EX-10.4



 Exhibit 10.4 
 INTERCOMPANY SUBORDINATION AGREEMENT 
 This INTERCOMPANY SUBORDINATION
AGREEMENT (this “Agreement”), dated as of May 2, 2013, is entered into by and among the Obligors listed on the signature pages hereof and those additional entities that hereafter become parties hereto by joinder
(collectively, jointly, and severally, the “Obligors” and each, individually, an “Obligor”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells
Fargo”), in its capacity as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”), in light of the
following: 
 WHEREAS, pursuant to that certain Credit Agreement of even date herewith (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”; 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; 
 WHEREAS, each Obligor has made or may make certain loans or advances from time to time to one or
more other Obligors; and 
 WHEREAS, in order to induce Agent and the Lender Group to enter into the Credit Agreement and
the other Loan Documents and to induce the Lender Group and the Bank Product Providers to make financial accommodations to Borrowers pursuant to the Loan Documents and the Bank Product Agreements, and in consideration thereof, and in consideration
of any loans or other financial accommodations heretofore or hereafter extended by the below defined Lender Group and the Bank Product Providers to Borrowers pursuant to the Loan Documents or the Bank Product Agreements, each Obligor has agreed to
subordinate the indebtedness of each other Obligor owed to such Obligor to the below defined Senior Debt upon the terms and subject to the conditions set forth in this Agreement. 

NOW, THEREFORE, for and in consideration of the mutual promises, covenants, conditions, representations, and warranties set forth
herein and for other good and valuable consideration, the receipt, sufficiency, and adequacy of which are hereby acknowledged, each Obligor and Agent hereby agree as follows: 
 SECTION 1 Definitions and Construction. 
 (a) Terms Defined in Credit
Agreement. All initially capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 (b) Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 
 “Agent” has the meaning specified therefor in the preamble hereto. 
 “Agreement” has the meaning specified therefor in the preamble hereto. 

  
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 “Borrower” and “Borrowers” have the respective meanings
specified therefor in the recitals hereto. 
 “Credit Agreement” has the meaning specified therefor in the
recitals hereto. 
 “Creditor Obligor” has the meaning specified therefor in the definition of Subordinated
Debt. 
 “Debtor Obligor” has the meaning specified therefor in the definition of Subordinated Debt.

 “Discharge of Senior Debt” means the repayment in full of all Senior Debt, in each case, after or
concurrently with the termination or expiration of all commitments, if any, to make loans, advances or otherwise extend credit that would constitute Senior Debt. 
 “Event of Default” has the meaning specified therefor in the Credit Agreement. 
 “Guaranty and Security Agreement” has the meaning specified therefor in the Credit Agreement. 
 “Indebtedness” has the meaning specified therefor in the Credit Agreement. 
 “Insolvency Event” has the meaning specified therefor in Section 3. 
 “Lender Group” has the meaning specified therefor in the Credit Agreement. 
 “Lender Group Expenses” has the meaning specified therefor in the Credit Agreement. 
 “Lender” and “Lenders” have the respective meanings specified therefor in the recitals to this Agreement. 

“Obligations” has the meaning specified therefor in the Credit Agreement. 

“Obligor” and “Obligors” have the respective meanings specified therefor in the preamble hereto.

 “Senior Debt” means all obligations (including the Obligations and the Indebtedness evidenced by the
Guaranty (as defined in the Guaranty and Security Agreement)) and all amounts owing, due, or secured under, or in connection with, the terms of, or evidenced by, the Credit Agreement, any other Loan Document or Bank Product Agreement, whether now
existing or arising hereafter, including all principal, premium, interest, fees, attorneys fees, costs, charges, expenses, reimbursement obligations, obligations to post cash collateral in respect of Letters of Credit or Bank Product Obligations or
indemnities in respect thereof, any other indemnities or guarantees, and all other amounts payable under or secured by any Loan Document or Bank Product Agreement (including, in each case, all amounts accruing on or after the commencement of any
Insolvency Proceeding relating to any Loan Party, or that would have accrued or become due under the terms of any Loan Document or Bank Product Agreement but for the commencement of any Insolvency Proceeding with respect to any Loan Party and
irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency Proceeding). 

