EX-4.3




 Exhibit 4.3 

Execution Version 
  

INTERCREDITOR AGREEMENT 
 (2022-1) 
 Dated as of 

March 28, 2022 
 AMONG 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

not in its individual capacity 
 but
solely as Trustee under the 
 Sun Country Pass Through Trust 2022-1A and 

Sun Country Pass Through Trust 2022-1B, 

AND 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION, 
 not in its individual capacity except 

as expressly set forth herein but 

solely as Subordination Agent and Trustee 
  











 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 SECTION 1.1.
	 	Definitions	  	 	1	 
		
	 ARTICLE II TRUST ACCOUNTS; CONTROLLING PARTY
	  	 	14	 
	 SECTION 2.1.
	 	Agreement to Terms of Subordination; Payments from Monies Received Only	  	 	14	 
	 SECTION 2.2.
	 	Trust Accounts	  	 	15	 
	 SECTION 2.3.
	 	Deposits to the Collection Account and Special Payments Account	  	 	15	 
	 SECTION 2.4.
	 	Distributions of Special Payments	  	 	16	 
	 SECTION 2.5.
	 	Designated Representatives	  	 	17	 
	 SECTION 2.6.
	 	Controlling Party	  	 	17	 
		
	 ARTICLE III RECEIPT, DISTRIBUTION AND APPLICATION OF AMOUNTS RECEIVED
	  	 	18	 
	 SECTION 3.1.
	 	Written Notice of Distribution	  	 	18	 
	 SECTION 3.2.
	 	Distribution of Amounts on Deposit in the Collection Account	  	 	20	 
	 SECTION 3.3.
	 	Other Payments	  	 	21	 
	 SECTION 3.4.
	 	Payments to the Trustees	  	 	21	 
	 SECTION 3.5.
	 	[Reserved]	  	 	21	 
		
	 ARTICLE IV EXERCISE OF REMEDIES
	  	 	22	 
	 SECTION 4.1.
	 	Directions from the Controlling Party	  	 	22	 
	 SECTION 4.2.
	 	Remedies Cumulative	  	 	24	 
	 SECTION 4.3.
	 	Discontinuance of Proceedings	  	 	24	 
	 SECTION 4.4.
	 	Right of Certificateholders to Receive Payments Not to Be Impaired	  	 	24	 
	 SECTION 4.5.
	 	Undertaking for Costs	  	 	24	 
		
	 ARTICLE V DUTIES OF THE SUBORDINATION AGENT; AGREEMENTS OF TRUSTEES, ETC.
	  	 	25	 
	 SECTION 5.1.
	 	Notice of Indenture Default or Triggering Event	  	 	25	 
	 SECTION 5.2.
	 	Indemnification	  	 	26	 
	 SECTION 5.3.
	 	No Duties Except as Specified in this Intercreditor Agreement	  	 	26	 
	 SECTION 5.4.
	 	Notice from the Trustees	  	 	26	 
		
	 ARTICLE VI THE SUBORDINATION AGENT
	  	 	27	 
	 SECTION 6.1.
	 	Authorization; Acceptance of Trusts and Duties	  	 	27	 
	 SECTION 6.2.
	 	Absence of Duties	  	 	27	 


  
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	 	 	 	  	Page	 
	 SECTION 6.3.
	 	No Representations or Warranties as to Documents	  	 	27	 
	 SECTION 6.4.
	 	No Segregation of Monies; No Interest	  	 	27	 
	 SECTION 6.5.
	 	Reliance; Agents; Advice of Counsel	  	 	27	 
	 SECTION 6.6.
	 	Capacity in Which Acting	  	 	28	 
	 SECTION 6.7.
	 	Compensation	  	 	28	 
	 SECTION 6.8.
	 	May Become Certificateholder	  	 	28	 
	 SECTION 6.9.
	 	Subordination Agent Required; Eligibility	  	 	28	 
	 SECTION 6.10.
	 	Money to Be Held in Trust	  	 	29	 
	 SECTION 6.11.
	 	Notice of Substitution of Airframe	  	 	29	 
		
	 ARTICLE VII INDEMNIFICATION OF SUBORDINATION AGENT
	  	 	29	 
	 SECTION 7.1.
	 	Scope of Indemnification	  	 	29	 
		
	 ARTICLE VIII SUCCESSOR SUBORDINATION AGENT
	  	 	29	 
	 SECTION 8.1.
	 	Replacement of Subordination Agent; Appointment of Successor	  	 	29	 
		
	 ARTICLE IX SUPPLEMENTS AND AMENDMENTS
	  	 	30	 
	 SECTION 9.1.
	 	Amendments, Waivers, Possible Future Issuance of an Additional Class of Certificates, etc	  	 	30	 
	 SECTION 9.2.
	 	Subordination Agent Protected	  	 	33	 
	 SECTION 9.3.
	 	Effect of Supplemental Agreements	  	 	34	 
	 SECTION 9.4.
	 	Notice to Rating Agency	  	 	34	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	34	 
	 SECTION 10.1.
	 	Termination of Intercreditor Agreement	  	 	34	 
	 SECTION 10.2.
	 	Intercreditor Agreement for Benefit of Trustees and Subordination Agent	  	 	34	 
	 SECTION 10.3.
	 	Notices	  	 	34	 
	 SECTION 10.4.
	 	Severability	  	 	35	 
	 SECTION 10.5.
	 	No Oral Modifications or Continuing Waivers	  	 	35	 
	 SECTION 10.6.
	 	Successors and Assigns	  	 	35	 
	 SECTION 10.7.
	 	Headings	  	 	35	 
	 SECTION 10.8.
	 	Counterpart Form	  	 	35	 
	 SECTION 10.9.
	 	Subordination	  	 	36	 
	 SECTION 10.10.
	 	Governing Law	  	 	36	 
	 SECTION 10.11.
	 	Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity	  	 	36	 

  

  
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 INTERCREDITOR AGREEMENT 

INTERCREDITOR AGREEMENT (this “Agreement”) dated as of March 28, 2022, among WILMINGTON TRUST, NATIONAL ASSOCIATION, a
national banking association (“WTNA”), not in its individual capacity but solely as Trustee of each Trust (each as defined below); and WTNA, not in its individual capacity except as expressly set forth herein, but solely as Subordination
Agent and trustee hereunder (in such capacity, together with any successor appointed pursuant to Article VIII hereof, the “Subordination Agent”). 

WHEREAS, all capitalized terms used herein shall have the respective meanings referred to in Article I hereof; 

WHEREAS, pursuant to each Indenture, Sun Country will issue on a recourse basis three series of Equipment Notes to finance the related
Aircraft; 
 WHEREAS, pursuant to the Financing Agreements, each Trust will acquire Equipment Notes having an interest rate equal to the
Stated Interest Rate applicable to the Certificates to be issued by such Trust; 
 WHEREAS, pursuant to each Trust Agreement, the Trust
created thereby proposes to issue a single class of Certificates (a “Class”) having the interest rate and the final distribution date described in such Trust Agreement on the terms and subject to the conditions set forth therein;

 WHEREAS, pursuant to the Certificate Purchase Agreement, the Purchasers propose to purchase the Class A Certificates issued by the
Class A Trust and the Class B Certificates issued by the Class B Trust in the aggregate face amount set forth opposite the name of such Trust on Schedule I thereto on the terms and subject to the conditions set forth therein; and 

WHEREAS, it is a condition precedent to the obligations of the Purchasers under the Certificate Purchase Agreement that the Subordination
Agent and the Trustees agree to the terms of subordination set forth in this Agreement in respect of each Class of Certificates, and the Subordination Agent and the Trustees, by entering into this Agreement, hereby acknowledge and agree to such
terms of subordination and the other provisions of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements herein
contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.1. Definitions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise
requires: 











 (1) the terms used herein that are defined in this Article have the meanings
assigned to them in this Article, and include the plural as well as the singular; 
 (2) all references in this Agreement to
designated “Articles”, “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Agreement; 

(3) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Article, Section or other subdivision; and 
 (4) the term
“including” means “including without limitation”. 
 “Acceleration” means, with respect to the amounts
payable in respect of the Equipment Notes issued under any Indenture, such amounts becoming immediately due and payable by declaration or otherwise. “Accelerate”, “Accelerated” and “Accelerating”
have meanings correlative to the foregoing. 
 “Actual Disposition Event” means, in respect of any Equipment Note:
(i) the disposition of the Aircraft securing such Equipment Note, (ii) the occurrence of the mandatory redemption date for such Equipment Note following an Event of Loss (as defined in such Indenture) with respect to the Aircraft which
secured such Equipment Note or (iii) the sale of such Equipment Note. 
 “Additional Certificateholders” has the
meaning specified in Section 9.1(d). 
 “Additional Certificates” has the meaning specified in Section 9.1(d).

 “Additional Equipment Notes” has the meaning specified in Section 9.1(d). 

“Additional Trust” has the meaning specified in Section 9.1(d). 

“Additional Trust Agreement” has the meaning specified in Section 9.1(d). 

“Additional Trustee” has the meaning specified in Section 9.1(d). 

“Administration Expenses” has the meaning specified in clause “first” of Section 3.2. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such Person. For the purposes of this definition, “control” means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person whether through the ownership of voting
securities or by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Aircraft” means, with respect to each Indenture, the “Aircraft” referred to therein. 

  
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 “Appraisal” has the meaning specified in Section 4.1(a)(iv). 

“Appraised Current Market Value” of any Aircraft means the lower of the average and the median of the three most recent
Post-Default Appraisals of such Aircraft. 
 “Appraisers” means Aircraft Information Services, Inc., BK Associates, Inc.
and Morten Beyer and Agnew, Inc. or, so long as the Person entitled or required hereunder to select such Appraiser acts reasonably, any other nationally recognized appraiser reasonably satisfactory to the Subordination Agent and the Controlling
Party. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Sections 101 et seq. 

“Bankruptcy Event” means the occurrence and continuation of any of the following: 

(a) Sun Country shall consent to the appointment of or the taking of possession by a receiver, trustee or liquidator of itself
or of a substantial part of its property, or Sun Country shall admit in writing its inability to pay its debts generally as they come due, or does not pay its debts generally as they become due or shall make a general assignment for the benefit of
creditors, or Sun Country shall file a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief in a case under any bankruptcy laws or other insolvency laws (as in effect at such time)
or an answer admitting the material allegations of a petition filed against Sun Country in any such case, or Sun Country shall seek relief by voluntary petition, answer or consent, under the provisions of any other bankruptcy or other similar law
providing for the reorganization or winding-up of corporations (as in effect at such time) or Sun Country shall seek an agreement, composition, extension or adjustment with its creditors under such laws, or
Sun Country’s board of directors shall adopt a resolution authorizing corporate action in furtherance of any of the foregoing; or 

(b) an order, judgment or decree shall be entered by any court of competent jurisdiction appointing, without the consent of Sun
Country, a receiver, trustee or liquidator of Sun Country or of any substantial part of its property, or any substantial part of the property of Sun Country shall be sequestered, or granting any other relief in respect of Sun Country as a debtor
under any bankruptcy laws or other insolvency laws (as in effect at such time), and any such order, judgment or decree of appointment or sequestration shall remain in force undismissed, unstayed and unvacated for a period of 60 days after the date
of entry thereof; or 
 (c) a petition against Sun Country in a case under any bankruptcy laws or other insolvency laws (as
in effect at such time) is filed and not withdrawn or dismissed within 60 days thereafter, or if, under the provisions of any law providing for reorganization or winding-up of corporations which may apply to
Sun Country, any court of competent jurisdiction assumes jurisdiction, custody or control of Sun Country or of any substantial part of its property and such jurisdiction, custody or control remains in force unrelinquished, unstayed and unterminated
for a period of 60 days. 

  
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 “Basic Agreement” means the Pass Through Trust Agreement dated as of
December 9, 2019 between Sun Country and WTNA, not in its individual capacity, except as otherwise expressly provided therein, but solely as trustee. 

