN TORT, AND WHETHER ARISING BY REFERENCE TO
NEGLIGENCE OR STRICT LIABILITY OF THE PROTECTED PARTIES OR OTHERWISE) (EXCLUDING, HOWEVER, ACTS OR OMISSIONS CONSTITUTING SUCH PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT THAT IS NOT ATTRIBUTABLE TO AN INTEREST IN THE AIRCRAFT OR THIS
AGREEMENT) FOR: 

  

	 	(a)	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; 

  

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

 

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

 

	 	(d)	THE DELIVERY, OPERATION, SERVICING, MAINTENANCE, REPAIR, IMPROVEMENT OR REPLACEMENT OF THE AIRCRAFT. 

 

	22.3	Waiver 

 THE LESSEE HEREBY
WAIVES, AS BETWEEN ITSELF AND THE PROTECTED PARTIES: 
  

	 	22.3.1	ALL ITS RIGHTS IN RESPECT OF ANY CONDITION, WARRANTY OR REPRESENTATION), EXPRESS OR IMPLIED, ON THE PART OF THE PROTECTED PARTIES; AND 

 

	 	22.3.2	ALL CLAIMS AGAINST THE PROTECTED PARTIES, HOWEVER AND WHENEVER ARISING 

 IN EACH CASE, IN RESPECT OF OR OUT OF ANY OF THE MATTER REFERRED TO IN CLAUSE 22 (DISCLAIMER). 
  

	22.4	DISCLAIMER OF CONSEQUENTIAL DAMAGES 

 EACH PARTY 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 

  
 - 65 -

 
BREACH BY THE OTHER PARTY OR THE OWNER PARTICIPANT OF ANY OF THE AGREEMENTS CONTAINED IN THIS AGREEMENT: PROVIDED HOWEVER NOTWITHSTANDING THE FOREGOING THE LESSOR AND THE OWNER PARTICIPANT SHALL
IN ALL CASES BE ENTITLED TO RECOVER ANY AND ALL DAMAGES DESCRIBED IN CLAUSE 20 IN CONNECTION WITH AN EVENT OF DEFAULT. 
  

	22.5	NO DUTIES 

 THE LESSEE
ACKNOWLEDGES AND AGREES THAT NEITHER OF THE LESSOR NOR THE OWNER PARTICIPANT HAS ANY FIDUCIARY OR OTHER DUTIES TO LESSEE WHATSOEVER, AND THAT THE LESSOR AND THE OWNER PARTICIPANT’S ONLY OBLIGATIONS TO THE LESSEE ARE THOSE OBLIGATIONS EXPRESSLY
SET FORTH HEREIN. 
  

	22.6	CONFIRMATION 

 THE LESSEE
CONFIRMS THAT IT IS FULLY AWARE OF THE PROVISIONS OF THIS CLAUSE 22 (DISCLAIMER) AND ACKNOWLEDGES THAT THE RENT AND OTHER AMOUNTS PAYABLE UNDER THIS AGREEMENT HAVE BEEN CALCULATED BASED ON ITS PROVISIONS. 

 

	23.	ASSIGNMENT AND TRANSFER 

  

	23.1	Benefit of Agreement 

This Agreement shall be binding on and ensure to the benefit of the parties hereto and their respective successors and permitted
transferees and assignees. 
  

	23.2	No Lessee Transfer or Security Interest 

 THE LESSEE WILL NOT ASSIGN, NOVATE, DELEGATE OR OTHERWISE TRANSFER (WHETHER VOLUNTARILY OR INVOLUNTARILY, BY OPERATION OF LAW (EXCEPT AS EXPRESSLY PERMITTED BY CLAUSE 19.1.9) OR OTHERWISE) OR CREATE
OR PERMIT TO EXIST ANY SECURITY INTEREST (OTHER THAN PERMITTED SECURITY INTERESTS) OVER ANY OF ITS RIGHTS OR OBLIGATIONS UNDER THIS AGREEMENT. 
  

	23.3	Transfer by the Lessor 

  

	 	23.3.1	Subject to Clauses 23.4 (Conditions to any Absolute Assignment), 23.5 (Conditions to Assignment by the Owner Participant), 23.6 (Conditions to any
Security Transfer), 23.7 (Conditions to any Head Lease), 23.8 (Introduction/Change of Financiers) and 23.10 (Conditions to Change of Financiers), the Lessor may: 

 

	 	(a)	assign, charge, transfer or declare a trust over all or any part of its rights under this Agreement and the other Transaction Documents by way of security for its
obligations to any Financier under the Financing Documents (a “Security Transfer”); or 

  
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	 	(b)	sell, assign or otherwise transfer (whether by way of outright sale or for the purposes of effecting any financing arrangements) all or any part of its right, title and
interest in and to the Aircraft to any person including, without limitation, on terms whereby the Lessor continues to lease the Aircraft to the Lessee pursuant to this Agreement (and in connection therewith the Lessor may assign, charge, transfer or
declare a trust over all or any part of its rights under this Agreement and the other Transaction Documents by way of security for its obligations to the owner (a “Head Lease”)); or 

 

	 	(c)	sell, assign or otherwise transfer all or any part of its right, title or interest in and to the Aircraft or all or any part of its rights and obligations under this
Agreement and the other Transaction Documents to any assignee (an “Absolute Assignment”). 

  

	 	23.3.2	Subject to Clauses 23.4 (Conditions to any Absolute Assignment), 23.5 (Conditions to Assignment by the Owner Participant), 23.6 (Conditions to any
Security Transfer), 23.7 (Conditions to any Head Lease), 23.8 (Introduction/Change of Financiers) and 23.10 (Conditions to Change of Financiers), the Lessee shall from time to time upon request from the Lessor, at the
Lessor’s cost as hereinafter provided: 

  

	 	(a)	execute any agreements, acknowledgements or other instruments (including, without limitation, any supplement or amendment to this Agreement) and take any other action
which may be reasonably required or requested in order to give effect to or perfect any Security Transfer, Head Lease, Absolute Assignment or OP Assignment; 

 

	 	(b)	in the case of an Absolute Assignment: 

  

	 	(i)	enter into an assignment agreement with the Lessor and the assignee, reasonably acceptable to Lessee, under which the Lessor assigns to the assignee the applicable
rights and, if applicable, of the Lessor under this Agreement arising on or after the effective time of such transfer, and the Lessor either retains all the Lessor’s obligations under this Agreement or retains the Lessor’s obligations as
assumed by the assignee; and 

  

	 	(ii)	deliver to the Lessor (or as the Lessor directs) conditions precedent reasonably requested in connection with such assignment agreement, including without limitation
revised insurance certificates; 

  

	 	23.3.3	Notwithstanding any Security Transfer, Head Lease, Owner Participant Assignment or Absolute Assignment, (for the purposes of this Clause 23.3.3 a “Relevant
Transfer”), the Lessor or Owner Participant effecting such Relevant Transfer (and its related Indemnitees) shall remain Indemnitees and entitled to the benefit of each indemnity expressed to be for the benefit of the Indemnitees under the
Transaction Documents and to the liability insurance cover required by Clause 17 (Insurance) provided that in the case of an Absolute Assignment or Owner Participant Assignment such entitlement shall end the second anniversary of the Absolute
Assignment or Owner Participant Assignment. 

  
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	23.4	Conditions to any Absolute Assignment 

 In relation to any Absolute Assignment by the Lessor: 
  

	 	23.4.1	the assignee shall have or shall be guaranteed by an entity that has a tangible net worth of at least ***** on the date of the assignment; 

 

	 	23.4.2	the Lessor will procure that any new owner holding title to the Aircraft (save where such new owner is also the “Lessor” hereunder) shall have executed and
delivered to the Lessee an undertaking substantially in the form of Clause 7.1 (Quiet enjoyment) upon acquiring such title; 

  

	 	23.4.3	the transferring Lessor, upon receipt of reasonably satisfactory documentary evidence, shall reimburse to the Lessee an amount equal to its out-of-pocket costs
reasonably incurred and reasonable legal expenses properly incurred by the Lessee in connection with such Absolute Assignment; 

  

	 	23.4.4	if applicable, the obligations of the Lessor under the Transaction Documents and which arise from and after any such Absolute Assignment shall have been assumed by the
assignee; provided that, the transferring Lessor shall remain liable for any and all obligations of “Lessor” arising prior to (or otherwise not assumed by the assignee pursuant to) such Absolute Assignment; 

 

	 	23.4.5	the assignee shall have agreed to be bound by, and exercise its rights in and to the Aircraft and this Lease in accordance with, the terms and conditions set forth
herein; 

  

	 	23.4.6	as at the date of such Absolute Assignment, the Lessee will not be in breach of any Applicable Regulations as a consequence of such Absolute Assignment; and

  

	 	23.4.7	the Lessee will execute and deliver in favor of any such new Financiers the Notice and Acknowledgement; 

 

	 	23.4.8	the Lessee shall incur no greater financial obligations under this Agreement as a result of such Absolute Assignment, based on applicable laws in effect as at the date
of such sale, assignment, transfer, novation or disposal, provided that this paragraph shall not apply to any increase in the number of Indemnitees or the compliance by the Lessee with its obligations under Clauses 23.3.2(b)(ii).

  

	 	23.4.9	the assignee will not be an air carrier in competition with Lessee or be domiciled in an Excluded Country, and it or one of its affiliates will be experienced in, or be
assisted by a servicer or other advisor with experience in cross-border aircraft leasing; and 

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

  
 - 68 -

	 	23.4.10	either the assignee will be (a) a “Citizen of the United States” within the meaning of Section 40102(a)(15)(c) of Title 49 or (b) will, by
means of a control, voting trust, voting powers or similar arrangement cause the Aircraft to be eligible for registration with the FAA, if the Aircraft is so registered at such time. 

 

	23.5	Conditions to the Assignment by the Owner Participant 

 In relation to any assignment by the Owner Participant of all or any part of its interest in and of the Trust Estate and/or the Trust Agreement (the “OP Assignment”): 

 

	 	23.5.1	the assignee shall have or shall be guaranteed by an entity that has a tangible net worth of at least ***** on the date of the assignment; 

 

	 	23.5.2	the Owner Participant will procure that any new owner participant shall have executed and delivered to the Lessee an undertaking substantially in the form of
Clause 7.1 (Quiet enjoyment) upon acquiring such title; 

  

	 	23.5.3	the transferring Owner Participant, upon receipt of reasonably satisfactory documentary evidence, shall reimburse to the Lessee an amount equal to its out-of-pocket
costs reasonably incurred and reasonable legal expenses properly incurred by the Lessee in connection with such OP Assignment; 

  

	 	23.5.4	the obligations of the Owner Participant under the Transaction Documents and which arise from and after any such OP Assignment shall have been assumed by the assignee;
provided that, the transferring Owner Participant shall remain liable for any and all obligations of “Owner Participant” arising prior to (or otherwise not assumed by the assignee pursuant to) such OP Assignment; 

 

	 	23.5.5	the assignee shall have agreed to be bound by, and exercise its rights in and to the Aircraft and this Agreement in accordance with the terms and conditions set forth
herein; 

  

	 	23.5.6	as at the date of such OP Assignment, the Lessee will not be in breach of any Applicable Regulations as a consequence of such OP Assignment; and

  

	 	23.5.7	the Lessee shall incur no greater financial obligations under this Agreement as a result of such OP Assignment, based on applicable laws in effect as at the date of
such OP Assignment, provided that this paragraph shall not apply to any increase in the number of Indemnitees or the compliance of the Lessee with its obligations under Clause 23.3.2(b)(ii). 

 

	 	23.5.8	the assignee will not be an air carrier in competition with Lessee or be domiciled in an Excluded Country, and it or one of its affiliates will be experienced in, or be
assisted by a servicer or other advisor with experience in cross-border aircraft leasing; and 

  

	 	23.5.9	either the assignee will be (a) a “Citizen of the United States” within the meaning of Section 40102(a)(15)(c) of Title 49 or (b) will, by
means of a 

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

  
 - 69 -

	 	
control, voting trust, voting powers or similar arrangement cause the Aircraft to be eligible for registration with the FAA, if the Aircraft is so registered at such time.

  

	23.6	Conditions to any Security Transfer 

 In relation to any Security Transfer by the Lessor: 
  

	 	23.6.1	the Lessor will procure that any assignee holding title to, or a Security Interest over, the Aircraft shall have executed and delivered to the Lessee a quiet enjoyment
undertaking substantially in the form of set out in Annex 2 of Schedule 10 (Confirmation of Quiet Enjoyment) upon acquiring such title or Security Interest; 

 

	 	23.6.2	the Lessor, upon receipt of reasonably satisfactory documentary evidence, shall reimburse to the Lessee an amount equal to its out-of-pocket costs reasonably incurred
and reasonable legal expenses properly incurred by the Lessee in connection with such Security Transfer; 

  

	 	23.6.3	as at the date of such Security Transfer, the Lessee will not be in breach of any Applicable Regulations as a consequence of such Security Transfer; and

  

	 	23.6.4	the Lessee shall incur no greater financial obligations under this Agreement as a result of such Security Transfer, based on applicable laws in effect as at the date of
such Security Transfer, provided that this paragraph shall not apply to any increase in the number of Indemnitees or the compliance of the Lessee with its obligation under Clause 23.3.2(b)(ii). 

 

	23.7	Conditions to any Head Lease 

 In relation to any Head Lease by the Lessor 
  

	 	23.7.1	the Lessor will procure that any new owner holding title to the Aircraft shall have executed and delivered to the Lessee an undertaking substantially in the form of
Clause 7.1 (Quiet enjoyment) (or such other form as the Lessee, acting reasonably, may agree with such assignee) upon acquiring such title; 

  

	 	23.7.2	the Lessor, upon receipt of reasonably satisfactory documentary evidence, shall reimburse to the Lessee an amount equal to its out-of pocket costs reasonably incurred
and reasonable legal expenses properly incurred by the Lessee in connection with such Head Lease; 

  

	 	23.7.3	as at the date of such Head Lease, the Lessee will not be in breach of any Applicable Regulations as a consequence of such Head Lease; and 

 

	 	23.7.4	the Lessee shall incur no greater financial obligations under this Agreement as a result of such Head Lease, based on applicable laws in effect as at the date of such
Security Transfer, provided that this paragraph shall not apply to any increase in the number of Indemnitees or the compliance of the Lessee with its obligation under Clause 23.3.2(b)(ii). 

  
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	23.8	Introduction/Change of Financiers 

  

	 	23.8.1	Subject to Clause 23.10 (Conditions to Change of Financiers), the Lessee acknowledges that the Lessor, the Owner Participant and/or the Financiers may from
time to time finance or refinance the Aircraft and/or restructure the financing arrangements contemplated by the Financing Documents (which may include, without limitation, the imposition or substitution of any Head Lease or a tax structured lease,
tranched debt, sale of receivables or securitisation) and may, in connection therewith, enter into new Financing Documents. Prior to the time of completion of any such financing or restructuring, the Lessor shall deliver a written notice (a
Financing Notice) to the Lessee identifying the new Financiers, and the Lessee shall (without prejudice to the Lessee’s obligations under Clause 12.1 (Title protection)): 

 

	 	(a)	at the Lessor’s cost, make all such filings and registrations as may be necessary or reasonably advisable, as requested by the Lessor, in each relevant
jurisdiction to perfect or protect the priority of any security interest constituted by any new Financing Document; 

  

	 	(b)	at the Lessor’s cost, replace the name plates required by Clause 12.1 (Title protection) to record any change in the identity of any relevant Finance
Party (if appropriate); and 

  

	 	(c)	procure a revised certificate of insurance naming the new Financiers as additional insured and noting any new Financing Document. 

 

	 	23.8.2	If, pursuant to the introduction of, or a change in the identity of, any Financiers in accordance with the terms of this Agreement, a person ceases to be a Financier,
notwithstanding such change, such person (and its related Indemnitees) shall remain Indemnitees and entitled to the benefit of each indemnity expressed to be for the benefit of the Indemnitees and to the liability insurance cover required by
Clauses 17 (Insurance), 23 (Assignment and Transfer) and Schedule 7 (Insurance Requirements) until the second anniversary of such change. 

 

	23.9	Financing Documents 

 The
Lessee acknowledges that the Lessor will not be obliged to disclose the content of, or provide copies of, any Financing Document to the Lessee. 
  

	23.10	Conditions to Change of Financiers 

 In connection with any change of Financiers detailed in Clause 23.8 (Introduction/Change of Financiers): 
  

	 	23.10.1	the Lessor will procure that any new Financiers holding title to, or a Security Interest over, the Aircraft shall have executed and delivered to the Lessee a quiet
enjoyment undertaking substantially in the form set out in Annex 2 of Schedule 10 (Confirmation of Quiet Enjoyment) upon acquiring such title of such Security Interest; 

  
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	 	23.10.2	as at the date of such change, the Lessee will not be in breach of any Applicable Regulations as a consequence of such change; 

 

	 	23.10.3	the Lessor, upon receipt of reasonably satisfactory documentary evidence, shall reimburse to the Lessee an amount equal to its reasonable out-of pocket costs and
reasonable legal expenses properly incurred by the Lessee in connection with such change of Financiers; and 

  

	 	23.10.4	the Lessee shall incur no greater financial obligations under this Agreement as a result of change of Financier, based on applicable laws in effect as at the date of
such change, provided that this paragraph shall not apply to any increase in the number of Indemnitees or the compliance by the Lessee with its obligation under Clause 23.3.2(b)(ii). 

 

	23.11	No restriction 

 Nothing
in this Clause 23 (Assignment and transfer) shall impose any conditions or restrictions on the Lessor’s rights: 
  

	 	23.11.1	pursuant to Clause 14.9 (Tax on indemnity payments) (to the extent a Head Lease, Security Transfer, Absolute Assignment or a change in Financiers is
affected pursuant thereto) or Clause 21 (Illegality); or 

  

	 	23.11.2	following termination of the leasing of the Aircraft due to an Event of Default pursuant to Clause 20 (Remedies). 

 

	23.12	Cape Town Convention 

 For
the purposes of clarification, the Lessee hereby consents to an assignment of associated rights represented by this Agreement in connection with any assignment or other transfer pursuant to Clause 23 for purposes of Article 32 of the Cape
Town Convention. 
  

	24.	MISCELLANEOUS 

  

	24.1	Notice 

 All notices under
or in connection with this Agreement and will unless otherwise stated be given in writing by letter (delivered personally or sent with an internationally recognized courier service), fax, or by electronic mail (including PDF). Any approval, consent
or permission from any party hereto must be in writing. Any notice will be deemed to have been delivered as follows. 
  

	 	24.1.1	if the notice is by letter, it will be effective when delivered personally or where sent with an internationally recognized courier service, on the date shown as the
delivery date (or, if delivery was refused, the date of such refusal) in the records of the person who effected such delivery; 

  
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	 	24.1.2	if the notice is by fax, it will be effective when it is transmitted and the sender received a good transmission report; and 

 

	 	24.1.3	in the case of an electronic mail, at the time of dispatch with confirmed receipt. 

provided always that where delivery by hand or by electronic email 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 
 The current address, fax and phone
numbers and email address of the Lessor and the Lessee are in Part B of Schedule 7 (Reporting & notices) and may only be amended by notice in writing. 

 

	24.2	Language 

 All notices and
documents to be given under this Agreement must be in English. If they are not in English, they must be given with a certified English translation. If there is any difference between the English version of this Agreement and any version in any other
language, the English version will apply. 
  

	24.3	Rights 

  

	 	24.3.1	The Lessor’s rights under this Agreement may be used as often as the Lessor considers appropriate, are cumulative and apply in addition to its rights under any
law. 

  

	 	24.3.2	The Lessor only loses any of its rights if it specifically waives them in writing. If the Lessor decides not to use any of its rights or delays in using such rights,
that does not mean it cannot exercise such rights at a future date. 

  

	24.4	Certificates 

 Any
certificate or decision given by the Lessor about any rate of interest or any other amount due under this Agreement will be presumed to be correct, save in the case of manifest error. 

 

	24.5	Application of receipts 

If any amount the Lessee pays or the Lessor recovers from the Lessee under this Agreement is less than the amount then due, the Lessor may
use the funds in any proportion the Lessor chooses towards the different amounts due. 
  

	24.6	Severability 

 If a
provision of this Agreement is or becomes illegal, invalid or cannot be enforced, in any jurisdiction that will not affect: 
  

	 	24.6.1	the legality, validity or enforceability in that jurisdiction of any of the other provisions of this Agreement; or 

  
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	 	24.6.2	the legality, validity or enforceability in any other jurisdiction of that or any other provision of this Agreement. 

 

	24.7	Remedy 

 If the Lessee
does not carry out any obligation under this Agreement the Lessor may without being obliged to do so, with prior notice to the Lessee and without prejudice to its rights to treat that failure as an Event of Default, carry it out without any
responsibility. The Lessee will pay the Lessor’s out-of-pocket cost of so doing promptly on demand. 
  

	24.8	Expenses 

 The Lessee must
pay to the Lessor on demand all reasonable out-of-pocket expenses (including (in the case of clause (a) below only reasonable legal and other costs) the Lessor has to pay to: 

 

	 	24.8.1	any amendment to or extension of or other documentation in connection with, or the granting of any waiver or consent under this Agreement unless requested by the
Lessor; or 

  

	 	24.8.2	preserve any of the Lessor’s rights under this Agreement; or 

  

	 	24.8.3	enforce or the Lessee’s obligations or repossess the Aircraft following the occurrence of an Event of Default which is continuing. 

 

	24.9	[Intentionally left blank] 

  

	24.10	The whole agreement 

 This
Agreement is the whole agreement between the Lessor and the Lessee for leasing the Aircraft and replaces all previous agreements. This Agreement can only be amended, supplemented, waived or otherwise modified only by a writing signed by both
parties. 
  

	24.11	Counterparts 

 Any
Transaction Document may be executed in any number of counterparts and by the parties on separate counterparts. Each counterpart shall constitute an original of the relevant Transaction Document, but together the counterparts shall constitute one
document. 
  

	24.12	Set-off 

  

	 	24.12.1	In this Clause 24.12, references to the Lessee include the Affiliates of the Lessee. 

 

	 	24.12.2	The Lessor and the Owner Participant may set-off any matured obligation owed by the Lessee under the Transaction Documents or any of the Other Agreements against any
obligation (whether or not matured) the Lessor or the Owner Participant or any Affiliate thereof owes the Lessee, regardless of the place of payment or currency. If the obligations are in different currencies, the Lessor may convert either
obligation at the market rate of exchange available in London or (at the Lessor’s option) New York. 

  
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	 	24.12.3	If an obligation is unascertained or unliquidated, the 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 the Lessor or the 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.

  

	 	24.12.4	Notwithstanding any other provisions of this Agreement, the Lessor, the Owner Participant and their Affiliates shall not be obliged to pay any amount to the Lessee
under the Transaction Documents or any of the Other Agreements so long as any sums which are then due and outstanding from the Lessee under the Transaction Documents 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 the Lessee has paid all such sums and cured all Events of Default, except to the extent that the Lessor otherwise agrees in writing or sets off such
amounts against such payment pursuant to Clause 24.12.2. 

  

	24.13	Lease manager 

 The Lessor
has appointed the Servicer as its agent to act on its behalf under this Agreement generally. The Lessee shall and shall be entitled to deal with and rely on the instructions and directions of the Servicer (and any replacement servicer) appointed by
the Lessor. 
  

	24.14	Delegation 

 The Lessor
may delegate to the Servicer or any other person or persons all or any of the rights, powers or discretions vested in it by this Agreement and any such delegation may be made upon such terms and conditions as the Lessor in its absolute discretion
thinks fit. 
  

	24.15	Further Assurances 

 Each
party shall, and shall use all reasonable efforts to procure that third parties shall, execute and sign such documents and do such acts and things as any other party hereto shall reasonably request in order to carry out the intended purpose of this
Agreement or to establish, perfect, preserve or enforce that party’s rights under this Agreement. 
  

	24.16	[Intentionally left blank] 

  

	25.	LAW 

  

	25.1	Law 

 PURSUANT TO AND IN
ACCORDANCE WITH SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, THE PARTIES HERETO AGREE THAT THIS AGREEMENT AND ANY CLAIM RELATED TO THIS 

  
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AGREEMENT OR THE TRANSACTION CONTEMPLATED HEREBY WHETHER IN CONTRACT OR TORT OR FOR BREACH OF DUTY OR OTHERWISE 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. 
  

	25.2	Jurisdiction 

  

	 	25.2.1	Pursuant to and in accordance with Section 5-1402 of the New York General Obligations Law, the Lessee and the 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
domicile 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 Transaction 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. 

  

	 	25.2.2	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 Transaction Document in any court other than as provided in Clause 25.2.1 above. 

 

	25.3	Process Agent 

  

	 	25.3.1	The Lessee appoints Corporation Service Company at 1180 Avenue of the Americas, Suite 210, New York, New York 10036 as its agent for service of process in the State of
New York in any suit or proceeding with respect to this Agreement. Each of the Lessor and the Owner Participant appoint Corporation Service Company as its agent for service of process in the State of New York in any suit or proceeding with respect
to this Agreement. Each party must maintain a valid agent for service of process in the State of New York from the date of this Agreement until the Expiry Date and may not change the identity of such agent without giving prior notice to the other
party hereto. 

  

	 	25.3.2	Each party agrees that if its process agent does not notify such party about any court documents served on it, this will not affect the proceeding concerned.

  
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	 	25.3.3	Each party irrevocably consents to the service of process on it by faxing, by prepaid mailing by air mail, certified or registered mail, or by personal delivery of a
copy to such party’s process agent at the address above or its address on Schedule 7. The foregoing, however, shall not limit the rights of the other party hereto the service process in any other manner permitted by law.

  

	25.4	Courts 

 Each of the
Lessee and the Lessor agrees that: 
  

	 	25.4.1	it will not claim, and hereby irrevocably 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 25.2.1, and will not claim, and hereby further irrevocably waives any claim, that any such suit, action or proceeding brought in
the courts referred to in Clause 25.2.1, has been brought in an inconvenient forum; and 

  

	 	25.4.2	a judgment or order of a court referred to in Clause 25.2.1, regarding this Agreement is final and binding and can be enforced elsewhere in the world, subject to
applicable laws. 

  

	25.5	Intentionally left blank 

  

	25.6	Waiver of Sovereign Immunity 

 Each of the Lessee and the Lessor irrevocably and unconditionally: 
  

	 	25.6.1	agrees that if the other brings legal proceedings against it or its assets in relation to this Agreement or any other Transaction Document no immunity from such legal
proceedings (which will be deemed to include without limitation, suit, attachment prior to judgment, other attachment, the obtaining of judgment, execution or other enforcement, and any interlocutory proceedings or the execution of any judgment or
award arising therefrom) will be claimed by or on behalf of itself or with respect to its assets; 

  

	 	25.6.2	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 

 

	 	25.6.3	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 judgment which may be made or given in such proceedings. 

  
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	25.7	Cape Town Immunity 

 Each
of the Lessee and the Lessor hereby waives any immunity from suit, from the jurisdiction of any court or from any legal or judicial process or remedy and, without limiting the generality of the foregoing, each of the Lessee and the Lessor hereby
waives in accordance with Article XXII of the Cape Town Aircraft Protocol any sovereign immunity from jurisdiction of the courts specified in Clause 25.2 (Jurisdiction) or relating to the enforcement of rights and interests relating
to the Aircraft, the Airframe and/or any Engine. 
  

	25.8	Waiver of Trial by Jury 

EACH OF THE LESSEE AND THE 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 THE OTHER TRANSACTION DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING, WITHOUT LIMITATION,
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE LESSOR AND THE 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 OTHER MODIFICATIONS TO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS TO WHICH LESSOR OR LESSEE, AS APPLICABLE, IS A
PARTY. IN THE EVENT OF LITIGATION, THIS CLAUSE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
  

	26.	CONFIDENTIALITY 

 The
Lessor and the Lessee agree that the Transaction Documents are to be kept confidential. Neither party (including its respective officers, directors, agents and advisors) will disclose any information from or in connection with the Transaction
Documents without the consent of the other, except for: 
  

	 	26.1.1	disclosures made by the Lessor to potential assignees, transferees, financiers and/or rating agencies or to their respective professional advisors, provided that
in case of potential assignees, transferees and financiers, each such person has signed a non-disclosure agreement; 

  

	 	26.1.2	disclosures made by either party to its professional advisers, servicers, managers or as may be required by Applicable Regulations; 

 

	 	26.1.3	disclosure made by the Lessor to its Affiliates; and 

  

	 	26.1.4	disclosures made by the Lessee to its Affiliates. 

  
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	27.	TRUE LEASE 

 The parties
intend and agree that this Agreement: 
  

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

 

	 	27.1.2	confers only a leasehold interest on the 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 the Lessee under this Agreement. 

 The Lessor and the Lessee intend that this
Agreement be treated as 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 the Lessee shall not file a Tax return that is inconsistent with the
provisions of this Clause. 
 The Lessee hereby authorizes the Lessor to file such UCC-1 or UCC-3 financing statements as the
Lessor reasonably deems necessary or desirable to protect the interest of the Lessor or the Security Trustee hereunder; provided that the Lessor shall provide the Lessee with a copy of any such financing statement for review prior to filing.

  

	28.	[INTENTIONALLY LEFT BLANK] 

  

	29.	TIME IS OF THE ESSENCE 

The time stipulated in this Agreement or the other Transaction Documents for all payments by the Lessee to the Lessor and for the prompt,
punctual performance of the Lessee’s other obligations under this Agreement or the other Transaction Documents shall be of the essence for this Agreement or the other Transaction Documents. 

 

	30.	COUNTERPART 

 To the
extent, if any, that this Agreement constitutes tangible chattel paper (as such term is defined in the UCC) no security interest in this Agreement may be perfected through the transfer or possession of any counterpart other than the original
counterpart, which shall be so identified. Delivery of an executed counterpart of this Agreement by fax or electronic transmission shall be deemed effective as delivery of an originally executed counterpart. Any party delivering an executed
counterpart of this Agreement by fax or electronic transmission shall also deliver an originally executed counterpart; however, the failure of any party to deliver an originally executed counterpart of this Agreement shall not affect the validity or
effectiveness of this Agreement. 

  
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	31.	RIGHTS OF THIRD PARTIES 

  

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

  

	 	31.1.1	the 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;

  

	 	31.1.2	all notices and communications given by the Lessee to the Lessor shall also be given to the Owner Participant; 

 

	 	31.1.3	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 the Owner Participant agrees that, where the 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 the Lessor shall be binding on the Lessor;

  

	31.2	Any third party beneficiary 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 the Lessee or
the Lessor, as applicable, to or in favour of such third party beneficiary. 

  

	31.3	All terms of this Agreement may be varied, amended or otherwise released by an agreement between the Lessor and the Lessee without reference to any third party
beneficiary. 

  

	32.	SURVIVAL 

 All indemnities,
representations, warranties and other obligations of the Lessee and the Lessor shall survive, and remain in full force and effect, notwithstanding the leasing of the Aircraft hereunder and in the case of Clauses 12, 14, 15, 16, 17, 18, 20, 22,
24 and 25, expiration or other termination of this Agreement. 
  

	33.	NO BROKERS 

 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 Santos Dumont, the technical advisor of the Owner Participant, for which fees and expenses the Owner Participant shall be solely responsible). 

 

	34.	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

  
 - 80 -

 
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 34 shall not be construed to prohibit any action or proceeding against any party hereto for its own wilful
misconduct or grossly negligent conduct for which it would otherwise be liable; and provided further, that nothing contained in this Clause 34 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 34 shall survive the termination of this Agreement. 

 

	35.	KNOW YOUR CUSTOMER/OFAC COMPLIANCE 

  

	35.1	Anti-Terrorism Law 

  

	 	35.1.1	The Lessee represents, warrants and agrees that neither the 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”). 

  

	 	35.1.2	The Lessee represents, warrants and agrees that neither the Lessee nor any of its Affiliates is any of the following: 

 

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

 

	 	(b)	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; 

  

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

  

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

 

	 	(e)	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. 

 The Lessee represents, warrants and agrees that neither the 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), 

  
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(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. 

 

	36.	USA PATRIOT ACT AND OTHER INFORMATION: 

The Lessee agrees that pursuant to the requirements of the Patriot Act, other “Know Your Customer” requirements, money laundering information
requirements and similar requirements of Law, the Lessor and/or the Owner Participant (without duplication) may obtain, verify, and record information from the Lessee that identifies the Lessee, which information may include the name and address of
the Lessee, and its officers, directors and shareholders, and other information that will allow the Lessor and/or the Owner Participant (without duplication) to identify the Lessee and to perform the appropriate checks in accordance and for purposes
of compliance with the Patriot Act, other “Know Your Customer” requirements, money laundering information requirements and similar requirements of Law. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF the Lessor and the Lessee have executed this Agreement both as of the date shown at the
beginning of this Agreement. 
 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN S.A. DE C.V., as the Lessee

  

			
	By:	 	  /s/ Alfonso Ascencio Triujeque

	Name: Alfonso Ascencio
	Title: General Counsel

 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, not in its individual capacity but solely as owner trustee, as
the Lessor 
  

			
	By:	 	  /s/ Scott Rosevear

	Name: Scott Rosevear
	Title: Vice President

 Aircraft Operating Lease Agreement 
 Signature Page 

 SCHEDULE 1 

DEFINITIONS AND INTERPRETATION 
 PART A 
 DEFINITIONS 

In this Agreement: 
 “Absolute
Assignment” has the meaning given to such term in Clause 23.3.1. 
 “Acceptance Certificate” means the acceptance
certificate in substantially the form of Schedule 5 (Acceptance Certificate). 
 “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” in relation to any person means any person directly or indirectly controlling, controlled by or under common control with
that person and includes any trust for which such person or any of its Affiliates is a beneficiary. 
 “Agent” means the person
or persons appointed as agent to, or trustee for, any Financiers pursuant to the Financing Documents and any other person identified as an “Agent” for the purposes of this Agreement, as may be notified by the Lessor to the Lessee from time
to time. 
 “Agreed Value” has the meaning given to such term in Part D of Schedule 6 (Payments). 

“Aircraft” means the aircraft described in Part A of Schedule 2 (Aircraft particulars) (and includes a separate reference to
all Engines, Parts and Aircraft Documents except where it would not make sense to interpret the reference to Aircraft in that way). 

“Aircraft Documents” means the documents, data and records set out in the Annex to the Acceptance Certificate and all additions,
renewals, revisions and replacements required or permitted by this Agreement. 
 “Aircraft Object” has the meaning given to
such term in the Cape Town Convention. 
 “Airframe” means the Aircraft, excluding the Engines and the Aircraft Documents.

 “Airframe 6Y Structural Check” means the airframe 6-year check which shall include the completion of the 6 year structural
tasks, system and zonal tasks and inspections and all lower level tasks in accordance with the latest revision of the MPD. 
 “Airframe
12Y Structural Check” means the airframe 12-year check which shall include the completion of the 12 year structural tasks, system and zonal tasks and inspections in accordance with the latest revision of the MPD. 

“Airframe Warranties Agreement” means the agreement entered into or to be entered into on or prior to the Delivery Date, between the
Lessor, the Lessee, the Manufacturer and (if applicable) the Security Trustee in respect of the Airframe Warranties. 