  
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 “Subordinated Debt” means, with respect to each Obligor (each, in its role
as a creditor, a “Creditor Obligor”), all Indebtedness, liabilities, and other obligations, whether now existing or arising hereafter, of any other Obligor (each, in its role as a debtor, a “Debtor Obligor”),
including all principal, premium, interest, fees, attorneys fees, costs, charges, expenses, reimbursement obligations and any other amounts, in each case, that are owing or due to the Creditor Obligor by such Debtor Obligor, whether now existing or
hereafter arising, and whether due or to become due, absolute or contingent, liquidated or unliquidated, determined or undetermined, including all fees and all other amounts payable by such Debtor Obligor to such Creditor Obligor under or in
connection with any documents or instruments related thereto. 
 “Subordinated Debt Payment” means any payment
or distribution by or on behalf of any of the Obligors, directly or indirectly, of assets of any of the Obligors of any kind or character, whether in cash, property, or securities, including on account of the purchase, redemption, or other
acquisition of Subordinated Debt, as a result of any collection, sale, or other disposition of Collateral, or by setoff, exchange, or in any other manner, for or on account of the Subordinated Debt. 

(c) Construction. Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular,
references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase
“and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Section,
subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions,
modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements set forth herein or in the Credit Agreement). The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties. Any reference herein to the satisfaction, repayment, or payment in full of the Senior Debt (including in the definition of “Discharge of Senior Debt”) shall mean (i) the payment or repayment in full in
immediately available funds of (A) the principal amount of, and interest accrued with respect to, all outstanding Loans, together with the payment of any premium applicable to the repayment of the Loans, (B) all Lender Group Expenses that
have accrued regardless of whether demand has been made therefor, (C) all fees or charges that have accrued hereunder or under any other Loan Document (including the Letter of Credit Fee and the Unused Line Fee), (ii) in the case of
contingent reimbursement obligations with respect to Letters of Credit, providing Letter of Credit Collateralization, (iii) in the case of obligations with respect to Bank Products (other than Hedge Obligations), providing Bank Product
Collateralization, (iv) the receipt by Agent of cash collateral in order to secure any other contingent Senior Debt for which a claim or demand for payment has been made at such time or in respect of matters or circumstances known to Agent or a
Lender at the time that are reasonably expected to result in any loss, cost, damage or expense (including attorneys fees and legal expenses), such cash collateral to be in such amount as Agent reasonably determines is appropriate to secure such
contingent Senior Debt, (v) the payment or repayment in full in immediately available funds of all other Senior Debt (including the payment of any termination amount then applicable (or which would or could become applicable as a result of the
repayment of the other Senior Debt) under Hedge Agreements provided by Hedge Providers) other than (A) unasserted contingent indemnification obligations, (B) any Bank Product Obligations (other than Hedge Obligations) that, at such time,
are allowed by the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized, and (C) any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain
outstanding without being required to be repaid, and (vi) the termination of all of the Commitments of the Lenders. Any reference herein to any Person shall 