“Business Day” means any day other than a Saturday or Sunday or a day on which commercial banks are required or authorized to
close in Eagan, Minnesota, New York, New York, or, so long as any Certificate is outstanding, the city and state in which any Trustee, the Subordination Agent or any Loan Trustee maintains its Corporate Trust Office. 

“Certificate” means a Class A Certificate or a Class B Certificate, as applicable. 

“Certificate Purchase Agreement” means the Certificate Purchase Agreement dated March 28, 2022 among the Purchasers,
each Trustee, WTNA and Sun Country, relating to the purchase of the Certificates by the Purchasers, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Certificateholder” means any holder of one or more Certificates. 

“Class” has the meaning assigned to such term in the preliminary statements to this Agreement. 

“Class A Certificateholder” means, at any time, any holder of one or more Class A Certificates. 

“Class A Certificates” means the certificates issued by the Class A Trust, substantially in the form
of Exhibit A to the Class A Trust Agreement, and authenticated by the Class A Trustee, representing fractional undivided interests in the Class A Trust, and any certificates issued in exchange therefor or replacement thereof pursuant
to the terms of the Class A Trust Agreement. 
 “Class A Trust” means the Sun Country Pass Through
Trust 2022-1A created and administered pursuant to the Class A Trust Agreement. 

“Class A Trust Agreement” means the Basic Agreement, as supplemented by the Trust Supplement No. 2022-1A thereto, governing the creation and administration of the Sun Country Pass Through Trust 2022-1A and the issuance of the Class A Certificates, as the same may be
amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Class A
Trustee” means WTNA, not in its individual capacity except as expressly set forth in the Class A Trust Agreement, but solely as trustee under the Class A Trust Agreement, together with any successor trustee appointed pursuant
thereto. 
 “Class B Adjusted Interest” means, as of any Current Distribution Date: (I) any
interest described in clause (II) of this definition accruing prior to the immediately preceding Distribution Date which remains unpaid and (II) interest at the Stated Interest Rate for the Class B Certificates (A) for the number
of days during the period commencing on, and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first 

  
 4 












 
Distribution Date, the Initial Closing Date) and ending on, but excluding the Current Distribution Date, on the Preferred B Pool Balance on such Current Distribution Date and (B) on the
principal amount calculated pursuant to clauses (B)(i), (ii), (iii) and (iv) of the definition of Preferred B Pool Balance for each Series B Equipment Note with respect to which a disposition, distribution, sale or Deemed Disposition Event
has occurred since the immediately preceding Distribution Date (but only if no such event has previously occurred with respect to such Series B Equipment Note), for each day during the period, for each such Series B Equipment Note, commencing on,
and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the Initial Closing Date) and ending on, but excluding the date of disposition, distribution, sale or Deemed Disposition
Event with respect to such Series B Equipment Note, Aircraft or Collateral, as the case may be. 
 “Class B
Certificateholder” means, at any time, any holder of one or more Class B Certificates. 
 “Class B
Certificates” means the certificates issued by the Class B Trust, substantially in the form of Exhibit A to the Class B Trust Agreement, and authenticated by the Class B Trustee, representing fractional undivided interests in
the Class B Trust, and any certificates issued in exchange therefor or replacement thereof pursuant to the terms of the Class B Trust Agreement. 

“Class B Trust” means the Sun Country Pass Through Trust 2022-1B
created and administered pursuant to the Class B Trust Agreement. 
 “Class B Trust Agreement”
means the Basic Agreement, as supplemented by the Trust Supplement No. 2022-1B thereto, governing the creation and administration of the Sun Country Pass Through Trust
2022-1B and the issuance of the Class B Certificates, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Class B Trustee” means WTNA, not in its individual capacity except as expressly set forth in the
Class B Trust Agreement, but solely as trustee under the Class B Trust Agreement, together with any successor trustee appointed pursuant thereto. 

“Closing Date” has the meaning specified in the Note Purchase Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated
thereunder. 
 “Collateral” has the meaning specified in the Indentures. 

“Collection Account” means the Eligible Deposit Account established by the Subordination Agent pursuant to
Section 2.2(a)(i) which the Subordination Agent shall make deposits in and withdrawals from in accordance with this Agreement. 

“Controlling Party” means the Person entitled to act as such pursuant to the terms of Section 2.6. 

  
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 “Corporate Trust Office” means, with respect to any Trustee, the
Subordination Agent or any Loan Trustee, the office of such Person in the city at which, at any particular time, its corporate trust business shall be principally administered. 

“Current Distribution Date” means a Distribution Date specified as a reference date for calculating the Expected
Distributions with respect to the Certificates of any Trust as of such Distribution Date. 
 “Deemed Disposition Event”
means, in respect of any Equipment Note, the continuation of an Indenture Default in respect of such Equipment Note without an Actual Disposition Event occurring in respect of such Equipment Note for a period of five years from the date of the
occurrence of such Indenture Default. 
 “Designated Representatives” means the Subordination Agent Representatives and the
Trustee Representatives identified under Section 2.5. 
 “Distribution Date” means a Regular Distribution Date or a
Special Distribution Date. 
 “Dollars” or “$” means United States dollars. 

“Eligible Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated
trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), having
corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution has a long-term unsecured debt rating of at least A3 from Moody’s and a long-term issuer credit
rating of at least A- from Fitch. 
 “Eligible Institution” means (a) the
corporate trust department of the Subordination Agent or any Trustee, as applicable, or (b) a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any
U.S. branch of a foreign bank), which has a long-term unsecured debt rating from Moody’s of at least A3 or its equivalent or a long-term issuer credit rating from Fitch of at least A- or its equivalent.

 “Eligible Investments” means (a) investments in obligations of, or guaranteed by, the United States government
having maturities no later than 90 days following the date of such investment, (b) investments in open market commercial paper of any corporation incorporated under the laws of the United States of America or any state thereof with a short-term
issuer credit rating issued by Moody’s and Fitch of at least P-1 and F1, respectively, having maturities no later than 90 days following the date of such investment or (c) investments in negotiable
certificates of deposit, time deposits, banker’s acceptances, commercial paper or other direct obligations of, or obligations guaranteed by, commercial banks organized under the laws of the United States or of any political subdivision thereof
(or any U.S. branch of a foreign bank) with a short-term unsecured debt rating by Moody’s of at least P-1 and a short-term issuer credit rating by Fitch of at least F1, having maturities no later than 90
days following the date of such investment; provided, however, that (x) all Eligible Investments that are bank obligations shall 

  
 6 












 
be denominated in Dollars; and (y) the aggregate amount of Eligible Investments at any one time that are bank obligations issued by any one bank shall not be in excess of 5% of such
bank’s capital surplus; provided further that any investment of the types described in clauses (a), (b) and (c) above may be made through a repurchase agreement in commercially reasonable form with a bank or other financial
institution qualifying as an Eligible Institution so long as such investment is held by a third party custodian also qualifying as an Eligible Institution; provided further, however, that in the case of any Eligible Investment
issued by a domestic branch of a foreign bank, the income from such investment shall be from sources within the United States for purposes of the Code. Notwithstanding the foregoing, no investment of the types described in clause (b) above
which is issued or guaranteed by Sun Country or any of its Affiliates, and no investment in the obligations of any one bank in excess of $10,000,000, shall be an Eligible Investment unless a Ratings Confirmation (if applicable) shall have been
received with respect to the making of such investment. 
 “Equipment Note Special Payment” means a Special Payment on
account of the redemption, purchase or prepayment of Equipment Notes issued pursuant to an Indenture. 
 “Equipment Notes”
means, at any time, the Series A Equipment Notes and the Series B Equipment Notes, collectively, and in each case, any Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of Indentures. 

“Expected Distributions” means, with respect to the Certificates of any Trust on any Current Distribution Date, the
difference between (A) the Pool Balance of such Certificates as of the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, for the Class A Trust or the Class B Trust, the sum
of the original principal amounts of the Equipment Notes having been purchased on or before such date by such Trust relating to such Certificates and (B) the Pool Balance of such Certificates as of the Current Distribution Date calculated on
the basis that (i) the principal of the Non-Performing Equipment Notes held in such Trust has been paid in full and such payments have been distributed to the holders of such Certificates, (ii) the
principal of the Performing Equipment Notes held in such Trust has been paid when due (without giving effect to any Acceleration of Performing Equipment Notes) and such payments have been distributed to the holders of such Certificates and
(iii) the principal of any Equipment Notes formerly held in such Trust that have been sold pursuant to the terms hereof has been paid in full and such payments have been distributed to the holders of such Certificates. For purposes of
calculating Expected Distributions with respect to the Certificates of any Trust, any Premium paid on the Equipment Notes held in such Trust which has not been distributed to the Certificateholders of such Trust (other than such Premium or a portion
thereof applied to the payment of interest, commitment fees, or PIK Amounts on the Certificates of such Trust or the reduction of the Pool Balance of such Trust) shall be added to the amount of such Expected Distributions. 

“Final Distributions” means, with respect to the Certificates of any Trust on any Distribution Date, the sum of (x) the
aggregate amount of all accrued and unpaid interest on such Certificates (including any PIK Amounts) and (y) the Pool Balance of such Certificates as of the immediately preceding Distribution Date. For purposes of calculating Final
Distributions with respect to the Certificates of any Trust, any Premium paid on the Equipment Notes held in such Trust which has not been distributed to the Certificateholders of such Trust (other than such Premium or a portion thereof applied to
the payment of interest or PIK Amounts on the Certificates of such Trust or the reduction of the Pool Balance of such Trust) shall be added to the amount of such Final Distributions. 

  
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 “Final Legal Distribution Date” means (i) with respect to the
Class A Certificates, March 15, 2031 and (ii) with respect to the Class B Certificates, March 15, 2029. 

“Financing Agreement” means each of the Participation Agreements, the Indentures and the Note Purchase Agreement. 

“Fitch” means Fitch Ratings, Inc. 

“Indenture” means each of the Trust Indentures entered into by the Loan Trustee and Sun Country, pursuant to the Note
Purchase Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Indenture Default” means, with respect to any Indenture, any Event of Default (as such term is defined in such Indenture)
thereunder. 
 “Initial Closing Date” has the meaning specified in the Note Purchase Agreement. 

“Initial Funding Date” means March 30, 2022. 

“Investment Earnings” means investment earnings on funds on deposit in the Trust Accounts net of losses and investment
expenses of the Subordination Agent in making such investments. 
 “Lien” means any mortgage, pledge, lien, charge, claim,
disposition of title, encumbrance, lease, sublease, sub-sublease or security interest of any kind, including, without limitation, any thereof arising under any conditional sales or other title retention
agreement. 
 “Loan Trustee” means, with respect to any Indenture, the mortgagee thereunder. 

“Minimum Sale Price” means, with respect to any Aircraft or the Equipment Notes issued in respect of such Aircraft, at any
time, in the case of the sale of an Aircraft, 75%, or in the case of the sale of related Equipment Notes, 85%, of the Appraised Current Market Value of such Aircraft. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Non-Controlling Party” means, at any time, any Trustee or other Person which is not
the Controlling Party at such time. 
 “Non-Performing Equipment Note” means an
Equipment Note issued pursuant to an Indenture that is not a Performing Equipment Note. 

  
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 “Note Purchase Agreement” means the Note Purchase Agreement, dated as of
the date hereof, among Sun Country, each Trustee and the Subordination Agent, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Operative Agreements” means this Agreement, the Trust Agreements, the Certificate Purchase Agreement, the Financing
Agreements, the Equipment Notes and the Certificates, together with all exhibits and schedules included with any of the foregoing. 

