Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Through a wholly-owned subsidiary, the Company executed Conditional Sale Agreements (CSA's) on July 26, 2021 through Air Lease Corporation for ten Airbus A320 series aircraft. These ten aircraft are expected to be delivered to the Company between November 2021 and July 2022. Each CSA has a term of 123 months and provides for monthly payments and a purchase option exercisable at the expiration of the term. Upon delivery, the CSA's will be recorded as finance leases on the Company's financial statements. The Company estimates that it will record between $235 million and $245 million as fixed assets and as debt under finance leases upon delivery of all ten of the aircraft which are the subject of these CSA's.


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