  
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be construed to include such Person’s successors and assigns. Any requirement of a writing contained herein shall be satisfied by the transmission of a Record. The captions and headings of
this Agreement are for convenience of reference only and shall not affect the construction of this Agreement. 
 SECTION 2
Subordination to Payment of Senior Debt. All payments on account of the Subordinated Debt shall be subject, subordinate, and junior, in right of payment and exercise of remedies, to the extent and in the manner set forth herein, to the
Discharge of Senior Debt. 
 SECTION 3 Subordination upon Any Distribution of Assets of the Obligors. In the event of any
payment or distribution of assets of any Debtor Obligor of any kind or character, whether in cash, property, or securities, upon the dissolution, winding up, or total or partial liquidation or reorganization, readjustment, arrangement, or similar
proceeding relating to such Debtor Obligor or its property, whether voluntary or involuntary, or in bankruptcy, insolvency, receivership, arrangement, or similar proceedings or upon an assignment for the benefit of creditors, or upon any other
marshaling or composition of the assets and liabilities of such Debtor Obligor, or upon the occurrence of an Insolvency Proceeding, or otherwise (such events, collectively, the “Insolvency Events”): (a) the Discharge of Senior
Debt must have occurred before any Subordinated Debt Payment is made; and (b) any Subordinated Debt Payment to which any Creditor Obligor would be entitled except for the provisions hereof, shall be paid or delivered by the trustee in
bankruptcy, receiver, assignee for the benefit of creditors, or other liquidating lender making such payment or distribution directly to Agent for application to the payment of the Senior Debt until the Discharge of Senior Debt has occurred, after
giving effect to any concurrent payment or distribution or provision therefor to Agent or any member of the Lender Group or any Bank Product Provider in respect of such Senior Debt. 

SECTION 4 Payments on Subordinated Debt. 
 (a) Permitted Payments. So long as no Event of Default has occurred and is continuing, each Debtor Obligor may make, and each Creditor Obligor shall be entitled to accept and receive Subordinated
Debt Payments to the extent not prohibited under the Credit Agreement. 
 (b) No Payment upon Senior Debt Defaults. Upon
the occurrence and during the continuance of any Event of Default, and until such Event of Default is waived in accordance with the Credit Agreement, no Debtor Obligor shall make, and no Creditor Obligor shall accept or receive, any Subordinated
Debt Payment. For the avoidance of doubt, once such Event of Default is cured or waived, and so long as no other Event of Default has occurred and is continuing, any Debtor Obligor may make and any Creditor Obligor may accept or receive any
Subordinated Debt payment, including payments scheduled for the period of time when such Event of Default existed to the extent permitted by the Credit Agreement. 
 SECTION 5 Subordination of Remedies. Until the Discharge of Senior Debt has occurred, whether or not any Insolvency Event has occurred, no Creditor Obligor will: 

(a) accelerate, make demand, or otherwise make due and payable prior to the original due date thereof any Subordinated Debt; 

(b) bring, commence, institute, prosecute, or participate in any lawsuit, action, or proceeding, whether private, judicial, equitable,
administrative, or otherwise to enforce its rights or interests in respect of the Subordinated Debt; 
 (c) exercise any rights
under or with respect to guaranties of the Subordinated Debt, if any; 

  
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 (d) exercise any of its rights or remedies in connection with the Subordinated Debt with
respect to any Collateral of any Debtor Obligor; 
 (e) exercise any right to set-off or counterclaim in respect of any
Indebtedness, liabilities, or obligations of such Creditor Obligor to any Debtor Obligor against any of the Subordinated Debt; 

(f) in its capacity as a Creditor Obligor, contest, protest, or object to any exercise of secured creditor remedies by Agent, any other
member of the Lender Group, or any Bank Product Provider in connection with the Senior Debt; 
 (g) object to any forbearance by
Agent, any other member of the Lender Group, or any Bank Product Provider in connection with the Senior Debt; or 
 (h)
commence, or cause to be commenced, or join with any creditor other than Agent or any Lender in commencing, any Insolvency Proceeding against any Debtor Obligor. 
 SECTION 6 Payment over to Agent. In the event that, notwithstanding the provisions of Sections 2, 3, 4, and 5, any Subordinated Debt Payments shall be received in
contravention of such Sections 2, 3, 4, or 5 by any Creditor Obligor before the Discharge of Senior Debt has occurred, such Subordinated Debt Payments shall be segregated and held in trust for the benefit of the
Lender Group and the Bank Product Providers and shall be forthwith paid over or delivered to Agent, in the same form as received and with any necessary endorsements, for application to the payment of the Senior Debt in accordance with the terms of
the Loan Documents and the Bank Product Agreements. Agent is authorized to make any such endorsements as Agent for the Creditor Obligors. Such authorization is coupled with an interest and is irrevocable until the Discharge of Senior Debt.