“Outstanding” means, when used with respect to each Class of Certificates, as of the date of determination, all
Certificates of such Class theretofore authenticated and delivered under the related Trust Agreement, except: 
 (i)
Certificates of such Class theretofore canceled by the Registrar (as defined in such Trust Agreement) or delivered to the Trustee thereunder or such Registrar for cancellation; 

(ii) Certificates of such Class for which money in the full amount required to make the Final Distribution with respect to
such Certificates pursuant to Section 11.01 of such Trust Agreement has been theretofore deposited with the related Trustee in trust for the holders of such Certificates as provided in Section 4.01 of such Trust Agreement pending
distribution of such money to such Certificateholders pursuant to such Final Distribution payment; and 
 (iii) Certificates
of such Class in exchange for or in lieu of which other Certificates have been authenticated and delivered pursuant to such Trust Agreement; 

provided, however, that in determining whether the holders of the requisite Outstanding amount of such Certificates have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, any Certificates owned by Sun Country or any of its Affiliates shall be disregarded and deemed not to be Outstanding, except that, in determining whether such Trustee shall be
protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Certificates that such Trustee knows to be so owned shall be so disregarded. Certificates so owned that have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the applicable Trustee the pledgee’s right so to act with respect to such Certificates and that the pledgee is not Sun Country or any of its Affiliates. 

“Overdue Scheduled Payment” means any Scheduled Payment which is not in fact received by the Subordination Agent within five
days after the Scheduled Payment Date relating thereto. 
 “Participation Agreement” means, with respect to each Indenture,
the “Participation Agreement” referred to therein. 
 “Payees” has the meaning specified in Section 2.4(c).


  
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 “Performing Equipment Note” means an Equipment Note with respect to which
no payment default has occurred and is continuing (without giving effect to any Acceleration); provided that in the event of a bankruptcy proceeding under the Bankruptcy Code in which Sun Country is a debtor any payment default existing
during the 60-Day Period (or such longer period as may apply under Section 1110(b) of the Bankruptcy Code or as may apply for the cure of such payment default under Section 1110(a)(2)(B) of the
Bankruptcy Code) shall not be taken into consideration until the expiration of the applicable period. 
 “Performing Note
Deficiency” means any time that less than 65% of the then aggregate outstanding principal amount of all Equipment Notes (other than any Additional Equipment Notes issued under any Indenture) are Performing Equipment Notes. 

“Person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock
company, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof. 
 “PIK
Amounts” means, with respect to Class A Certificates and the Class B Certificates, as of any date of determination, any interest on the Pool Balance of the Certificates of such Class that was scheduled for distribution on any
applicable Regular Distribution Date and was not paid on such Regular Distribution Date (and remains unpaid as of such date of determination) together with any interest accrued thereon at the Stated Interest Rate for the applicable Class. 

“Pool Balance” means, with respect to each Trust or the Certificates issued by any Trust, as of any date, (i) (x) with
respect to the Class A Trust (and Class A Certificates) or the Class B Trust (and Class B Certificates), the sum of the original principal amounts of the Equipment Notes having been purchased on or before such date by such Trust
relating to such Certificates, less (ii) the aggregate amount of all payments made as of such date in respect of the Certificates of such Trust, other than payments made in respect of interest, commitment fees, PIK Amounts or Premium
thereon or reimbursement of any costs and expenses in connection therewith. The Pool Balance for each Trust or for the Certificates issued by any Trust as of any date shall be computed after giving effect to any payment of principal of the Equipment
Notes or payment with respect to other Trust Property held in such Trust and the distribution thereof to be made on that date. 

“Post-Default Appraisals” has the meaning specified in Section 4.1(a)(iv). 

“Preferred B Pool Balance” means, as of any date, the excess of (A) the Pool Balance of the Class B
Certificates as of the immediately preceding Distribution Date (or, if such date is on or before the first Distribution Date, the sum of the original principal amounts of the Series B Equipment Notes having been purchased on or before such date by
the Class B Trust) (after giving effect to distributions made on such date) over (B) the sum of (i) the outstanding principal amount of each Series B Equipment Note that remains unpaid as of such date subsequent to the disposition of
the Collateral under the Indenture pursuant to which such Series B Equipment Note was issued and after giving effect to any distributions of the proceeds of such disposition applied under such Indenture to the payment of each such Series B Equipment
Note, (ii) the outstanding principal amount of each Series B Equipment Note that remains unpaid as of such date subsequent to the scheduled date of mandatory redemption of such Series B Equipment Note following an Event of Loss (as defined in
such Indenture) with respect to the Aircraft which 

  
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secured such Series B Equipment Note and after giving effect to the distributions of any proceeds in respect of such Event of Loss applied under such Indenture to the payment of each such Series
B Equipment Note, (iii) the excess, if any, of (x) the outstanding amount of principal and interest as of the date of sale of each Series B Equipment Note previously sold over (y) the purchase price received with respect to the sale
of such Series B Equipment Note (net of any applicable costs and expenses of sale) and (iv) the outstanding principal amount of any Series B Equipment Note with respect to which a Deemed Disposition Event has occurred; provided,
however, that if more than one of the clauses (i), (ii), (iii) and (iv) is applicable to any one Series B Equipment Note, only the amount determined pursuant to the clause that first became applicable shall be counted with respect to
such Series B Equipment Note. 
 “Premium” means (i) any “Make-Whole Amount” as such term is defined in any
Indenture and (ii) any redemption purchase price in respect of principal (disregarding interest) in excess of 100% in relation to a “Change of Control Prepayment” as such term is defined in any Indenture, and (iii) for any of
MSNs 30332, 30637, 33017, 33971, 30683 and 33976, any redemption purchase price in respect of principal (disregarding interest) in excess of 100% pursuant to Section 2.11(e) of the applicable Indenture. 

“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 

“PTC Event of Default” means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due
date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) any PIK Amount on the earlier of (A) the Regular Distribution Date that is
the third Regular Distribution Date following the Regular Distribution Date on which the interest represented by such PIK Amount was originally scheduled to be distributed and (B) the date that is 18 months prior to the Final Legal Distribution
Date. 
 “Purchaser” has the meaning assigned to such term in the Certificate Purchase Agreement. 

“Rating Agency” means, at any time, any nationally recognized rating agency which shall have been requested to rate the
Certificates and which shall then be rating the Certificates. The initial Rating Agency will be Kroll Bond Rating Agency. 

“Ratings Confirmation” means, with respect to any action proposed to be taken, a written confirmation from each Rating Agency
that such action would not result in (i) a reduction of the rating for any Class of Certificates then rated by such Rating Agency below the then current rating for such Class of Certificates or (ii) a withdrawal or suspension of
the rating of any Class of Certificates then rated by such Rating Agency. For avoidance of doubt, no Ratings Confirmation shall be required in respect of any Class of Certificates that is not rated by a Rating Agency at the time of any
such proposed action. 
 “Refinancing Certificateholders” has the meaning specified in Section 9.1(c). 

“Refinancing Certificates” has the meaning specified in Section 9.1(c). 

  
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 “Refinancing Equipment Notes” has the meaning specified in
Section 9.1(c). 
 “Refinancing Trust Agreement” has the meaning specified in Section 9.1(c). 

“Refinancing Trust” has the meaning specified in Section 9.1(c). 

“Refinancing Trustee” has the meaning specified in Section 9.1(c). 

“Regular Distribution Dates” means each March 15 and September 15, commencing on September 15, 2022;
provided, however, that, if any such day shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day without distribution of interest for such additional period. 

“Responsible Officer” means, with respect to the Subordination Agent and each of the Trustees, any officer in the corporate
trust administration department of the Subordination Agent or such Trustee or any other officer customarily performing functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of his knowledge of and familiarity with a particular subject. 
 “Scheduled Payment”
means, with respect to any Equipment Note, any payment of principal or interest on such Equipment Note (other than an Overdue Scheduled Payment) due from the obligor thereon, which payment represents the installment of principal at the stated
maturity of such installment of principal on such Equipment Note, the payment of regularly scheduled interest accrued on the unpaid principal amount of such Equipment Note, or both or; provided that any payment of principal of, Premium, if
any, or interest resulting from the redemption or purchase of any Equipment Note shall not constitute a Scheduled Payment. 

“Scheduled Payment Date” means, with respect to any Scheduled Payment, the date on which such Scheduled Payment is scheduled
to be made. 
 “Series A Equipment Notes” means the Series A Equipment Notes issued pursuant to any Indenture by Sun
Country and authenticated by the Loan Trustee thereunder, and any such Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture. 

“Series B Equipment Notes” means the Series B Equipment Notes issued pursuant to any Indenture by Sun Country and
authenticated by the Loan Trustee thereunder, and any such Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture. 

“60-Day Period” means the 60-day period
specified in Section 1110(a)(2)(A) of the Bankruptcy Code. 
 “Special Distribution Date” means, with respect to any
Special Payment, the date chosen by the Subordination Agent pursuant to Section 2.4(a) for the distribution of such Special Payment in accordance with this Agreement, whether distributed pursuant to Section 2.4 or Section 3.2 hereof.


  
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 “Special Payment” means any payment (other than a Scheduled Payment) in
respect of, or any proceeds of, any Equipment Note or Collateral. 
 “Stated Interest Rate” means (i) with respect to
the Class A Certificates, 4.84% per annum and (ii) with respect to the Class B Certificates, 5.75% per annum. 

“Subordination Agent” has the meaning specified in the preamble to this Agreement. 

“Subordination Agent Incumbency Certificate” has the meaning specified in Section 2.5(a). 

“Subordination Agent Representatives” has the meaning specified in Section 2.5(a). 

“Sun Country” means Sun Country, Inc., a Minnesota corporation, and its successors and assigns. 

“Sun Country Provisions” has the meaning specified in Section 9.1(a). 

“Tax” and “Taxes” mean any and all taxes, fees, levies, duties, tariffs, imposts, and other charges of any
kind (together with any and all interest, penalties, loss, damage, liability, expense, additions to tax and additional amounts or costs incurred or imposed with respect thereto) imposed or otherwise assessed by the United States of America or by any
state, local or foreign government (or any subdivision or agency thereof) or other taxing authority, including, without limitation: taxes or other charges on or with respect to income, franchises, windfall or other profits, gross receipts, property,
sales, use, capital stock, payroll, employment, social security, workers’ compensation, unemployment compensation, or net worth and similar charges; taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value
added, taxes on goods and services, gains taxes, license, registration and documentation fees, customs duties, tariffs, and similar charges. 

“Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code. References
herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 

“Triggering Event” means (x) the occurrence of an Indenture Default under all of the Indentures resulting in a PTC Event
of Default with respect to the most senior Class of Certificates then Outstanding, (y) the Acceleration of all of the outstanding Equipment Notes or (z) the occurrence of a Bankruptcy Event. 

“Trust” means any of the Class A Trust or the Class B Trust. 

“Trust Accounts” has the meaning specified in Section 2.2(a). 

“Trust Agreement” means the Class A Trust Agreement or the Class B Trust Agreement. 

  
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 “Trust Property”, with respect to any Trust, has the meaning set forth in
the Trust Agreement for such Trust. 
 “Trustee” means any of the Class A Trustee or the Class B Trustee. 

“Trustee Incumbency Certificate” has the meaning specified in Section 2.5(b). 

“Trustee Representatives” has the meaning specified in Section 2.5(b). 

“Written Notice” means, from the Subordination Agent or the any Trustee, a written instrument executed by the Designated
Representative of such Person. 
 “WTNA” has the meaning specified in the recitals to this Agreement. 

ARTICLE II 
 TRUST ACCOUNTS;
CONTROLLING PARTY 
 SECTION 2.1. Agreement to Terms of Subordination; Payments from Monies Received Only. (a) Each Trustee
hereby acknowledges and agrees to the terms of subordination and distribution set forth in this Agreement in respect of each Class of Certificates and agrees to enforce such provisions and cause all payments in respect of the Equipment Notes
held by the Subordination Agent to be applied in accordance with the terms of this Agreement. In addition, each Trustee hereby agrees to cause the Equipment Notes purchased by the related Trust to be registered in the name of the Subordination Agent
or its nominee, as agent and trustee for such Trustee, to be held in trust by the Subordination Agent solely for the purpose of facilitating the enforcement of the subordination and other provisions of this Agreement. 

