THIS PROMISSORY NOTE IS REGISTERED WITH THE AGENT (AS DEFINED BELOW) PURSUANT TO TERMS BELOW. TRANSFER OF ALL OR ANY PORTION OF THIS NOTE IS PERMITTED SUBJECT TO THE PROVISIONS SET FORTH BELOW WHICH REQUIRE, AMONG OTHER THINGS, THAT NO TRANSFER IS EFFECTIVE UNTIL THE TRANSFEREE IS REFLECTED AS SUCH ON THE REGISTRY MAINTAINED WITH THE AGENT PURSUANT TO THE TERMS BELOW. PROMISSORY NOTE March aM, 2016 FOR VALUE RECEIVED, Pampa Aircraft Leasing LLC a Delaware located at the address stated below ("Maker") promises, jointly and severally if more*an one, to pay to the order of CMG 258418, LLC, formed nder he laws f h subsequent holder(s) hereof (each, a "Payee") at offices located at or at such other place as Payee or the holder hereof may designate, the principal sum of Eight Hundred Thousand United States Dollars (USS800,000.00) ("Principal Sum"), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at the Contract Rate calculated as hereinafter set forth. The Contract Rate shall be Twelve Percent (12%) per annum. Subject to the other provisions hereof, the principal on this Note is payable in lawful money of the United States per schedule attached hereto with the remaining principal due on or prior to September 25th 2016 ("Maturity Date"). At any time prior to the Maturity Date, Payee may, at its sole discretion, extend the Maturity Date for an additional one (I) calendar year period in exchange for payment from Maker of an extension fee of one percent (I%) of the Principal Sum and a revised amortization schedule. Interest at the Contract Rate on the unpaid principal balance shall be due and payable on the commencement date of this note. The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a waiver of Payee's right to receive payment in MI at such time or at any prior or subsequent time. Interest shall b