 SECTION 7 Authorization to Agent. If, while any Subordinated Debt is outstanding and before Discharge of Senior Debt
has occurred, any Insolvency Event shall occur and be continuing with respect to any Debtor Obligor or its property: (a) Agent hereby is irrevocably authorized and empowered (in the name of each Creditor Obligor or otherwise), but shall have no
obligation, to demand, sue for, collect, and receive every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated
Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests of Agent (or any member of the Lender Group or any Bank Product Provider) under any of the Loan Documents or any Bank Product Agreement;
and (b) each Creditor Obligor shall promptly take such action as Agent may reasonably request (i) to collect the Subordinated Debt for the account of the Lender Group and Bank Product Providers and to file appropriate claims or proofs of
claim in respect of the Subordinated Debt, (ii) to execute and deliver to Agent such powers of attorney, assignments, and other instruments as it may reasonably request to enable it to enforce any and all claims with respect to the Subordinated
Debt, and (iii) to collect and receive any and all Subordinated Debt Payments. 
 SECTION 8 Certain Agreements Of Each
Obligor. 
 (a) No Benefits. Each Obligor understands that there may be various agreements between the Lender Group
or the Bank Product Providers and any other Obligor evidencing and governing the Senior Debt, and each Obligor acknowledges and agrees that such agreements are not intended to confer any benefits on such Obligor unless such Obligor is also a party
thereto (in which case, the rights of such Obligor are as set forth therein) and that Agent and the other members of the Lender Group and the Bank Product Providers shall have no obligation to such Obligor or any other Person to


  
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exercise any rights, enforce any remedies, or take any actions which may be available to them under such agreements unless such Obligor is also a party thereto (in which case, the rights of such
Obligor are as set forth therein). 
 (b) No Interference. Each Obligor acknowledges that certain other Obligors have
granted to Agent for the benefit of the Lender Group and the Bank Product Providers security interests in substantially all of such other Obligor’s assets, and agrees not to interfere with or in any manner oppose a disposition of any Collateral
by Agent in accordance with the applicable Loan Documents, Bank Product Agreements or applicable law. 
 (c) Reliance by
Agent, Lender Group and the Bank Product Providers. Each Obligor acknowledges and agrees that Agent, each member of the Lender Group, and each Bank Product Provider will have relied upon and will continue to rely upon the subordination
provisions provided for herein and the other provisions hereof in entering into the Loan Documents or the Bank Product Agreements (as the case may be) and making or issuing the Loans, the Letters of Credit, or other financial accommodations
thereunder. 
 (d) Waivers. Except as provided under the Credit Agreement or any other Loan Document or any Bank Product
Agreement, each Obligor hereby waives any and all notice of the incurrence of the Senior Debt or any part thereof and any right to require marshaling of assets. 
 (e) Obligations of Each Obligor Not Affected. Each Creditor Obligor hereby agrees that at any time and from time to time, without notice to or the consent of such Creditor Obligor, without
incurring responsibility to such Creditor Obligor, and without impairing or releasing the subordination provided for herein or otherwise impairing the rights of Agent, any other member of the Lender Group, or any Bank Product Provider hereunder:
(i) the time for any Debtor Obligor’s performance of or compliance with any of its agreements contained in the Loan Documents or the Bank Product Agreements may be extended or such performance or compliance may be waived by Agent, any
other member of the Lender Group, or any Bank Product Provider; (ii) the agreements of any Debtor Obligor with respect to the Loan Documents or the Bank Product Agreements may from time to time be modified by such other Debtor Obligor, Agent,
any other member of the Lender Group, or any Bank Product Provider for the purpose of adding any requirements thereto or changing in any manner the rights and obligations of such Debtor Obligor, Agent, any other member of the Lender Group, or any
Bank Product Provider thereunder; (iii) the manner, place, or terms for payment by any Debtor Obligor of Senior Debt or any portion thereof may be altered or the terms for payment extended, or the Senior Debt of any Debtor Obligor may be
renewed in whole or in part; (iv) the maturity of the Senior Debt of any Debtor Obligor may be accelerated in accordance with the terms of any present or future agreement by any Debtor Obligor, Agent, any other member of the Lender Group, or
any Bank Product Provider; (v) any Collateral may be sold, exchanged, released, or substituted and any Lien in favor of Agent may be terminated, subordinated, or fail to be perfected or become unperfected; (vi) any Person liable in any
manner for Senior Debt may be discharged, released, or substituted; and (vii) all other rights against the Debtor Obligors, any other Person, or with respect to any Collateral may be exercised (or Agent, any other member of the Lender Group, or
any Bank Product Provider may waive or refrain from exercising such rights as provided in the Loan Documents, the Bank Product Agreements or under applicable law) in each case, in accordance with the applicable Loan Documents or Bank Product
Agreements and applicable law. 
 (f) Rights of Agent Not to Be Impaired. No right of Agent, any other member of the
Lender Group, or the Bank Product Providers to enforce the subordination provided for herein or to exercise its other rights hereunder shall at any time in any way be prejudiced or impaired by any act or failure to act by any Obligor, Agent, any
other member of the Lender Group, or any Bank Product Provider hereunder or under or in connection with the other Loan Documents or the Bank Product 