(b) Except as otherwise expressly provided in the next succeeding sentence of this Section 2.1(b), all payments to be made by the
Subordination Agent hereunder shall be made only from amounts received by it that constitute Scheduled Payments, Special Payments, payments under Section 8.1 of the Participation Agreements, or payments under Section 6 of the Note Purchase
Agreement and only to the extent that the Subordination Agent shall have received sufficient income or proceeds therefrom to enable it to make such payments in accordance with the terms hereof. Each of the Trustees and the Subordination Agent hereby
agrees and, as provided in each Trust Agreement, each Certificateholder, by its acceptance of a Certificate, has agreed to look solely to such amounts to the extent available for distribution to it as provided in this Agreement and that none of the
Trustees, the Loan Trustees and the Subordination Agent is personally liable to any of them for any amounts payable or any liability under this Agreement, any Trust Agreement, or such Certificate, except (in the case of the Subordination Agent) as
expressly provided herein or (in the case of the Trustees) as expressly provided in each Trust Agreement or (in the case of the Loan Trustees) as expressly provided in any Operative Agreement. 

  
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 SECTION 2.2. Trust Accounts. (a) Upon the execution of this Agreement, the
Subordination Agent shall establish and maintain in its name (i) the Collection Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Trustees
and the Certificateholders and (ii) as a sub-account in the Collection Account, the Special Payments Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held in trust for the
benefit of the Trustees and the Certificateholders. The Special Payments Account and the Collection Account, constitute the “Trust Accounts” hereunder. Without limiting the foregoing, all monies credited to the Trust Accounts shall
be, and shall remain, the property of the relevant Trust(s). 
 (b) Funds on deposit in the Trust Accounts shall be invested and reinvested
by the Subordination Agent in Eligible Investments selected by the Subordination Agent if such investments are reasonably available and have maturities no later than the earlier of (i) 90 days following the date of such investment and (ii) the
Business Day immediately preceding the Regular Distribution Date or the date of the related distribution pursuant to Section 2.4 hereof, as the case may be, next following the date of such investment; provided, however, that upon
the occurrence and during the continuation of a Triggering Event, the Subordination Agent shall invest and reinvest such amounts in Eligible Investments in accordance with the written instructions of the Controlling Party. Unless otherwise expressly
provided in this Agreement, any Investment Earnings shall be deposited in the Collection Account when received by the Subordination Agent and shall be applied by the Subordination Agent in the same manner as the other amounts on deposit in the
Collection Account are to be applied and any losses shall be charged against the principal amount invested, in each case net of the Subordination Agent’s reasonable fees and expenses in making such investments. The Subordination Agent shall not
be liable for any loss resulting from any investment, reinvestment or liquidation required to be made under this Agreement other than by reason of its willful misconduct or gross negligence (or, with respect to the handling or transfer of funds, its
own negligence). Eligible Investments and any other investment required to be made hereunder shall be held to their maturities except that any such investment may be sold (without regard to its maturity) by the Subordination Agent without
instructions whenever such sale is necessary to make a distribution required under this Agreement. Uninvested funds held hereunder shall not earn or accrue interest. 

(c) The Subordination Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in
all proceeds thereof (including all income thereon, except as otherwise expressly provided in Section 3.3(b) with respect to Investment Earnings). The Trust Accounts shall be held in trust by the Subordination Agent under the sole dominion and
control of the Subordination Agent for the benefit of the Trustees and the Certificateholders, as the case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Subordination Agent shall within 10 Business
Days (or such longer period, not to exceed 30 calendar days, for which a Ratings Confirmation for each then rated Class of Certificates shall have been obtained) establish a new Collection Account or Special Payments Account, as the case may
be, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Collection Account or Special Payments, as the case may be. So long as WTNA is an Eligible Institution, the Trust Accounts shall be maintained with it
as Eligible Deposit Accounts. 
 SECTION 2.3. Deposits to the Collection Account and Special Payments Account. (a) The
Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it. 

  
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 (b) The Subordination Agent shall, on each date when one or more Special Payments are made
to the Subordination Agent as holder of the Equipment Notes, deposit in the Special Payments Account the aggregate amount of such Special Payments. 

SECTION 2.4. Distributions of Special Payments. (a) Notice of Special Payment. Except as provided in Section 2.4(c)
below, upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or, in the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination
Agent shall promptly give notice thereof to each Trustee. The Subordination Agent shall promptly calculate the amount of the redemption or purchase of Equipment Notes, the amount of any Overdue Scheduled Payment or the proceeds of Equipment Notes or
Collateral, as the case may be, comprising such Special Payment under the applicable Indenture or Indentures and shall promptly send to each Trustee a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice shall
also set the distribution date for such Special Payment (a “Special Distribution Date”), which shall be the Business Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice and
(y) the date the Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account shall be distributed in accordance with Sections 2.4(b) and 2.4(c) and Article III hereof, as
applicable. 
 For the purposes of the application of any Equipment Note Special Payment distributed on a Special Distribution Date in
accordance with Section 3.2 hereof, so long as no Indenture Default shall have occurred and be continuing under any Indenture: 
 (i)
clause “third” thereof shall be deemed to read as follows: “third, such amount as shall be required to pay any accrued and unpaid PIK Amounts (applied first to interest and then principal) in respect of the Class A
Certificates and then accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class A Certificates, together with (without duplication) accrued and unpaid interest at the Stated Interest Rate on the
outstanding principal amount of (and determined for such purposes based only on) the Series A Equipment Notes held in the Class A Trust being redeemed, purchased or prepaid, shall be distributed to the Class A Trustee”; 

(ii) clause “fourth” thereof shall be deemed to read as follows: “fourth, such amount as shall be required to pay any
accrued and unpaid PIK Amounts (applied first to interest and then principal) in respect of the Class B Certificates and then accrued, due and unpaid Class B Adjusted Interest, shall be distributed to the Class B Trustee”; and

 (iii) clause “sixth” thereof shall be deemed to read as follows: “sixth, such amount as shall be required to pay in
full accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class B Certificates which was not previously paid pursuant to clause “fourth” above, together with (without duplication) accrued
and unpaid interest at the Stated Interest Rate on the outstanding principal amount of (and determined for such purposes based only on) the Series B Equipment Notes held in the Class B Trust and being redeemed, purchased or prepaid, shall be
distributed to the Class B Trustee”. 

  
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 (b) Investment of Amounts in Special Payments Account. Any amounts on deposit in the
Special Payments Account prior to the distribution thereof pursuant to Section 2.4 or 3.2 shall be invested in accordance with Section 2.2(b). Investment Earnings on such investments shall be distributed in accordance with Article III
hereof. 
 (c) Certain Payments. The Subordination Agent will distribute promptly upon receipt thereof (i) any indemnity payment
or expense reimbursement received by it from Sun Country in respect of any Trustee (the “Payees”) and (ii) any compensation received by it from Sun Country under any Operative Agreement in respect of any Payee, directly to the
Payee entitled thereto. 
 SECTION 2.5. Designated Representatives. (a) With the delivery of this Agreement, the Subordination
Agent shall furnish to each Trustee, and from time to time thereafter may furnish to each Trustee, at the Subordination Agent’s discretion, or upon any Trustee’s request (which request shall not be made more than one time in any 12-month period), a certificate (a “Subordination Agent Incumbency Certificate”) of a Responsible Officer of the Subordination Agent certifying as to the incumbency and specimen signatures of the
officers of the Subordination Agent and the attorney-in-fact and agents of the Subordination Agent (the “Subordination Agent Representatives”)
authorized to give Written Notices on behalf of the Subordination Agent hereunder. Until each Trustee receives a subsequent Subordination Agent Incumbency Certificate, it shall be entitled to rely on the last Subordination Agent Incumbency
Certificate delivered to it hereunder. 
 (b) With the delivery of this Agreement, each Trustee shall furnish to the Subordination Agent,
and from time to time thereafter may furnish to the Subordination Agent, at such Trustee’s discretion, or upon the Subordination Agent’s request (which request shall not be made more than one time in any
12-month period), a certificate (a “Trustee Incumbency Certificate”) of a Responsible Officer of such Trustee certifying as to the incumbency and specimen signatures of the officers of such
Trustee and the attorney-in-fact and agents of such Trustee (the “Trustee Representatives”) authorized to give Written Notices on behalf of such Trustee
hereunder. Until the Subordination Agent receives a subsequent Trustee Incumbency Certificate, it shall be entitled to rely on the last Trustee Incumbency Certificate delivered to it hereunder. 

SECTION 2.6. Controlling Party. (a) The Trustees hereby agree that, with respect to any Indenture at any given time, the Loan
Trustee thereunder will be directed in taking, or refraining from taking, any action under such Indenture or with respect to the Equipment Notes issued thereunder (i) so long as no Indenture Default has occurred and is continuing thereunder, by
the holders of at least a majority of the outstanding principal amount of such Equipment Notes (provided that, for so long as the Subordination Agent is the registered holder of the Equipment Notes, the Subordination Agent shall act with respect to
this clause (i) in accordance with the directions of the Trustees (in the case of each such Trustee, with respect to the Equipment Notes issued under such Indenture and held as Trust Property of such Trust) constituting, in the aggregate,
directions with respect to at least a majority of outstanding principal amount of Equipment Notes except as provided in Section 9.1(b)), and (ii) after the occurrence and during the continuance of an Indenture Default thereunder, in
taking, or refraining from taking, any action under such Indenture or with respect to such Equipment Notes, including exercising remedies thereunder (including Accelerating the Equipment Notes issued thereunder or foreclosing the Lien on the
Aircraft securing such Equipment Notes), by the Controlling Party. 

  
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 (b) The “Controlling Party” shall be (i) the Class A Trustee and
(ii) upon payment of Final Distributions to the holders of Class A Certificates, the Class B Trustee. For purposes of giving effect to the provisions of Section 2.6(a) and this Section 2.6(b), the Trustees (other than the
Controlling Party) irrevocably agree (and the Certificateholders (other than the Certificateholders represented by the Controlling Party) shall be deemed to agree by virtue of their purchase of Certificates) that the Subordination Agent, as record
holder of the Equipment Notes, shall exercise its voting rights in respect of the Equipment Notes so held by the Subordination Agent as directed by the Controlling Party and any vote so exercised shall be binding upon the Trustees and all
Certificateholders. 
 The Subordination Agent shall give Written Notice to all of the other parties to this Agreement promptly upon a
change in the identity of the Controlling Party. Each of the parties hereto agrees that it shall not exercise any of the rights of the Controlling Party at such time as it is not the Controlling Party hereunder; provided, however, that
nothing herein contained shall prevent or prohibit any Non-Controlling Party from exercising such rights as shall be specifically granted to such Non-Controlling Party
hereunder and under the other Operative Agreements. 
 (c) [Reserved]. 

(d) The exercise of remedies by the Controlling Party under this Agreement shall be expressly limited by Sections 4.1(a)(ii) and 4.1(a)(iii)
hereof. 
 (e) The Controlling Party shall not be entitled to require or obligate any
Non-Controlling Party to provide funds necessary to exercise any right or remedy hereunder. 