  
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 “Airframe Warranties” means the package of airframe warranties specified in the Airframe
Warranties Agreement. 
 “Airworthiness Directive” means each airworthiness directive issued by any of the Aviation Authority,
EASA or the FAA specifying conditions, limitations or corrective actions to be taken in respect of the Aircraft. 
 “Anti-Terrorism
Laws” has the meaning given to such term in Clause 35.1. 
 “Applicable Regulations” means any applicable law,
treaty, court order, judgement, decree, regulation, official guideline (including any administrative interpretation or application of any Applicable Regulations), official directive, mandatory requirement or contractual undertaking which takes
effect in the relevant circumstances and, without limitation, includes any applicable resolution, directive or embargo of the United Nations, the United States of America, the European Union or any constituent member of either of those bodies.

 “APU” means the auxiliary power unit installed in the Airframe on the Delivery Date until replaced in accordance with this
Agreement and includes any such replacement unit. 
 “APU Gas Path Refurbishment” means, in respect of the APU, the performance
of a shop visit which shall include a gas path refurbishment in accordance with the then current overhaul manual to a zero time inspection criteria, 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 APU Operating Hours, and 6,000 Cycles and 3 years. 
 “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 as recorded on the APU Data Memory Module (DMM). For the purposes 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 Gas Path Refurbishment (or since new if no previous overhaul has been accomplished with respect to the APU). 

“Assignment of Insurances” means the assignment of insurances entered into, or to be entered into as the context may require, between
the Lessee as assignor and the Lessor and/or the Security Trustee as assignee. 
 “Assignment of Reinsurances” means the
assignment of reinsurances entered into, or to be entered into as the context may require, between the insurer as assignor and the Lessor and/or the Security Trustee as assignee. 
 “Available Balance” has the meaning given to that term in paragraph 5(c) of Part B of Schedule 6 (Payments). 
 “Aviation Authority” means each of the authorities which, under the Applicable Regulations of the State of Registration may from time to time control or supervise civil aviation in State
of Registration or exercise jurisdiction over matters relating to the Aircraft. 
 “Bankruptcy Code” means Title 11 of the
United States Code, as amended from time to time, and any successor statute. 

  
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 “Base Lease Term” means the period beginning on and including the Delivery Date and ending
on the Scheduled Expiry Date, or such earlier date on which the Lease Period terminates in accordance with the provisions of this Agreement. 

“Bill of Sale” means the warranty bill of sale in respect of the Aircraft executed by the Seller in favour of the Lessor pursuant to the
Purchase Agreement. 
 “Break Costs” means any Loss, premium or penalty which the Lessor, the Owner Participant (or any of
their Affiliates) may have to pay in order to repay funds raised to finance the Aircraft or in unwinding (or maintaining or continuing to make payments under) any swap, hedge, cap, forward interest agreement or other financial instrument entered
into in whole or in part in connection with the leasing or financing of the Aircraft in each case in connection with a delay in delivery (not caused by a default by the “buyer” under the Purchase Agreement), an Event of Default or a Total
Loss. 
 “Broker’s Letter of Undertaking” means an undertaking from the Insurance Broker in the form as recognised by the
Lloyds Insurance Broker’s Committee or otherwise reasonably acceptable to the Lessor and any Security Trustee. 
 “Business
Day” means: 
  

	(a)	a day (other than a Saturday or Sunday) on which business of the nature required by this Agreement is carried out in Dublin, London, México City and New York.

  

	(b)	where used in relation to payments, a day (other than a Saturday or Sunday) on which banks are open for business in New York and México City; and

  

	(c)	where used in relation to determination of LIBOR, a day (other than a Saturday or Sunday) on which banks are open for business in London. 

“Cape Town Convention” means the English language version of the Convention on International Interests in Mobile Equipment and the
Protocol thereto on Matters Specific to Aircraft Equipment signed at Cape Town, South Africa on 16 November 2001. 
 “C
Check” means a major inspection of the Aircraft (and resulting repairs, if any), as defined in the Manufacturer’s MPD. 

“C Check Date” means the date on which the first C Check of the Aircraft is accomplished which shall be no later than the day that is
the twentieth (20th) month anniversary of the Delivery Date. 
 “Citizen of the United States” has the meaning set forth
in Section 40102(a)(15)(c) of the Title 49 of the United States Code. 
 “Claim” has the meaning given to such term in
Clause 14.8 (Notification). 
 “Code” means the United States Internal Revenue Code of 1986, as amended.

 “Cut-Off Date” means the last day of the ninth (9th) month after the month in which the Scheduled Delivery Date is
stated to occur. 

  
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 “Cycle” means (i) with respect to the Airframe, one take-off and landing of the
Aircraft, (ii) with respect to an Engine, one take-off and landing of the aircraft on which the relevant Engine is installed (each “touch and go” will be one Cycle). 
 “Default” means an Event of Default or any event which, with the giving of notice, lapse of time, determination of materiality or fulfilment of any other applicable condition, may
constitute an Event of Default. 
 “Default Rate” means the rate per annum which is four per cent (4%) above one month
Dollar LIBOR. 
 “Delegation Letter” means the delegation letter entered into or to be entered into among the Manufacturer and
the Seller whereby the Lessor and the Lessee shall, amongst other things, be permitted to attend and observe the acceptance tests of the Aircraft at the Manufacturer’s facility. 
 “Delivery” means the delivery of the Aircraft to and its acceptance by the Lessee under this Agreement, as evidenced by execution of the Acceptance Certificate by the Lessee. 

“Delivery Condition” means the condition and requirements in respect of the Aircraft at Delivery, as described in Schedule 4
(Aircraft Specifications and delivery). 
 “Delivery Date” means the date on which Delivery takes place. 

“Delivery Location” means the Manufacturer’s facilities in Toulouse, France. 

“Deregistration Power of Attorney” means a duly executed (and if applicable, duly notarized) irrevocable power of attorney from the
Lessee and, if applicable, any Permitted Sublessee, in favour of the Lessor and any Security Trustee, in form and substance reasonably satisfactory to the Lessor and the Security Trustee, empowering the Lessor or any Security Trustee: 

 

	(a)	to de-register the Aircraft n the name of the Lessee from the aircraft register in the State of Registration; 

 

	(b)	to export the Aircraft from the State of Registration; and 

  

	(c)	to take any action required to release the Aircraft from any Security Interest and to take all action which the Lessor or the Security Trustee considers necessary or
desirable in relation thereto. The Lessor agrees that it shall use such power of attorney only if an Event of Default has occurred and is continuing. 

 “DGAC” means the Mexican Dirección General de Aeronáutica Civil. 
 “Discount Rate” means 6% (six percent) per annum. 
 “Dollars” or
“$” or “US$” means the lawful currency of the United States of America. 
 “EASA” means the European
Aviation Safety Agency 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 standards for the European Union. 

  
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 “EMP” means the Engine Manufacturer generic Engine Management Programme for the Engines.

 “Engine” means each engine (whether or not installed on the Airframe) specified in the Acceptance Certificate unless and/or
until replaced in accordance with this Agreement. 
 “Engine LLPs” means those Parts, defined by the Engine Manufacturer in the
engine manual, or by the FAA or the Aviation Authority through Airworthiness Directives, requiring retirement and subsequent replacement on a mandatory basis prior to or upon the expiration of the Engine Manufacturer’s certified life, such life
being expressed in terms of Cycles, Flight Hours, landings or calendar time. 
 “Engine Manufacturer” means IAE International
Aero Engines AG. 
 “Engine Performance Restoration Shop Visit” means, in respect of an Engine, a shop visit which shall
include a performance restoration of the major modules (at a minimum HPC, CC and HPT modules) in accordance with the then current Engine Manufacturer’s Maintenance Management Plan, with a scheduled Life Limited Parts and Airworthiness Directive
release life of no less than 10,000 Cycles and on-condition release of no less than 20,000 Flight Hours and 9,000 Cycles. 
 “Engine
Warranties” means a package of engine warranties specified in the Engine Warranties Agreement. 
 “Engine Warranties
Agreement” means the agreement entered into or to be entered into on or prior to the Delivery Date, between the Lessor, the Lessee, the Engine Manufacturer and (if applicable) the Security Trustee in relation to the Engine Warranties.

 “Eurocontrol” means the European Organisation for the Safety of Air Navigation; 

“Event of Default” means an event specified in Clause 19 (Events of Default). 

“Excluded Country” means, to the extent of such prohibition, any country to which the export or operation to, from or in of an Airbus
A320 aircraft is expressly prohibited under any Applicable Regulation from time to time promulgated by any of the United States of America, the European Union or any Government Entity of the State of Registration the effect of which prohibits the
export or operation to, from or in of an Airbus A320 aircraft with respect to such country or could impose penalties or other sanctions on Lessor, Owner Participant, Security Trustee or any Financier in connection therewith, including with respect
to revenue related thereto. If any such laws restrict, but do not prohibit, export or operation, from or in such country of an Airbus A320 aircraft, failure of the Lessee or any Permitted Sublessee to comply with such restrictions shall result in
such country being an Excluded Country and an Event of Default hereunder. 
 “Executive Order” has the meaning given to it in
Clause 35.1. 
 “Expiry Date” means: 
  

	(a)	the Scheduled Expiry Date or if the Lessee exercises the option to extend the leasing of the Aircraft in accordance with Clause 2.6 (Renewal Option), the
Schedule Renewal Term Expiry Date; or 

  
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	(b)	the Total Loss Payment Date; or 

  

	(c)	the date on which the leasing, of the Aircraft to the Lessee is expressed to terminate under this Agreement 

whichever is the earlier or, if the Redelivery of the Aircraft has been extended pursuant to Clause 18.2.1, the actual Redelivery Date 

“FAA” means, as the context requires, the Federal Aviation Administration of the United States of America and/or the Department of
Transportation of the United States of America and/or any successor of either of them. 
 “FAA Bill of Sale” means the bill of
sale in respect of the Aircraft to be executed by the Seller in favour of the Lessor pursuant to the Purchase Agreement, in due form for filing with the FAA. 
 “FAA Counsel” means Daugherty, Fowler, Peregrin, Haught & Jenson PC. 

“FAA Filed Documents” means this Agreement, the Trust Agreement, the FAA Bill of Sale (if applicable) and an application for
registration of the Aircraft with the FAA in the name of the Lessor. 
 “FAA Modification Amount” means the lesser of
(i) an amount equal to the sum of (y) the net cost of the technical and specification modifications (as listed in Schedule 12) required to make the Aircraft eligible to be registered with the FAA, and (z) if applicable, the net
cost of the Post Delivery Modifications, and (ii) Lessor Cap. 
 “FAA Registration Date” means the date on which the
Aircraft is registered with the FAA, which shall be no later than ten (10) Business Days after the C Check Date. 
 “FAR”
means the Federal Aviation Regulations set forth in Title 14 of the United States Code of Federal Regulations. 
 “Financial
Indebtedness” means, in respect of any person, any indebtedness for or in respect of: 
  

	(a)	moneys borrowed; 

  

	(b)	any acceptance credit; 

  

	(c)	any bond, note, debenture, loan stock or other similar instrument issued by such person; 

 

	(d)	any agreement treated as a finance or capital lease in accordance with generally accepted accounting principles in the jurisdiction of incorporation of the Lessee;

  

	(e)	the acquisition cost of any asset to the extent payable more than ninety (90) days after its acquisition or possession by the party liable where the deferred
payment is arranged primarily as a method of raising finance or financing the acquisition of that asset; 

  
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	(f)	any other transaction (including any forward sale or purchase agreement) which has 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); 

  

	(h)	any counter-indemnity obligation in respect of any guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or
financial institution; or 

  

	(i)	any guarantee, indemnity or similar assurance against financial loss of any person in respect of any item referred to in the above paragraphs. 

“Financial Statements” mean a consolidated balance sheet, cash flow statement and profit and loss statement in each case, prepared in
accordance with (and subject to Clause 8.1.1) Mexican GAAP or IFRS, as applicable. 
 “Financier” means any person or
persons through which the Lessor or the Owner Participant may from time to time finance or refinance its interest in the Aircraft and/or for whose benefit security over, or rights relating to, the Aircraft and/or any Transaction Document may be
granted (including by way of a declaration of trust) by the Lessor or the Owner Participant or at its request, and includes the Security Trustee and the Agent as well as any underwriter, placement agent, or syndication agent and any other person
identified as a “Financier” for the purposes of this Agreement, as may be notified by the Lessor to the Lessee from time to time. 

“Financing Documents” means each present and/or future document which is from time to time related to any financing of the Aircraft
(including for such purpose any mortgage or leasing arrangements whether or not constituting a financing and any documents ancillary thereto). 

“Flight Hour” means: 
  

	(a)	with respect to the Airframe, each hour or part of an hour 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 

  

	(b)	with respect to an Engine, each hour or part of an hour such Engine is operated, elapsing from the moment the wheels of the aircraft on which such Engine is installed
leave the ground until the wheels of such aircraft next touch the ground. 

 “French DGAC” means the Direction
Générale de l’Aviation Civile of France. 
 “Government Entity” means: 

 

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

 

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

  
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	(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. 

 “Gross Negligence” means any intentional action or decision of a person which is taken
or made by such person with reckless disregard for the consequences of such action or decision. 
 “Habitual Base” means
México, or (i) if a sublease complying with the terms of Clause 9.2 this Agreement is in effect, and subject to Lessee providing such additional documents as Lessor may reasonably request in connection therewith, such location as
set forth in the sublease, or (ii) such other main operational base of the Aircraft agreed by the Lessor (acting reasonably). 

“IATA” means the International Air Transport Association. 
 “IDERA” means an irrevocable deregistration and export request authorisation, in English and Spanish suitable for filing with the relevant Aviation Authority, substantially in the form
referred to in the Cape Town Convention or other in form and substance satisfactory to the Security Trustee and the Lessor. 

“IFRS” means the International Financial Reporting Standards. 
 “Indemnitee” means the Lessor, the Owner Participant, the Financiers, the Servicer, the Technical Servicer, the Manufacturer, the Seller and any and each of their respective shareholders,
subsidiaries, affiliates, partners, directors, agents, employees, members, officers, indemnitees and representatives. 
 “Indemnity
Letter” means the indemnity letter from the Owner Participant and the Lessee to the Seller in connection with the Delegation Letter. 

“Insurance” means the insurance cover (including any reinsurance) to be taken out under Clause 17 (Insurance) and
Schedule 8 (Insurance Requirements). 
 “Insurance Broker” means an insurance broker approved by the Lessor for the
purposes of this Agreement. 
 “International Registry” has the meaning given to such term in the Cape Town Convention.

 “Landing Gear” means the landing gear assembly of the Aircraft, excluding any rotable components. 

“Landing Gear Overhaul” means the off-wing overhaul and restoration of the entire Landing Gear (including disassembly) to satisfy the
system and structural and corrosion requirements in accordance with the latest revision of the MPD. 
 “Lease Amendment” means
any agreement entered into between the Lessor and the Lessee in connection with the exercise by the Lessee of the option to extend the leasing of the Aircraft pursuant to Clause 2.6 (Renewal Option); 

“Lease Period” means the period commencing on the Delivery Date and ending on the Expiry Date and shall include the Base Lease Term and,
if applicable, the Renewal Lease Term. 

  
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 “Lessor AD Contribution” has the meaning given to such term in Part E of Schedule 6
(Payments). 
 “Lessor Cap” means an amount equal to Lessor’s Cost less the purchase price paid by the Lessor to
the Seller. 
 “Lessor’s Cost” has the meaning given to such term in Part D of Schedule 6 (Other economic
terms). 
 “Lessor Lien” means any Security Interest over the Aircraft: 

 

	(a)	created by the Lessor or the Owner Participant through the Lessor or the Owner Participant in connection with the financing of the Aircraft; or

  

	(b)	resulting from acts of or claims against the Lessor or any Indemnitee not relating to the operation of the Aircraft or the transactions contemplated by or permitted
under this Agreement (other than as a consequence of the occurrence of a Event of Default) or to any act or omission of the Lessee; or 

  

	(c)	a Head Lease or Security Interest created as part of a Security Transfer. 

 “Lessor Tax” means Taxes: 
  

	(a)	imposed as a direct result of activities of the Lessor or the Owner Participant in the jurisdiction imposing the liability unrelated to the Lessor’s dealings with
the Lessee or to the transactions contemplated by this Agreement or the operation, use, presence or registration of the Aircraft in the jurisdiction imposing the Tax; or 

 

	(b)	imposed or levied on or measured on the net income, profits, gains capital, net worth, capital stock, franchise, business activity Taxes or other similar Taxes imposed
on the privilege of doing business or in the nature of an alternative minimum Tax, assessed on Lessor or an Indemnitee by any Government Entity in the jurisdiction in which Lessor or an Indemnitee is organized, based, maintains an office or other
fixed place of business, carries on business through a permanent establishment or is deemed to have its principal place of business, other than: 

  

	 	(i)	Taxes payable by the Lessor or the Owner Participant solely as a result of the Lessor or the Owner Participant being required to include in its gross income any amount
attributable to any improvement, alteration, substitution or addition to the Aircraft; 

  

	 	(ii)	Taxes which are imposed by reason of the presence of the Lessee (including place of business, situs of organization or any other activity of the Lessee) of the
presence, registration, use or operation of the Aircraft or any Engine (including in México, the United States of America or Ireland); 

  

	 	(iii)	Taxes which are imposed by reason of or consequent upon any Default or any breach by the Lessee of, or any failure by the Lessee to perform any of its obligations
under, or any misrepresentation made by the Lessee in, this Agreement; or 

  
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	(c)	imposed with respect to any period commencing or event occurring (x) prior to the Delivery Date (except where the Aircraft has been purchased from Lessee (or a
Lessee Affiliate) and is to be leased back to Lessee under the Lease) or (y) solely as a result of an event occurring after the Expiry Date which is not related to the Lessor’s dealings with the Lessee or the transactions contemplated by
this Agreement or the operation of the Aircraft by the Lessee. 

 “LIBOR” means, in respect of the applicable
period for the calculation of Rent, the Default Rate or other interest hereunder: 
  

	(a)	the applicable Screen Rate; or 

  

	(b)	if no Screen Rate is available for Dollars for the applicable interest period, 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 as of 11.00 a.m. (London time) two (2) Business Days before the first day of such period. 
 “Life Limited Parts” means those Parts, defined by the Manufacturer or by the FAA or the Aviation Authority through Airworthiness Directives, requiring retirement and subsequent
replacement on a mandatory basis prior to, or upon the expiration of, the Manufacturer’ certified life, such life being expressed in terms of Cycles, Flight Hours, landings and calendar time. 

“Loss” means any cost, expense (including the legal fees and out-of-pocket expense incurred to enforce any indemnity under the
Agreement), proceeding, action, claim, obligation penalty, fine, liability, damage or loss of any kind. 
 “Loss Payee” means
the Lessor or, if the Lessor so notifies the Lessee in writing, the Security Trustee. 
 “Maintenance Contribution” has the
meaning given to such term in paragraph 6 of Part of Schedule 6 (Payments). 
 “Maintenance Payments” means
all amounts payable pursuant to Clause 5.1 (Rents and Maintenance Payment) and Part B of Schedule 6 (Payments). 

“Maintenance Performer” means the maintenance performer for the Airframe and the Engines approved by the Aviation Authority and the FAA
or EASA and the Lessor. 
 “Maintenance Programme” means the maintenance programme of the Lessee for the Aircraft which shall
be in conformance with the maintenance program specified in the MPD and approved by the Lessor and the Aviation Authority as amended from time to time in accordance with the provisions of Clause 13.3.2. 

“Manufacturer” means Airbus S.A.S. 
 “Material Adverse Change” means (a) a material adverse change in the financial condition of the Lessee since the date of the most recent Financial Statements of the Lessee provided
to the Lessor prior to the date hereof or (b) the occurrence, since such date of any event or 

  
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circumstances which has, had or which is, could reasonably be expected to have a material adverse effect on Lessee’s ability or future ability to perform its obligations under this Agreement
or any other Transaction Document. 
 “Mexican GAAP” means the generally accepted accounting principles in México.

 “México” means the United Mexican States. 
 “Mexican Counsel” means Ritch Mueller S.C. 
 “Mexican Pledge”
means a pledge without transfer of possession (prenda sin transmisión de posesión) in form and substance acceptable to the Lessor and the Owner Participant, granting the Lessor a first priority Security Interest in any rights
the Lessee may have, or claim to have, from time to time, in the Maintenance Payments, any Maintenance Contribution obligations, the Security Deposit and any amounts drawn under a Security Deposit Letter of Credit, pursuant to Clauses 5.1.3,
5.3.2 and 5.3.7. 
 “MPD” means the latest version of the Maintenance Planning Document issued by the Manufacturer setting out
the maintenance tasks for the Aircraft and the thresholds and/or intervals at which such tasks should be completed. 
 “Notice and
Acknowledgement” means a notice and acknowledgement entered into, or to be entered into as the context may require, between the Lessor, the Security Trustee and the Lessee substantially in the form set out Schedule 10 (Forms of
notices and acknowledgement) or such other form as may be reasonably required by the Lessor or any Security Trustee. 

“OFAC” has the meaning given to such term in Clause 35. 
 “Owner Trustee” means Wells Fargo Bank Northwest, National Association, a national banking association, in its capacity as Owner Trustee under the Trust Agreement. 

“OP Guarantor” means Avolon Aerospace Leasing Limited. 
 “OP Guaranty” means a guaranty agreement in form and substance reasonably satisfactory to the Lessee, executed by the OP Guarantor, guaranteeing the obligations of the Owner Participant
under the Transaction Documents to which it is a party. 
 “Original Financial Statements” means the Lessee’s consolidated
audited financial statements for its financial year ended 31 December 2010. 
 “Other Agreements” means: 

 

	(a)	each of the aircraft lease agreements between the Lessor in its capacity as the Owner Trustee under the Trust Agreement (or any Affiliate of the Owner Participant,
including a trust of which the beneficiary is the Owner Participant or an Affiliate of the Owner Participant) and the Lessee (or any Affiliate of the Lessee) relating to the Other Aircraft; and 

 

	(b)	any and all agreements (other than this Agreement) entered into at any time and from time to time between (i) the Lessor, any Affiliate of the Lessor, any trustee
or the Owner Participant or any Affiliate of the Owner Participant or any special purpose lessor in respect of which the Servicer provides lease management services and (ii) the Lessee or any of its Affiliates. 

  
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 “Other Aircraft” means each Airbus A320 aircraft leased (i) by the Lessee or any of
its Affiliates, from (ii) the Lessor, any Affiliate of the Lessor, any trustee on behalf of the Lessor or the Owner Participant or any Affiliate of the Lessor or any special purpose lessor in respect of which the Servicer provides lease
management services. 
 “Owner Participant” means Avolon Aerospace AOE 3 Limited and its permitted assigns as set forth in
Clause 23.3. 
 “Owner Participant Letter Agreement” means the Owner Participant Letter Agreement with respect to the
Aircraft and this Agreement between the Owner Participant and the Lessee; 
 “Parent Guaranty” means a guaranty agreement in
form and substance reasonably satisfactory for the Lessor executed by the Parent, guaranteeing the obligations of the Lessee under this Agreement and the other Transaction Documents to which it is a party. 

“Parent” means Controladora Vuela Compañia de Aviación, S.A.P.I. de C.V. 

“Part” means each component, furnishing or part (other than a complete Engine) supplied with the Aircraft on the Delivery Date, in
each case until replaced in accordance with this Agreement and includes any such replacement, and all technical data (including historical, operational and maintenance records related thereto). 

“Partial Loss Threshold” has the meaning given to such term on Part D of Schedule (Payments). 

“Patriot Act” has the meaning given to it in Clause 35.1 (Know Your Customer/OFAC Compliance). 

“Permitted LC Bank” means a major international bank reasonably acceptable to the Lessor for the purposes of issuing or confirming a
Security Deposit Letter of Credit. 
 “Permitted Security Interest” means: 

 

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

  

	(b)	any lien of a repairer, carrier, hangar keeper, mechanic, material-man, carrier, employee 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; 

 but, in each case of (a) and (b) above, only if: 
  

	 	(i)	adequate reserves have been provided by the Lessee for the payment of the Taxes or obligations in accordance with IFRS or Mexican GAAP; and 

  
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	 	(ii)	such proceedings, or the continued existence of the lien do not give rise to any material risk of the sale, forfeiture or other loss of the Aircraft or any interest in
the Aircraft or of any criminal liability on any Indemnitee; and 

  

	(c)	any Lessor Lien; and 

  

	(d)	any Security Interest arising from the Financing Documents and the Transaction Documents. 

 “Permitted Sublease” has the meaning given to such term in Clause 9.4 (Permitted Subleasing). 
 “Permitted Sublessee” means Avianca S.A., TACA International Airlines, or any other sublessee as the Lessor, the Owner Participant and the Security Trustee, if any, may from time to time
approve in writing in their sole and absolute discretion provided that (A) the consent of the Lessor, the Owner Participant and the Security Trustee shall not be unreasonably withheld in the case of any air carrier which is (i) a
part of the Avianca-Taca group or the Indigo group; (ii) principally based and domiciled in El Salvador, Colombia or Brazil; (iii) certified as an air carrier by the Aviation Authority of such jurisdiction; (iv) paying its debts as
they become due and (v) is not subject to any bankruptcy, insolvency or similar proceedings, and has not announced that any such proceedings are under consideration and (B) in case of an air carrier which is a part of the Avianca-Taca
group based in Costa Rica, Peru or Ecuador and meets the other conditions provided herein, the Lessor shall make reasonable efforts to procure the approval of the Financiers to sublease to such air carrier and if such approval is obtained Lessor
shall not unreasonably withhold its consent to a sublease thereto if it meets the conditions in clause (A). 
 “PMA Part”
means a part manufactured under an FAA Parts Manufacturer Approval which has not been approved for use on the Airframe by the Manufacturer or on an Engine by the Engine Manufacturer. 
 “Post-Delivery Authorizations and Filings” means each of the following: 
  

	(a)	evidence that the Bill of Sale, duly notarized and legalized and accompanied by 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 the Lessor) within five Business Days following the Delivery Date; 

  

	(b)	Certificate of Airworthiness (Certificado de Aeronavegabilidad) and designation of a definitive registration mark (Oficio de Asignación de
Matrícula Definitiva) for the Aircraft issued by the DGAC, which shall be obtained (and a copy provided to the Lessor) within five (5) Business Days following the Delivery Date; 

 

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

  
 - 95 -

	(d)	certificate of registration and definitive registration of this Agreement (including the Acceptance Certificate) and the Bill of Sale with the Mexican Aeronautical
Registry (Registro Aeronáutico Mexicano), which registration shall show the Lessor as owner and lessor and the Lessee as operator and possessor of the Aircraft and shall be completed (and evidence thereof provided to the Lessor) within
sixty (60) days following the Delivery Date, but evidence of the submission of this Agreement, the Acceptance Certificate and the 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 the Lessor
within ten (10) Business Days following the Delivery Date; and 

  

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

 “Post Delivery Modifications” has the meaning given to such term in
Clause 4.1.3. 
 “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 the Lessee has received from the DGAC 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 the Lessor may reasonably request.

 “Protocol” means the Protocol to the Convention on International Interests in Mobile Equipment on Matters
Specific to Aircraft Equipment, concluded in Cape Town South Africa, on November 16, 2001 (utilising the English language version thereof). 
 “Purchase Agreement” means the aircraft sale and purchase agreement dated on or about the date hereof as amended from time to time between the Seller and the Owner Participant with
respect to the Aircraft. 
 “Qualifying Work” has the meaning given to such term in paragraph 6 of Part B of
Schedule 6 (Maintenance Payments). 
 “Redelivery” means the Redelivery of the Aircraft to the Lessor in compliance
with the terms of this Agreement. 
 “Redelivery Condition” means the condition in which the Aircraft must be on Redeliver
described in Part B of Schedule 9 (Redelivery). 

  
 - 96 -

 “Redelivery Date” means the date on which the Lessor accepts the Aircraft for Redeliver.

 “Redelivery Location” means the Adolfo Lopez Mateos International Airport in Toluca Estado de México, México,
the Benito Juarez International Airport in México City, Mexico or such other location as the Lessor and the Lessee may reasonably agree. 

“Redelivery Procedure” means the inspection and other procedures to verify that the Aircraft is in the Redelivery Condition, as
described in Part A of Schedule 9 (Redelivery). 
 “Relevant Directive” has the meaning given to such term in Part
E of Schedule 6 (Payments). 
 “Renewal Lease Term” means, if applicable, any renewal of the Lease Period pursuant
to Clause 2.6 (Renewal Option) for a period of twelve (12) months duration beginning on the Scheduled Expiry Date and ending on the Scheduled Renewal Term Expiry Date or such earlier date on which the Lease Period terminates in
accordance with the provisions of this Agreement. 
 “Renewal Notice” has the meaning given to it in Clause 2.6.1
(Renewal Notice). 
 “Rent” means all amounts payable as rent in accordance with Clause 5.1 (Rent and
Maintenance Payments) and Part A of Schedule 6 (Rent). 
 “Rent Date” means the first day of each Rent Period.

 “Rent Period” means each period ascertained in accordance with Clause 5.2 (Rent Periods). 

“Requisitioning Period” means any period from the date when the Aircraft is requisitioned for use to the earlier of (i) the
Redelivery of the Aircraft to the Lessee and (ii) payment of the Agreed Value by the Lessee. 
 “Scheduled Delivery Date”
means a day in the Scheduled Delivery Month to be notified by the Lessee to the Lessor in writing not less than 30 days prior to such day. 

“Scheduled Delivery Month” means June 2011 or such later month up to and including the Cut-off Date, as the Lessor and the Lessee
may agree. 
 “Scheduled Expiry Date” means the day immediately before the day falling one hundred thirty-two (132) months
after the Delivery Date. 
 “Scheduled Renewal Term Expiry Date” means in respect of the Renewal Lease Term, the scheduled last
day of the term thereof as provided in Clause 2.6.1 (Renewal Notice); 
 “Screen Rate” means the British
Bankers’ Association Interest Settlement Rate for the relevant currency and period displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Lessor may specify another page or
service displaying the appropriate rate after consultation with the Lessee. 
 “Security Deposit” has the meaning given to such
term in Part D of Schedule 6 (Payments). 
 “Security Deposit Letter of Credit” has the meaning given to that term
in Clause 5.3.3. 

  
 - 97 -

 “Security Interest” means any mortgage, charge, assignment, pledge, conditional sale,
preference, equity or encumbrance of any kind, lien, including Tax liens, mechanics liens and any liens that attach by operation of law, declaration of trust or any other arrangement which has the effect of giving another person any security claim
or interest. 
 “Security Transfer” has the meaning given to such term in Clause 23.3.1. 

“Security Trustee” means the person or persons appointed as security trustee, collateral agent or similar representative for any of the
Financiers and any other person identified as a “Security Trustee” for the purposes of this Agreement, as notified by the Lessor to the Lessee from time to time. 
 “Seller” means Wizz Air Hungary Ltd. 
 “Service Bulletins” means
publications from any relevant manufacturer recommending or requiring that the Aircraft be inspected or modified. 
 “Servicer”
means: 
  

	(a)	Avolon Aerospace Leasing Limited; and/or 

  

	(b)	any other person providing services to the Lessor or the Owner Participant related to the Aircraft or the Transaction Documents, identified as a “Servicer”
for the purposes of this Agreement, as notified by the Lessor to the Lessee from time to time provided that, if payments by the Lessee hereunder are to be made directly to such Servicer, the appointment of any replacement servicer shall not,
determined at the time of such appointment, result in a withholding Tax or increase the amount of any withholding Tax which the Lessee is liable to pay, solely because of any payments made by the Lessee to such replacement servicer.

 “State of Incorporation” means México. 
 “State of Registration” means México until the FAA Registration Date and thereafter the United States of America as provided in Clause 11.1.3, or such other country in which
the Aircraft is permitted to be registered in accordance with Clause 9.4 (Permitted subleasing). 
 “Subsidiary”
means: 
  

	(a)	in relation to any reference to accounts, any company whose accounts are consolidated with the accounts of the Lessee in accordance with accounting principles generally
accepted under accounting standards of the United Arab Emirates; 

  

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

  

	 	(i)	of which another has direct or indirect control or owns directly or indirect more than 50 percent 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. 

“Suitable Replacement Engine” has the meaning given to that term in Clause 15.3.3. 

  
 - 98 -

 “Taxes” means all present and future taxes, levies, imposts, duties or charges of any
nature whatsoever, and wheresoever imposed, including 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, licence, corporation, capital gains, export, import, customs 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 or other Government Entity, together with any penalties, additions
to tax, fines or interest thereon, and “Tax” and “Taxation” shall be construed accordingly. 

“Technical Servicer” means Santos Dumont Technical Services Limited or such other person as the Lessor may notify the Lessee from time
to time. 
 “Total Loss” means: 
  

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

 

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

  

	(c)	if the Aircraft is requisitioned for title, confiscated, detained, forfeited, compulsorily purchased; or 

 

	(d)	if the Aircraft is requisitioned for hire, hi-jacked, stolen or disappears for thirty (30) days or longer. 

“Total Loss Payment Date” means with respect to a Total Loss the earlier of: 

 

	(a)	the first Business Day which falls on or after the date falling sixty (60) days after the Total Loss happened; and 

 

	(b)	the date the Insurance proceeds are received by the person entitled to such proceeds under this Agreement for that Total Loss. 

“Transaction Documents” means this Agreement, the Owner Participant Letter Agreement, the Trust Agreement, the Purchase Agreement, the
Delegation Letter, the Indemnity Letter, the IDERA, the Security Deposit Letter of Credit (if any), the Lease Amendment (if any), the Parent Guaranty, the OP Guaranty, the Mexican Pledge, the Airframe Warranties Agreement, the Engine Warranties
Agreement, the Notice and Acknowledgement, the Acceptance Certificate, the Deregistration Power of Attorney, the Assignment of Insurances and the Assignment of Reinsurances (if any), any Permitted Sublease and any other document which is entered
into in connection with any of those agreements, as each of the same may be amended from time to time. 
 “Trust Agreement”
means the Trust Agreement between the Owner Trustee and the Owner Participant in respect of the Aircraft. 
 “Trust Estate” has
the meaning set out in the Trust Agreement. 

  
 - 99 -

 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New
York; provided that if, with respect to any financing statement governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States other than New York, UCC means the Uniform Commercial Code as in effect from time to
time in such other jurisdiction. 
 “U.S.C.” means the United States Code. 

  
 - 100 -

 PART B 
 INTERPRETATION 
 The following rules of interpretation apply throughout the Agreement.

  

	1.	Unless otherwise stated, a reference to: 

  

	 	(a)	any Applicable Regulations includes any change or addition to it or replacement of it; 

 

	 	(b)	“month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

  

	 	(i)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if
there is one, or if there is not, on the immediately preceding Business Day; 

  

	 	(ii)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar
month. 