  
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Agreement or by any noncompliance by the other Obligors with the terms and provisions and covenants herein or in any other Loan Document or any Bank Product Agreement, regardless of any knowledge
thereof Agent, any other member of the Lender Group, or any Bank Product Provider may have or otherwise be charged with. 
 (g)
Financial Condition of the Obligors. No Obligor shall have any right to require Agent to obtain or disclose any information with respect to: (i) the financial condition or character of any other Obligor or the ability of any other
Obligor to pay and perform any or all of Senior Debt; (ii) the Senior Debt; (iii) the Collateral or other security for any or all of the Senior Debt; (iv) the existence or nonexistence of any guarantees of, or any other subordination
agreements with respect to, all or any part of the Senior Debt; (v) any action or inaction on the part of Agent or any other Person; or (vi) any other matter, fact, or occurrence whatsoever. 

(h) Acquisition of Liens or Guaranties. Except as expressly permitted by the Credit Agreement, no Creditor Obligor shall
(i) acquire any Lien on any asset of any Debtor Obligor or (ii) accept any guaranties from any other Obligor or from any other Subsidiary of any Loan Party for the Subordinated Debt. 

SECTION 9 Subrogation. With respect to any payments or distribution in cash, property, or other assets that any Creditor Obligor
pays over to Agent (for the benefit of the Lender Group and the Bank Product Providers) under the terms of this Agreement, each Creditor Obligor shall be subrogated to the rights of Agent, the other members of the Lender Group and the Bank Product
Providers; provided, however, that each Creditor Obligor agrees not to assert or enforce any such rights of subrogation it may acquire as a result of any such payment or distribution hereunder until the Discharge of Senior Debt has
occurred; provided further, however, that no Creditor Obligor shall exercise or enforce any such rights against any Debtor Obligor (including after the Discharge of Senior Debt) if all or any portion of the Senior Debt shall
have been satisfied in connection with an exercise of remedies by Agent in respect of the Equity Interests of such Debtor Obligor whether pursuant to the Guaranty and Security Agreement or otherwise. 

SECTION 10 Continuing Agreement; Reinstatement. 
 (a) Continuing Agreement. This Agreement is a continuing agreement of subordination and shall continue in effect and be binding upon each Obligor until the Discharge of Senior Debt has occurred.
The subordinations, agreements, and priorities set forth herein shall remain in full force and effect regardless of whether any party hereto in the future seeks to rescind, amend, terminate, or reform, by litigation or otherwise, its respective
agreements with the other Obligor. This Agreement shall be applicable both before and after the commencement of any Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of parties hereto in or to any
distributions from or in respect of any Collateral or proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a
subordination agreement within the meaning of Section 510 of the Bankruptcy Code. 
 (b) Reinstatement. This
Agreement shall continue to be effective or shall be reinstated (and the amount of Senior Debt shall be reinstated), as the case may be, if, for any reason, any payment of the Senior Debt shall be rescinded or must otherwise be restored by Agent,
any other member of the Lender Group, or any Bank Product Provider to any Loan Party, whether as a result of an Insolvency Event or otherwise. 
 SECTION 11 Transfer of Subordinated Debt. No Obligor may assign or transfer its rights and obligations in respect of the Subordinated Debt without the prior written consent of Agent, and any such
transferee or assignee, as a condition to acquiring an interest in the Subordinated Debt shall agree to be bound hereby, in form reasonably satisfactory to Agent. 