ARTICLE III 
 RECEIPT,
DISTRIBUTION AND APPLICATION 
 OF AMOUNTS RECEIVED 

SECTION 3.1. Written Notice of Distribution. (a) No later than 3:00 P.M. (New York City time) on the Business Day immediately
preceding each Distribution Date, each of the following Persons shall deliver to the Subordination Agent a Written Notice setting forth the following information as at the close of business on such Business Day: 

(i) with respect to the Class A Certificates, the Class A Trustee shall separately set forth the amounts to be paid
in accordance with clause “first” of Section 3.2 hereof (to reimburse payments made by such Trustee or the Class A Certificateholders, as the case may be, pursuant to subclause (ii) or (iii) of clause “first”),
subclauses (ii) and (iii) of clause “second” of Section 3.2 hereof and clauses “third” and “fifth” of Section 3.2 hereof; 

  
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 (ii) with respect to the Class B Certificates, the Class B Trustee
shall separately set forth the amounts to be paid in accordance with clause “first” of Section 3.2 hereof (to reimburse payments made by such Trustee or the Class B Certificateholders, as the case may be, pursuant to subclause
(ii) or (iii) of clause “first”), subclauses (ii) and (iii) of clause “second” of Section 3.2 hereof and clauses “fourth”, “sixth” and “seventh” of Section 3.2 hereof; and

 (iii) each Trustee shall set forth the amounts to be paid in accordance with clause “fifth” of Section 3.2
hereof. 
 (b) At such time as a Trustee shall have received all amounts owing to it (and, in the case of a Trustee, the Certificateholders
for which it is acting) pursuant to Section 3.2 hereof, as applicable, such Person shall, by a Written Notice, so inform the Subordination Agent and each other party to this Agreement. 

(c) As provided in Section 6.5 hereof, the Subordination Agent shall be fully protected in relying on any of the information set forth in
a Written Notice provided by any Trustee pursuant to paragraphs (a) and (b) above and shall have no independent obligation to verify, calculate or recalculate any amount set forth in any Written Notice delivered in accordance with such
paragraphs. 
 (d) Any Written Notice delivered by a Trustee, or the Subordination Agent, as applicable, pursuant to Section 3.1(a)
hereof, if made prior to 10:00 A.M. (New York City time) on any Business Day, shall be effective on the date delivered (or if delivered later on a Business Day or if delivered on a day which is not a Business Day shall be effective as of the next
Business Day). Subject to the terms of this Agreement, the Subordination Agent shall as promptly as practicable comply with any such instructions; provided, however, that any transfer of funds pursuant to any instruction received after
10:00 A.M. (New York City time) on any Business Day may be made on the next succeeding Business Day. 
 (e) In the event the
Subordination Agent shall not receive from any Person any information set forth in paragraph (a) above which is required to enable the Subordination Agent to make a distribution to such Person pursuant to Section 3.2 hereof, the
Subordination Agent shall request such information and, failing to receive any such information, the Subordination Agent shall not make such distribution(s) to such Person. In such event, the Subordination Agent shall make distributions pursuant to
clauses “first” through “eleventh” of Section 3.2 to the extent it shall have sufficient information to enable it to make such distributions, and shall continue to hold any funds remaining, after making such distributions,
until the Subordination Agent shall receive all necessary information to enable it to distribute any funds so withheld. 
 (f) The notices
required under Section 3.1(a) may be in the form of a schedule or similar document provided to the Subordination Agent by the parties referenced therein or by any one of them, which schedule or similar document may state that, unless there has
been a prepayment of the Certificates, such schedule or similar document is to remain in effect until any substitute notice or amendment shall be given to the Subordination Agent by the party providing such notice. 

  
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 SECTION 3.2. Distribution of Amounts on Deposit in the Collection Account. Except as
otherwise provided in Sections 2.4, 3.1(e), and 3.3, amounts on deposit in the Collection Account (including amounts on deposit in the Special Payments Account) shall be promptly distributed on each Regular Distribution Date (or, in the case of any
amount described in Section 2.4(a), on the Special Distribution Date thereof) in the following order of priority and in accordance with the information provided to the Subordination Agent pursuant to Section 3.1(a) hereof: 

first, such amount as shall be required to reimburse (i) the Subordination Agent for any reasonable out-of-pocket costs and expenses actually incurred by it (to the extent not previously reimbursed) or reasonably expected to be incurred by it for the period ending on the
next succeeding Regular Distribution Date (which shall not exceed $150,000 unless approved in writing by the Controlling Party) in the protection of, or the realization of the value of, the Equipment Notes or any Collateral, shall be applied by the
Subordination Agent in reimbursement of such costs and expenses, (ii) any Trustee for any amounts of the nature described in clause (i) above actually incurred by it under the applicable Trust Agreement (to the extent not previously
reimbursed), shall be distributed to such Trustee and (iii) any Certificateholder for payments, if any, made by it to the Subordination Agent or any Trustee in respect of amounts described in clause (i) above actually incurred by it (to
the extent not previously reimbursed) (collectively, the “Administration Expenses”), shall be distributed to the applicable Trustee for the account of such Certificateholder, in each such case, pro rata on the basis of all amounts
described in clauses (i) and (ii) above; 
 second, such amount as shall be required to reimburse or pay
(i) the Subordination Agent for any Tax (other than Taxes imposed on compensation paid hereunder), expense, fee, charge or other loss incurred by or any other amount payable to the Subordination Agent in connection with the transactions
contemplated hereby (to the extent not previously reimbursed), shall be applied by the Subordination Agent in reimbursement of such amount, (ii) each Trustee for any Tax (other than Taxes imposed on compensation paid under the applicable Trust
Agreement), expense, fee, charge, loss or any other amount payable to such Trustee under the applicable Trust Agreement (to the extent not previously reimbursed), shall be distributed to such Trustee, and (iii) each Certificateholder for
payments, if any, made by it pursuant to Section 5.2 hereof in respect of amounts described in clause (i) above, shall be distributed to the applicable Trustee for the account of such Certificateholder, in each case, pro rata on the basis
of all amounts described in clauses (i) through (iii) above; 
 third, such amount as shall be required to pay
in full (i) first, unpaid PIK Amounts (applied first to interest and then principal) in respect of the Class A Certificates, and (ii) second, accrued and unpaid interest at the Stated Interest Rate on the Pool Balance of the
Class A Certificates, shall be distributed to the Class A Trustee; 
 fourth, such amount as shall be
required to pay (i) first, all unpaid PIK Amounts (applied first to interest and then principal) in respect of the Class B Certificates, and (ii) second, unpaid Class B Adjusted Interest, shall be distributed to the Class B
Trustee; 

  
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 fifth, such amount as shall be required to pay in full Expected
Distributions to the holders of the Class A Certificates on such Distribution Date shall be distributed to the Class A Trustee; 

sixth, such amount as shall be required to pay in full accrued and unpaid interest at the Stated Interest Rate on the
Pool Balance of the Class B Certificates which was not previously paid pursuant to clause “fourth” above shall be distributed to the Class B Trustee; 

seventh, such amount as shall be required to pay in full Expected Distributions to the holders of the Class B
Certificates on such Distribution Date shall be distributed to the Class B Trustee; 
 eighth, the balance, if
any, of any such amount remaining thereafter shall be held in the Collection Account for later distribution in accordance with this Article III. 

With respect to clauses “first” and “second” above, no amounts shall be reimbursable to the Subordination Agent, any
Trustee, or any Certificateholder for any payments made by any such Person in connection with any Equipment Note that is no longer held by the Subordination Agent (to the extent that such payments relate to periods after such Equipment Note ceases
to be held by the Subordination Agent). 
 SECTION 3.3. Other Payments. (a) Any payments received by the Subordination Agent for
which no provision as to the application thereof is made in this Agreement shall be distributed by the Subordination Agent (i) in the order of priority specified in Section 3.2 hereof and (ii) to the extent received or realized at any
time after the Final Distributions for each Class of Certificates have been made, in the manner provided in clause “first” of Section 3.2 hereof. 

(b) [Reserved]. 
 (c) If the
Subordination Agent receives any Scheduled Payment after the Scheduled Payment Date relating thereto, but prior to such payment becoming an Overdue Scheduled Payment, then the Subordination Agent shall deposit such Scheduled Payment in the
Collection Account and promptly distribute such Scheduled Payment in accordance with the priority of distributions set forth in Section 3.2 hereof; provided that, for the purposes of this Section 3.3(c) only, each reference in
clause “sixth, “eighth” or “tenth” of Section 3.2 to “Distribution Date” shall be deemed to refer to such Scheduled Payment Date. 

SECTION 3.4. Payments to the Trustees . Any amounts distributed hereunder by the Subordination Agent to any Trustee which shall
not be the same institution as the Subordination Agent shall be paid to such Trustee by wire transfer to the account such Trustee shall provide to the Subordination Agent. 

SECTION 3.5. [Reserved] 

  
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 ARTICLE IV 

EXERCISE OF REMEDIES 
 SECTION
4.1. Directions from the Controlling Party. (a) (i) Following the occurrence and during the continuation of an Indenture Default under any Indenture, the Controlling Party shall direct the Subordination Agent, as the holder of Equipment
Notes issued under such Indenture, which in turn shall direct the Loan Trustee under such Indenture, in the exercise of remedies available to the holder of such Equipment Notes, including, without limitation, the ability to vote all such Equipment
Notes held by the Subordination Agent in favor of Accelerating such Equipment Notes in accordance with the provisions of such Indenture. Subject to Section 4.1(a)(iii), if the Equipment Notes issued pursuant to any Indenture and held by the
Subordination Agent have been Accelerated following an Indenture Default with respect thereto, the Controlling Party may direct the Subordination Agent to sell, assign, contract to sell or otherwise dispose of and deliver all (but not less than all)
of such Equipment Notes or all or any portion of the Collateral under such Indenture to any Person at public or private sale, at any location at the option of the Controlling Party; provided that, in each case, such sale, assignment or other
disposition shall be conducted in a commercially reasonable manner and in accordance with applicable law, including Article 9 of the Uniform Commercial Code as in effect in any applicable jurisdiction (including Sections 9-610 and 9-627 thereof) and, to the extent a Bankruptcy Event has occurred and is continuing, the Bankruptcy Code. If all or any portion of the Collateral is sold or
otherwise disposed of following an Indenture Default, no break-up fees or other fees (excluding third-party broker fees) or similar amounts may be paid to any buyer, potential buyer or other Person from the
proceeds of such sale or other disposition. 
 (ii) Following the occurrence and during the continuation of an Indenture Default under any
Indenture, in the exercise of remedies pursuant to such Indenture, the Loan Trustee under such Indenture may be directed to lease the related Aircraft to any Person (including Sun Country) so long as the Loan Trustee in doing so acts in a
“commercially reasonable” manner within the meaning of Article 9 of the Uniform Commercial Code as in effect in any applicable jurisdiction (including Sections 9-610 and 9-627 thereof). 
 (iii) Notwithstanding the foregoing, so long as any Certificates remain Outstanding,
during the period ending on the date which is nine months after the earlier of (x) the Acceleration of the Equipment Notes issued pursuant to any Indenture and (y) the occurrence of a Bankruptcy Event, without the consent of each Trustee,
no Aircraft subject to the Lien of such Indenture or such Equipment Notes may be sold if the net proceeds from such sale would be less than the Minimum Sale Price for such Aircraft or such Equipment Notes. 

(iv) Upon the occurrence and continuation of an Indenture Default under any Indenture, the Subordination Agent will obtain three desktop
appraisals from the Appraisers selected by the Controlling Party setting forth the current market value, current lease rate and distressed value (in each case, as defined by the International Society of Transport Aircraft Trading or any successor
organization) of the Aircraft subject to such Indenture (each such appraisal, an “Appraisal” and the current market value appraisals being referred to herein as the “Post-Default Appraisals”). For so
long as any Indenture Default shall be continuing under any 

  
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Indenture, and without limiting the right of the Controlling Party to request more frequent Appraisals, the Subordination Agent will obtain updated Appraisals on the date that
is 364 days from the date of the most recent Appraisal (or if a Bankruptcy Event shall have occurred and is continuing, on the date that is 180 days from the date of the most recent Appraisal) and will, acting on behalf of each
Trustee, post such Appraisals on website accessible to the Certificateholders or make such other commercially reasonable efforts as the Subordination Agent may deem appropriate to make such Appraisals available to all Certificateholders. 