 The above rules will only apply to the last month of any period; 

 

	 	(c)	this Agreement or any other agreement or document includes any changes replacements or substitutions; 

 

	 	(d)	“indebtedness” includes any obligation (whether incurred as principal or surety) for the payment or repayment of money, whether present or future,
actual or contingent; 

  

	 	(e)	a “person” may, depending on the context, include an individual, any form of corporate or business association or any state or form of governmental or
official body, whether having a distinct legal identity or not; 

  

	 	(f)	the Lessor, the Lessee or any other person includes their respective successors transferees and assignees; and 

 

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

  

	2.	The Clause headings and sub-headings are used in this Agreement only to make it easier to read. They are not intended to affect its meaning. 

 

	3.	Certain technical terms used but not defined have the meaning given in Annex six and eight of the Convention of International Civil Aviation in force from time to time.

  

	4.	Default is continuing if it has not been waived or remedied 

  

	5.	Any reference to this Agreement includes its Schedules. 

  
 - 101 -

 SCHEDULE 2 

AIRCRAFT PARTICULARS 

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 (which description shall not be deemed a covenant representation warranty or guaranty to the Lessee with respect to the Aircraft, all of which are waived and disclaimed as and to
the extent expressly provided in the Agreement): 
  

			
	 Manufacturer:
	  	Airbus S.A.S.
		
	 Model:
	  	A320-233
		
	 Registration:
	  	As specified in the Acceptance Certificate
		
	 Engine Model:
	  	V2527-A5
		
	 Engine Serial Numbers:
	  	As specified in the Acceptance Certificate
		
	 APU Model:
	  	GTCP 131-9A
		
	 APU Serial Number:
	  	As specified in the Acceptance Certificate
		
	 Aircraft Specification:
	  	As per Schedule 4, Part A

  
 - 102 -

 SCHEDULE 3 

CONDITIONS PRECEDENT 
 PART A 
 LESSEE CONDITIONS PRECEDENT 

 

	A.	On or before the date of execution of this Agreement and at the Lessee’s cost, the Lessor shall have received in form and substance satisfactory to it:

  

	 	(a)	a copy, certified by a duly authorised representative of each of the Lessee and the Parent to be a true, complete and up to date copy, of the constitutional documents
(estatutos sociales) of the Lessee and the Parent; 

  

	 	(b)	a copy, certified by a duly authorised representative of the Lessee to be a true copy, and as being in full force and effect and not amended or rescinded, of resolution
of the board of directors of the Lessee: 

  

	 	(iii)	approving the transactions contemplated by the Transaction Documents; and 

  

	 	(iv)	authorising a person or persons to execute and deliver on behalf of the Lessee the Transaction Documents and any notices or other documents to be given pursuant
thereto; 

  

	 	(c)	a copy, certified by a duly authorized representative of the Parent to be a true copy and as being in full force and effect and not amended or rescinded, of a
resolution of the board of directors of the Parent: 

  

	 	(i)	approving the transaction contemplated by the Parent Guaranty; 

  

	 	(ii)	authorizing a person or persons to execute and deliver on behalf of the Parent, the Parent Guaranty and any notices and other documents to be given pursuant thereto;

  

	 	(d)	a certified true copy of the power of attorney issued by or on behalf of the Lessee, and not amended or rescinded, authorising the execution by the attorneys named
therein of the Transaction Documents to which the Lessee is a party and specimen signatures of the attorneys; 

  

	 	(e)	a certified true copy of the power of attorney issued by or on behalf of the Parent and not amended or rescinded authorising the execution by the attorneys named
therein of the Parent Guaranty and specimen signature of the attorneys; 

  

	 	(f)	specimen signatures of the signatories of the Lessee and the Parent, certified by an officer of the Lessee and the Parent; 

 

	 	(g)	all such documentation and information from the Lessee as requested by the Lessor or the Owner Participant 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 the Lessor and the Owner Participant in their sole and absolute discretion; 

  
 - 103 -

	 	(h)	a copy of the Original Financial Statements 

  

	 	(i)	a letter from the process agent appointed by the Lessee pursuant to Clause 25.3 (Process Agents) in respect of this Agreement, accepting such appointment
and a power of attorney granted to the process agent by the Lessee in accordance with the Mexican law, in form and substance satisfactory to the Lessor and the Owner Participant; 

 

	 	(j)	on original of the Parent Guaranty, duly executed and delivered by the Parent, the Mexican Pledge, duly executed and delivered by the Lessee and this Agreement
containing the chattel paper legend on the cover thereof, executed and delivered by the Lessee, and additional original copies without such legend as reasonably requested by the Lessor; 

 

	 	(k)	a legal opinion addressed to the Lessor, the Owner Participant (and if applicable, the Security Trustee (on behalf of itself and the Financiers) from the General
Counsel of the Parent in a form and substance reasonably satisfactory to the Lessor; 

  

	B.	On or before the Delivery Date and at the Lessee’s cost, the Lessor shall have received in form and substance satisfactory to it: 

 

	1.	Lessee corporate documents 

  

	 	(a)	a copy, certified by a duly authorised representative of the Lessee to be a true, complete and up to date copy, of the business license, air operator’s
certificate, concession and all other licenses, certificates and permits required by the Lessee in relation to, or in connection with, the operation of the Aircraft; and constitutional documents of the Lessee; 

 

	 	(b)	certificate of an officer of Lessee: 

  

	 	(i)	certifying that the transactions contemplated by the Transaction Documents have been approved by the board of directors of the Lessee and 

 

	 	(ii)	authorising a person or persons to execute and deliver on behalf of the Lessee the Transaction Documents and any notices or other documents to be given pursuant
thereto; and 

  

	 	(iii)	specimen signatures of the signatories of the Lessee, certified by an officer of the Lessee. 

 

	 	(c)	a certified true copy of the power of attorney issued by or on behalf of the Lessee, and not amended or rescinded, authorising the execution by the attorneys named
therein of the Lessee Documents and specimen signatures of the attorneys; and 

  

	2.	Transaction documents 

  

	 	(a)	 an original of each Transaction Document to which the Lessee is a party, the Bill of Sale, and the Deregistration Power of Attorney, each in Spanish
and in 

  
 - 104 -

	 	
English, where applicable, duly notarized and legalized, where applicable, and the Notice and Acknowledgement executed and delivered by the respective party or parties thereto (other than the
Lessor); and 

  

	 	(b)	certified copies of the Engine Warranties and Airframe Warranties. 

  

	3.	Acceptance documents 

  

	 	(a)	an original of the Acceptance Certificate; 

  

	 	(b)	evidence that the process agent of the Lessee referred to in any Transaction Document has been appointed and accepted its appointment. 

 

	4.	Security Deposit 

 The
Security Deposit described in Clause 5.3 and/or the Security Deposit Letter of Credit in lieu thereof, as the case may be. 
  

	5.	Legal opinion 

 A legal
opinion addressed to the Lessor, the Owner Participant (and, if applicable, the Security Trustee (on behalf of itself and the Financiers)), each in form and substance reasonably acceptable to the Lessor, the Owner Participant and any Security
Trustee, from: 
  

	 	(a)	Greenberg Traurig, LLP, special New York counsel to the Lessee; 

  

	 	(b)	the General Counsel of the Lessee, as to matters relating to the Lessee; and 

 

	 	(c)	the Mexican Counsel to the Lessor as to the matters relating to the State of Registration, the Habitual Base and the State of Incorporation and while the Aircraft is
registered with the DGAC, as to the matters relating to the Cape Town Convention. 

  

	6.	Registrations and approvals 

 Evidence that: 
  

	 	(a)	on the Delivery Date, all Pre-Delivery Authorizations and Filings and all other authorisations (except for the Post-Delivery Authorizations and Filings) necessary for
any matter or thing contemplated by the Transaction Documents and for the legality, validity, enforceability, admissibility in evidence and effectiveness of the Transaction Documents to which the Lessee is a party (including, without limitation, the
approvals of the Aviation Authority) have been obtained or effected on an unconditional basis and remain in full force and effect (or, in the case of effecting of any registrations and filings, that arrangements satisfactory to the Lessor, the Owner
Participant and the Security Trustee have been made for the effecting of the same within any applicable time limit); 

  

	 	(b)	 on the Delivery Date, all Pre-Delivery Authorizations and Filings and all other documents (except for the Post-Delivery Authorizations and Filings) as

  
 - 105 -

	 	
evidencing the respective interests of the Lessor, the Owner Participant and the Security Trustee in the Aircraft, this Agreement and the other Transaction Documents as contemplated by the
Transaction Documents shall have been filed with the Aviation Authority or the District of Columbia and registered with the International Registry (or, where applicable, in case of the Post-Delivery Authorizations and Filings, be in due form for
such filing or registration and arrangements satisfactory to the Lessor, the Owner Participant and the Security Trustee have been made for the effecting of the same within any applicable time limit); and 

 

	 	(c)	all registration, notarial, consular and translation fees (if any) due and payable in any applicable jurisdiction in connection with any Transaction Documents have been
duly paid in full. 

  

	7.	Import 

 Evidence that all
required import approval and licence, and all customs formalities relating to the import of the Aircraft into the Habitual Base have been obtained or complied with. 
  

	8.	Air Traffic Control Letter 

A letter from the Lessee addressed to the Servicios a la Navegación en el Espacio Aéreo Mexicano, Aeropuertos y Servicios
Auxiliares, Eurocontrol and each other relevant air traffic control authority pursuant to which the Lessee authorised the addressee to issue to the Lessor and any Security Trustee, upon the Lessor’s or any Security Trustee’s request
from time to time, a statement of account of all sums due by the Lessee to such authority in respect of all aircraft (including, without limitation, the Aircraft) operated by the Lessee. The Lessor agrees that such letter shall be used and no
request shall be sent to any navigation or similar authority unless a Default shall have occurred and be continuing or the Lessor reasonably believes that any amount due has not been paid by the Lessee. 

 

	9.	IDERA 

 A certified true
copy of IDERA, in English and Spanish, duly signed by and on behalf of the Lessee and the Aviation Authority, and notarized and legalized, if applicable, together with (a) a Consent to Deregister addressed to the Aviation Authority and signed
by the Lessee and (b) a consent letter from the Lessee relating to the IDERA. 
  

	10.	Insurance documents 

  

	 	(a)	a copy of a certificate or certificates of insurance from the Insurance Broker evidencing the Insurances to be maintained pursuant to and in accordance with
Clause 17 (Insurances) and Schedule 8 (Insurance requirements) to be in full force and effect; 

  

	 	(b)	a copy of a certificate or certificates of reinsurance from the Lessee’s reinsurer or reinsurance broker evidencing the reinsurances to be maintained pursuant to
and in accordance with Clause 17 (Insurances) to be in full force and effect; 

  

	 	(c)	a copy of the Broker’s Letter of Undertaking; and 

  
 - 106 -

	 	(d)	an insurance opinion from the Lessor’s insurance advisor, at no cost to the Lessee. 

 

	11.	Aircraft documents 

  

	 	(a)	Copies of each of the following documents in relation to the Aircraft certified by a duly authorised officer of the Lessee to be current and valid:

  

	 	(i)	subject to the confidentiality requirements of Clause 26 hereof, Maintenance Programme (in CD format); and 

 

	 	(ii)	temporary approval by the Aviation Authority of operation of the Aircraft and aircraft of the same type as the Aircraft; 

 

	 	(b)	Evidence satisfactory to the Lessor and the Owner Participant that a certificate of registration in respect of the Aircraft will be issued by the Aviation Authority in
the name of the Lessee as lessee and also noting on the certificate of registration (to the extent applicable in the State of Registration) the interests of (a) the Lessor as lessor and (b) any Financier as mortgagee, in each case, in
respect of the Aircraft; 

  

	 	(c)	Evidence satisfactory to the Lessor and the Owner Participant that a certificate of airworthiness will be issued by the Aviation Authority in respect of the Aircraft:

  

	 	(d)	Current air carrier operating certificate and airline operating license issued by the Aviation Authority in respect of the Lessee; and 

 

	 	(e)	All other governmental or other approvals, licences and consents which may be required in relation to, or in connection with the performance by, the Lessee of any of
its obligations hereunder that are not Post-Delivery Authorization and Filings. 

  

	12.	Intentionally left blank 

  

	13.	General Conditions Precedent 

  

	 	(a)	no Default is continuing or would result from the delivery of the Aircraft; 

 

	 	(b)	all monies payable to the Lessor by the Lessee on or prior to the Delivery Date (including, without limitation, payment of the first installment of Rent) have been
received or the Lessor is satisfied that such monies will be paid on the Delivery Date; 

  

	 	(c)	each of the Lessee’s representations in Clause 3 (Representations and warranties) of this Agreement is true and accurate in all respects, except to the
extent any such representation relates to a specific time, in which case, such representation shall be correct as of such time; 

  

	 	(d)	each of the Parent’s representation in the Parent Guaranty is true and accurate in all respects, except to the extent any such representation relates to a specific
time, in which case, such representation shall be correct as of such time; 

  
 - 107 -

	 	(e)	no circumstance exists or has come into being that is a Material Adverse Change; 

 

	 	(f)	the Aircraft has not suffered a Total Loss (or any event which, with the lapse of time would constitute a Total Loss) or any unrepaired damage, the cost of which to
repair (in the opinion of the Security Trustee) exceeds the Damage Notification Threshold; 

  

	 	(g)	the Lessor shall have received such ‘know your customer’ documents as the Financiers may require from the Lessee; 

 

	 	(h)	the Manufacturer shall have transferred title to the Aircraft (and any seller purchased equipment installed thereon) to the Lessor and the Lessor shall have accepted
title to the Aircraft in accordance with the Purchase Agreement; and 

  

	 	(i)	any other conditions the Lessor may reasonably require. 

  
 - 108 -

 PART B 
 LESSOR CONDITIONS PRECEDENT 
  

	1.	On or before the date of execution of this Agreement and at no cost to the Lessee, the Lessee shall have received in form and substance reasonably satisfactory to it:

  

	 	(a)	a corporate certificate of the Lessor signed by an authorised officer of the Lessor to which is attached complete and up to date copies of the resolutions of the board
of directors of the Lessor authorising one or more persons to sign those of the Transaction Documents to which the Lessor is a party; 

  

	 	(b)	a copy of the constitutional documents of the Lessor and the Owner Participant; 

 

	 	(c)	a corporate certificate of the Owner Participant signed by an authorised officer of the Owner Participant to which is attached complete and up to date copies of the
resolutions of the board of directors of the Owner Participant authorising one or more persons to sign those of the Transaction Documents to which the Owner Participant is a party; 

 

	 	(d)	specimen signatures of the signatories of the Lessor, certified by an officer of the Lessor; 

 

	 	(e)	if the Owner Participant’s tangible net worth is not at least *****, an original of the OP Guaranty executed and delivered by the OP Guarantor; and

  

	 	(f)	a letter from the process agent appointed by the Lessor and the Owner Participant pursuant to Clause 25.3 (Process Agents) in respect of this Agreement,
accepting such appointment. 

  

	2.	On or before the Delivery Date and at no cost to the Lessee 

  

	 	(a)	the Lessee shall have received in form and substance reasonably satisfactory to it: 

 

	 	(i)	an original of each Transaction Document to which it is a party executed and delivered by the Lessor; 

 

	 	(ii)	if applicable, a Notice and Acknowledgement substantially in the form set out in Schedule 10, executed and delivered by the Lessor and the Security Trustee,
together with any quiet enjoyment letter required to be issued thereunder: and 

  

	 	(b)	each of the Lessor’s representations and warranties in Clause 3.1 (Representations and warranties) and Clause 3.3 (Lessor’s
Representations and warranties) and each of the Owner Participant’s representations and warranties in Clause 3.1 (Representations and warranties) and Clause 3.4 (Owner Participant’s Representations and
warranties), is true and accurate in all respects. 

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

  
 - 109 -

 SCHEDULE 4 

AIRCRAFT SPECIFICATION AND DELIVER 
 PART A-1 
 AIRCRAFT SPECIFICATION 

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 (which description shall not be deemed a covenant representation, warranty or guaranty to the Lessee with respect to the Aircraft, all of which are waived and disclaimed as and to
the extent expressly provided in the Agreement): 
 Based on Std Spec A320-200 Issue 6.0 dated 31 January 2005

  

							
	 EPAC
	  	TDU	  	 Title
	  	Vendor
selected by the
Seller
	 -
	  	-	  	General requirements 02	  	
	 02.10.120
	  	02	  	15 knows tailwind certification at Landing	  	
	 02.10.123
	  	01	  	Aircraft Operation on runways less than 45m wide	  	
	 02.40.101
	  	01	  	External livery - Wizz Air livery	  	
				
	 -
	  	-	  	General aircraft design criteria 03	  	
				
	 03.20.151
	  	19	  	A320-200 multiple operational weights capability – dual MTOW 73.5T and 71.5T	  	
	 03.20.400
	  	8	  	A320 Basic Design weight – MTOW 73.5T; MLW 64.5 T; MZFW 61 T	  	
				
	 -
	  	-	  	Placards and markings 11	  	
				
	 11.20.103
	  		  	Engine area decals – Wizz defined (on transparent background)	  	
	 11.30.110
	  		  	Passenger placards and signs alternate markings – English/Hungarian/Ukranian/Bulgarian	  	
	 11.30.111
	  	Std	  	Monolingual EEPMS exit identifier – English only (horizontal arrangement) – AIRSIGNA	  	

  
 - 110 -

							
	 -
	  	-	  	Air conditioning 21	  	
				
	21.20.108	  	06	  	Cabin air recirculation filter cartridges equipment selection	  	LE BOZEC
	21.27.108	  	Std	  	Avionics ventilation air filter alternate equipment	  	LE BOZEC
	21.50.050	  	02	  	Installation of A318 type Environmental control System	  	
				
	 -
	  	-	  	Auto flight 22	  	
				
	 22.70.100
	  	Std	  	Flight management kits release 1 alternate equipment	  	Honeywell
	 22.82.102
	  	20	  	Multipurpose Control and Display Unit (MCDU) alternate equipment	  	Honeywell
				
	 -
	  	-	  	Communications 23	  	
				
	 23.00.132
	  	34	  	Automatic ELT (BFE) associated with remote control panel in cockpit	  	Honeywell
	 23.12.130
	  	13	  	VHF Data Radio (VDR) alternate equipment capable of VDL mode 2	  	Honeywell
	 23.51.136
	  	10	  	Boomsets alternate equipment - SENNHEISER	  	
	 23.70.110
	  	02	  	Installation of cockpit door surveillance system	  	Goodrich
	 23.71.103
	  	10	  	Solid State Cockpit Voice Recorder (SSCVR) alternate equipment	  	Honeywell
	 23.73.019
	  	40	  	Cabin Ready (Flight Phases) indication on ECAM	  	
	 23.73.208
	  	22	  	CIDS alternate equipment - A318 Type	  	
				
		  		  	CIDS changes - as per WZZ list	  	
			
	 -
	  	-	  	Electrical power 24
				
	 24.00.100
	  		  	Installation of Enhanced Electrical Power Generation System (EEPGS)	  	

  
 - 111 -

							
	 -
	  	-	  	Equipment/furnishings 25	  	
				
	 25.00.001
	  	0	  	Cockpit and Cabin Emergency Equipment	  	
				
	 25.20.001
	  	00	  	CABIN LAYOUT DEFINITION A320 - Single Class 180 Pax - two BFE Galleys - 3 SFE lavatories - Std SFE CAS - No stowage - A320 Family Enhanced Cabin	  	
				
	 25.23.103
	  	01	  	Customized interior colour specification	  	
	 25.50.137
	  	01	  	Installation of rubber seal profiles for floor panels in fwd and aft cargo holds	  	
				
	 25.50.101
	  	00	  	CARGO DEFINITION 25.50.510/01 - Basic full bulk configuration without ACT provision 25.50.520/01 - Reinforced cargo floor panels for heavy usage for FWD and AFT
cargo	  	
				
	 25.65.305
	  		  	Installation of portable ELT survival type (BFE)	  	Honeywell
	 25.65.306
	  		  	Non installation of curtains and rails (curtain only stays at G1 galley)	  	
				
	 -
	  	-	  	Fire protection 26	  	
				
	 26.20.103
	  	Std	  	Alternate APU fire extinguisher	  	Pacific
Scientific
	 26.21.104
	  	Std	  	Engine fire extinguishers alternate equipment	  	Pacific
Scientific
	 26.24.111
	  	03	  	Cockpit portable fire extinguisher alternate equipment - TOTAL FEUERSCHUTZ, PN 74-20	  	
				
	 -
	  	-	  	Flight controls 27	  	
				
	 27.92.101
	  		  	Indication for simultaneous side stick action	  	
				
	 -
	  	-	  	Hydraulic power 29	  	
				
	 29.10.110
	  		  	Hydraulic Engine Driven Pumps (EDPs)	  	Parker
	 29.10.133
	  		  	Power Transfer Unit (PTU)	  	Frisby

  
 - 112 -

							
	 29.21.104
	  	Std	  	Electropumps alternate	  	Parker
				
	 -
	  	-	  	Ice and rain protection 30	  	
				
	 30.11.101
	  	01	  	Wing anti-ice valves	  	Honeywell
				
	 -
	  	-	  	Indicating/recording systems 31	  	
				
	 31.00.107
	  	Std	  	Basic metric units for indicators and labels	  	
	 31.33.050
	  	74	  	Flight Data Interface and Management Unit (FDIMU) alternate equipment	  	TELEDYNE
	 31.33.200
	  	14	  	Solid state flight data recorder (SSFDR) alternate equipment	  	Honeywell
	 31.36.111
	  	02	  	Provision for Wireless Ground Link DAR (WGL-DAR)	  	
	 31.52.102
	  	02	  	Activation of Electronic Centralized Aircraft Monitoring (ECAM) OEB reminder function on FWC	  	
	 31.60.114
	  	01	  	Indication of metric altitude on Primary Flight Display (PFD)	  	
	 31.60.120
	  	01	  	Installation of LCD EIS 2 - Thales Avionics	  	
				
	 -
	  	-	  	Landing gear 32	  	
				
	 32.00.100
	  	02	  	Installation of full electrically signalled braking system	  	
	 32.40.113
	  	Std	  	Wheels and brakes alternate equipment	  	MESSIER
	 32.41.111
	  	30	  	MLG tires selection (46X17-R20 radial tires)	  	Goodyear
	 32.41.120
	  	14	  	NLG tires selection (30X8.8-R15 radial tires)	  	Goodyear
				
	 -
	  	-	  	Lights 33	  	
				
	 33.50.110
	  		  	Installation of floor-mounted EEPMS – LUFTHANSA TECHNIK (without cover) / Exit identifier – AIRSIGNA	  	

  
 - 113 -

							
	 -
	    	-	  	Navigation 34	  	
	 34.10.117
	    	07	  	ADIRS alternate equipment	  	Honeywell
	 34.10.120
	    	01	  	Activation of auto alignment function on ADIRU	  	
	 34.13.106
	    	01	  	Pilot probes alternate equipment	  	Goodrich
	 34.15.101
	    	01	  	Angle of Attack (AOA) sensors alternate equipment	  	Goodrich
	 34.20.202
	    	02	  	Installation of ISIS – Thales	  	
	 34.41.300
	    	03	  	Single Weather Radar (WXR) System alternate equipment	  	Honeywell
	 34.41.300
	    	03	  	Activation of the AUTOTILT function in the WRX	  	
	 34.42.101
	    	09	  	Radio altimeters alternate equipment	  	Honeywell
	 34.43.200
	    	07	  	TCAS (BFE) & TCAS antennae (BFE) / ATC (SFE) equipment selection	  	Honeywell
	 34.43.200
	    	07	  	TCAS 7 Change – HONEYWELL TPA 100	  	
	 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	  	
	 34.51.101
	    	09	  	Distance Measuring Equipment (DME) interrogators alternate equipment	  	Honeywell
	 34.53.111
	    	03	  	Single Automatic Direction Finder (ADF) system alternate equipment	  	Honeywell
	 34.55.102
	    	10	  	VHF Omnidirectional Range (VOR)/Marker receivers alternate equipment	  	Honeywell
	 34.58.31
	    	21	  	Multi mode receiver (MMR) alternate equipment	  	Honeywell

  
 - 114 -

							
	 3
	  		  		  	
				
	 -
	  	-	  	Oxygen 35	  	
				
	 35.11.201
	  	Std	  	Portable oxygen cylinder in cockpit - 77.1 cu ft (composite) - AVOX SYSTEM	  	Intertechnique
	 35.20.010
	  	01	  	INSTALLATION OF OXYGEN MASKS IN CABIN	  	Intertechnique
				
	 -
	  	-	  	Phneumetic 36	  	
				
	 36.11.005
	  	01	  	Engine bleed air alternate supply system (A318 type)	  	
				
	 -
	  	-	  	Information systems 46	  	
				
	 46.21.000
	  	07	  	ATSU alternate equipment (H/W -070, S/W CSB3.2) - ARINC 615A data loading & capable of VDL Mode 2	  	
	 46.21.102
	  	09	  	Installation of AIRBUS standard Airline Operational Communication (AOC) software for ATSU (units in Kg)	  	Honeywell
	 46.21.142
	  	01	  	INSTALLATION OF FANS B	  	Airbus / Smith
				
	 -
	  	-	  	Auxiliary Power Unit (APU) 49	  	
				
	 49.00.105
	  	Std	  	APU alternate equipment (GTCP 131-9A)	  	Honeywell
				
	 -
	  	-	  	Structures 51	  	
				
	 51.22.300
	  	02	  	Alternate paint systems (LOW VOC) on standard areas (fuselage, vertical stab. & nacelles)	  	ANAC
				
	 -
	  	-	  	Windows 56	  	
				
	 56.10.102
	  	02	  	Cockpit windows alternate Front windows	  	SGS
	 56.10.102
	  	12	  	Cockpit windows alternate Equipment - Lateral Windows	  	SGS
				
	 -
	  	-	  	Engine 72	  	
				
	 72.00.120
	  	31	  	Engines selection and alternate equipment (A320)	  	IAE
				
	 71.00.100
	  	02	  	INSTALLATION OF IAE SELECTONE OPTION PACKAGE	  	IAE
				
	 -
	  	-	  	Oil 79	  	
				
	 79.00.101
	  	Std	  	Engine, engine accessories and Auxiliary Power Unit (APU) alternate lubricating oil	  	Mobil

  
 - 115 -

 The Seller’s BFE List 

 

											
	 ATA/Item
	  	     Description    
	  	 A/C Qty
	  	 Unit
	  	 Manufacturer
	  	 P/N

	 25.21.41.30
	  	 Slim HD, LH Triple
 Seat
IAT No Recline
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-103-1WZ
						
	 25.21.41.30
	  	 Slim HD, RH Triple
 Seat
IAT No Recline
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-104-1WZ
						
	 25.21.41.30
	  	 Slim HD, LH Triple
 Seat
No Recline
	  	24	  	Ea	  	GEVEN Srl.	  	C5-03-131-1WZ
						
	 25.21.41.30
	  	 Slim HD, RH Triple
 Seat
No Recline
	  	24	  	Ea	  	GEVEN Srl.	  	C5-03-132-1WZ
						
	 25.21.41.30
	  	 Slim HD, LH Triple
 Seat
No Recline Special Table Latch
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-133-1WZ
						
	 25.21.41.30
	  	 Slim HD, RH Triple
 Seat
No Recline Special Table Latch
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-134-1WZ
						
	 25.21.41.30
	  	 Slim HD, LH Triple
 Seat
No Recline No Outboard Armrest
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-135-1WZ
						
	 25.21.41.30
	  	 Slim HD, RH Triple
 Seat
No Recline No Outboard Armrest
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-136-1WZ
						
	 25.21.41.30
	  	 Slim HD, LH Triple
 Seat
No Recline No Outboard Armrest
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-137-1WZ

  
 - 116 -

											
						
	 25.21.41.30
	  	 Slim HD, RH Triple
 Seat No
recline No Outboard Armrest
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-138-1WZ
						
	 25.21.41.30
	  	 Slim HD, LH
 Triple Seat Narrow
No recline
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-185-1WZ
						
	 25.21.41.30
	  	 Slim HD, RH
 Triple Seat Narrow
No recline
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-186-1WZ
						
	 25.21.41.30
	  	 Slim HD, LH
 Triple Seat Narrow
No recline No Backrest Table
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-187-1WZ
						
	 25.21.41.30
	  	 Slim HD, RH
 Triple Seat Narrow
No recline No Backrest Table
	  	1	  	Ea	  	GEVEN Srl.	  	C5-03-188-1WZ
						
	 25.21.20.00
	  	Leather Seat Cover	  		  	SET	  	ICE (supplied by Geven)	  	
						
	 25.26.50.10
	  	Curtain Material	  	1	  	5 LM	  	 BOTANY
 WEAVING

MILL LTD
	  	
						
	 25.28.20.00
	  	Carpet	  		  	SET	  	 BOTANY
 WEAVING

MILL LTD
	  	
						
	 25.30.00.00
	  	Galley G 1	  	1	  	Ea	  	 AEROSUD

AVIATION
	  	 A1142530E

002503

						
	 25.30.00.00
	  	Galley G 5	  	1	  	Ea	  	 AEROSUD

AVIATION
	  	 A1152530E

002501

						
	 25.35.10.00
	  	Water Boiler	  	4	  	Ea	  	SELL GMBH	  	62197-001-001
						
	 25.35.20.00
	  	Trolley F/S	  	11	  	Ea	  	DRIESSEN	  	TK721002
						
	 25.35.20.00
	  	Standard Container	  	24	  	Ea	  	DRIESSEN	  	BB722001
						
	 25.60.10.00
	  	First aid kit	  	2	  	Ea	  	AEROMEDIC	  	52001-33

  
 - 117 -

											
						
	 25.60.10.12
	  	Remote control panel	  	1	  	Ea	  	 HONEYWELL
 ASCA
INC
	  	1153008-1
						
	 25.60.10.13
	  	Emergency Locator Transmitter (ELT)	  	1	  	Ea	  	 HONEYWELL
 ASCA
INC
	  	1152682-3
						
	 25.60.10.13
	  	Emergency Locator Transmitter (ELT)	  	1	  	Ea	  	 HONEYWELL
 ASCA
INC
	  	1152780-1
						
	 25.60.10.13
	  	Emergency Locator Transmitter (ELT)	  	1	  	Ea	  	 HONEYWELL
 ASCA
INC
	  	1153426-1MXXX
						
	 25.60.00.00
	  	Safety Belt	  	189	  	Ea	  	AMSAFE INC	  	2007-1-511-8050
						
	 25.65.00.10
	  	Safety Belt, infant	  	18	  	Ea	  	AMSAFE INC	  	1027-2-011-8008
						
	 25.65.00.10
	  	Safety Belt, demo	  	2	  	Ea	  	AMSAFE INC	  	2010-6-011-2849
						
	 25.66.00.00
	  	Life Vest, infant	  	18	  	Ea	  	AERAZUR	  	216200-0
						
	 25.66.00.00
	  	Life Vest, demo	  	2	  	Ea	  	 AIR

CRUISERS
	  	66532-101
						
	 25.66.00.00
	  	Life Vest, passenger	  	190	  	Ea	  	 AIR

CRUISERS
	  	66601-101
						
	 25.66.00.00
	  	Life Vest, cockpit/cabin crew	  	8	  	Ea	  	 AIR

CRUISERS
	  	66601-501
						
	 34.43.11.00
	  	TCAS directional antenna	  	2	  	Ea	  	 HONEYWELL

INC.
	  	071-50001-8104
						
	 34.43.34.00
	  	TCAS II computer	  	1	  	Ea	  	 HONEYWELL

INC.
	  	940-0300-001
						
	 35.32.10.00
	  	Protective Breathing Equipment (PBE)	  	5	  	Ea	  	 AVOX
 SYSTEMS

INC.
	  	802300-14
						
	 35.32.10.00
	  	PBE bracket	  	3	  	Ea	  	 AVOX
 SYSTEMS

INC.
	  	803436-22

  
 - 118 -

 Part A-2 
 Modifications to be installed/included on or before the Delivery Date 
  

					
	 EPAC/TDU
	 	  	  	 Title

	 Additional

from
 Definition
	 	 SCNs

Volaris
	  	 
	 WZZ02D4011316S1B
	  	External livery change (all Materhorn M8001 white)
		
	 WZZ02D1210801S1B
	  	Extended environmental envelope (ISA + 40)
		
	 WZZ03D2053312SB
	  	A320-233 increased design weights - MTOW to 77 t, MLW to 66 t, MZFW to 62.5 t (wv 012)
		
	 WZZ22D0010406S1B
	  	Automatic landing capability extension for IAE engines (9200 ft)
		
	 CN23.71.110.01
	  	Recorder Independent Power Supply (RIPS) - 28VDC power supply for CVR
		
	 WZZ31D3305164S1B
	  	FDIMU ED48A200 - FDIU S/W (-040), DMU S/W (-030) for IAE – SAGEM
		
	 CN31.33.200.21
	  	SSFDR alternate equipment (1024 w/s capable) – HONEYWELL
		
	 CN31.33.210.03
	  	Digital Flight Data Recorder System (DFDRS) 1024 w/s activation
		
	 CN72.00.120.35
	  	IAE engines - V2527-A5 at 26 500 lbf nominal thrust (A320-233)
		
	 Supplier Changes
	  	 
	 WZZ22D7010042S1B
	  	FM kits (Rel. lA - FMGC S6I1 1) / MCDU altern. equip. - THALES AVIONICS/SMITH assoc. with IAE engines - Honeywell
		
	 WZZ32D4111101S1B
	  	MLG tires selection - MICHELIN (46X17-R20 radial tires)
		
	 WZZ32D4112005S1B
	  	NLG tires selection - MICHELIN (30X8.8-R15 radial tires)
		
	 WZZ46D2110213S1B
	  	AIRBUS standard AOC software from ROCKWELL COLLINS with units in kg
		
	 WZZ32D4011325S1B
	  	Wheels and brakes alternate equipment (DURACARB) - GOODRICH
		
	 WZZ32D4820012S1B
	  	Installation of universal brake cooling fans on BF-GOODRICH wheels and brakes

  
 - 119 -

 PART B 
 DELIVERY PROCEDURE 
 N/A 

  
 - 120 -

 PART C 
 DELIVERY CONDITION 
 AS-IS, WHERE-IS, UPON DELIVERY NEW FROM MANUFACTURER 

  
 - 121 -

 SCHEDULE 5 

FORM OF ACCEPTANCE CERTIFICATE 
 This Acceptance Certificate relates to the operating lease agreement (the “Agreement”) dated [—] and made between WELLS FARGO BANK
NORTHWEST, NATIONAL ASSOCIATION, not in its individual capacity but solely as owner trustee (the “Lessor”), and CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (the “Lessee”) in
respect of the Airbus A320-233 aircraft with manufacturer’s serial number 4741 registration mark [—] and having two (2) IAE V2527-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 the [—] day of [—] 20[—]. Delivery took place on that date at [[—] (state Delivery Location)], 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. We acknowledge that the Aircraft has been delivered to us “AS-IS WHERE-IS”. 

  

	3.	The installed APU is a GTCP 131-9A model APU with Serial Number [—]. 

 

	4.	At Delivery the Aircraft had [—] fuel on board. 

 

	5.	Other statistics evidencing the condition of the Aircraft at Delivery (including Flight Hours and Cycles) are attached. 

