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Airbender Ascension
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Oracle Data
Whenever a creature you control enters, put a quest counter on this enchantment.
At the beginning of your end step, if this enchantment has four or more quest counters on it, exile up to one target creature you control, then return it to the battlefield under its owner's control.
Official Judge Precedents
To airbend one or more permanents and/or spells means to exile each of those objects. For each card exiled this way, for as long as it's exiled, its owner may cast it from exile by paying 
rather than paying its mana cost.
When the creature is exiled, Auras attached to the exiled creature will be put into their owners' graveyards. Any Equipment will become unattached and remain on the battlefield. Any counters on the exiled creature will cease to exist. When the card returns to the battlefield, it will be a new object with no connection to the card that was exiled.
Since you are using an alternative cost to cast a spell from exile this way, you can't pay any other alternative costs. You can, however, pay additional costs, such as kicker costs. If the card has any mandatory additional costs, you must pay those.
Lands exiled this way cannot be played from exile. (Lands that were animated by earthbend will be returned to the battlefield tapped when they're exiled.)
If the spell you cast has 
in its mana cost, you must choose 0 as the value of X.
If a token is exiled by airbend or Airbender Ascension's last ability, it will cease to exist and can't be cast or return to the battlefield.
Tokens exiled this way will cease to exist and cannot be cast.