(b) Following the occurrence and during the continuance of an Indenture Default under any Indenture, the Controlling Party shall take such
actions as it may reasonably deem most effectual to complete the sale or other disposition of the relevant Aircraft or Equipment Notes. In addition, in lieu of any sale, assignment, contract to sell or other disposition, the Controlling Party may
maintain or cause the Subordination Agent to maintain possession of such Equipment Notes and continue to apply monies received in respect of such Equipment Notes in accordance with Article III hereof. In addition, in lieu of such sale, assignment,
contract to sell or other disposition, or in lieu of such maintenance of possession, the Controlling Party may, subject to the terms and conditions of the related Indenture, instruct the Loan Trustee under such Indenture to foreclose on the Lien on
the related Aircraft or to take any other remedial action permitted under such Indenture or under any applicable law, including . Article 9 of the Uniform Commercial Code as in effect in any applicable jurisdiction (including Sections 9-610 and 9-627 thereof) and, to the extent a Bankruptcy Event has occurred and is continuing, the Bankruptcy Code. 

(c) If following a Bankruptcy Event and during the pendency thereof, the Controlling Party receives a proposal from or on behalf of Sun
Country to restructure the financing of any one or more of the Aircraft, the Controlling Party shall promptly thereafter give the Subordination Agent and each Trustee notice of the material economic terms and conditions of such restructuring
proposal whereupon the Subordination Agent acting on behalf of each Trustee shall endeavor using reasonable commercial efforts to make such terms and conditions of such restructuring proposal available to all Certificateholders. Thereafter, neither
the Subordination Agent nor any Trustee, whether acting on instructions of the Controlling Party or otherwise, may, without the consent of each Trustee, enter into any term sheet, stipulation or other agreement (whether in the form of an adequate
protection stipulation, an extension under Section 1110(b) of the Bankruptcy Code or otherwise) to effect any such restructuring proposal with or on behalf of Sun Country unless and until the material economic terms and conditions of such
restructuring shall have been made available to all Certificateholders for a period of not less than 15 calendar days (except that such requirement shall not apply to any such term sheet, stipulation or other agreement that is entered into on or
prior to the expiry of the 60-Day Period and that is effective for a period not longer than three months from the expiry of the 60-Day Period). In the event that any
Class B Certificateholder or Additional Certificateholder gives irrevocable notice of the exercise of its right to purchase all (but not less than all) of the Class of Certificates represented by the then Controlling Party pursuant to the
applicable Trust Agreement prior to the expiry of the 15-day notice period specified above, such Controlling Party may not direct the Subordination Agent or any Trustee to enter into any such restructuring
proposal with respect to any of the Aircraft unless and until such Certificateholder shall fail to purchase such Class of Certificates on the date that it is required to make such purchase. 

  
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 SECTION 4.2. Remedies Cumulative. Each and every right, power and remedy given to the
Trustees, the Controlling Party or the Subordination Agent specifically or otherwise in this Agreement shall be cumulative and shall be in addition to every other right, power and remedy herein specifically given or now or hereafter existing at law,
in equity or by statute, and each and every right, power and remedy whether specifically herein given or otherwise existing may, subject always to the terms and conditions hereof, be exercised from time to time and as often and in such order as may
be deemed expedient by any Trustee, the Controlling Party or the Subordination Agent, as appropriate, and the exercise or the beginning of the exercise of any power or remedy shall not be construed to be a waiver of the right to exercise at the same
time or thereafter any other right, power or remedy. No delay or omission by any Trustee, the Controlling Party or the Subordination Agent in the exercise of any right, remedy or power or in the pursuit of any remedy shall impair any such right,
power or remedy or be construed to be a waiver of any default or to be an acquiescence therein. 
 SECTION 4.3. Discontinuance of
Proceedings. In case any party to this Agreement (including the Controlling Party in such capacity) shall have instituted any Proceeding to enforce any right, power or remedy under this Agreement by foreclosure, entry or otherwise, and such
Proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Person instituting such Proceeding, then and in every such case each such party shall, subject to any determination in such
Proceeding, be restored to its former position and rights hereunder, and all rights, remedies and powers of such party shall continue as if no such Proceeding had been instituted. 

SECTION 4.4. Right of Certificateholders to Receive Payments Not to Be Impaired. Anything in this Agreement to the contrary
notwithstanding but subject to each Trust Agreement, the right of any Certificateholder to receive payments hereunder (including without limitation pursuant to Section 3.2 hereof) when due, or to institute suit for the enforcement of any such
payment on or after the applicable Distribution Date, shall not be impaired or affected without the consent of such Certificateholder. 

SECTION 4.5. Undertaking for Costs. In any Proceeding for the enforcement of any right or remedy under this Agreement or in any
Proceeding against any Controlling Party or the Subordination Agent for any action taken or omitted by it as Controlling Party or Subordination Agent, as the case may be, a court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant. The provisions of this Section do not apply to a suit instituted by the Subordination Agent or a Trustee or a suit by Certificateholders holding more than 10% of the original principal
amount of any Class of Certificates. 
  

  
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 ARTICLE V 

DUTIES OF THE SUBORDINATION AGENT; 

AGREEMENTS OF TRUSTEES, ETC. 

SECTION 5.1. Notice of Indenture Default or Triggering Event. (a) In the event the Subordination Agent shall have actual knowledge
of the occurrence of an Indenture Default or a Triggering Event, as promptly as practicable, and in any event within 10 days after obtaining knowledge thereof, the Subordination Agent shall transmit by mail or courier to each Rating Agency and the
Trustees notice of such Indenture Default or Triggering Event, unless such Indenture Default or Triggering Event shall have been cured or waived. For all purposes of this Agreement, in the absence of actual knowledge on the part of a Responsible
Officer, the Subordination Agent shall not be deemed to have knowledge of any Indenture Default or Triggering Event unless notified in writing by one or more Trustees, or one or more Certificateholders. 

(b) Other Notices. The Subordination Agent will furnish to each Trustee, promptly upon receipt thereof, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and other instruments furnished to the Subordination Agent as registered holder of the Equipment Notes or otherwise in its capacity as Subordination Agent to the extent the same
shall not have been otherwise directly distributed to such Trustee, pursuant to the express provision of any other Operative Agreement. 

(c) Securities Position. Upon the occurrence of an Indenture Default, the Subordination Agent shall instruct the Trustees to, and the
Trustees shall, make available to all Certificateholders a securities position listing setting forth the names of all the parties reflected in its records as holding interests in the Certificates. 

(d) Reports. Promptly after the occurrence of a Triggering Event or an Indenture Default resulting from the failure of Sun Country to
make payments on any Equipment Note and on every Regular Distribution Date while the Triggering Event or such Indenture Default shall be continuing, the Subordination Agent will provide to the Trustee, each Rating Agency and Sun Country a statement
setting forth the following information: 
 (i) after a Bankruptcy Event, with respect to each Aircraft, whether such Aircraft is
(A) subject to the 60-day period of Section 1110(a)(2)(A) of the Bankruptcy Code, (B) subject to an election by Sun Country under Section 1110(a) of the Bankruptcy Code,
(C) covered by an agreement contemplated by Section 1110(b) of the Bankruptcy Code or (D) not subject to any of (A), (B) or (C); 

(ii) to the best of the Subordination Agent’s knowledge, after requesting such information from Sun Country, (A) whether the
Aircraft are currently in service or parked in storage, (B) the maintenance status of the Aircraft and (C) the location of the Engines (as defined in the Indentures); 

(iii) the current Pool Balance of the Certificates, the Preferred B Pool Balance and the outstanding principal amount of all Equipment Notes;

 (iv) the expected amount of interest which will have accrued on the Equipment Notes and on the Certificates as of the next Regular
Distribution Date, and, as to the Certificates, the applicable PIK Amounts (including current principal amount and expected amount of interest which will have accrued thereon as of the next Regular Distribution Date); 

  
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 (v) the amounts paid to each Person on such Distribution Date pursuant to this Agreement;

 (vi) details of the amounts paid on such Distribution Date identified by reference to the relevant provision of this Agreement and the
source of payment (by Aircraft and party); and 
 (vii) after a Bankruptcy Event, any operational reports filed by Sun Country with the
bankruptcy court which are available to the Subordination Agent on a non-confidential basis. 

SECTION 5.2. Indemnification. The Subordination Agent shall not be required to take any action or refrain from taking any action under
Section 5.1 (other than the first sentence thereof) or Article IV hereof unless the Subordination Agent shall have been indemnified (to the extent and in the manner reasonably satisfactory to the Subordination Agent) against any liability, cost
or expense (including counsel fees and expenses) which may be incurred in connection therewith. The Subordination Agent shall not be under any obligation to take any action under this Agreement and nothing contained in this Agreement shall require
the Subordination Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. The Subordination Agent shall not be required to take any action under Section 5.1 (other than the first sentence thereof) or
Article IV hereof, nor shall any other provision of this Agreement be deemed to impose a duty on the Subordination Agent to take any action, if the Subordination Agent shall have been advised by counsel that such action is contrary to the terms
hereof or is otherwise contrary to law. 
 SECTION 5.3. No Duties Except as Specified in this Intercreditor Agreement. The
Subordination Agent shall not have any duty or obligation to take or refrain from taking any action under, or in connection with, this Agreement, except as expressly provided by the terms of this Agreement; and no implied duties or obligations shall
be read into this Agreement against the Subordination Agent. The Subordination Agent agrees that it will, in its individual capacity and at its own cost and expense (but without any right of indemnity in respect of any such cost or expense under
Section 5.2 or 7.1 hereof) promptly take such action as may be necessary to duly discharge all Liens on any of the Trust Accounts or any monies deposited therein which result from claims against it in its individual capacity not related to its
activities hereunder or any other Operative Agreement. 
 SECTION 5.4. Notice from the Trustees. If any Trustee has notice of an
Indenture Default or a Triggering Event, such Person shall promptly give notice thereof to each other party hereto, provided, however, that no such Person shall have any liability hereunder as a result of its failure to deliver any
such notice. 
  

  
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 ARTICLE VI 

THE SUBORDINATION AGENT 
 SECTION
6.1. Authorization; Acceptance of Trusts and Duties. Each of the Trustees hereby designates and appoints the Subordination Agent as the Subordination Agent under this Agreement. WTNA hereby accepts the duties hereby created and applicable to
it as the Subordination Agent and agrees to perform the same but only upon the terms of this Agreement and agrees to receive and disburse all monies received by it in accordance with the terms hereof. The Subordination Agent shall not be answerable
or accountable under any circumstances, except (a) for its own willful misconduct or gross negligence (or ordinary negligence in the handling of funds), (b) as provided in Sections 2.2 or 5.3 hereof and (c) for liabilities that may result
from the material inaccuracy of any representation or warranty of the Subordination Agent made in its individual capacity in any Operative Agreement. The Subordination Agent shall not be liable for any error of judgment made in good faith by a
Responsible Officer of the Subordination Agent, unless it is proved that the Subordination Agent was negligent in ascertaining the pertinent facts. 

SECTION 6.2. Absence of Duties. The Subordination Agent shall have no duty to see to any recording or filing of this Agreement or any
other document, or to see to the maintenance of any such recording or filing. 
 SECTION 6.3. No Representations or Warranties as to
Documents. The Subordination Agent in its individual capacity does not make nor shall be deemed to have made any representation or warranty as to the validity, legality or enforceability of this Agreement or any other Operative Agreement or as
to the correctness of any statement contained in any thereof, except for the representations and warranties of the Subordination Agent, made in its individual capacity, under any Operative Agreement to which it is a party. The Certificateholders and
the Trustees make no representation or warranty hereunder whatsoever. 
 SECTION 6.4. No Segregation of Monies; No Interest. Any
monies paid to or retained by the Subordination Agent pursuant to any provision hereof and not then required to be distributed to any Trustee as provided in Articles II and III hereof or deposited into one or more Trust Accounts need not be
segregated in any manner except to the extent required by such Articles II and III and by law, and the Subordination Agent shall not (except as otherwise provided in Section 2.2 hereof) be liable for any interest thereon; provided,
however, that any payments received or applied hereunder by the Subordination Agent shall be accounted for by the Subordination Agent so that any portion thereof paid or applied pursuant hereto shall be identifiable as to the source thereof.