 

	6.	The Lessee confirms to the Lessor that, as at the time indicated above, being the Delivery Date: 

 

	 	(a)	no Default has occurred or would result from the Delivery of the Aircraft; 

 

	 	(b)	the representations and warranties of the Lessee contained in Clause 3 (Representations and Warranties) of the Agreement remain and are true and accurate in
all respects as of the Delivery Date (unless any such representation and warranty relates to an earlier date in which case it is true and accurate as of such earlier date); 

 

	 	(c)	no circumstances exist or have come into being that is a Material Adverse Change; 

 

	 	(d)	the Aircraft is insured as required by the Agreement; and 

  

	 	(e)	the Aircraft is accepted for all purposes of the Agreement. 

  
 - 122 -

			
	Signed:	 	  

	Name (capitals):	 	
	Title:	 	
	
	 duly authorised for and on behalf of
 [•]

	
	We hereby acknowledge and accept the above
		
	Signed:	 	  

	Name (capitals):	 	
	Title:	 	

 duly authorised for and on behalf of 
 [•] 

  
 - 123 -

 Annex – Aircraft Document 

As detailed on the attached Airbus Delivery Documents List. 

  
 - 124 -

 SCHEDULE 6 

PAYMENT 

PART A 

RENT 
 The fixed rate Rent
shall be calculated as follows: 
 ***** 
 where: 
 “Base Rent” equals *****; 

“Actual Rate” means the ***** as shown on Bloomberg IRSB 18, rounded to two decimal places and expressed as a number rather than a
percentage) on the date falling two (2) Business Days before the Delivery Date; 
 “Assumed Rate” means ***** 

“N” equals *****. 
  

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

  
 - 125 -

 PART B 
 MAINTENANCE PAYMENTS 
  

	1.	Maintenance Payments rates 

The Lessee will pay Maintenance Payments to the Lessor, calculated at rates specified below for each whole calendar month (commencing with
the first whole calendar month following the Delivery Date). For the period between the Delivery Date and the start of the next calendar month (if the Delivery Date is not the first day of the month), and the period from the end of the last full
calendar month prior to the Expiry Date and the Expiry Date, Maintenance Payments shall be calculated on a pro-rated basis. Maintenance Payments will be paid within fifteen (15) days following the end of each calendar month to which they apply
or, with respect to the final payment of Maintenance Payments, on the Expiry Date. The rates referred to above are as follows: 
  

	 	(a)	for the Airframe 

  

	 	(i)	***** per calendar month in respect of the Airframe 6Y Structural Check (the “6Y Check Payment Amount”); 

 

	 	(ii)	***** per calendar month in respect of the Airframe 12Y Structural Check (the “12Y Check Payment Amount”); and 

 

	 	(b)	for the Landing Gear, ***** per calendar month (“Landing Gear Payment Amount”). The balance of Landing Gear Maintenance Payments shall be divided into
sub-accounts (each a Landing Gear Maintenance Sub-Account) as follows: 

  

	 	(i)	Nose Landing Gear 30%; 

  

	 	(ii)	hand Main Landing Gear 35%; and 

  

	 	(iii)	hand Main Landing Gear 35%. 

  

	 	(c)	for each Engine number of Flight Hours recorded on each Engine multiplied by the rate of ***** per Engine for each Flight Hour of the first run of such Engine, and
***** per Engine for each Flight Hour of the subsequent runs using each calendar month (the “Engine Payment Amount”). 

  

	 	(d)	for Engine LLPs, the number of Cycles recorded on each Engine multiplied by the Engine Manufacturer’s then applicable catalogue cost per Cycle (as notified by the
Lessor or the Owner Participant to the Lessee from time to time) during each calendar month (“Engine LLP Payment Amount”); and 

  

	 	(e)	for the APU, the number of APL Operating Hours recorded on the APU multiplied by the rate of ***** during each calendar month “APU Payment Amount”).

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

  
 - 126 -

	2.	Notification of Flight Hours and Cycles 

 Within the first ten (10) days of each calendar month of the Lease Period, the Lessee will notify the Lessor and the Owner Participant of the Flight Hours and Cycles recorded on the Airframe, each
Engine, and the Landing Gear during such period. If in any calendar month the Lessee fails to provide such utilisation information by the required date, Maintenance Payments shall be payable by the Lessee on the basis of the average utilisation of
the Aircraft since Delivery and any subsequent discrepancies shall be reconciled following receipt by the Lessor and the Owner Participant of the required utilisation information. 

 

	3.	Annual Increase 

 The
Maintenance Payments rates are stated in January 2011 Dollars and will be adjusted on January 1, 2012 and thereafter annually on January 1 of each year during the Lease Period, as follows: 

 

	 	(a)	with respect to the 6Y Check Rent Amount, the 12Y Check Rent Amount, the Landing Gear Rent Amount, the Engine Rent Amount and the APU Rent Amount by ***** per annum by
way of agreed inflation adjustment; and 

  

	 	(b)	with respect to the Engine LLP Rent Amount, in accordance with the then current Engine Manufacturer’s Price Catalogue. 

 

	4.	Flight Hour/Cycle adjustment 

 The Engine Payment Amount rates are based on (a) an assumed Flight Hour to Cycle ratio of 2.2:1 (the “Assumed Ratio”), and an annual utilisation of 4,000 Flight Hours
(“Assumed Utilisation”). 
  
 ***** Confidential
portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 - 127 -

 If the Assumed Ratio or the Assumed Utilisation prove to be incorrect at any time throughout
the Lease Period based on the Lessee’s actual operation, the rate of Engine Amounts payable by the Lessee may be adjusted by the Lessor (a) with written notice to the Lessee (where the rate per Flight Hour shall be increased) and
(b) upon receipt of written notice from the Lessee (where the rate per Flight Hour shall be decreased). Any such adjustment shall be calculated by the Lessor based on the following tables (Table A in case of the first run for each Engine and
Table B in case of subsequent runs for each Engine) and where the actual Flight Hour to Cycle ratio is not specified in the table, the revised rate shall be determined by linear interpolation between the closest observed ratio, and once notified by
the Lessor to the Lessee, shall apply for the purposes of this Agreement: 
 Table A (for the first run for each Engine):

  

																			
	 Flight Hour
Cycle Ratio
	  	Derate	 	  	1	 	1.35	 	1.5	 	1.65	 	2	 	2.5	 	3
	Engine Rent amount (January 2011 Dollars)	  	 	Up to 10%	  	  	*****	 	*****	 	*****	 	*****	 	*****	 	*****	 	*****
	  	 	11% to 18%	  	  	*****	 	*****	 	*****	 	*****	 	*****	 	*****	 	*****
	  	 	Higher 18%	  	  	*****	 	*****	 	*****	 	*****	 	*****	 	*****	 	*****

 Table B (for subsequent runs for each Engine): 

 

																	
	 Flight Hour
Cycle Ratio
	  	Derate	  	1	 	1.35	 	1.5	 	1.65	 	2	 	2.5	 	3
	Engine Rent amount (January 2011 Dollars)	  	Up to 10%	  	*****	 	*****	 	*****	 	*****	 	*****	 	*****	 	*****
	  	11% to 18%	  	*****	 	*****	 	*****	 	*****	 	*****	 	*****	 	*****
	  	Higher 18%	  	*****	 	*****	 	*****	 	*****	 	*****	 	*****	 	*****

 The Lessee shall notify the Lessor and the Owner Participant in writing, promptly following the Assumed
Ratio or the Assumed Utilisation ceasing to be correct for any twelve (12) month period. 
  

	5.	Notional Account 

  

	 	(a)	All Maintenance Payments paid by the Lessee to the Lessor will, on receipt by the Lessor, irrevocably and unconditionally be the sole and exclusive property of the
Lessor, subject only to the express provisions of this Agreement. The Lessor (or its designee) or the Owner Participant may co-mingle Maintenance Payments with its general funds and will not hold such funds as agent or on trust for the Lessee or in
any similar capacity. The Lessor or the Owner Participant may assign or pledge its interest in, or otherwise create a Security Interest in respect of, the Maintenance Payments, to the Security Trustee. No interest shall accrue or be paid by the
Lessor any time to the Lessee. 

  

	 	(b)	The Lessor will establish separate notional accounts for each item in respect of which Maintenance Payments are paid. References in this Part B of Schedule 6
(Maintenance Payments) to separate notional accounts are to ledger entries that allocate the payments to applicable types of maintenance (and, as applicable, further allocate the payments by Engine, Engine module, 

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

  
 - 128 -

	 	
Engine Life Limited parts and Landing Gear) as provided therein and herein solely to facilitate the calculation of Lessor’s Maintenance Contribution obligation for such item of maintenance
(and, as applicable, allocated by Engine, Engine module, Engine Life Limited Parts and Landing Gear), with there being no actual accounts with such amounts credited therein. The Maintenance Payments paid in respect of the Engines and Engine LLPs
will be identified by the respective Engine serial number and module. The Maintenance Contribution obligations for one Engine module cannot be used in connection with the maintenance or the Engine LLP replacement relating to another Engine and
module. 

  

	 	(c)	The Lessor will calculate the balance (the “Available Balance”) of each notional account being all sums received by it in respect of relevant
maintenance task less sums paid out by the Lessor in respect of such maintenance task in accordance with this Agreement to calculate the Lessor’s’ further Maintenance Contribution obligations. 

 

	 	(d)	Following the termination of the leasing of the Aircraft, the then Available Balance of each notional account, following the payment of any claims in accordance with
this Schedule, will be retained by the Lessor free from any claim or interest of the Lessee. 

  

	6.	Qualifying Work 

 Subject
to the terms of this Agreement, the Lessee can claim for reimbursement (Lessor’s “Maintenance Contribution” obligations) in respect of the following work and net costs thereof (“Qualifying Work”): 

 

	 	(a)	with respect to the Airframe and the 6Y Check Rent related Available Balance the performance of the Airframe 6Y Structural Check; 

 

	 	(b)	with respect to the Airframe and the 12Y Check Rent related Available Balance, the Airframe 12Y Structural Check; 

 

	 	(c)	with respect to each Engine, the performance of an Engine Performance Restoration Shop Visit; 

 

	 	(d)	with respect to each Landing Gear, the performance of a Landing Gear Overhaul; 

 

	 	(e)	with respect to the APU, the performance of an APU Gas Path Refurbishment; and 

 

	 	(f)	with respect to each Engine LLP, the cost of the replacement Engine LLP (less any credits obtained for the remaining life) on its reaching its life limit, in connection
with any Engine Performance Restoration Shop Visit. 

 Prior to the commencement of any Qualifying Work, the Lessee
shall notify the Lessor and the Owner Participant of the Maintenance Performer who will perform the Qualifying Work and shall provide the Lessor with a draft of the relevant workscope and a Statement setting forth such Maintenance Performer’s
qualifications to perform such work. The Lessor or the Owner Participant may (at its cost and expense) request 

  
 - 129 -

 
additional work to be added to the workscope which does not unreasonably affect the time necessary to complete such Qualifying Work. In respect of any Qualifying Work and prior to the
commencement thereto, the relevant final workscope shall be approved by the Lessor (such approval not to be unreasonably withheld or delayed). 
  

	7.	Making a Claim 

 To make a
claim in respect of Qualifying Work, the Lessee must provide to the Lessor full details of the Qualifying Work performed in accordance with this Agreement including invoices and receipts, relevant repair orders, full shop visit reports and relevant
pages from the Aircraft’s technical log book, or component history cards and any other Aircraft Document, together with a statement from the Maintenance Performer confirming that there is no outstanding balance due in relation to such
Qualifying Work and in the case of an Engine Performance Restoration Shop Visit, the relevant Engine must have been released and certified as serviceable by the Maintenance Performer. 

 

	8.	Payment by the Lessor 

The Lessor will pay to the Lessee 
 (i) in the case of Airframe 6 Year Structural Check, Airframe 12 Year Structural Check, APU Gas Path Refurbishment and Landing Gear Overhaul, an amount equal to the Available Balance in the relevant
notional account as at the time of commencement of the relevant Qualifying Work; 
 (ii) in the case of Engine Performance
Restoration, an amount equal to the lesser of (y) the cost of such Engine Performance Restoration (z) and the Available Balance in the relevant notional account, as at the time of commencement of the relevant Qualifying Work; 

(iii) in the case of Engine LLPs, an amount equal to the lesser of (y) the cost of the replacement Engine LLPs (z) and the
Available Balance in the relevant notional account, spilt into individual Engine LLP funds, as at the time of commencement of the relevant Qualifying Work; 
 reasonably promptly after the Lessor having received all evidence required pursuant to the terms of this Agreement subject to: 

 

	 	(a)	the Lessor (acting reasonably) being satisfied that the work performed qualifies for reimbursement in accordance with this Agreement; 

 

	 	(b)	no Default having occurred and then continuing; and 

  

	 	(c)	the claim not being excluded pursuant to paragraph 9 below. 

 Subject to terms of this Agreement, at the Lessee’s request, the Lessor shall: (i) upon the satisfactory completion of the relevant Qualifying Work pay up to 75% of the Available Balance in the
notional account for that item to the Maintenance Performer performing the Qualifying Work and (ii) upon receipt of the final invoice from the Maintenance Performer pay to such Maintenance Performer or the Lessee by way of reimbursement for
amounts expended in respect of such Qualifying Work, the lesser 

  
 - 130 -

 
of (A) the unpaid portion of the invoice and (B) the remaining Available Balance in the notional account for that item. To the extent the Available Balance of the relevant notional
account is insufficient to pay any claim in full, any shortfall will not be credited against future Qualifying Work in relation to that item nor to another notional account and will be for the Lessee’s account. 

 

	9.	Excluded Work 

 No
reimbursement will be made by the Lessor in respect of the following: 
  

	 	(a)	repair of damage resulting from operation of the Aircraft outside the Aircraft operational limits established by the equipment type certificate holder (operational
mishandling); 

  

	 	(b)	any customs fees, removal, reinstallation or transport costs, parking costs, exchange, handling or similar charges and those items resulting from repairs covered by the
Lessee’s insurance (deductibles also being for the account of the Lessee); 

  

	 	(c)	any costs incurred as a result of negligent maintenance or installation operational mishandling, negligence, accident, ingestion, or other accident cause;

  

	 	(d)	with respect to Parts, any cost which is in excess of the relevant Manufacturer’s list price for the relevant Parts; 

 

	 	(e)	provisioning, maintenance, replacement and repair of engine QEC kits; 

  

	 	(f)	Aircraft modifications made in accordance with Airworthiness Directives or Manufacturer’s Service Bulletins; 

 

	 	(g)	costs of labour and/or materials recovered or recoverable (and in respect of which the Manufacturer has confirmed coverage) under the Manufacturer’s or the Engine
Manufacturer’s warranties, other vendor warranties or under any insurances, or in respect of which the Lessee otherwise receives a credit, discount, allowance or similar reduction in price; 

 

	 	(h)	provisions, exchange, repair, and/or replacement of vendor proprietary accessories; 

 

	 	(i)	repair, replacement or modification of thrust reversers, inlet, fan cowls, engine cowlings, nozzle and plug; 

 

	 	(j)	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); and 

  

	 	(k)	repair of damage not occurring in normal operation (e.g. foreign object damage, damage resulting from atmospheric conditions, hostile acts or negligence of any
personnel). 

  
 - 131 -

	10.	Total Loss 

 In the
event there shall occur a Total Loss, upon receipt by the Lessor or the Security Trustee of the Agreed Value and all other amounts then due and payable to the Lessor hereunder, and so long as no Default has occurred and is continuing, the Lessor
shall pay to the Lessee an amount equal to the total of all Maintenance Payments received less an amount equal to all Maintenance Contributions theretofor made by the Lessor hereunder. 

  
 - 132 -

 PART C 
 END OF LEASE MAINTENANCE PAYMENT ADJUSTMENTS 
  

	1.	On or prior to the Expiry Date and as a condition to the Redelivery of the Aircraft, the Lessee shall compensate the Lessor for each engine LLP installed on each
Engine, where such Engine LLP has ***** of the Engine Manufacturer’s total approved life remaining. 

  

	2.	Compensation for each Engine LLP shall be calculated as follows: 

 ***** 
 where: 

*****; 
 *****

 *****. 
 The compensation for each Engine shall be the aggregate of the compensation payable for each Engine LLP installed in such Engine 

 

	3.	So long as no Default has occurred and is continuing, any Engine LLP Payment related Available Balance in regard of the applicable Engine (only) notionally held by the
Lessor as of the Expiry Date shall be applied by the Lessor towards satisfaction of the Engine LLP Compensation. 

  

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

  
 - 133 -

 PART D 
 OTHER ECONOMIC TERMS 
 “Agreed Value” means ***** reducing by ***** on
each annual insurance renewal date during the Lease Period beginning on the renewal date falling on or after first anniversary of the Delivery Date. 
 “Lessor’s Cost” means *****. 
 “Security Deposit” means an
amount equal to *****. 
 “Partial Loss Threshold” means *****. 
  
 ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission.

  
 - 134 -

 PART E 
 AIRWORTHINESS DIRECTIVE COST SHARING FORMULA 
 Where the cost of the performance for
implementing on a terminating basis during the Lease Period any: 
  

	(a)	individual Airworthiness Directive issued by the FAA; 

  

	(b)	Manufacturer mandatory Service Bulletin (other than those mandatory service bulletins which do not become FAA Airworthiness Directives); and 

 

	(c)	FAA mandated modifications; 

 (each item at (a)
- (c) being a “Relevant Directive”) exceeds *****, the Lessor shall pay a portion of the cost to the Lessee, upon redelivery of the Aircraft in the Redelivery Condition at the Expiry Date, in accordance with the following
formula: 
 ***** 

where: 
 ***** 

provided that no Default shall have occurred and be continuing (or promptly upon cure thereof and in the absence of any other Default) and the
Lessee shall have presented substantiating documentation reasonably acceptable to the Lessor in the same manner and using the same process as undertaken in connection with any Maintenance Contribution payment. Upon any extension of the Lease Period
hereof and as a condition thereto, the Lessee shall repay to the Lessor any portion of a payment made pursuant to the foregoing to the extent and solely to the extent such payment relates to the extended Lease Period and would not have been made had
the Lease Period been extended prior to such payment. 
  
 *****
Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. 

  
 - 135 -

 SCHEDULE 6 

[TO BE INTENTIONALLY LEFT BLANK IN THE FAA-FILED VERSION] 

  
 - 136 -

 SCHEDULE 7 

REPORTING & NOTICE 
 PART A 
 FORM OF TECHNICAL REPORT 

 

					
	 Monthly Data Return Document

	
Operator: [—]
	  	 	  	 
	 Registration: [—]
	  	 	  	 
	
Aircraft serial number:            
	  	Type:                    
                                         
           	  	Month ending:         
                                         
  

  

	1.	Aircraft utilisation 

  

			
	 Aircraft total Flight Hours
	  	 
	 Aircraft total Cycles
	  	 
	 Flight Hours for month
	  	 
	 Cycles for month
	  	 

  

	2.	Engine status (originally installed Engines at Delivery 

  

					
	  	  	Pos.l	  	Pos.2
	 Engine Serial Number:
	  	 	  	 
	 Flight Hours for the month:
	  	 	  	 
	 Cycles for the month:
	  	 	  	 
	 Flight Hours/Cycles since last shop visit:
	  	 	  	 
	 Next limiter:
	  	 	  	 
	 Remaining Cycles to next limiter:
	  	 	  	 

  

	3.	APU — serial number 

  

							
	  	  	
Flight Hours/Cycle
 since new
	  	
Flight Hours/Cycle
 for the month
	  	Flight Hours/Cycle
since 
last shop visit
	 	  	 	  	 	  	 
	 Limiter:
	  	 	  	Cycles Remaining	  	 

  
 - 137 -

	4.	Landing Gears 

  

									
	  	  	
Total Flight
 Hours/Cycles
	  	
Flight

Hours/Cycles

since last

overhaul
	  	
Date of next

OVH
	  	 Cycles till next
 OVH

	 Nose
	  	 	  	 	  	 	  	 
	 Right
	  	 	  	 	  	 	  	 
	 Left
	  	 	  	 	  	 	  	 
	 Centre
	  	 	  	 	  	 	  	 

 Major Maintenance Events reporting (only as applicable) 

 

	 	•	 	 C-check / 8 year / 10 year / 12 year check: complete section 5 

 

	 	•	 	 Major damage: complete section 6 

  

	 	•	 	 APU change: complete section 7 

  

	 	•	 	 Engine change: complete section 8 

  

	 	•	 	 Maintenance program change: complete section 9 

  

	 	•	 	 Other significant events: complete section 10 

  

	5.	Major Check Report 

  

							
	Date of Check:	  	Total Flight Hours:	  	Total Cycles:
	 Location:
	  	Agent:	  	Downtime:
	 Type of check:

	 Description of work to be carried out:

	 
	 
	 
	 
	 
	 
	 NEXT DUE: C-check
date
	  	8 year/12 year date:
	 (which C [—])
	  	 	  	 

  
 - 138 -

	6.	Major Damage Report 

  

	
	 Major Damage Description: (if outside SRM
only)

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

  

	7.	APU Removal 

  

	
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

  

	8.	Engine removal and shop visit report – for removed Engine: (only original Engines): provide shop visit report later when available.

  

			
	Serial Number:	  	Date of removal:
	Position:	  	Airframe Flight Hours at removal:
	Engine Total Hours:	  	Airframe Cycles at removal:
	Flight Hours/Cycles since last shop visit:	  	 
	Shop visit:	  	 
	Reason for removal:	  	 
	 	 
	 	  	 
	 	 
	 	  	 
	Repair Agent:	  	Location:

  
 - 139 -

	
	 Intended work scope: (incl. AD/SB):

	 
	 
	 
	 

  

	9.	Maintenance Programme Revisions 

  

	
	 Date

	 Details of revisions/correspondence with MPD task
numbers

	 Effective date:

  

	10.	Significant Event 

  

	
	 
	 

 For 
 Name:

 Signature: 
 Date: 

  
 - 140 -

 PART B 
 NOTICES 
 Lessee 

 

			
	Lessee:	  	Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V.
		
	Address:	  	Prolongación Paseo de la Reforma No. 490
		  	Piso 1 (Edificio GE)
		  	Colonia Santa Fé Peña Blanca
		  	Del. Alvaro Obregón
		  	México D.F. 01012
		  	México
		
	Facsimile:	  	+ 011 52 55 5261 6460
		
	Email:	  	alfonso.ascencio@volaris.com.mx.
		
	Attention:	  	General Counsel
		
	Lessor	  	
		
	Lessor:	  	Wells Fargo Bank Northwest, National Association, as owner trustee
		
	Address:	  	299 South Main Street, 12th Floor
		  	Salt Lake City, Utah 84111
		  	United States of America
		
	Fax:	  	+1 801-246-5053
		
	Email:	  	CorporateLeaseGroup@wellsfargo.com
		
	Attention:	  	Corporate Trust Department
		
	with a copy to:                    	  	Avolon Aerospace Leasing Limited
		  	The Oval, Building 3
		  	Shelbourne Road
		  	Ballsbridge
		  	Dublin 4
		  	Ireland
		
	Fax:	  	+353 1 485 3242
		
	Email:	  	notices@avolon.aero
		
	Attention:	  	Chief Operating Officer

  
 - 141 -

 SCHEDULE 8 

INSURANCE REQUIREMENTS 
  

	1.	Scope of cover 

  

	1.1	The Lessee will at its own cost maintain the following concerning the Aircraft: 

 

	 	(a)	Hull and Spares All Risks Insurance (which may be contained in separate policies) which will cover the Aircraft for not less than the Agreed Value and Engines and Parts
for their replacement cost, against all risks of loss or damage sustained (i) by the Aircraft or (ii) by Engines or Parts which are for the time being not treated for insurance purposes as part of the Aircraft. 

 

	 	(b)	Hull, Spares, War and Allied Perils Insurance which will cover the Aircraft for not less than the Agreed Value and Engines and Parts for their replacement cost against
all of those risks currently enumerated in Lloyds Endorsement AVN 48B (War, Hi-jacking and Other Perils Exclusion Clause (Aviation) other than paragraph (b) of that Form) or equivalent. 

 

	 	(c)	Airline Liability Insurance for a combined single limit of liability of not less than ***** for operations in the passenger configuration, for any one accident or
series of accidents for each aircraft arising out of any one occurrence and for an unlimited number of occurrences, which will include (but may not be limited to) aircraft third party (bodily injury/property damage), passenger (including
passengers’ checked and unchecked baggage and personal effects), cargo and mail legal liability and general third party liability insurance including products, hangar keepers’ and premises liability. This policy shall include the AVN 52D
Extended Coverage Endorsement Aviation Liabilities and additional coverage in respect of War and Allied Perils Third Party Baggage Cargo Legal Liabilities of not less than ***** each occurrence each aircraft. 

 

	2.	Additional Terms of Hull and Spares Insurance 

  

	2.1	The Lessee will ensure that each Insurance policy taken out as specified in paragraphs 1.1 (a) and 1.1(b): 

 

	 	(a)	includes the Lessor, the Owner Participant and each of the Financiers and their respective successors and assigns as an additional insured; 

 

	 	(b)	provides that any payment of proceeds in an amount equal to the Agreed Value in respect of a Total Loss will be paid directly to the Loss Payee or as the Loss Payee may
direct, for the account of all interests, and any other loss will be settled jointly with the Lessor and the Lessee and will be payable to the Loss Payee; and 

 

	 	(c)	provides in the form of AVS 103 or equivalent that the underwriters subscribing to each relevant insurance policy agree between themselves to a 50/50 claims funding
arrangement in the event of any dispute as to which insurance is applicable. 

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

  
 - 142 -

	2.2	The Lessee will ensure that each Insurance policy taken out as specified in paragraph 1(a) will provide that: 

 

	 	(a)	any deductibles will be no greater than the following: 

  

	 	(i)	Hull All Risks: ***** each claim; 

  

	 	(ii)	Spares: ***** each claim, but in respect of test bed running of Engines the relevant deductible will be that in (a) above. 

 

	 	(b)	the insurers have no right to replace the Aircraft on a Total Loss (arranged, constructive or otherwise). 

 

	 	(c)	the insurers recognise that the Lessee and the Lessor have agreed that a Total Loss of the Airframe will constitute a Total Loss of the Aircraft.

  

	 	(d)	the insurers confirm that under Clause 17 (Insurance) and this Schedule, if the insured has installed an engine owned by a third party on the Aircraft
either (a) the Hull Insurance will automatically increase to such higher amount as is necessary in order to satisfy both the Lessor’s requirement to receive the Agreed Value in the event of a Total Loss and the amount required by the third
party engine owner; or (b) separate additional insurance on such engine will attach in order to satisfy separately the requirement of the insured to such third party owner. 

 

	3.	Additional terms of liability insurance 

 The Lessee will ensure in respect of each liability Insurance policy that it: 
  

	 	(a)	contains a provision insuring (to the extent of the risks covered by the policy) the indemnity provisions of this Agreement, if available in the relevant market;

  

	 	(b)	includes each Indemnitee as an addition insured; 

  

	 	(c)	does not provide for any deductible other than in respect of cargo and baggage; 

 

	 	(d)	contains a provision that the Insurance policy be primary and without any right of contribution from any other insurance which may be available to the Lessor and

  

	 	(e)	contains a severability of interests 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. 

  

	4.	Terms common to all Insurance 

 The Lessee will ensure that each Insurance policy: 
  

	 	(a)	is in accordance with industry practice of prudent international air carrier operating similar aircraft on routes similar to those of the Lessee and covers at least
such risks as are customarily insured against in the airline industry; 

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

  
 - 143 -

	 	(b)	provides cover denominated in Dollars (other than in respect of Liability Claims which may be payable in the currency of demand); 

 

	 	(c)	provides for worldwide coverage, subject only to such exceptions as the Lessor, the Owner Participant and the Security Trustee may agree; 

 

	 	(d)	incorporates the provisions of Lloyds Endorsement AVN67B, AVN67C or equivalent provisions satisfactory to the Lessor, the Owner Participant and the Security Trustee;

  

	 	(e)	provides that, in relation to the interests of each of the additional insureds, the Insurances will not be invalidated by any act or omission by the 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 the Lessee, or any other person other than the respective
additional insureds seeking protection of any warranty, declaration or condition, contained in such Insurances; 

  

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

  

	 	(g)	provides 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; and 

  

	 	(h)	provides that the Insurances will continue unaltered for the benefit of the additional insureds for at least thirty (30) days after written notice by registered
mail or fax of any cancellation, material adverse change, event of non-payment of premium or installment thereof has been issued by insurers, except in the case of war risks for which seven (7) 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. 

 

	5.	Reinsurance 

 The Lessor
may require that the original insurers maintain ***** reinsurance for so long as the original Insurance is required in force under this Agreement. Such reinsurance will be placed with approved underwriters through the Insurance Broker and will
reinsure such percentage of all risks insured by the original Insurance as the Lessor, the Owner Participant or the Security Trustee may specify. Such reinsurance will be: 

 

	 	(a)	be on the same terms as the original Insurance; 

  

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

  
 - 144 -

	 	(b)	contain a “cut-through” clause in terms satisfactory to the Lessor, the Owner Participant and the Security Trustee; and 

 

	 	(c)	provide for payment to be made notwithstanding: 

  

	 	(i)	any bankruptcy, insolvency, concurso mercantil, liquidation or dissolution of any of the original insurers; and/or 

 

	 	(ii)	that the original insurers have made no payment under the original Insurance policies. 

 

	6.	Application of insurance proceeds 

 The following are the directions of the Indemnitees for the application of any proceeds of the Insurance: 
  

	 	(a)	in respect of a Total Loss, all proceeds of the Insurance in an amount equal to the Agreed Value will be paid to the Loss Payee without any deduction whatsoever;

  

	 	(b)	insurance proceeds for damage or loss (not amounting to a Total Loss) exceeding the Partial Loss Threshold: all insurance proceeds of any property, damage or loss to
the Aircraft, any Engine or any Part occurring during the Lease Period not constituting a Total Loss and in excess of the Partial Loss Threshold will be paid to the Loss Payee and applied in payment (or to reimburse the Lessee) for repairs or
replacement property upon the Lessor being satisfied that the repairs or replacement have been effected in accordance with this Agreement. Subject to paragraph (e) below, any balance remaining may be retained by the Lessee;

  

	 	(c)	insurance proceeds for damage or loss (not amounting to a Total Loss) equal to or less than the Partial Loss Threshold: insurance proceeds in amounts equal to or less
than the Partial Loss Threshold may be paid by the insurer directly to the 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
the Loss Payee to be paid directly in satisfaction of the relevant liability or to the Lessee in reimbursement of any payment so made; and 

  

	 	(e)	Default or Event of Default: notwithstanding the foregoing paragraphs, if at the time of the payment of any such insurance proceeds a Default or Event of Default has
occurred and is continuing, all such proceeds (other than the proceeds of any third party liability Insurances) will be paid to or retained by the Loss Payee to be applied toward payment of any amounts which may be or become payable by the Lessee or
any of its Affiliates under their Agreement or any Other Agreement in such order as the Loss Payee may elect and, upon cure of such Event of Default, the unapplied remainder shall be paid to the Lessee. 

  
 - 145 -

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

	7.	Contract parties and documents 

 The Lessee will ensure that for the purposes of Lloyds Endorsement AVN 67B or AVN67C: 
  

	 	(a)	this Agreement and such other of the Transaction Documents and/or the Financing Documents as the Lessor requires are identified as “contracts”; and

  

	 	(b)	the Indemnitees are named as the “contract parties”. 

  

	8.	AVN67B 

 Notwithstanding
the provisions of this Schedule 8, for so long as Airline Finance/Lease Contract Endorsement AVN67B or AVN67C is in effect and it remains the general aviation insurance market practice to insure equipment financed or leased on the basis of such
endorsement, the Lessee may maintain insurances in respect of the Aircraft for the purposes of this Agreement which incorporate the terms and conditions of AVN67B or AVN67C (as applicable). To the extent any provision of AVN67B conflicts or is
otherwise inconsistent with the requirements of this Schedule 8, then such AVN67B endorsement will be deemed to satisfy the relevant requirements of this Agreement. An insurance certificate in the form of AVN67B or AVN67C (as applicable) will
be deemed to satisfy the requirements of this Schedule 8. 

  
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 SCHEDULE 9 

REDELIVERY 

PART A 

REDELIVERY PROCEDURE 
  

	1.	Inspection 

  

	1.1	On, or immediately prior to the Expiry Date, the Lessee shall perform a redelivery check flight of the Aircraft of up to two (2) hours duration with not more than
two (2) of the Lessor’s representatives on board, using the Manufacturer’s recommended acceptance flight procedures (including take-off performance test and Engine ground runs, to demonstrate that each Engine performance including EGT
margin is consistent with the Engine Flight Hours and Cycles operated since the previous Engine Performance Restoration, but in any event no less than 30 degrees Celsius at maximum rated take off power 27,000 lbs thrust at sea level, standard
ambient pressure conditions and an outside temperature of 30 degrees Celsius), or such other procedures reasonably acceptable to the Lessor. All discrepancies found during such check flight which exceed maintenance manual allowable limits shall be
corrected by the Lessee at the Lessee’s expense. The Lessee shall be responsible for all expenses associated with such flight and shall furnish the necessary crews and fuel. 

 

	1.2	The Lessor shall inspect the Aircraft (the “Final Inspection”) prior to the Expiry Date. The Final Inspection of the Aircraft shall commence after its
last revenue flight and shall include (a) a complete video borescope inspection of all Engine modules, (b) an inspection of all of the Aircraft Documents and (c) the opening or removal of panels as reasonably required by the Lessor,
and access to all compartments and bays, which are customarily opened in connection with maintenance redelivery services. All discrepancies discovered during such Final Inspection, exceeding maintenance manual allowable limits or not in compliance
with this Agreement shall be repaired by the Lessee in compliance with the Manufacturers’ maintenance requirements which are not interim in nature. The Lessor shall be given the opportunity to conduct all activity necessary to verify that the
Aircraft complies with the requirements set forth herein. The Final Inspection of the Aircraft Documents shall commence on a date as mutually agreed by the Lessor and the Lessee. To the extent that (a) any repairs to the Aircraft or
(b) correction of discrepancies found in the Aircraft Documents, extend beyond the Expiry Date, the Lease Period shall be deemed to have been automatically extended in accordance with Clause 18.2.1 (Rectification).

  

	1.3	 All Aircraft Documents and other current and historical records delivered with the Aircraft on the Delivery Date, and all other Aircraft Documents
acquired or prepared by the Lessee during the Lease Period shall be returned with the Aircraft including, without limitation, (a) time logs showing Aircraft and Engine Flight Hours and Cycles on any given date, (b) documents,
(c) manuals (revised up to and including the most current revisions issued by the Manufacturer), (d) data, (e) Overhaul records, (f) time controlled Part traceability to overhaul and to “zero time since new” for time
controlled Parts which have life limits as determined by the Manufacturer or EASA and the FAA, (g) log books, (h) original Aircraft and Engine delivery documents, (i) EASA Form One or FAA 8130-3 with EASA dual release (or any
successor thereto) for all then currently installed Parts which have replaced by the Lessee, (j) teardown reports for time controlled Parts certifying overhaul of such Part in

  
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accordance with Manufacturer’s overhaul manual if not indicated as such on the EASA Form One or FAA 8130-3 with EASA dual release for time controlled Parts then currently installed on the
Aircraft and which have been overhauled or installed during the Lease Period, (k) EASA, FAA and/or other Aviation Authority forms (as applicable), (1) records of modification accomplished during the Lease Period with respect to the
Airframe, Engines, Landing Gear and APU, (m) Airframe and Engine inspection records (including NDT documentation such as x-ray, eddy current, etc.), (n) burn test certification records, including without limitation, those required by EASA
and the FAA for seat covers, cushions and carpeting, and (o) all other documentation in the possession of the Lessee, pertaining to the Airframe, Engines and Parts. All discrepancies found in the Aircraft Documents shall be corrected and any
missing Aircraft Documents shall be reconstructed by the Lessee at the Lessee’s sole cost and expense prior to the return of the Aircraft. All Aircraft Documents shall be in the English language. In the event any Aircraft Documents are not
provided to the Lessor, or are not in the English language, on the Expiry Date, the Aircraft shall be deemed to not meet return conditions and the Lease Period shall be deemed to have been automatically extended in accordance with Clause 18.2.1
(Rectification). 

