EX-10.5



 Exhibit 10.5 
 PATENT SECURITY AGREEMENT 
 This PATENT SECURITY AGREEMENT (this
“Patent Security Agreement”) is made this 2nd day of May 2013, by and among the Grantors listed on the signature pages hereof (collectively, jointly and severally, “Grantors” and each individually
“Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), in its capacity as agent for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns
in such capacity, “Agent”). 
 W I T N E S S E T
H: 
 WHEREAS, pursuant to that certain Credit Agreement dated as of May 2, 2013 (as amended, restated,
supplemented, or otherwise modified from time to time, the “Credit Agreement”) by and among ERICKSON AIR-CRANE INCORPORATED, a Delaware corporation (“EAC”), EVERGREEN HELICOPTERS, INC., an Oregon
corporation (“Evergreen”, and together with EAC, are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), the
lenders party thereto as “Lenders” (each of such Lenders, together with its successors and assigns, is referred to hereinafter as a “Lender”), Agent, and Wells Fargo, as lead arranger, as book runner, as syndication agent,
and as documentation agent, the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and 

WHEREAS, the members of Lender Group and the Bank Product Providers are willing to make the financial accommodations to Borrowers as
provided for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements, but only upon the condition, among others, that the Grantors shall have executed and delivered to Agent, for the benefit of the Lender Group and the
Bank Product Providers, that certain Guaranty and Security Agreement, dated as of May 2, 2013 (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented or otherwise modified, the
“Guaranty and Security Agreement”); and 
 WHEREAS, pursuant to the Guaranty and Security Agreement, Grantors
are required to execute and deliver to Agent, for the benefit of the Lender Group and the Bank Product Providers, this Patent Security Agreement; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each
Grantor hereby agrees as follows: 
 1. DEFINED TERMS. All initially capitalized terms used but not otherwise defined
herein have the meanings given to them in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Patent Security Agreement shall be subject to the rules of construction set forth in Section 1(b)
of the Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis. 
 2. GRANT OF SECURITY INTEREST IN PATENT COLLATERAL. Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit each member of the Lender Group and each of the Bank
Product Providers, to secure the Secured Obligations, a continuing security interest (referred to in this Patent Security Agreement as the “Security Interest”) in all of such Grantor’s right, title and interest in and to the
following, whether now owned or hereafter acquired or arising (collectively, the “Patent Collateral”): 
 (a)
all of its Patents and Patent Intellectual Property Licenses to which it is a party including those referred to on Schedule I; 







 (b) all divisionals, continuations, continuations-in-part, reissues, reexaminations, or
extensions of the foregoing; and 
 (c) all products and proceeds of the foregoing, including any claim by such Grantor against
third parties for past, present or future infringement of any Patent or any Patent exclusively licensed under any Intellectual Property License, including the right to receive damages, or right to receive license fees, royalties, and other
compensation under any Patent Intellectual Property License. 
 3. SECURITY FOR SECURED OBLIGATIONS. This Patent Security
Agreement and the Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Patent Security Agreement secures
the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them, whether or not they are
unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor. 
 4. SECURITY
AGREEMENT. The Security Interest granted pursuant to this Patent Security Agreement is granted in conjunction with the security interests granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, pursuant to the
Guaranty and Security Agreement. Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest in the Patent Collateral made and granted hereby are more fully set forth in the Guaranty and
Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. To the extent there is any inconsistency between this Patent Security Agreement and the Guaranty and Security Agreement, the
Guaranty and Security Agreement shall control. 
 5. AUTHORIZATION TO SUPPLEMENT. If any Grantor shall obtain rights to
any new patent application or issued patent or become entitled to the benefit of any patent application or patent for any divisional, continuation, continuation-in-part, reissue, or reexamination of any existing patent or patent application, the
provisions of this Patent Security Agreement shall automatically apply thereto. Without limiting Grantors’ obligations under this Section, Grantors hereby authorize Agent unilaterally to modify this Patent Security Agreement by amending
Schedule I to include any such new patent rights of each Grantor. Notwithstanding the foregoing, no failure to so modify this Patent Security Agreement or amend Schedule I shall in any way affect, invalidate or detract from
Agent’s continuing security interest in all Collateral, whether or not listed on Schedule I. 
 6.
COUNTERPARTS. This Patent Security Agreement is a Loan Document. This Patent Security Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall
be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Patent Security Agreement. Delivery of an executed counterpart of this Patent Security Agreement by telefacsimile or other electronic method of
transmission shall be equally as effective as delivery of an original executed counterpart of this Patent Security Agreement. Any party delivering an executed counterpart of this Patent Security Agreement by telefacsimile or other electronic method
of transmission also shall deliver an original executed counterpart of this Patent Security Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Patent
Security Agreement. 
 7. CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE PROVISION. THIS PATENT
SECURITY AGREEMENT SHALL BE SUBJECT TO 

  
 2 








 
THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 25 OF THE SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN
BY THIS REFERENCE, MUTATIS MUTANDIS. 
 [SIGNATURE PAGE FOLLOWS] 

  
 3 








 IN WITNESS WHEREOF, the parties hereto have caused this Patent Security Agreement to be
executed and delivered as of the day and year first above written. 
  

							
	GRANTORS:	 		 	 ERICKSON AIR-CRANE INCORPORATED,
 a Delaware corporation

				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	 EAC ACQUISITION CORPORATION,
 a Delaware corporation 

				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	 EVERGREEN HELICOPTERS, INC.,
 an Oregon corporation

				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	 EVERGREEN HELICOPTERS OF ALASKA, INC.,
 an Alaska corporation 

				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	 EVERGREEN HELICOPTERS INTERNATIONAL, INC.,
 a Texas corporation 

				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  


 [SIGNATURE PAGE TO PATENT SECURITY AGREEMENT] 

  








 
			
	 EVERGREEN EQUITY, INC.,
 a Nevada corporation

		
	By:	 	 /s/

	Name:	 	  

	Title:	 	  




  
 [SIGNATURE
PAGE TO PATENT SECURITY AGREEMENT] 









							
	AGENT:	 		 	ACCEPTED AND ACKNOWLEDGED BY:
			
		 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 		 	Its Authorized Signatory


  
 [SIGNATURE
PAGE TO PATENT SECURITY AGREEMENT] 








 SCHEDULE I 

to  

PATENT SECURITY AGREEMENT 
 Patents 
 Registrations: 

 

					
	 OWNER
	  	REGISTRATION
NUMBER	  	 DESCRIPTION

	 Erickson Air-Crane Incorporated
	  	6,644,595	  	FLUID LOADING SYSTEM
	 Erickson Air-Crane Incorporated
	  	6,874,734	  	FLUID LOADING SYSTEM

 Applications: None 
 Patent License 
 None.