Document:

Security Agreement

 EXHIBIT 10.3 
  
 SECURITY AGREEMENT 
  
 This SECURITY AGREEMENT is made as of February 15, 2006 (as amended, restated or otherwise modified from time to time, the “Security
Agreement”), between each of PEMCO AVIATION GROUP, INC., a Delaware corporation (the “Company”), each of the Subsidiaries of the Company identified on the signature pages hereto (the Company and each of such Subsidiaries,
together with any other Subsidiary of the Company that becomes a party hereto from time to time after the date hereof, the “Grantors”) and WACHOVIA BANK, NATIONAL ASSOCIATION, in its capacity as collateral agent for the Secured
Parties referred to below (together with any successors and assigns thereto in such capacity, the “Collateral Agent”). 
  
 The Grantors are party to the Note Purchase Agreement dated as of the date hereof (the “Note Purchase Agreement”) between each of the
Grantors and Silver Canyon Services, Inc., a Nevada corporation (the “Purchaser”), pursuant to which the Grantors are required to execute and deliver this Security Agreement. 
  
 Now, therefore, in consideration of the premises and to induce the Purchaser
to enter into the Note Purchase Agreement, the Grantors hereby agree with Collateral Agent, as follows: 
  
 1.1 Certain Defined Terms. 
  
 (a) All terms used in this Agreement and defined in Article 8 or Article 9 of the UCC (including terms that are not capitalized) and not otherwise defined
herein shall have the meanings set forth therein. Each capitalized term used and not otherwise defined herein shall have the meaning assigned to such term (whether directly or by reference to another agreement or document) in the Note Purchase
Agreement. 
  
 (b) In addition to the terms defined in the
preamble and the recitals, the following terms shall have the following respective meanings: 
  
 “Accounts” shall have the meaning assigned to that term in Section 2.1(c). 
  
 “Assigned Agreements” shall have the meaning assigned to that term in Section 2.1(i). 
  
 “Collateral” shall have the meaning assigned to that term in
Section 2.1. 
  
 “Copyright
Collateral” shall mean all Copyrights, whether now owned or hereafter acquired by the Grantors. 
  

 “Copyrights” shall mean, collectively, (a) all copyrights, copyright registrations
and applications for copyright registrations, (b) all renewals and extensions of all copyrights, copyright registrations and applications for copyright registration and (c) all rights, now existing or hereafter coming into existence,
(i) to all income, royalties, damages and other payments (including in respect of all past, present or future infringements) now or hereafter due or payable under or with respect to any of the foregoing, (ii) to sue for all past, present
and future infringements with respect to any of the foregoing and (iii) otherwise accruing under or pertaining to any of the foregoing throughout the world. 
  
 “Documents” shall have the meaning assigned to that term in Section 2.1(g). 
  
 “Equipment” shall have the meaning assigned to that term in
Section 2.1(f). 
  
 “Excluded Assets”
shall mean: 
  
 (a) any leases, permits, licenses or other
contracts or agreements or other assets or property (including, without limitation, licenses related to the use of Intellectual Property and contracts issued by the United States of America) to the extent that a grant of a Lien thereon under the
Security Documents (i) is prohibited by law or would constitute or result in the abandonment, invalidation or unenforceability of any right, title or interest of the grantor therein pursuant to the applicable law, or (ii) would require the
consent of third parties and such consent has not been obtained after the Company has used commercially reasonable efforts to try to obtain such consent, or (iii) other than as a result of requiring a consent of third parties that has not been
obtained, would result in a breach of the provisions thereof, or constitute a default under or result in a termination of, such lease, permit, license, contract or agreement (other than to the extent that any such provisions thereof would be
rendered ineffective pursuant to Section 9-406, 9-407 or 9-408 of the UCC or any other applicable law); provided, that, immediately upon the uneffectiveness, lapse or termination of the provisions that would be so breached or such breach,
default or termination or immediately upon the obtaining of any such consent, the Excluded Assets shall not include, and the Company or the applicable Grantor, as the case may be, shall pursuant to this Security Agreement and without need for
further action grant a security interest in, all such leases, permits, licenses, other contracts and agreements and such other assets and property as if such prohibition, the provisions that would be so breached or such breach, default or
termination had never been in effect and as if such consent had not been required; and 
  
 (b) any outstanding capital stock of a “controlled foreign corporation” (as defined in the Internal Revenue Code) in excess of 65% of the voting power of all classes of capital stock of such controlled
foreign corporation entitled to vote; provided that immediately upon the amendment of the Internal Revenue Code to allow the pledge of a greater percentage of the voting power of capital stock in a controlled foreign corporation without adverse tax
consequences, the Collateral shall include, and the Grantor shall be deemed to have granted a security interest in, such greater percentage of capital stock of each controlled foreign corporation. 
  
 “Intellectual Property” shall mean all Copyright Collateral,
all Patent Collateral and all Trademark Collateral, together with (a) all inventions, processes, production methods, proprietary information, know-how and trade secrets, (b) all licenses or user or other agreements 

  

 -2- 

 
granted to each Grantor with respect to any of the foregoing, in each case whether now or hereafter owned or used, (c) all information, customer lists,
identification of suppliers, data, plans, blueprints, specifications, designs, drawings, recorded knowledge, surveys, engineering reports, test reports, manuals, materials standards, processing standards, performance standards, catalogs, computer
and automatic machinery software and programs, (d) all field repair data, sales data and other information relating to sales or service of products now or hereafter manufactured, (e) all accounting information and all media in which or on
which any information or knowledge or data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data, (f) all Government Approvals now held or hereafter
obtained by each of the Grantors in respect of any of the foregoing and (g) all causes of action, claims and warranties now owned or hereafter acquired by each of the Grantors in respect of any of the foregoing. It is understood that
Intellectual Property shall include all of the foregoing owned or acquired by each of the Grantors anywhere throughout the world. 
  
 “Instruments” shall have the meaning assigned to that term in Section 2.1(d). 
  
 “Internal Revenue Code” shall mean the Internal Revenue Code
of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
  
 “Inventory” shall have the meaning assigned to that term in Section 2.1(e). 
  
 “Motor Vehicles” shall mean motor vehicles, trailers and
other like property, if title to any such property is governed by a certificate of title or ownership. 
  
 “Ownership Interests” shall have the meaning assigned to that term in Section 2.1(n)(ii). 
  
 “Patent Collateral” shall mean all Patents, whether now
owned or hereafter acquired by each of the Grantors. 
  
 “Patents” shall mean, collectively, (a) all patents and patent applications, (b) all reissues, divisions, continuations, renewals, extensions and continuations-in-part of all patents or patent applications and
(c) all rights, now existing or hereafter coming into existence, (i) to all income, royalties, damages, and other payments (including in respect of all past, present and future infringements) now or hereafter due or payable under or with
respect to any of the foregoing, (ii) to sue for all past, present and future infringements with respect to any of the foregoing and (iii) otherwise accruing under or pertaining to any of the foregoing throughout the world, including all
inventions and improvements described or discussed in all such patents and patent applications. 
  
 “Pledged Interests” shall have the meaning assigned to that term in Section 2.1(n). 
  
 “Secured Obligations” shall mean the sum of the following:
the obligations (including obligations of performance) and liabilities of the Obligors to any Holder of every kind and description whatsoever, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter incurred,
contracted or arising, or acquired by any Holder from any source, joint or several, liquidated or unliquidated, regardless of how they arise or by what agreement or 

  

 -3- 

 
instrument they may be evidenced or whether they are evidenced by any agreement or instrument, and whether incurred as maker, endorser, surety, guarantor,
general partner, drawer, tort-feasor, indemnitor, account party with respect to a letter of credit or otherwise, and in each case arising out of, incurred pursuant to and/or in connection with any Note Purchase Document (including under
Section 14 thereof), and any and all extensions and renewals of any of the same, including but not limited to the obligation: (1) to pay the principal of and interest on the Notes in accordance with the respective terms thereof and/or
hereof, including any and all extensions, modifications, and renewals thereof and substitutions therefor; and (2) to pay, repay or reimburse the Holders for all amounts owing under the Notes and any of the other Note Purchase Documents,
including all Indemnified Losses and Default Costs, and to pay, repay or reimburse the Collateral Agent for any costs and expenses incurred by it in connection with the enforcement of its and the Holders’ rights and remedies under this
Agreement and the other Note Purchase Documents to which it is a part, including in each case above, interest and other amounts that, but for the filing of a petition in bankruptcy or other insolvency proceeding, would accrue on any of the foregoing
such obligations, whether or not a claim is allowed against the bankrupt or insolvent party for such amounts in the related bankruptcy or insolvency proceeding. 
  

“Secured Parties” shall mean the Collateral Agent and the Holders (including the Purchaser). 
  
 “Senior Credit Collateral” shall mean all of the assets and
properties of the Grantors a security interest in which has been granted pursuant to the Wachovia Documents to or for the benefit of the lenders party thereto. 
  

“Senior Credit Facility” shall mean the Credit Agreement by and among the Grantors, Wachovia, Space Vector Corporation and Compass
Bank, dated as of December 16, 2002. 
  
 “Trademark
Collateral” shall mean all Trademarks, whether now owned or hereafter acquired by each of the Grantors. Notwithstanding the foregoing, the Trademark Collateral shall not include any Trademark which would be rendered invalid, abandoned, void
or unenforceable by reason of its being included as part of the Trademark Collateral. 
  
 “Trademarks” shall mean, collectively, (a) all trade names, trademarks and service marks, logos, trademark and service mark registrations and applications for trademark and service mark
registrations, (b) all renewals and extensions of any of the foregoing and (c) all rights, now existing or hereafter coming into existence, (i) to all income, royalties, damages and other payments (including in respect of all past,
present and future infringements) now or hereafter due or payable under or with respect to any of the foregoing, (ii) to sue for all past, present and future infringements with respect to any of the foregoing and (iii) otherwise accruing
under or pertaining to any of the foregoing throughout the world, together, in each case, with the product lines and goodwill of the business connected with the use of, or otherwise symbolized by, each such trade name, trademark and service mark.

  
 “Wachovia Documents” shall mean any documents
entered into between or among Wachovia Bank, National Association, and any of the Grantors in connection with the Senior Credit Facility. 
  

 -4- 

 (c) In this Agreement, unless otherwise specified, the following rules of interpretation apply:
references to Sections, Schedules, Exhibits and Parties are references to sections or sub-sections, schedules and exhibits of, and parties to, this Agreement; the section and other headings contained in this Agreement are for reference purposes only
and do not affect the meaning or interpretation of this Agreement; words importing the singular include the plural and vice versa; references to the word “including” do not imply any limitation and are therefore always deemed to be
followed by the phrase “without limitation”; the words “shall” and “will” have the same meaning; and the words “hereof”, “herein” and “hereunder” and words of similar import, when used in
this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement. 
  