  

	1.4	All aircraft and engine systems (including galleys, passenger and cargo compartments) shall be fully operational for their intended functions. The Lessor shall be
entitled to operationally check all systems prior to the return of the Aircraft and all defects found shall be repaired by the Lessee in compliance with the Manufacturers’ maintenance requirements which are not interim in nature, at the
Lessee’s expense prior to return of the Aircraft. 

  
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 PART B 
 REDELIVERY CONDITION 
 In addition to the requirements set forth in Clause 18
(Return of the Aircraft) of this Agreement, on or before the Expiry Date, or earlier termination of this Agreement (except upon a Total Loss of the Aircraft or Airframe), the Lessee, at the Lessee’s expense, shall return the Aircraft to
the Lessor at the Redelivery Location in compliance with all of the following provisions: 
  

	1.	General 

  

	1.1	The Aircraft shall be airworthy and have therefore been maintained and operated in accordance with the Agreement with the same care and consideration for the technical
condition of the Aircraft as if it were to have been kept in continued regular service by the Lessee. 

  

	1.2	The Aircraft exterior shall be washed and the interior shall be clean by commercial airline standards with all carpets freshly replaced. The cockpit shall be repainted
as required, and placards replaced as required. 

  

	1.3	All repairs to the Aircraft will have been accomplished and certified to a permanent standard, with no repeat inspections (if no terminating repair is available from
the SRM or from the Manufacturer, then the repair is to be performed to the highest possible standard) in accordance with Manufacturer’s FAA and EASA approved data for the Aircraft. 

 

	1.4	The Aircraft shall have no deferred maintenance items, carryovers, watch items or Parts which are not serviceable or are in inoperative condition. There shall be no
additional or repair inspection requirement supplemental to the Manufacturer’s MPD. 

  

	1.5	The Aircraft shall have no special or unique Manufacturer, Engine Manufacturer or Aviation Authority inspection or check requirements which are specific to the Aircraft
or Engines (as opposed to all aircraft or engines of their types) 

  

	1.6	The Aircraft shall be in the same configuration as on the Delivery Date or as otherwise acceptable to the Lessor, and have installed the full complement of Engines and
other items of equipment, Part and accessories as delivered and as would remain installed on the Aircraft were the Lessee to continue operating the same in continued regular passenger service, each such Item functioning in accordance with its
intended use. 

  

	1.7	The Aircraft shall comply with the Manufacturer’s original FAA approved type certificate specifications, as revised up to the Expiry Date, in accordance with
supplemental type certificates approved, and Airworthiness Directives issued by the FAA and EASA applicable to the Aircraft. 

  

	1.8	 The Aircraft shall comply with all applicable EASA and FAA requirements and Airworthiness Directives on a terminating action basis which by their terms
require compliance (i) on or before the Redelivery Date, (ii) falling due within one hundred and eighty days (180) thereafter, (iii) requiring compliance prior to the next C Check falling due after the Redelivery Date, if C Check
level access is required for such 

  
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compliance, notwithstanding any waiver, deviation or time extension obtained by the Lessee from the Aviation Authority or otherwise. Any Airworthiness Directive not having a terminating option,
shall be cleared on the basis of the highest level of inspection and/or maintenance option permitted by such Airworthiness Directive on the Redelivery Date. 

 

	1.9	The Aircraft shall be in condition and certification standard, by modification if required, to (a) comply with all requirements for issuance of a current and
effective FAA standard airworthiness certificate for passenger transport and commercial passenger operation by a US part 121 operator (except for installation of installation of an ozone filter (modification 21215) and the emergency exit
inscription & marking (modification 21562) (b) shall comply with all EASA requirements (to the extent that such compliance does not affect the Lessee’s compliance with FAA requirements) for passenger operation as a transport
category commercial aircraft in accordance with EU OPS to qualify for issuance of a EASA certificate of airworthiness immediately upon registration of the Aircraft with a EASA member state and permit immediate entry into service with an EU OPS
operator and (c) have a valid export certificate of airworthiness issued by the Aviation Authority. 

  

	1.10	Cockpit windows shall have no crazing or delamination that exceed maintenance manual allowable limits, and passenger compartment windows shall have no crazing which
unsatisfactorily obstructs the view from the inside of the cabin of the Aircraft to the outside. All equipment and furnishings in the interior of the Aircraft which are defective, damaged, or excessively worn shall be repaired or replaced by the
Lessee. 

  

	1.11	The Aircraft shall have no leakage of fuel, oil, hydraulic fluid, or water which exceed the Manufacturers’ maintenance manual allowable limits.

  

	1.12	The Aircraft and Engines shall be in compliance with (a) all Manufacturer’s alert Service Bulletins which by the terms of such Service Bulletins, require
compliance on or before the Expiry Date, and (b) all other Manufacturer’s Service Bulletins to the same extent that the Lessee has accomplished such Service Bulletins on similar model aircraft and engines of the same manufacture in the
Lessee’s fleet, without discrimination. 

  

	1.13	The Aircraft (including each Engine, Landing Gear, APU, and Part) shall not have any Flight Hour, Cycle, or calendar time extensions, or waivers with respect to any
maintenance requirements. 

  

	1.14	Prior to the Expiry Date, all repairs accomplished during the Lease Period of a temporary or interim nature, including permanent repairs with repeat inspection
requirement and repairs using blind fasteners (except to the extent that the use of blind fasteners is considered a permanent repair with no repeat inspections in accordance with the latest revision structural repair manual for the Aircraft) and
those requiring repetitive inspections or future upgrading, shall be upgraded to a permanent repair with no repeat inspection requirements and all external doublers (scab patches) installed during the Lease Period (except to the extent that
installation of a doubler is the only approved repair or where a flush repair cannot be accomplished due to inaccessibility of the area), shall be replaced with flush repairs, all in accordance with the latest revision Manufacturer’s
maintenance manual, structural repair manual, and Manufacturer’s FAA and EASA approved data, except if a flush repair is not allowable by the aforementioned documents or approved data. 

  
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	1.15	The Lessee shall deliver to the Lessor, at no cost to the Lessor, all mandatory or alert service bulletin kits furnished without charge by a vendor or the manufacturer
for installation on the Aircraft which have not been so installed together with appropriate instructions for installation provided with such kits. In the event such installation kits were purchased or manufactured by the Lessee, the Lessor shall
have the exclusive right to purchase such kits at the Lessee’s actual cost for a period of ninety (90) days after return of the Aircraft and the non-exclusive right to purchase such kits thereafter. 

 

	1.16	All fluid reservoirs shall be serviced to full levels in accordance with the maintenance manual. 

 

	1.17	The Aircraft shall have all non-structural repairs, modifications and alteration accomplished in accordance with Manufacturer’s Service Bulletins or
Manufacturer’s written approval with a statement of conformity to type certificate data. 

  

	1.18	The Aircraft shall have no less than the following aircraft flight manual approved weights; 

 

	 	(a)	MTOW – 77,000 kg 

  

	 	(b)	MLW – 66,000 kg; and 

  

	 	(c)	MZFW – 62,500 kg. 

  

	2.	Paint 

 The Aircraft
fuselage, the wings, including radome, wing to body fairings, empennage, pylons and engine cowlings shall be prepared for repainting by sanding or stripping the paint, and repainted in a livery to be advised by the Lessor, using a quality paint
acceptable to the Lessor, all in accordance with standard airline industry procedures. In the case the new livery is more complex than at Delivery, then the extra cost associated with applying such livery shall be borne by the Lessor. All other
areas of the Aircraft where paint is peeled, chipped or worn out shall be restored as necessary to provide a uniform appearance. The Lessee shall prepare the Aircraft for such repainting by restoring aerodynamic sealer to areas requiring aerodynamic
sealer due to deterioration or missing sealant. All required internal placards and markings shall be in the English language or in English and Spanish and shall be replaced if deteriorated. The external placards shall be as per the livery
specification, and the costs associated therewith assigned as, described above. 
  

	3.	Airframe 

  

	3.1	 Immediately prior to the return of the Aircraft, the Aircraft will have accomplished an Airframe 12Y Structural Check and block C Check in accordance
with the then current MPD so that all structural, systems, zonal and CPCP Airframe inspections in accordance with the then current MPD falling due within the next 6,000 Flight Hours, 4,500 Flight Cycles and twenty (20) calendar months after the
Expiry Date have been accomplished, with all discrepancies permanently repaired. The Lessee shall give the Lessor not less than thirty (30) days prior written notice of the commencement date of

  
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such Checks and the workscope to be accomplished, which notice shall specify the maintenance facility where such Checks shall be accomplished, which shall be reasonably acceptable to the Lessor.
During the performance of such Checks, the Lessor shall, subject to the rules and requirements of such maintenance facility, be entitled to have representatives present in order to verify that such Checks comply with the requirements set forth
herein. The Aircraft shall be weighed during such Check post completion repainting in accordance with this Schedule 9. 

  

	3.2	Each Hard Time Component shall have a minimum of 6,000 Flight Hours, 4,500 Cycles and twenty (20) calendar months (or 100% of Hard-Time life if this interval is
less), or the then current C Check interval per the MPD as applicable remaining to its next expected overhaul or removal in accordance with the then current MPD. No Part of the Aircraft or Engine (excluding Engine Life Limited Parts) will have total
hours and total cycles since new greater than one hundred ten percent (110%) of that of the Airframe and with respect to all Parts as a group, the Parts will have an average total time since new no greater than that of the Airframe. 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 with EASA dual release or approved
equivalent. 

  

	3.3	The fuselage shall be free of dents, abrasions and loose or pulled rivets which exceed the requirements of the Manufacturers Structural Repair Manual.

  

	3.4	The fuselage shall be substantially free from corrosion and the Aircraft shall be in compliance with the Manufacturer’s corrosion prevention and control document
(CPCP) and the MPD and EASA and FAA CPCP Airworthiness Directive requirements. 

  

	4.	Interior 

  

	4.1	The Aircraft shall be in the configuration (including interior seating configuration, galleys and lavatories) as set forth in this Agreement other than any
modifications required as permitted hereunder (unless the Lessor’s approval is conditioned on removal) or modification required to register and maintain the registration of the Aircraft with the FAA. 

 

	4.2	Ceilings, sidewalls and bulkhead panels shall be clean, in good condition and free of all delamination, cracks and stains. 

 

	4.3	All seats shall be serviceable, in good working condition with no cracked plastic 

 

	4.4	All galleys compartments shall be clean, in good working condition and free of damage and corrosion. All plumbing and electrical connections and wiring shall be in good
condition and the floor area properly sealed. 

  

	4.5	All galley catering inserts including trolleys, containers, ovens, hot cups, coffee makers and water boilers shall be serviceable and in good condition.

  

	4.6	All lavatories shall be clean, in good condition, free of crack and stains and repainted as necessary, and floors shall be free of delamination.

  
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	5.	Engines, APU and Landing Gear 

  

	5.1	Immediately prior to the return of the Aircraft, which shall be after the redelivery flight for the Aircraft, the Lessor shall have the right to accomplish a complete
borescope inspection of the compressor, turbine and combustion chamber section of each Engine, to be performed by the Lessor’s representative or an agency of the Lessor’s choosing, in accordance with the Manufacturer’s maintenance
manual. All defects discovered as a result of such inspections, which (a) are within the maintenance manual limits and have repetitive inspection/maintenance requirements or (b) exceed the maintenance manual allowable limits for an
installed engine, shall be corrected at the Lessee’s expense. 

  

	5.2	Where the Lessee has not exercised the Renewal Option pursuant to Clause 2.6, each Engine shall have a minimum of 13,000 Flight Hours and 6,000 Flight Cycles
remaining to its next expected removal for any required maintenance, Engine Performance Restoration Shop Visit, refurbishment, or overhaul and shall have no defect which will result in the foregoing minimum limits not being complied with. Each
Engine LLP shall have a minimum of 15,000 Cycles remaining to its respective certified life limit. Where the Lessee has exercised the Renewal Option pursuant to Clause 2.6, each Engine shall have a minimum of 9,000 Flight Hours and 5,200 Flight
Cycles remaining to its next expected removal for any required maintenance, Engine Performance Restoration Shop Visit, refurbishment, or overhaul and shall have no defect which will result in the foregoing minimum limits not being complied with.
Each Engine LLP shall have a minimum of 13,000 Cycles remaining to its respective certified life limit. The Flight Hours remaining to the next expected removal with respect to each Engine shall be determined, without limitation, by
(a) borescope inspection results, (b) analysis of trend monitoring of the respective Engine for the previous six (6) months, (c) time remaining on each Engine LLP, (d) Maintenance Programme requirements,
(e) Manufacturer’s data, and (f) comparison with the average number of Flight Hours accumulated between full Performance Restoration Shop Visits during the prior 24 month period for all similar model engines operated in the
Lessee’s fleet, with approximately the same number of total Flight Hours and Cycles accumulated. 

  

	5.3	Each Engine shall be capable of developing full rated take-off power adjusted to the highest ambient outside air temperature for full rate take-off thrust at sea level,
without exceeding the maximum limits for all parameters (temperature, fuel flow, rotor speed etc) as per the Manufacturer’s specifications. A full take-off power engine run-up shall be performed in the presence of the Lessor’s
representatives immediately prior to the return of the Aircraft, in accordance with the performance test in the maintenance manual, or other comparable test (as agreed to by the Lessor), using temperature corrected charts. Each Engine shall have an
EGT margin consistent with the number of Flight Hours and Cycles operated since the most recent Engine Performance Restoration Shop Visit and in any event have no less than the appropriate EGT margin to ensure an on-wing life of 13,000 Flight Hours
and 6,000 Cycles (9,000 Flight Hours and 5,200 Cycles in the case where the Lessee has exercised the Renewal Option pursuant to Clause 2.6) as. The test results shall not exceed the corrected limits in the charts for any parameter.

  

	5.4	No Engine shall exhibit and adverse health trends as monitored by trend monitoring such parameters to include and not limited to EGT margin at take off and cruise, fuel
flow oil pressure and vibration. 

  
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	5.5	The APU shall (i) be serviceable, (ii) will have accomplished an APU Gas Path Refurbishment and have not more than 2,000 APU Operating Hours since such APU
Gas Path Refurbishment and (iii) have not less than 6,000 APU Operating Cycles to the first life limited part restriction. The Lessor shall have the right to accomplish a complete borescope inspection of the compressor, turbine and combustion
chamber sections of the APU. Such borescope inspection shall be performed by the Lessor’s representative, or an agency of the Lessor’s choosing, shall be accomplished immediately prior to return, and all discrepancies found beyond
allowable limits for an installed APU shall be corrected by the Lessee. 

  

	5.6	The original Landing Gear must be fitted to the Aircraft at Redelivery. Where the Lessee has not exercised the Renewal Option pursuant to Clause 2.6, the Landing
Gear shall have no less than 13,000 Flight Hours and eighty four (84) months (whichever is most limiting) life remaining to the next scheduled removal for Landing Gear Overhaul. Where the Lessee has exercised the Renewal Option pursuant to
Clause 2.6, the Landing Gear shall have no less than 11,500 Flight Hours and seventy two (72) months (whichever is most limiting) life remaining to the next scheduled removal for Landing Gear Overhaul. No life limited part shall have more
than 110% of the Airframe total Cycles since new. The Landing Gear shall be clean and repaired as necessary, stripped and painted. The Landing Gear modification standard will meet the Manufacturer requirements for an Aircraft MTOW of 77,000 kg.

  

	5.7	Tires, wheels and brakes will, on an average, have no less than half of their useful life remaining but in no event shall individually have less than 25% of their
useful life remaining. 

  

	6.	Corrosion 

  

	6.1	The Aircraft shall be in compliance with the Manufacturer’s corrosion prevention and control programme (CPCP) document, the CPCP requirements of the
Manufacturer’s Maintenance Planning Document and EASA CPCP airworthiness directive requirements on a 100% basis without the Lessee fleet sampling; and 

 

	6.2	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. 

  
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 SCHEDULE 10 

FORM OF NOTICE AND ACKNOWLEDGEMENT 
  

	From:	WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, not in its individual capacity but solely as owner trustee (the “Lessor”) 

 

	To:	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. (the “Lessee”) 

[—] 20[—] 

Ladies and Gentlemen 
 We refer to the Aircraft
Operating Lease Agreement (MSN 4741) described on the attached Annex 1 (as supplemented and amended from time to time, the “Lease Agreement”) relating to one Airbus A320-233 Aircraft with manufacturer’s serial number 4741
(together with the engines described in the Lease Agreement, the “Aircraft”). All terms defined in the Lease Agreement shall, unless the context otherwise requires, have the same meanings in this Notice and Acknowledgment (this
“Notice”). 
 We hereby notify you, and for good and valuable consideration, the receipt of which is hereby acknowledged, you
acknowledge and agree to the following: 
  

	1.	By the Security Trust and Guarantee Agreement, the Aircraft Mortgage and Security Agreement and the Local Law Aircraft Mortgage, each as more particularly described in
Annex C attached hereto (the “Local Law Mortgage”) between The Bank of New York Mellon (the “Collateral Agent”) and ourselves, we have, among other things, assigned to the Collateral Agent as security, and granted
to the Collateral Agent a security interest in, all of our right, title and interest in and to (a) the Aircraft, (b) the Lease Agreement, and all other agreements (including any side letters, guarantees, or subleases) entered into in
connection with, or relating to, the Lease Agreement (collectively, the “Security Assignment Documents”) and (c) the rent payable under the Lease Agreement and, if any, all letters of credit, maintenance reserves, security
deposits, other supporting obligations and arrangements, indemnity payments covering loss of or damage to the Aircraft, and insurance proceeds, and all proceeds of any of the foregoing (collectively, “Security Amounts”) relating to
the Aircraft or the Security Assignment Documents. In connection with such assignment and grant, the Collateral Agent has agreed to execute and deliver to you a Confirmation of Quiet Enjoyment in the form attached hereto as Annex 2. The Lessee
hereby consents, effective as of the date hereof, to such security assignment and grant in favor of the Collateral Agent. 

  

	2.	 From and after the date of this Notice, Avolon Aerospace Leasing Limited (“Avolon”), in its capacity as servicer for the Lessor, will
act as the Lessor’s attorney-in-fact, servicer and agent for all matters related to the Aircraft, the Security Assignment Documents and the Security Amounts (in such capacity, the “Servicer”). We hereby authorize and direct
you, and you agree, to rely upon (and to comply with, where the context calls for such compliance) communications you receive from Avolon (or any successor Servicer whose appointment you receive written notice from the Collateral Agent) in
connection with the Security Assignment Documents and the Security Amounts as if received from the Lessor, subject in all cases to the 

  
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rights of the Collateral Agent as provided in this Notice. In the event of any conflict between the communications received by the Lessee from the Servicer and the Lessor, the Lessee is entitled
to rely upon the communications received from the Servicer. 

  

	3.	From and after the date of this Notice, you agree to provide a copy of all notices you send to the Lessor under the Lease Agreement to Avolon at the address set forth
below (and to any such successor Servicer at the address set forth in such notice of appointment): 

 with a copy
to: 
 Avolon Aerospace Leasing Limited 
 Block 3, The Oval 
 Shelbourne Road 

Ballsbridge 

Dublin 4 

Ireland 
  

			
	 Attention:
	 	Chief Operating Office
		
	 Telefax:
	 	+353 1 485 3242

  

	4.	From and after the date of this Notice, unless and until the Collateral Agent otherwise directs in writing: 

 

	 	(a)	all monies (other than Maintenance Payments and the Security Deposit) that are payable by you under the Lease Agreement or any other Security Assignment Document to
which the Lessee is a party shall be paid to: 

 The Bank of New York Mellon 

ABA No.             021000018 

Account No.       GLA/111-565 
 Account Name:  Corporate Trust Agency 
 For further credit to: 

Account No.       237123 
 Account Name:  Avolon Collection Account 
 Ref: Concesionaria Vuela
Compañía de Aviación, S.A.P.I. de C.V.; MSN 4741 
  

	 	(b)	all monies in respect of Maintenance Payments that are payable by you under the Lease Agreement or any other Security Assignment Document to which the Lessee is a party
shall be paid to: 

 The Bank of New York Mellon 

ABA No.             021000018 

Account No.       GLA/111-565 
 Account Name:  Corporate Trust Agency 
 For further credit to: 

Account No.       237125 
 Account Name:  Avolon Maintenance Reserve Account 
 Ref: Concesionaria Vuela
Compañía de Aviación, S.A.P.I. de C.V.; MSN 4741 

  
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	 	(c)	all monies in respect of the Security Deposit that are payable by you under the Lease Agreement or any other Security Assignment Document to which the Lessee is a party
shall be paid to: 

 The Bank of New York Mellon 

ABA No.             021000018 

Account No.       GLA/111-565 
 Account Name:  Corporate Trust Agency 
 For further credit to: 

Account No.       237126 
 Account Name:  Avolon Security Deposit Account 
 Ref:
    Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V.; MSN 4741. 
  

	5.	From and after the date of this Notice, if the Collateral Agent delivers to you a written notice that it has exercised its rights under the Security Trust Agreement or
the Mortgage or the Local Law Mortgage (a “Relevant Notice”), then you shall thereafter perform, observe and comply with all terms of the Lease Agreement and the other Security Assignment Documents to which you are a party for the
benefit of the Collateral Agent as if the Collateral Agent were named in place of the Lessor in such Security Assignment Documents. After the Collateral Agent delivers any Relevant Notice, you shall not recognize the exercise by the Lessor (or
Avolon or any successor Servicer) of any of its rights and powers under the Security Assignment Documents unless and until requested to do so by the Collateral Agent in writing. After issuance of a Relevant Notice, if the Collateral Agent so
requests, you agree, at no cost and expense to yourselves, to enter into a replacement lease with the Collateral Agent or its nominee, on the same terms (mutatis mutandis) as the Lease Agreement, provided that:

  

	 	(a)	no such replacement lease shall have the effect of releasing the Lessor from any of its obligations to you under the Lease Agreement; and 

 

	 	(b)	you shall not be responsible for any additional costs, liability, obligations, expenses or charges, including, without limitation, any increased withholding tax
liability which result from entering into such replacement lease. 

  

	6.	You agree to cause the hull and liability insurance (including war-risk insurance) required to be maintained under the Lease Agreement to be endorsed as specified in
the attached Annex C and to obtain from your insurance/reinsurance brokers revised certificates of insurance and broker’s letter of undertaking to evidence such endorsements. 

 

	7.	You agree that the Lease Agreement is hereby, effective as of the date hereof, amended to include the parties listed in Annex C as Indemnitees and additional insured
without increasing the scope of such indemnities. The Lessor agrees for the benefit of the Collateral Agent that the Lessor will not rescind this notification or give any conflicting notice to the Lessee without the consent of the Collateral Agent,
until such time as the parties named as “Financing Parties” in Annex C attached hereto no longer have any interest in, to or under the Lease Agreement. 

  
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	8.	Collateral Agent hereby acknowledges that it has received a copy of the Lease Agreement. Until such time as the Collateral Agent has notified you in writing that the
Collateral Agent no longer has any interest in, or under the Lease Agreement, you will not amend or modify, or consent to the amendment or modification of, the Lease Agreement, or deregister, or consent to the deregistration of, the Aircraft, in
each case without the prior written consent of the Collateral Agent, such consent not to be unreasonably withheld or delayed. 

  

	9.	If the Lessor is in breach of any of its obligations, express or implied, under the Lease Agreement, or if any event occurs which would permit you to terminate, cancel
or surrender the Lease Agreement, you will, without waiving any such breach or right after the 14-day period referred to below if such breach has not been performed or a replacement lease has not been entered into: 

 

	 	(a)	promptly upon becoming aware of it, give the Collateral Agent notice of such breach or event; 

 

	 	(b)	accept as adequate remedy for any such breach performance by the Collateral Agent of such obligations within 14 days of your written notice to the Collateral Agent;
and/or 

  

	 	(c)	if the Collateral Agent so requests, enter into a replacement lease in accordance with paragraph 5 above. 

 

	10.	Any consent or waiver required to be obtained from the Lessor by you under Clause 9 (Control of the Aircraft) of the Lease Agreement shall at all times
require the consent or waiver of the Lessor and the Collateral Agent (which consent shall be given in accordance with the terms and conditions applicable to the Lessor thereunder); provided that, after the Collateral Agent has sent you a
Relevant Notice and until the Collateral Agent sends you and the Lessor a notice withdrawing the Relevant Notice, any such consent or waiver shall require the consent or waiver of the Collateral Agent, which consent shall be given in accordance with
the terms and conditions applicable to the Lessor thereunder. 

  

	11.	You represent and warrant to each Indemnitee as follows: 

  

	 	(a)	this Notice and the Security Assignment Documents to which the Lessee is a party have each been duly authorized, executed and delivered by, and constitute a legal,
valid and binding agreement of, the Lessee, enforceable (except as enforceability may be limited by (i) applicable bankruptcy, insolvency, concurso mercantil, examination, reorganization or other similar law, and (ii) general
principles of equity) against the Lessee in accordance with their respective terms; 

  

	 	(b)	no “Total Loss” or similar event as defined in the Lease Agreement has occurred as to the Aircraft or the related engines, and the Certificate of
Airworthiness for the Aircraft remains in full force and effect; 

  
 - 158 -

	 	(c)	on the date of this Notice, no “Event of Default” as defined in the Lease Agreement has occurred and is continuing; 

 

	 	(d)	the Lessee is not entitled to any offset against any amounts payable under the Security Assignment Documents and to the Lessee’s knowledge after reasonable inquiry
(without prejudice to any rights of the Lessee against the Lessor in respect of claims of which the Lessee does not have such knowledge) the Lessee has no present claim against the Lessor with respect to the Aircraft, the Security Assignment
Documents or the Security Amounts; 

  

	 	(e)	the representations and warranties of the Lessee contained in Clause 3 (Representations and warranties) and Clause 3.2 (Lessee’s
representations and warranties) of the Lease Agreement are true and correct as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and
warranties were true and correct on and as of such earlier date; 

  

	 	(f)	other than this Notice, you have not received a notice of assignment in respect of the Lease Agreement or, if you have received any notice of assignment, you have
subsequently been notified of the termination of such notice. 

  

	12.	At no cost to you, you will install identification plates on the Aircraft (airframe and each engine) in accordance with Clause 12 (Title Protection) of the
Lease Agreement to note that the Lessor is the owner of the Aircraft and the Collateral Agent is the mortgagee of the Aircraft. You will do so as promptly as practicable but in any event not later than the earlier of (a) the date that is sixty
(60) days following the date hereof and (b) the date required for the installation of such plates under the terms of such section. You will as promptly as practicable take any action reasonably requested by the Lessor, that may be taken
only by you as operator of the Aircraft to cause the interest of the Lessor and Collateral Agent in the Aircraft and Lease Agreement to be appropriately noted in the aircraft registry of the country in which the Aircraft is registered. You will also
take any action reasonably requested by the Lessor that may be taken only by you as operator of the Aircraft to record the Mortgage and the Local Law Mortgage on such aircraft registry. You will cause such notation and registration to be
appropriately maintained under applicable law during the term of the Lease. 

  

	13.	This Notice and the authorizations and instructions contained in this Notice are irrevocable unless and until you receive written notice to the contrary from the
Collateral Agent. Except as expressly provided for in this Notice, the Collateral Agent shall not have any liability for the performance of, any of the Lessor’s obligations under the Security Assignment Documents (whether undertaken by the
Lessor, Avolon or any successor attorney-in-fact and manager) unless expressly agreed to in writing by the Collateral Agent following the exercise by the Collateral Agent of remedies under the Security Assignment or Mortgage or the Local Law
Mortgage. 

 Yours faithfully 

  
 - 159 -

			
	WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
	 not in its individual capacity but solely as owner trustee

 

	By:	 	
 

			
	 Name:
	 	
	 Title:
	 	

  
 - 160 -

 Acknowledged and agreed 
 this             day of             , 20 

CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. 

 

			
	By:	 	  

	Name:	 	  

	Title:	 	
 

THE BANK OF NEW YORK MELLON (as “Collateral Agent”) 
  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 - 161 -

 ANNEX 1 
 LEASE AGREEMENT 
 Aircraft Operating Lease Agreement (MSN 4741) dated
            2011, between Wells Fargo Bank Northwest, National Association, not in its individual capacity but solely as owner trustee as lessor and the Lessee as lessee in respect of the
Aircraft. 

  
 - 162-

 ANNEX 2 
 CONFIRMATION OF QUIET ENJOYMENT 
  

	To:	Concesionaria Vuela Compañía de Aviación, S.A.P.I. de C.V. (the “Lessee”) 

	    	Prolongación Paseo de la Reforma No. 490 

	    	Piso 1 (Edificio GE) 

	    	Colonia Santa Fé Peña Blanca 

	    	Del. Alvaro Obregón 

	    	México D.F. 01012 

	    	México 

 Attention: General Counsel

                         
                           , 2011 
 Ladies and Gentlemen: 
 We refer to the Aircraft Operating Lease Agreement (MSN 4741), dated as of
[            ] between Wells Fargo Bank Northwest National Association, not in its individual capacity but solely as owner trustee and the Lessee (as assigned, supplemented and amended from
time to time, the “Lease Agreement”), relating to one Airbus A320-233 aircraft bearing manufacturer’s serial number 4741 and [            ] registration mark (the
“Aircraft”). Words and expressions defined in Lease Agreement shall have the same respective meaning when used herein. 
 In
consideration of your consent, acknowledgment and agreements to the Notice and Acknowledgment of Assignment, dated this date, from the Lessor to you (the “Notice”), we hereby agree that so long as no Event of Default shall have
occurred and be continuing, we will not, take any action that would interfere, or permit any person lawfully claiming by or through us to interfere, with your rights, as the Lessee under the Lease Agreement, to quiet and peaceful use, enjoyment and
possession of the Aircraft during the Lease Period under and in accordance with the terms of the Lease Agreement. 
 Yours faithfully,

 for and on behalf of 
 THE BANK OF
NEW YORK MELLON, 
 as Collateral Agent 

  
 - 163 -

 ANNEX C 
 INSURANCE 
 1. Without limiting the requirements of the Lease Agreement, all required hull,
spares and hull war risk insurance shall (i) name each “Indemnitee” referred to in paragraph 8 of the Notice and Acknowledgement to which this Annex is attached as additional insureds and (ii) designate the Collateral Agent
as the sole loss payee in relation to any total loss. 
 All required liability (including war risk liability) insurance shall include
(i) the Lessor, (ii) the Owner Trustee, (iii) Wells Fargo Bank Northwest, National Association, (iv) Avolon Aerospace (Warehouse 1) Limited, (v) Avolon Aerospace Leasing Limited, (vi) the Collateral Agent,
(vii) UBS Real Estate Securities Inc.; Credit Agricole Corporate and Investment Bank; Deutsche Bank AG, London Branch; KfW IPEX-Bank GmbH; BNP Paribas SA; (viii) UBS AG, Stamford Branch, as Administrative Agent, on behalf of the
Class A Lenders and the Class B Lenders (together with the parties listed in sub-clause (vi) and (vii) the “Financing Parties”), (ix) the Trust Estate, (x) the Owner Participant (xi) the Technical
Servicer, the Manufacturer, the Seller and (xii) the respective successors and assigns of such parties, and (xiii) the respective shareholders, subsidiaries, directors, members, officers, agents, employees and indemnitees of such parties
as additional insureds. 
 For insurance coverage that includes AVN67B (or the substantive equivalent) the following should be identified in the
insurance/reinsurance certificates. 
 Contract Parties: 
 Wells Fargo Bank Northwest, National Association, not in its individual capacity but solely as owner trustee 
 Avolon Aerospace (Warehouse 1) Limited 
 Avolon Aerospace Leasing Limited 

UBS Real Estate Securities Inc. 
 Credit
Agricole Corporate and Investment Bank 
 Deutsche Bank AG, London Branch 
 KfW IPEX-Bank GmbH 
 BNP Paribas SA 
 UBS AG, Stamford Branch 
 The Bank of New York Mellon 

the Owner Trustee, Wells Fargo Bank Northwest, National Association, the Trust Estate, the Owner Participant, the Technical Servicer, the Manufacturer,
the Seller 
 in each case, with its successor and assigns 

  
 - 164 -

 Contracts: 
 1. Credit Agreement dated May 19, 2010, as amended and restated May 27, 2010, among Avolon Aerospace (Warehouse 1) Limited, as borrower, Avolon Aerospace Leasing Limited, UBS AG, Stamford
Branch, as Administrative Agent and a Funding Agent; the other Funding Agents from time to time party thereto; UBS Real Estate Securities Inc; Credit Agricole Corporate and Investment Bank; Deutsche Bank AG, London Branch; KfW IPEX-Bank GmbH; other
persons from time to time party thereto as Class A Lenders and Class B Lenders; and The Bank of New York Mellon, as Collateral Agent and Account Bank. 
 2. Security Trust and Guarantee Agreement dated May 27, 2010 among Avolon Aerospace (Warehouse 1) Limited, certain additional grantors identified therein, UBS AG, Stamford Branch, as Administrative
Agent, and The Bank of New York Mellon, as Collateral Agent and Account Bank. 
 3. Servicing Agreement dated May 27, 2010 among Avolon
Aerospace (Warehouse Limited, Avolon Aerospace Leasing Limited, as Servicer, the aircraft owning entities and applicable intermediaries identified therein, and UBS AG, Stamford Branch, as Administrative Agent. 

4, [Aircraft Mortgage and Security Agreement dated [•], 2011 between [Lessor] and The Bank of New York Mellon, as Collateral Agent]. 

5. [Local law Aircraft Mortgage dated [•], 2011 between [Lessor] and The Bank of New York Mellon, as Collateral Agent]. 

6. Aircraft Operating Lease Agreement (MSN 4741) dated as of April 13, 2011, between Wells Fargo Bank Northwest, National Association, not in its
individual capacity but solely as owner trustee as lessor and the Lessee as lessee in respect of the Aircraft. 

  
 - 165 -

 SCHEDULE 11 

SUBLEASING REQUIREMENTS 
  

	1.	Subleasing 

  

	1.1	The Lessee shall provide to the Lessor, the Owner Participant and any Security Trustee (in case of sub-clause (d) below to the Security Trustee):

  

	 	(a)	no later than ten (10) Business Days prior to the proposed date of execution of the proposed sublease, a copy of the form of the proposed sublease which is to be
executed; 

  

	 	(b)	no later than fifteen (15) Business Days prior to the proposed date of commencement of the leasing under such sublease, a true and correct copy of such sublease
together with: 

  

	 	(i)	a duly executed copy of an acknowledgment from the Permitted Sublessee that the rights under the sublease are subject and subordinate to this Agreement and the rights
of the Lessor, the Owner Participant and any Security Trustee, under the Transaction Documents, provided that such acknowledgment may be contained within the text of the sublease: 

 

	 	(ii)	if so requested by the Lessor, the Owner Participant or any Security Trustee, a security assignment (in form and substance satisfactory to the Lessor, the Owner
Participant or any Security Trustee), assigning all of the Lessee’s rights, title and interest to, in and under such sublease to the Lessor or any Security Trustee, as applicable; 

 

	 	(c)	no later than five (5) Business Days prior to the proposed sublease taking effect, a certificate of the Lessee, confirming that the proposed sublease complies with
the provisions of this Schedule; and 

  

	 	(d)	on or prior to the date of execution of the proposed sublease, the tangible chattel paper original of the sublease (insofar as such sublease would constitute tangible
chattel paper (as such term is defined in the UCC)). 

  

	1.2	The sublease shall: 

  

	 	(a)	be consistent with this Agreement and shall not permit the Permitted Sublessee to take any action not permitted under this Agreement; 

 

	 	(b)	not permit the Aircraft to be operated to or from an Excluded Country; 

  

	 	(c)	not permit further subleasing; and 

  

	 	(d)	expressly acknowledge: 

  

	 	(i)	the ownership interests of the Lessor in the Aircraft; 

  

	 	(ii)	any interests of the Security Trustee under any mortgage granted to the Security Trustee; and 

  
 - 166 -

	 	(iii)	the interests of the Lessor under this Agreement; 

  

	1.3	The term of the sublease shall not extend beyond the date falling six (6) months before the Expiry Date; 

 

	1.4	The rights of the Permitted Sublessee under the sublease shall be expressly stated in the sublease to be subject and subordinate to this Agreement and to the rights and
interests of the Lessor, the Owner Participant and any Security Trustee; 

  

	1.5	If the term of the sublease is greater than one year, the Lessee shall immediately upon the sublease being executed: 

 

	 	(a)	grant to the Lessor a perfected first priority security assignment of the sublease in form and substance satisfactory to the Lessor, the Owner Participant and any
Security Trustee and deliver such assignment duly executed and perfected; and 

  

	 	(b)	provide to the Lessor, the Owner Participant and any Security Trustee a notice and acknowledgement duly executed by the sublessee in the form set out in
Schedule 10 (Form of notice and acknowledgement), but with the following amendments: (i) references to the “Lessee” amended to references to the Permitted Sublessee; (ii) references to “Lease” amended to
refer to the sublease and (iii) references to sublease assignment to be inserted, or such other form as may be reasonably required by the Lessor; 

  

	1.6	If the new State of Registration or the jurisdiction of incorporation of the Permitted Sublessee is a Contracting State for the purposes of the Cape Town Convention or
the Permitted Sublessee is situated in a Contracting State for the purposes of Article 4 of the Cape Town Convention, the Lessee shall provide to the Lessor, the Owner Participant and any Security Trustee, a satisfactory confirmation of the
registration at the International Registry of the prospective international interest to be vested in the Lessee under the sublease, without a limit on the duration of the registration; 

 

	1.7	If a new State of Registration is proposed: 

  

	 	(a)	the Lessor, the Owner Participant and any Security Trustee shall be satisfied that, as compared to the State of Registration as at the date of this Agreement, such
proposed State of Registration provides substantially equivalent or better protection for the rights of lessors, owners, lenders and mortgagees and imposes no less stringent aircraft maintenance standards taken as a whole; and

  

	 	(b)	the Lessee shall provide to the Lessor, the Owner and any Security Trustee, a Deregistration Power of Attorney from the proposed Permitted Sublessee and, if the new
State of Registration or the jurisdiction of incorporation of the Permitted Sublessee is a Contracting State for the purposes of the Cape Town Convention or the Permitted Sublessee is situated in a Contracting State of the purposes of Article 4
of the Cape Town Convention, an IDERA; 

  
 - 167 -

	1.8	The Lessee shall provide to the Lessor, the Owner and any Security Trustee, evidence satisfactory to the Lessor, the Owner and any Security Trustee that:

  

	 	(a)	the Lessee will remain in compliance with Clause 17 (Insurance) and Clause 8 (Information) during the term of the sublease; or

  

	 	(b)	if the proposed sublessee is to maintain insurance coverage during the term of the sublease, the proposed insurance coverage is on terms equivalent to the Insurances
and is in all respects satisfactory to the Lessor, the Owner and any Security Trustee; 

  

	1.9	The Lessee shall demonstrate, by way of a legal opinion from independent counsel reasonably acceptable to the Lessor, the Owner Participant and any Security Trustee, to
the satisfaction of the Lessor, the Owner Participant and any Security Trustee: 

  

	 	(a)	that the rights and interests of the Lessor, the Owner Participant and any Security Trustee in respect of the Aircraft or any Transaction Document (including any
security interest) and the right to repossess the Aircraft in the case of an Event of Default will not be adversely affected by the subleasing; 

  

	 	(b)	the perfection of the interests of the Lessor, the Owner Participant and any Security Trustee in respect of the Aircraft and under the Transaction Documents (including
the enforceability of any mortgage granted by the Lessor to the Security Trustee as a first priority perfected Security Interest over the Aircraft), including in the International Registry if applicable; 

 

	 	(c)	the due execution by the proposed Permitted Sublessee of the proposed sublease and any other document required to be delivered by the proposed Permitted Sublessee
pursuant to the Agreement or this Schedule and the validity and enforceability against the proposed Permitted Sublessee of such documents; 

  

	 	(d)	that such sublease is subject and subordinate on the terms as set out in this Agreement; and 

 

	 	(e)	if a new State of Registration is proposed; 

  

	 	(i)	that the terms of the Lease are legal, valid, binding and enforceable in such country; 

 

	 	(ii)	that it is not necessary for the Lessor or the Security Trustee to register or qualify to do business in such country; 

 

	 	(iii)	that there is no tort liability of the owner of an Aircraft not in possession thereof under the laws of such country; 

 

	 	(iv)	that the laws of such country require fair compensation for requisition of title or use of the Aircraft by the government of registration; 

  
 - 168 -

	 	(v)	as to: 

  

	 	(aa)	the due registration of the Aircraft in the name of the Permitted Sublessee or the Lessor (as applicable); 

 

	 	(bb)	the absence of any other Security Interests other than Lessor Liens and Permitted Security Interests; 

 

	 	(cc)	each Deregistration Power of Attorney or IDERA required to be delivered by the Lessee or the proposed Permitted Sublessee has been duly authorised, executed and
delivered, and is suitable in form and substance for the purpose of permitting the Security Trustee to deregister and export the Aircraft upon presentation of the same at the applicable aircraft registry, without the need to obtain the consent of,
or take any other action with respect to the Lessee, the proposed Permitted Sublessee or governmental authority other than such presentation; and 

  

	 	(dd)	such other matters as the Security Trustee may reasonably request (which may include, without limitation, advice to any Financiers as to creditors’ rights,
including rights of recovery and repossession of the Aircraft); 

  

	 	(vi)	if the new State of Registration or the jurisdiction of incorporation of the proposed Permitted Sublessee is a Contracting State for the purposes of the Cape Town
Convention or the Permitted Sublessee is situated in a Contracting State for the purposes of Article 4 of the Cape Town Convention, addressing the effectiveness of the filings made under paragraph 1.6 above, the perfection and the absence
of Security Interests other than Lessor Liens and Permitted Security Interests recorded at the International Registry; 

  

	 	(vii)	that such sublease will not result in the imposition of, or increase in the amount of, any Taxes, fees or expenses imposed on any Indemnitee for which the Lessee is not
required to indemnify or is not then willing to enter into a binding agreement to indemnify each Indemnitee to their satisfaction against such imposed or increased Taxes, fees or expenses. 

 

	1.10	The Lessee shall, upon first demand, reimburse to the Lessor and any Security Trustee all reasonable costs and expenses incurred by any of them in connection with the
consideration and/or implementation of such sublease. 

  

	2.	IDERA 

 If any prospective
international interest or international interest has been registered at the International Registry under paragraph 1 above the Lessee shall promptly procure the execution of an IDERA by the Permitted Sublessee and its recordation by the
relevant Aviation Authority to the extent such recordation is permissible by the relevant Aviation Authority, irrevocably appoint the Lessor or its certified designee under the IDERA. Following recordation or the execution of the IDERA as the case
may be, the Lessee shall deliver the IDERA to the Lessor. 

  
 - 169 -

	3.	Change of registration 

  

	3.1	Where the Aircraft is subleased pursuant to Clause 9.4 of the Lease (Permitted subleasing) the Aircraft may be re-registered with the Aviation Authority of
the country in which the Permitted Sublessee is organised, subject to satisfaction of the relevant conditions of Clause 9.4 (Permitted subleasing) and this Schedule. 

 

	3.2	Upon the termination of any such sublease, the Lessee shall: 

  

	 	(a)	in the event the registration of the Aircraft was changed pursuant to such sublease and except as otherwise permitted under this Agreement, procure that the Aircraft is
reregistered in the State of Registration as of the date immediately preceding the effectiveness of the sublease and provide a. legal opinion from counsel approved by the Lessor and the Security Trustee, such approval not to be unreasonably withheld
(to be in form and substance reasonably satisfactory to the Lessor and the Security Trustee) addressed to the Owner Participant, the Lessor and the Security Trustee as to their rights and interests (and the perfection of such interests) in respect
of the Aircraft or any Transaction Document and the right to repossess the Aircraft in such State of Registration; and 

  

	 	(b)	pay all reasonable costs and expenses (if any) of the Owner Participant, the Lessor and the Security Trustee incurred or payable in connection with the change in
registry. 

  
 - 170 -

 SCHEDULE 12 

LIST OF AGREED MODIFICATION FOR FAA REGISTRATION 
  

	 	•	 	 CN47.11.100.01: System provision for Fuel Tank Inerting System (FTIS) 

 

	 	•	 	 CN47.11.101.01: Installation of Fuel Tank Inerting System (FTIS) 

 

	 	•	 	 Dedicated 15” wheelchair stowage 

  

	 	•	 	 Reduction in passenger seats to maximum 179 

  

	 	•	 	 if applicable, such other Post Delivery Modifications as shall be listed in an annex to the Acceptance Certificate at the time of the Delivery.

  
 - 171 -

 IN WITNESS WHEREOF the Lessor and the Lessee have executed this Agreement, both as of the date shown
at the beginning of this Agreement. 
 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V., as the Lessee

  

			
	By:	 	 /s/ Mario E. Geyne Pliego

			
	 Name: Mario E. Geyne Pliego

	 Title: Financial and Fleet Planning Director

WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, not in its individual capacity but solely as owner trustee, as the Lessor 

 

			
	By:	 	 /s/ Scott Rosevear

			
	 Name: Scott Rosevear

	 Title: Vice President

  
 - 172 -EX-10.32

 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 10.32 
 EXECUTION VERSION 
 Date      April 2013 

CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I. DE C.V. 

as Lessee 
 - and
- 
 AMENTUM AIRCRAFT LEASING NO. THREE LIMITED 
 as Lessor 
  

 
 AIRCRAFT
LEASE AGREEMENT 
  
  

in respect of one (1) Airbus A320-200 aircraft 
 bearing MSN 3524 

 INDEX 

 

							
	Clause	  	Page	 
			
	 1
	  	INTERPRETATION	  	 	1	  
			
	 2
	  	REPRESENTATIONS AND WARRANTIES	  	 	1	  
			
	 3
	  	CONDITIONS PRECEDENT	  	 	1	  
			
	 4
	  	DELIVERY AND ACCEPTANCE	  	 	1	  
			
	 5
	  	PAYMENTS	  	 	3	  
			
	 6
	  	TAXATION	  	 	5	  
			
	 7
	  	QUIET ENJOYMENT	  	 	8	  
			
	 8
	  	LESSEE’S COVENANTS	  	 	8	  
			
	 9
	  	INSURANCE AND TOTAL LOSS	  	 	8	  
			
	 10
	  	MANUFACTURER’S WARRANTIES	  	 	9	  
			
	 11
	  	INDEMNITY	  	 	9	  
			
	 12
	  	RETURN OF AIRCRAFT	  	 	10	  
			
	 13
	  	DEFAULT	  	 	10	  
			
	 14
	  	ASSIGNMENT	  	 	11	  
			
	 15
	  	ILLEGALITY	  	 	11	  
			
	 16
	  	NOTICES	  	 	11	  
			
	 17
	  	DISCLAIMERS AND WAIVERS	  	 	12	  
			
	 18
	  	CONFIDENTIALITY	  	 	13	  
			
	 19
	  	LAW AND JURISDICTION	  	 	13	  

					
		
	 APPENDIX 1 PART 1 DEFINITIONS
	  	 	16	  
		
	 APPENDIX 1 PART 2 CONSTRUCTION
	  	 	29	  
		
	 APPENDIX 2 DESCRIPTION OF AIRCRAFT
	  	 	31	  
		
	 APPENDIX 3 PART 1 LESSEE’S REPRESENTATIONS AND WARRANTIES
	  	 	32	  
		
	 APPENDIX 3 PART 2 LESSOR’S REPRESENTATIONS AND WARRANTIES
	  	 	34	  
		
	 APPENDIX 4 PART 1 LESSOR CONDITIONS PRECEDENT
	  	 	36	  
		
	 APPENDIX 4 PART 2 LESSEE CONDITIONS PRECEDENT
	  	 	40	  
		
	 APPENDIX 5 PART 1 ADDITIONAL PAYMENT PROVISIONS
	  	 	41	  
		
	 APPENDIX 5 PART 2 PAYMENT OF MAINTENANCE RESERVES
	  	 	43	  
		
	 APPENDIX 5 PART 3 REFUND OF MAINTENANCE RESERVES
	  	 	47	  
		
	 APPENDIX 6 LESSEE’S COVENANTS
	  	 	51	  
		
	 APPENDIX 7 PART 1 INSURANCE COVENANTS
	  	 	67	  
		
	 APPENDIX 7 PART 2 INSURANCE REQUIREMENTS
	  	 	71	  
		
	 APPENDIX 7 PART 3 TOTAL LOSS
	  	 	74	  
		
	 APPENDIX 7A PART 1 PRE-DELIVERY PROCEDURE
	  	 	76	  

					
	 APPENDIX 7A PART 2 DELIVERY CONDITION
	  	 	77	  
		
	 APPENDIX 7A PART 3 AIRCRAFT DOCUMENTS AT DELIVERY
	  	 	82	  
		
	 APPENDIX 8 PART 1 RETURN OF THE AIRCRAFT
	  	 	91	  
		
	 APPENDIX 8 PART 2 OPERATING CONDITION AT REDELIVERY
	  	 	95	  
		
	 APPENDIX 8 PART 3 AIRCRAFT DOCUMENTS AT REDELIVERY
	  	 	101	  
		
	 APPENDIX 9 PART 1 EVENTS OF DEFAULT
	  	 	111	  
		
	 APPENDIX 9 PART 2
	  	 	114	  
		
	 APPENDIX 10 ASSIGNMENT
	  	 	116	  
		
	 EXHIBIT A PART 1 ACKNOWLEDGEMENT OF ASSIGNMENT OF GUARANTEE
	  	 	119	  
		
	 EXHIBIT A PART 2 ACKNOWLEDGEMENT OF ASSIGNMENT OF LEASE
	  	 	121	  
		
	 EXHIBIT B FORM OF CERTIFICATE OF ACCEPTANCE
	  	 	123	  
		
	 EXHIBIT C PART 1 AIR TRAFFIC CONTROL LETTER
	  	 	126	  
		
	 EXHIBIT C PART 2 AIR TRAFFIC CONTROL LETTER
	  	 	127	  
		
	 EXHIBIT D DEREGISTRATION AND EXPORT POWER OF ATTORNEY
	  	 	128	  
		
	 EXHIBIT E QUIET ENJOYMENT LETTER
	  	 	130	  
		
	 EXHIBIT F FORM OF MONTHLY REPORT
	  	 	132	  
		
	 EXHIBIT G PROCESS AGENT POWER OF ATTORNEY (LESSEE)
	  	 	135	  
		
	 EXHIBIT H PROCESS AGENT POWER OF ATTORNEY (GUARANTOR)
	  	 	136	  

 THIS AIRCRAFT LEASE AGREEMENT is made on    April 2013 

BETWEEN: 
  

	(1)	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I.DE C.V. a company duly organised and validly existing under the laws of Mexico and
having its address at Av. Prolongación Paseo de la Reforma 490, Piso 1, Col. Santa Fe Pena Blanca, 01210 Mexico (“Lessee”) and 

  

	(2)	AMENTUM AIRCRAFT LEASING NO. THREE 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 on 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” include 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 on execution of this Agreement. 

 

	2.3	Lessor represents and warrants to Lessee in the terms set out in Part 3 of Appendix 3 on the Delivery Date and each Rent Date (save as set out therein).

  

	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	DELIVERY AND ACCEPTANCE 

  

	4.1	The Parties shall follow the Pre-Delivery Procedure. 

  

	4.2	The Aircraft is scheduled to be delivered during the Scheduled Delivery Month. Lessor shall notify Lessee of the scheduled delivery date (the “Scheduled
Delivery Date”) no later than ten (10) Business Days prior to such date. 

	(a)	On the Scheduled Delivery Date, subject to the terms and conditions of this Agreement and satisfaction or, as the case may be, waiver, of the conditions precedent set
forth in Appendix 4, Lessor will tender the Aircraft for Delivery at the Delivery Location and Lessee will thereupon accept the Aircraft. 

  

	(b)	Immediately upon Delivery, the Aircraft shall be deemed to have been delivered to and accepted by Lessee in an “as is, where is” condition and shall become
subject to and governed by this Agreement and the Term shall commence and Lessee shall thereupon sign and deliver to Lessor the Certificate of Acceptance. For the avoidance of doubt, the execution and delivery of the Certificate of Acceptance by
Lessee shall without further act constitute absolute, unconditional and irrevocable acceptance by Lessee of the Aircraft under this Agreement. 

  

	4.3	Lessee will not be obliged to accept delivery of the Aircraft if it does not meet the Delivery Condition. If the Aircraft is not accepted by Lessee because the
Aircraft does not meet the Delivery Condition, Lessor shall have the option to remedy any discrepancies by reference to the Delivery Condition and, prior to the Final Delivery Date, offer the Aircraft for Delivery and (if the Aircraft then meets the
Delivery Condition) the Lessee will thereupon accept the delivery of the Aircraft at the Delivery Location in an “as is, where is” condition and the provisions of Clause 4.2(b) shall apply. 

 

	4.4	If the Aircraft is tendered for Delivery and meets the Delivery Condition on or before the Final Delivery Date, Lessee shall not be entitled for any reason
whatsoever to refuse to accept the Aircraft for all purposes of this Agreement (including, without limitation, refuse to execute and deliver to Lessor, the Certificate of Acceptance). 

 

	4.5	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. 

 4.6 
  

	(a)	If the Aircraft has been tendered for delivery and meets the Delivery Condition on or before the Final Delivery Date, but notwithstanding its obligation under Clause
4.4 (and without prejudice to Lessor’s remedies in respect of such non-compliance), Lessee has not accepted delivery of the Aircraft on or prior to 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 since 17 February 2011 in order to be able to deliver
the Aircraft to the Lessee (including, without limitation, all documented costs and expenses related to putting the Aircraft in the Delivery Condition and reasonable costs and expenses related to preparation of this Agreement and other Transaction
Documents), 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 payment (both before and after any relevant judgment). 

 

	(b)	If Delivery does not occur on or prior to the Final Delivery Date for any reason other than a default by the Lessee (including, without limitation, pursuant to Clause
4.4), then Lessee may cancel the obligation contained in this Agreement to take the Aircraft on lease from Lessor by giving notice to Lessor in writing to that effect. 

 

	(c)	Upon the service of a notice of cancellation by Lessor or Lessee under this Clause 4.6, neither party shall have any obligations under this Agreement other than:
(i) in relation to Lessee, as specified in paragraph (a) above and in paragraph 3 of Part 2 of Appendix 9; and (ii) in relation to Lessor, if paragraph (b) above is applicable, Lessor shall return to Lessee any payments
previously made by Lessee to Lessor under this Agreement (without prejudice to Clause 5.7). 

  
 2 

	5	PAYMENTS 

  

	5.1	Lessee shall pay to Lessor (or shall have paid to Lessor, as the case may be) the Deposit in cash (the “Cash Deposit”) in the following
instalments: 

  

	(a)	***** on 23 February 2011 (the receipt of which is hereby acknowledged); and 

 

	(b)	*****, no later than ***** prior to the Delivery Date. 

 5.2 
  

	(a)	The Cash 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 Cash 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. Lessee agrees that upon payment to Lessor, the Deposit shall irrevocably and unconditionally become the property of Lessor and Lessor shall be entitled to commingle the Deposit with
Lessor’s and/or its Affiliates’ 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)	At any time during the Term, and provided no Default has occurred which is continuing, Lessee shall have the option to substitute the Cash Deposit with a Letter of
Credit in an amount equal to the Deposit (“LC Amount”). Upon receipt of a Letter of Credit, Lessor shall, promptly and in any event within seven (7) Business Days following receipt of such Letter of Credit (and provided no
Default has occurred and is continuing at such time) refund to Lessee an amount equal to the remaining Cash Deposit which has not been applied by Lessor pursuant to Clause 5.5(a) or set off by Lessor pursuant to Clause 5.7 (without prejudice to
Lessee’s obligations under Clause 5.5(b)). 

  

	5.3	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. 

 

	5.4	The Rent payable by Lessee to Lessor for each Rental Period shall be *****. Lessee will pay the first instalment of Rent for the first Rental Period to the
Lessor on the Delivery Date. Rent for each subsequent Rental Period shall be payable monthly in advance on each Rent Date. 

5.5 
  

	(a)	If Lessee or the Guarantor fails to comply with any provision of the Transaction Documents, any Event of Default (including, without limitation, under paragraph (q)(iv)
of Part 1 of Appendix 9) 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, Lessor may immediately or at any time thereafter, without prior notice to Lessee (but Lessor shall, without prejudice to Lessor’s 

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

 rights or Lessee’s obligations under this Agreement, notify Lessee of any application
by Lessor pursuant to this Clause 5.5, promptly after such application by Lessor), apply the Cash Deposit (or, if applicable, make a drawing under the Letter of Credit) and/or the Maintenance Reserves, in each case, in or towards the payment or
discharge of any matured obligation (including, without limitation, under paragraph 2(b) of Part 1 of Appendix 5) 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 5.7, against all or part of the Deposit and/or Maintenance Reserves. 
  

	(b)	If Lessor exercises the rights described in Clause 5.5(a) above, Lessee shall, following a demand in writing from Lessor, within ten (10) Business Days restore the
Cash Deposit, LC Amount (if applicable) and/or Maintenance Reserves to the level at which it stood immediately prior to such exercise. 

  

	5.6	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 judgment) 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 *****. All such interest will be compounded monthly and calculated on the basis of the
actual number of days elapsed and a *****. 

 5.7 

 

	(a)	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. 

 

	(b)	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. 

  

	5.8	Except as otherwise provided in this Agreement, each party shall pay its own legal and professional costs in respect of the transactions contemplated by the
Transaction Documents. Lessee shall pay all costs associated with registering the Aircraft, the Bill of Sale, 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 and the Bill of Sale. 

 

	5.9	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; 

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

	(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. 

  

	5.10	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. 

  

	5.11	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.

  

	5.12	Lessee shall comply with the additional payment provisions set out in Part 1 of Appendix 5. 

 

	5.13	Lessee shall pay Maintenance Reserves to Lessor upon the terms and subject to the conditions set out in Part 2 of Appendix 5. Lessee agrees that upon payment to
Lessor, all Maintenance Reserves shall irrevocably and unconditionally become the property of Lessor and Lessor shall be entitled to commingle the Maintenance Reserves with Lessor’s and/or its Affiliates’ 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 (without prejudice to the provisions set out Part 2 and Part 3 of Appendix 5). 

 

	5.14	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.

  

	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; 

  
 5 

	 	(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 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 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 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 judgment). 

  

	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 

  
 6 

	(c)	any 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 any Indemnitee. 
  

	6.5	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 and the Bill of Sale with the Air Authority and Lessee shall pay to Lessor on demand the
amount of Losses which Lessor may incur as a result of any delay by 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 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 

  
 7 

	 	
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, 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. 

  

	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 

  

	8.1	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. 

  
 8 

	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 *****.
Lessee shall apply any cash payments whether above or below ***** 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

  

	 	(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, judgments,
costs, expenses, penalties or fines (each a “Claim”) regardless of when the same is made or incurred, whether during or after the Term: 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 9 

	(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, 

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 either (a) any period or event occurring prior to the Delivery Date (save for any stamp duty or other Taxes imposed in connection with the
execution and/or registration of any of the Transaction Documents) or (b) any period commencing or event occurring 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 Lessor) under this Agreement are given to 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. 

  
 10 

	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	ASSIGNMENT 

  

	14.1	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. Lessee acknowledges that the Security Trustee or any Lender may, at no cost to 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. 

  
 11 

	16.2	The address, facsimile and telephone numbers of Lessee and Lessor are as follows: 

 

					
	 (a)         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
			
	 (b)         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. 

  
 12 

	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. 

  

	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, subject to the
exceptions, set forth in this Clause 18. 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	LAW AND JURISDICTION 

  

	19.1	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. 

  

	19.2	 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 

  
 13 

	 	
parties or where the Aircraft is located, hereby waiving any jurisdiction not referred to in this Clause 19.2. The courts agreed to in this paragraph shall have jurisdiction to settle any
disputes arising out of or in connection with this Agreement. 

  

	19.3	Lessee hereby irrevocably designates, appoints and empowers Matsack Trust Limited, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland, to receive for it and on
its behalf service of process issued out of the Irish courts in any legal action or proceeding arising out of or in connection with this Agreement and/or any other Transaction Document to which it is a party. 

 

	19.4	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. 

  

	19.5	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;

  

	(b)	waives any such right of immunity which it or its 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 judgment which may be made or given in such proceedings. 

  
 14 

 IN WITNESS whereof the parties hereto have executed this Agreement on the date shown at the beginning
of this Agreement. 
  

			
	SIGNED on behalf of CONCESIONARIA VUELA
	COMPAÑÍA DE AVIACIÓN, S.A.P.I DE C.V.
		
	By:	 	 /s/ Fernando Suárez Gerard

	Name:	 	Fernando Suárez Gerard
	Title:	 	CFO
		
	By:	 	 /s/ Mario E. Geyne Pliego

	Name:	 	Mario E. Geyne Pliego
	Title:	 	Financial and Fleet Planning Director

 SIGNED on behalf of AMENTUM AIRCRAFT LEASING NO. THREE LIMITED 

 

			
	By:	 	 /s/ Mitchel Simpson

	Name:	 	Mitchel Simpson
	Title:	 	Chief Financial Officer

  
 15 

 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 EASA 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. 

“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). 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 16 

 “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 to Lessee by Lessor; 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 EASA 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. 
 “APU Available Balance” shall have
the meaning ascribed to such term in part 2 of Appendix 5. 
 “APU Hours” means each hour or part of an hour during which the
APU is operated. 
 “APU Initial Balance” shall have the meaning ascribed to such term in part 2 of Appendix 5. 

“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, 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. 
 “Bill of Sale” means the
bill of sale transferring ownership of the Aircraft from the Airframe Manufacturer to Lessor. 
 “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.

  
 17 

 “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 of 20 months 6,000 Flight Hours or 4,500 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. 
 “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. 
 “CPCP” means corrosion prevention and control programme. 
 “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. 

“Delivery” means delivery of the Aircraft by Lessor to Lessee under this Agreement. 

“Delivery Check Flight” has the meaning given to such term in Part 1 of Appendix 7A. 

“Delivery Condition” means the condition of the Aircraft as specified in Part 2 of Appendix 7A. 

“Delivery Date” means the date on which Delivery takes place. 
 “Delivery Location” means Lufthansa Technik Philippines facility in Manila, Philippines. 
 “Deposit” means the amount equal to ***** paid or payable to by Lessee to Lessor in cash or provided or to be provided by Lessee to Lessor by way of Letter of Credit, in each case, in
accordance with Clause 5. 
 “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. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 18 

 “EMMP” means the latest revision of the engine maintenance management programme of 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 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; and 

  

	(b)	any Suitable Replacement Engine which has replaced that engine in accordance with the terms of 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 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 Loss” means the occurrence of any of the
events referred to in the definition of “Total Loss” but with references therein to “Aircraft” being construed as references to any Engine. 
 “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).

 “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 and Lessee. 
 “Event of Default”
means any of the events listed in Part 1 of Appendix 9. 
 “Expiry Date” means: 

 

	(a)	the Scheduled 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. 

 “FAA” means the Federal Aviation Administration of the United States of America and any successor thereof. 
 “Facility Agent” means HSH Nordbank AG 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. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 19 

 “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 Mexican GAAP or IFRS (whichever methodology is used by
Lessee with respect to the preparation of its financial statements) 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); 

  

	(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.P.I.de C.V., a company
organised and validly existing under the laws of Mexico. 

  
 20 

 “Habitual Base” means Mexico or such other jurisdiction as agreed to by Lessor pursuant to
the terms of this Agreement. 
 “IDERA” means an irrevocable deregistration and export request authority in the form set out in
Annex 1 to the Convention. 
 “IFRS” means the International Financial Reporting Standards, being the guidelines and rules set
from time to time by the International Accounting Standard Board that companies and organisations can follow when compiling financial statements; 
 “Indemnitees” means: 
  

	(a)	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; and 

  

	(b)	Lufthansa Technik AG and Lufthansa Technik Philippines Inc. (including their respective successors, and each of their respective employees, directors and officers) for:

  

	 	(i)	a period of ***** commencing on the Delivery Date; and 

  

	 	(ii)	the purposes of the aviation general legal liability insurance only (and it being agreed that none of the persons listed in this paragraph (b) shall constitute an
Indemnitee for any other purpose whatsoever) other than any claims arising out of or in connection with their capacity as manufacturer, repairer or servicing agent. 

 “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. 

“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 such terms in Clause 5.2; 

“Lease Manager” means Amentum Capital Limited, a company incorporated in Ireland or such other entity the Lessor notifies to the Lessee.

 “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. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 21 

 “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 either (a) any period or event occurring prior to the Delivery Date (save for any stamp duty or other Taxes imposed in connection with the
execution and/or registration of any of the Transaction Documents) or (b) 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 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 

  

	(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” means a letter of credit which meets the requirements set out in paragraph 2 of Part 1
of Appendix 5; 
 “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 

  
 22 

	(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. 
 “Life Limited Part” means any Part that has a pre-determined life limit as mandated by Manufacturer, the Air
Authority, FAA, EASA or any other Government Entity, as the context requires, which requires any such Part to be discarded upon reaching such life limit. 
 “Loan Agreement” means the Loan Agreement dated 19 June 2008 between Lessor, as borrower and HSH Nordbank AG as arranger, original lender, the agent and the security trustee (as
amended and/or supplemented from time to time). 
 “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 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. 
 “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: (a) the Airframe, the Airframe Manufacturer; the
Engines, the Engine Manufacturer; and (c) with respect to a Part (other than a complete Engine), the manufacturer of such Part. 

“Mexico” means the United Mexican States. 
 “Mexican GAAP” means the generally accepted and consistently applied accounting principles and practices in the State of Incorporation. 

“Minimum Liability Coverage” means ***** or such higher amount carried by Lessee on its fleet policy. 

“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. 
 “Other Agreements” means together 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 23 

	(a)	the lease agreement dated on or about the date hereof between the Lessor and Lessee with respect to the Airbus A320-200 aircraft with manufacturer’s serial number
3524; and 

  

	(b)	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)	subject to (c) and (d) below, are 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 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 Airframe 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 available from the Airframe Manufacturer or the original equipment manufacturer; 

 

	(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, 

  
 24 

 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 Sublease”
means a sublease in compliance with Clause 4.1(c) and (d) of Appendix 6. 
 “Permitted Sub-Lessee” means any of:

  

	(a)	Taca International Airlines, S.A.; 

  

	(b)	Aerovias Del Continente Americano S.A. AVIANCA; 

  

	(c)	Trans American Airlines, S.A.; 

  

	(d)	Lineas Aereas Costarricenses, S.A.; 

  

	(e)	Aviateca, S.A.; 

  

	(f)	Aerolineas Galapagos S.A. Aerogal; and 

  

	(g)	Spirit Airlines. 

 “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 ***** (or whose obligations under this Agreement are guaranteed by a person with at least such a net worth). 
 “PMA
Part” means a Part which has not been manufactured by the Airframe Manufacturer, the Engine Manufacturer or the manufacturer of the relevant replaced Part (as applicable) and is not approved by the Airframe Manufacturer or the Engine
Manufacturer for installation in the Aircraft or an Engine (as applicable). 
 “Pre-Delivery Procedure” means the procedure set
out in Part 1 of Appendix 7A. 
 “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; or 

  

	(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. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 25 

 “Protocol” means the Protocol to the Convention on Matters Specific to Aircraft Equipment,
signed in Cape Town, South Africa on 16 November, 2001. 
 “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” means the redelivery of the Aircraft by Lessee
to Lessor in accordance with Appendix 8. 
 “Redelivery Date” means the date on which Redelivery occurs. 

“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 Citibank N.A. 
 “Reinsurances” has the meaning given to it in paragraph 1 of Part 1 of Appendix 7. 
 “Rent” means each amount calculated pursuant to Clause 5.4. 
 “Rental
Period” has the meaning given to it in Clause 5.3. 
 “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) (provided that such component, furnishing or Part is not a PMA Part) 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. 

“Scheduled Delivery Date” means the date notified by Lessor to Lessee pursuant to Clause 4.2. 

“Scheduled Delivery Month” means *****. 
 “Scheduled Expiry Date” means the date falling sixty (60) months after the Delivery Date. 
 “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. 
 “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. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 26 

 “Security Trustee” means HSH Nordbank AG, 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 or such other jurisdiction as agreed to by Lessor pursuant to the terms of this Agreement. 
 “Subsidiary” means: 
  

	(a)	in relation to any reference to accounts, any entity whose accounts are consolidated with the accounts of Lessee in accordance with Mexican GAAP or IFRS;

  

	(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 has the same thrust rating as, or is 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 Replaced Engine; 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. 
 “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 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

  
 27 

 
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. 
 “6 Year Check Available Balance” shall have the meaning ascribed to such term in Part 2 of Appendix 5. 
 “6 Year Check Initial Balance” shall have the meaning ascribed to such term in Part 2 of Appendix 5. 
 “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 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. 

  
 28 

 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, judgment 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.

  

	 	(xi)	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 

  

	 	(ii)	if the numerically corresponding day is not a Business Day the period shall end on the preceding Business Day; 

  
 29 

	 	(iii)	(and “month” and “monthly” shall be construed accordingly). 

 

	 	(iv)	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. 

  

	(b)	The headings in this Agreement are to be ignored in construing this Agreement. 

 

	(c)	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. 

 

	(d)	This Agreement may be executed in counterparts each of which will constitute one and the same document. 

 

	(e)	This Agreement and the other Transaction Documents are the sole and entire agreement between Lessor and Lessee in relation to the leasing of the Aircraft, and supersede
all previous agreements in relation to that leasing. 

  

	(f)	The terms of this Agreement may only be amended with the written consent of the parties hereto. 

 

	(g)	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. 

  
 30 

 APPENDIX 2 
 DESCRIPTION OF AIRCRAFT 
  

					
	AIRCRAFT	  		  	
			
	 MANUFACTURER:
	  		  	Airbus S.A.S.
			
	 MODEL:
	  		  	A320-200
			
	 SERIAL NUMBER:
	  		  	3524
			
	 MTOW
	  		  	77 tons
			
	ENGINES	  		  	
			
	 MANUFACTURER:
	  		  	IAE International Aero Engines AG
			
	 ENGINE TYPE:
	  		  	V2527E-A5
			
	 SERIAL NOS:
	  		  	V12957 and V12961

  
 31 

 APPENDIX 3 
 PART 1 
 LESSEE’S REPRESENTATIONS AND WARRANTIES 

 

	1	

  

	(a)	Each of Lessee and the Guarantor is a sociedad anõnima promotora de inversion de capital variable 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
Mexican GAAP or IFRS and fairly represent the financial condition of Lessee and the Guarantor as at the date to which they were drawn up; and 

  

	 	(ii)	 there has been no material adverse change in the financial condition of Lessee or the Guarantor since the date to which those financial statements were
drawn up and the financial and other information furnished by Lessee to Lessor in 

  
 32 

	 	
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. 

  

	(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 and under any other Transaction Document will survive the execution of this Agreement and such
other Transaction Document 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), (h), (i), (j) and (m) above and any representations and
warranties contained in the Assignment of Insurances, on each Rent Date with reference to the facts and circumstances then existing. 

  
 33 

 APPENDIX 3 
 PART 2 
 LESSOR’S REPRESENTATIONS AND WARRANTIES ON SIGNING

  

	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, this Agreement,
the Guarantee and the transactions contemplated by thereby. 

  

	(c)	This Agreement and the Guarantee 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, this Agreement and the Guarantee 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, this Agreement and the Guarantee 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 this Agreement and the Guarantee, and neither Lessor nor any of its assets is
entitled to any right of immunity and the entry into and performance of this Agreement and the Guarantee 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 this Agreement, the Guarantee, or the transactions contemplated
thereby. 

  

	(h)	Lessor is a resident of Ireland for tax purposes. 

  
 34 

 APPENDIX 3 
 PART 3 
 LESSOR’S REPRESENTATIONS AND WARRANTIES ON DELIVERY AND
EACH 
 RENT DATE 
  

	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 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 3 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. 

  
 35 

 APPENDIX 4 
 PART 1 
 LESSOR CONDITIONS PRECEDENT 

 

	1	

  

	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; and 

 

	 	(iii)	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)	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 leasing and/or operation (as the case may be) of the Aircraft; 

 

	(e)	the latest available consolidated financial statements of the Guarantor and the latest available financial statements of Lessee; 

  
 36 

	(f)	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; 

  

	(g)	the IDERA and the Deregistration Power of Attorney; 

  

	(h)	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; 

  

	(i)	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 

  

	(j)	a letter from the process agent appointed by Lessee and Guarantor under each Transaction Document to accept service of process, accepting that appointment.

  

	1.2	Receipt by Lessor from Lessee on or prior to the Delivery Date (or in the case of the Deposit, the balance of the Cash Deposit 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 Irish Aviation Authority, the temporary Certificate of Airworthiness for the Aircraft issued
by the Air Authority and the temporary registration marks for the Aircraft issued by the Air Authority (to the extent available); and 

  

	(f)	such other documents as Lessor may reasonably request. 

  

	1.3	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. 

  

	1.4	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 will continue to 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.

  
 37 

	1.5	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)	    	A search certificate from the International Registry showing compliance by Lessee with the provisions at paragraph 4.4(b) of Appendix 6	  	Ten (10) Business Days
			
	(b)	    	Evidence that filing of this Agreement and the Bill of Sale and the Aircraft has been made on the Delivery Date with the Mexican Aeronautics Registry under the laws of the State of
Registration	  	On closing
			
	(c)	    	Evidence 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.	  	Ten (10) Business Days
			
	(d)	    	Certificate of Import stamped by 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 and that the import of the Aircraft into the State of Registration is exempt from Taxes	  	Ten (10) Business Days
			
	(e)	    	Certificate of registral status (certificado de estado registral) issued by the Mexican Aeronautics Registry, evidencing registration of the items provided in (b) and
(c) above.	  	Thirty (30) days
			
	(f)	    	Permanent Certificate of Airworthiness issued by the Air Authority	  	Ten (10) Business Days

  
 38 

					
	Conditions Subsequent	  	Time Period
			
	(g)	    	Permanent Certificate of Registration issued by the Air Authority	  	One hundred and fifty (150) days
			
	(h)	    	Inclusion of the Aircraft in Lessee’s Air Operator’s Certificate	  	Fifteen (15) days
			
	(i)	    	Bringdown opinion of Ritch Mueller, Lessor’s and the Security Trustee’s legal counsel in the State of Registration, concerning relevant filings at the DGAC and
International Registry	  	Ten (10) Business Days

  
 39 

 APPENDIX 4 
 PART 2 
 LESSEE CONDITIONS PRECEDENT 

 

	1	

  

	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	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.

  

	1.4	Following completion of the Pre-Delivery Procedure, Lessee shall have ascertained that the Aircraft meets the Delivery Condition. 

 

	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. 

  
 40 

 APPENDIX 5 
 PART 1 
 ADDITIONAL PAYMENT PROVISIONS 

 

	1	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. 
  

	2	Letter of Credit Requirements 

  

	(a)	Each Letter of Credit shall: 

  

	 	(i)	be irrevocable and issued and payable by a bank acceptable to Lessor and the Security Trustee and in form and substance acceptable to Lessor and the Security Trustee
and, if Lessor requests (acting reasonably), confirmed by the London or New York branch of a major international bank acceptable to Lessor and the Security Trustee (each acting reasonably) as security for all payment obligations of Lessee to Lessor
under the Transaction Documents (including damages); 

  

	 	(ii)	remain in full force and effect and available for drawing by Lessor upon first demand at any time or number of times until the earlier of: (A) sixty (60) days
after the Scheduled Expiry Date; and (B) the date on which Lessee has redelivered the Aircraft to Lessor pursuant to and in accordance with this Agreement and complied with all of 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), any Letter of Credit may have a validity
period or periods ending prior to the Required LC Expiry Date, provided that (i) such 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) such
Letter of Credit shall remain in force at all times up to and including the Required LC Expiry Date. 

  

	(c)	If at any time during the Term, Lessor determines that the current issuing or confirming bank of 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, such Letter of Credit is replaced either by a Letter of Credit issued by another bank acceptable to Lessor
and the Security Trustee (each acting reasonably) and (if deemed appropriate by Lessor or the Security Trustee) confirmed by another bank acceptable to Lessor and Security Trustee 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. 

  

	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 

  
 41 

 
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. 
  

	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, judgment 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. 

  
 42 

 APPENDIX 5 
 PART 2 
 PAYMENT OF MAINTENANCE RESERVES 

 

	1	Amount 

  

	1.1	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)	***** or part thereof (the “Airframe 6 Year Maintenance Reserves”); and 

 

	 	(ii)	***** or part thereof (the “Airframe 12 Year Maintenance Reserves”); 

 

	(b)	in respect of each Engine, ***** (or part thereof) operated by that Engine during any calendar month (“Engine Maintenance Reserves”);

  

	(c)	in respect of the Engine LLPs within each Engine, ***** accomplished by that Engine during that calendar month (together “Engine LLP Maintenance
Reserves”). The Engine LLP Maintenance Reserves are an aggregate amount of all Engine LLP’s, assume a ***** and will be divided and held in sub accounts for each Engine LLP as per the Attachment 1 to Part 2 of this Appendix 5.

  

	(d)	in respect of the APU, ***** (or part thereof) accomplished by the APU during that calendar month (“APU Maintenance Reserves”); and

  

	(e)	in respect of the Landing Gear, ***** or part thereof (“Landing Gear Maintenance Reserves”). 

 

	2	Adjustment 

  

	2.1	The amount of the Maintenance Reserves in paragraph 1 are specified in January 2011 Dollars and 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 Engine 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 *****. The Engine LLP
Maintenance Reserves shall be subject to increases in the relevant manufacturer’s catalogue price; 

  

	(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 month from (i) the assumed Flight Hour to Cycle ratio of 2.0:1 (the “Assumed Ratio”) or (ii) the assumed engine derate of
***** (the “Assumed Derate”), the amount of the Engine Maintenance Reserves payable shall be adjusted in accordance with the applicable table set out in attachment 2 to part 2 of this Appendix 5. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 43 

	(c)	if Lessee does not issue a monthly status report pursuant to paragraph 2.2(c) of Appendix 6, Lessor will assume a zero derate and Flight Hour to Flight Cycle ratio of
1:1. 

  

	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. 

  

	3	Starting Balances 

  

	3.1	As at Delivery, the balance of accrued maintenance reserve payments attributable to the Eligible Maintenance Events set out below is as follows:

  

			
	 Account
	 	 Amount

	6 Year Check	 	 *****
  
 “6 Year Check Initial Balance”.

		
	APU Performance Restoration	 	 *****
  
 “APU Initial Balance”.

  

	3.2	The amount calculated by Lessor to be the sum of the 6 Year Check Initial Balance and the accumulated balance of Airframe 6 Year Maintenance Reserves held by the
Lessor at any given time shall be referred to as the “6 Year Check Available Balance”. 

  

	3.3	The amount calculated by Lessor to be the sum of the APU Initial Balance and the accumulated balance of APU Maintenance Reserves held by the Lessor at any given
time shall be referred to as the “APU Available Balance”. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 44 

 Attachment 1 
 Engine LLP Maintenance Reserves Sub Accounts 
  

					
	 Item
	  	 P/N
	  	 Rate per FC in USD

			
	 Stage 1 (fan) disk
	  	*****	  	*****
			
	 Stub shaft (LPC)
	  	*****	  	*****
			
	 Stage 1.5 to 2.5 disk (LPC)
	  	*****	  	*****
			
	 Stage 3 to 8 disk (HPC)
	  	*****	  	*****
			
	 Stage 9 to 12 disk (HPC)
	  	*****	  	*****
			
	 Rear Shaft (HPC)
	  	*****	  	*****
			
	 Rear rotating seal (HPC)
	  	*****	  	*****
			
	 Stage 1 HPT disk
	  	*****	  	*****
			
	 Stage 1 HPT inner seal
	  	*****	  	*****
			
	 Stage 1 HPT outer seal
	  	*****	  	*****
			
	 Stage 2 HPT seal
	  	*****	  	*****
			
	 Stage 2 HPT disk
	  	*****	  	*****
			
	 Stage 2 HPT plate
	  	*****	  	*****
			
	 Stage 3 LPT disk
	  	*****	  	*****
			
	 Stage 4 LPT disk
	  	*****	  	*****
			
	 Stage 5 LPT disk
	  	*****	  	*****
			
	 Stage 6 LPT disk
	  	*****	  	*****
			
	 Stage 7 LPT disk
	  	*****	  	*****
			
	 Stage 3 LPT seal
	  	*****	  	*****
			
	 Stage 4 LPT seal
	  	*****	  	*****
			
	 Stage 5 LPT seal
	  	*****	  	*****
			
	 Stage 6 LPT inner seal
	  	*****	  	*****
			
	 Stage 6 LPT seal
	  	*****	  	*****
			
	 Stage 7 LPT seal
	  	*****	  	*****
			
	 LPT shaft
	  	*****	  	*****

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

 Attachment 2 
 Engine Maintenance Reserve Adjustment for changes to Assumed Ratio 
  

																									
	 Actual Flight Hour to Cycle ratio
	  	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 
	 First Engine Maintenance Reserve
	  	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 

 Engine Derate Adjustment Table 

 

																																													
	 Engine Derate %
	  	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 
	 Adjustment Factors
	  	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 	 	 	*	**** 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 46 

 APPENDIX 5 
 PART 3 
 REFUND OF MAINTENANCE RESERVES 

 

	1	Eligible Maintenance Events 

  

	1.1	Lessor shall have no obligation to distribute the Maintenance Reserves (or the 6 Year Check Initial Balance and/or the APU Initial Balance, as the case may be)
accumulated pursuant to Part 2 of this Appendix 5 other than in respect of the following events (each an “Eligible Maintenance Event”), in each case, if approved in advance by Lessor as specified in paragraph 1.2 below:

  

	(a)	with respect to the 6 Year Check Available Balance, upon the accomplishment of the first 6 Year Check relating to the Airframe in accordance with the MPD (it being
agreed that the 6 Year Check Initial Balance shall only be made available to Lessee if the Airframe 6 Year Maintenance Reserves have been utilised in full first with respect to the first 6 Year Check); 

 

	(b)	with respect to the Landing Gear Maintenance Reserves, upon the accomplishment of any Landing Gear Overhaul in accordance with the MPD; 

 

	(c)	with respect to the Engine Maintenance Reserves, upon the accomplishment of the Engine Performance Restoration on the relevant Engine; 

 

	(d)	with respect to the Engine LLP Maintenance Reserves for an Engine LLP, upon the replacement of that Engine LLP in accordance with the Engine Manufacturer limits; and

  

	(e)	with respect to the APU Available Balance, upon accomplishment of APU Performance Restoration (it being agreed that APU Initial Balance shall only be made available to
Lessee if the APU Maintenance Reserves have been utilised in full first with respect to an APU Performance Restoration). 

  

	1.2	Lessee shall have 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. 

  

	1.3	Subject to paragraph 2.5, any remaining balance of the Maintenance Reserves on the expiry of the Term (unless the Term has 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	

  

	(a)	Lessee will provide Lessor with: 

  

	 	(i)	an invoice signed by Lessee in an amount equal to the relevant Maintenance Reserves to be refunded to Lessee; and 

 

	 	(ii)	 written confirmation from the Agreed Maintenance Performer within sixty (60) days after the completion of the relevant Eligible Maintenance Event
that such Eligible Maintenance Event has been completed and paid for in full, accompanied by such other supporting documentation and invoices evidencing the performance 

  
 47 

	 	
of the relevant work and receipt of payment in relation to the same (including but not limited to, invoices evidencing the cost of replacement of any Engine LLPs), as Lessor may reasonably
request in writing within fifteen (15) Business Days following receipt of an invoice from Lessee pursuant to paragraph (i) above, provided, however, that in the case of the performance of any Engine Performance Restoration, the supporting
documentation to be provided to Lessor hereunder shall be limited to a duly completed FAA Form 337 and last shop visit report attached to the relevant invoice (a “Confirmation”). 

 

	(b)	Other than as specifically provided in paragraph 2.3, the amount payable by Lessor to Lessee (and Lessee’s entitlement to claim the same from Lessor) with respect
to any Eligible Maintenance Event shall not exceed the then current balance of Maintenance Reserves (or in the case of an Airframe 6 Year Check and a APU Performance Restoration, the 6 Year Check Available Balance and the APU Available Balance
respectively) held by Lessor for the account of such Eligible Maintenance Event. 

  

	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 the Agreed Maintenance Performer accomplishing the
Eligible Maintenance Event. 

 2.3 
  

	(a)	If during the Term: 

  

	 	(i)	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 Check Maintenance Reserves
held by Lessor as at the time of the completion of the 6 Year Check, provided that, Lessee is entitled to claim the full amount of the Airframe 6 Year Check Maintenance Reserves at such time; 

 

	 	(ii)	an Engine undergoes its first Engine Performance Restoration and the actual cost thereof exceeds the then current balance of Engine Maintenance Reserves for that Engine
(and provided that Lessee would be entitled to claim the full amount of such cost from such Engine Maintenance Reserves, but for such shortfall), Lessor shall contribute towards such shortfall provided, however, that Lessor’s liability under
this paragraph 2.3(a)(ii) shall not exceed *****; 

  

	 	(iii)	the 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 as
at the time of completion of the APU Performance Restoration, provided that, Lessee is entitled to claim the full amount of the APU Performance Restoration Reserves at such time; and 

 

	 	(iv)	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 Engine LLP at the date of its replacement and the amount specified in the Engine Manufacturer’s catalogue price list for that Engine LLP at such time and should there be a shortfall between the
Engine LLP Maintenance Reserves held by Lessor for that Engine LLP and the amount specified in the Manufacturer’s catalogue price list, in each case at the relevant time (and provided that Lessee would be entitled to claim the full amount such
cost from the applicable Engine LLP Maintenance Reserves, but for such shortfall), Lessor shall contribute towards the shortfall provided, however, that Lessor’s aggregate liability for all Engine LLPs under this paragraph 2.3 (a)(iv) shall not
exceed *****, 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 48 

 provided always that in no event shall payment be made in respect of: 

 

	 	(A)	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); 

  

	 	(B)	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;

  

	 	(C)	any cost items which are the costs of removal, reinstallation, transportation or are exchange or similar costs or charges; 

 

	 	(D)	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

  

	 	(E)	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. 

 

	(b)	For the avoidance of doubt, any remaining 6 year Check Initial Balance and APU Initial Balance will not be taken into account when calculating the amounts payable by
Lessor pursuant to paragraphs (a)(i) and (a)(iii) above. 

  

	(c)	If the documentation in paragraphs 2.1(a) and (b) 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. 

 

	2.4	If during the Term 

  

	(a)	the Aircraft suffers Total Loss and the Agreed Value is paid to Lessor, Lessor will pay an amount equal to the balance of Maintenance Reserves then held by Lessor to
Lessee; 

  

	(b)	an Engine suffers Engine Loss and is replaced by a Suitable Replacement Engine, title to which Lessor obtains in accordance with paragraph 3.3 of Appendix 6, Lessor
shall pay to Lessee and amount equal to the balance of Engine Maintenance Reserves for such Engine, provided that the Suitable Replacement Engine is fresh out of Engine Performance Restoration shop visit when it is installed on the Airframe. If such
Suitable Replacement Engine is not fresh out of Engine Performance Restoration when it is installed on the Airframe Lessor shall pay the Lessee an amount calculated as follows 

  
 49 

 ***** 
 Where 
 *****. 

 

	(c)	For the avoidance of doubt, any remaining 6 Year Check Initial Balance and APU Initial Balance will not be taken into account when calculating the amounts payable by
Lessor pursuant to paragraphs (a) and (b) above. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 50 

 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 public offering of the Guarantor’s shares, 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; 

  

	(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;

  
 51 

	(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); 

  

	(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; and 

 

	(f)	if, during the Term, Lessee’s insurer agrees to provide an assignment of reinsurances to the lessor or financier of any other aircraft operated by Lessee, promptly
notify Lessor in writing of such circumstances and shall use commercially reasonable efforts to procure that such insurer provides an assignment of reinsurances on no less favourable terms to Lessor or Security Trustee. 

 

	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 Lessor’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 

 

	 	(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; 

  
 52 

	(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 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; 

  
 53 

	(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 ten (10) 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, the 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 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, the FAA and EASA; keep the records in such manner as the Air Authority, the FAA and EASA 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; 

  
 54 

	(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 provided no Default has occurred and is continuing) 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 Fleet Aircraft 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; 

  

	(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 and certify the Aircraft at an EASA and FAA approved maintenance facility acceptable to Lessor and maintain the Aircraft and the Aircraft Documents in
accordance with EASA and FAA Federal Air Regulations Part 129 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 and which are required by the Air Authority, the FAA
and/or EASA; 

  

	(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 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 55 

	(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 

 

	 	(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 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); 

  
 56 

	 	(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 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 under English law 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 

  
 57 

	 	(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,
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 under English law 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)	is required to in order to change the interior configuration of the Aircraft from 180Y to 174Y; or 

 

	 	(iii)	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 

  

	 	(iv)	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

  

	 	(v)	has a cost (including labour, overheads, engineering supplies, materials and third party costs) no greater than ***** 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 other 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 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. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 58 

	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 

  

	(a)	Lessee shall not, without the prior written consent of Lessor, sublease, charter, hire or otherwise part with the possession or operational control of the Aircraft
except: 

  

	 	(i)	for testing, service, overhaul work, maintenance or repair or alterations, modifications or additions permitted under this Agreement; or 

 

	 	(ii)	so long as no Default is continuing (or may result from the proposed Wet Lease or Permitted Sublease), on terms of a Wet Lease or a Permitted Sublease.

  

	(b)	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. 

  
 59 

	(c)	A sublease will only be a Permitted Sublease where Lessee has complied with the requirements of Clause 4.1(d) and: 

 

	 	(i)	the sublessee is a Permited Sublessee; and 

  

	 	(ii)	the proposed sublease: 

  

	 	(A)	does not permit further subleasing without the consent of Lessor; 

  

	 	(B)	does not have a term (including any extension options) that extends beyond the date falling one (1) month prior to the Expiry Date; and 

 

	 	(C)	the rights of the Permitted Sublessee under the sublease are expressly stated in the sublease to be subject and subordinate to this Agreement and to the rights and
interests of Lessor, the Lenders and the Security Trustee hereunder and the other Transaction Documents. 

  

	(h)	Prior to entry into the sublease: 

  

	 	(i)	Lessee shall give Lessor and the Security Trustee, no later than thirty (30) days prior to the proposed commencement of the sublease, a notice specifying the name
of the proposed sublessee (which shall be a Permitted Sublessee) and, if applicable, the name of any proposed new State of Registration and/or Habitual Base; 

 

	 	(ii)	Permitted Sublessee shall provide Lessor and the Security Trustee with an acknowledgment in writing, in form and substance satisfactory to Security Trustee, no later
than five (5) Business Days prior to delivery of the Aircraft under the relevant sublease, acknowledging that the rights of the sublessee under the sublease are subject and subordinate to this Agreement and to the rights and interests of the
Lessor, the Lenders and the Security Trustee under this Agreement and the other Transaction Documents and that the termination of this Agreement or the leasing of the Aircraft hereunder shall (without any further action) result in the termination of
the relevant sublease or the leasing of the Aircraft thereunder; 

  

	 	(iii)	Lessee shall provide Lessor and the Security Trustee with a satisfactory confirmation of the registration at the International Registry of: 

 

	 	(A)	any International Interest to be vested in Lessee under the sublease; and 

  

	 	(B)	an assignment of all of the associated rights and related International Interest of Lessee in favour of the Security Trustee, 

if either: 
  

	 	(1)	the new State of Registration or the jurisdiction of incorporation of the Permitted Sublessee is a Contracting State for the purposes of the Cape Town Convention; or

  

	 	(2)	the Permitted Sublessee is situated in a Contracting State for the purposes of Article 4 of the Cape Town Convention; 

 

	 	(iv)	if the new State of Registration is a Contracting State for the purposes of the Cape Town Convention, Lessee shall: (i) procure the execution of an IDERA by the
Permitted Sublessee irrevocably appointing the Security Trustee as its certified designee under the IDERA and, to the extent permitted by applicable law, its recordation by the relevant Air Authority, and authorising the Security Trustee to exercise
the remedies specified in Article 15(1) of the Cape Town Convention at Security Trustee’s sole discretion; and (ii) following recordation, deliver the IDERA to the Security Trustee; 

  
 60 

	 	(v)	Lessee shall provide to Lessor and the Security Trustee evidence satisfactory to Lessor and the Security Trustee (acting reasonably) that: 

 

	 	(A)	Lessee will remain in compliance with Appendix 7 during the term of the sublease; or 

 

	 	(B)	if the proposed sublease is to maintain insurance coverage during the term of the sublease, the proposed insurance coverage is on terms equivalent to the Insurances

  

	 	(vi)	Lessor and the Security Trustee shall be satisfied (acting reasonably) that: 

 

	 	(A)	the rights and interests of Lessor, the Lenders and the Security Trustee in respect of the Aircraft or any Transaction Document and the right to repossess the Aircraft
in the case of an Event of Default or an Event of Default (as defined under the Loan Agreement) (as applicable) will not be adversely affected by the subleasing; 

 

	 	(B)	the perfection of the interests of Lessor, the Lenders and the Security Trustee in respect of the Aircraft and under the Transaction Documents;

  

	 	(C)	if a new State of Registration or Habitual Base is proposed, that as compared to the State of Registration or Habitual Base, respectively, as at the Delivery Date, the
jurisdiction of the proposed new State of Registration and Habitual Base provides substantially equivalent or better protection for the rights of lessors, owners, lenders and mortgagees and imposes no less stringent aircraft maintenance standards
taken as a whole; 

  

	 	(D)	such sublease will not result in the imposition of, or increase in the amount of, any Tax, fees, costs or expenses for which Lessee does not then enter into a binding
agreement to indemnify, each Indemnitee to its satisfaction against such imposed or increased Taxes, fees, costs or expenses; and 

  

	 	(E)	the due execution by Lessee and the Permitted Sublessee of the proposed sublease and effectiveness of the subordination undertaking referred to in Clause 4.1(d)(ii)
above, 

 and Lessee shall provide such assistance as may be reasonably required to demonstrate sub-paragraphs
(A) to (E) above, including, but not limited to, procuring opinions from independent legal and/or tax counsel (and/or, as applicable, independent technical advisers) in each case acceptable to Lessor and the Security Trustee (acting
reasonably). 
  

	(e)	Where the Aircraft is subleased under a Permitted Sublease pursuant to this Clause 4.1: 

 

	 	(i)	the Aircraft may be registered with the Air Authority of the country in which the Permitted Sublessee is organised, subject to the satisfaction of the relevance
conditions of Clauses 4.1(c) and (d) above; and 

  

	 	(ii)	 upon the termination of any such sublease, at the election of Lessor, either (x) in connection with Redelivery under this Agreement, Lessee shall
procure that the Aircraft is deregistered from the then current jurisdiction of registration, or (y) Lessee shall procure that the Aircraft is re-registered in the State of Registration as at the Delivery Date and provide (1) a
confirmation in form and substance 

  
 61 

	 	
satisfactory to Lessor and the Security Trustee (acting reasonably) from counsel acceptable to the Security Trustee and addressed to Lessor and the Security Trustee that the relevant legal
opinion provided pursuant to Appendix 4, Part 1, Clause 1.1(b)(ii) remains valid, correct and applicable to such re-registration in such State of Registration and the rights and interests of Lessor, the Lenders and the Security Trustee or (2) a
new legal opinion, from counsel approved by Lessor and the Security Trustee (acting reasonably) on substantially similar terms to that set out in Appendix 4, Part 1, Clause 1.1(b)(ii). 

 

	(f)	Notwithstanding any sublease of the Aircraft, Lessee shall remain fully liable to perform its obligations under this Agreement and the other Transaction Documents to
which it is a party but to the extent the relevant Permitted Sublessee properly performs an obligation under the Permitted Sublease, Lessor agrees that such performance shall be regarded as discharging (to such extent) any corresponding obligations
of Lessee under the Transaction Documents to which it is a party. 

  

	(g)	Lessee shall (i) deliver to Lessor and the Security Trustee, within seven (7) Business Days after the date of execution of any Permitted Sublease, a duly
executed copy of it, (ii) not materially amend or vary the terms thereof without the prior approval of Lessor, and (iii) deliver to Lessor and the Security Trustee, within seven (7) Business Days after the date of execution of any
such material amendment, a duly executed copy of it. 

  

	(h)	If the International Interest vesting in Lessee under the Permitted Sublease has been registered at the International Registry, Lessee shall discharge the registration
and each registration of any related assignment promptly on request by Lessor or the Security Trustee or promptly following termination of the period of subleasing of the Aircraft under the sublease and redelivery of the Aircraft thereunder.

  

	(i)	If an event of default (howsoever described), or event which with the giving of notice, lapse of time or fulfilment of any other condition may constitute such an event,
is continuing under a Permitted Sublease whilst a Permitted Sublessee is in possession of the Aircraft, Lessee shall (i) promptly notify Lessor (with a copy to the Security Trustee) of the events and the steps that it is proposing to take to
enforce the terms of the Permitted Sublease and the steps that it is proposing to take to enforce the terms of the Permitted Sublease or recover possession of the Aircraft and (ii) take all such steps as Lessor or the Security Trustee may
instruct (acting reasonably). 

  

	(j)	Lessee shall pay on demand all reasonable costs and expenses associated with entering into a Permitted Sublease or change of State of Registration including the
reasonable costs and expenses of Lessor and the Security Trustee (including reasonable legal fees and expenses). 

  

	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;

  
 62 

	(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. Three Limited, is operated by Concesionaria Vuela Compañía de Aviación, S.A.P.I 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 

 

	(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 

  
 63 

	 	(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 
 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 A320-200 aircraft with
manufacturer’s serial number 3524 and the Engines are aircraft engines and, accordingly, aircraft objects for the purposes of the Convention and are V2527E-A5 engines with manufacturer’s serial numbers V12957 and V12961;

  

	 	(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; 

  
 64 

	 	(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 

 

	 	(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. 

  
 65 

	(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. 

  

	(e)	Pursuant to Article XI, Option B of the Protocol and Article XXX(3) the parties hereby agree that the time period required by Article XI, Alternative B of the Protocol
shall be the twenty (20) day period referred to in article 92 of the Mexican Ley de Concursos Mercantiles in respect of any procedure referred to in said law. 

 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. 

  
 66 

 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 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; 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 67 

	(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 

  

	(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. 

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

	(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): 

  

	(c)	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 

  

	(d)	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.

  

	(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
***** 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 ***** 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. 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 69 

	(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. 

  
 70 

 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 ***** of the Agreed Value from time to time, and with a deductible (other than in respect of a Total Loss) not exceeding ***** 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 ***** 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 ***** (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 ***** 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; 

  

	 	(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 notexceed
*****, 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; 

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

	 	(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;

  

	 	(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 

  
 72 

	 	
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 2011 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”) (or AVN67C) provided that Lessee will ensure that for the purposes of AVN67B (or AVN67C, as the case may be): 

 

	 	(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 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 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. 
  

	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 

  
 74 

	(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 7A 
 PART 1 
 PRE-DELIVERY PROCEDURE 

 

	1	Upon reasonable notice prior to the Scheduled Delivery Date, Lessor will make the Aircraft available to Lessee for inspection and during such inspection the
Lessee shall be permitted to: 

  

	(a)	inspect the Aircraft and its conformity with the Delivery Conditions specified herein; 

 

	(b)	to perform a maximum power assurance run on the Engines and an acceptance flight of the Aircraft of a maximum duration of two hours (the “Delivery Check
Flight”) taking off from and landing at the Delivery Location to demonstrate satisfactory operation of the Aircraft and its conformity with the Delivery Conditions set out herein; and 

 

	(c)	inspect the Engines by performing a complete hot and cold video borescope inspection (conducted after the Delivery Check Flight) of each Engine at Lessee’s cost.

  

	2	If Lessee notifies Lessor promptly of any non-conformity of the Aircraft with the Delivery Condition observed during the inspection or Delivery Check Flight (and
such non-conformity is recorded in the flight log in the case of a demonstration flight), Lessor will, at its cost, correct or procure the correction of such non-conformity as soon as reasonably practicable and make the Aircraft available for
re-inspection by Lessee. 

  

	3	The Delivery Check Flight shall be performed in accordance with the Manufacturer’s procedures in respect of demonstration flights for used aircraft (or such
other procedures acceptable to Lessor and Lessee). 

  

	4	The cost of the Delivery inspection (other than costs relating to (i) obtaining insurance for the Delivery Check Flight and (ii) Lessor’s
employees or representatives) shall be borne by Lessee. 

  

	5	Lessee is responsible for and shall indemnify and hold harmless the Indemnitees from and against all Losses arising from death or injury to any observer
representative or any employee of Lessee in connection with any demonstration flight or inspection of the Aircraft by Lessee save for any Losses arising out of or in connection with the gross negligence or wilful misconduct of any Indemnitee.

  
 76 

 APPENDIX 7A 
 PART 2 
 DELIVERY CONDITION 

 

	1	GENERAL CONDITION 

 Lessee
shall ascertain that the Aircraft meets the conditions set out in the following provisions of this Part 2 of Appendix 7A. 
 The
Aircraft shall: 
  

	(a)	be in airworthy and in good operating condition, conforming to EASA type design certification; and be clean by scheduled passenger airline standards;

  

	(b)	not have been operated in commercial passenger service since completion of the last C Check in accordance with the latest Maintenance Planning Document accomplished
prior to Delivery falling due for accomplishment within 20 months, 6,000 Flight Hours and 4,500 Cycles (whichever is the most limiting factor); 

  

	(c)	be free of damages, tears, stains and inappropriate markings and shall comply with relevant EASA fire resistance regulations; 

 

	(d)	have installed the full complement of systems, equipment, parts, accessories, furnishings and loose equipment functioning in accordance with the Airbus Aircraft
Inspection Report, the Aircraft Type Certificate and their intended use and in compliance with, and eligible for immediate operation under EU OPS 1 equipment standards; 

 

	(e)	have a currently valid airworthiness review certificate and certificate of airworthiness for export and a deregistration certificate; 

 

	(f)	meet all requirements for, and be eligible for immediate operations in full compliance with FAA Part 129 regulations; 

 

	(g)	have no leakage of fuel, oil, hydraulic fluid, or water which exceed the limits laid down in the Manufacturer’s applicable maintenance manual;

  

	(h)	comply with all EASA Airworthiness Directives which require compliance prior to Delivery; 

 

	(i)	be in its existing external livery; 

  

	(j)	have all signs and decals clean, secure and legible in English; 

  

	(k)	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; 

  

	(l)	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); and 

  

	(m)	have no less than the Aircraft flight manual approved design weights. 

  
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	2	COMPONENTS 

  

	(a)	Each Flight Hour and Cycle controlled Hard Time Component (other than the Landing Gear and APU) shall have not less than 6,000 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 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.

  

	(e)	There shall be no PMA Parts on the Aircraft, save for consumable parts or parts used as consmetic items in the passenger cabin. 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.

  

	3	ENGINES 

 Each Engine
installed on the Aircraft (and each Engine LLP installed on an Engine) shall comply with the following: 
  

	(a)	have no less than 4,500 Cycles scheduled life remaining in respect of Engine Life Limited Parts and no more than 110% of the Aircraft total Flight Hours and Cycles
since new. Engine LLPs will be supported by certification documentation necessary to demonstrate traceability back to birth; 

  

	(b)	shall have accumulated no more than 7,000 Flight Hours and 7,000 Cycles since new; 

 

	(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 25C sea level hot day exhaust gas temperature (“EGT”) margin; and 

  
 78 

	(d)	no Engine shall be on watch for any reason requiring any special or out of sequence inspection or reduced interval inspections or exhibit any adverse trends or indicate
a rate of performance deterioration that is higher than normal. 

  

	4	FUSELAGE, WINDOWS AND DOORS 

  

	(a)	The fuselage and doors will be free of major dents and abrasions exceeding the limits in the Manufacturer’s structural repair manual. 

 

	(b)	Windows will be free of major delamination and blemishes 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. 