  
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 SECTION 12 Obligations of the Obligors Not Affected. The provisions of this Agreement
are intended solely for the purpose of defining the relative rights of each Creditor Obligor against each Debtor Obligor, on the one hand, and of Agent, the other members of the Lender Group, and the Bank Product Providers against each Creditor
Obligor, on the other hand. Nothing contained in this Agreement shall (i) impair, as between each Creditor Obligor and any Debtor Obligor, the obligation of the Debtor Obligor to pay its respective obligations with respect to the Subordinated
Debt as and when the same shall become due and payable, or (ii) otherwise affect the relative rights of any Creditor Obligor against any Debtor Obligor, on the one hand, and of the creditors (other than Agent, the other members of the Lender
Group, or the Bank Product Providers) of the Debtor Obligors against the Debtor Obligors, on the other hand. 
 SECTION 13
Endorsement of Obligor Documents; Further Assurances And Additional Acts. 
 (a) Endorsement of Obligor Documents.
Upon the written request of Agent, all documents and instruments evidencing any of the Subordinated Debt, if any, shall be endorsed with a legend noting that such documents and instruments are subject to this Agreement, and each Obligor shall
promptly deliver to Agent evidence of the same. 
 (b) Further Assurances and Additional Acts. Each Obligor shall
execute, acknowledge, deliver, file, notarize, and register at its own expense all such further agreements, instruments, certificates, financing statements, documents, and assurances, and perform such acts as Agent reasonably shall deem necessary or
appropriate to effectuate the purposes of this Agreement, and promptly provide Agent with evidence of the foregoing reasonably satisfactory in form and substance to Agent. 
 SECTION 14 Notices. All notices and other communications provided for hereunder shall be given in the form and manner provided in the Credit Agreement, and, if to Agent, shall be mailed, sent, or
delivered to Agent at its address as specified in the Credit Agreement and, if to any Obligor, shall be mailed, sent or delivered in care of [Administrative Borrower] in accordance with the notice provisions set forth in Credit Agreement or, as to
any party, at such other address as shall be designated by such party in a written notice to the other party in writing. 

SECTION 15 No Waiver; Cumulative Remedies. No failure on the part of Agent, any other member of the Lender Group, or any Bank
Product Provider to exercise, and no delay in exercising, any right, remedy, power, or privilege hereunder or under any other Loan Document or Bank Product Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any
such right, remedy, power, or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. The rights and remedies under this Agreement are cumulative and not exclusive of any rights,
remedies, powers, and privileges that may otherwise be available to Agent, the other members of the Lender Group, or any Bank Product Provider. 
 SECTION 16 Costs and Expenses. The Obligors, jointly and severally, agree to pay to Agent promptly after demand therefor all Lender Group Expenses in connection with this Agreement, including in
connection with the negotiation, preparation, execution, delivery, and administration of this Agreement, or any amendments, modifications, or waivers of the terms hereof, or the enforcement or attempted enforcement of, or preservation of rights or
interests under, this Agreement, including any losses incurred by Agent as a result of any failure by any Obligor to perform or observe its obligations contained in this Agreement. 

  
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 SECTION 17 Survival. All covenants, agreements, representations and warranties made
in this Agreement shall, except to the extent otherwise provided herein, survive the execution and delivery of this Agreement, and shall continue in full force and effect until the Discharge of Senior Debt has occurred. The foregoing to the contrary
notwithstanding, the obligations of each Obligor under Section 9 and Section 16 shall survive the Discharge of Senior Debt. 
 SECTION 18 Benefits of Agreement. This Agreement is entered into for the sole protection and benefit of the Obligors, the Agent, the other members of the Lender Group, and the Bank Product
Providers and their respective successors and assigns under the Credit Agreement, and no other Person shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause of action or claim in connection with, this Agreement.