 2. The Collateral 
  
 2.1 Grant. As collateral security for the prompt payment in full when due (whether at stated maturity, upon acceleration, on any optional or
mandatory prepayment date or otherwise) and performance of the Secured Obligations now existing or hereafter arising, each Grantor hereby pledges and grants to the Collateral Agent, for the benefit of the Secured Parties, a lien on and security
interest in all of its right, title and interest in and to all of its personal property (except for the Excluded Assets), including the following property, whether now owned or in the future acquired by it and whether now existing or in the future
coming into existence and wherever located (collectively, the “Collateral”): 
  
 (a) all “securities accounts” (within the meaning of Section 8-501 of the UCC), all deposit accounts and any and all other bank accounts and all monies, funds, instruments, securities and all other
property from time to time on deposit in or credited to any such securities account, deposit account or other bank account; 
  
 (b) all accounts and general intangibles (including payment intangibles and software) of such Grantor constituting a right to the payment of money,
whether or not earned by performance, including all moneys due and to become due to such Grantor in repayment of any loans or advances, in payment for goods (including Inventory and Equipment) sold or leased or for services rendered, in payment of
tax refunds, insurance refund claims and all other insurance claims and proceeds, tort claims, securities and other investment property (collectively, the “Accounts”); 
  
 (c) all instruments, chattel paper (whether tangible or electronic) or letter of credit rights (collectively, the
“Instruments”) and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any of the foregoing; 
  
 (d) all inventory and all other goods of such Grantor (including any embedded
software) that are held by such Grantor for sale, lease or furnishing under a contract of service (including to its Subsidiaries or Affiliates), that are so leased or furnished or that constitute raw materials, work in process or material used or
consumed in its business, all goods obtained by such Grantor in exchange for any such goods, all products made or processed from any such goods and all substances, if any, commingled with or added to any such goods (collectively, the
“Inventory”); 
  

 -5- 

 (e) all equipment of such Grantor (including any embedded software), all spare parts and related
supplies, including any of the foregoing obtained by such Grantor in exchange for any such equipment, spare parts and related supplies (collectively, the “Equipment”); 
  
 (f) all documents or other receipts of such Grantor covering, evidencing or representing Inventory or Equipment
(collectively, the “Documents”); 
  
 (g) all
general intangibles, including all contracts and other agreements of such Grantor relating to the sale or other disposition of all or any part of the Inventory, Equipment or Documents and all rights, warranties, claims and benefits of such Grantor
against any Person arising out of, relating to or in connection with all or any part of the Inventory, Equipment or Documents of such Grantor, including any such rights, warranties, claims or benefits against any Person storing or transporting any
such Inventory or Equipment or issuing any such Documents; 
  
 (h)
all agreements and contracts, in each case, to which such Grantor is a party or of which it is a beneficiary (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time), including each and every bond,
indemnity, warranty guaranty and other similar document relating to the performance by any party (other than such Grantor) of any of the foregoing (each such agreement, contract and document being, individually, an “Assigned
Agreement”, and, collectively, the “Assigned Agreements”); including: (A) all rights of such Grantor to receive moneys due and to become due under or pursuant to the Assigned Agreements, (B) all rights of such
Grantor to receive proceeds of any insurance, bond, indemnity, warranty or guaranty with respect to the Assigned Agreements, (C) all claims of such Grantor for damages arising out of or for breach of or default under the Assigned Agreements and
(D) all rights of such Grantor to terminate, amend, supplement, modify or waive performance under the Assigned Agreements, to perform thereunder and to compel performance and otherwise to exercise all remedies thereunder; 
  
 (i) all accounts of such Grantor not constituting Accounts, including, to the
extent related to all or any part of the other Collateral, 
  
 (j)
all other tangible and intangible property and fixtures of such Grantor, including all Intellectual Property; 
  
 (k) all Government Approvals now or hereafter held in the name, or for the benefit, of any Grantor (provided that any Government Approval which by its
terms or by operation of law would become void, voidable, terminable, or revocable if mortgaged, pledged or assigned hereunder or if a security interest therein was granted hereunder is expressly excepted and excluded from the Lien and terms of this
Agreement to the extent necessary so as to avoid such voidness, avoidability, terminability or revocability); 
  
 (l) all commercial tort claims arising out of the events described in Annex 2 (as it may be supplemented from time to time); 
  
 (m) all proceeds of insurance policies; 
  

 -6- 

 (n) all shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity interests in any person, or any obligations convertible into or exchangeable for, or giving any person a right, option or warrant to acquire, such equity interests or such convertible or
exchangeable obligations, including the membership interests of each issuer identified in Annex 1 next to the name of such Grantor and all other membership interests or shares of capital stock of whatever class of such issuer identified
on Annex 1, now or hereafter owned by such Grantor, and all certificates, if any, evidencing the same (collectively, the “Pledged Interests”), together with, in each case: 
  
 (i) all shares, securities, moneys or property representing
a dividend on any of the Pledged Interests, or representing a distribution or return of capital upon or in respect of the Pledged Interests, or resulting from a split-up, revision, reclassification or other like change of the Pledged Interests or
otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Interests, and 
  
 (ii) without affecting the obligations of such Grantor under any provision prohibiting such action hereunder
or under the Note Purchase Agreement, in the event of any consolidation or merger in which an issuer is not the surviving corporation or limited liability company, all shares of each class of the capital stock of the successor corporation or the
membership interests in the successor limited liability company (unless such successor corporation or limited liability company is such Grantor itself) formed by or resulting from such consolidation or merger (the Pledged Interests, together with
all other certificates, shares, securities, properties or moneys as may from time to time be pledged hereunder pursuant to this clause (ii) and clause (i) above being herein collectively called the “Ownership Interests”);
and 
  
 (o) all proceeds, rents, profits, income, benefits,
substitutions and replacements of and to any of the property of such Grantor described in the preceding clauses of this Section 2.1 (including all causes of action, claims and warranties now or hereafter held by such Grantor in respect
of any of the items listed above) and, to the extent related to any property described in such clauses or such proceeds, all books, correspondence, credit files, records, invoices and other documents, including all tapes, cards, computer runs and
other papers and documents in the possession or under the control of such Grantor or any computer bureau or service company from time to time acting for such Grantor. 
  
 Notwithstanding anything to the contrary and for avoidance of doubt, the Collateral shall not include any Excluded Assets.

  
 Notwithstanding anything above to the contrary, the Collateral
shall not include any item of property that is not a part of the Senior Credit Collateral as defined in and for the purposes of the Wachovia Documents as in effect on the date hereof, without giving effect to any releases of collateral under the
Wachovia Documents or any amendments or other modifications of the Wachovia Documents or termination of the Wachovia Documents after the date hereof that result in any reduction or diminution of the Senior Credit Collateral. 
  

 -7- 

 The parties acknowledge and agree that the priority of the security interest granted herein in favor of
the Holders shall be subject to the terms of the Intercreditor Agreement. 
  
 Each Grantor and the Collateral Agent hereby acknowledge and agree that the security interest created hereby in the Collateral is not, in and of itself, to be construed as a grant of a fee interest (as opposed to
security interest) in any Copyright, Patent or Trademark owned by such Grantor. 
  
 This Agreement, and the security interests and Liens granted and created herein, secures the payment and the performance of all Secured Obligations now or hereafter in effect, whether direct or indirect, absolute or
contingent, and whether for principal, reimbursement obligations, interest (including any interest accruing at the then applicable rate provided in the Notes or other Note Purchase Documents after the maturity of the Indebtedness thereunder and
reimbursement obligations therein and interest accruing at the then applicable rate provided in the Notes and other Note Purchase Documents after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding relating to either Grantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), fees, premiums, penalties, indemnifications, expenses or otherwise, and including all amounts that constitute
part of the Secured Obligations and would be owed by either Grantor but for the fact that they are unenforceable or not allowed due to a pending bankruptcy or other insolvency proceeding. 
  
 Notwithstanding anything herein to the contrary (a) each Grantor shall remain liable for all obligations under and in
respect of the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Collateral Agent or any other Secured Party, (b) each Grantor shall remain liable under each of the agreements and Governmental
Approvals included in the Collateral, including the Assigned Agreements, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and neither the Collateral Agent nor any
other Secured Party shall have any obligation or liability under any of such agreements or such Governmental Approvals by reason of or arising out of this Agreement or any other document related hereto nor shall the Collateral Agent or any other
Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to take any action to collect or enforce any rights under any agreement or Government Approval included in the
Collateral, including the Assigned Agreements, and (c) the exercise by the Collateral Agent of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts, agreements and Government
Approvals included in the Collateral, including the Assigned Agreements. 
  
 2.2 Perfection. (a) Not more than five (5) business days after the execution and delivery of this Agreement each Grantor shall (i) deliver to the Collateral Agent any certificate identified in
Annex 1, accompanied by undated stock powers or other similar documents, if any, duly executed in blank and (ii) subject to Section 2.5, deliver and pledge to the Collateral Agent any and all Instruments and promissory
notes, endorsed or accompanied by such instruments of assignment and transfer in such form and substance as shall be necessary to perfect and establish the priority (subject only to the Permitted Liens) of the Liens granted by this Agreement and
(b) promptly after the execution and delivery of this Agreement, each Grantor shall (i) give, execute, deliver, file, authorize, obtain and/or record any financing or continuation statements or 

  

 -8- 

 
amendments thereto (and each Grantor agrees that such financing statements may describe the Collateral in the same manner as described in this Agreement or
as “all assets” or “all personal property”, whether now owned or in the future acquired by such Grantor and whether now existing or in the future coming into existence and wherever located or such other description as the
Collateral Agent, in its sole judgment, determines is necessary or advisable, and, without limiting such Grantor’s obligations hereunder, such Grantor authorizes the Collateral Agent and the Purchaser to file one or more financing statements
(and, if applicable amendments and continuation statements) in any filing office in any jurisdiction containing any such Collateral description) and other documents in such offices as shall be necessary to perfect and establish the priority (subject
only to the Permitted Liens) of the Liens granted by this Agreement, (ii) cause the Collateral Agent (to the extent requested by the Collateral Agent in writing) to be listed as the lienholder on all certificates of title or ownership relating
to each Motor Vehicle owned by such Grantor and valued at over $20,000 and deliver to the Collateral Agent originals of all such certificates of title or ownership for such Motor Vehicles together with the odometer statements for each respective
Motor Vehicle and (iii) take all such other actions as are necessary, or as the Collateral Agent may request, to create, perfect and establish the priority (subject only to the Permitted Liens) of the Liens granted by this Agreement.

  
 2.3 Preservation and Protection of Security Interests.
Each Grantor shall: 
  
 (a) subject to Section 2.5,
upon the acquisition after the date hereof by such Grantor of any Instrument or Ownership Interests, promptly either (i) transfer and deliver to the Collateral Agent all such Instruments or Ownership Interests (together with the certificates,
if any, representing such Instruments or Ownership Interests duly endorsed in blank or accompanied by undated stock powers or similar document duly executed in blank) or (ii) take such other action as necessary or appropriate to create, perfect
and establish the priority of, the Liens granted by this Agreement in such Instruments or Ownership Interests; 
  
 (b) upon the acquisition after the date hereof by such Grantor of any Motor Vehicle valued at over $20,000, promptly deliver to the Collateral Agent
originals of the certificates of title or ownership for such Motor Vehicle(s) with the Collateral Agent listed as lienholder, together with the manufacturer’s statement of origin and odometer statements; 
  
 (c) without limiting the obligations of such Grantor under
Section 2.3(b), upon the acquisition after the date hereof by such Grantor of any Equipment covered by a certificate of title or ownership, promptly cause the Collateral Agent to be listed as the lienholder on such certificate of title
and within 120 days of the acquisition of such Equipment deliver evidence of the same to the Collateral Agent; and 
  
 (d) give, execute, deliver, file or record any and all financing statements, notices, contracts, agreements, filings or other instruments, obtain any and
all Government Approvals and take any and all steps that may be necessary or as the Collateral Agent may reasonably request to create, perfect, establish the priority (subject only to the Permitted Liens) of, or to preserve the validity, perfection
or priority (subject only to such Permitted Liens) of, the Liens granted by this Agreement or to enable the Collateral Agent to exercise and enforce its rights, remedies, powers and privileges under this Agreement with respect to such Liens,
including, upon the occurrence and during the continuance of an Event of Default, causing any 

  

 -9- 

 
or all of the Ownership Interests to be transferred of record into the name of the Collateral Agent or its nominee (and the Collateral Agent agrees that if
any Ownership Interests are transferred into its name or the name of its nominee, the Collateral Agent will thereafter promptly give to such Grantor copies of any notices and communications received by it with respect to the Ownership Interests
pledged by such Grantor); and with respect to any deposit accounts, securities accounts, uncertificated securities, letter-of-credit rights or electronic chattel paper that are included in the Collateral, ensure that the Collateral Agent at all
times has “control” (within the meaning of Article 8 or Article 9, as applicable, of the UCC) over all such property. 
  
 2.4 Attorney-in-Fact 
  
 (a) Subject to the provisions of Sections 2.5 and 2.6, each Grantor hereby irrevocably constitutes and appoints the Collateral Agent and any officer or
agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying
out the terms of this Agreement, to take any appropriate action and to execute any document or instrument that may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each
Grantor hereby gives the Collateral Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any of the following: 
  
 (i) in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect
any check, draft, note, acceptance or other instrument for the payment of moneys due under any Account or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise
deemed appropriate by the Collateral Agent for the purpose of collecting any such moneys due under any Account or with respect to any other Collateral whenever payable; 
  
 (ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any agreement,
instrument, document or paper as the Collateral Agent or the Purchaser may request to evidence the security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby;

  
 (iii) pay or discharge taxes and Liens levied
or placed on or threatened against the Collateral, effect any repair or pay or discharge any insurance called for by the terms of this Agreement (including all or any part of the premiums therefor and the costs thereof); 
  
 (iv) execute, in connection with any sale provided for in
Section 6, any endorsement, assignment or other instrument of conveyance or transfer with respect to the Collateral; or 
  
 (v) (A) direct any party liable for any payment under any Collateral to make payment of any moneys due or to become due thereunder
directly to the Collateral Agent or as the Collateral Agent shall direct, (B) ask or demand for, collect, and 

  

 -10- 

 
receive payment of and receipt for, any moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral,
(C) sign and indorse any invoice, freight or express bill, bill of lading, storage or warehouse receipt, draft against debtors, assignment, verification, notice and other document in connection with any Collateral, (D) commence and
prosecute any suit, action or proceeding at law or in equity in any court of competent jurisdiction to collect any Collateral and to enforce any other right in respect of any Collateral, (E) defend any suit, action or proceeding brought against
such Grantor with respect to any Collateral, (F) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Collateral Agent may deem appropriate, (G) assign any
Copyright, Patent or Trademark (along with the goodwill of the business to which any such Trademark pertains) throughout the world for such term or terms, on such conditions, and in such manner as the Collateral Agent or the Purchaser shall in its
sole discretion determine, including the execution and filing of any document necessary to effectuate or record such assignment and (H) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any
Collateral as fully and completely as though the Collateral Agent were the absolute owner thereof for all purposes, and do, at the Collateral Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things
that the Collateral Agent deems necessary to protect, preserve or realize upon the Collateral and the Secured Parties’ security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do.

  
 (vi) execute on behalf of such Grantor
title or ownership applications for filing with appropriate state agencies to enable any Motor Vehicle that is now owned or hereafter acquired by such Grantor, to be retitled and the Collateral Agent to be listed as lienholder as to each such Motor
Vehicle and 
  
 (vii) execute such other
documents and instruments on behalf of, and taking such other action in the name of, such Grantor as the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement (including the purpose of exercising the rights
and remedies of the Collateral Agent under Section 6). 
  
 Anything in this clause (a) to the contrary notwithstanding, the Collateral Agent agrees that it shall not exercise any right under the power of attorney provided for in this clause (a) unless an Event of Default shall be
continuing. 
  
 (b) If any Grantor fails to perform or comply with
any of its agreements contained herein, the Collateral Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 
  
 (c) Each Grantor hereby ratifies all that such attorneys shall lawfully do or
cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released.

  

 -11- 

 2.5 Instruments. So long as no Event of Default shall have occurred and be continuing, each
Grantor may retain for collection in the ordinary course of business any Instruments obtained by it in the ordinary course of business, and the Collateral Agent shall, promptly upon the written request, and at the expense, of such Grantor make
appropriate arrangements for making any Instruments pledged by such Grantor available to such Grantor for purposes of presentation, collection or renewal. Any such arrangement shall be effected, to the extent deemed appropriate by the Collateral
Agent, against a trust receipt or like document prepared by, and at the expense of, the Company. Proceeds of Instruments shall be applied by the Grantor in accordance with the terms and provisions of the Note Purchase Agreement. 
  
 2.6 Special Provisions Relating to the Ownership Interests. So long as
no Default or Event of Default has occurred and is continuing, each Grantor shall have the right to exercise all voting, consensual and other powers of ownership pertaining to the Ownership Interests, provided that such Grantor will not vote
any Ownership Interests in any manner that is inconsistent with the terms of any Note Purchase Document or in any manner that would be reasonably likely to result in a Default or an Event of Default. 
  
 2.7 Use of Collateral. So long as no Event of Default shall have
occurred and be continuing, each Grantor shall, in addition to its rights under Section 2.5 in respect of the Collateral described therein, be entitled to use and possess all other Collateral and to exercise its rights, title and
interest in all contracts, agreements, licenses and Government Approvals, subject to the rights, remedies, powers and privileges of the Collateral Agent under Sections 3 and 6 provided that such use, possession or exercise does
not constitute, and is not reasonably likely to, result in an Event of Default. 
  
 2.8 Rights and Obligations. 
  
 (a) The existence of any Lien in favor of the Collateral Agent, as granted by this Agreement, in each Grantor’s right, title and interest in any contract, agreement or Government Approval shall not, in and of itself, be deemed to be a
consent by the Collateral Agent or any other Secured Party to any such contract, agreement or Government Approval. 
  
 (b) No reference in this Agreement to proceeds or to the sale or other disposition of Collateral shall authorize the Grantors to sell or otherwise dispose
of any part Collateral except to the extent otherwise expressly permitted by the terms of the Note Purchase Documents. 
  
 (c) To the extent permitted by applicable law, neither the Collateral Agent nor any other Secured Party shall be required to take steps necessary to
preserve any rights against prior parties to any part of the Collateral. 
  
 2.9 Release of Motor Vehicles. So long as no Event of Default shall have occurred and be continuing, upon the request of, and at the expense of, the Company, the Collateral Agent shall execute and deliver to a
Grantor such instruments as such Grantor shall reasonably request to remove the notation of the Collateral Agent as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release
shall be effective, only upon receipt by the Collateral Agent of a certificate from such Grantor stating that 

  

 -12- 

 
the Motor Vehicle the Lien on which is to be released is to be sold or exchanged or has suffered a casualty loss (with title passing to the appropriate
casualty insurance company in settlement of the claim for such loss). 
  
 2.10 Continuing Security Interest; Termination. This Agreement shall create a continuing assignment of, and security interest in, the Collateral and shall (a) remain in full force and effect until the Termination Date,
(b) be binding upon each Grantor, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other Secured Parties and their respective
successors, transferees and assigns as permitted by the Note Purchase Agreement. Upon the occurrence of the Termination Date, this Agreement and each provision hereof (including any provision providing for the appointment of the Collateral Agent as
attorney-in-fact for the Grantors) shall terminate, and the Collateral Agent shall forthwith cause to be assigned, transferred and delivered to each Grantor, against receipt but without any recourse, warranty or representation whatsoever, any
remaining Collateral and money received in respect of the Collateral owned by such Grantor to or on the order of such Grantor. The Collateral Agent shall also execute and deliver to each Grantor, at such Grantor’s expense, on the Termination
Date such UCC termination statements, certificates for terminating the Liens on Motor Vehicles and such other documentation as shall be reasonably requested by such Grantor to effect the termination and release of the Liens granted by this Agreement
on the Collateral. 
  
 2.11 Partial Release. Upon the sale
by a Grantor of any assets permitted by, and in accordance with the terms of the Note Purchase Agreement, any Lien created by the Note Purchase Documents on such assets shall be released and, upon the request of such Grantor, the Collateral Agent
shall execute such documents as such Grantor may reasonably request evidencing such release of such Lien. 
  
 2.12 Intellectual Property. For the purpose of enabling the Collateral Agent to exercise its rights, remedies, powers and privileges under
Section 6 at such time or times as the Collateral Agent is lawfully entitled to exercise those rights, remedies, powers and privileges, and for no other purpose, each Grantor hereby grants to the Collateral Agent, to the extent
assignable, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to such Grantor) effective upon the occurrence and during the continuation of any Event of Default to use, assign, license or sublicense
any of the Intellectual Property of such Grantor that constitutes Collateral, together with reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout
of those items. 
  
 3. Waivers. 
  
 3.1 Confirmation of Waivers. Each Subsidiary hereby confirms and
restates for the benefit of the Secured Parties all of the waivers and other agreements sets forth in Section 14 of the Note Purchase Agreement, and further agrees such waivers and agreements shall apply with the same force and effect to such
Subsidiary’s obligations hereunder and the security interests granted by such Subsidiary hereunder. 
  

 -13- 

 4. Representations and Warranties. Each Grantor represents and warrants to the Secured Parties as
follows: 
  
 4.1 Title. Such Grantor is the sole
beneficial owner of the existing Collateral in which it purports to grant a Lien pursuant to this Agreement, and such Collateral is free and clear of all Liens, except for Permitted Liens. The Liens granted by this Agreement in favor of the
Collateral Agent for the benefit of the Secured Parties have attached in the existing Collateral and, upon taking the actions contemplated under Section 2.2, will constitute a perfected security interest in all of such Collateral prior
to all other Liens (except such Permitted Liens). 
  
 4.2 No
Other Financing Statements. No Grantor has executed or is aware of any currently effective financing statement or other instrument similar in effect that is on file in any recording office covering all or any part of such Grantor’s interest
in the Collateral, except such as may have been filed pursuant to this Agreement and the other Note Purchase Documents evidencing Permitted Liens, and until the Termination Date, such Grantor will not execute or authorize to be filed in any public
office any financing statement (or similar statement or instrument of registration under the law of any jurisdiction) or statements relating to the Collateral, except financing statements filed or to be filed in respect of and covering the security
interests granted hereby by the Grantors and except for financing statements related to Permitted Liens. No Grantor has assigned any of its rights under the agreements and instruments referred to in Section 2.1(i) except as expressly
permitted under the Note Purchase Documents. 
  
 4.3 Pledged
Interests. 
  
 (a) The Pledged Interests identified in
Annex 1 are duly authorized, validly existing, fully paid and non-assessable, and such Pledged Interests are not subject to any contractual restriction, or restriction in the limited liability company agreement of such Grantor, upon the
transfer of those Pledged Interests (except for any such restriction contained in any Note Purchase Document). 
  
 (b) The Pledged Interests identified in Annex 1 constitute all of the issued and outstanding membership interests in the Persons specified
under “Issuer” in such Annex 1 legally and beneficially owned by the applicable Grantor on the date hereof (whether or not registered in the name of the Company), and Annex 1 correctly identifies, as at the date hereof
and as to all Ownership Interests owned by the Company, the respective type of Ownership Interest and the percentage of the aggregate outstanding interests represented by such Ownership Interest. 
  
 (c) The Pledged Interests are “securities” as such term is defined
in Section 8-102(a) of the UCC. 
  
 4.4 Records
Office. The office of such Grantor where such Grantor keeps its records concerning the Collateral (hereinafter “Records”) and a set of the original counterparts of the Assigned Agreements is located at the address specified for
such Grantor on the signature pages hereto, or such other location as specified in the most recent notice delivered pursuant to Section 5.1. 
  

 -14- 

 4.5 Name; Jurisdiction of Organization; Chief Executive Office. 
  
 (a) Within the five-year period preceding the date hereof each Grantor has
not had, or operated in any jurisdiction, under any trade name, fictitious name or other name other than its legal name. 
  
 (b) On the date hereof each Grantor’s jurisdiction of organization, organizational identification number, if any, and the location of such
Grantor’s chief executive office or sole place of business is specified on Annex 3. 
  
 (c) On the date hereof, each Grantor’s Inventory and Equipment (as such terms are defined in the UCC) are kept at the locations listed on Annex 4. 
  
 4.6 Commercial Tort Claims. Annex 2 sets forth a complete and correct list of all commercial tort claims
of such Grantor in existence on the date hereof. 
  
 5.
Covenants. 
  
 5.1 Books and Records. Each Grantor
shall (a) stamp or otherwise mark the books and records in its possession that relate to the Collateral in such manner as required or as the Collateral Agent may reasonably request in writing in order to reflect the Liens granted by this
Agreement and (b) give the Collateral Agent at least 30 days’ notice before it changes the location of its office where such Grantor keeps the Records. 
  
 5.2 Removals, Etc. Without at least 30 days’ prior written notice to the Collateral Agent, no Grantor shall
change its limited liability company name, or the name under which it does business, from the name shown on the signature pages hereto or its jurisdiction of organization. 
  
 5.3 Sales and Other Liens. No Grantor shall dispose of any Collateral (except as expressly permitted pursuant to the
Note Purchase Documents), create, incur, assume or suffer to exist any Lien (other than Permitted Liens) upon any Collateral or file or suffer to be on file or authorize to be filed, in any jurisdiction, any financing statement or like instrument
with respect to all or any part of the Collateral in which the Collateral Agent is not named as the sole secured party for the benefit of the Secured Parties (except for financing statements solely related to Permitted Liens). 
  
 5.4 Bankruptcy. To the extent permitted by applicable law and so long
as any of the Secured Obligations remain outstanding, neither Grantor shall, without the prior written consent of the Collateral Agent commence, or join with any other Person in commencing, any bankruptcy, reorganization, or insolvency proceeding
against any other Obligor. To the extent permitted by applicable law, the Secured Obligations of the Grantors under this Agreement shall not be altered, limited or affected by any proceeding, voluntary or involuntary, involving the bankruptcy,
reorganization, insolvency, receivership, liquidation or arrangement of either Grantor, or by any defense which either Grantor may have by reason of any order, decree or decision of any court or administrative body resulting from any such
proceeding. 
  

 -15- 

 5.5 Business Operations. So long as any Secured Obligations shall be outstanding, each Grantor
covenants and agrees to: 
  
 (a) maintain its books, records,
accounts and financial statements separate from the books, records, accounts and financial statements of any other Obligor or any other of its Affiliates (except for filing any consolidated tax returns to the extent permitted by applicable law);

  
 (b) conduct business in its own name, including by maintaining
separate stationery, invoices and checks; 
  
 (c) pay its
obligations and liabilities (including, without limitation, employee salaries) from funds other than the funds of the other Obligors or any other Affiliates; and 
  
 (d) hold itself out as a separate and distinct legal entity and promptly correct any misunderstanding regarding its separate
identity of which it becomes aware. 
  
 5.6 Ownership
Interest. So long as any Secured Obligations shall be outstanding, each Grantor will defend its title to the Ownership Interests and will not sell, assign, transfer or otherwise dispose of all or any portion of the Ownership Interests (including
by operation of law) (except as permitted pursuant to the Note Purchase Documents). 
  
 5.7 Commercial Tort Claims. Each Grantor agrees that, if it shall acquire any interest in any commercial tort claim after the date hereof which interest shall be reasonably estimated to have a value equal to or
greater than $100,000 (whether from another Person or because such commercial tort claim shall have come into existence), (i) such Grantor shall, immediately upon such acquisition, deliver to the Collateral Agent, in each case in form and
substance satisfactory to the Collateral Agent, a notice of the existence and nature of such commercial tort claim and deliver a supplement to Annex 2 containing a specific description of such commercial tort claim, certified by such Grantor as
true, correct and complete, (ii) the provision of Section 2.1 shall apply to such commercial tort claim (and such Grantor authorizes the Collateral Agent and the Purchaser to supplement such schedule with a description of such commercial
tort claim if such Grantor fails to deliver the supplement described in clause (i)) and (iii) such Grantor shall execute and deliver to the Collateral Agent, in each case in form and substance satisfactory to the Collateral Agent or the
Purchaser, any certificate, agreement and other document, and take all other action, deemed by the Collateral Agent or the Purchaser to be reasonably necessary or appropriate for the Collateral Agent to obtain, on behalf of and for the benefit of
the Secured Parties, a perfected security interest in all such commercial tort claims. Any supplement to Annex 2 delivered pursuant to this Section 6.8 shall become part of such Annex 2 for all purposes hereunder. 
  
 6. Remedies. 
  
 6.1 Events of Default, Etc. If any Event of Default shall have
occurred and be continuing, to the extent permitted by applicable law, and subject to the Intercreditor Agreement: 
  
 (a) the Collateral Agent may require each Grantor to, and such Grantor shall, assemble the Collateral owned by it at such place or places, reasonably
convenient to both the Collateral Agent and such Grantor, designated in the Collateral Agent’s request; 
  

 -16- 

 (b) the Collateral Agent may make any reasonable compromise or settlement with respect to any of the
Collateral and may extend the time of payment, arrange for payment in installments, or otherwise modify the terms of all or any part of the Collateral; 
  
 (c) the Collateral Agent may, in its name or in the name of such Grantor or otherwise, demand, sue for, collect or receive any money or property at any
time payable or receivable on account of or in exchange for all or any part of the Collateral, but shall be under no obligation to do so; 
  
 (d) the Collateral Agent may, upon ten days’ prior written notice to the Grantors of the time and place, with respect to the Collateral or any part
thereof that shall then be or shall thereafter come into the possession, custody or control of the Collateral Agent or the other Secured Parties or any of their respective agents, sell, lease, assign or otherwise dispose of all or any part of such
Collateral, at such place or places as the Collateral Agent deems best, and for cash or for credit or for future delivery (without thereby assuming any credit risk), at public or private sale, without demand of performance or notice of intention to
effect any such disposition or of the time or place thereof (except such notice as is required above or by applicable statute and cannot be waived), and any Secured Party or anyone else may be the purchaser, lessee, assignee or recipient of any or
all of the Collateral so disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter hold the same absolutely, free from any claim or right of whatsoever kind, including any right or equity of redemption
(statutory or otherwise), of the Grantors, any such demand, notice and right or equity being hereby expressly waived and released. In the event of any sale, assignment, or other disposition of any of the Trademark Collateral, the goodwill connected
with and symbolized by the Trademark Collateral subject to such disposition shall be included, and the Grantors shall supply to the Collateral Agent or its designee, for inclusion in such sale, assignment or other disposition, all Intellectual
Property relating to such Trademark Collateral. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale,
and such sale may be made at any time or place to which the sale may be so adjourned; 
  
 (e) the Collateral Agent shall have, and in its discretion may exercise, all of the rights, remedies, powers and privileges with respect to the Collateral of a secured party under the UCC (whether or not the UCC is in
effect in the jurisdiction where such rights, remedies, powers and privileges are asserted) and such additional rights, remedies, powers and privileges to which a secured party is entitled under the laws in effect in any jurisdiction where any
rights, remedies, powers and privileges in respect of this Agreement or the Collateral may be asserted, including the right, to the maximum extent permitted by law, to exercise all voting (if applicable), consensual and other powers of ownership
pertaining to the Collateral as if the Collateral Agent were the sole and absolute owner of the Collateral (and each Grantor agrees to take all such action as may be appropriate to give effect to such right); 
  
 (f) To the full extent provided by law, the Collateral Agent may have a court
having jurisdiction appoint a receiver, which receiver shall take charge and possession of and protect, preserve, replace and repair the Collateral or any part thereof, and manage and operate the same, and receive and collect all rents, income,
receipts, royalties, revenues, issues and profits therefrom. Each Grantor irrevocably consents and shall be deemed to have hereby 

  

 -17- 

 
irrevocably consented to the appointment thereof, and upon such appointment, each Grantor shall immediately deliver possession of such Collateral to the
receiver. Each Grantor also irrevocably consents to the entry of an order authorizing such receiver to invest upon interest any funds held or received by the receiver in connection with such receivership. The Collateral Agent shall be entitled to
such appointment as a matter of right, if it shall so elect, without the giving of notice to any other party and without regard to the adequacy of the security of the Collateral; 
  
 (g) the Collateral Agent may enforce one or more remedies hereunder, successively or concurrently, and such action shall not
operate to estop or prevent the Collateral Agent from pursuing any other or further remedy which it may have hereunder or by law, and any repossession or retaking or sale of the Collateral pursuant to the terms hereof shall not operate to release
any Grantor until full and final payment of any deficiency has been made in cash. The Grantors shall, jointly and severally, reimburse the Secured Parties upon demand for, or the Secured Parties may apply any proceeds of Collateral to, the costs and
expenses (including attorneys’ fees, transfer taxes and any other charges) incurred by Secured Parties in connection with any sale, disposition, repair, replacement, alteration, addition, improvement or retention of any Collateral hereunder;

  
 The proceeds of, and other realization upon, the Collateral by virtue of the
exercise of remedies under this Section 6.1 shall be applied in accordance with Section 6.4. 
  
 6.2 Deficiency. If the proceeds of, or other realization upon, the Collateral by virtue of the exercise of remedies under Section 6.1 are
insufficient to cover the costs and expenses of such exercise and the payment in full of the other Secured Obligations, each Grantor shall remain liable for any deficiency, subject to the Intercreditor Agreement and to the extent permitted by
applicable law. 
  
 6.3 Private Sale 
  
 (a) The Collateral Agent and the other Secured Parties shall incur no
liability as a result of the sale, lease or other disposition of all or any part of the Collateral at any private sale pursuant to Section 6.1 conducted in a commercially reasonable manner. Each Grantor hereby waives any claims against
the Collateral Agent or any other Secured Party arising by reason of the fact that the price at which the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale or was less than
the aggregate amount of the Secured Obligations, even if the Collateral Agent accepts the first offer received and does not offer the Collateral to more than one offeree. 
  
 (b) Each Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933 and applicable
state securities laws, the Collateral Agent may be compelled to limit purchasers of all or any part of the Collateral to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to
distribution or resale. Each Grantor acknowledges that any such private sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without those restrictions, and, notwithstanding those
circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any
Collateral for the period of time necessary to permit such Grantor to register it for public sale. 
  

 -18- 

 6.4 Application of Proceeds. Subject to the Intercreditor Agreement, except as otherwise expressly
provided in this Agreement, the proceeds of, or other realization upon, all or any part of the Collateral by virtue of the exercise of remedies under Section 6.1, and any other cash at the time held by the Collateral Agent under
Section 3 or this Section 6 at the time of the exercise of such remedies, shall be applied by the Collateral Agent: 
  
 First, to the payment of the costs and expenses of such exercise of remedies, including reasonable out-of-pocket costs and expenses of the
Collateral Agent, the reasonable fees and expenses of its agents and counsel and all other reasonable expenses incurred and advances made by the Collateral Agent in that connection; 
  
 Next, to the payment in full of the remaining Secured Obligations equally and ratably in accordance with their
respective amounts then due and owing or required to be deposited or as the Secured Parties holding the same may otherwise agree; and 
  
 Finally, subject to the rights of any other holder or holders of any Lien on the relevant Collateral, to the payment to the Grantor of such
Collateral, or its respective successors or assigns, or as a court of competent jurisdiction may direct, of any surplus then remaining. 
  
 As used in this Section 6, “proceeds” of Collateral shall mean cash, securities and other property realized in respect of,
and distributions in kind of, Collateral, including any property received under any bankruptcy, reorganization or other similar proceeding as to such Grantor or any issuer of, or account debtor other than such Grantor on, any of the Collateral.

  
 7. Collateral Agent May Perform. If the Grantors fail
to perfect or maintain the Liens created hereunder, or fail to maintain the required priority of the Liens created hereunder, the Collateral Agent may, but shall not be obligated to itself perform, or cause the performance of, such action necessary
to perfect or maintain the required priority of the Liens, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by the Grantors under Section 11.3. 
  
 8. Reinstatement. This Agreement, the Lien created hereunder and the
obligations of the Grantors hereunder shall automatically be reinstated if and to the extent that for any reason any payment by or on behalf of either Grantor in respect of the Secured Obligations is rescinded or must otherwise be restored by any
holder of the Secured Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise and each Grantor agrees that it will indemnify each Secured Party on demand for all reasonable costs and expenses (including fees
and expenses of counsel) incurred by such Secured Party in connection with such rescission or restoration. 
  
 9. Miscellaneous. 
  
 9.1 Waiver. No failure on the part of the Collateral Agent or any other Secured Party to exercise and no delay in exercising, and no course of
dealing with respect to, any right, remedy, 

  

 -19- 

 
power or privilege under this Agreement shall operate as a waiver of such right, remedy, power or privilege, nor shall any single or partial exercise of any
right, remedy, power or privilege under this Agreement preclude any other or further exercise of any such right, remedy, power or privilege or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges
provided in this Agreement are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
  
 9.2 Notices. All notices and other communications provided for hereunder shall be in writing (including telecopier) and mailed, telecopied or
delivered to the parties hereto at the addresses specified below each party’s signature below. 
  
 9.3 Amendments, Etc. Any provision of this Agreement may be modified, supplemented or waived only by an instrument in writing duly executed by each
Grantor, the Collateral Agent and, if the Purchaser is then a Holder, by the Purchaser. Any such modification, supplement or waiver shall be for such period and subject to such conditions as shall be specified in the instrument effecting the same
and shall be binding upon the Collateral Agent and each other Secured Party, each holder of any of the Secured Obligations and each Grantor, and any such waiver shall be effective only in the specific instance and for the purposes for which given.

  
 9.4 Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of each Grantor, the Collateral Agent, the other Secured Parties and each holder of any of the Secured Obligations and their respective successors and permitted assigns. No Grantor shall assign or transfer its
rights under this Agreement without the prior written consent of the Collateral Agent. 
  
 9.5 Survival. All representations and warranties made in this Agreement or in any certificate or other document delivered pursuant to or in connection with this Agreement shall survive the execution and
delivery of this Agreement or such certificate or other document (as the case may be) or any deemed repetition of any such representation or warranty. 
  
 9.6 Integration. This Agreement, together with the other Note Purchase Documents, supersedes all prior agreements and understandings, written or
oral, between the parties with respect to the subject matter of this Agreement. 
  
 9.7 Severability. Any provision of this Agreement that 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 of this Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 9.8 Captions. The table of contents and captions and section headings
appearing in this Agreement are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 
  
 9.9 Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall
constitute one and the same instrument and any of the parties to this Agreement may execute this Agreement by signing any such counterpart. 
  

 -20- 

 9.10 GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH GRANTOR HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT AND THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK FOR
THE PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH GRANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  
 9.11 WAIVER OF JURY TRIAL. EACH GRANTOR, THE PURCHASER AND THE
COLLATERAL AGENT HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

  
 [SIGNATURE PAGES FOLLOW] 
  

 -21- 

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

					
	 COMPANY:
	 	 	 	 
		
	 	 	 PEMCO AVIATION GROUP, INC.,
 as the
Company

			
	 	 	By:	 	 /s/ John R. Lee

	 	 	Name:	 	John R. Lee
	 	 	Title:	 	Chief Financial Officer
		
	 	 	Address for Notices:
		
	 	 	1943 50TH Street North
	 	 	Birmingham, AL 35212
	 	 	Attention: Mr. John Lee
	 	 	Facsimile: (205) 592-0195
	 SUBSIDIARIES:
	 	 	 	 
		
	 	 	 PEMCO AEROPLEX, INC.,
 as a
Grantor

			
	 	 	By:	 	 /s/ John R. Lee

	 	 	Name:	 	John R. Lee
	 	 	Title:	 	Chief Financial Officer
		
	 	 	Address for Notices:
		
	 	 	1943 50th Street North
	 	 	Birmingham, AL 35212
	 	 	Attention: Mr. John Lee
	 	 	Facsimile: (205) 592-0195
		
	 	 	 PEMCO ENGINEERS, INC.,
 as a Subsidiary
Grantor

			
	 	 	By:	 	 /s/ John R. Lee

	 	 	Name:	 	John R. Lee
	 	 	Title:	 	Chief Financial Officer
		
	 	 	Address for Notices:
		
	 	 	1943 50th Street North
	 	 	Birmingham, AL 35212
	 	 	Attention: Mr. John Lee
	 	 	Facsimile: (205) 592-0195

  

 -22- 

					
	 	 	 PEMCO WORLD AIR SERVICES, INC.,
 as a
Grantor

			
	 	 	By:	 	 /s/ John R. Lee

	 	 	Name:	 	John R. Lee
	 	 	Title:	 	Chief Financial Officer
		
	 	 	Address for Notices:
		
	 	 	1943 50th Street North
	 	 	Birmingham, AL 35212
	 	 	Attention: Mr. John Lee
	 	 	Facsimile: (205) 592-0195
		
	 	 	 SPACE VECTOR CORPORATION,
 as a
Grantor

			
	 	 	By:	 	 /s/ John R. Lee

	 	 	Name:	 	John R. Lee
	 	 	Title:	 	Chief Financial Officer
		
	 	 	Address for Notices:
		
	 	 	1943 50th Street North
	 	 	Birmingham, AL 35212
	 	 	Attention: Mr. John Lee
	 	 	Facsimile: (205) 592-0195

  

 -23- 

					
	 THE PURCHASER:
	 	 	 	 
		
	 	 	 SILVER CANYON SERVICES, INC.,
 as
Purchaser

			
	 	 	By:	 	 /s/ Richard N. Merkin

	 	 	Name:	 	Richard N. Merkin
	 	 	Title:	 	President
		
	 	 	Address for Notices:
		
	 	 	3115 Ocean Front Walk
	 	 	Marina Del Rey, California 90292
	 	 	Attention: Richard N. Merkin
	 	 	Facsimile: (310) 306-8362

  

 -24- 

					
	 COLLATERAL AGENT:
	 	 	 	 
		
	 	 	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as the
Collateral Agent

			
	 	 	By:	 	 /s/ Tod Ferguson

	 	 	Name:	 	Tod Ferguson
	 	 	Title:	 	Vice President
		
	 	 	Address for Notices:
		
	 	 	P.O. Box 2554
	 	 	Birmingham, Alabama 35290
	 	 	Attention: Alabama Corporate Banking Department
	 	 	Facsimile: (205) 254-5911

  

 -25- 

 ANNEX 1 
 to Security Agreement 
  
 PLEDGED INTERESTS 
  

										
	 Grantor

	 	 Issuer

	 	Type of
Interest/Jurisdiction
of Organization of
Issuer

	  	% of Total
Outstanding
Interests

	 	 	Evidenced by
Certificate No.

	PEMCO AVIATION GROUP, INC.	 	AIR INTERNATIONAL, INCORPORATED	 	Corporation	  	100	%	 	 
	PEMCO AVIATION GROUP	 	PEMCO AEROPLEX, INC.	 	Corporation	  	100	%	 	 
	PEMCO AVIATION GROUP	 	PEMCO AIR SERVICES SYSTEM, INC.	 	Corporation	  	100	%	 	 
	PEMCO AVIATION GROUP	 	PEMCO AIRCRAFT ENGINEERING SERVICES, INC.	 	Corporation	  	100	%	 	 
	PEMCO AVIATION GROUP	 	PEMCO ENGINEERS, INC.	 	Corporation	  	100	%	 	 
	PEMCO AVIATION GROUP	 	PEMCO WORLD AIR SERVICES, INC.	 	Corporation	  	100	%	 	 
	PEMCO AVIATION GROUP	 	SPACE VECTOR CORPORATION	 	Corporation	  	100	%	 	 

  

 -26- 

 ANNEX 2 
 to Security Agreement 
  
 COMMERCIAL TORT CLAIMS 
  
 None. 
  

 -27- 

 ANNEX 3 
 to Security Agreement 
  
 INFORMATION AS TO GRANTORS 
  

							
	 Grantor

	  	 Jurisdiction of
Organization

	  	Organizational
Identification
Number

	  	 Chief Executive Office or
 Sole Place of Business

	PEMCO AVIATION GROUP, INC.	  	Delaware	  	3206673	  	 1943 50TH Street North
 Birmingham, AL 35212

				
	PEMCO AEROPLEX, INC.	  	Alabama	  	None.	  	 1943 50TH Street North
 Birmingham, AL 35212

				
	PEMCO ENGINEERS, INC.	  	Delaware	  	2202784	  	 9200 Deering Avenue
 Chatsworth, CA
91311

				
	PEMCO WORLD AIR SERVICES, INC.	  	Delaware	  	3380712	  	 100 Pemco Drive
 Dothan, AL
36303

				
	SPACE VECTOR CORPORATION	  	Delaware	  	2044753	  	 9200 Deering Avenue
 Chatsworth, CA
91311

  

 -28- 

 ANNEX 4 
 to Security Agreement 
  
 INVENTORY AND EQUIPMENT 
  

			
	Grantor:	  	Pemco Aviation Group, Inc.
	Location:	  	1943 50th Street North, Birmingham, Alabama
35212
	Grantor:	  	Pemco Aeroplex, Inc.
	Location:	  	1943 50th Street North, Birmingham, Alabama
35212
	Grantor:	  	Pemco World Air Services, Inc.
	Location:	  	100 Pemco Drive, Dothan, Alabama 36303
	Grantor:	  	Pemco Engineers, Inc.
	Location:	  	9200 Deering Avenue, Chatsworth, California 91311
	Grantor:	  	Space Vector Corporation
	Location:	  	9223 Deering Avenue, Chatsworth, California 91311

  
 Consignment inventory located at
Source One Spare Warehouse, 153 Extension Place, Hot Springs, Arkansas 71901 
  

 -29-Intercreditor Agreement

 EXHIBIT 10.4 
  
 INTERCREDITOR AGREEMENT 
  
 THIS INTERCREDITOR AGREEMENT (this “Agreement”) is dated as of the 15th day of February, 2006, by and among
PEMCO AVIATION GROUP, INC., a Delaware corporation, PEMCO AEROPLEX, INC., an Alabama corporation, PEMCO ENGINEERS, INC., a Delaware corporation, PEMCO WORLD AIR SERVICES, INC., a Delaware corporation, SPACE VECTOR
CORPORATION, a Delaware corporation (collectively, the “Borrowers”), WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (successor by merger to SouthTrust Bank), as Agent (the “Agent”), WACHOVIA
BANK, NATIONAL ASSOCIATION, a national banking association (successor by merger to SouthTrust Bank) (“Wachovia”), COMPASS BANK, an Alabama banking corporation (“Compass”) (Wachovia and Compass hereinafter referred to
collectively as the “Senior Lenders” and each singularly as a “Senior Lender”), WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association, as collateral agent for Subordinating Party (in such capacity, the
“Collateral Agent”), and SILVER CANYON SERVICES, INC., a Nevada corporation (the “Subordinating Party”). Capitalized terms used herein but not defined shall have the meanings as set forth in the Credit Agreement (as
hereinafter defined). 
  
 Borrowers, Agent, Senior Lenders and
Subordinating Party agree that this Agreement shall constitute a “Subordination Agreement” under and as defined in the Credit Agreement, and that the “Subordinated Debt” as hereinafter defined shall constitute permitted
“Subordinated Debt” under and as defined in the Credit Agreement. 
  
 1. Definitions. In this Agreement, the following terms shall have the meanings as hereinafter set forth: 
  
 “Credit Agreement” means that certain Credit Agreement dated as of December 16, 2002, among Borrowers, Agent and Senior Lenders, as
amended from time to time. 
  
 “Enforcement
Action” means any remedy available to Subordinating Party under any of the Subordinated Loan Documents or applicable law to enforce collection of any of the Subordinated Debt, including (a) the repossession, foreclosure, exercise of
setoff rights upon or other act to realize upon any of the Collateral, and (b) any petition filed against any Borrower for relief under Bankruptcy Law or a petition or suit for the appointment of a receiver or other custodian therefore or for
any of any Borrower’s assets. 
  
 “Purchase
Agreement” means that certain Purchase Agreement dated as of February 15, 2006 among Borrowers and Subordinating Party. 
  
 “Senior Debt” means any and all amounts now or hereafter owing to Senior Lenders by Borrowers pursuant to or in connection with the
Credit Agreement or any other Loan Document. 
  
 “Subordinated Agreement Event of Default” means an “Event of Default” as defined in the Purchase Agreement. 

 “Subordinated Agreements” means the Purchase Agreement, the Subordinated Notes and the
Subordinated Security Agreement. 
  
 “Subordinated
Debt” means all amounts owing by any Borrower to Subordinating Party, pursuant to or in connection with the Subordinated Agreements. 
  
 “Subordinated Notes” means those certain Pemco Aviation Group, Inc. Senior Secured Notes Due 2007 dated February 15, 2006 given by
Pemco Aviation Group, Inc. in favor of Subordinating Party, as amended from time to time. 
  
 “Subordinated Security Agreement” means that certain Security Agreement dated as of February 15, 2006 given by Borrowers in favor of Subordinating Party, as amended from time to time. 

 
 2. Subordination. 
  
 (a) Subordinating Party hereby agrees that the Subordinated Debt is and
shall be subject and subordinate to the Senior Debt, and except as permitted by Section 2(b) and 2(c) hereof, no Borrower shall pay, and Subordinating Party shall not make demand or accept, any payment with respect to, or on account of, the
Subordinated Debt until the full and final indefeasible payment of all of the Senior Debt. Without limiting the generality of the foregoing, in the event of any distribution, division or application, partial or complete, voluntary or involuntary, by
operation of law or otherwise, of all or any part of the assets of any Borrower or the proceeds thereof to the creditors of any Borrower or upon any indebtedness of any Borrower, by reason of the liquidation, dissolution or other winding up of any
Borrower or any Borrower’s business, or in the event of any sale, receivership, insolvency or Bankruptcy proceeding, or assignment for the benefit of creditors, or any proceeding by or against any Borrower for any relief under any Bankruptcy or
insolvency Law or Laws relating to the relief of debtors, readjustments or indebtedness, reorganization, compositions or extensions, then and in any such event any payment or distribution of any kind or character, either in cash, securities or other
property of any kind, which shall be payable or deliverable upon or with respect to any of the Subordinated Debt shall, unless Senior Lenders shall, in their sole and absolute discretion, agree to the contrary, be paid or delivered directly to Agent
for application to the Senior Debt (whether or not the same is then due) until all of the Senior Debt has been fully paid and discharged. This Agreement shall remain in full force and effect until such time as all of the Senior Debt, including any
renewals or extensions thereof, has been paid in full and such payments of the Senior Debt have become final and are not subject to being refunded as a preference or fraudulent transfer under Bankruptcy Law or other applicable Law. 
  
 (b) So long as (i) no Event of Default has occurred on account of the
failure to pay when due principal and interest owing under the Loan Documents (a “Senior Payment Default”), (ii) no Default on account of the failure to comply with the financial covenants set forth in Section 10.3(A) of the Credit
Agreement is disclosed on the most recently received Compliance Certificate of the Borrowers (a “Senior Financial Covenant Default”), (iii) Borrowers are not in default of their obligation to deliver Compliance Certificates under
Section 10.1(C) of the Credit Agreement (a “Compliance Certificate Default”), and (iv) no payment of any Subordinated Debt would give rise to a Financial Covenant Default, Borrowers may pay, and 

  

 2 

 
Subordinating Party may receive and retain, as and when due, the (x) regularly scheduled payments of interest due under the Subordinated Agreements and
(y) fees and reimbursement of expenses of Subordinating Party due under the Subordinated Agreements. 
  
 (c) On the Maturity Date under and as defined in the Purchase Agreement, so long as (i) no Senior Payment Default has occurred, (ii) no Senior
Financial Covenant Default has occurred, (iii) no Compliance Certificate Default has occurred, and (iv) the payment of any Subordinated Debt would not give rise to a Senior Financial Covenant Default, Borrowers may pay, and Subordinating
Party may receive and retain all outstanding principal, interest, fees and reimbursement expenses due under the Subordinated Agreements. 
  
 3. Covenants. 
  
 (a) Borrowers covenant and agree with Senior Lenders that, except with the consent of Senior Lenders, for so long as this Agreement is in effect:
(i) no Borrower shall, directly or indirectly, grant a security interest in, mortgage, pledge, assign or transfer any properties to secure or satisfy all or any part of the Subordinated Debt; (ii) no Borrower shall hereafter issue any
instrument, security or other writing evidencing any part of the Subordinated Debt, except as provided in Paragraph 4(b); (iii) no Borrower shall amend, alter or modify any material provision of the Subordinated Agreements without the prior
written consent of Senior Lenders; and (iv) no Borrower shall take or permit any action prejudicial to or inconsistent with Senior Lenders’ priority position over Subordinating Party that is created by this Agreement. 
  
 (b) Subordinating Party covenants and agrees with Senior Lenders that, except
as permitted elsewhere in this Agreement, including without limitation in Sections 2(b), 2(c), 3(g) and 4, or otherwise with the consent of Senior Lenders, for so long as this Agreement is in effect: (i) Subordinating Party shall not demand,
collect or accept from any Borrower or any other Person any payment or collateral on account of the Subordinated Debt or any part thereof or realize upon or enforce any collateral securing the Subordinated Debt, nor commence any action or proceeding
against any Borrower in any court or other tribunal to recover all or any part of the Subordinated Debt; (ii) Subordinating Party shall not exchange or set off any part of the Subordinated Debt; (iii) Subordinating Party shall not
hereafter transfer or assign any of the Subordinated Debt to any Person unless the transferee or assignee thereof first agrees in writing with Senior Lenders and Agent to be bound by the terms of this Agreement; (iv) Subordinating Party will
not hereafter receive any instrument, security or other writing evidencing any part of the Subordinated Debt except (x) upon the prior written approval of Senior Lenders (y) except as is necessary and required to maintain a perfected
second priority Lien upon the Collateral in favor of Subordinating Party or (z) as provided in Paragraph 4(b); (v) Subordinating Party will not commence or join with any of the other creditors of any Borrower in commencing any Bankruptcy,
reorganization, receivership or insolvency proceeding against any Borrower; and (vi) Subordinating Party shall not take or permit any action prejudicial to or inconsistent with Senior Lenders’ and Agent’s priority position over
Subordinating Party that is created by this Agreement, provided that no action that is permitted under this Agreement shall be deemed to be prejudicial hereunder. 
  

 3 

 (c) Notwithstanding the foregoing, Senior Lenders and Agent consent to Borrowers issuing the Subordinated
Notes and granting to Subordinating Party a second priority Lien upon the Collateral pursuant to the Subordinated Security Agreement. 
  
 (d) Senior Lenders, Agent and Subordinating Party agree that the priority of the Lien in and to the Collateral created or granted under the Loan Documents
and the Subordinated Agreements shall be as follows: 
  
 (i) first priority—Agent; and 
  
 (ii) second priority—Subordinating Party. 
  
 From and after the
date of this Agreement, all of the right, title, lien and interest of Subordinating Party created or evidenced by the Subordinated Agreements in and to the Collateral shall be subject and subordinate to all of the right, title, lien and interest
created or evidenced by the Loan Documents in and to the Collateral. This priority shall prevail notwithstanding any of the following: (1) the time of the making of any loans or advances; (2) the time or order of recording or filing of any
document or instrument; (3) the time of the funding of any loans; (4) any contrary language in the Loan Documents, the Subordinated Agreements, or any other agreements or documents; or (5) any amendment, modification or waiver of
whatever kind, nature or description of the Loan Documents, the Subordinated Agreements, or the obligations secured thereunder. 
  
 (e) In no event shall Subordinating Party institute, or join as a party in the institution of, or directly or indirectly assist in the prosecution of, any
action, suit or proceeding seeking a determination that the Lien of Agent in any of the Collateral is invalid, unperfected or avoidable, or is or should be subordinated to the interests of any other Person, provided that compliance with properly
noticed discovery of Subordinating Party or its documents by any Person shall not constitute a violation of this Section 3(e). 
  
 (f) The respective rights and priorities of Senior Lenders, Agent and Subordinating Party in and to any proceeds realized on account of an insured loss to
all or any portion of the Collateral shall be determined in accordance with the allocation of priorities in the Collateral described above, and Agent shall have the same priority to insurance proceeds allocated to the Collateral as it has above in
the underlying assets. 
  
 (g) If a Subordinated Agreement Event
of Default occurs and is continuing, Subordinating Party may thereafter make demand for payment on Borrowers and shall give written notice of any such demand to Agent, but shall not (without Agent’s prior written consent, which consent may be
withheld by Agent in its sole discretion) commence any Enforcement Action (i) unless (A) such Subordinated Agreement Event of Default results from a failure by Borrowers to timely make any payment due to Subordinating Party under the
Subordinating Agreements, or (B) such Subordinated Agreement Event of Default also constitutes a default under the Loan Documents, and (ii) until 90 days after receipt by Agent of such written notice. If Subordinating Party, in
violation of the terms hereof, initiates any Enforcement Action against any of the Collateral, Agent may interpose this Agreement as a defense thereto and shall be entitled to specific performance of the terms hereof. 
  

 4 

 (h) Agent and Senior Lenders shall give notice to Subordinating Party of, and provide a copy to
Subordinating Party of, (i) each notice of default received from or sent by Agent or Senior Lenders under the Loan Documents; (ii) each waiver or forbearance granted under the Loan Documents; (iii) if requested by Subordinating Party,
each compliance certificate or similar covenant or financial certificate delivered to Agent pursuant to the Loan Documents; and (iv) each notice of acceleration sent in connection with the Loan Documents. 
  
 (i) Subordinating Party shall give notice to Agent and Senior Lenders of, and
provide a copy to Agent and Senior Lenders of, (i) each notice of default received from or sent by Subordinating Party under the Subordinated Agreements; (ii) each waiver or forbearance granted under the Subordinated Agreements;
(iii) if requested by Agent or any Senior Lender, each compliance certificate or similar covenant or financial certificate delivered to Subordinating Party pursuant to the Subordinated Agreements; and (iv) each notice of acceleration sent
in connection with the Subordinated Agreements. 
  
 4. Turnover
of Prohibited Transfers. (a) If any payment, distribution or security or the proceeds thereof is received by Subordinating Party on account of or with respect to the Subordinated Debt that is not expressly permitted by the terms hereof,
Subordinating Party shall forthwith deliver same to Agent in the form received (except for the addition of any endorsement or assignment necessary to effect a transfer of all rights therein to Agent) for application to the Senior Debt or, at
Agent’s option, Subordinating Party shall pay to Agent the amount thereof on demand. Agent is irrevocably authorized to supply any required endorsement or assignment which is not given upon demand of Agent or which may have been omitted. Until
so delivered any such payment, distribution or security shall be held by Subordinating Party in trust for Agent and shall not be commingled with other funds or property of Subordinating Party. 
  
 (a) Notwithstanding the foregoing, Subordinating Party may receive and retain
any debt securities or equity securities issued on account of its claim in any Bankruptcy proceeding commenced by any one or more of the Borrowers pursuant to a confirmed plan of reorganization or the equivalent, with such debt securities to be
subordinate to debt securities issued to Senior Lenders pursuant to any such confirmed plan of reorganization on the same terms and conditions as set forth in this Agreement. Any equity securities issued to Subordinating Lender pursuant to a
confirmed plan of reorganization shall not be subject to any restrictions or agreements except as Subordinating Party may agree or as provided for in such confirmed plan of reorganization. 
  
 5. Authority to Act for Subordinating Party. For so long as any of the
Senior Debt shall remain unpaid, upon an Event of Default, Agent shall have the right to collect any assets of any Borrower distributed, divided or applied by way of dividend or payment, or any securities issued, on account of the Subordinated Debt
and to apply the same, or the proceeds of any realization upon the same that Agent in its discretion elect to effect, to the Senior Debt until all of the Senior Debt (including, without limitation, all interest accruing on the Senior Debt after
commencement of any Bankruptcy case) has been paid in full, rendering any surplus to Subordinating Party if and to the extent permitted by law, and, in furtherance of the foregoing, Agent shall have the right after a breach by Subordinating Party of
its obligations under Section 4 of this Agreement to act as Subordinating Party’s attorney-in-fact and Subordinating Party hereby irrevocably appoints Agent as Subordinating Party’s true and lawful attorney, with full 

  

 5 

 
power of substitution, in the name of Subordinating Party or Agent, for the use and benefit of Agent, to perform the foregoing, at Agent’s option
following such a breach by Subordinating Party, at any meeting of the creditors of any Borrower or in connection with any case or proceeding, whether voluntary or involuntary, for the distribution, division or application of the assets of any
Borrower or the proceeds thereof, regardless of whether such case or proceeding is for the liquidation, dissolution, winding up of the affairs, reorganization or arrangement of such Borrower, or for the composition of the debts of any Borrower, in
Bankruptcy or in connection with a receivership, or under an assignment for the benefit of the creditors of any Borrower or otherwise. In no event shall Agent or any Senior Lender be liable to Subordinating Party for any failure to prove the
Subordinated Debt, to exercise any right with respect thereto or to collect any sums payable thereon except in the case of actual bad faith or willful misconduct by such Lender or Agent. 
  
 6. Statement of Account. Agent and Subordinating Party hereby agree to render to the other from time to time upon
request therefor a statement of Borrowers’ account with, as appropriate, the Senior Lenders or the Subordinating Party. 
  
 7. Validity of Subordinated Debt. The provisions of this Agreement subordinating the Subordinated Debt are solely for the purpose of defining the
relative rights of Agent, Senior Lenders and Subordinating Party and shall not impair, (i) as among Borrowers, Agent and Senior Lenders, the obligation of Borrowers to pay the Obligations in accordance with the terms of the Loan Documents, and
(ii) as among Borrowers and Subordinating Party, the obligation of Borrowers to pay the Subordinated Debt in accordance with its terms except as payment thereof may be postponed in accordance with this Agreement. 
  
 8. Document Legend. Subordinating Party agrees that, upon demand of
Agent, it shall cause to be added to each document evidencing the Subordinated Debt a legend substantially in the following form: 
  
 “The rights and remedies of the holder of this instrument, and his or her executors, successors and assigns, as the case may be, under this
instrument are subject to the terms and conditions of that certain Intercreditor Agreement dated as of February 15, 2006, as amended from time to time, by and among Pemco Aviation Group, Inc., Pemco Aeroplex, Inc., Pemco Engineers, Inc., Pemco
World Air Services, Inc., Space Vector Corporation, Wachovia Bank, National Association (as Agent), Wachovia Bank, National Association, Compass Bank, and Silver Canyon Services, Inc.” 
  
 9. Obligation Absolute. Subordinating Party will perform its
obligations under this Agreement regardless of any Law now or hereafter in effect in any Jurisdiction affecting any of the terms of any Loan Document or the rights of Agent or Senior Lenders with respect thereto. The obligations of Subordinating
Party under this Agreement are independent of the Loan Documents, and a separate action or actions may be brought and prosecuted against Subordinating Party to enforce this Agreement, irrespective of whether any action is brought against any
Borrower or whether any Borrower is joined in any such action or actions. The 

  

 6 

 
obligations of Subordinating Party under this Agreement shall be absolute and unconditional irrespective of: 
  
 (a) any lack of validity or enforceability of any Loan Document; 

 
 (b) the validity of any Lien granted to Agent in any of the Collateral;

  
 (c) any change in the time, manner or place of payment of, or
in any other term of, any Loan Document, or any other amendment of any Loan Document, or waiver of any provision of any Loan Document, including, without limitation, any increase in any Note or the obligations of any Borrower under the Credit
Agreement resulting from the extension of additional credit to any Borrower or otherwise; 
  
 (d) any taking, exchange, release or non-perfection of any of the Collateral, or any taking, release or amendment or waiver of or consent to departure from any Loan Document; 
  
 (e) any manner of application of the Collateral, or proceeds thereof, to all
or any of the Obligations, or any manner of sale or other disposition of any Collateral for all or any of the Obligations or any other assets of any Borrower; 
  

(f) any change, restructuring or termination of the organizational structure or existence of any Borrower; or 
  
 (g) any other circumstance which might otherwise constitute a defense
available to, or a discharge of, any Borrower. 
  
 10.
Waiver. Except as may expressly be provided herein or in any Loan Document, Borrowers and Subordinating Party each hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any Loan Document and this
Agreement, and further waives any requirement that Agent exhaust any right or take any action against any Borrower, Subordinating Party, or any other Person or the Collateral. 
  
 11. Modification of Loan Documents and Subordinated Agreements. Neither Agent nor Senior Lenders will amend, alter or
modify any material provision of the Loan Documents without the prior written consent of Subordinating Party. Subordinating Party will not amend, alter or modify any material provision of the Subordinated Agreements without the prior written consent
of Senior Lenders and Agent. 
  
 12. Further Assurances.
Agent, Senior Lenders, Borrowers and Subordinating Party each severally covenants and agrees that, at Borrowers’ and Subordinating Party’s cost and expense, Agent, Senior Lenders, Borrowers and Subordinating Party shall duly execute and
deliver, or cause to be duly executed and delivered, to the Person requesting the same, such further instruments and do and cause to be done such further acts as may be reasonably necessary or proper in the opinion of the Person requesting the same,
or its counsel to carry out more effectively the provisions and purposes of this Agreement. 
  
 13. Indemnity. (a) Each Borrower hereby agrees to indemnify Agent, Senior Lenders, Subordinating Party, and their respective officers, directors, agents and attorneys against, and to 

  

 7 

 
hold Agent, Senior Lenders, Subordinating Party, and all such other Persons harmless from all Indemnified Losses resulting from any representation or
warranty made by any Borrower or on any Borrower’s behalf pursuant to this Agreement having been false when made, or resulting from any Borrower’s breach of any of the covenants set forth in this Agreement, which indemnification is in
addition to, and not in derogation of, any statutory, equitable, or common law right or remedy Agent, Senior Lenders or Subordinating Party may have for breach of representation, warranty, statement or covenant or otherwise may have under any of the
Loan Documents or the Subordinated Agreements. This agreement of indemnity shall be a continuing agreement and shall survive payment of the Loans and the Subordinated Debt, and the termination of this Agreement. 
  
 (b) Subordinating Party hereby agrees to indemnify Agent, Senior Lenders,
Borrowers, and their respective officers, directors, agents and attorneys against, and to hold Agent, Senior Lenders, Borrowers, and all such other Persons harmless from all Indemnified Losses resulting from any representation or warranty made by
Subordinating Party or on Subordinating Party’s behalf pursuant to this Agreement having been false when made, or resulting from Subordinating Party’s breach of any of the covenants set forth in this Agreement, which indemnification is in
addition to, and not in derogation of, any statutory, equitable, or common law right or remedy Agent, Senior Lenders or Borrowers may have for breach of representation, warranty, statement or covenant or otherwise may have under any of the Loan
Documents or the Subordinated Agreements. This agreement of indemnity shall be a continuing agreement and shall survive payment of the Loans and the Subordinated Debt, and the termination of this Agreement. 
  
 14. Enforcement and Waiver by Agent and Senior Lenders. Agent and
Senior Lenders shall have the right at all times to enforce the provisions of this Agreement in strict accordance with the terms hereof, notwithstanding any conduct or custom on the part of Agent or any Senior Lender in refraining from so doing at
any time or times. The failure of Agent or any Senior Lender at any time or times to enforce its rights under such provisions, strictly in accordance with the same, shall not be construed as having created a custom in any way or manner contrary to
specific provisions of this Agreement or as having in any way or manner modified or waived the same. All rights and remedies of Agent and Senior Lenders are cumulative and concurrent and the exercise of one right or remedy shall not be deemed a
waiver or release of any other right or remedy. 
  
 15.
Expenses of Agent and Senior Lenders. Borrowers will, on demand, reimburse Agent and Senior Lenders for all out of pocket expenses incurred by Agent and Senior Lenders in connection with the preparation, amendment, modification or enforcement
of this Agreement and/or in the collection of any amounts owing from any Borrower, Subordinating Party or any other Person to Agent or any Senior Lender under this Agreement and, until so paid, the amount of such expenses shall be added to and
become part of the amount of the Obligations. 
  
 16.
Attorneys’ Fees. If at any time or times hereafter Agent or any Senior Lender employs counsel to enforce any rights of Agent or any Senior Lender or obligations of any Borrower or Subordinating Party, or to collect from any Borrower or
Subordinating Party any amounts owing hereunder, then in any such event, all of the Attorneys’ Fees incurred by Agent and Senior Lenders arising from such services and any expenses, costs and charges relating thereto shall constitute additional
obligations of the Person against whom enforcement or collection is sought, payable on demand. 
  

 8 

 17. Notices. All notices and other communications from any party to any other party hereunder
shall be given and deemed received when given in accordance with the terms of the Credit Agreement, and (i) with respect to Borrowers, Agent and Senior Lenders, at the address specified in the Credit Agreement, and (ii) with respect to
Subordinating Party, at the address specified on the signature page of this Agreement. 
  
 18. Governing Law. This Agreement is entered into and performable in Jefferson County, Alabama, and the substantive Laws, without giving effect to principles of conflict of laws, of the United States and the
State of Alabama shall govern the construction of this Agreement and the documents executed and delivered pursuant hereto, and the rights and remedies of the parties hereto and thereto. 
  
 19. SUBMISSION TO JURISDICTION; WAIVERS. 
  
 (a) BORROWERS AND SUBORDINATING PARTY EACH HEREBY IRREVOCABLY AND UNCONDITIONALLY: 
  
 (i) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF ALABAMA, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE
NORTHERN DISTRICT OF ALABAMA, AND 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; 
  
 (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 SUCH PERSON AT ITS ADDRESS SET FORTH HEREIN OR AT SUCH OTHER ADDRESS OF WHICH AGENT AND SENIOR LENDERS 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. 
  

 9 

 (b) BORROWERS, SUBORDINATING PARTY, AGENT AND SENIOR LENDERS EACH HEREBY: 
  
 (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING OR COUNTERCLAIM OF ANY TYPE AS TO ANY MATTER ARISING DIRECTLY OR INDIRECTLY OUT OF OR WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH; AND 
  
 (ii) AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS
AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE TRIAL BY JURY, AND THAT ANY DISPUTE OR CONTROVERSY OF ANY KIND WHATSOEVER AMONG THEM SHALL INSTEAD BE TRIED IN
A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
  
 20. Binding Effect, Assignment. This Agreement shall inure to the benefit of, and shall be binding upon, the respective successors and permitted assigns of the parties hereto. Neither any Borrower nor Subordinating Party has any
right to assign any of its rights or obligations hereunder without the prior written consent of Agent and Senior Lenders. 
  
 21. Entire Agreement, Amendments. This Agreement and the documents executed and delivered pursuant hereto, constitute the entire agreement between
the parties, and may be amended only by a writing signed on behalf of each party. 
  
 22. Severability. If any provision of this Agreement shall be held invalid under any applicable Laws, such invalidity shall not affect any other provision of this Agreement that can be given effect without the
invalid provision, and, to this end, the provisions hereof are severable. 
  
 23. Headings. The section and paragraph headings hereof are inserted for convenience of reference only, and shall not alter, define, or be used in construing the text of such sections and paragraphs.

  
 24. Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 
  
 25. Seal. This Agreement is intended to take effect as an instrument under seal. 
  
 26. Agent as Collateral Agent for Subordinating Party. 
  
 (a) Subordinating Party hereby appoints Collateral Agent as the collateral agent under the Subordinated Agreements and
authorizes Collateral Agent to take such action as agent on its behalf and upon written instruction from Subordinating Party to do so in Subordinating Party’s sole discretion exercise such powers and discretion under the Subordinated 

  

 10 

 
Agreements as are delegated to Collateral Agent by the terms thereof and hereof, together with such powers and discretion as are reasonably incidental
thereto. In particular, Collateral Agent shall not take any of the following actions without the prior written consent of Subordinating Party: 
  
 (i) modify, amend or waive compliance with any provision of this Agreement or any of the Subordinated Agreements or enter into any
forbearance in connection therewith; 
  
 (ii)
release any Person responsible for any of the obligations under the Subordinated Agreements or any of the collateral under the Subordinated Agreements; or 
  
 (iii) waive any default or event of default under the Subordinated Agreements. 
  
 As to any other matters not expressly provided for by the Subordinated
Agreements, Collateral Agent shall be entitled to request instructions from the Subordinating Party in exercising any discretion or taking any action and shall be fully protected in so acting or refraining from acting upon the instructions of the
Subordinating Party, and such instructions shall be binding upon the Subordinating Party and all holders of the Subordinated Agreements; provided, however, that Collateral Agent shall not be required to take any action that Collateral Agent
reasonably believes is contrary to this Agreement or applicable Law. 
  
 Collateral Agent shall, upon direction of the Subordinating Party, give any notice pursuant to the Subordinated Agreements that is necessary for commencement of any cure period, or otherwise. Upon the occurrence of a Subordinated Agreement
Event of Default, the Collateral Agent shall take such action as may be required by Subordinating Party. 
  
 (b) Neither Collateral Agent (nor any of its directors, officers, agents or employees) shall be liable for any action taken or omitted to be taken under
or in connection with the Subordinated Agreements, except for its own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, Collateral Agent (a) may treat the Subordinating Party as the holder of all the
Subordinated Agreements; (b) may consult with legal counsel and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel; (c) makes no warranty or representation to
Subordinated Party and shall not be responsible to Subordinated Party for any statements, warranties or representations (whether written or oral) made in or in connection with the Subordinated Agreements; (d) shall not have any duty to
ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of the Subordinated Documents; (e) shall not be responsible to Subordinating Party for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien created or purported to be created under or in connection with, any Subordinated Agreement or any other instrument or document furnished pursuant
thereto; and (f) shall incur no liability under or in respect of any Subordinated Agreement by acting upon any notice, consent, certificate or other instrument or writing (which may be by telegram, telecopy or telex) believed by it to be
genuine and signed or sent by the proper person. 
  

 11 

 (c) Subordinating Party acknowledges that it has, independently and without reliance upon Agent or Senior
Lenders, made its own credit analysis and decision to enter into the Subordinated Agreements and this Agreement. Subordinating Party also acknowledges that it will, independently and without reliance upon Agent or Senior Lenders and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Subordinated Agreements and this Agreement. 
  
 (d) Borrowers and Subordinating Party jointly and severally agree to
indemnify Collateral Agent (to the extent not promptly reimbursed by Borrowers) from and against any and all Indemnified Losses that may be imposed on, incurred by, or asserted against Collateral Agent in any way relating to or arising out of the
Subordinated Agreements or any action taken or omitted by Collateral Agent under the Subordinated Agreements; provided, however, that Borrowers and Subordinating Party shall not be liable for any portion of such Indemnified Losses resulting from
Collateral Agent’s gross negligence or willful misconduct. The agreement and obligations contained in this Section shall survive the payment in full of principal, interest and all other amounts payable under the Subordinated Agreements and
under the other Loan Documents. 
  
 (e) Collateral Agent may
resign at any time by giving written notice thereof to the Subordinating Party and Borrowers, and may be removed at any time with or without cause by the Subordinating Party. Following any such resignation or removal Collateral Agent shall cooperate
with Subordinating Party (at Subordinating Party’s expense) in the assignment of all liens and security interests held by it to Subordinating Party or any other person so designated by Subordinating Party. 
  
 (f) The provisions of this Section 26 are solely for the benefit of the
Subordinating Party and Collateral Agent, and no person other than the Subordinating Party and Collateral Agent is intended to be a beneficiary of the rights and obligations of Subordinating Party and Collateral Agent under this Section 26, and
Subordinating Party and Collateral Agent shall have the right to amend or modify this Section 26, or waive any requirement under this Section 26, without the consent or approval of any other person (except that Subordinating Party and Collateral
Agent shall notify Borrowers as to any such amendment or modification). 
  
 27. Borrowers agree that, in the event of the resignation or removal of Collateral Agent, Subordinating Party may appoint itself or any successor agent as Collateral Agent and that upon notice of such appointment, such person shall be the
“Collateral Agent” under Section 26 and shall be entitled to all protections and indemnifications by Borrowers provided for under Section 26 without need for consent of, or execution of any agreement by, Borrowers. 
  
 * * * * * 
  

 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed, sealed and
delivered as of the date first above written. 
  

					
	WITNESS:	 	BORROWERS:
		
	 	 	PEMCO AVIATION GROUP, INC.
			
	 /s/ Leah Barnett

	 	By:	 	 /s/ John R. Lee

	Print Name: Leah Barnett	 	Its:	 	Chief Financial Officer

  

 Intercreditor Agreement - Signature Page 

					
	 	 	PEMCO AEROPLEX, INC.
			
	 /s/ Leah Barnett

	 	By:	 	 /s/ John R. Lee

	Print Name: Leah Barnett	 	Its:	 	Chief Financial Officer

  

 Intercreditor Agreement - Signature Page 

					
	 	 	PEMCO ENGINEERS, INC.
			
	 /s/ Leah Barnett

	 	By:	 	 /s/ John R. Lee

	Print Name: Leah Barnett	 	Its:	 	Chief Financial Officer

  

 Intercreditor Agreement - Signature Page 

					
	 	 	PEMCO WORLD AIR SERVICES, INC.
			
	 /s/ Leah Barnett

	 	By:	 	 /s/ John R. Lee

	Print Name: Leah Barnett	 	Its:	 	Chief Financial Officer

  

 Intercreditor Agreement - Signature Page 

					
	 	 	SPACE VECTOR CORPORATION
			
	 /s/ Leah Barnett

	 	By:	 	 /s/ John R. Lee

	Print Name: Leah Barnett	 	Its:	 	Chief Financial Officer

  

 Intercreditor Agreement - Signature Page 

					
	 	 	AGENT:
		
	 	 	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as
Agent

			
	 /s/ Kelly L. McCrory

	 	By:	 	 /s/ Tod Ferguson

	Print Name: Kelly L. McCrory	 	Its:	 	Vice President

  

 Intercreditor Agreement - Signature Page 

					
	 	 	LENDERS:
		
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION
			
	 /s/ Kelly L. McCrory

	 	By:	 	 /s/ Tod Ferguson

	Print Name: Kelly L. McCrory	 	Its:	 	Vice President

  

 Intercreditor Agreement - Signature Page 

					
	 	 	COMPASS BANK
			
	 /s/ Jo An Ferguson

	 	By:	 	 /s/ Alex Morton

	Print Name: Jo An Ferguson	 	Its:	 	Senior Vice President

  

 Intercreditor Agreement - Signature Page 

					
	 	 	COLLATERAL AGENT:
		
	 	 	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as
Collateral Agent

			
	 /s/ Kelly L. McCrory

	 	By:	 	 /s/ Tod Ferguson

	Print Name: Kelly L. McCrory	 	Its:	 	Vice President

  

 Intercreditor Agreement - Signature Page 

					
	 	 	 SUBORDINATING PARTY:
  
 SILVER CANYON SERVICES, INC.

			
	 	 	By:	 	 /s/ Richard N. Merkin

	 	 	Its:	 	President
		
	 	 	Address for Notices:
	 	 	3115 Ocean Front Walk
	 	 	Marina Del Rey, California 90292
	 	 	Attention: Richard N. Merkin
	 	 	Facsimile: (310) 306-8362

  

 Intercreditor Agreement - Signature Page

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]