 

	(d)	All external repairs for the pressurised fuselage shall have been reviewed in accordance with the latest revision of the Manufacturer’s repair 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.

  

	(b)	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.

  

	6	INTERIOR AND COCKPIT 

  

	(a)	The Aircraft shall be in 180Y configuration. 

  

	(b)	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;

  

	(c)	No less than 50 per cent (50%) of aisle seats shall have moveable armrests. 

 

	(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 dents. 

  

	(e)	The Aircraft shall have reinforced a cockpit door. 

  

	(f)	All signs and decals shall be clean secure and legible in English. 

  

	(g)	Safety belts and harnesses shall be free of stains, discolouration, and fraying other than minor stains and discolouration. 

 

	(h)	Seats, lavatories and galleys shall be to an international airline standard and shall be fully serviceable, in good condition and repainted as necessary.

  
 79 

	(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. 

  

	(j)	All interior placards shall be in the English language. 

  

	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 4,500 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 at Delivery. 

 

	8	AUXILIARY POWER UNIT 

  

	(a)	The APU will be serviceable in accordance with the requirements of the Maintenance Manual as evidenced by the Manufacturer’s 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 7000 APU Hours of operation since new or last APU Performance Restoration. 

 

	9	AIRCRAFT SPECIFICATION 

The Aircraft will have the following specifications: 
  

	(a)	have the following operational weights: 77t MTOW, 66t MLW, 62.5t MZFW; 

  

	(b)	be capable of CATII/CATIII operations; 

  

	(c)	have noise level Stage 3; 

  

	(d)	have fuel and weight quantity indicators in kg; 

  

	(e)	be capable of RVSM operations; 

  

	(f)	incorporate SELCAL decoder; 

  

	(g)	have VHF 8.33kHz spacing; 

  

	(h)	incorporate ACARS/ATSU system; 

  

	(i)	incorporate EGPWS/TAWS system; 

  

	(j)	be capable of operating to and from airports up to 9200ft; 

  
 80 

	(k)	be capable of operating to and from airports with OAT equal to ISA +40°C; 

 

	(l)	incorporate GPS navigation system capable for RNP operations; 

  

	(m)	incorporate an approved cockpit voice recorder that meets the standards of TSO-C123a or later revision; 

 

	(n)	incorporate a fixed 406MHz ELT and a portable 406MHz ELT; and 

  

	(o)	incorporate brake cooling fans. 

  

	10	AIRCRAFT DOCUMENTS 

 The
Aircraft shall be delivered with the Aircraft Documents listed in Part 3 of Appendix 7A (other than those documents listed in the Certificate of Acceptance as not delivered). 

  
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 APPENDIX 7A 
 PART 3 
 AIRCRAFT DOCUMENTS AT DELIVERY 

 

	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; 

  

	 	(vi)	Curtains; and 

  

	 	(vii)	Interior Surfaces (if refurbished). 

  

	2	Manuals 

  

	(c)	EASA/FAA Approval Airplane Flight Manual; 

  

	(d)	Weight and Balance Control and Supplements (in U.S. units), including last weigh paperwork; 

 

	(e)	Operations Manual (Manufacturer’s generic); 

  

	(f)	Quick Reference Handbook (Manufacturer’s generic); 

  

	(g)	Structural Repair Manual; 

  

	(h)	Aircraft Maintenance Manual; 

  
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	(i)	Component Maintenance Manuals, (CMM, 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 (if applicable); and 

  

	 	(vii)	Passenger Seats; 

  

	(j)	Aircraft Illustrated Parts Catalog (I.P.C.); 

  

	(k)	Aircraft Wiring List; 

  

	(l)	Aircraft Schematics Manual; 

  

	(m)	Engine CMM, IPC; 

  

	(n)	APU CMM, IPC; 

  

	(o)	Latest operator’s Maintenance Program; 

  

	(p)	Latest operator’s Minimum Equipment List; 

  

	(q)	Configuration Deviation List; and 

  

	(r)	Any other Manual originally delivered by Airbus to the Lessee, 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; 

  
 83 

	 	(10)	The means by which compliance was accomplished (e.g., modified, repaired, inspected); and 

 

	 	(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 FAA or EASA (or other applicable civil aviation authority with jurisdiction over the Aircraft) on AD compliance, including copy
of exemption request. 

  

	(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; and 

  
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	 	(x)	Statement of the means by which compliance was accomplished (e.g., modified, repaired, inspected). 

 

	(c)	EASA or FAA 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. 

  

	(e)	Data packages covering all non-manufacturer/non-FAA/non-EASA designed repairs or alterations, including the submittal to the FAA or EASA 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; and 

  

	 	(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. 

 

	(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 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 life 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); 

  

	(e)	Certified listing of Aircraft, Landing Gear, Engine and APU components status to the extent required by the Air Authority or EASA by P/N – S/N – Description
Position –TSO - TSN, CSO – CSN, Total time, Total Cycles, next Due Time, including explanations of abbreviations; 

  
 85 

	(f)	Certified status of all non-SB and Major Modifications/STC’s including acceptable State of Manufacture Certification and/or equivalent EASA or FAA approval;

  

	(g)	List of out of Phase Checks, Service Bulletins requiring continuous surveillance and Special Requirements (if any); 

 

	(h)	Declaration of Aircraft Accident/Incident Report and major repairs, if any; and 

 

	(i)	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)	Last Weight & Balance Report including Schedule; 

  

	(g)	Last FDR parameter check; 

  

	(h)	Last Test Flight Report; and 

  

	(i)	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)	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 Manual; 

 

	(f)	List of applicable STC’s; 

  

	(g)	Aircraft Detail Specification; and 

  

	(h)	Passenger/ Cargo Buyer Furnished Equipment List (including, but not limited to seats, galley, lavatories, entertainment, cargo handling, emergency equipment.).

  
 86 

	8	Aircraft Historical Records 

  

	(a)	Copy of original Export Certificate of Airworthiness; 

  

	(b)	Manufacturer’s AD Report; 

  

	(c)	Manufacturer’s Inspection Report, Initial Equipment list; 

  

	(d)	Manufacturer’s repair/alteration report (at new delivery), or statement that no such report was produced; 

 

	(e)	Manufacturer’s SB Report; 

  

	(f)	Copies of all Supplemental Type Certificates; 

  

	(g)	Last Flight Data Recorder Read-out and calibration standards; 

  

	(h)	Weighing reports; and 

  

	(i)	Historical report showing cumulative times for last major inspection accomplishments, Engine changes, landing gear and APU changes, etc. 

 

	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; 

  

	(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 Accessory LRU List with Approved Release to Service Certification (FAA 8130-3 or JAA/EASA Form 1) for installed LRU’s; 

 

	(p)	Last engine run and power assurance report; 

  
 87 

	(q)	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; 

  

	(r)	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; 

  

	(s)	Engine Manufacturer’s or FAA 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; and 

  

	 	(iii)	Supporting analysis and documentation; and 

  

	(t)	Engine Manufacturer’s, EASA or FAA 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)	Last APU Borescope Report; 

  

	(i)	Last Test Run Report for any shop visit; 

  
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	(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, EASA or FAA 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; 

  

	 	(ii)	Complete description of the discrepancy; and 

  

	 	(iii)	Supporting analysis and documentation; and 

  

	(m)	APU manufacturer’s or FAA 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; and 

  

	 	(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; 

  

	(b)	Last Shop Visit Report; and 

  

	(c)	Statement which indicates if the Aircraft operates with BSCU software L4.1 or L4.5. 

  
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	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 

  

	(e)	a repair and dent map shall be provided which includes the following: 

  

	 	(i)	Photo (if available) 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; and 

  

	 	(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; and 

  

	 	(v)	expiration date; 

  

	(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); and 

  

	(d)	procedures for obtaining downloadable software from the internet. 

  
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 APPENDIX 8 
 PART 1 
 RETURN OF THE AIRCRAFT 

 

	1	Return 

 On the Scheduled
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 in Mexico or European Union agreed between Lessor and Lessee or, in absence of any 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 Scheduled 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 Scheduled Expiry Date Lessee shall make all key Aircraft Documents available to Lessor for
review. 
  

	4	Final Inspection 

Immediately prior to Redelivery, 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 (at Lessor’s cost), 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 

  

	 	(ii)	hot and cold section video borescope inspection of all areas. 

  
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 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 (including the cost of rectifying any deviations from Return Condition but excluding any costs relating to Lessor’s employees or representatives) shall be borne by Lessee and any defects or deficiencies found during such
inspection shall be rectified at Lessee’s cost. 
  

	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. 
  

	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. 

  
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	(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, Lessee shall if given at least thirty (30) days prior written notice by Lessor use its reasonable endeavours to assist Lessor having regard to, inter alia, 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, 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, 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 certificate
confirming technical acceptance in form and substance satisfactory to Lessee (acting reasonably) and has executed and delivered in escrow an acknowledgement confirming acceptance of the Aircraft 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) Lessee receives not less than thirty (30) days prior written notice from Lessor, fly the Aircraft from the
Redelivery Location to such location as Lessor may designate (the “Ferry Flight”) (provided that Lessee is licensed and fully authorized to do so by all relevant authorities). 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 Lessee the actual costs incurred by 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. 

 

	13	Rent 

 Within five
(5) Business Days after: 
  

	(a)	Redelivery 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: 

  
 93 

	 	(i)	pay to Lessee the amount of any Rent received in respect of any period falling after the Redelivery Date or payment of the Agreed Value, as the case may be; and

  

	 	(ii)	if so requested by Lessee, 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. 

  
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 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 airworthy and 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 (except for the cabin which shall be 174Y) 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 EU 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 (and a deregistration certificate)
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 EU OPS 1, EASA Part M, or
its successors standard; 

  

	(e)	have immediately prior to redelivery, completed a C Check and no structural, systems, zonal and CPCP Airframe inspections will be due within the next following 6,000
Flight Hours and 4,500 Cycles and 20 months in accordance with the Maintenance Planning Document; 

  

	(f)	be in compliance with all Airworthiness Directives issued by FAA and EASA 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; 

  

	(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; 

  

	(i)	at redelivery, be painted in Lessee’s exterior livery with such painting having been accomplished in accordance with the Airframe Manufacturer’s recommended
procedures for painting of aircraft; 

  
 95 

	(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); 

  

	(o)	have no less than the Aircraft flight manual approved design weights; and 

  

	(p)	be in compliance with all Maintenance Planning Document structural tasks as single aircraft, without reliance upon the compliance status or structural sampling of the
other Fleet Aircraft. 

  

	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
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 6,000 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

  
 96 

	 	
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.

  

	(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. 

 

	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 4,500 Cycles scheduled life remaining in respect of Engine LLPs 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 7,000 Flight Hours and 7,000 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 25C sea level hot day EGT margin; 

  

	(d)	all items beyond the Engine Manufacturer’s in-service limits will be repaired; 

 

	(e)	will have just completed at the Redelivery Location on or about the Redelivery Date an all module, hot and cold section video borescope inspection. 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.

  
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	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. 

 

	(d)	All external repairs for the pressurised fuselage shall have been reviewed in accordance with the latest revision of the Manufacturer’s repair 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. 

 

	(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 shall be in 174Y configuration or a configuration agreed between the Lessor and the Lessee. 

 

	(b)	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.

  

	(c)	No less than 50 per cent (50%) of aisle seats shall have moveable armrests. 

 

	(d)	The Aircraft shall have reinforced cockpit door. 

  

	(e)	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. 

  
 98 

	(f)	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 EASA/FAA 25.853 and any subsequent EASA/FAA fire resistance regulations. 

  

	(g)	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. 

  

	(h)	All signs and decals shall be clean secure and legible. 

  

	(i)	Lessee’s logos, insignias and proprietary markings shall be removed and the surface restored or repainted such that no evidence of such items remains.

  

	(j)	Safety belts and harnesses shall be free of stains, discolouration, and fraying other than minor stains, discolouration and fraying. 

 

	(k)	Seats, lavatories and galleys shall be to an international airline standard and shall be fully serviceable, in good condition and repainted as necessary.

  

	(l)	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. 

 

	(m)	All interior placards shall be in the English language. 

  

	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 4,500 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. 

 

	(d)	The brakes will incorporate brake cooling fans. 

  

	(e)	The tyres, 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.

  

	(f)	The wheels and brakes of the Landing Gear shall be manufactured by either Goodrich or Messier. 

 

	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. 

  
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	(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 borescope 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. 

  

	(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. 

  
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 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 Redelivery Date. 
 All of the Aircraft Documents referred to in the preceding sentence will be made available at Redelivery
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 

  

	 	(c)	Certificate of Airworthiness; 

  

	 	(d)	Certificate of Registration; 

  

	 	(e)	Aircraft De-Registration Confirmation (if applicable); 

  

	 	(f)	Export Certificate of Airworthiness issued by the last country of registry; 

 

	 	(g)	Noise Limitation Certificate (AFM page); and 

  

	 	(h)	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; 

  

	 	(vi)	Curtains; and 

  

	 	(vii)	Interior Surfaces (if refurbished). 

  
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	(2)	Manuals 

  

	 	(a)	EASA/FAA Approval Airplane Flight Manual; 

  

	 	(b)	Weight and Balance Manual and Supplements (in U.S. units), including last weigh paperwork; 

 

	 	(c)	Operations Manual (Manufacturer’s generic); 

  

	 	(d)	Quick Reference Handbook (Manufacturer’s generic); 

  

	 	(e)	Structural Repair Manual; 

  

	 	(f)	Aircraft Maintenance Manual; 

  

	 	(g)	Component Maintenance Manuals, (CMM, 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 (if applicable); and 

  

	 	(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 List; 

  

	 	(k)	Aircraft Schematics Manual; 

  

	 	(l)	Engine CMM, IPC; 

  

	 	(m)	APU CMM, IPC; 

  

	 	(n)	Latest operator’s Maintenance Program; 

  

	 	(o)	Latest operator’s Minimum Equipment List; 

  

	 	(p)	Configuration Deviation List; and 

  

	 	(q)	Any other Manual originally delivered by Airbus to the Lessee, Technical documentation, Manuals). 

  
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	(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); and 

 

	 	(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 FAA or EASA (as applicable) on AD compliance, including copy of exemption request. 

 

	 	(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; 

  
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	 	(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; and 

 

	 	(x)	Statement of the means by which compliance was accomplished (e.g., modified, repaired, inspected). 

 

	 	(c)	FAA or EASA approvals (as applicable) 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. 

  

	 	(e)	Data packages covering all non-manufacturer/non-EASA/non-FAA-designed repairs or alterations, including the submittal to the FAA or EASA 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; and 

  

	 	(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. 

 

	 	(g)	Digital Flight Data Recorder System technical description. 

  
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	(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 LLPs and, to the extent any 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 Air Authority or EASA by P/N – S/N – Description
Position TSO - TSN, 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 EASA or FAA approval;

  

	 	(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; 

  
 105

	 	(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)	EASA or FAA 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; 

  

	 	(h)	Passenger/ Cargo Buyer Furnished Equipment List (including, but not limited to seats, galley, lavatories, entertainment, cargo handling, emergency equipment.); and

  

	 	(i)	Electrical Load Analysis documents and data. 

  

	(8)	Aircraft Historical Records 

  

	 	(a)	Copy of original Export Certificate of Airworthiness; 

  

	 	(b)	Manufacturer’s AD Report; 

  

	 	(c)	Manufacturer’s Inspection Report, Initial Equipment list; 

  

	 	(d)	Manufacturer’s repair/alteration report (at new delivery), or statement that no such report was produced; 

 

	 	(e)	Manufacturer’s SB Report; 

  

	 	(f)	Copies of all Supplemental Type Certificates; 

  

	 	(g)	Last Flight Data Recorder Read-out and calibration standards; 

  

	 	(h)	Weighing reports; 

  

	 	(i)	Historical report showing cumulative times for last major inspection accomplishments, Engine changes, landing gear and APU changes, etc.; and 

 

	 	(j)	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; 

  
 106

	 	(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; 

  

	 	(g)	Engine Log Book/ Master Records of Installation/Removals; 

  

	 	(h)	Last Borescope Report, including video if available; 

  

	 	(i)	Last 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 Accessory LRU List with Approved Release to Service Certification (FAA 8130-3 or JAA/EASA Form 1) for installed LRU’s; 

 

	 	(p)	Engine Trend Monitoring data for the last 12 months of operation (it being agreed that Lessor and Lessee shall discuss in good faith the cost in connection with the
provision of such report prior to Redelivery); 

  

	 	(q)	Last engine run and power assurance report; 

  

	 	(r)	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; 

  

	 	(s)	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; 

  

	 	(t)	Engine Manufacturer’s, EASA or FAA 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: 

  
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	 	(i)	Approval form; 

  

	 	(ii)	Complete description of the discrepancy; and 

  

	 	(iii)	Supporting analysis and documentation; 

  

	 	(u)	Engine Manufacturer’s or FAA 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)	Last 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, EASA or FAA 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: 

  
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	 	(i)	Approval form; 

  

	 	(ii)	Complete description of the discrepancy; and 

  

	 	(iii)	Supporting analysis and documentation; 

  

	 	(m)	APU manufacturer’s or FAA 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; and 

  

	 	(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; 

  

	 	(b)	Last Shop Visit Report; and 

  

	 	(c)	Statement which indicates if the Aircraft operates with BSCU software L4.1 or L4.5. 

 

	(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;

  
 109

	 	(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 

  

	 	(e)	A repair and dent map shall be provided which includes the following: 

  

	 	(i)	Photo (if available) 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; and 

  

	 	(v)	expiration date; 

  

	 	(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); and 

  

	 	(d)	Procedures for obtaining downloadable software from the internet. 

  
 110

 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; or 

  

	(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 Lessee of written notice from Lessor; or 

  

	(f)	any Financial Indebtedness of Lessee or the Guarantor individually or in the aggregate in excess of ***** 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 
  

	(h)	

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 111 

	 	(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 

 

	 	(ii)	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 

 

	 	(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 

  
 112

	(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 breaches the provisions set out in Appendix 10 paragraph 4 and/or the Guarantor breaches the provisions set out in clause 8.1 of the Guarantee; 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 any Letter of Credit fails to make a payment under such Letter of Credit when due; or 

 

	 	(ii)	any Letter of Credit is not in full force and effect, or for any reason ceases to constitute the legal, valid and binding obligations of the issuer of such Letter of
Credit; or 

  

	 	(iii)	the occurrence of the event listed in paragraph (g)(i) above, with respect to the performance by the issuer of such Letter of Credit of its obligations under the
relevant Letter of Credit; and/or (y) paragraphs (h), (i), (j) or (k) above apply to the issuer of the relevant Letter of Credit (references in those paragraphs to Lessee being deemed to be to the issuer of such Letter of Credit);
and/or (z) the issuer of such Letter of Credit ceases or suspends its business operations; or 

  

	 	(iv)	the relevant Letter of Credit is not renewed within the time period specified in paragraph 2 of Appendix 5, 

unless, in the case of paragraphs (q)(ii), (iii) and (iv) above, the relevant Letter of Credit is replaced by a new Letter of
Credit complying with the requirements set out in paragraph 2 of Appendix 5 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 (if applicable); or 
  

	(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. 

  
 113

 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, and/or the Aircraft is not redelivered on the Expiry Date or 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 and/or maintenance contractor). 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 

  
 114

	 	(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; and 

  

	(b)	Lessor will use reasonable endeavours to mitigate any loss, damages, cost or expenses incurred by it as a result of the foregoing. 

  
 115

 APPENDIX 10 
 ASSIGNMENT AND TRANSFER 
  

	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	Lessor Assignment 

  

	(a)	Lessor shall, in connection with the financing of the Aircraft, be entitled to 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	Lessor 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 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

  
 116

 
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. 
  

	4	Lessee Transfer and Change of Control 

  

	(a)	Lessee shall not convey, transfer, lease or otherwise dispose of all or substantially all of its assets to any entity or person and/or assign or transfer its rights or
obligations (whether voluntarily or involuntarily, by merger or consolidation or by operation of law or otherwise) under this Agreement and/or the other Transaction Documents to which it is a party (each a “Lessee Disposal”) except
to a Successor Entity, and provided that the following conditions are satisfied: 

  

	 	(i)	such Successor Entity has a tangible net worth equal to or greater than the tangible net worth of Lessee immediately prior to such Lessee Disposal (determined in
accordance with Mexican GAAP or IFRS, whichever methodology is used by Lessee with respect to the preparation of its financial statements immediately prior to such Lessee Disposal); 

 

	 	(ii)	such Successor Entity’s obligations under this Agreement and the other Transaction Documents are guaranteed by the Guarantor or any Successor Entity thereof
(provided that the tangible net worth of such Successor Entity is equal to or greater than the tangible net worth of the Guarantor immediately prior to such transfer (determined in accordance with Mexican GAAP or IFRS, whichever methodology of
Guarantor with respect to the preparation of its financial statements immediately prior to such Lessee Disposal) in substantially the same form of the Guarantee; and 

 

	 	(iii)	where any such Lessee Disposal occurs other than in connection with a public offering of Lessee’s shares, the prior written consent of Lessor has been obtained
(which consent shall not be unreasonably withheld or delayed). 

  

	(b)	Lessee’s entitlement to effect a Lessee Disposal in accordance with paragraph (a) above, shall be further subject to the following conditions:

  

	 	(i)	Lessee shall give Lessor no less than thirty (30) days’ advance written notice of any proposed Lessee Disposal; 

 

	 	(ii)	Lessee and/or Successor Entity shall make such recordations and filings with any Government Entity as are reasonably necessary to evidence and/or perfect the right,
title and interest of Lessor and the Security Trustee in and to the Aircraft and the Transaction Documents; 

  

	 	(iii)	 the relevant Successor Entity shall either: (A) execute and deliver, or cause to be executed and delivered to Lessor an agreement in writing, in
form and substance satisfactory to Lessor and Security Trustee, which evidences the legal, binding and enforceable assumption by such Successor Entity of Lessee’s rights and obligations under this Agreement (or, if applicable, Guarantor’s
rights and obligations under the Guarantee) and/or the other Transaction Documents to which Lessee and/or Guarantor is a party; or (B) if the relevant Successor Entity, by operation of law becomes bound by this Agreement (or, if applicable, the
Guarantee) and the other Transaction Documents, such Successor Entity shall 

  
 117

	 	
deliver to Lessor an officer’s certificate confirming the same, and in each case Lessor shall have received a legal opinion in form and substance satisfactory to Lessor from independent
counsel satisfactory to Lessor; 

  

	 	(iv)	no Default shall have occurred and be continuing at the time of such Lessee Disposal or occur as a result of the same; 

 

	 	(v)	in connection with any Lessee Disposal, Lessee or the relevant Successor Entity shall pay all reasonable costs and expenses of Lessor and Security Trustee (including,
reasonable and documented legal fees and expenses) in relation to the evidencing and/or perfection of Lessor’s and the Security Trustee’s rights, title and interests in and to the Aircraft and the Transaction Documents; and

  

	 	(vi)	Lessee or the relevant Successor Entity shall provide such other evidence and/or enter into such documents reasonably requested by Lessor and Security Trustee in
connection with the evidencing and/or perfection of Lessor’s and the Security Trustee’s rights, title and interests in and to the Aircraft and the Transaction Documents. 

 

	(c)	For the purposes of this paragraph 4 of Appendix 10, “Successor Entity” means in relation to Lessee and the Guarantor, the surviving entity or person
formed by a consolidation or merger of any person with Lessee or Guarantor (as the case may be), provided that such surviving entity or person acquires all of the property, assets and stock of Lessee or the Guarantor (as applicable) and to whom the
rights and obligations of Lessee and/or the Guarantor under the relevant Transaction Documents may be transferred in accordance with the provisions of this Agreement or the Guarantee (as the case may be). 

 

	(d)	For the avoidance of doubt, the disposal by the shareholders of the Lessee of their respective shares (including any treasury shares which may be deemed to be held by
the Lessee) in the Lessee, including, without limitation, pursuant to a public offering shall not constitute a Lessee Disposal. 

  
 118

 EXHIBIT A 
 Part 1 
 ACKNOWLEDGEMENT OF ASSIGNMENT OF GUARANTEE 

 

	To:	HSH Nordbank AG, as Security Trustee 

 Amentum Aircraft Leasing No. Three Limited as Assignor 
 Airbus A320-200 aircraft bearing
manufacturer’s serial number 3524 
 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. 

 

	1	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: 

  

	(a)	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; 

 

	(b)	that, if the Security Trustee issues to the Guarantor written notice (“Enforcement Notice”) stating that an Enforcement Event has occurred, the
Guarantor shall thereafter: 

  

	 	(i)	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; 

  

	 	(ii)	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; and 

 

	 	(iii)	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 1(c); and 

 

	(c)	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: 

  

					
		 	Address:	  	Martensdamm 6
		 		  	24103 Kiel

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 119 

					
			
	 	 	 	  	Germany
			
		 	 Fax:
	  	+49 431 900 6 12822
			
		 	 Attention:
	  	Restructuring / Transportation

  

	2	Notwithstanding anything to the contrary in any Transaction Document, the Guarantor 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 constitute
“Indemnitees” under the Operating Lease Agreement and without prejudice to, and independent of, the Assignment and the Security Trustee’s rights thereunder, 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, make a claim directly under and/or otherwise enforce the Guarantee insofar as the relevant claim and/or other enforcement is in respect of the provisions of the Operating Lease
Agreement which are expressed to be in favour of such Indemnitees, as if the Guarantee had been granted in favour of the Indemnitees. 

 This Acknowledgement (and any non contractual obligations in connection with the same) is governed by, and shall be construed in accordance with the laws of England. 

 

					
	Yours faithfully	  		  	
			
	  
	  		  	
			
	  
	  		  	
			
	  
	  	Date:            	  	2011
	for and on behalf of	  		  	

 CONTROLADORA VUELA COMPAÑÍA DE AVIACIÓN S.A.P.I DE C.V. 

  
 120

 EXHIBIT A 
 PART 2 
 ACKNOWLEDGEMENT OF ASSIGNMENT OF LEASE 

 

	To:	HSH Nordbank AG, as Security Trustee 

 Amentum Aircraft Leasing No. Three Limited as Assignor 
 Airbus A320-200 aircraft bearing
manufacturer’s serial number 3524 
 Lessee acknowledges receipt of a notice of assignment of even date herewith by the Assignor and
Security Trustee (“Notice”). In consideration of payment to Lessee by the Security Trustee and the Assignor of ***** and of other good and valuable consideration, receipt and sufficiency of which Lessee hereby acknowledges, Lessee
irrevocably agrees with the instructions contained in the Notice 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 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 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, 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); 

  

	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; and 

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 121 

	7	it acknowledges the restrictions placed on the discretion of the Assignor pursuant to paragraph 3 of the Notice. 

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

 CONTROLADORA VUELA COMPAÑÍA DE AVIACIÓN S.A.P.I DE C.V. 

Date:             2011 

  
 122

 EXHIBIT B 
 FORM OF CERTIFICATE OF ACCEPTANCE 
 This Certificate of Acceptance relates to the operating
lease agreement (the “Agreement”) dated [—] 2011 and made between Amentum Aircraft Leasing No. Three Limited (the “Lessor”) and Concesionaria Vuela
Compañía de Aviación, S.A.P.I de C.V., (the “Lessee”) in respect of the one (1) Airbus A320-200 aircraft with manufacturer’s serial number 3524 and having two (2) IAE V2527E-A5 Engines with serial
numbers V12957 and V12961 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 [—], at [—] hours local time. 

  

	2	We confirm that we have inspected the Aircraft in accordance with the Pre-Delivery Procedure and 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 the Delivery and this Certificate of Acceptance constitutes conclusive proof of our unconditional and irrevocable acceptance of
the Aircraft under the Agreement. 

  

	3	We have no rights and/or claims against the Lessor with respect to the Delivery Condition of the Aircraft. 

 

	4	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; 

  

	(d)	Attached hereto as Annex 1 is the utilisation status of the Aircraft at Delivery; 

 

	(e)	[Save for the documents listed in Annex [—], the Lessee confirms that all documents listed in Part 3 of Appendix 7A of
the Agreement were delivered to it;] 

  

	(f)	Attached hereto as Annex [—] is a layout of passenger accommodation drawing showing the seating configuration of the
Aircraft on Delivery; 

  

	(g)	Attached hereto as Annex [—] is a list of emergency equipment delivered to Lessee on Delivery;

  

	(h)	Attached hereto as Annex [—] is a list of loose equipment delivered to Lessee on Delivery; [and]

  

	(i)	[Attached hereto as Annex [—] is a list of open items and discrepancies to be rectified on or before [—]]. 

  
 123

			
	CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I DE C.V.
		
	By:	 	  

	Title:	 	  

		
	By:	 	  

	Title:	 	  

	
	Agreed and acknowledged
	
	AMENTUM AIRCRAFT LEASING NO. THREE LIMITED
		
	By:	 	  

	Title:	 	  

  
 124

 ANNEX 1 
 The utilisation status of the Aircraft at Delivery was as follows: 
 Airframe 

 

			
	 Aircraft Type
	  	
	 Manufacturer’s Serial Number
	  	
	 Aircraft Registration
	  	
	 Cabin Configuration
	  	
	 Total Flight Hours Since New
	  	
	 Total Cycles Since New
	  	

 Engines 
  

					
	 Position
	 	1	 	2
	 Engine Type
	 		 	
	 Serial Number
	 		 	
	 Total Flight Hours Since New
	 		 	
	 Total Cycles Since New
	 		 	

 APU 
  

			
	 APU Model
	  	
	 Serial Number
	  	
	 Total APU Hours
	  	
	 Total APU Cycles
	  	

 Landing Gear 
  

									
	 	  	LH Main
Landing Gear	  	Nose Landing
Gear	  	Centre body
Landing Gear	  	RH Main
Landing Gear
	 Part Number
	  		  		  		  	
	 Serial Number
	  		  		  		  	
	 Total Cycles
	  		  		  		  	

  
 125

 EXHIBIT C 
 PART 1 
 AIR TRAFFIC CONTROL LETTER 

 

	TO:	Servicios a la Navegación en el Espacio Aéreo Mexicano 

 2011 
 Dear Sirs 
 One (1) Airbus A320-200 Aircraft MSN 3524 (the “Aircraft”) 
 In connection
with an aircraft lease agreement dated              2011 between Amentum Aircraft Leasing No. Three Limited, (as lessor) (the “Lessor”) and Concesionaria Vuela
Compañía de Aviación, S.A.P.I 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 (as security trustee for certain financiers of the Aircraft) at its address for notices being Martensdamm 6, 24103 Kiel, Germany (facsimile: +49 431 900
6 12822; Attention: Restructuring / Transportation), 

 (together with the Lessee, 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.P.I DE C.V. 

  
 126

 EXHIBIT C 
 PART 2 
 AIR TRAFFIC CONTROL LETTER 

 

	TO:	Servicios a la Navegación en el Espacio Aéreo Mexicano 

 2011 
 Dear Sirs 
 One (1) Airbus A320-200 Aircraft MSN 3524 (the “Aircraft”) 
 In connection with an aircraft lease agreement dated              2011 between Amentum Aircraft Leasing No. Three Limited (as lessor) (the “Lessor”) and Concesionaria Vuela
Compañía de Aviación, S.A.P.I 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 (as security trustee for certain financiers of the Aircraft) at its address for notices being Martensdamm 6, 24103 Kiel, Germany (facsimile: +49 431 900
6 12822; Attention: Restructuring / Transportation), 

 (together with the Lessee, 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.P.I DE C.V. 

  
 127

 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. THREE 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 PROMOTORA DE INVERSIÓN DE CAPITAL VARIABLE ACCORDING TO THE
FOLLOWING 
 CLAUSES: 
  

	1	Mr. [                         
   ] in his capacity as LEGAL REPRESENTATIVE of CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, SOCIEDAD ANÓNIMA PROMOTORA DE INVERSIÓN DE CAPITAL VARIABLE (the “Lessee”), hereby grants in
favour of each of Amentum Aircraft Leasing No. Three Limited (the “Lessor”), HSH Nordbank AG 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 [—] 2011, (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 PROMOTARA DE INVERSION 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 A320-200 aircraft with manufacturer’s serial number [—] (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; 

  

	(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 

  
 128

	 	
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. 

 

	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.P.I de C.V. has executed
this Power of Attorney as a deed on              2011. 

  
 129

 EXHIBIT E 
 QUIET ENJOYMENT LETTER 
  

	From:	HSH Nordbank AG 

  

	To:	Concesionaria Vuela Compañía de Aviación, S.A.P.I de C.V. 

	  	Av. Prolongación Paseo de la Reforma 490 Piso 1, 

	  	Col. Santa Fe Pena Blanca, 

	  	01210 Mexico 

 Dated:
             2011 
 Dear Sirs 

One Airbus A320-200 Aircraft Manufacturer’s Serial Number 3524 

 

	1	We refer to the aircraft lease agreement dated [—] 2011 between Amentum Aircraft Leasing No. Three Limited (the
“Lessor”) and Concesionaria Vuela Compañía de Aviación S.A.P.I de C.V. (the “Lessee”) in respect of the leasing of one Airbus A320-200 aircraft with manufacturer’s serial number 3524 (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 (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. 

  
 130

 Please acknowledge your agreement to the terms of this letter by counter-signature below. 

 

	
	Yours faithfully
	
	  
	For and on behalf of

 HSH NORDBANK AG (as Security Trustee) 

 

	
	Agreed and accepted
	
	  
	
	  
	
	  
	For and on behalf of

 CONCESIONARIA VUELA COMPAÑÍA DE AVIACIÓN, S.A.P.I DE C.V. 

  
 131

 EXHIBIT F 
 FORM OF MONTHLY REPORT 
  

	To:	Amentum Aircraft Leasing No. Three Limited 

  

	From:	Concesionaria Vuela Compañía de Aviación, S.A.P.I de C.V. 

 

	Aircraft:	Airbus A320-200 Aircraft 

 Manufacturer’s
Serial Number 3524 
 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. 
 APU 

 

			
	 APU Serial Number:
	  	
	 Original Position:
	  	
	 Total Flight Hours Since New:
	  	
	 Total Cycles Since New:
	  	
	 Flight Hours Operated During Month:
	  	
	 Cycles Operated During Month:
	  	

  
 132

 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: 

 
  

	
	  

  
  

 

	
	  

 Details of any routine checks (A check and above) or replacement of major items (Engine, APU, Landing Gear) performed
during the month: 
  
  

	
	  

  
  

 

	
	  

  
 133

 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.P.I de C.V.
		
	Name:	 	  

		
	Title:	 	  

		
	Date:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Date:	 	  

  
 ***** Confidential portions
of the material have been omitted and filed separately with the Securities and Exchange Commission. 
 134 

 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.P.I 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.P.I 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. Three Limited and Concesionaria Vuela Compañía de Aviación, S.A.P.I de C.V., or any other document
derived or related therewith, including to one (1) Airbus A320-200 with manufacturer’s serial number 3524 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.P.I de C.V. 

[                    ] 

Legal Representative 

  
 135

 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.P.I 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.P.I 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. Three Limited and Concesionaria Vuela Compañía de Aviación, S.A.P.I de C.V., or any other document derived
or related therewith, including to one (1) Airbus A320-200 with manufacturer’s serial number 3524 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.P.I de C.V. 

[                    ] 

Legal Representative 

  
 136

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