 SECTION 19 Binding Effect. This Agreement shall be binding upon, inure to the benefit of and be enforceable by each
Obligor, Agent, the other members of the Lender Group, and Bank Product Providers and their respective successors and assigns under the Credit Agreement. 
 SECTION 20 Governing Law; Venue; Jury Trial Waiver; Judicial Reference Provision. THIS AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND
JUDICIAL REFERENCE SET FORTH IN SECTION 12 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 
 SECTION 21 Entire Agreement; Amendments and Waivers; Conflicts. 
 (a)
Entire Agreement. This Agreement, together with the other Loan Documents, constitutes the entire agreement of each of the Obligors and the Lender Group with respect to the matters set forth herein and shall not be contradicted or qualified by
any other agreement, oral or written, before the date hereof. 
 (b) Amendments and Waivers. No amendment to or waiver of
any provision of this Agreement shall in any event be effective unless the same shall be in writing and signed by each of the Obligors and Agent; and no waiver of any provision of this Agreement, or consent to any departure by any Obligor from any
provision hereof, shall in any event be effective unless the same shall be in writing and signed by Agent. Any such amendment, waiver, or consent shall be effective only in the specific instance and for the specific purpose for which given.

 (c) Conflicts with Subordinated Debt Documents. In case of any conflict or inconsistency between any terms of this
Agreement, on the one hand, and any documents or instruments in respect of the Subordinated Debt, on the other hand, then the terms of this Agreement shall control. 
 (d) Conflicts with Credit Agreement. In case of any conflict or inconsistency between any terms of this Agreement, on the one hand, and any of the terms and provisions of the Credit Agreement, on
the other hand, then the terms and provisions of the Credit Agreement shall control. 

  
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 SECTION 22 Severability of Provisions. Each provision of this Agreement shall be
severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 SECTION 23 Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against any member of the Lender Group, any Bank Product Provider, or any Obligor,
whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes
and intentions of all parties hereto. 
 SECTION 24 Counterparts; Telefacsimile or Other Electronic Delivery. This
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 agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party
delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall
not affect the validity, enforceability, and binding effect of this Agreement. 
 SECTION 25 New Subsidiaries. Each
Obligor shall cause any Subsidiary (whether by acquisition or formation) of any Loan Party that is required pursuant to Section 5.11 of the Credit Agreement to execute a joinder to the Guaranty and Security Agreement, within 10 days of
such acquisition or formation, to execute and deliver to Agent a joinder to this Agreement in a form reasonably satisfactory to Agent. Upon the execution and delivery of such a joinder by such Subsidiary, such Subsidiary shall become an Obligor
hereunder with the same force and effect as if originally named as an Obligor herein. The execution and delivery of any agreement or instrument adding an additional Obligor as a party to this Agreement shall not require the consent of any other
Obligor hereunder. The rights and obligations of each Obligor hereunder shall remain in full force and effect notwithstanding the addition of any new Obligor hereunder as though such new Obligor had originally been named an Obligor hereunder on the
date of this Agreement. 
 [signature pages follow] 

  
 -10-









 IN WITNESS WHEREOF, the undersigned have executed and delivered this Agreement as of the
date first written above. 
  

							
	OBLIGORS:	 		 	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 INTERCOMPANY SUBORDINATION AGREEMENT] 









							
		 		 	 EVERGREEN EQUITY, INC.,
 a Nevada corporation

				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  



  
 [SIGNATURE
PAGE TO INTERCOMPANY SUBORDINATION AGREEMENT] 









							
	AGENT:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 		 	a national banking association
				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 		 	Its Authorized Signatory


  
 [SIGNATURE
PAGE TO INTERCOMPANY SUBORDINATION AGREEMENT]