 SECTION 6.5. Reliance; Agents; Advice of Counsel. The Subordination Agent shall not incur liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. As to the Pool Balance of
any Trust as of any date, the Subordination Agent may for all purposes hereof rely on a certificate signed by any Responsible Officer of the applicable Trustee, and such certificate shall constitute full protection to the Subordination Agent for any
action taken or omitted to be taken by it in good faith in reliance thereon. As to any fact or matter relating to the Trustees the manner of ascertainment of which is not specifically described herein, the Subordination Agent may for all purposes
hereof rely on a certificate, signed by any Responsible Officer of the applicable Trustee as to such fact or matter, and such certificate shall constitute 

  
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full protection to the Subordination Agent for any action taken or omitted to be taken by it in good faith in reliance thereon. The Subordination Agent shall assume, and shall be fully protected
in assuming, that each of the Trustees are authorized to enter into this Agreement and to take all action to be taken by them pursuant to the provisions hereof, and shall not inquire into the authorization of the Trustees with respect thereto. In
the administration of the trusts hereunder, the Subordination Agent may execute any of the trusts or powers hereof and perform its powers and duties hereunder directly or through agents or attorneys and may consult with counsel, accountants and
other skilled persons to be selected and retained by it, and the Subordination Agent shall not be liable for the acts or omissions of any agent appointed with due care or for anything done, suffered or omitted in good faith by it in accordance with
the advice or written opinion of any such counsel, accountants or other skilled persons. 
 SECTION 6.6. Capacity in Which Acting.
The Subordination Agent acts hereunder solely as agent and trustee herein and not in its individual capacity, except as otherwise expressly provided in the Operative Agreements. 

SECTION 6.7. Compensation. The Subordination Agent shall be entitled to reasonable compensation, including expenses and disbursements,
for all services rendered hereunder and shall have a priority claim to the extent set forth in Article III hereof on all monies collected hereunder for the payment of such compensation, to the extent that such compensation shall not be paid by
others. The Subordination Agent agrees that it shall have no right against any Trustee for any fee as compensation for its services as agent under this Agreement. The provisions of this Section 6.7 shall survive the termination of this
Agreement. 
 SECTION 6.8. May Become Certificateholder. The institution acting as Subordination Agent hereunder may become a
Certificateholder and have all rights and benefits of a Certificateholder to the same extent as if it were not the institution acting as the Subordination Agent. 

SECTION 6.9. Subordination Agent Required; Eligibility. There shall at all times be a Subordination Agent hereunder which shall be a
corporation or national banking association organized and doing business under the laws of the United States of America or of any State or the District of Columbia having a combined capital and surplus of at least $100,000,000 (or the obligations of
which, whether now in existence or hereafter incurred, are fully and unconditionally guaranteed by a corporation or national banking association organized and doing business under the laws of the United States of America, any State thereof or of the
District of Columbia and having a combined capital and surplus of at least $100,000,000), if there is such an institution willing and able to perform the duties of the Subordination Agent hereunder upon reasonable or customary terms. Such
corporation or national banking association shall be a citizen of the United States and shall be authorized under the laws of the United States or any State thereof or of the District of Columbia to exercise corporate trust powers and shall be
subject to supervision or examination by federal, state or District of Columbia authorities. If such corporation or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of any of the
aforesaid supervising or examining authorities, then, for the purposes of this Section 6.9, the combined capital and surplus of such corporation or national banking association shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. 

  
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 In case at any time the Subordination Agent shall cease to be eligible in accordance with
the provisions of this Section, the Subordination Agent shall resign immediately in the manner and with the effect specified in Section 8.1. 

SECTION 6.10. Money to Be Held in Trust. All Equipment Notes, monies and other property deposited with or held by the Subordination
Agent pursuant to this Agreement shall be held in trust for the benefit of the parties entitled to such Equipment Notes, monies and other property. All such Equipment Notes, monies or other property shall be held in the trust department of the
institution acting as Subordination Agent hereunder. 
 SECTION 6.11. Notice of Substitution of Airframe. If the Subordination Agent,
in its capacity as a holder of Equipment Notes issued under an Indenture, receives a notice of substitution of a Substitute Airframe (as defined in such Indenture) pursuant to Section 4.04(f) of such Indenture, the Subordination Agent shall
promptly (i) provide a copy of such notice to each Trustee and each Rating Agency and (ii) on behalf of each Trustee make available such notice to all Certificateholders. 

ARTICLE VII 
 INDEMNIFICATION OF
SUBORDINATION AGENT 
 SECTION 7.1. Scope of Indemnification. The Subordination Agent shall be indemnified hereunder to the extent
and in the manner described in Section 8.1 of the Participation Agreements and Section 6 of the Note Purchase Agreement. The indemnities contained in such Sections of such agreements shall survive the termination of this Agreement. 

ARTICLE VIII 
 SUCCESSOR
SUBORDINATION AGENT 
 SECTION 8.1. Replacement of Subordination Agent; Appointment of Successor. The Subordination Agent may resign
at any time by so notifying each other party hereto. The Controlling Party may remove the Subordination Agent for cause by so notifying the Subordination Agent and may appoint a successor Subordination Agent. The Controlling Party shall remove the
Subordination Agent if: 
 (1) the Subordination Agent fails to comply with Section 6.9 hereof; 

(2) the Subordination Agent is adjudged bankrupt or insolvent; 

(3) a receiver or other public officer takes charge of the Subordination Agent or its property; or 

(4) the Subordination Agent otherwise becomes incapable of acting. 

If the Subordination Agent resigns or is removed or if a vacancy exists in the office of Subordination Agent for any reason (the Subordination
Agent in such event being referred to herein as the retiring Subordination Agent), the Controlling Party shall promptly appoint a successor Subordination Agent. 

  
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 A successor Subordination Agent shall deliver (x) a written acceptance of its
appointment as Subordination Agent hereunder to the retiring Subordination Agent and (y) a written assumption of its obligations hereunder to each party hereto, upon which the resignation or removal of the retiring Subordination Agent shall
become effective, and the successor Subordination Agent shall have all the rights, powers and duties of the Subordination Agent under this Agreement. The successor Subordination Agent shall mail a notice of its succession to each other party hereto.
The retiring Subordination Agent shall promptly transfer its rights to all of the property held by it as Subordination Agent to the successor Subordination Agent. 

If a successor Subordination Agent does not take office within 60 days after the retiring Subordination Agent resigns or is removed, the
retiring Subordination Agent or one or more of the Trustees may petition any court of competent jurisdiction for the appointment of a successor Subordination Agent. 

If the Subordination Agent fails to comply with Section 6.9 hereof (to the extent applicable), one or more of the Trustees may petition
any court of competent jurisdiction for the removal of the Subordination Agent and the appointment of a successor Subordination Agent. 

Notwithstanding the foregoing, no resignation or removal of the Subordination Agent shall be effective unless and until a successor has been
appointed. If any Class of Certificates is then rated, no appointment of a successor Subordination Agent shall be effective unless and until each Rating Agency shall have delivered a Ratings Confirmation. 

ARTICLE IX 
 SUPPLEMENTS AND
AMENDMENTS 
 SECTION 9.1. Amendments, Waivers, Possible Future Issuance of an Additional Class of Certificates,
etc . (a) This Agreement may not be supplemented, amended or modified without the consent of each Trustee (acting, except in the case of any amendment contemplated by the last sentence of this Section 9.1(a), with the consent of
holders of Certificates of the related Class evidencing interests in the related Trust aggregating not less than a majority in interest in such Trust or as otherwise authorized pursuant to the relevant Trust Agreement), and the Subordination
Agent; provided, however, that this Agreement may be supplemented, amended or modified without the consent of any Trustee if such supplement, amendment or modification (i) is in accordance with Section 9.1(c) or
Section 9.1(d) hereof or (ii) cures an ambiguity or inconsistency or does not materially adversely affect such Trustee, the holders of the related Class of Certificates; provided further, however, that, if such
supplement, amendment or modification (A) would (x) directly or indirectly modify or supersede, or otherwise conflict with, Section 2.2(b), the last sentence of this Section 9.1(a), Section 9.1(c), Section 9.1(d), the second
sentence of Section 10.6 or this proviso (collectively, the “Sun Country Provisions”) or (y) otherwise adversely affect the interests of Sun Country with respect to its payment obligations under any Operative Agreement, or
(B) is made pursuant to the last sentence of this Section 9.1(a) or pursuant to Section 9.1(c) or Section 9.1(d), then such 

  
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supplement, amendment or modification shall not be effective without the additional written consent of Sun Country or (iii) if such supplement, amendment or modification would directly or
indirectly amend, modify or supersede, or otherwise conflict with, the last two sentences of Section 4.1(a)(i), then such supplement, amendment or modification shall not be effective without the unanimous consent of each Certificateholder.
Notwithstanding the foregoing, without the consent of each Certificateholder, no supplement, amendment or modification of this Agreement may (i) reduce the percentage of the interest in any Trust evidenced by the Certificates issued by such
Trust necessary to consent to modify or amend any provision of this Agreement or to waive compliance therewith or (ii) except as provided in this Section 9.1(a), Section 9.1(c) or Section 9.1(d), modify Section 2.4 or 3.2
hereof, relating to the distribution of monies received by the Subordination Agent hereunder from the Equipment Notes. Nothing contained in this Section shall require the consent of a Trustee at any time following the payment of Final Distributions
with respect to the related Class of Certificates. 
 (b) In the event that the Subordination Agent, as the registered holder of any
Equipment Notes, receives a request for the giving of any notice or for its consent to any amendment, supplement, modification, consent or waiver under such Equipment Notes, the Indenture pursuant to which such Equipment Notes were issued, or the
related Participation Agreement or other related document, (i) if no Indenture Default shall have occurred and be continuing with respect to such Indenture, the Subordination Agent shall request directions with respect to each Series of such
Equipment Notes from the Trustee of the Trust which holds such Equipment Notes and shall vote or consent in accordance with the directions of such Trustee, and (ii) if any Indenture Default shall have occurred and be continuing with respect to
such Indenture, the Subordination Agent will exercise its voting rights with respect to such Equipment Notes as directed by the Controlling Party (subject to Sections 4.1 and 4.4 hereof); provided that no such amendment, supplement,
modification, consent or waiver shall, without the consent of each affected Certificateholder, (A) reduce the amount of principal or interest payable by Sun Country under any Equipment Note, (B) change the time of payment or method of
calculation of any amount under any Equipment Note or (C) directly or indirectly amend, modify or supersede, or otherwise conflict with, the requirement that any disposition shall be conducted in a commercially reasonable manner and in
accordance with applicable law, including Article 9 of the Uniform Commercial Code as in effect in any applicable jurisdiction (including Sections 9-610 and 9-627
thereof) and, to the extent a Bankruptcy Event has occurred and is continuing, the Bankruptcy Code. 
 (c) If the Series B Equipment Notes
issued with respect to all of the Aircraft are repaid and re-issued in accordance with the terms of Section 4(a)(vi) of the Note Purchase Agreement, or any series of Additional Equipment Notes issued
pursuant to Section 9.1(d) are repaid and re-issued in accordance with Section 4(a)(vi) of the Note Purchase Agreement, such series of re-issued Equipment
Notes (the “Refinancing Equipment Notes”) shall be issued to a new pass through trust (a “Refinancing Trust”) that issues a class of pass through certificates (the “Refinancing Certificates”) to
certificateholders (the “Refinancing Certificateholders”) pursuant to a pass through trust agreement (a “Refinancing Trust Agreement”) with a trustee (a “Refinancing Trustee”). A Refinancing Trust,
a Refinancing Trustee and the Refinancing Certificates shall be subject to all of the provisions of this Agreement in the same manner as the Class B Trust or the applicable Additional Trust, the Class B Trustee or the applicable Additional
Trustee and the Class B Certificates or the applicable Additional Certificates, whichever 

  
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corresponds to the series of the refinanced Equipment Notes, including the subordination of the Refinancing Certificates to the Administration Expenses, and the Class A Certificates and, if
applicable, the Class B Certificates and, if applicable, any previously issued class of Additional Certificates. Such issuance of Refinancing Equipment Notes and Refinancing Certificates and the amendment of this Agreement as provided below
shall require Ratings Confirmation (if any Class is then rated) and shall not materially adversely affect any of the Trustees. This Agreement shall be amended by written agreement of Sun Country and the Subordination Agent to give effect to the
issuance of any Refinancing Certificates subject to the following terms and conditions: 
 (i) the Refinancing Trustee shall
be added as a party to this Agreement; 
 (ii) the definitions of “Certificate”, “Class”,
“Class B Certificates” (if applicable), “Final Legal Distribution Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable definitions) shall be revised, as
appropriate, to reflect such issuance (and the subordination of the Refinancing Certificates and the Refinancing Equipment Notes); 

(iii) the Refinancing Certificates may be rated by one or more Rating Agencies, and may allow for payment in kind of interest
in a manner similar to the PIK Amounts; 
 (iv) the Refinancing Certificates cannot be issued to Sun Country but may be
issued to any of Sun Country’s Affiliates so long as such Affiliate shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents and any subsequent transfer of the Refinancing
Certificates to any Affiliate of Sun Country shall be similarly restricted; and 
 (v) the scheduled payment dates on the
Refinancing Equipment Notes shall be on the Regular Distribution Dates. 
 The issuance of the Refinancing Certificates in compliance with
all of the foregoing terms of this Section 9.1(c) shall not require the consent of any of the Trustees or the holders of any Class of Certificates. 

(d) Pursuant to the terms of Section 2.02 of each Indenture and Section 4(a)(vi) of the Note Purchase Agreement, one or more
additional series of Equipment Notes (the “Additional Equipment Notes”), which shall be subordinated in right of payment to the Series A Equipment Notes and the Series B Equipment Notes under such Indenture, may be issued at any
time, and from time to time, on or after the final Closing Date. If any series of Additional Equipment Notes are issued under one or more of the Indentures, each such series of Additional Equipment Notes shall be issued to a new pass through trust
(an “Additional Trust”) that issues a class of pass through certificates (the “Additional Certificates”) to certificateholders (the “Additional Certificateholders”) pursuant to a pass through trust
agreement (an “Additional Trust Agreement”) with a trustee (an “Additional Trustee”). In such case, this Agreement shall be amended by written agreement of Sun Country and the Subordination Agent to provide for the
subordination of the Additional Certificates to the Administration Expenses, the Class A 

  
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Certificates and the Class B Certificates, if applicable, any previously issued class of Additional Certificates (subject to clause (iii) below). Such issuance and the amendment of this
Agreement as provided below shall require Ratings Confirmation (if applicable) and shall not materially adversely affect any of the Trustees. This Agreement shall be amended by written agreement of Sun Country and the Subordination Agent to give
effect to the issuance of any Additional Certificates subject to the following terms and conditions: 
 (i) the Additional Trustee shall be
added as a party to this Agreement; 
 (ii) the definitions of “Certificate”, “Class”, “Equipment Notes”,
“Final Legal Distribution Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable definitions) shall be revised, as appropriate, to reflect the issuance of the Additional
Certificates (and the subordination thereof); 
 (iii) Section 3.2 may be revised to provide for the distribution of “PIK
Amounts” (calculated in a manner similar to the calculation of PIK Amounts for the Class B Certificates) and “Adjusted Interest” (calculated in a manner substantially similar to the calculation of Class B Adjusted Interest)
for such class of Additional Certificates after the Class B Adjusted Interest (and, if applicable, after any “Adjusted Interest” for any previously issued class of Additional Certificates) but before Expected Distributions on the
Class A Certificates; 
 (iv) the Additional Certificates may be rated by one or more Rating Agencies; 

(v) the Additional Certificates may allow for payment in kind of interest as “PIK Amounts” in a manner similar to the PIK Amounts in
respect of the Class B Certificates; 
 (vi) the Additional Certificates cannot be issued to Sun Country but may be issued to any of
Sun Country’s Affiliates so long as such Affiliate shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents and any subsequent transfer of the Additional Certificates to
any Affiliate of Sun Country shall be similarly restricted; 
 (vii) the provisions of this Agreement governing payments with respect to
Certificates and related notices, including Sections 2.4, 3.1 and 3.2, shall be revised to provide for distributions on such class of the Additional Certificates after payment of Administration Expenses, the Class A Certificates and the
Class B Certificates (and, if applicable, any previously issued class of Additional Certificates), subject to clause (iii) above; and 

(viii) the scheduled payment dates on such series of Additional Equipment Notes shall be on the Regular Distribution Dates. 

The issuance of the Additional Certificates in compliance with all of the foregoing terms of this Section 9.1(d) shall not require the
consent of any of the Trustees or the holders of any Class of Certificates. 
 SECTION 9.2. Subordination Agent Protected. If,
in the reasonable opinion of the institution acting as the Subordination Agent hereunder, any document required to be executed pursuant to the terms of Section 9.1 affects any right, duty, immunity or indemnity with respect to it under this
Agreement, the Subordination Agent may in its discretion decline to execute such document. 

  
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 SECTION 9.3. Effect of Supplemental Agreements. Upon the execution of any amendment,
consent or supplement hereto pursuant to the provisions hereof, this Agreement shall be and be deemed to be and shall be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and
immunities under this Agreement of the parties hereto and beneficiaries hereof shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any
such amendment, consent or supplement shall be and be deemed to be and shall be part of the terms and conditions of this Agreement for any and all purposes. In executing or accepting any amendment, consent or supplement permitted by this Article IX,
the Subordination Agent shall be entitled to receive, and shall be fully protected in relying upon, an opinion of counsel stating that the execution of such amendment, consent or supplement is authorized or permitted by this Agreement. 

SECTION 9.4. Notice to Rating Agency. Promptly upon receipt of any amendment, consent, modification, supplement or
waiver contemplated by this Article IX and prior to taking any action required to be taken thereunder, the Subordination Agent shall send a copy thereof to each Rating Agency. 

ARTICLE X 
 MISCELLANEOUS 

SECTION 10.1. Termination of Intercreditor Agreement. Following payment of Final Distributions with respect to each Class of
Certificates and provided that there shall then be no other amounts due to the Certificateholders, the Trustees and the Subordination Agent hereunder or under the Trust Agreements, this Agreement and the trusts created hereby shall terminate
and this Agreement shall be of no further force or effect. Except as aforesaid or otherwise provided, this Agreement and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof. 

SECTION 10.2. Intercreditor Agreement for Benefit of Trustees and Subordination Agent. Subject to the second sentence of
Section 10.6 and the provisions of Sections 4.4 and 9.1, nothing in this Agreement, whether express or implied, shall be construed to give to any Person other than the Trustees and the Subordination Agent any legal or equitable right,
remedy or claim under or in respect of this Agreement. 
 SECTION 10.3. Notices. Unless otherwise expressly specified or permitted by
the terms hereof, all notices, requests, demands, authorizations, directions, consents, waivers or documents provided or permitted by this Agreement to be made, given, furnished or filed shall be in writing, mailed by certified mail, postage
prepaid, or by confirmed telecopy and 
  

	 	(i)	 if to the Subordination Agent, addressed to at its office at: 



Wilmington Trust, National Association 

1100 N. Market Street 

  
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 Wilmington, DE 19890-1605 

Attention: Corporate Trust Administration 

Telecopy: (302) 636-4140 

Email: cmay@wilmingtontrust.com 
  

	 	(ii)	 if to any Trustee, addressed to it at its office at: 



Wilmington Trust, National Association 

1100 N. Market Street 

Wilmington, DE 19890-1605 

Attention: Corporate Trust Administration 

Telecopy: (302) 636-4140 

Email: cmay@wilmingtontrust.com 

Whenever any notice in writing is required to be given by any Trustee or the Subordination Agent to any of the other of them, such notice
shall be deemed given and such requirement satisfied when such notice is received. Any party hereto may change the address to which notices to such party will be sent by giving notice of such change to the other parties to this Agreement. 

SECTION 10.4. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 SECTION 10.5. No Oral Modifications or Continuing Waivers. No terms or provisions of
this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party or other Person against whom enforcement of the change, waiver, discharge or termination is sought and any other party
or other Person whose consent is required pursuant to this Agreement and any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given. 

SECTION 10.6. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of,
each of the parties hereto and the successors and assigns of each, all as herein provided. In addition, the Sun Country Provisions shall inure to the benefit of Sun Country and its successors and assigns, and (without limitation of the foregoing)
Sun Country is hereby constituted, and agreed to be, an express third party beneficiary of the Sun Country Provisions. 
 SECTION 10.7.
Headings. The headings of the various Articles and Sections herein and in the table of contents hereto are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

SECTION 10.8. Counterpart Form. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same agreement. 

  
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 SECTION 10.9. Subordination. (a) If any Trustee or the Subordination Agent
receives any payment in respect of any obligations owing hereunder, which is subsequently invalidated, declared preferential, set aside and/or required to be repaid to a trustee, receiver or other party, then, to the extent of such payment, such
obligations intended to be satisfied shall be revived and continue in full force and effect as if such payment had not been received. 
 (b)
Each of the Trustees (on behalf of themselves and the holders of the Certificates) and the Subordination Agent may take any of the following actions without impairing their rights under this Agreement: 

(i) obtain a Lien on any property to secure any amounts owing to it hereunder, 

(ii) obtain the primary or secondary obligation of any other obligor with respect to any amounts owing to it hereunder, 

(iii) renew, extend, increase, alter or exchange any amounts owing to it hereunder, or release or compromise any obligation of
any obligor with respect thereto, 
 (iv) refrain from exercising any right or remedy, or delay in exercising such right or
remedy, which it may have, or 
 (v) take any other action which might discharge a subordinated party or a surety under
applicable law; 
 provided, however, that the taking of any such actions by any of the Trustees or the Subordination Agent shall not
prejudice the rights or adversely affect the obligations of any other party under this Agreement. 
 SECTION 10.10. Governing Law.
THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 

SECTION 10.11. Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity. 

(a) Each of the parties hereto hereby irrevocably and unconditionally: 

(i) submits for itself and its property in any legal action or proceeding relating to this Agreement or any other Operative
Agreement, or for recognition and enforcement of any judgment in respect hereof or thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New
York, and the appellate courts from any thereof; 
 (ii) consents that any such action or proceeding may be brought in such
courts, and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 


  
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 (iii) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to each party hereto at its address set forth in Section 10.3 hereof, or at such other address of which the other
parties shall have been notified pursuant thereto; and 
 (iv) agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction. 
 (b) EACH OF THE
PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE
RELATIONSHIP THAT IS BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty claims and all other common law and statutory claims. Each of the parties warrants and represents that it has reviewed this waiver
with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following consultation with such legal counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO
ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective officers thereunto duly authorized, as of the day and year first above written, and acknowledge that this Agreement has been made and delivered in the City of New York, and this Agreement has become effective only upon such
execution and delivery. 
  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee for each of the Trusts
		
	By	 	  

	Name:	 	
	Title:	 	
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity except as expressly set forth herein but solely as Subordination Agent and Trustee
		
	By	 	  

	Name:	 	
	Title: