Document:

Credit Agreement

 Exhibit 10.4 

 
  

 
 CREDIT AGREEMENT 

DATED AS OF NOVEMBER 16, 2011 
 by and among 
 GREAT LAKES AVIATION, LTD. 

as Great Lakes, 

GB MERCHANT PARTNERS, LLC, 
 as Collateral Agent 
 and 

CRYSTAL FINANCIAL LLC, 
 as Administrative Agent 
 and 

THE OTHER FINANCIAL INSTITUTIONS AND ENTITIES PARTY HERETO, 
 as Lenders 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1. AMOUNTS AND TERMS OF LOANS
	  	 	1	  
			
	 1.1
	 	Loans	  	 	1	  
	 1.2
	 	Interest and Applicable Margins	  	 	7	  
	 1.3
	 	Yield Enhancement; Fees	  	 	8	  
	 1.4
	 	Payments	  	 	9	  
	 1.5
	 	Prepayments	  	 	11	  
	 1.6
	 	Maturity	  	 	12	  
	 1.7
	 	Register	  	 	13	  
	 1.8
	 	Reserved	  	 	13	  
	 1.9
	 	Taxes	  	 	13	  
		
	 SECTION 2. AFFIRMATIVE COVENANTS
	  	 	17	  
			
	 2.1
	 	Compliance With Laws and Contractual Obligations	  	 	17	  
	 2.2
	 	Insurance	  	 	17	  
	 2.3
	 	Inspection; Appraisal; Lender Meeting	  	 	18	  
	 2.4
	 	Maintenance of Existence and Conduct of Business	  	 	18	  
	 2.5
	 	Environmental Matters	  	 	19	  
	 2.6
	 	Landlords’ Agreements, Mortgagee Agreements, Bailee Letters and Real Estate Purchases	  	 	19	  
	 2.7
	 	Further Assurances	  	 	19	  
	 2.8
	 	Cash Management Systems	  	 	20	  
	 2.9
	 	Collateral Reporting	  	 	21	  
	 2.10
	 	Disclosure Updates	  	 	21	  
	 2.11
	 	Payment of Charges and Taxes	  	 	21	  
	 2.12
	 	Books and Records	  	 	22	  
	 2.13
	 	Intellectual Property	  	 	22	  
	 2.14
	 	Anti-Money Laundering and Terrorism Regulations	  	 	22	  
	 2.15
	 	Essential Air Service Program	  	 	22	  
	 2.16
	 	Post Closing	  	 	22	  
		
	 SECTION 3. NEGATIVE COVENANTS
	  	 	23	  
			
	 3.1
	 	Indebtedness	  	 	23	  
	 3.2
	 	Liens and Related Matters	  	 	24	  
	 3.3
	 	Investments	  	 	26	  
	 3.4
	 	Contingent Obligations	  	 	26	  
	 3.5
	 	Restricted Payments	  	 	27	  
	 3.6
	 	Restriction on Fundamental Changes	  	 	27	  
	 3.7
	 	Disposal of Assets or Subsidiary Stock	  	 	27	  
	 3.8
	 	Transactions with Affiliates	  	 	27	  
	 3.9
	 	Reserved	  	 	28	  

  
 i 

							
	 3.10
	 	Changes Relating to Indebtedness	  	 	28	  
	 3.11
	 	Fiscal Periods	  	 	28	  
	 3.12
	 	Press Release; Public Offering Materials	  	 	28	  
	 3.13
	 	Subsidiaries	  	 	29	  
	 3.14
	 	Bank Accounts; Lockboxes	  	 	29	  
	 3.15
	 	Hazardous Materials	  	 	29	  
	 3.16
	 	ERISA	  	 	29	  
	 3.17
	 	Sale Leasebacks	  	 	29	  
	 3.18
	 	Changes to Material Contracts	  	 	29	  
	 3.19
	 	Prepayments of Subordinated Debt	  	 	30	  
	 3.20
	 	Use of Loan Proceeds	  	 	30	  
	 3.21
	 	Reserved	  	 	30	  
	 3.22
	 	Cancellation of Indebtedness	  	 	30	  
	 3.23
	 	Location of Aircraft, Etc.	  	 	30	  
	 3.24
	 	Acquisition of Debt	  	 	30	  
	 3.25
	 	Change of Corporate Name or Location	  	 	30	  
	 3.26
	 	Lease of Aircraft	  	 	31	  
	 3.27
	 	Essential Air Service Program	  	 	31	  
		
	 SECTION 4. FINANCIAL COVENANTS/REPORTING
	  	 	31	  
			
	 4.1
	 	Maximum Leverage Ratio	  	 	31	  
	 4.2
	 	Capital Expenditure Limits	  	 	32	  
	 4.3
	 	Financial Statements and Other Reports	  	 	32	  
	 4.4
	 	Accounting Terms; Utilization of GAAP for Purposes of Calculations Under Agreement	  	 	35	  
		
	 SECTION 5. REPRESENTATIONS AND WARRANTIES
	  	 	36	  
			
	 5.1
	 	Disclosure	  	 	36	  
	 5.2
	 	No Material Adverse Effect	  	 	36	  
	 5.3
	 	No Conflict	  	 	36	  
	 5.4
	 	Organization, Powers, Capitalization and Enforceable Obligations	  	 	36	  
	 5.5
	 	Financial Statements and Projections	  	 	38	  
	 5.6
	 	Intellectual Property	  	 	38	  
	 5.7
	 	Investigations, Audits, Etc.	  	 	38	  
	 5.8
	 	Employee Matters	  	 	38	  
	 5.9
	 	Solvency	  	 	39	  
	 5.10
	 	Litigation; Adverse Facts	  	 	39	  
	 5.11
	 	Use of Proceeds; Margin Regulations	  	 	39	  
	 5.12
	 	Ownership of Property; Liens	  	 	39	  
	 5.13
	 	Environmental Matters	  	 	40	  
	 5.14
	 	ERISA	  	 	41	  
	 5.15
	 	Brokers	  	 	41	  
	 5.16
	 	Deposit and Disbursement Accounts	  	 	41	  
	 5.17
	 	Reserved	  	 	42	  
	 5.18
	 	Insurance	  	 	42	  

  
 ii 

							
	 5.19
	 	Anti-Terrorism Law	  	 	42	  
	 5.20
	 	Compliance with Laws	  	 	42	  
	 5.21
	 	Taxes and Tax Returns	  	 	43	  
	 5.22
	 	Agreements and Other Documents	  	 	43	  
	 5.23
	 	Eligible Accounts	  	 	44	  
	 5.24
	 	Eligible Inventory	  	 	44	  
	 5.25
	 	Government Contracts	  	 	44	  
	 5.26
	 	Customer and Trade Relations	  	 	44	  
	 5.27
	 	Bonding; Licenses	  	 	44	  
	 5.28
	 	Reserved	  	 	44	  
	 5.29
	 	Full Disclosure	  	 	44	  
	 5.30
	 	Executive Offices, Collateral Locations, FEIN	  	 	44	  
	 5.31
	 	Qualified Airports	  	 	45	  
	 5.32
	 	Eligible Spare Engines	  	 	45	  
	 5.33
	 	Eligible Aircraft	  	 	45	  
		
	 SECTION 6. CONDITIONS TO LOANS
	  	 	45	  
			
	 6.1
	 	Conditions to Initial Loans	  	 	45	  
	 6.2
	 	Conditions to All Loans	  	 	48	  
		
	 SECTION 7. DEFAULT, RIGHTS AND REMEDIES
	  	 	49	  
			
	 7.1
	 	Event of Default	  	 	49	  
	 7.2
	 	Suspension or Termination of Revolving Loan Commitments	  	 	51	  
	 7.3
	 	Acceleration and other Remedies	  	 	51	  
	 7.4
	 	Performance by Agents	  	 	52	  
		
	 SECTION 8. ASSIGNMENT AND AGENTS
	  	 	52	  
			
	 8.1
	 	Assignment and Participations	  	 	52	  
	 8.2
	 	Agent	  	 	55	  
	 8.3
	 	Set Off and Sharing of Payments	  	 	63	  
		
	 SECTION 9. MISCELLANEOUS
	  	 	64	  
			
	 9.1
	 	Indemnities	  	 	64	  
	 9.2
	 	Amendments and Waivers	  	 	64	  
	 9.3
	 	Notices; Effectiveness	  	 	65	  
	 9.4
	 	Failure or Indulgence Not Waiver; Remedies Cumulative	  	 	67	  
	 9.5
	 	Marshaling; Payments Set Aside	  	 	67	  
	 9.6
	 	Severability	  	 	67	  
	 9.7
	 	Lenders’ Obligations Several; Independent Nature of Lenders’ Rights	  	 	67	  
	 9.8
	 	Headings	  	 	67	  
	 9.9
	 	Applicable Law	  	 	67	  
	 9.10
	 	Successors and Assigns	  	 	67	  
	 9.11
	 	No Fiduciary Relationship; Limited Liability	  	 	68	  
	 9.12
	 	Construction	  	 	68	  

  
 iii

							
	 9.13
	 	Confidentiality	  	 	68	  
	 9.14
	 	CONSENT TO JURISDICTION	  	 	69	  
	 9.15
	 	WAIVER OF JURY TRIAL	  	 	69	  
	 9.16
	 	Survival of Warranties and Certain Agreements	  	 	69	  
	 9.17
	 	Entire Agreement	  	 	69	  
	 9.18
	 	Counterparts; Effectiveness	  	 	69	  
	 9.19
	 	Replacement of Lenders	  	 	70	  
	 9.20
	 	Delivery of Termination Statements and Mortgage Releases	  	 	71	  
	 9.21
	 	Subordination Agreements	  	 	71	  

 INDEX OF APPENDICES 

 

							
	 Annexes
	  				  	
			
	 Annex A
	  	 	-	  	  	Definitions
	 Annex B
	  	 	-	  	  	Commitments
	 Annex C
	  	 	-	  	  	Compliance Certificate
	 Annex D
	  	 	-	  	  	Borrowing Base Certificate
	 Annex E
	  	 	-	  	  	Collateral Reporting
			
	 Exhibits
	  				  	
			
	 Exhibit A
	  	 	-	  	  	Revolving Note
	 Exhibit B
	  	 	-	  	  	Notice of Revolving Loan
	 Exhibit C
	  	 	-	  	  	Term Note
	 Exhibit D
	  	 	-	  	  	Assignment Agreement
			
	 Schedules
	  				  	
			
	 Schedule A-1
	  	 	-	  	  	Authorized Persons
	 Schedule R-1
	  	 	-	  	  	Real Property Collateral
	 Schedule 2.4
	  	 	-	  	  	Corporate and Trade Names
	 Schedule 3.1
	  	 	-	  	  	Indebtedness
	 Schedule 3.2
	  	 	-	  	  	Liens
	 Schedule 3.3
	  	 	-	  	  	Investments
	 Schedule 3.4
	  	 	-	  	  	Contingent Obligations
	 Schedule 3.8
	  	 	-	  	  	Affiliate Transactions
	 Schedule 5.4(a)
	  	 	-	  	  	Jurisdictions of Organization and Qualifications
	 Schedule 5.4(b)
	  	 	-	  	  	Capitalization
	 Schedule 5.6
	  	 	-	  	  	Intellectual Property
	 Schedule 5.7
	  	 	-	  	  	Investigations and Audits
	 Schedule 5.8
	  	 	-	  	  	Employee Matters
	 Schedule 5.10
	  	 	-	  	  	Litigation
	 Schedule 5.12
	  	 	-	  	  	Real Estate
	 Schedule 5.13
	  	 	-	  	  	Environmental Matters
	 Schedule 5.14
	  	 	-	  	  	ERISA
	 Schedule 5.15
	  	 	-	  	  	Brokerage Fees

  
 iv 

							
	 Schedule 5.16
	  	 	-	  	  	Deposit and Disbursement Accounts
	 Schedule 5.18
	  	 	-	  	  	Insurance
	 Schedule 5.22
	  	 	-	  	  	Agreements and Other Documents
	 Schedule 5.25
	  	 	-	  	  	Government Contracts
	 Schedule 5.27
	  	 	-	  	  	Bonding; Licenses
	 Schedule 5.30
	  	 	-	  	  	Collateral Locations
	 Schedule 5.31
	  	 	-	  	  	Essential Air Service Program

  
 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT is dated as of November 16, 2011 and is entered into by and among Great Lakes Aviation, Ltd., an Iowa
corporation (“Great Lakes”), the financial institutions and other entities that are or hereafter become parties to this Agreement as Lenders and Crystal Financial LLC (in its individual capacity, “Crystal” or
“Administrative Agent”) and GB Merchant Partners, LLC (in its individual capacity “GB Merchant” or “Collateral Agent”, and together with the Administrative Agent, the “Agents” and
each individually an “Agent”). 
 R E C I T A L S:

 WHEREAS, Great Lakes desires that Lenders extend a term credit facility and a revolving credit facility to Great Lakes
to fund the repayment of certain indebtedness of Great Lakes owing to Raytheon Aircraft Credit Corp., to provide working capital financing for Great Lakes and to provide funds for other general corporate purposes of Great Lakes; 

WHEREAS, Great Lakes desires to secure all of its Obligations (as hereinafter defined) under the Loan Documents (as hereinafter
defined) by granting to Collateral Agent, for the benefit of the Lenders, a security interest in and lien upon substantially all of its assets; and 
 WHEREAS, all capitalized terms herein shall have the meanings ascribed thereto in Annex A hereto which is incorporated herein by reference. 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, Great Lakes,
Lenders and each Agent agree as follows: 
 SECTION 1. 

AMOUNTS AND TERMS OF LOANS 
 1.1 Loans. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties and other agreements of Great Lakes contained herein: 

(a) Revolving Loans. 
 (i) Each Revolving Lender agrees, severally and not jointly, to make available to Great Lakes from time to time until the Maturity Date its Pro Rata Share of revolving loans (each a “Revolving
Loan”) requested by Great Lakes hereunder. All Revolving Loans must be in a minimum amount of $500,000 and an aggregate amount that is an integral multiple of $100,000 and no more than one Borrowing of Revolving Loans shall be made per
month. The Revolving Loan of any Revolving Lender shall not at any time exceed the lesser of (i) such Revolving Lender’s Revolving Loan Commitment, or (ii) such Revolving Lender’s Pro Rata Share of an amount equal to
the lesser of (A) the Maximum Amount and (B) the Borrowing Base. 

 Anything to the contrary in this Section 1.1(a) notwithstanding, each Agent shall have the right
(but not the obligation) to establish, increase, reduce, eliminate, or otherwise adjust reserves from time to time against the Borrowing Base and the Term Loan Formula in such amounts, and with respect to such matters, as each Agent in its Permitted
Discretion shall deem necessary or appropriate, including reserves with respect to (A) sums that Great Lakes is required to pay under this Agreement or any other Loan Document (such as taxes, assessments, insurance premiums, or, in the case of
leased assets, rents or other amounts payable under such leases) and has failed to pay when due, and (B) amounts owing by Great Lakes or its Subsidiaries to any Person to the extent secured by a Lien on, or trust over, any of the Collateral
(other than a Permitted Encumbrance which is a permitted purchase money Lien or the interest of a lessor under a Capital Lease), which Lien or trust, in the Permitted Discretion of each Agent likely would have a priority superior to Collateral
Agent’s Liens (such as Liens or trusts in favor of landlords, warehousemen, carriers, mechanics, materialmen, laborers, or suppliers, or Liens or trusts for ad valorem, excise, sales, or other taxes where given priority under applicable
law) in and to such item of the Collateral. If, at any time, either Agent establishes or increases reserves against the Borrowing Base or the Term Loan Formula, such Agent will give Great Lakes fifteen (15) days advance written notice of such
change, unless a Default or Event of Default then exists, in which case such Agent will give Great Lakes contemporaneous oral or written notice of such change. 
 (ii) Revolving Loans may be repaid and; provided, that each of the conditions precedent in Section 6.2 hereof is satisfied, reborrowed. All Revolving Loans shall be repaid in full on
the Maturity Date (or sooner upon the acceleration of the Loans as provided for in this Agreement). If so requested by a Revolving Lender, Great Lakes shall execute and deliver to such Revolving Lender a note to evidence the Revolving Loan
Commitment of such Revolving Lender. 
 (iii) Each note shall be in the principal amount of the Revolving Loan Commitment of the
applicable Revolving Lender, dated the Closing Date and substantially in the form of Exhibit A (each a “Revolving Note” and, collectively, the “Revolving Notes”). Each Revolving Note shall represent the
obligation of Great Lakes to pay the amount of the applicable Revolving Lender’s Revolving Loan, together with interest thereon. 
 (iv) Revolving Loans may be requested with three (3) Business Days prior written notice to each Agent prior to 10:00 a.m. (Mountain time) and no more than one Borrowing of Revolving Loans shall be
requested per month. Written notices for funding requests shall be in the form attached as Exhibit B (“Notice of Revolving Loan”) and each Revolving Loan shall be made in accordance with this Agreement. 

(b) Term Loan. 
 (i) Each Term Loan Lender agrees, severally and not jointly, to lend to Great Lakes a term loan on the Closing Date equal to such Term Loan Lender’s Pro Rata Share of the Term Loan Commitment (such
loan, the “Term Loan”). Each Term Loan Lender’s Term Loan Commitment shall terminate in full upon the making of the Term Loan on the Closing Date. 

  
 2 

 (ii) In addition to any other required repayment of the Term Loan, Great Lakes shall repay
the Term Loan through periodic payments of principal (“Scheduled Installments”) on the last day of each Fiscal Quarter as follows: 
  

					
	 Payment Date
	  	Scheduled Installment	 
	 March 31, 2012
	  	$	750,000	  
	 June 30, 2012
	  	$	750,000	  
	 September 30, 2012
	  	$	750,000	  
	 December 31, 2012
	  	$	750,000	  
	 March 31, 2013
	  	$	875,000	  
	 June 30, 2013
	  	$	875,000	  
	 September 30, 2013
	  	$	875,000	  
	 December 31, 2013
	  	$	875,000	  
	 March 31, 2014
	  	$	1,000,000	  
	 June 30, 2014
	  	$	1,000,000	  
	 September 30, 2014
	  	$	1,000,000	  
	 December 31, 2014
	  	$	1,000,000	  
	 March 31, 2015
	  	$	1,125,000	  
	 June 30, 2015
	  	$	1,125,000	  
	 September 30, 2015
	  	$	1,125,000	  

 Notwithstanding the foregoing, the outstanding principal balance of the Term Loan, shall be due and
payable in full on the Maturity Date (or sooner upon the acceleration of the Loans as provided for in this Agreement). Any amount of the Term Loan that is repaid or prepaid may not be reborrowed. If so requested by a Term Loan Lender, Great Lakes
shall execute and deliver to such Term Loan Lender a note to evidence the Term Loan held by such Term Loan Lender. Each note shall be in the principal amount of the Term Loan of the applicable Term

  
 3 

 
Loan Lender, dated the Closing Date and substantially in the form of Exhibit C (each a “Term Note” and, collectively, the “Term Notes”). Each Term Note
shall represent the obligation of Great Lakes to pay the amount of the applicable Term Loan Lender’s Term Loan, together with interest thereon. 
 (c) Borrowing Procedures. 
 (i) Notice to Lenders of Borrowing
Request. Promptly following receipt by each Agent of a Notice of Revolving Loan, Administrative Agent shall advise each applicable Revolving Lender of such Notice of Revolving Loans and the amount of such Revolving Lender’s Revolving
Loan to be made as part of the applicable Borrowing. 
 (ii) Making of Loans. Each Revolving Lender shall make the amount
of such Revolving Lender’s Pro Rata Share of the requested Borrowing available to the Administrative Agent in immediately available funds, to Administrative Agent’s Account, not later than 10:00 a.m. (Mountain time) on the Funding Date
applicable thereto. After Administrative Agent’s receipt of the proceeds of such Revolving Loans, Administrative Agent shall make the proceeds thereof available to Great Lakes on the applicable Funding Date by transferring immediately available
funds equal to such proceeds received by Administrative Agent to the Disbursement Account; provided, however, that, Administrative Agent shall not request any Revolving Lender to make any Revolving Loan, and no Revolving Lender shall
have the obligation to make any Revolving Loan, if (A) one or more of the applicable conditions precedent set forth in Section 6 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition
has been waived, or (B) the requested Borrowing would exceed the Availability on such Funding Date. 
 (iii) Unless the
Administrative Agent receives notice from an applicable Revolving Lender prior to 9:00 a.m. (Mountain time) on the date of a Borrowing, that such Revolving Lender will not make available as and when required hereunder to Administrative Agent for the
account of Great Lakes the amount of that Revolving Lender’s Pro Rata Share of the Borrowing, Administrative Agent may assume that each Revolving Lender has made or will make such amount available to Administrative Agent in immediately
available funds on the Funding Date and Administrative Agent may (but shall not be so required), in reliance upon such assumption, make available to Great Lakes on such date a corresponding amount. If any Revolving Lender shall not have made its
full amount available to Administrative Agent in immediately available funds and if Administrative Agent in such circumstances has made available to Great Lakes such amount, that Revolving Lender shall on the Business Day following such Funding Date
make such amount available to Administrative Agent. A notice submitted by Administrative Agent to any Revolving Lender with respect to amounts owing under this Section shall be conclusive, absent manifest error. If such amount is so made available,
such payment to Administrative Agent shall constitute such Revolving Lender’s Revolving Loan on the date of Borrowing for 

  
 4 

 
all purposes of this Agreement. If such amount is not made available to Administrative Agent on the Business Day following the Funding Date, Administrative Agent will notify Great Lakes of such
failure to fund and, upon demand by Administrative Agent, Great Lakes shall, within five (5) Business Days, promptly pay such amount to the Administrative Agent for Administrative Agent’s sole account, together with interest thereon for
each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Revolving Loans. 
 (iv) Funding Authorization. The proceeds of all Loans made pursuant to this Agreement on and subsequent to the Closing Date are to be funded by Administrative Agent by wire transfer to the account
designated by Great Lakes below (the “Disbursement Account”): 
 Beneficiary Bank: Wells Fargo Bank,
N.A.
 420 Montgomery St 
 San Francisco, CA 94104 
 ABA #: 121000248 (Wires) Federal 

Beneficiary Name: Great Lakes Aviation, LTD 
 Account # XXX 
 Reference: 

Bank Contacts: 
 Rolfe Burgess 307-771-3785 
 Sylvania Rodriquez 307-771-3786 

Great Lakes shall provide Administrative Agent with written notice of any change in the foregoing instructions at least three
(3) Business Days before the desired effective date of such change. 
 (d) Protective Advances. 

(i) Protective Advances. Any contrary provision of this Agreement or any other Loan Document notwithstanding, Administrative Agent
hereby is authorized by Great Lakes and the Lenders, from time to time, with the consent of the Collateral Agent, (A) after the occurrence and during the continuance of a Default or an Event of Default, or (B) at any time that any of the
other applicable conditions precedent set forth in Section 6 are not satisfied, to make Revolving Loans to, or for the benefit of, Great Lakes on behalf of the Revolving Lenders (in an aggregate amount for all such Revolving Loans taken
together not exceeding the lesser of (i) $3,000,000 outstanding at any one time and (ii) twenty percent (20.0%) of the Borrowing Base) that Administrative Agent, in its Permitted Discretion deems necessary or desirable (1) to
preserve or protect the Collateral, 

  
 5 

 
or any portion thereof, or (2) to enhance the likelihood of repayment of all or any portion of the Obligations (any of the Revolving Loans described in this Section 1.1(d)(i)
shall be referred to as “Protective Advances”). 
 (ii) Each Protective Advance shall be deemed to be a
Revolving Loan hereunder, except that prior to Settlement therefor, all payments on the Protective Advances shall be payable to Administrative Agent, as applicable, solely for its own account. The Protective Advances shall be repayable on demand,
secured by Collateral Agent’s Liens and constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Revolving Loans. The provisions of this Section 1.1(d) are for the exclusive benefit of Agents
and the Lenders and are not intended to benefit Great Lakes in any way. 
 (e) Settlement. It is agreed that each
Revolving Lender’s funded portion of the Revolving Loans is intended by the Revolving Lenders to equal, at all times, such Revolving Lender’s Pro Rata Share of the outstanding Revolving Loans. Such agreement notwithstanding, Administrative
Agent and the other Lenders agree (which agreement shall not be for the benefit of Great Lakes) that in order to facilitate the administration of this Agreement and the other Loan Documents, settlement among the Revolving Lenders as to the Revolving
Loans and the Protective Advances shall take place on a periodic basis. Administrative Agent shall request settlement (“Settlement”) with the Revolving Lenders on a weekly basis, or on a more frequent basis if so determined by
Administrative Agent (1) for itself, with respect to the outstanding Protective Advances, and (2) with respect to Great Lakes or its Subsidiaries’ Collections or payments received, as to each by notifying the Revolving Lenders by,
telecopy, telephone, or other similar form of transmission, of such requested Settlement, no later than 2:00 p.m. (Boston time) on the Business Day immediately prior to the date of such requested Settlement (the date of such requested Settlement
being the “Settlement Date”). Subject to the terms and conditions contained herein, if the amount of the Revolving Loans (including Protective Advances) made by a Revolving Lender is less than such Revolving Lender’s Pro Rata
Share of the Revolving Loans (including Protective Advances) as of a Settlement Date, such Revolving Lender shall no later than 12:00 p.m. (Boston time) on the Settlement Date transfer in immediately available funds to the Administrative
Agent’s Account, an amount such that each such Revolving Lender shall, upon transfer of such amount, have as of the Settlement Date, its Pro Rata Share of the Revolving Loans (including Protective Advances). Such amounts made available to
Administrative Agent under clause (z) of the immediately preceding sentence shall be applied against the amounts of the applicable Protective Advance and, together with the portion of such Protective Advance representing such Revolving
Lender’s Pro Rata Share thereof, shall constitute Revolving Loans of such Revolving Lender. If any such amount is not made available to the Administrative Agent by any Revolving Lender on the Settlement Date applicable thereto to the extent
required by the terms hereof, Administrative Agent shall be entitled to recover for its account such amount on demand from such Revolving Lender together with interest thereon. 

(f) Independent Obligations. All Loans shall be made by the Lenders contemporaneously and in accordance with their Pro Rata
Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Loan (or other extension of credit) hereunder, nor shall any Commitment of any Lender be increased or
decreased as a result of any failure by any other Lender to perform its obligations hereunder, and (ii) no failure by any Lender to perform its obligations hereunder shall excuse any other Lender from its obligations hereunder. 

  
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 1.2 Interest and Applicable Margins. 

(a) Great Lakes shall pay interest to Administrative Agent, for the ratable benefit of Lenders, in accordance with the various Loans
being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to Revolving Loans the LIBOR Rate plus the Applicable Revolver LIBOR Margin per annum, and (ii) with respect to the
Term Loan, the LIBOR Rate plus the Applicable Term Loan LIBOR Margin per annum. 
 (b) If any payment on any Loan becomes due
and payable on a day other than a Business Day, the maturity thereof will be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such
extension. 
 (c) All computations of Fees calculated on a per annum basis and interest shall be made by Administrative Agent on
the basis of a 360 day year, in each case for the actual number of days occurring in the period for which such Fees and interest are payable. Each determination by Administrative Agent of an interest rate and Fees hereunder shall be final, binding
and conclusive on Great Lakes, absent manifest error. 
 (d) So long as an Event of Default has occurred and is continuing, the
interest rates applicable to the Loans shall be increased by two percentage points (2%) per annum above the rates of interest otherwise applicable hereunder (“Default Rate”) at the election of either Agent, (or upon the
written request of Requisite Lenders), and all outstanding Obligations shall bear interest at the Default Rate applicable to such Obligations. Interest at the Default Rate shall accrue from the initial date of such Event of Default until that Event
of Default is cured or waived and shall be payable upon demand, but in any event, shall be payable on the next regularly scheduled payment date set forth herein for such Obligation. 

(e) Notwithstanding anything to the contrary set forth in this Section 1.2, if a court of competent jurisdiction determines
in a final order that the rate of interest payable hereunder exceeds the highest rate of interest permissible under law (the “Maximum Lawful Rate”), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest
payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, Great Lakes shall continue to pay interest hereunder at the
Maximum Lawful Rate until such time as the total interest received by Administrative Agent, on behalf of Lenders, is equal to the total interest that would have been received had the interest rate payable hereunder been (but for the operation of
this clause) the interest rate payable since the Closing Date as otherwise provided in this Agreement. Thereafter, interest hereunder shall be paid at the rate(s) of interest and in the manner provided in Sections 1.2(a) through (d),
unless and until the rate of interest again exceeds the Maximum Lawful Rate, and at that time this clause shall again apply. In no event shall the total interest received by any Lender pursuant to the terms hereof exceed the amount that such Lender
could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. If the Maximum Lawful Rate is calculated pursuant to this 

  
 7 

 
clause, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. If, notwithstanding the
provisions of this Section 1.2(e), a court of competent jurisdiction shall determine by a final, non-appealable order that a Lender has received interest hereunder in excess of the Maximum Lawful Rate, Administrative Agent shall, to the
extent permitted by applicable law, promptly apply such excess as specified in Section 1.5(g) and thereafter shall refund any excess to Great Lakes or as such court of competent jurisdiction may otherwise order. 

1.3 Yield Enhancement; Fees. 
 (a) Yield Enhancement. On or prior to the Closing Date, Great Lakes shall pay to Administrative Agent, for the ratable benefit of each Lender, a yield enhancement in an amount equal to 3.0% of the
entire Commitment on the Closing Date. 
 (b) Unused Line Fee. As additional compensation for the Revolving Lenders,
Great Lakes shall pay to Administrative Agent, for the ratable benefit of such Revolving Lenders, in arrears, on the last Business Day of each month prior to the Maturity Date and on the Maturity Date, a fee for Great Lakes’ non use of
available funds (the “Unused Line Fee”) in an amount equal to 1.00% per annum multiplied by the difference between (x) the Maximum Amount (as it may be reduced from time to time) and (y) the average daily balance of
Revolving Loans outstanding during the preceding calendar month (or portion thereof during which this Agreement is in effect). 

(c) Prepayment Fee. If Great Lakes pays or prepays all or any portion of the Term Loan, whether voluntarily or involuntarily and
whether before or after acceleration of the Obligations, Great Lakes shall pay to Administrative Agent, for the benefit of Lenders as liquidated damages and compensation for the costs of being prepared to make funds available hereunder a fee (the
“Prepayment Fee”) in an amount equal to the Applicable Percentage (as defined below) multiplied by the sum of the principal amount of the Term Loan paid. As used herein, the term “Applicable Percentage” shall mean
(i) 4.00% per annum, in the case of a prepayment on or prior to the first anniversary of the Closing Date, (ii) 3.00% per annum, in the case of a prepayment after the first anniversary of the Closing Date but on or prior to the
second anniversary of the Closing Date, (iii) 2.00% per annum, in the case of a prepayment after the second anniversary of the Closing Date but prior to the third anniversary of the Closing Date and (iv) 0.00% per annum, in the case
of a prepayment at anytime thereafter. Great Lakes agrees that the Applicable Percentages are a reasonable calculation of Lenders’ lost profits in view of the difficulties and impracticality of determining actual damages resulting from
prepayments of the Term Loan. Notwithstanding the foregoing, no Prepayment Fee shall be payable by Great Lakes upon a mandatory prepayment of Term Loan made pursuant to Section 1.5(b). 

(d) Expenses and Attorneys’ Fees. Great Lakes agrees to promptly pay all reasonable fees, charges, costs and expenses
(including reasonable attorneys’ fees and expenses for one counsel (absent a conflict of interest) for the Agents collectively) incurred by each Agent in connection with any matters contemplated by or arising out of the Loan Documents, in
connection with the examination, review, due diligence investigation, documentation, negotiation, closing and syndication of the transactions contemplated herein and in connection with the continued administration of the Loan Documents including any
amendments, modifications, consents and 

  
 8 

 
waivers (whether or not consummated). Great Lakes agrees to promptly pay reasonable documentation charges assessed by Agents for amendments, waivers, consents and any of the documentation
prepared Agents’ internal legal staff (whether or not consummated). Great Lakes agrees to promptly pay all reasonable fees, charges, costs and expenses (including fees, charges, costs and expenses of attorneys, auditors (whether internal or
external), appraisers, investment bankers, consultants and advisors and the allocated cost of internal legal staff) incurred by Agents in connection with any amendment, waiver, consent with respect to the Loan Documents (whether or not consummated),
Event of Default, work-out or action to enforce any Loan Document or to collect any payments due from Great Lakes. In addition, in connection with any work-out or action to enforce any Loan Document or to collect any payments due from Great Lakes,
Great Lakes agrees to promptly pay all reasonable fees, charges, costs and expenses incurred by Lenders for one legal counsel acting for all Lenders other than Agents and appropriate local counsel and regulatory counsel. All fees, charges, costs and
expenses for which Great Lakes is responsible under this Section 1.3(d) shall be deemed part of the Obligations when incurred, payable in accordance with Section 1.4 and secured by the Collateral. 

1.4 Payments. 
 (a)
Payments by Great Lakes. All payments by Great Lakes of the Obligations shall be without deduction, defense, setoff or counterclaim and shall be made in same day funds and delivered to Administrative Agent for the benefit of Administrative
Agent and Lenders, as applicable, by wire transfer to the applicable account set forth below for Administrative Agent or such other place as Administrative Agent may from time to time designate in writing. 

Administrative Agent’s Account: 
 Citibank, N.A. 
 ABA #021000089 

Account name: Crystal Financial LLC 
 Account number: XXX 
 Ref: Great Lakes 

Great Lakes shall receive credit on the first Business Day following the day of receipt for funds received by Administrative Agent by 10:00 a.m.
(Mountain time). In the absence of timely receipt, such funds shall be deemed to have been paid on the next Business Day. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the payment may be
made on the next succeeding Business Day and such extension of time shall be included in the computation of the amount of interest and Fees due hereunder. 
 (b) Apportionment and Application. 
 (i) So long as no Event of Default has
occurred and is continuing, all principal and interest payments received by Administrative Agent or Collateral Agent (together with the proceeds of Collateral received by the Administrative Agent or Collateral Agent) shall be apportioned ratably
among the Lenders (according to the unpaid principal balance of the Obligations to which such 

  
 9 

 
payments relate held by each Lender) and all payments of fees and expenses received by Administrative Agent or Collateral Agent (other than fees or expenses that are for Administrative
Agent’s or Collateral Agent’s separate account) shall be apportioned ratably among the Lenders having a Pro Rata Share of the type of Commitment or Obligation to which a particular fee or expense relates. 

(ii) At any time that an Event of Default has occurred and is continuing, all payments remitted to Administrative Agent and all proceeds
of Collateral received by Administrative Agent or Collateral Agent shall be applied as follows: 
  

	 	(A)	first, to pay any expenses (including cost or expense reimbursements) or indemnities then due to each Agent under the Loan Documents until paid in full,

  

	 	(B)	second, to pay any fees or premiums then due to each Agent under the Loan Documents until paid in full, 

 

	 	(C)	third, ratably, to pay any expenses (including cost or expense reimbursements) or indemnities then due to any of the Lenders under the Loan Documents until paid
in full, 

  

	 	(D)	fourth, ratably, to pay any fees or premiums then due to any of the Lenders under the Loan Documents until paid in full, 

 

	 	(E)	fifth, ratably, to pay interest accrued in respect of the Revolving Loans and the Term Loan until paid in full, 

 

	 	(F)	sixth, ratably to pay the principal of all Revolving Loans and Term Loan until paid in full, and 

 

	 	(G)	seventh, to Great Lakes (to be wired to the Designated Account) or such other Person entitled thereto under applicable law; 

(c) Administrative Agent and Collateral Agent promptly shall each distribute to each Lender, pursuant to the applicable wire instructions
received from each Lender in writing, such funds as it may be entitled to receive, subject to a Settlement delay as provided in Section 1.1(e). 
 (d) In each instance, so long as no Event of Default has occurred and is continuing, Section 1.4(b)(i) shall not apply to any payment made by Great Lakes to Administrative Agent and specified
by Great Lakes to be for the payment of specific Obligations then due and payable (or prepayable) under any provision of this Agreement or any other Loan Document. 
 (e) For purposes of this Agreement, “paid in full” of a type of Obligation (or all Obligations) means (i) the indefeasible payment in cash or immediately available funds of all amounts
owing on account of such type of Obligation (or all Obligations) (other than contingent indemnification obligations to the extent no unsatisfied claim has been asserted), including interest accrued after the commencement of any Insolvency
Proceeding, default interest, interest on interest, and expense reimbursements, irrespective of whether any of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding and (ii) the termination of the
Revolving Loan Commitment. 

  
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 (f) In the event of a direct conflict between the priority provisions of this
Section 1.4 and any other provision contained in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert
with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, then the terms and provisions of this Section 1.4 shall control and govern. 

1.5 Prepayments. 
 (a)
Voluntary Prepayments. 
 (i) Voluntary Prepayments of Revolving Loans. Great Lakes may prepay the principal amount
of any Revolving Loan at any time in whole or in part, without premium or penalty. 
 (ii) Prepayments of Term Loan. Great
Lakes may, upon at least five (5) Business Days prior written notice to each Agent, prepay the principal amount of the Term Loan, in whole or in part, in minimum increments of $500,000 and integrals of $100,000 in excess thereof, or, if less,
the entire principal balance of the Term Loan. Each prepayment made pursuant to this Section 1.5(a)(ii) shall be accompanied by the payment of accrued interest to the date of such payment (together with the Prepayment Fee, if applicable)
on the amount prepaid. Any prepayments of the Term Loan may not be reborrowed. 
 (b) Prepayments from Excess Cash Flow.
Within 45 days after September 30 of each year, commencing with September 30, 2012, Great Lakes shall prepay the Loans in an amount equal to fifty percent (50.0%) of the Excess Cash Flow for the applicable Excess Cash Flow Period. The
calculation shall be based on the Financial Statements (and any related reports from management of Great Lakes) for Great Lakes and its Subsidiaries for such Excess Cash Flow Period. Prepayments of the Loans under this Section 1.5(b)
shall be applied in accordance with Section 1.5(g). 
 (c) Prepayments from Extraordinary Receipts. Within
one (1) Business Day of the date of receipt by Great Lakes or any of its Subsidiaries of any Extraordinary Receipts in excess of $250,000, Great Lakes shall prepay the Loans in an amount equal to 100% of such Extraordinary Receipts, net of any
reasonable expenses incurred in collecting such Extraordinary Receipts which are paid to Persons who are not Affiliates of Great Lakes. All prepayments made pursuant to this Section 1.5(c) shall be applied in accordance with
Section 1.5(g). 
 (d) Prepayments from Asset Dispositions; Casualty Events. Within one (1) Business Day
of the date of receipt of any Net Proceeds from an Asset Disposition (except the Asset Dispositions permitted in Section 3.7) or from a Casualty Event, in each case, in excess of an aggregate amount of $250,000 (the “Threshold
Amount”) for any Fiscal Year, Great Lakes shall prepay the Loans in an amount equal to such Net Proceeds, except, so long as no Event of Default has occurred and is continuing, that Great Lakes may reinvest all such Net Proceeds of any such

  
 11 

 
Asset Disposition or such Casualty Event within one hundred eighty (180) days, in the replacement of the assets which were the subject to any such Asset Disposition or Casualty Event with
like-kind assets. Pending such reinvestment, the Net Proceeds shall either (i) be delivered to the Administrative Agent, for distribution to the Lenders, as a prepayment of the Loans or (ii) be retained by Great Lakes and deposited in a
deposit account of Great Lakes in which Collateral Agent has a perfected first-priority security interest, and such Net Proceeds shall remain on deposit therein until such reinvestment occurs in accordance with the terms set forth above or such Net
Proceeds are otherwise applied to the Obligations as a prepayment thereof. If Great Lakes does not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without Great Lakes having reinvested
the full amount of the Net Proceeds of any such Asset Disposition or such Casualty Event, then Great Lakes shall apply all such remaining Net Proceeds of such Asset Disposition or Casualty Event in excess of the Threshold Amount to payment of the
Loans in accordance with Section 1.5(g). Notwithstanding the foregoing, fifty percent (50%) of any Net Proceeds with respect to an Asset Disposition or Casualty Event involving an Aircraft that are in excess of the Aircraft NOLV of
such Aircraft shall be excluded from the requirements of this Section 1.5(d) and may be retained by Great Lakes for use in the ordinary course of its business, and the remaining fifty percent (50%) shall be applied to the payment of
the Loans in accordance with Section 1.5(g). 
 (e) Incurrence of Indebtedness. Immediately upon the receipt
by Great Lakes or any of its Subsidiaries of the proceeds of any incurrence of any Indebtedness (other than Indebtedness permitted pursuant to Section 3.1), Great Lakes shall prepay the Loans in an amount equal to 100% of the cash
proceeds of such incurrence, net of underwriting discounts and commissions and other reasonable costs associated therewith that are paid to Persons who are not Affiliates of Great Lakes. The payments made under this Section 1.5(e) shall
be applied in accordance with Section 1.5(g). 
 (f) Borrowing Base. If, at any time, (A) the amount of
all outstanding Revolving Loans on such date exceeds (B) the Borrowing Base (such excess being referred to as the “Borrowing Base Excess Amount”), then Great Lakes shall promptly (and in any event, within two (2) Business
Days) prepay the Revolving Loans (for the Pro Rata Share of each Revolving Lender) in an aggregate amount equal to the Borrowing Base Excess Amount. 
 (g) Application of Proceeds. With respect to any prepayments made by Great Lakes pursuant to Section 1.5(b), 1.5(c), 1.5(d), and 1.5(e) and so long as no
Event of Default shall have occurred and be continuing, such prepayments shall be applied as follows: (A) first, in payment of the outstanding principal amount of the Term Loan, but not to the reduction of any amortization payments,
unless all outstanding amounts of the Term Loan, other than with respect to amortization payments, have been paid in full, then in such event, such prepayments shall be applied to reduce the outstanding principal amount of the Term Loan in inverse
order of maturity, and second to the Revolving Loans outstanding until the same has been repaid in full but not as a permanent reduction of the Revolving Loan Commitment, and (B) if an Event of Default shall have occurred and be
continuing, be applied in the manner set forth in Section 1.4(b)(ii). 
 1.6 Maturity. All of the Obligations shall become
due and payable as otherwise set forth herein, but in any event all of the remaining Obligations shall become due and payable upon the Maturity Date (or sooner upon the acceleration of the Loans as provided for in this Agreement).

  
 12 

 
Until all Obligations have been fully paid and satisfied (other than contingent indemnification obligations to the extent no unsatisfied claim has been asserted) and the Revolving Loan Commitment
has been terminated, Collateral Agent shall be entitled to retain the security interests in the Collateral granted under the Collateral Documents on behalf of the Lenders, and each Agent and Lenders shall be entitled to retain the ability to
exercise all rights and remedies available to them respectively under the Loan Documents and applicable laws. Notwithstanding anything contained in this Agreement to the contrary, upon any termination of the Revolving Loan Commitment, all of the
Obligations shall be due and payable. 
 1.7 Register. Administrative Agent shall maintain a register (the “Register”)
on its books to record the Loans, all payments made by Great Lakes with respect to the Loans, and all other debits and credits as provided in this Agreement with respect to the Loans and any other Obligations. Without limiting the foregoing,
Administrative Agent may, from time to time, at Administrative Agent’s Permitted Discretion, charge the Register for any amounts due and owing by Great Lakes under the Loan Documents whereupon the same shall be deemed added to the balance of
Obligations owing by Great Lakes. All entries in the Register shall be made in accordance with the customary accounting practices of Administrative Agent as in effect from time to time. The balance in the Register, as recorded on the most recent
printout or other written statement of Administrative Agent shall, absent manifest error, be presumptive evidence of the amounts due and owing to Administrative Agent, Collateral Agent and Lenders by Great Lakes; provided that any failure to so
record or any error in so recording shall not limit or otherwise affect Great Lakes’ duty to pay the Obligations. Any Lender may elect (which election may be revoked) to dispense with the issuance of Notes to that Lender and may rely on the
Register as evidence of the amount of Obligations from time to time owing to it. Subject to Section 8.1, the Obligations and the Notes evidencing such Obligations may be assigned or otherwise transferred in whole or in part only by
registration of such assignment or transfer in the Register. Any assignment or transfer of the Obligations or the Notes evidencing such Obligations shall be registered in the Register only upon delivery to each Agent of a duly executed Assignment
Agreement in accordance with Section 8.1. This Section 1.7 shall be construed so that the Loans are at all times maintained in “registered form” within the meaning of Section 163(f), 871(h)(2) and 881(c)(2) of
the IRC. 
 1.8 Reserved. 
 1.9
Taxes. 
 (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of Great Lakes under
any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the Permitted Discretion of an applicable Withholding Agent) requires the deduction or
withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Great Lakes shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

  
 13 

 (b) Payment of Other Taxes by Great Lakes. Great Lakes and its Subsidiaries shall
timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of either Agent timely reimburse such Agent for the payment of, any Other Taxes. 

(c) Indemnification by Great Lakes. Great Lakes shall indemnify each Recipient, within 10 days after demand therefor, for the full
amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and
any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to Great Lakes by a Lender (with a copy to each Agent), or by either Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d) Indemnification by the Lenders. Each Lender shall severally indemnify each Agent, within 10 days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that Great Lakes has not already indemnified the Agents for such Indemnified Taxes and without limiting the obligation of Great Lakes to do so), (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 8.1(b) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are
payable or paid by the Administrative Agent or the Collateral Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent or Collateral Agent shall be conclusive absent manifest error. Each Lender hereby authorizes each
Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the either Agent to the Lender from any other source against any amount due to either Agent under this clause (d).

 (e) Evidence of Payments. As soon as practicable after any payment of Taxes by Great Lakes or any of its Subsidiaries
to a Governmental Authority pursuant to this Section 1.9, Great Lakes shall deliver to each Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to each Agent. 
 (f) Status of Lenders.
(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to Great Lakes and each Agent, at the time or times reasonably requested by Great Lakes or
either Agent, such properly completed and executed documentation reasonably requested by Great Lakes or either Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if
reasonably requested by Great Lakes or either Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by Great Lakes or either Agent as will enable Great Lakes or the Agents to determine

  
 14 

 
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Sections 1.9(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s Permitted Discretion such completion,
execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the foregoing, 
 (A) any
Lender that is a U.S. Person shall deliver to Great Lakes and each Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Great Lakes or the
Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Great Lakes and each Agent (in such number of copies as shall be requested by the recipient) on or prior to the date
on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Great Lakes or the Administrative Agent), whichever of the following is applicable: 

(i) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty; 
 (ii) executed originals of IRS Form W-8ECI; 

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the IRC, (x) a certificate to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the IRC, a “10 percent shareholder” of Great Lakes within the
meaning of Section 881(c)(3)(B) of the IRC, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the IRC (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form
W-8BEN; or 
 (iv) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and
one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; and 

  
 15 

 (C) if a payment made to a Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender shall
deliver to Great Lakes and each Agent at the time or times prescribed by law and at such time or times reasonably requested by Great Lakes or either Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the IRC) and such additional documentation reasonably requested by Great Lakes or either Agent as may be necessary for Great Lakes and such Agent to comply with their obligations under FATCA and to determine that
such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (C), “FATCA” shall include any amendments made to FATCA after
the date of this Agreement. 
 Each Lender agrees that if any form or certification it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Great Lakes and each Agent in writing of its legal inability to do so. 
 (g) Treatment of Certain Refunds. If any party determines, in its Permitted Discretion, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this
Section 1.9 (including by the payment of additional amounts pursuant to this Section 1.9), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this
Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this clause (g) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this clause (g), in no event will the indemnified party be required to pay
any amount to an indemnifying party pursuant to this clause (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or
additional amounts giving rise to such refund had never been paid. This clause shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to
the indemnifying party or any other Person. 
 (h) Survival. Each party’s obligations under this
Section 1.9 shall survive the resignation or replacement of either Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Revolving Loan Commitment and the repayment, satisfaction or discharge of
all obligations under any Loan Document. 

  
 16 

 SECTION 2. 
 AFFIRMATIVE COVENANTS 
 Great Lakes agrees as to itself and on behalf of
its Subsidiaries that from and after the date hereof and until the Obligations are paid in full (other than indemnification Obligations as to which no claim has been asserted): 
 2.1 Compliance With Laws and Contractual Obligations. Great Lakes will (a) comply with and shall cause each of its Subsidiaries to comply with (i) the requirements of all applicable
material laws, rules, regulations and orders of any Governmental Authority (including, without limitation, laws, rules, regulations and orders relating to taxes, employer and employee contributions, securities, employee retirement and welfare
benefits, environmental protection matters and employee health and safety) as now in effect and which may be imposed in the future in all jurisdictions in which Great Lakes or any of its Subsidiaries is now doing business or may hereafter be doing
business and (ii) the obligations, covenants and conditions contained in all Contractual Obligations of Great Lakes or any of its Subsidiaries other than those laws, rules, regulations and orders and those provisions of such Contractual
Obligations the noncompliance with which could not be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect, and (b) maintain or obtain and shall cause each of its Subsidiaries to maintain or obtain all
licenses, qualifications and permits now held or hereafter required to be held by Great Lakes or any of its Subsidiaries, for which the loss, suspension, revocation or failure to obtain or renew, could reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect. This Section 2.1 shall not preclude Great Lakes or its Subsidiaries from contesting any taxes or other payments, if they are being diligently contested in good faith in a
manner which stays enforcement thereof and if appropriate expense provisions have been recorded in conformity with GAAP, subject to Section 3.2 and no Lien (other than a Permitted Encumbrance) in respect thereof has been created.

 2.2 Insurance. Great Lakes and each of its Subsidiaries will maintain or cause to be maintained, with financially sound and reputable
insurers, public liability and property damage insurance with respect to its business and properties and the business and properties of its Subsidiaries against loss or damage of the kinds customarily carried or maintained by corporations of
established reputation engaged in similar businesses and in amounts acceptable to each Agent and will deliver evidence thereof to Collateral Agent. Great Lakes shall, pursuant to endorsements and/or assignments in form and substance reasonably
satisfactory to each Agent, (i) cause Collateral Agent on behalf of each Lender to be named as lender’s loss payee in the case of casualty insurance and (ii) cause Collateral Agent on behalf of each Lender to be named as additional
insureds in the case of all liability insurance. Great Lakes represents and warrants that it and each of its Subsidiaries currently maintains all material properties as set forth above and maintains all insurance described above. In the event Great
Lakes fails to provide each Agent with evidence of the insurance coverage required by this Agreement, Collateral Agent may purchase insurance at Great Lakes’ expense to protect Collateral Agent’s interests in the Collateral. This insurance
may, but need not, protect Great Lakes’ interests. The coverage purchased by Collateral Agent may not pay any claim made by Great Lakes or any claim that is made against Great Lakes in connection with the Collateral. Great Lakes may later
cancel any insurance purchased by Collateral Agent, but only after providing Collateral Agent with 

  
 17 

 
evidence that Great Lakes has obtained insurance as required by this Agreement. If Collateral Agent purchases insurance for the Collateral, Great Lakes will be responsible for the costs of that
insurance, including interest and other Charges imposed by Collateral Agent in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added by
the Collateral Agent to the Obligations. The costs of the insurance may be more than the cost of insurance Great Lakes is able to obtain on its own. 
 2.3 Inspection; Appraisal; Lender Meeting. Great Lakes shall and shall cause its Subsidiaries to permit any authorized representatives of each Agent to visit, audit, inspect and appraise any of the
properties and assets of Great Lakes and its Subsidiaries, including its and their financial and accounting records, Aircraft and Spare Engines, and to make copies and take extracts therefrom, and to discuss its and their affairs, finances and
business with its and their officers and certified public accountants, at such reasonable times during normal business hours and as often as may be reasonably requested. Great Lakes shall pay all normal audit, appraisal and field examination fees
and reasonable out-of-pocket expenses of each Agent related to any such visit, audit and/or field examination (“Examination Costs”) and to any such appraisal (“Appraisal Costs”); provided that so long as no Event of
Default shall have occurred and remain continuing, Great Lakes shall not be obligated to pay Examination Costs for more than two (2) field examinations by Agents (and their designees) each calendar year and Appraisal Costs for more than two
(2) desk-top appraisals on Inventory and one (1) full appraisal on all assets, in each case by Agents (and their designees) each calendar year. Without in any way limiting the foregoing, Great Lakes will participate and will cause key
management personnel of Great Lakes and its Subsidiaries to participate in an in-person meeting with each Agent and Lenders at least once during each year, which in-person meeting shall be held at such time and such place as may be reasonably
requested by each Agent. Without limiting the foregoing, Great Lakes and its Subsidiaries, as applicable, will store original Aircraft log books in a fire rated container and will maintain electronic maintenance records in accordance with applicable
FAA requirements. 
  

	2.4	Maintenance of Existence and Conduct of Business. Great Lakes shall: 

 (a) do or cause to be done all things necessary to preserve and keep in full force and effect its existence and its rights, permits, licenses, privileges and franchises material to its business;

 (b) continue to conduct its business substantially as now conducted or as otherwise permitted hereunder; 

(c) at all times maintain, preserve and protect all of its assets and properties used or useful in the conduct of its business, and keep
the same in good repair, working order and condition in all material respects (taking into consideration ordinary wear and tear) and from time to time make, or cause to be made, all necessary or appropriate repairs, replacements and improvements
thereto consistent with industry practices; and 
 (d) transact business only in such corporate and trade names as are set forth
in Schedule 2.4. 

  
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 2.5 Environmental Matters. Great Lakes shall and shall cause each Person within its control to
promptly forward to each Agent a copy of any order, notice, request for information or any communication or report received by Great Lakes or any Person within its control in connection with any such violation or Release or any other matter relating
to any Environmental Laws or Environmental Permits that could reasonably be expected to result in Environmental Liabilities in excess of $250,000, in each case whether or not the Environmental Protection Agency or any Governmental Authority has
taken or threatened any action in connection with any such violation, Release or other matter. 
 2.6 Landlords’ Agreements, Mortgagee
Agreements, Bailee Letters and Real Estate Purchases. With respect to the corporate headquarters and in each Agent’s Permitted Discretion, any other material locations of Great Lakes and its Subsidiaries where Collateral in the aggregate in
excess of $100,000 is or may be located, Great Lakes shall and shall cause its Subsidiaries and, with respect to all other locations, Great Lakes shall and shall cause its Subsidiaries to use best efforts to, obtain a Collateral Access Agreement or
Mortgagee Agreements, as applicable, from the lessor of any Real Estate leased by Great Lakes, the mortgagee of any Real Estate owned by Great Lakes or the bailee with respect to any warehouse, processor or converter facility or other location where
Collateral is stored or located, as applicable, which Collateral Access Agreement or Mortgagee Agreement, as applicable, shall contain a waiver or subordination of all Liens or claims that the landlord, bailee or mortgagee may assert against the
Collateral at that location, shall permit each Agent access to the related premises and shall otherwise be reasonably satisfactory in form and substance to each Agent. Great Lakes shall and shall cause its Subsidiaries to timely and fully pay and
perform their obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. 
  

	2.7	Further Assurances. 

 (a)
Great Lakes shall, from time to time, execute such financing statements, documents, security agreements and reports as Administrative Agent, Collateral Agent or Requisite Lenders at any time may reasonably request to evidence, perfect or otherwise
implement the guaranties and security for repayment of the Obligations contemplated by the Loan Documents. 
 (b) In the event
Great Lakes or any of its Subsidiaries acquires a fee ownership interest in real property with a fair market value in excess of $250,000 after the Closing Date, Great Lakes or such Subsidiary shall deliver to each Agent a fully executed mortgage or
deed of trust over such real property in form and substance satisfactory to each Agent, together with such title insurance policies, surveys, appraisals, evidence of insurance, legal opinions, environmental assessments and other documents and
certificates as shall be required by either Agent. 
 (c) Great Lakes shall (i) cause each Person, upon its becoming a
Subsidiary of Great Lakes (provided that this shall not be construed to constitute consent by any of the Lenders to any transaction not expressly permitted by the terms of this Agreement), promptly to guaranty the Obligations and to grant to
Collateral Agent, for the benefit the Lenders, a security interest in the real, personal and mixed property of such Person to secure the Obligations and (ii) pledge, or cause to be pledged, to Collateral Agent, for the benefit of the Lenders,
all of the Stock of such 

  
 19 

 
Subsidiary to secure the Obligations; provided that only 65% of the total outstanding voting Stock of any first tier Subsidiary of Great Lakes that is a CFC (and none of the Stock of any
Subsidiary of such CFC) shall be required to be pledged if pledging a greater amount would result in adverse tax consequences or the costs to Great Lakes of providing such pledge or perfecting the security interests created thereby are unreasonably
excessive (as determined by Administrative Agent and Collateral Agent in consultation with Great Lakes) in relation to the benefits of Collateral Agent and the Lenders of the security or guarantee afforded thereby (which pledge, if reasonably
requested by either Agent, shall be governed by the laws of the jurisdiction of such Subsidiary). The documentation for such guaranty, security and pledge shall be substantially similar to the Loan Documents executed concurrently herewith with such
modifications as are reasonably requested by the Agents. 
 (d) Without limiting the generality of the foregoing, if ownership
of any Aircraft or Spare Engine is acquired by Great Lakes or any of its Subsidiaries after the Closing Date, Great Lakes or such Subsidiary will, as soon as reasonably practical after such acquisition, deliver to the Collateral Agent each of the
following, in form and substance satisfactory to each of the Agents in their Permitted Discretion, all at the expense of Great Lakes: 
 (i) an Aircraft Security Agreement, satisfactory to each Agent; 
 (ii) evidence
that a counterpart of such Aircraft Security Agreement has been recorded in all places necessary, in the Agents’ judgment, to create a valid and enforceable Lien in favor of the Collateral Agent for the benefit of the Lenders, prior and
superior in right to any other Person; and 
 (iii) such other information, documentation and certifications as may be required
by the Agents. 
 For the avoidance of doubt, and in addition to the foregoing, Great Lakes and its Subsidiaries will cooperate with the Agents
and execute such further instruments and documents as the Agents may request prior to any Aircraft owned by Great Lakes or any of its Subsidiaries being located in any foreign jurisdiction that has not adopted and ratified the Cape Town Convention
to create, maintain and/or evidence a valid and enforceable Lien in favor of the Collateral Agent, for the benefit of the Lenders, prior and superior in right to any other Person in such jurisdiction; provided that the foregoing shall not be deemed
to be the Agents’ consent to such Aircraft being located outside of the United States. 
  

	2.8	Cash Management Systems. 

(a) Great Lakes shall enter into a Control Agreement with respect to Great Lakes’ primary deposit accounts maintained by Great Lakes
with Wells Fargo Bank, N.A. and JPMorgan Chase Bank, N.A. (other than any payroll account and any payroll tax and/or similar trust fund accounts) as of or after the Closing Date. Such Control Agreement shall be in form and substance satisfactory to
each Agent and permit Collateral Agent to assume exclusive dominion and control of such deposit account; provided that Collateral Agent shall not exercise its exclusive dominion and control with respect to such deposit account so long as no Event of
Default has occurred and remains continuing; provided further, that once an Event of Default has occurred and remains 

  
 20 

 
continuing (a “Funds Control Event”), unless Collateral Agent shall otherwise elect, such Funds Control Event shall remain in effect until each Agent has determined that no Event
of Default has occurred and is continuing for a period of two (2) consecutive calendar months. As used herein “Funds Control Event Period” shall mean any period while a Funds Control Event has occurred and is continuing. During
any period which is not a Funds Control Event Period, Great Lakes and its Subsidiaries shall have the right to make transfers and withdrawals from and write checks against amounts in such deposit accounts. 

(b) With respect to deposit accounts of Great Lakes that are not subject to a Control Agreement (such accounts “Outstation
Accounts”), the amount in all such Outstation Accounts shall not exceed $250,000 in the aggregate and Great Lakes shall sweep substantially all of the balance in such Outstation Accounts to a deposit account which is subject to a Control
Agreement (i) at anytime when the aggregate balance in all Outstation Accounts exceeds $250,000 and (ii) no less than once per Fiscal Quarter. 
 2.9 Collateral Reporting. Provide each Agent (and if so requested by an Agent, with copies for each Lender) with each of the reports set forth on Annex E at the times specified therein.

 2.10 Disclosure Updates. Promptly and in no event later than five (5) Business Days after obtaining knowledge thereof,
notify each Agent if any written information, exhibit, or report furnished to Administrative Agent, Collateral Agent or the Lenders contained, at the time it was furnished, any untrue statement of a material fact or omitted to state any material
fact necessary to make the statements contained therein not misleading in light of the circumstances in which made. The foregoing to the contrary notwithstanding, any notification pursuant to the foregoing provision will not cure or remedy the
effect of the prior untrue statement of a material fact or omission of any material fact nor shall any such notification have the effect of amending or modifying this Agreement or any of the Schedules hereto. 

2.11 Payment of Charges and Taxes. 
 (a) Subject to Section 2.11(b), Great Lakes shall and shall cause each of its Subsidiaries to pay and discharge or cause to be paid and discharged promptly all Charges and Taxes payable by it,
including (i) Charges imposed upon it, its income and profits, or any of its property (real, personal or mixed) and all Taxes with respect to income, sales and use, and, social security and unemployment withholding with respect to its
employees, (ii) lawful claims for labor, materials, supplies and services or otherwise, and (iii) all storage or rental charges payable to warehousemen and bailees in possession of Collateral (including, for the avoidance of doubt, any
books and records of Great Lakes and its Subsidiaries), in each case, before any thereof shall become past due, except in the case of clauses (ii) and (iii) where the failure to pay or discharge such Charges would not result
in aggregate liabilities in excess of $250,000. Great Lakes shall and shall cause each of its Subsidiaries to timely and correctly, file Tax returns to be filed by it, except where the failure to file could not be reasonably be expected to result in
a Material Adverse Effect 
 (b) Great Lakes or any of its Subsidiaries may in good faith contest, by appropriate proceedings,
the validity or amount of any Charges or claims described in Section 2.11(a); provided, that (i) adequate reserves with respect to such contest are maintained on the books of

  
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Great Lakes or such Subsidiary, in accordance with GAAP; (ii) no Lien shall be imposed to secure payment of such Charges (other than payments to warehousemen and/or bailees or property tax
that have priority as a matter of applicable law) that is superior to any of the Liens securing payment of the Obligations and such contest is maintained and prosecuted continuously and with diligence, (iii) none of the Collateral becomes
subject to forfeiture or loss as a result of such contest, and (iv) Great Lakes shall promptly pay or discharge such contested Charges or claims and all additional charges, interest, penalties and expenses, if any, and shall deliver to each
Agent promptly upon request evidence reasonably acceptable to each Agent of such compliance, payment or discharge, if such contest is terminated or discontinued adversely to Great Lakes or such Subsidiary or the conditions set forth in this
Section 2.11(b) are no longer met. 
 2.12 Books and Records. Great Lakes shall and shall cause each of its Subsidiaries to
keep adequate books and records with respect to its business activities in which proper entries, reflecting all financial transactions, are made in accordance with GAAP and on a basis consistent with the Financial Statements. 

2.13 Intellectual Property. Great Lakes will conduct and will cause each of its Subsidiaries to conduct its business and affairs without
infringement of or interference with any intellectual property of any other Person in any material respect and shall comply in all material respects with the terms of its Licenses. 
 2.14 Anti-Money Laundering and Terrorism Regulations. Great Lakes agrees, and shall cause its respective Subsidiaries, to comply with all applicable anti-money laundering and terrorism laws,
regulations and executive orders in effect from time to time (including the USA Patriot Act (Pub. L. No. 107-56)). Great Lakes also agrees, and shall cause its respective Subsidiaries, to ensure that no person who owns a controlling interest in
or otherwise controls Great Lakes (or any of them) is a person designated under Section 1(b), (c) or (d) of Executive Order No. 13224 (issued September 23, 2001) or any other similar Executive Order. Great Lakes acknowledges
that Agents’ and each Lender’s performance hereunder is subject to compliance with all such laws, regulations and executive orders, and in furtherance of the foregoing, Great Lakes agrees to provide to each Agent and the Lenders all
information about Great Lakes’ ownership, officers, directors, customers and business structure as Administrative Agent, Collateral Agent and the Lenders reasonably may require to comply with, such laws, regulations and executive orders.

 2.15 Essential Air Service Program. Great Lakes and its Subsidiaries shall conduct its business and affairs, and shall take all
actions necessary, to maintain its eligibility to receive Essential Air Service Subsidies for providing Qualified Services to Qualified Airports, including, without limitation, (i) at all times be fit, willing and able to perform Qualified
Services and (ii) maintain Aircraft to provide Qualified Services, and operations related to such Qualified Services, which conform to the safety standards prescribed by the FAA. 
 2.16 Post Closing. Within thirty (30) days of the Closing Date, each Agent shall have received a certificate of good standing from the Kansas Secretary of State with respect to Great Lakes.

  
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 SECTION 3. 
 NEGATIVE COVENANTS 
 Great Lakes agrees as to itself and on behalf of each
of its Subsidiaries that from and after the date hereof until the Obligations are paid in full (other than indemnification Obligations as to which no claim has been asserted): 
 3.1 Indebtedness. Great Lakes shall not and shall not cause or permit its Subsidiaries directly or indirectly to create, incur, assume, suffer to exist, or otherwise become or remain directly or
indirectly liable with respect to any Indebtedness (other than pursuant to a Contingent Obligation permitted under Section 3.4) except the following Indebtedness (collectively, “Permitted Indebtedness”): 

(a) Indebtedness described on Schedule 3.1; 
 (b) the Obligations; 
 (c) Reserved; 

(d) unsecured Indebtedness of Great Lakes owing to former employees, officers, or directors (or any spouses, ex-spouses, or estates of
any of the foregoing) incurred in connection with the repurchase by Great Lakes of the Stock of Great Lakes that has been issued to such Persons; 
 (e) Indebtedness not to exceed $500,000 in the aggregate at any time outstanding secured by purchase money Liens or incurred with respect to Capital Leases; 

(f) Indebtedness owed to any Person providing property, casualty, liability, or other insurance to Great Lakes or any of its
Subsidiaries, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness
is outstanding only during such year; 
 (g) Indebtedness composing Investments to the extent permitted under
Section 3.3; 
 (h) Indebtedness in respect of taxes, assessments or governmental charges to the extent that payment
thereof shall not at the time be required to be made in accordance with the provisions of this Agreement; 
 (i) Indebtedness in
respect of judgments or awards which have been vacated, discharged or stayed within thirty (30) days of the entry thereof or have been in force for less than the applicable appeal period so long as execution is not levied thereunder, or in
respect of which (A) Great Lakes shall at the time in a commercially reasonable manner be prosecuting an appeal or proceedings for review and (B) a stay of execution shall have been obtained pending such appeal or review; 

(j) Indebtedness in respect of Liens permitted by Section 3.2; 

  
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 (k) Indebtedness not to exceed $250,000 in the aggregate with respect to the purchase by
Great Lakes of an interest rate cap or other similar agreement designed to alter Great Lakes’ risk arising from fluctuations in interest rates, in each case with respect to the Obligations; and 

(l) any other unsecured Indebtedness not to exceed $500,000 in the aggregate at any time outstanding. 

3.2 Liens and Related Matters. 
 (a) No Liens. Great Lakes shall not and shall not cause or permit its Subsidiaries to directly or indirectly create, incur, assume or permit to exist any Lien on or with respect to any property or
asset of Great Lakes or any such Subsidiary, whether now owned or hereafter acquired, or any income or profits therefrom, except the following encumbrances: (collectively, “Permitted Encumbrances”) (including, without limitation,
those Liens constituting Permitted Encumbrances existing on the date hereof and renewals and extensions thereof, as set forth on Schedule 3.2): 
 (i) Liens for Taxes, assessments or governmental charges or levies not yet due and payable or Liens for Taxes, assessments or governmental charges or levies being contested in good faith and by
appropriate proceedings for which adequate reserves have been established in accordance with GAAP so long as such Lien has not been executed or enforced against Great Lakes, provided that Permitted Encumbrances shall not include federal income tax
Liens and Liens in favor of the PBGC under ERISA; 
 (ii) Liens in respect of property or assets of Great Lakes or any of its
Subsidiaries imposed by law which were incurred in the ordinary course of business and which have not arisen to secure Indebtedness for borrowed money, such as carriers’, materialmen’s, warehousemen’s and mechanics’ Liens,
statutory and common law landlord’s Liens, and other similar Liens arising in the ordinary course of business, and which either (1) do not in the aggregate materially detract from the value of such property or assets or materially impair
the use thereof in the operation of the business of Great Lakes or any of its Subsidiaries or (2) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the
property or asset subject to such Lien; 
 (iii) Liens created by or pursuant to this Agreement, the Collateral Documents or the
other Loan Documents; 
 (iv) Liens in existence on the Closing Date which are listed, and the property subject thereto
described, on Schedule 3.2; 
 (v) Liens arising from judgments, decrees, awards or attachments in circumstances not
constituting an Event of Default, provided that the amount of cash and property (determined on a fair market value basis) deposited or delivered to secure the respective judgment or decree or subject to attachment shall not exceed $500,000 in the
aggregate at any time; 

  
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 (vi) Liens (other than any Lien in favor of the PBGC imposed by ERISA) (1) incurred or
deposits made in the ordinary course of business in connection with general insurance maintained by Great Lakes and its Subsidiaries, (2) incurred or deposits made in the ordinary course of business of Great Lakes and its Subsidiaries in
connection with workers’ compensation, unemployment insurance and other types of social security, (3) to secure the performance by Great Lakes and its Subsidiaries of tenders, statutory obligations (other than excise taxes), surety, stay,
customs and appeal bonds, statutory bonds, bids, leases, government contracts, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money) to the extent incurred
in the ordinary course of business, and (4) on cash deposits or cash collateral to secure letters of credit issued on behalf of Great Lakes and its Subsidiaries (including leases with airport authorities) to secure the performance by Great
Lakes and its Subsidiaries of leases of Real Property, to the extent incurred or made in the ordinary course of business consistent with past practices; 
 (vii) Liens created pursuant to or in connection with leases or Capital Leases permitted pursuant to this Agreement, provided that (1) such Liens only serve to secure the payment of rent or
Indebtedness arising under such leases or Capital Leases and (2) the Liens encumbering the assets leased or purported to be leased under such leases or Capital Leases do not encumber any other assets of Great Lakes or any of its Subsidiaries
(other than letters of credit, payment undertaking agreements, guaranteed investment contracts, deposits of cash or Cash Equivalents and other credit support arrangements, in each case having an aggregate value not exceeding the fair market value of
the assets leased or purported to be leased under such leases or Capital Leases (each of such values determined at the time when the lease agreement relating to the relevant lease or Capital Lease is signed and delivered), and the proceeds of or
attributable to the assets so leased or purported be leased); 
 (viii) (1) those liens, encumbrances, hypothecs and other
matters affecting title to any Real Property and found reasonably acceptable by each Agent or insured against by title insurance, (2) as to any particular Real Property at any time, such easements, encroachments, covenants, rights of way, minor
defects, irregularities or encumbrances on title which could not reasonably be expected to materially impair such Real Property for the purpose for which it is held by the mortgagor or grantor thereof, or the lien or hypothec held by the Collateral
Agent, (3) zoning and other municipal ordinances which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or grantor thereof of the premises, (4) general real estate taxes and
assessments not yet delinquent, (5) any Lien that would be disclosed on a true, correct and complete survey of the Real Property that does not materially affect the use or enjoyment of the Real Property as it is currently being used, and
(6) such other similar items as the Agents may consent to; 

  
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 (ix) Liens arising pursuant to purchase money security interests securing Indebtedness
representing the purchase price of assets acquired after the Closing Date, provided that (1) any such Liens attach only to the assets so purchased, upgrades thereon and, if the asset so purchased is an upgrade, the original asset itself (and
such other assets financed by the same financing source) and to the proceeds of or attributable to the assets so purchased, (2) the Indebtedness (other than Indebtedness incurred from the same financing source to purchase other assets and
excluding Indebtedness representing obligations to pay installation and delivery charges for the property so purchased) secured by any such Lien does not exceed 100% of the lesser of the fair market value or the purchase price of the property being
purchased at the time of the incurrence of such Indebtedness and (3) the Indebtedness secured thereby is permitted to be incurred pursuant to this Agreement; and 
 (x) Liens specifically permitted by the Agents from time to time. 
 (b) No
Negative Pledges. Great Lakes shall not and shall not cause or permit its Subsidiaries to directly or indirectly enter into or assume or permit to exist any agreement (other than the Loan Documents) prohibiting the creation or assumption of any
Lien upon its properties or assets, whether now owned or hereafter acquired. 
 (c) No Restrictions on Subsidiary
Distributions to Great Lakes. Except as provided herein or in any of the other Loan Documents, Great Lakes shall not and shall not cause or permit its Subsidiaries to directly or indirectly create or otherwise cause or suffer to exist or become
effective any consensual encumbrance or restriction of any kind on the ability of any such Subsidiary to: (1) pay dividends or make any other distribution on any of such Subsidiary’s Stock owned by Great Lakes or any other Subsidiary;
(2) pay any Indebtedness owed to Great Lakes or any other Subsidiary; (3) make loans or advances to Great Lakes or any other Subsidiary; or (4) transfer any of its property or assets to Great Lakes or any other Subsidiary. 

3.3 Investments. Great Lakes shall not and shall not cause or permit its Subsidiaries to directly or indirectly make or own any Investment in any
Person except: 
 (a) Great Lakes and its Subsidiaries may make and own Investments in Cash Equivalents subject to Control
Agreements in favor of Collateral Agent; provided that such Cash Equivalents are not subject to setoff rights, except as provided in such Control Agreements; and 
 (b) Investments existing on the Closing Date as set forth on Schedule 3.3. 
 3.4
Contingent Obligations. Great Lakes shall not and shall not cause or permit its Subsidiaries to directly or indirectly create or become or be liable with respect to any Contingent Obligation except: 

(a) those resulting from endorsement of negotiable instruments for collection in the ordinary course of business; 

(b) those existing on the Closing Date and described in Schedule 3.4; 

(c) those arising under indemnity agreements to title insurers to cause such title insurers to issue to Collateral Agent mortgagee title
insurance policies; 

  
 26 

 (d) those arising with respect to customary indemnification obligations incurred in
connection with Asset Dispositions permitted hereunder; and 
 (e) those incurred in the ordinary course of business with
respect to surety and appeal bonds, performance and return-of-money bonds and other similar obligations not exceeding at any time outstanding $500,000 in aggregate liability. 
 3.5 Restricted Payments. Great Lakes shall not and shall not cause or permit its Subsidiaries to directly or indirectly declare, order, pay, make or set apart any sum for any Restricted Payment,
other then amounts to be paid to Raytheon Aircraft Credit Corp. and its Affiliates on the Closing Date pursuant to Section 3.20(a)(i)–(ii). 
 3.6 Restriction on Fundamental Changes. Great Lakes shall not and shall not cause or permit its Subsidiaries to directly or indirectly: (a) amend, modify or waive any term or provision of its
organizational documents, including its articles of incorporation, certificates of designations pertaining to preferred stock, by laws, partnership agreement or operating agreement in any manner adverse to the Agents or Lenders; (b) enter into
any transaction of merger or consolidation except, upon not less than five (5) Business Days’ prior written notice to each Agent, any wholly-owned Subsidiary of Great Lakes may be merged with or into Great Lakes (provided that Great Lakes
is the surviving entity) or any other wholly-owned Subsidiary of Great Lakes; (c) liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution); and (d) acquire by purchase or otherwise all or any substantial part of the
business, Stock or assets of any other Person. 
 3.7 Disposal of Assets or Subsidiary Stock. Great Lakes shall not and shall not cause
or permit its Subsidiaries to directly or indirectly convey, sell, lease, sublease, transfer or otherwise dispose of, or grant any Person an option to acquire, in one transaction or a series of related transactions, any of its property, business or
assets, whether now owned or hereafter acquired, except for (a) sales of inventory to customers in the ordinary course of business and dispositions of obsolete equipment not used or useful in the business; (b) Asset Dispositions by Great
Lakes and its Subsidiaries of assets other than Aircraft if all of the following conditions are met: (i) the aggregate fair market value of assets sold or otherwise disposed of in any Fiscal Year does not exceed $250,000; (ii) the
consideration received is at least equal to the fair market value of such assets (as determined by the Board of Directors of Great Lakes in good faith); (iii) 100% of the consideration received is cash; (iv) the Net Proceeds of such Asset
Disposition are applied as required by Section 1.5(d); and (v) no Event of Default has occurred and is continuing or would result from such Asset Disposition; and (c) Asset Dispositions by Great Lakes and its Subsidiaries of
Aircraft if all of the following conditions are met: (i) the consideration received is at least equal to the Aircraft Fair Market Value of such Aircraft; (ii) 100% of the consideration received is cash; (iii) the Net Proceeds are
applied as required by Section 1.5(d); (iv) no Event of Default has occurred and is continuing or would result from such Asset Disposition; and (v) no more than two (2) Asset Dispositions of Aircraft shall occur within any
Fiscal Year or more than five (5) Asset Dispositions of Aircraft shall occur over the term of this Agreement. 
 3.8 Transactions with
Affiliates. Great Lakes shall not and shall not cause or permit its Subsidiaries to directly or indirectly enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any
management, 

  
 27 

 
consulting, investment banking, advisory or other similar services) with any Affiliate or with any director, officer or employee of Great Lakes or any Subsidiary of Great Lakes, except
(a) as set forth on Schedule 3.8 and that are in the ordinary course of and pursuant to the reasonable requirements of the business of Great Lakes and upon fair and reasonable terms which are no less favorable to Great Lakes than would
be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate, (b) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of Great Lakes or any of its Subsidiaries
and upon fair and reasonable terms which are fully disclosed to each Agent and are no less favorable to Great Lakes or any of its Subsidiaries than would be obtained in a comparable arm’s length transaction with a Person that is not an
Affiliate, (c) payment of reasonable compensation to officers, employees, directors and consultants, in each case, for services actually rendered to Great Lakes or any of its Subsidiaries; provided that consulting fees paid to directors shall
not exceed $120,000 in the aggregate during ay Fiscal Year and (d) Restricted Payments permitted in Section 3.5 and the agreements pursuant to which such Restricted Payments are required to be made. 

3.9 Reserved. 
 3.10 Changes Relating
to Indebtedness. Great Lakes shall not and shall not cause or permit its Subsidiaries to directly or indirectly change or amend the terms of any of its Indebtedness (excluding the Obligations) if the effect of such amendment is to:
(a) increase the interest rate by more than three percent (3.00%) on such Indebtedness; (b) accelerate the dates upon which payments of principal or interest are due; (c) increase the principal amount of such Indebtedness;
(d) change any event of default or add or make more restrictive any covenant with respect to such Indebtedness; (e) change the redemption or prepayment provisions of such Indebtedness; (f) change the subordination provisions thereof
(or the subordination terms of any guaranty thereof); (g) change or amend any other term if such change or amendment would materially increase the obligations of the obligor or confer additional material rights on the holder of such
Indebtedness in a manner adverse to Great Lakes or Lenders; or (h) increase the portion of interest payable in cash with respect to any Indebtedness for which interest is payable by the issuance of payment-in-kind notes or is permitted to
accrue. 
 3.11 Fiscal Periods. Great Lakes shall not change its Fiscal Year or Fiscal Quarters. 

3.12 Press Release; Public Offering Materials. Great Lakes agrees that neither it nor its Affiliates will in the future issue any press releases
or other public disclosure, including any prospectus, proxy statement or other materials filed with any Governmental Authority relating to a public offering of the Stock of Great Lakes, using the name of the Administrative Agent, Collateral Agent or
their affiliates or referring to this Agreement or the other Loan Documents unless it is appropriate or is required under law (including any law or requirement of the Securities and Exchange Commission), provided, that Great Lakes or such Affiliate
will use reasonable efforts to consult with each Agent issuing such press release or other public disclosure. Great Lakes consents to the publication by each Agent or any Lender of a tombstone or similar advertising material relating to the
financing transactions contemplated by this Agreement. Administrative Agent, Collateral Agent or such Lender shall provide a draft of any such tombstone or similar advertising material to Great Lakes for review and comment prior to the publication
thereof. Each Agent reserves the right to provide to industry trade organizations information necessary and customary for inclusion in league table measurements. 

  
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 3.13 Subsidiaries. Unless in accordance with Section 2.7(c), Great Lakes shall not and
shall not cause or permit its Subsidiaries to directly or indirectly establish, create or acquire any new Subsidiary. 
 3.14 Bank Accounts;
Lockboxes. Other than with respect to Outstation Accounts, Great Lakes shall not and shall not cause or permit its Subsidiaries to establish any new bank accounts or lockboxes without prior written notice to each Agent and, if such bank account
is a deposit account, unless Collateral Agent and the bank at which such deposit account is to be opened or lockbox is to be administered to enter into a Control Agreement regarding such deposit account and/or lockbox, as applicable, pursuant to
which such bank acknowledges the security interest of Collateral Agent in such deposit account and/or lockbox, as applicable, agrees to comply with instructions originated by Collateral Agent directing disposition of the funds in the deposit account
and/or lockbox, as applicable, without further consent from Great Lakes or Subsidiary, and agrees to subordinate and limit any security interest the bank may have in the deposit account and/or lockbox, as applicable, and waive all rights of set-off
with respect thereto on terms satisfactory to each Agent in its Permitted Discretion and permitting Collateral Agent to assume exclusive dominion and control over such deposit account and/or lockbox, as applicable; provided that Collateral
Agent may only exercise its exclusive dominion and control with respect to such lockboxes and/or deposit accounts after the occurrence of a Funds Control Event and while a Funds Control Event Period remains in effect. During any period which is not
a Funds Control Event Period, Great Lakes shall have the right to make transfers and withdrawals from and write checks against amounts in such deposit accounts. 
 3.15 Hazardous Materials. Great Lakes shall not and shall not cause or permit its Subsidiaries to cause or permit a Release of any Hazardous Material on, at, in, under, above, to, from or about any
of the Real Estate where such Release would (a) violate in any respect, or form the basis for any Environmental Liabilities by Great Lakes or any of its Subsidiaries under, any Environmental Laws or Environmental Permits or (b) otherwise
adversely impact the value or marketability of any of the Real Estate or any of the Collateral, other than such violations or Environmental Liabilities that could not reasonably be expected to have a Material Adverse Effect. 

3.16 ERISA. Great Lakes shall not and shall not cause or permit any ERISA Affiliate to, cause or permit to occur an ERISA Event to the extent such
ERISA Event could reasonably be expected to have a Material Adverse Effect. 
 3.17 Sale Leasebacks. Great Lakes shall not and shall not
cause or permit any of its Subsidiaries to engage in any sale leaseback, synthetic lease or similar transaction involving any of its assets. 

3.18 Changes to Material Contracts. Great Lakes shall not and shall not cause or permit any of its Subsidiaries to change or amend the terms of
any Material Contract in a manner adverse to the rights or interests of Great Lakes which is a party thereto or adverse to the rights or interests of the Agents and the Lenders, except amendments that could not reasonably be expected to result in a
Material Adverse Effect. 

  
 29 

 3.19 Prepayments of Subordinated Debt. Great Lakes shall not, directly or indirectly, voluntarily
purchase, redeem, defease or prepay any principal of, premium, if any, interest or other amount payable in respect of any Subordinated Debt. 

3.20 Use of Loan Proceeds. Great Lakes shall not use proceeds of any Loans provided by Lenders for any purpose other than (a) on the Closing
Date, (i) to repay, in full, the outstanding principal, accrued interest, and accrued fees and expenses under or in connection with the Indebtedness that Great Lakes owes to Raytheon Aircraft Credit Corp. or any of its Affiliates,
(ii) repurchase one hundred percent (100%) of the Stock of Great Lakes held by Raytheon Aircraft Credit Corp. or any of its Affiliates, and (iii) to pay transactional fees, costs, and expenses incurred in connection with this
Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby, and (b) thereafter, consistent with the terms and conditions hereof, for their lawful and permitted purposes (including that no part of the proceeds of
the loans made to Great Lakes will be used to purchase or carry any such Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock or for any purpose that violates the provisions of Regulation T, U or
X of the Board of Governors of the United States Federal Reserve). 
 3.21 Reserved. 

3.22 Cancellation of Indebtedness. Great Lakes shall not cancel any claim or debt owing to it, except for reasonable consideration negotiated on
an arm’s length basis. 
 3.23 Location of Aircraft, Etc. Great Lakes shall not permit any Aircraft owned by it to (i) land
outside of the continental United States of America or Canada without the prior written consent of each Agent, other than as may be temporarily required by applicable safety or emergency circumstances or (ii) be hangered or otherwise stored at
any location other than a Qualified Airport or such other Designated Location. Great Lakes shall not permit any Spare Engine, Engine, Spare Propeller, Propeller or Spare Part to be shipped to, stored or otherwise located at any location other than a
Designated Location which is subject to a Collateral Access Agreement or similar agreement in accordance with Section 2.6. 
 3.24
Acquisition of Debt. Great Lakes will not (i) create or incur any Indebtedness (other than the Obligations) which is subordinated or junior in right of payment to any other Indebtedness of Great Lakes, unless such Indebtedness is also
subordinated or junior in right of payment, in the same manner and to the same extent, to the Obligations, and (ii) Great Lakes shall not have outstanding, create or incur any Indebtedness (other than Permitted Indebtedness) owing to any
Affiliate or employee of Great Lakes unless such Indebtedness is expressly subordinated to the Loans and other Obligations in a manner and on terms satisfactory to each Agent. 
 3.25 Change of Corporate Name or Location. Great Lakes shall not (a) change its name as it appears in official filings in the state of its incorporation or other organization, (b) change
its chief executive office, principal place of business, corporate offices or warehouses or locations at which Collateral is held or stored, or the location of its records concerning the Collateral,
(c)

  
 30 

 
change the type of entity that it is, (d) change its organization identification number, if any, issued by its state of incorporation or other organization, or (e) change its state of
incorporation or organization, in each case without at least thirty (30) days prior written notice to each Agent and after each Agent’s written acknowledgment that any reasonable action requested by Administrative Agent or Collateral Agent
in connection therewith, including to continue the perfection of any Liens in favor of Collateral Agent, on behalf of Lenders, in any Collateral, has been completed or taken, and provided that any such new location shall be in the continental
United States. 
 3.26 Lease of Aircraft. Great Lakes shall not lease any of its owned Aircraft to any Person. 

3.27 Essential Air Service Program. Neither Great Lakes nor any of its Subsidiaries will take any action to terminate, suspend, reduce or not
renew any contract with the DOT for the provision of Qualified Services to any Qualified Airport serviced by Great Lakes or any of its Subsidiaries pursuant to the Essential Air Service Program, except as may be in the ordinary course of business
consistent with past practices of Great Lakes and its Subsidiaries. 
 SECTION 4. 

FINANCIAL COVENANTS/REPORTING 
 Great Lakes agrees for itself and on behalf of its Subsidiaries that from and after the date hereof until the Obligations are paid in full (other than indemnification Obligations as to which no claim has
been asserted), Great Lakes shall perform and comply with, and shall cause each of its respective Subsidiaries to perform and comply with, all covenants in this Section 4 applicable to such Person. 

4.1 Maximum Leverage Ratio. Great Lakes and its Subsidiaries on a consolidated basis shall have, at the end of each Fiscal Quarter set forth
below, a Leverage Ratio of not more than the following: 
  

					
	 Period
	  	Leverage Ratio	 
	 March 31, 2012
	  	 	3.10:1.00	  
	 June 30, 2012
	  	 	3.10:1.00	  
	 September 30, 2012
	  	 	3.50:1.00	  
	 December 31, 2012
	  	 	3.00:1.00	  
	 March 31, 2013
	  	 	2.75:1.00	  
	 June 30, 2013
	  	 	2.50:1.00	  
	 September 30, 2013
	  	 	2.50:1.00	  
	 December 31, 2013 and the last day of each Fiscal Quarter thereafter
	  	 	2.25:1.00	  

  
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 4.2 Capital Expenditure Limits. Great Lakes and its Subsidiaries on a consolidated basis shall not
make Capital Expenditures during the following periods that exceed in the aggregate the amounts set forth opposite each of such periods (the “Capex Limit”): 

 

					
	 Period
	  	Maximum Capital Expenditures per Period	 
	 Fiscal Year 2011
	  	$	360,000	  
	 Fiscal Year 2012
	  	$	360,000	  
	 Fiscal Year 2013
	  	$	360,000	  
	 Fiscal Year 2014
	  	$	360,000	  
	 Fiscal Year 2015
	  	$	360,000	  

 4.3 Financial Statements and Other Reports. Great Lakes will maintain, and cause each of its Subsidiaries to
maintain, a system of accounting established and administered in accordance with sound business practices to permit preparation of Financial Statements in conformity with GAAP (it being understood that monthly Financial Statements are not required
to have footnote disclosures and may be subject to normal year-end adjustments). Great Lakes will deliver each of the Financial Statements and other reports described below to each Agent (with copies for each Lender). 

(a) Monthly Financials. As soon as available and in any event within thirty (30) days after the end of each month (including
the last month of Great Lakes’ Fiscal Year), Great Lakes will deliver (1) the consolidated and consolidating balance sheets of Great Lakes and its Subsidiaries, as at the end of such month, and the related consolidated and consolidating
statements of income, stockholders’ equity and cash flow for such month and for the period from the beginning of the then current Fiscal Year of Great Lakes to the end of such month, (2) a report setting forth in comparative form the
corresponding figures for the corresponding periods of the previous Fiscal Year and the corresponding figures from the most recent Projections for the current Fiscal Year delivered pursuant to Section 4.3(f) and (3) year to date
(together with comparisons to the applicable month and year to date period for the previous year and applicable month and year to date period set forth in the Projections). 
 (b) Quarterly Financials. As soon as available and in any event within forty-five (45) days after the end of each quarter (including the last quarter of Great Lakes’ Fiscal Year), Great
Lakes will deliver (1) the consolidated and consolidating balance sheets of Great Lakes and its Subsidiaries, as at the end of such quarter, and the related consolidated and consolidating statements of income, stockholders’ equity and cash
flow for such month and for the period from the beginning of the then current Fiscal Year of Great Lakes to the end of such quarter, (2) a 

  
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report setting forth in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year and the corresponding figures from the most recent Projections for the
current Fiscal Year delivered pursuant to Section 4.3(f), and (3) year to date (together with comparisons to the applicable quarter and year to date period for the previous year and applicable quarter and year to date period set
forth in the Projections). 
 (c) Year-End Financials. As soon as available and in any event within ninety (90) days
after the end of each Fiscal Year of Great Lakes will deliver (1) the consolidated and consolidating balance sheets of Great Lakes and its Subsidiaries, as at the end of such year, and the related consolidated and consolidating statements of
income, stockholders’ equity and cash flow for such Fiscal Year and (2) a report with respect to the consolidated Financial Statements from a firm of Certified Public Accountants selected by Great Lakes and reasonably acceptable to each
Agent, which report shall be prepared in accordance with Statement of Auditing Standards No. 58 (the “Statement”) “Reports on Audited Financial Statements” which report may include a “going concern” or like
qualification; provided, however, in the event Great Lakes receives a report in any Fiscal Year which is “Unqualified” (as such term is defined in such Statement), then each subsequent year’s report shall be
“Unqualified” unless any such “going concern” or similar qualification could not reasonably be expected to result in a Material Adverse Effect. 
 (d) Accountants’ Reports. Promptly upon receipt thereof, Great Lakes will deliver copies of all significant reports submitted by Great Lakes’ firm of certified public accountants in
connection with each annual, interim or special audit or review of any type of the Financial Statements or related internal control systems of Great Lakes or its Subsidiaries made by such accountants, including any comment letter submitted by such
accountants to management in connection with their services. 
 (e) Management Report. Together with each delivery of
Financial Statements of Great Lakes and its Subsidiaries pursuant to Sections 4.3(a), (b) and (c), Great Lakes will deliver a management report (1) describing the operations and financial condition of Great Lakes and
its Subsidiaries for the month then ended and the portion of the current Fiscal Year then elapsed (or for the Fiscal Year then ended in the case of year-end financials) and (2) discussing the reasons for any significant variations. The
information above shall be presented in reasonable detail and shall be certified by the chief financial officer of Great Lakes to the effect that such information fairly presents the results of operations and financial condition of Great Lakes and
its Subsidiaries as at the dates and for the periods indicated. 
 (f) Projections and Operating Plan. As soon as
available and in any event no later than forty-five (45) days prior to the end of each of Great Lakes’ Fiscal Years, Great Lakes will deliver Projections of Great Lakes and its Subsidiaries for the following Fiscal Year on a month by month
basis. 
 (g) Reserved. 
 (h) Events of Default, Etc. Promptly upon any officer of Great Lakes obtaining knowledge of any of the following events or conditions, Great Lakes shall deliver copies of all notices given or
received by Great Lakes or any of its Subsidiaries with respect to any such event or condition and a certificate of Great Lakes’ chief executive officer specifying the nature and 

  
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period of existence of such event or condition and what action Great Lakes or any of its Subsidiaries has taken, is taking and proposes to take with respect thereto: (1) any condition or
event that constitutes, or which could reasonably be expected to result in the occurrence of an Event of Default or Default that any Person has given to Great Lakes or any of its Subsidiaries or any other action taken with respect to a claimed
default or event or condition of the type referred to in Section 7.1(b); (2) any event or condition that could reasonably be expected to result in any Material Adverse Effect; or (3) any default or event of default with respect to any
Indebtedness of Great Lakes or any of its Subsidiaries. 
 (i) Litigation. Promptly upon any officer of Great Lakes
obtaining knowledge of (1) the institution of any action, charge, claim, demand, suit, proceeding, petition, governmental investigation, tax audit or arbitration now pending or, to the best knowledge of Great Lakes after due inquiry, threatened
against or affecting Great Lakes or any of its Subsidiaries or any property of Great Lakes or any of its Subsidiaries (“Litigation”) not previously disclosed by Great Lakes to each Agent, other than actions, charges, claims,
demands, suits, proceedings, petitions, governmental investigations, tax audits or arbitrations that could not reasonably be expected to exceed $250,000 in liability or (2) any material development in any action, suit, proceeding, governmental
investigation or arbitration at any time pending against or affecting Great Lakes or any of its Subsidiaries or any property of Great Lakes or any of its Subsidiaries, in each case, in excess of $250,000, Great Lakes will promptly give notice
thereof to each Agent and provide such other information as may be reasonably available to them to enable each Agent and its counsel to evaluate such matter. 
 (j) Notice of Corporate and other Changes. Great Lakes shall provide prompt written notice of (1) all jurisdictions in which Great Lakes becomes qualified after the Closing Date to transact
business, (2) any Subsidiary created or acquired by Great Lakes or any of its Subsidiaries after the Closing Date to the extent permitted hereunder, such notice, in each case, to identify the applicable jurisdictions, capital structures or
Subsidiaries, as applicable, and (3) any other event that occurs after the Closing Date which would cause any of the representations and warranties in Section 5 of this Agreement or in any other Loan Document to be untrue or
misleading in any material respect. The foregoing notice requirement shall not be construed to constitute consent by any of the Lenders to any transaction referred to above which is not expressly permitted by the terms of this Agreement. 

(k) Other Information. With reasonable promptness, Great Lakes will deliver such other information and data with respect to Great
Lakes or any of its Subsidiaries as from time to time may be reasonably requested by Administrative Agent or Collateral Agent. 

(l) Compliance Certificate. Together with each delivery of Financial Statements of Great Lakes and its Subsidiaries pursuant to
Sections 4.3(b) and (c), Great Lakes will deliver a fully and properly completed Compliance Certificate (in substantially the same form as Annex C (the “Compliance Certificate”) signed by Great Lakes’ chief
executive officer or chief financial officer. 
 (m) Taxes. Great Lakes shall provide prompt written notice of
(i) the execution or filing with the IRS or any other Governmental Authority of any agreement or other document extending, or having the effect of extending, the period for assessment or collection of any

  
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Charges or Taxes by Great Lakes or any of its Subsidiaries and (ii) any agreement by Great Lakes or any of its Subsidiaries or request directed to Great Lakes or any of its Subsidiaries to
make any adjustment under IRC Section 481(a), by reason of a change in accounting method or otherwise. 
 (n) Aircraft
Notices and Reports. Promptly (but in no event more than three (3) Business Days after receipt by Great Lakes), Great Lakes will deliver to each Agent copies of (i) any notices of the commencement of any investigation by a Governmental
Authority of Great Lakes or any of it Subsidiaries including, without limitation, any non-routine FAA or DOT audit of Great Lakes or any of its Subsidiaries which could reasonably be expected to result in a Material Adverse Effect, (ii) any
notice from the FAA or DOT ordering the grounding of any Aircraft of Great Lakes or any of its Subsidiaries for any reason, (iii) any notices by the DOT of the termination, suspension, offset, withholding, recoupment or reduction of (or the
intention to terminate, suspend, offset, withhold, recoup or reduce) Essential Air Service Subsidies paid or payable to Great Lakes or any of its Subsidiaries, (iv) any notice terminating or suspending an airport serviced by Great Lakes or any
of its Subsidiaries under the provisions of the Essential Air Service Program as a Qualified Airport, and (v) any notice from the DOT with respect to any other material modifications or changes to the Essential Air Service Program. Promptly
(but in no event more than three (3) Business Days after delivery to the DOT), Great Lakes shall delivery a copy of any notice to the DOT of Great Lakes’ or any of its Subsidiary’s intention to terminate, suspend or reduce Qualified
Services to any Qualified Airport or not to renew Great Lakes’ or any of its Subsidiary’s contract with the DOT for the provision of Qualified Services to any Qualified Airport serviced by Great Lakes or any Subsidiary. 

4.4 Accounting Terms; Utilization of GAAP for Purposes of Calculations Under Agreement. For purposes of this Agreement, all accounting terms not
otherwise defined herein shall have the meanings assigned to such terms in conformity with GAAP. Financial statements and other information furnished to the Agents pursuant to Sections 4.3 or any other section (unless specifically indicated
otherwise) shall be prepared in accordance with GAAP as in effect at the time of such preparation; provided that no Accounting Change shall affect financial covenants, standards or terms in this Agreement; provided further that Great Lakes shall
prepare footnotes to the Financial Statements required to be delivered hereunder that show the differences between the Financial Statements delivered (which reflect such Accounting Changes) and the basis for calculating financial covenant compliance
(without reflecting such Accounting Changes). All such adjustments described in clause (c) of the definition of the term Accounting Changes resulting from expenditures made subsequent to the Closing Date (including capitalization of costs and
expenses or payment of pre-Closing Date liabilities) shall be treated as expenses in the period the expenditures are made. Anything in this Agreement to the contrary notwithstanding, any obligation of a Person under a lease (whether existing now or
entered into in the future) that is not (or would not be) required to be classified and accounted for as a Capital Lease on the balance sheet of such Person under GAAP as in effect at the time such lease is entered into shall not be treated as a
Capital Lease solely as a result of (x) the adoption of any changes in or (y) changes in the application of, GAAP after such lease is entered into. Notwithstanding any other provision contained herein, all terms of an accounting or
financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Accounting Standards Codification 825-10 (or any other Financial Accounting
Standard having a similar result or effect) to value any Indebtedness or other liabilities of Great Lakes or any Subsidiary of Great Lakes at “fair value”. A breach of a 

  
 35 

 
financial covenant contained in this Section 4 shall be deemed to have occurred as of any date of determination by the Agents or as of the last day of any specified measurement
period, regardless of when the financial statements reflecting such breach are delivered to the Agents. 
 SECTION 5.

 REPRESENTATIONS AND WARRANTIES 
 To induce Agents and Lenders to enter into the Loan Documents, to make Loans and other extensions of credit, Great Lakes represents, warrants and covenants for itself and on behalf of its Subsidiaries to
each Agent and each Lender that the following statements are true, correct and complete with respect to Great Lakes and its Subsidiaries: 
 5.1 Disclosure. No representation or warranty of Great Lakes contained in this Agreement, the Financial Statements referred to in Section 5.5, the Loan Documents or any other document,
certificate or written statement furnished to either Agent or any Lender by or on behalf of any such Person for use in connection with the Loan Documents contains any untrue statement of a material fact or omitted, omits or will omit to state a
material fact necessary in order to make the statements contained herein or therein not misleading in any material respect in light of the circumstances in which the same were made. 
 5.2 No Material Adverse Effect. Since September 30, 2011 there have been no events or changes in facts or circumstances affecting Great Lakes or any of its Subsidiaries which individually or
in the aggregate have had or could reasonably be expected to have a Material Adverse Effect and that have not been disclosed herein or in the attached Disclosure Schedules. 
 5.3 No Conflict. The consummation of the Loan Documents does not and will not violate or conflict with any laws, rules, regulations or orders of any Governmental Authority or violate, conflict
with, result in a breach of, or constitute a default (with due notice or lapse of time or both) under any Contractual Obligation (including, for avoidance of doubt, the Essential Air Service Program) or organizational documents of Great Lakes or any
of its Subsidiaries except if such violations, conflicts, breaches or defaults could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 5.4 Organization, Powers, Capitalization and Enforceable Obligations. 
 (a)
Organization and Powers. Great Lakes and each of its Subsidiaries is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization or formation and qualified to do business in all states where such
qualification is required. The jurisdiction of organization or formation and all jurisdictions in which Great Lakes and each of its Subsidiaries is qualified to do business are set forth on Schedule 5.4(a). Great Lakes and each of its
Subsidiaries has all requisite organizational power and authority to own and operate its properties, to carry on its business as now conducted and proposed to be conducted, to enter into each Loan Document to which it is a party and to incur the
Obligations, grant liens and security interests in the Collateral and carry out the Loan Documents. Great Lakes is in compliance with its charter and bylaws or partnership or operating agreement, as applicable. 

  
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 (b) Capitalization. (i) The authorized Stock of Great Lakes is as set forth on
Schedule 5.4(b); (ii) all issued and outstanding Stock of Great Lakes is duly authorized and validly issued, fully paid, nonassessable, free and clear of all Liens, and such Stock was issued in compliance with all applicable state,
federal and foreign laws concerning the issuance of securities; (iii) the identity of the holders of more than five percent (5%) of the Stock of Great Lakes (prior to the redemption of the Stock of Great Lakes owned by Raytheon Aircraft
Credit Corp.) and the percentage of their fully diluted ownership of the Stock of Great Lakes is set forth on Schedule 5.4(b); and (iv) no Stock of Great Lakes, other than those described above, are issued and outstanding. Except as
provided in Schedule 5.4(b), there are no preemptive or other outstanding rights, options, warrants, conversion rights or similar agreements or understandings for the purchase or acquisition from Great Lakes of any of its Stock. 

(c) Corporate Power, Authorization, Enforceable Obligations. The execution, delivery and performance by Great Lakes of the Loan
Documents and the creation of all Liens provided for therein: 
 (i) are within Great Lakes’ power; 

(ii) have been duly authorized by all necessary corporate, limited liability company or limited partnership action; 

(iii) do not contravene any provision of Great Lakes’ charter, bylaws or partnership or operating agreement as applicable;

 (iv) do not violate any law or regulation, or any order or decree of any court or Governmental Authority; 

(v) do not conflict with or result in the breach or termination of, constitute a default under or accelerate or permit the acceleration of
any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which Great Lakes is a party or by which Great Lakes or any of its property is bound; 

(vi) do not result in the creation or imposition of any Lien upon any of the property of Great Lakes other than those in favor of
Collateral Agent, on behalf of the Lenders, pursuant to the Loan Documents; and 
 (vii) do not require the consent or approval
of any Governmental Authority or any other Person, except those that have been duly obtained, made or complied with and that are still in force and effect and except for filings and recordings with respect to the Collateral to be made, or otherwise
delivered to each Agent for failing or recordation. 
 Each of the Loan Documents shall be duly executed and delivered by Great Lakes and each
such Loan Document shall constitute a legal, valid and binding obligation of Great Lakes enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the
enforcement of creditors’ rights generally or by equitable principles relating to enforceability. 

  
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 5.5 Financial Statements and Projections. All Financial Statements concerning Great Lakes and its
Subsidiaries which have been or will hereafter be furnished to each Agent pursuant to this Agreement have been or will be prepared in accordance with GAAP consistently applied (except as disclosed therein) and do or will present fairly in all
material respects the financial condition of the entities covered thereby as at the dates thereof and the results of their operations for the periods then ended, subject to, in the case of unaudited Financial Statements, the absence of footnotes and
normal year end adjustments. The Projections delivered on or prior to the Closing Date and the updated Projections delivered pursuant to Section 4.3(f) represent and will represent as of the date thereof the good faith estimate of Great
Lakes and its senior management concerning the most probable course of their business. 
 5.6 Intellectual Property. Great Lakes and its
Subsidiaries each owns, is licensed to use or otherwise has the right to use, all material Intellectual Property used in or necessary for the conduct of its business as currently conducted that is material to the condition (financial or other),
business or operations of Great Lakes and its Subsidiaries and all such Intellectual Property is identified on Schedule 5.6 and fully protected and/or duly and properly registered, filed or issued in the appropriate office and jurisdictions
for such registrations, filings or issuances. Except as disclosed in Schedule 5.6, the use of such Intellectual Property by Great Lakes and its Subsidiaries and the conduct of their businesses does not and has not been alleged by any Person
to infringe on the rights of any Person. 
 5.7 Investigations, Audits, Etc. Except as set forth on Schedule 5.7, neither Great
Lakes nor any of its Subsidiaries has received notice that it is the subject of any review, audit, or investigation by any Governmental Authority (other than the FAA or DOT consistent with past practices) concerning the violation or possible
violation of any Requirements of Law. Except as set forth on Schedule 5.7, neither Great Lakes nor any of its Subsidiaries is subject to (i) any non-routine FAA investigations or audits with respect to pilots or maintenance or
(ii) any non-routine DOT investigations or audits with respect to its compliance with any rules or regulations governing its participation in the Essential Air Service Program or Essential Air Service Subsidies received by or owing to Great
Lakes that, in all cases, could reasonably expected to result in a Material Adverse Effect. 
 5.8 Employee Matters. Except as set forth
on Schedule 5.8, (a) neither Great Lakes nor any Subsidiary of Great Lakes nor any of their respective employees is subject to any collective bargaining agreement, (b) no petition for certification or union election is pending with
respect to the employees of Great Lakes or any of its Subsidiaries and no union or collective bargaining unit has sought such certification or recognition with respect to the employees of Great Lakes or any of its Subsidiaries, (c) there are no
picketing of any nature, strikes, slowdowns, work stoppages, controversies or other concentrated interference with normal operations pending or, to the best knowledge of Great Lakes after due inquiry, threatened between Great Lakes or any of its
Subsidiaries and its respective employees, other than employee grievances arising in the ordinary course of business which could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect and
(d) hours worked by and payment made to employees of Great Lakes and each of its Subsidiaries comply with the Fair Labor Standards Act, as applicable, and each other federal, state, provincial, local or foreign law applicable to such matters.
Except as set forth on Schedule 5.8, neither Great Lakes nor any of its Subsidiaries is party to an employment contract. 

  
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 5.9 Solvency. Both before and after giving effect to (a) the Loans outstanding or to be made or
incurred on the Closing Date or such other date as Loans requested hereunder are made or incurred, (b) the disbursement of the proceeds of such Loans pursuant to the instructions of Great Lakes, and (c) the payment and accrual of all
transaction costs in connection with the foregoing, Great Lakes and each of its Subsidiaries is and will be Solvent. 
 5.10 Litigation;
Adverse Facts. 
 (a) Except as set forth on Schedule 5.10, there are no actions, suits, proceedings, claims or
disputes pending, or to the best knowledge of Great Lakes, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, against Great Lakes, any Subsidiary of Great Lakes or any of their respective Properties
which: 
 (i) purport to affect or pertain to this Agreement or any other Loan Document, or any of the
transactions contemplated hereby or thereby; 
 (ii) that would reasonably be expected to result in equitable
relief or monetary judgment(s), individually or in the aggregate, in excess of $500,000; or 
 (iii) would
reasonably be expected to have a Material Adverse Effect. 
 (b) No injunction, writ, temporary restraining order or any order
of any nature has been issued by any court or other Governmental Authority purporting to enjoin or restrain the execution, delivery or performance of this Agreement or any other Loan Document, or directing that the transactions provided for herein
or therein not be consummated as herein or therein provided. 
 5.11 Use of Proceeds; Margin Regulations. 

(a) No part of the proceeds of any Loan will be used for “buying” or “carrying” “margin stock” within the
respective meanings of such terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time hereafter in effect or for any other purpose that violates the provisions of the regulations of the Board of
Governors of the Federal Reserve System. If requested by Administrative Agent or Collateral Agent, Great Lakes will furnish to each Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G 3 or FR
Form 0 1, as applicable, referred to in Regulation U. 
 (b) Neither Great Lakes nor any of its Subsidiaries is (i) an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (ii) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding Company Act of
1935. The making of the Loans by Lenders to Great Lakes, the application of the proceeds thereof and repayment thereof and the consummation of the Loan Documents will not violate any provision of any such statute or any rule, regulation or order
issued by the Securities and Exchange Commission. 
 5.12 Ownership of Property; Liens. The real estate (“Real Estate”)
listed in Schedule 5.12 constitutes all of the real property owned, leased, subleased, or used by Great Lakes or any of its Subsidiaries. Great Lakes and each of its Subsidiaries owns good and marketable fee simple title

  
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to all of its owned Real Estate, and valid leasehold interests in all of its leased Real Estate, all as described on Schedule 5.12, and copies of all such leases or a summary of terms
thereof reasonably satisfactory to each Agent have been delivered to each Agent. Schedule 5.12 further describes any Real Estate with respect to which Great Lakes or any of its Subsidiaries is a lessor, sublessor or assignor. Great Lakes and
each of its Subsidiaries also has good and marketable title to, or valid leasehold interests in, all of its personal property and assets. None of the properties and assets of Great Lakes or any of its Subsidiaries are subject to any Liens other than
Permitted Encumbrances, and there are no facts, circumstances or conditions known to Great Lakes that are reasonably likely to result in any Liens (including Liens arising under Environmental Laws) other than Permitted Encumbrances against the
properties or assets of Great Lakes or any of its Subsidiaries. Great Lakes and each of its Subsidiaries has received all deeds, assignments, waivers, consents, nondisturbance and attornment or similar agreements, bills of sale and other documents,
and has duly effected all recordings, filings and other actions necessary to establish, protect and perfect Great Lakes’ or Subsidiary’s right, title and interest in and to all such Real Estate and other properties and assets. Schedule
5.12 also describes any purchase options, rights of first refusal or other similar contractual rights pertaining to any Real Estate. No portion of Great Lakes’ or any of its Subsidiaries’ Real Estate has suffered any material damage by
fire or other casualty loss that has not heretofore been repaired and restored in all material respects to its original condition or otherwise remedied. All material permits required to have been issued or appropriate to enable the Real Estate to be
lawfully occupied and used for all of the purposes for which it is currently occupied and used have been lawfully issued and are in full force and effect. 
 5.13 Environmental Matters. Except as set forth in Schedule 5.13: (i) Great Lakes and its Subsidiaries are and have been in compliance with all Environmental Laws, except for such
noncompliance that could not reasonably be expected to result in Environmental Liabilities of Great Lakes or its Subsidiaries in excess of $250,000 in the aggregate; (ii) Great Lakes and its Subsidiaries have obtained, and are in compliance
with, all Environmental Permits required by Environmental Laws for the operations of their respective businesses as presently conducted or as proposed to be conducted, except where the failure to so obtain or comply with such Environmental Permits
could not reasonably be expected to result in Environmental Liabilities of Great Lakes or its Subsidiaries in excess of $250,000 in the aggregate, and all such Environmental Permits are valid, uncontested and in good standing; (iii) neither
Great Lakes nor any Subsidiary of Great Lakes is involved in operations or knows of any facts, circumstances or conditions, including any Releases of Hazardous Materials, that are likely to result in any Environmental Liabilities of Great Lakes or
Subsidiary which could reasonably be expected to be in excess of $250,000 in the aggregate, and neither Great Lakes nor Subsidiary of Great Lakes has permitted any current or former tenant or occupant of the Real Estate to engage in any such
operations; and (iv) there is no Litigation arising under or related to any Environmental Laws, Environmental Permits or Hazardous Material that seeks damages, penalties, fines, costs or expenses in excess of $250,000 in the aggregate or
injunctive relief against, or that alleges criminal misconduct by Great Lakes or any Subsidiary of Great Lakes. 

  
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 5.14 ERISA. 
 (a) Schedule 5.14 lists all Plans and separately identifies all Pension Plans, including Title IV Plans, Multiemployer Plans, ESOPs and Welfare Plans, including all Retiree Welfare Plans. Copies of
all such listed Plans, together with a copy of the latest form IRS/DOL 5500-series for each such Plan have been delivered to each Agent. Except with respect to Multiemployer Plans, each Qualified Plan has been determined by the IRS to qualify under
Section 401 of the IRC, and the trusts created thereunder have been determined to be exempt from tax under the provisions of Section 501 of the IRC, and nothing has occurred that would cause the loss of such qualification or tax exempt
status. Each Plan is in compliance with the applicable provisions of ERISA and the IRC, including the timely filing of all reports required under the IRC or ERISA, including the statement required by 29 CFR Section 2520.104 23. Neither Great
Lakes nor ERISA Affiliate has failed to make any contribution or pay any amount due as required by either Section 412 of the IRC or Section 302 of ERISA or the terms of any such Plan. Neither Great Lakes nor ERISA Affiliate has engaged in
a “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the IRC, in connection with any Plan, that would subject Great Lakes to a material tax on prohibited transactions imposed by Section 502(i)
of ERISA or Section 4975 of the IRC. 
 (b) Except as set forth in Schedule 5.14: (i) no Title IV Plan has any
Unfunded Pension Liability; (ii) no ERISA Event or event described in Section 4062(e) of ERISA with respect to any Title IV Plan has occurred or is reasonably expected to occur; (iii) there are no pending, or to the knowledge of Great
Lakes, threatened claims (other than claims for benefits in the normal course), sanctions, actions or lawsuits, asserted or instituted against any Plan or any Person as fiduciary or sponsor of any Plan; (iv) neither Great Lakes nor ERISA
Affiliate has incurred or reasonably expects to incur any liability as a result of a complete or partial withdrawal from a Multiemployer Plan; (v) within the last five years no Title IV Plan of Great Lakes or ERISA Affiliate has been
terminated, whether or not in a “standard termination” as that term is used in Section 404(b)(1) of ERISA, nor has any Title IV Plan of Great Lakes or ERISA Affiliate (determined at any time within the past five years) with Unfunded
Pension Liabilities been transferred outside of the “controlled group” (within the meaning of Section 4001(a)(14) of ERISA) of Great Lakes or ERISA Affiliate; (vi) except in the case of any ESOP, Stock of Great Lakes and its
ERISA Affiliates makes up, in the aggregate, no more than 10% of fair market value of the assets of any Plan measured on the basis of fair market value as of the latest valuation date of any Plan; and (vii) no liability under any Title IV Plan
has been satisfied with the purchase of a contract from an insurance company that is not rated AAA by the S&P or an equivalent rating by another nationally recognized rating agency. 
 5.15 Brokers. Except as disclosed in Schedule 5.15, no broker or finder acting on behalf of Great Lakes or Affiliate thereof brought about the obtaining, making or closing of the Loans, and
neither Great Lakes nor Affiliate thereof has any obligation to any Person in respect of any finder’s or brokerage fees in connection therewith. 
 5.16 Deposit and Disbursement Accounts. Schedule 5.16 lists all banks and other financial institutions at which Great Lakes maintains deposit or other accounts, including the Disbursement
Account, and Schedule 5.16 correctly identifies the name, address and telephone number of each depository, the name in which the account is held, a description of the purpose of the account, the complete account number therefore and listing
of any lockboxes maintained through any financial institutions for processing payments by account debtors and other proceeds of Collateral. 

  
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 5.17 Reserved.  
 5.18 Insurance. Schedule 5.18 lists all insurance policies of any nature maintained for current occurrences by Great Lakes. 
 5.19 Anti-Terrorism Law. 
 (a) Compliance with Law. Neither Great
Lakes and, to the knowledge of Great Lakes, none of its Affiliates is in violation of any laws relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing,
effective September 24, 2001 (the “Executive Order”), and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. 

(b) Prohibited Lists. Neither Great Lakes and to the knowledge of Great Lakes, nor any Affiliate or other agent of Great Lakes
acting or benefiting in any capacity in connection with the Loans is any of the following: 
 (i) a person that is listed in the
annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (ii) a person owned or controlled by, or acting
for or on behalf of, any person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (iii) a person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (iv) a person that commits, threatens or conspires to commit or support “terrorism” as defined in the Executive Order; or 
 (v) a person that is named as a “specialty designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control
(“OFAC”) at its official website or any replacement website or other replacement official publication of such list. 
 (c) Relationships. Neither Great Lakes nor, to the best knowledge of Great Lakes, any other agent of Great Lakes acting in any capacity in connection with the Loans (i) conducts any business
or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in clause (b) above, (ii) deals in, or otherwise engages in any transaction relating to, any property or interests
in property blocked pursuant to the Executive Order, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
any Anti-Terrorism Law. 
 5.20 Compliance with Laws. Great Lakes represents and warrants that it (i) is in compliance and each of
its Subsidiaries is in compliance with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority and the obligations, covenants and 

  
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conditions contained in all Contractual Obligations other than those laws, rules, regulations, orders and provisions of such Contractual Obligations the noncompliance with which could not be
reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect, and (ii) maintains and each of its Subsidiaries maintains all licenses, qualifications and permits referred to above, other than those licenses,
qualifications and permits where the failure to maintain the same could not be reasonable expected to have a Material Adverse Effect. 
 5.21
Taxes and Tax Returns. 
 (a)(i) All Tax returns required to be filed by Great Lakes have been timely and properly filed
and (ii) all Taxes (whether or not reflected on a Tax return) have been paid. No Governmental Authority has asserted any claim for Taxes, or to Great Lakes’ knowledge, has threatened to assert any claim for Taxes that would, if paid by
Great Lakes, have a Material Adverse Effect. All Taxes required by law to be withheld or collected and remitted (including, without limitation, income, tax, unemployment insurance and workman’s compensation premiums) with respect to Great Lakes
have been withheld or collected and paid to the appropriate Governmental Authorities (or are properly being held for such payment). Great Lakes has not (i) participated in a “reportable transaction” within the meaning of Treasury
Regulation Section 1.6011-4(b)(3), (b)(4) or (b)(5) except to the extent such participation would not be reasonably expected to result in a Material Adverse Effect, (ii) participated in a “listed transaction” or a
“transaction of interest” as described in Treasury Regulation Section 1.6011-4(b)(2) or (b)(6), respectively, or (iii) been a member of an affiliated, combined or unitary group. 

(b) Great Lakes has not been notified that either the IRS or any other Governmental Authority has raised any adjustments or intends to
raise such adjustments, in connection with any Taxes of Great Lakes. 
 (c) Great Lakes is not a party to, is bound by, or has
any obligation under, any Tax sharing agreement, Tax indemnification agreement or similar contract or arrangement, whether oral or written, excluding leases entered into in the ordinary course of business and sales contracts. 

5.22 Agreements and Other Documents. Great Lakes has provided to each Agent or its counsel, on behalf of Lenders, accurate and complete copies (or
summaries) of all of the following agreements or documents to which it is subject and each of which is listed in Schedule 5.22: supply agreements and purchase agreements not terminable by Great Lakes within sixty (60) days following
written notice issued by Great Lakes and involving transactions in excess of $1,000,000 per annum; leases of Equipment having a remaining term of one year or longer and requiring aggregate rental and other payments in excess of $500,000 per annum;
licenses and permits held by Great Lakes, the absence of which could reasonably be expected to have a Material Adverse Effect; instruments and documents evidencing any Indebtedness or Guaranteed Indebtedness of Great Lakes and any Lien granted by
Great Lakes with respect thereto; and instruments and agreements evidencing the issuance of any equity securities, warrants, rights or options to purchase equity securities of Great Lakes. 

  
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 5.23 Eligible Accounts. As to each Account that is identified by Great Lakes as an Eligible Account
in a Borrowing Base Certificate submitted to each Agent, such Account is (a) a bona fide existing payment obligation of the applicable Account Debtor created by the sale and delivery of Inventory or the rendition of services to such Account
Debtor in the ordinary course of Great Lakes’ business, (b) owed to Great Lakes, and (c) not excluded as ineligible by virtue of one or more of the excluding criteria (other than Agent-discretionary criteria) set forth in the
definition of Eligible Accounts. 
 5.24 Eligible Inventory. As to each item of Inventory that is identified by Great Lakes as Eligible
Inventory in a Borrowing Base Certificate submitted to each Agent, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as ineligible by virtue of one or more of the excluding criteria
(other than Agent-discretionary criteria) set forth in the definition of Eligible Inventory. 
 5.25 Government Contracts. Except as set
forth in Schedule 5.25, Great Lakes is not a party to any contract or agreement with any Governmental Authority and none of Great Lakes’ Accounts are subject to the Federal Assignment of Claims Act (31 U.S.C. Section 3727) or any
similar state or local law. 
 5.26 Customer and Trade Relations. There exists no actual or, to the knowledge of Great Lakes, threatened
termination or cancellation of, or any material adverse modification or change in (a) the business relationship of Great Lakes with any non-governmental customer or group of customers whose purchases during the preceding 12 calendar months
caused them to be ranked among the ten largest customers of Great Lakes or (b) the business relationship of Great Lakes with any non-governmental supplier essential to its operations. 
 5.27 Bonding; Licenses. Except as set forth in Schedule 5.27, Great Lakes is not a party to or bound by any surety bond agreement, indemnification agreement therefor or bonding requirement
with respect to products or services sold by it. 
 5.28 Reserved. 
 5.29 Full Disclosure. None of the representations or warranties made by Great Lakes or any of its Subsidiaries in the Loan Documents as of the date such representations and warranties are made or
deemed made, and none of the statements contained in each exhibit, report, statement or certificate furnished by or on behalf of Great Lakes or any of its Subsidiaries in connection with the Loan Documents (including the offering and disclosure
materials, if any, delivered by or on behalf of Great Lakes to either the Administrative Agent, Collateral Agent or the Lenders prior to the Closing Date), contains any untrue statement of a material fact or omits any material fact required to be
stated therein or necessary to make the statements made therein, in light of the circumstances under which they are made, not misleading as of the time when made or delivered. 
 5.30 Executive Offices, Collateral Locations, FEIN. Great Lakes’ name as it appears in official filings in its state of incorporation or organization, state of incorporation or organization,
organization type, organization number, if any, issued by its state incorporation or organization, and the current location of Great Lakes’ chief executive office and the warehouses and premises at which any Collateral is located are set forth
in Schedule 5.30, and none of such locations has changed within four (4) months preceding the Closing Date. In addition, Schedule 5.30 lists the federal employer identification number and organizational identification number of
Great Lakes. 

  
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 5.31 Qualified Airports. Schedule 5.31 lists each Qualified Airport for which Great Lakes
provides Qualified Services, and, with respect to each such Qualified Airport, (a) the level of services (as characterized by the provisions of the Essential Air Service Program) provided by Great Lakes, (b) the weekly number of
departures, (c) the Essential Air Service Program departure subsidy rate and (d) the date of expiry of Great Lakes’ contract with the DOT in respect to the provision of such Qualified Services. 

5.32 Eligible Spare Engines. With respect to each Spare Engine that is identified by Great Lakes as an Eligible Spare Engine in a Borrowing Base
Certificate submitted to each Agent, such Spare Engine meets the criteria for eligibility (other than Agent-discretionary criteria of which Great Lakes is not aware) set forth in the definition of Eligible Spare Engine. 

5.33 Eligible Aircraft. With respect to each Aircraft that is identified by Great Lakes as an Eligible Aircraft in the calculation of the Term
Loan Suppression Amount in a Borrowing Base Certificate submitted to each Agent, such Aircraft meets the criteria eligibility (other than Agent-discretionary criteria of which Great Lakes is not aware) set forth in the definition of Eligible
Aircraft. 
 SECTION 6. 
 CONDITIONS TO LOANS 
 The obligations of Lenders to make Loans are subject
to satisfaction of all of the applicable conditions set forth below. 
 6.1 Conditions to Initial Loans. The obligations of Lenders to
make the initial Loans on the Closing Date are subject to the following conditions precedent: 
 (a) Each Agent shall have
received a letter duly executed by Great Lakes authorizing each Agent to file appropriate financing statements in such office or offices as may be necessary or, in the opinion of Agents, desirable to perfect the security interests to be created by
the Loan Documents; 
 (b) Each Agent shall have received each of the following documents, in form and substance satisfactory to
each Agent, duly executed, and each such document shall be in full force and effect: 
 (i) this Agreement, 

(ii) the Notes for each Lender requesting a Note, 
 (iii) the Control Agreements, 
 (iv) the Security Agreements, and 

  
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 (v) a letter, in form and substance satisfactory to each Agent, from Raytheon Aircraft
Credit Corp. (“Existing Lender”) to each Agent with respect to the amount necessary to repay in full all of the obligations of Great Lakes and its Subsidiaries owing to Existing Lender, obtain a release of all of the Liens existing
in favor of Existing Lender in and to the assets of Great Lakes and its Subsidiaries, including discharging any existing International Interests on the International Registry, together with termination statements and other documentation evidencing
the termination by Existing Lender of its Liens in and to the properties and assets of Great Lakes and its Subsidiaries, and additional documentation satisfactory to each Agent (in its sole discretion) evidencing that one hundred percent
(100%) of the Stock of Great Lakes and its Subsidiaries held by Raytheon Aircraft Credit Corp. and its Affiliates is redeemed by Great Lakes as of the Closing Date. 
 (c) Each Agent shall have received a certificate from the Secretary of Great Lakes (i) attesting to the resolutions of Great Lakes’ Board of Directors authorizing its execution, delivery, and
performance of this Agreement and the other Loan Documents, (ii) authorizing specific officers of Great Lakes to execute the same, and (iii) attesting to the incumbency and signatures of such specific officers of Great Lakes; 

(d) Each Agent shall have received copies of Great Lakes’ Governing Documents, as amended, modified, or supplemented to the Closing
Date, certified by the Secretary of Great Lakes; 
 (e) Each Agent shall have received a certificate of status with respect to
Great Lakes, dated within a recent date (to each Agent’s satisfaction) of the Closing Date, such certificate to be issued by the appropriate officer of the jurisdiction of organization of Great Lakes, which certificate shall indicate that Great
Lakes is in good standing in such jurisdiction; 
 (f) Each Agent shall have received certificates of status with respect to
Great Lakes, each dated within a recent date (to each Agent’s satisfaction) of the Closing Date, such certificates to be issued by the appropriate officer of the jurisdictions (other than Kansas and the jurisdiction of organization of Great
Lakes) in which its failure to be duly qualified or licensed would constitute a Material Adverse Effect, which certificates shall indicate that Great Lakes is in good standing in such jurisdictions; 

(g) Each Agent shall have received a certificate signed by an Authorized Person certifying (a) all representations and warranties by
Great Lakes contained in the Agreement and the Loan Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein) on and as of the date hereof, except to the extent that such
representation or warranty expressly relates to an earlier date (in which event such representations and warranties were true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such
earlier date), (b) no Default or Event of Default has occurred and is continuing as of the date hereof or would reasonably be expected to result after giving effect to this Agreement. 

(h) Each Agent shall have received certificates of insurance, together with the endorsements thereto, as are required by
Section 2.2, the form and substance satisfactory to each Agent; 

  
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 (i) Each Agent shall have received Collateral Access Agreements with respect to Great
Lakes’ Collateral located at Cheyenne, Wyoming; Denver, Colorado; Farmington, New Mexico; and Williston, North Dakota; 

(j) Each Agent shall have received (i) an opinion of Great Lakes’ counsel in form and substance satisfactory to each Agent and
(ii) an opinion of McAfee & Taft with respect to perfection of the Collateral Agent’s lien on the Collateral consisting of Aircraft, in form and substance satisfactory to each Agent; 

(k) On a pro forma basis, taking into consideration the Loans and fees and expenses related thereto, Great Lakes shall have
undrawn Availability plus unrestricted cash on the Closing Date in an aggregate amount not less than $10,000,000; 
 (l) Each
Agent shall have completed its business, legal, and collateral due diligence, including (i) a collateral audit and review of Great Lakes’ Aircraft, books and records and verification of Great Lakes’ representations and warranties, the
results of which shall be satisfactory to each Agent; and (ii) the opportunity to meet with Great Lakes’ management and advisors to discuss Great Lakes’ business, collateral audit or appraisal issues or other matters that may arise in
connection with the Lender’s due diligence efforts; 
 (m) Each Agent shall have received completed reference checks with
respect to Great Lakes’ senior management, the results of which are satisfactory to each Agent in its Permitted Discretion; 
 (n) Each Agent shall have received (i) a business plan which shall include a set of Projections of Great Lakes for the two (2) year period following the Closing Date (on a year by year basis,
and for the 1 year period following the Closing Date, on a month by month basis), in form and substance (including as to scope and underlying assumptions) satisfactory to each Agent and (ii) any additional financial and operational information
as Administrative Agent or Collateral Agent may reasonably request with respect to Great Lakes; 
 (o) Great Lakes shall have
paid all expenses of the Agents incurred in connection with the transactions evidenced by this Agreement (including, but not limited do audit fees, attorneys’ fees, UCC search fees, appraisal fees, documentation costs and expenses and filing
fees and costs); 
 (p) Great Lakes shall have received all licenses, approvals or evidence of other actions required by any
Governmental Authority in connection with the execution and delivery by Great Lakes of the Loan Documents or with the consummation of the transactions contemplated thereby; 
 (q) Each Agent shall have received the results of searches with respect to the FAA, the International Registry, tax and other Liens, and judgments and of the UCC filings and filings with respect to
Aircraft, Spare Engines and/or other mobile equipment or aircraft equipment made with respect to Great Lakes in the jurisdictions in which Great Lakes is doing business and/or in which any Collateral is located; 

  
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 (r) Each Agent shall have received an appraisal of Great Lakes’ Aircraft by a
nationally-recognized appraisal firm with experience in such matters and such appraisal shall be satisfactory to each Agent; 

(s) All of Great Lakes’ accounts payable are within stated invoice terms as of the Closing Date and or as permitted in the ordinary
course of Great Lakes’ business consistent with past practice; 
 (t) each of the conditions precedent specified in
Section 6.2 shall be satisfied; 
 (u) Great Lakes shall have delivered evidence to the satisfaction of each Agent
demonstrating that the pro forma EBITDA (determined in a manner satisfactory to each Agent) of Great Lakes for the trailing twelve month period ending September 30, 2011 was greater than $10,000,000; 

(v) each Agent shall have received a completed Borrowing Base Certificate as of the Closing Date; and 

(w) all other documents and legal matters in connection with the transactions contemplated by this Agreement shall have been delivered,
executed, or recorded and shall be in form and substance satisfactory to each Agent. 
 6.2 Conditions to All Loans. 

(a) Except as otherwise expressly provided herein, no Lender shall be obligated to fund any Loan, if, as of the date thereof (the
“Funding Date”): 
 (i) any representation or warranty by Great Lakes contained herein or in any other Loan
Document is untrue or incorrect as of such date, except to the extent that such representation or warranty expressly relates to an earlier date; 
 (ii) any Default or Event of Default has occurred and is continuing or would result after giving effect to any Loan; 
 (iii) with respect to the funding of Revolving Loans, after giving effect to any Revolving Loan, the outstanding amount of the Revolving Loan would exceed the Maximum Amount; or 

(iv) with respect to the funding of Revolving Loans, the Administrative Agent has not received a Notice of Revolving Loan in accordance
with the terms of this Agreement. 
 (b) The request and acceptance by Great Lakes of the proceeds of any Loan shall be deemed
to constitute, as of the date thereof, (i) a representation and warranty by Great Lakes that the conditions in this Section 6.2, have been satisfied and (ii) a reaffirmation by Great Lakes of the granting and continuance of
Collateral Agent’s Liens, on behalf of the Lenders, pursuant to the Collateral Documents. 

  
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 SECTION 7. 
 DEFAULT, RIGHTS AND REMEDIES 
 7.1 Event of Default. “Event of
Default” shall mean the occurrence or existence of any one or more of the following: 
 (a) Payment. Failure to
pay (i) when due any principal of any Loan, (ii) within two Business Days after the due date thereof, any interest on any Loan or fees payable pursuant to this Agreement or any other Loan Document or (iii) within two (2) Business
Days after demand, any other amount under this Agreement or any of the other Loan Documents; or 
 (b) Default in Other
Agreements. (1) Great Lakes or any of its Subsidiaries fails to pay when due or within any applicable grace period any principal or interest on Indebtedness (other than the Loans) or any Contingent Obligations or (2) breach or default
of Great Lakes or any of its Subsidiaries, or the occurrence of any condition or event, with respect to any Indebtedness (other than the Loans) or any Contingent Obligations, if the effect of such failure, breach, default or occurrence is to cause
or to permit the holder or holders to cause, Indebtedness and/or Contingent Obligations having an aggregate principal amount in excess of $250,000 to become or be declared due prior to their stated maturity; or 

(c) Breach of Certain Provisions. Failure of Great Lakes to perform or comply with any term or condition contained in that portion
of Section 2.2 relating to Great Lakes’ obligation to maintain insurance, Section 2.3, Section 2.8, Section 2.9, Section 2.15, Section 3 or Section 4; or

 (d) Breach of Warranty. Any representation, warranty, certification or other statement made by Great Lakes in any Loan
Document or in any statement or certificate at any time given by such Person in writing pursuant to or in connection with any Loan Document is false in any material respect (without duplication of materiality qualifiers contained therein) on the
date made or deemed made; or 
 (e) Other Defaults Under Loan Documents. Great Lakes defaults in the performance of or
compliance with any term contained in this Agreement or the other Loan Documents (other than occurrences described in other provisions of this Section 7.1 for which a different grace or cure period is specified, or for which no cure or
grace period is specified and which constitute immediate Events of Default) and such default is not remedied or waived within twenty (20) days after the earlier of (1) receipt by Great Lakes of notice from Administrative Agent, Collateral
Agent or Requisite Lenders of such default or (2) actual knowledge of any officer of Great Lakes of such default; or 
 (f) Involuntary Bankruptcy; Appointment of Receiver, Etc. (1) A court enters a decree or order for relief with respect to Great Lakes or any of its Subsidiaries in an involuntary case under
the Bankruptcy Code, which decree or order is not stayed or other similar relief is not granted under any applicable federal or state law; or (2) the continuance of any of the following events for sixty (60) days unless dismissed, bonded
or discharged: (a) an involuntary case is commenced against Great Lakes or any of its Subsidiaries, under any applicable bankruptcy, 

  
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insolvency or other similar law now or hereafter in effect; or (b) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other
officer having similar powers over Great Lakes or any of its Subsidiaries, or over all or a substantial part of its property, is entered; or (c) a receiver, trustee or other custodian is appointed without the consent of Great Lakes or any of
its Subsidiaries, for all or a substantial part of the property of Great Lakes or any of its Subsidiaries or; or 
 (g)
Voluntary Bankruptcy; Appointment of Receiver, Etc. (1) Great Lakes or any of its Subsidiaries commences a voluntary case under the Bankruptcy Code, or consents to the entry of an order for relief in an involuntary case or to the
conversion of an involuntary case to a voluntary case under any such law or consents to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or (2) Great Lakes or any
of its Subsidiaries makes any assignment for the benefit of creditors; or (3) the Board of Directors of Great Lakes or any of its Subsidiaries adopts any resolution or otherwise authorizes action to approve any of the actions referred to in
this Section 7.1(g); or 
 (h) Judgments and Attachments. Any money judgment, writ or warrant of attachment,
or similar process (other than those described elsewhere in this Section 7.1) in respect of any Litigation involving (1) an amount in any individual case in excess of $250,000 or (2) an amount in the aggregate at any time in
excess of $500,000 (in either case to the extent not adequately covered by insurance in Agents’ Permitted Discretion) is entered or filed against Great Lakes or any of its Subsidiaries or any of their respective assets and remains undischarged,
unvacated, unbonded or unstayed for a period of thirty (30) days or in any event later than five (5) Business Days prior to the date of any proposed sale thereunder; or 

(i) Dissolution. Any order, judgment or decree is entered against Great Lakes or any of its Subsidiaries
decreeing the dissolution or split up of Great Lakes or any of its Subsidiaries and such order remains undischarged or unstayed for a period in excess of ten (10) days; or 

(j) Solvency. Great Lakes or any of its Subsidiaries ceases to be Solvent, fails to pay its debts as they become due or admits in
writing its present or prospective inability to pay its debts as they become due; or 
 (k) Invalidity of Loan Documents.
Any of the Loan Documents for any reason, other than a partial or full release in accordance with the terms thereof, ceases to be in full force and effect or is declared to be null and void, or Great Lakes or any of its Subsidiaries denies that it
has any further liability under any Loan Documents to which it is party, or gives notice to such effect; or 
 (l) Damage;
Casualty; Revenue Reduction. Any event occurs, whether or not insured or insurable, as a result of which revenue producing activities cease or are substantially curtailed at any facility of Great Lakes or any of its Subsidiaries generating more
than 15% of the consolidated revenues of Great Lakes and its Subsidiaries for the Fiscal Year preceding such event and such cessation or curtailment continues for more than sixty (60) days; or 

(m) Change of Control. A Change of Control occurs; or 

  
 50 

 (n) Subordinated Indebtedness. The failure of Great Lakes or any creditor of Great
Lakes or any of its Subsidiaries to comply with the terms of any Subordination Agreement, any other subordination or intercreditor agreement or any subordination provisions of any note or other document running to the benefit of Administrative
Agent, Collateral Agent or Lenders, or if any such document becomes null and void or any party denies further liability under any such document or provides notice to that effect; or 

(o) Raytheon Payoff. Great Lakes has tax liabilities in excess of $1,000,000 and such liabilities arise in connection with or are
attributable to the repayment of debt and transfer of equity of Great Lakes held by Raytheon Aircraft Credit Corp.; provided that it shall not be an Event of Default under this clause (o) if Great Lakes is diligently contesting such liabilities
in good faith and in a manner which stays enforcement thereof and if appropriate expense provisions have been recorded in conformity with GAAP; or 
 (p) Material Contracts. The termination, suspension or loss of any Material Contract, except to the extent such termination, suspension or loss of such Material Contract could not reasonably be
expected to cause a Material Adverse Effect; or 
 (q) Essential Air Service Program. (i) Any reduction in the
annual funding for the Essential Air Service Program which might reasonably be expected to have a Material Adverse Effect, (ii) any amendment, modification, suspension or termination of the Essential Air Service Program which might reasonably
be expected to result in a Material Adverse Effect, or (iii) any suspension, reduction, non-renewal or termination by the DOT of any contract or contracts with Great Lakes or any of its Subsidiaries in respect of the provision of Qualified
Services to any Qualified Airport which might reasonably be expected to result in a Material Adverse Effect, 
 (r) FAA.
Entry of any order by the FAA directed to Great Lakes or any of its Subsidiaries, the pilots employed by Great Lakes or its Subsidiaries or maintenance of Aircraft owned by Great Lakes or any of its Subsidiaries, which, in any case, might reasonably
be expected to result in a Material Adverse Effect. 
 7.2 Suspension or Termination of Revolving Loan Commitments. Upon the occurrence
of any Default or Event of Default, Administrative Agent may, and at the request of Requisite Revolving Lenders or the Collateral Agent shall, upon notice to Great Lakes, immediately suspend or terminate all or any portion of Revolving Lenders’
obligations to make additional Revolving Loans under the Revolving Loan Commitment. 
 7.3 Acceleration and other Remedies. Upon the
occurrence of any Event of Default described in Sections 6.1(f) or 6.1(g), the Revolving Loan Commitments shall be immediately terminated and all of the Obligations, including the Loans, shall automatically become immediately due and
payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any kind, all of which are hereby expressly waived by Great Lakes. Upon the occurrence and during the continuance of any
other Event of Default, Administrative Agent may, and at the request of the Requisite Lenders or the Collateral Agent shall, by written notice to Great Lakes (a) declare all or any portion of the Loans and all or any portion of the other
Obligations to be, and the same shall forthwith become, immediately due and payable together with accrued interest thereon (and any Prepayment Fee), (b) terminate all or any portion of the obligations of Revolving Lenders to make Revolving Loans, or
(c) exercise any other remedies which may be available under the Loan Documents or applicable law. 

  
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 7.4 Performance by Agents. If Great Lakes shall fail to perform any covenant, duty or agreement
contained in any of the Loan Documents, Administrative Agent or Collateral Agent may perform or attempt to perform such covenant, duty or agreement on behalf of Great Lakes after the expiration of any cure or grace periods (if any) set forth herein.
In such event, Great Lakes shall, at the request of either the Administrative Agent or the Collateral Agent, promptly pay any amount expended by Administrative Agent or Collateral Agent in such performance or attempted performance to Administrative
Agent or Collateral Agent, together with interest thereon at the highest rate of interest in effect upon the occurrence of an Event of Default as specified in Section 1.2(d) from the date of such expenditure until paid. Notwithstanding
the foregoing, it is expressly agreed that no Agent shall have any liability or responsibility for the performance of any obligation of Great Lakes under this Agreement or any other Loan Document. 

SECTION 8. 

ASSIGNMENT AND AGENTS 

8.1 Assignment and Participations. 
 (a) This Agreement shall be binding upon and inure to the benefit of Great Lakes, each Agent, each Lender, all future holders of the Obligations and their respective successors and assigns, except that
Great Lakes may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Agent and each Lender. 
 (b) Any Lender may at any time sell to one or more banks or financial institutions (a “Participant”) participating interests in all or any portion of its Loan, its Commitment, and the
other rights and interests of that Lender (the “Originating Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the Originating Lender shall remain a “Lender” for all purposes of this
Agreement and the other Loan Documents and the Participant receiving the participating interest in the Loan, the Commitments, and the other rights and interests of the Originating Lender hereunder shall not constitute a “Lender” hereunder
or under the other Loan Documents and the Originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the Originating Lender shall remain solely responsible for the performance of such obligations, (iii) Great
Lakes, Agents, and the Lenders shall continue to deal solely and directly with the Originating Lender in connection with the Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, (iv) no Lender
shall transfer or grant any participating interest under which the Participant has the right to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment to, or
consent or waiver with respect to this Agreement or of any other Loan Document would (A) extend the final maturity date of the Loan hereunder in which such Participant is participating, (B) reduce the interest rate (other than a waiver of
default interest) applicable to the Loan in which such Participant is participating, (C) release all or substantially all of the Collateral or guaranties (except to the extent expressly 

  
 52 

 
provided herein or in any of the Loan Documents) supporting the Loan hereunder in which such Participant is participating, (D) postpone the date of payment of, or reduce the amount of, the
interest or fees payable to such Participant through such Lender (other than a waiver of default interest), or (E) change the amount or due dates of scheduled and mandatory principal repayments, and (v) all amounts payable by Great Lakes
hereunder shall be determined as if such Lender had not sold such participation, except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an
Event of Default, each Participant shall be deemed to have the right of set off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to
it as a Lender under this Agreement. The rights of any Participant only shall be derivative through the Originating Lender with whom such Participant participates and no Participant shall have any rights under this Agreement or any other Loan
Document or any direct rights as to the other Lenders, Agents, Great Lakes, the Collateral, or otherwise in respect of the Obligations. No Participant shall have the right to participate directly in the making of decisions by the Lenders among
themselves. Each Lender that sells a participation shall, acting solely for this purpose as an agent for Great Lakes, shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided, that no Lender shall have any obligation to disclose all or any portion of the
Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the
extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. 

(c) Any Lender, with the consent of each Agent (not to be unreasonably withheld, conditioned or delayed) and, so long as no Default or
Event of Default has occurred and continuing, with the consent of Great Lakes (not to be unreasonably withheld, conditioned or delayed), may sell, assign or transfer all or any part of its rights and obligations under or relating to Loans and/or
Commitments under this Agreement and the other Loan Documents to one or more Permitted Assignees (each a “Purchasing Lender”), in minimum amounts of not less than $1,000,000, pursuant to a Assignment Agreement, executed by a
Purchasing Lender, the assigning Lender, and each Agent and delivered to the Administrative Agent for recording; provided, however, that such minimum amount shall not apply, and the consent of the Agents and Great Lakes shall not be required (but
the Purchasing Lender shall nevertheless provide each Agent with a fully executed copy of the Assignment Agreement), if the Purchasing Lender is a Permitted Assignee pursuant to clauses (a), (c), or (d) of the definition of
Permitted Assignee. Upon such execution, delivery, acceptance and recording, from and after the assignment effective date determined pursuant to such Assignment Agreement, (i) Purchasing Lender thereunder shall be a party hereto and, to the
extent provided in such Assignment Agreement, have the rights and obligations of a Lender hereunder and (ii) the assigning Lender thereunder shall, to the extent provided in such Assignment Agreement, be released from its obligations under this
Agreement, the Assignment Agreement creating a novation for that purpose. Such Assignment Agreement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing Lender and the
resulting adjustment of the Revolving Loan Commitments arising from the purchase by such Purchasing Lender of all or a portion of the 

  
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rights and obligations of such assigning Revolving Lender under this Agreement and the other Loan Documents. Great Lakes hereby consents to the addition of such Purchasing Lender and the
resulting adjustment of the Revolving Loan Commitments arising from the purchase by such Purchasing Lender of all or a portion of the rights and obligations of such assigning Lender under this Agreement and the other Loan Documents. Great Lakes
shall execute and deliver such further documents and do such further acts and things in order to effectuate the foregoing. 

(d) [Reserved]. 

(e) Great Lakes authorizes, subject to Section 9.13, each Lender to disclose to any Purchasing Lender and Participant and any
prospective Purchasing Lender and prospective Participant any and all financial information in such Lender’s possession concerning Great Lakes which has been delivered to such Lender by or on behalf of Great Lakes pursuant to this Agreement or
in connection with such Lender’s credit evaluation of Great Lakes. 
 (f) Notwithstanding anything in this Agreement or the
other Loan Documents, (x) neither Crystal, GB Merchant, nor any of their respective Affiliates shall be required to comply with Section 8.1 in connection with any transaction involving any other Affiliate of Crystal or GB Merchant
or any of its or their lenders or funding or financing sources, none of the foregoing shall be considered a Purchasing Lender, and neither Crystal, GB Merchant nor any of their respective Affiliates shall have an obligation to disclose any such
transaction to any Person, and (y) there shall be no limitation or restriction on (I) the ability of Crystal, GB Merchant or any of their respective Affiliates to assign or otherwise transfer its rights and/or obligations under this
Agreement or any other Loan Document, any commitment, or any Obligation to any other Affiliate of Crystal or GB Merchant or any lender or financing or funding source of Crystal, GB Merchant or any of their respective Affiliates or (II) any such
lender’s or funding or financing source’s ability to assign or otherwise transfer its rights and/or obligations under this Agreement or any other Loan Document, any commitment, or any Obligation; provided, however, that Crystal or GB
Merchant, as applicable, shall continue to be liable as a “Lender” under this Agreement and the other Loan Documents unless such other Person complies with the provisions of this Agreement to become a “Lender.” 

(g) Great Lakes shall not, and shall not permit any Subsidiary or Affiliate to purchase, redeem, prepay, tender for or otherwise acquire,
directly or indirectly, any of the outstanding Loans except upon the full repurchase or prepayment of the Loans in accordance with the other terms of this Agreement. Great Lakes will promptly cancel all Loans acquired by it or any of its
Subsidiaries or Affiliates pursuant to any purchase, redemption, prepayment or tender for the Loans pursuant to any provision of this Agreement or otherwise and no Loans may be issued in substitution or exchange for any such Loans. For the avoidance
of doubt, this Section is not intended and shall not prevent Great Lakes from making (a) regularly scheduled payments of principal and interest with respect to the Loans, or (b) any prepayments of the Loans not otherwise prohibited by this
Agreement. 
 (h) Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, (i) a Lender may
pledge, or grant a security interest in, all or any portion of its rights and other obligations under or relating to Loans under this Agreement and the other Loan Documents to a bank or other funding source or any trustee or agent therefor in
support of obligations owing 

  
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by such Lender to such Persons and (ii) any Lender which is a fund may pledge, or grant a security interest in, all or any portion of its rights and other obligations under or relating to
Loans under this Agreement and the other Loan Documents to its trustee in support of its obligation to its trustee. No pledge or grant of a security interest pursuant to this clause (h) shall release the transferor Lender from any of its
obligations hereunder. 
 (i) Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, GB
Merchant and Crystal shall have a right of first offer with respect to a proposed sale or assignment by another Lender of its portion of the Loans regardless of whether before or after the occurrence of an Event of Default (other than a sale or
assignment to a Permitted Assignee pursuant to clauses (a), (c) or (d) of such definition or an assignment pursuant to Section 8.1(f)(I) or 8.1(f)(II)). Within five (5) Business Days of receipt by the non-assigning
Lenders of notice of a proposed sale or assignment of the assigning Lender’s portion of the Loans, the non-assigning Lenders shall have the right to purchase all, but not less than all, of the Loans on the same terms and conditions set forth in
Section 8.1; provided that if more than one non-assigning Lender exercises its right to purchase such Loans, then such Lenders shall purchase the Loans on a pro rata basis. 
 8.2 Agent. 
 (a) Appointment. 

(i) Administrative Agent. Each Lender hereby designates and appoints Crystal as its Administrative Agent under this Agreement and
the other Loan Documents, and each Lender hereby irrevocably authorizes Crystal, as Administrative Agent, to take such action or to refrain from taking such action on its behalf under the provisions of this Agreement and the other Loan Documents and
to exercise such powers as are set forth herein or therein, together with such other powers as are reasonably incidental thereto. In performing its functions and duties under this Agreement, Administrative Agent shall act solely as agent of the
applicable Lenders and does not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for Great Lakes or its Subsidiaries. Administrative Agent may perform any of its duties hereunder, or
under the Loan Documents, by or through its agents or employees. 
 (ii) Collateral Agent. Each Lender hereby designates
and appoints GB Merchant as its Collateral Agent under this Agreement and the other Loan Documents, and each Lender hereby irrevocably authorizes GB Merchant, as Collateral Agent, to take such action or to refrain from taking such action on its
behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers as are set forth herein or therein, together with such other powers as are reasonably incidental thereto. In performing its functions and duties
under this Agreement, Collateral Agent shall act solely as agent of the applicable Lenders and does not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for Great Lakes or its
Subsidiaries. Collateral Agent may perform any of its duties hereunder, or under the Loan Documents, by or through its agents or employees. 

  
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 (iii) Agents are authorized and empowered to amend, modify, or waive any provisions of this
Agreement or the other Loan Documents on behalf of Lenders subject to the requirement that certain of Lenders’ consent be obtained in certain instances as provided in this Section 8.2 and Section 9.2. The provisions of
this Section 8.2 are solely for the benefit of Agents and Lenders and neither Great Lakes nor any of its Subsidiaries shall have any rights as a third-party beneficiary of any of the provisions hereof. 

(b) Nature of Duties. The duties of each Agent shall be mechanical and administrative in nature. Agents shall not have by reason
of this Agreement a fiduciary relationship in respect of any Lender. Nothing in this Agreement or any of the Loan Documents, express or implied, is intended to or shall be construed to impose upon Administrative Agent or Collateral Agent any
obligations in respect of this Agreement or any of the Loan Documents except as expressly set forth herein or therein. Each Lender shall make its own independent investigation of the financial condition and affairs of Great Lakes in connection with
the extension of credit hereunder and shall make its own appraisal of the creditworthiness of Great Lakes and neither Administrative Agent nor Collateral Agent shall have any duty or responsibility, either initially or on a continuing basis, to
provide any Lender with any credit or other information with respect thereto (other than as expressly required herein). If either Agent seeks the consent or approval of any Lenders to the taking or refraining from taking any action hereunder, then
such Agent shall send notice thereof to each applicable Lender. Agents shall notify each applicable Lender any time that the Requisite Lenders and/or the Requisite Revolving Lenders have instructed Agents to act or refrain from acting pursuant
hereto. Notwithstanding anything contained herein to the contrary, the Collateral Agent agrees to consult with the Administrative Agent in the exercise of any rights and remedies in respect of realizing upon the Collateral. 

(c) Rights, Exculpation, Etc. Neither Agent nor any of their respective officers, directors, employees or agents shall be liable
to any Lender for any action taken or omitted by them hereunder or under any of the Loan Documents, or in connection herewith or therewith, except that Agents shall be liable to the extent of their own gross negligence or willful misconduct as
determined by a final non-appealable order by a court of competent jurisdiction. Agents shall not be liable for any apportionment or distribution of payments made in good faith and if any such apportionment or distribution is subsequently determined
to have been made in error the sole recourse of any Lender to whom payment was due but not made, shall be to recover from other Lenders any payment in excess of the amount to which they are determined to be entitled (and such other Lenders hereby
agree to return to such Lender any such erroneous payments received by them). In no event shall Agents be liable for punitive, special, consequential, incidental, exemplary or other similar damages. In performing their respective functions and
duties hereunder, each Agent shall exercise substantially the same care which it would in dealing with loans for its own account, but neither Agent nor any of their respective agents or representatives shall be responsible to any Lender for any
recitals, statements, representations or warranties herein or for the execution, effectiveness, genuineness, validity, enforceability, collectability, or sufficiency of this Agreement or any of the Loan Documents or the transactions contemplated
thereby, or for the financial condition of Great Lakes. Agents shall not be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement or any of the Loan Documents or
the 

  
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financial condition of Great Lakes, or the existence or possible existence of any Default or Event of Default. Agents may at any time request instructions from Requisite Lenders, Requisite
Revolving Lenders or all affected Lenders with respect to any actions or approvals which by the terms of this Agreement or of any of the Loan Documents, Agents are permitted or required to take or to grant. If such instructions are requested, Agents
shall be absolutely entitled to refrain from taking any action or to withhold any approval and shall not be under any liability whatsoever to any Person for refraining from any action or withholding any approval under any of the Loan Documents until
it shall have received such instructions from the Requisite Lenders, Requisite Revolving Lenders, or all affected Lenders, as applicable. Without limiting the foregoing, no Lender shall have any right of action whatsoever against either Agent as a
result of such Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of Requisite Lenders, Requisite Revolving Lenders or all affected Lenders, as applicable; and,
notwithstanding the instructions of Requisite Lenders, Requisite Revolving Lenders or all affected Lenders, as applicable, no Agent shall have any obligation to take any action if it believes, in good faith, that such action is deemed to be illegal
by such Agent or exposes such Agent to any liability for which it has not received satisfactory indemnification in accordance with Section 8.2(e). 
 (d) Reliance. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any written or oral notices, statements, certificates, orders or other documents or any telephone
message or other communication (including any electronic communication, writing, or fax) believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and with respect to all matters pertaining to
this Agreement or any of the Loan Documents and its duties hereunder or thereunder. Each Agent shall be entitled to rely upon the advice of legal counsel, independent accountants, and other experts selected by such Agent in its Permitted Discretion.

 (e) Indemnification. Lenders will reimburse and indemnify each Agent for and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation, attorneys’ fees and expenses), advances or disbursements of any kind or nature whatsoever which may be imposed on, incurred by,
or asserted against Administrative Agent or Collateral Agent in its capacity as such in any way relating to or arising out of this Agreement or any of the Loan Documents or any action taken or omitted by the Administrative Agent or the Collateral
Agent in its capacity as such in under this Agreement or any of the Loan Documents, in proportion to each Lender’s Pro Rata Share; provided, however, that no Lender shall be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses, advances or disbursements to the extent resulting from an Agent’s gross negligence or willful misconduct as determined by a final non-appealable order by a court of competent
jurisdiction. If any indemnity furnished to an Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against
even if so directed by the Requisite Lenders, the Requisite Revolving Lenders or such other portion of the Lenders as shall be prescribed by this Agreement until such additional indemnity is furnished. The obligations of Lenders under this
Section 8.2(e) shall survive the payment in full of the Obligations and the termination of this Agreement. 

  
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 (f) Crystal (or any successor Administrative Agent); GB Merchant (or any successor
Collateral Agent). 
 (i) With respect to its Commitments and Loans hereunder, Crystal (or any successor
Administrative Agent) shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender. The terms “Lenders”, “Requisite
Lenders”, “Requisite Revolving Lenders”, or any similar terms shall, unless the context clearly otherwise indicates, include Crystal (or any successor Administrative Agent) in its individual capacity as a Lender, one of the Requisite
Lenders or one of the Requisite Revolving Lenders. Crystal (or any successor Administrative Agent), either directly or through strategic affiliations, may lend money to, acquire equity or other ownership interests in, provide advisory services to
and generally engage in any kind of banking, trust or other business with Great Lakes or any of its Subsidiaries as if it were not acting as Administrative Agent pursuant hereto and without any duty to account therefor to Lenders. Crystal (or any
successor Administrative Agent), either directly or through strategic affiliations, may accept fees and other consideration from Great Lakes or any of its Subsidiaries for services in connection with this Agreement or otherwise without having to
account for the same to Lenders. 
 (ii) With respect to its Commitments and Loans hereunder, GB Merchant (or
any successor Collateral Agent) shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender. The terms “Lenders”,
“Requisite Lenders”, “Requisite Revolving Lenders”, or any similar terms shall, unless the context clearly otherwise indicates, include GB Merchant (or any successor Collateral Agent) in its individual capacity as a Lender, one
of the Requisite Lenders or one of the Requisite Revolving Lenders. GB Merchant (or any successor Collateral Agent), either directly or through strategic affiliations, may lend money to, acquire equity or other ownership interests in, provide
advisory services to and generally engage in any kind of banking, trust or other business with Great Lakes or any of its Subsidiaries as if it were not acting as Collateral Agent pursuant hereto and without any duty to account therefor to Lenders.
GB Merchant (or any successor Collateral Agent), either directly or through strategic affiliations, may accept fees and other consideration from Great Lakes or any of its Subsidiaries for services in connection with this Agreement or otherwise
without having to account for the same to Lenders. 
 (g) Resignation; Successor Agents. 

(i) Administrative Agent Resignation; Successor. 
  

	 	(A)	Resignation. Administrative Agent may resign from the performance of all its agency functions and duties hereunder at any time by giving at least thirty
(30) days’ prior written notice to Collateral Agent, Great Lakes and Lenders. Such resignation shall take effect upon the acceptance by a successor Administrative Agent of appointment pursuant to clause (ii) below or as otherwise
provided in clause (ii) below. 

  
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	 	(B)	Appointment of Successor. Upon any such applicable notice of resignation pursuant to clause (i) above, the Collateral Agent shall have the right, in
Collateral Agent’s Permitted Discretion to assume the role of Administrative Agent and if the Collateral Agent declines to assume such role as Administrative Agent, the Requisite Lenders shall appoint a successor Administrative Agent, which
shall be reasonably acceptable to the Collateral Agent, and, unless an Event of Default has occurred and is continuing, shall be reasonably acceptable to Great Lakes. If a successor Administrative Agent shall not have been so appointed within the
thirty (30) day period referred to in clause (i) above, the retiring Administrative Agent upon notice to Collateral Agent, and Great Lakes, shall then appoint a successor Administrative Agent who shall serve as Administrative Agent until
such time, if any, as Requisite Lenders appoint a successor Administrative Agent in the manner as provided above; provided that if the Administrative Agent has not appointed (or chooses not to appoint) a successor Administrative Agent then the
Requisite Lenders shall serve as the successor Administrative Agent until such time when the Requisite Lenders appoint a successor Administrative Agent. 

  

	 	(C)	Successor Agents. Upon the acceptance of any appointment as Administrative Agent under the Loan Documents by a successor Administrative Agent (or the assumption
by the Requisite Lenders as successor Administrative Agent) such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent and the retiring
Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. After any retiring Administrative Agent’s resignation as Administrative Agent the provisions of this Section 8.2 shall continue to
inure to its benefit as to any actions taken or omitted to be taken by it in its capacity as Administrative Agent. 

(ii) Collateral Agent Resignation; Successor. 
  

	 	(A)	Resignation. Collateral Agent may resign from the performance of all its agency functions and duties hereunder at any time by giving at least thirty
(30) days’ prior written notice to Administrative Agent, Great Lakes and Lenders. Such resignation shall take effect upon the acceptance by a successor Collateral Agent of appointment pursuant to clause (ii) below or as otherwise
provided in clause (ii) below. 

  
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	 	(B)	Appointment of Successor. Upon any such applicable notice of resignation pursuant to clause (i) above, the Administrative Agent shall have the right, in
Administrative Agent’s Permitted Discretion, to assume the role of Collateral Agent, and if the Administrative Agent declines to assume such role as Collateral Agent, the Requisite Lenders shall appoint a successor Collateral Agent, which shall
be reasonably acceptable to the Administrative Agent, and, unless an Event of Default has occurred and is continuing, shall be reasonably acceptable to Great Lakes. If a successor Collateral Agent shall not have been so appointed within the thirty
(30) day period referred to in clause (i) above, the retiring Collateral Agent upon notice to the Administrative Agent and Great Lakes, shall then appoint a successor Collateral Agent who shall serve as Collateral Agent until such time, if
any, as Requisite Lenders appoint a successor Collateral Agent in the manner as provided above; provided that if the Collateral Agent has not appointed (or chooses not to appoint) a successor Collateral Agent then the Requisite Lenders shall serve
as the successor Collateral Agent until such time when the Requisite Lenders appoint a successor Collateral Agent. 

  

	 	(C)	Successor Agents. Upon the acceptance of any appointment as Collateral Agent under the Loan Documents by a successor Collateral Agent (or the assumption by the
Requisite Lenders as successor Collateral Agent) such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent and the retiring Collateral Agent shall
be discharged from its duties and obligations under the Loan Documents. After any retiring Collateral Agent’s resignation as Collateral Agent the provisions of this Section 8.2 shall continue to inure to its benefit as to any
actions taken or omitted to be taken by it in its capacity as Collateral Agent. 

 (h) Collateral Matters.

 (i) Release of Collateral. Lenders hereby irrevocably authorize Collateral Agent, at its option and in its Permitted
Discretion, to release any Lien granted to or held by Collateral Agent upon any Collateral (x) upon termination of the Revolving Loan Commitments and payment and satisfaction of all Obligations (other than contingent indemnification obligations
to the extent no claims giving rise thereto have been asserted), (y) constituting property being sold or disposed of if Great Lakes (or any of them) certify to each Agent that the sale or disposition is made in compliance with the provisions of
this Agreement (and each Agent may rely in good faith conclusively on any such certificate, without further inquiry) or (z) in accordance with the provisions of the next sentence. In addition, with the consent of Requisite Lenders and the
Administrative Agent, Collateral Agent may release any Lien granted to or held by Collateral Agent upon any 

  
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Collateral having a book value not greater than ten percent (10%) of the total book value of all Collateral, either in a single transaction or in a series of related transactions.

 (ii) Confirmation of Authority; Execution of Releases. Without in any manner limiting Collateral Agent’s authority
to act without any specific or further authorization or consent by Lenders (as set forth in Section 8.2(h)(i)), each Lender agrees to confirm in writing, upon request by each Agent or Great Lakes, the authority to release any Collateral
conferred upon Collateral Agent under clauses (x) and (y) of Section 8.2(h)(i). Upon receipt by Collateral Agent of any required confirmation from the Administrative Agent and Requisite Lenders of its authority to release any
particular item or types of Collateral, and upon at least ten (10) Business Days’ prior written request by Great Lakes, Collateral Agent shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary
to evidence the release of the Liens granted to Collateral Agent upon such Collateral; provided, however, that (x) Collateral Agent shall not be required to execute any such document on terms which, in Collateral Agent’s opinion, would
expose Collateral Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (y) such release shall not in any manner discharge, affect or impair the Obligations
or any Liens upon (or obligations of Great Lakes or any of its Subsidiaries, in respect of), all interests retained by Great Lakes or any of its Subsidiaries, including the proceeds of any sale, all of which shall continue to constitute part of the
Collateral. 
 (iii) Absence of Duty. Collateral Agent shall have no obligation whatsoever to any Lender or any other
Person to assure that the property covered by the Collateral Documents exists or is owned by Great Lakes or any of its Subsidiaries or is cared for, protected or insured or has been encumbered or that the Liens granted to Collateral Agent have been
properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue
exercising, any of the rights, authorities and powers granted or available to Collateral Agent in this Section 8.2(h) or in any of the Loan Documents, it being understood and agreed that in respect of the property covered by the
Collateral Documents or any act, omission or event related thereto, Collateral Agent may act in any manner it may deem appropriate, in its Permitted Discretion, given Collateral Agent’s own interest in property covered by the Collateral
Documents as one of the Lenders and that Collateral Agent shall have no duty or liability whatsoever to any of the other Lenders, provided that Collateral Agent shall exercise the same care which it would in dealing with loans for its own account.

 (i) Agency for Perfection. Collateral Agent, Administrative Agent and each Lender hereby appoint each other Lender as
agent for the purpose of perfecting Collateral Agent’s security interest in assets which, in accordance with the Code in any applicable jurisdiction, can be perfected by possession or control. Should any Lender (other than Collateral Agent)
obtain 

  
 61 

 
possession or control of any such assets, such Lender shall notify Collateral Agent thereof, and, promptly upon Collateral Agent’s request therefor, shall deliver such assets to Collateral
Agent or in accordance with Collateral Agent’s instructions or transfer control to Collateral Agent in accordance with Collateral Agent’s instructions. Each Lender agrees that it will not have any right individually to enforce or seek to
enforce any Collateral Document or to realize upon any collateral security for the Loans unless instructed to do so by Collateral Agent in writing, it being understood and agreed that such rights and remedies may be exercised only by Collateral
Agent. 
 (j) Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or
Event of Default except with respect to defaults in the payment of principal, interest and Fees required to be paid to Administrative Agent for the account of Lenders, unless Agents shall have received written notice from a Lender or Great Lakes
referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. Each Agent will use reasonable efforts to notify each Lender of its receipt of any such notice. Agents shall
take such action with respect to such Default or Event of Default as may be requested by Requisite Lenders in accordance with Section 7. Unless and until Agents have received any such request, Agents may (but shall not be obligated to)
take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the best interests of Lenders. 
 (k) Lender Actions Against Collateral. Each Lender agrees that it will not take any enforcement action, nor institute any actions or proceedings, with respect to the Loans, against Great Lakes or
any of its Subsidiaries or under the other Loan Documents or against any Collateral (including the exercise of any right of set-off without the consent of each Agent and Requisite Lenders.) All such enforcement actions and proceedings shall be taken
in concert and at the direction with the consent of each Agent or Requisite Lenders. Administrative Agent is authorized to issue all notices to be issued by or on behalf of Lenders with respect to any Subordinated Debt. With respect to any action by
Administrative Agent or Collateral Agent to enforce the rights and remedies of Administrative Agent, Collateral Agent and the Lenders under this Agreement and the other Loan Documents, each Lender hereby consents to the jurisdiction of the court in
which such action is maintained, and agrees to deliver its Notes to each Agent to the extent necessary to enforce the rights and remedies of each Agent for the benefit of the Agents and Lenders under the Mortgages in accordance with the provisions
hereof. 
 (l) Agent Reports. Each Lender may from time to time receive one or more reports or other information (each, a
“Report”) prepared by or on behalf of an Agent (or one or more of such Agent’s Affiliates). With respect to each Report, each Lender hereby agrees that: 
 (i) No Agent (nor such Agent’s Affiliates) shall have any duties or obligations in connection with or as a result of a Lender receiving a copy of a Report, which will be provided solely as a
courtesy, without consideration. Each Lender will perform its own diligence and will make its own independent investigation of the operations, financial conditions and affairs of Great Lakes and its Subsidiaries and will not rely on any Report or
make any claim that it has done so. In addition, each Lender releases, and agrees that it will not assert, any claim against an Agent (or one or more of such Agent’s Affiliates) that in any way relates to any Report or arises out of a Lender
having access to any Report or any 

  
 62 

 
discussion of its contents, and each Lender agrees to defend, indemnify and hold harmless such Agent (and such Agent’s Affiliates) and their respective officers, directors, employees,
agents, representatives and attorneys from all claims, liabilities and expenses relating to a breach by a Lender or any of its personnel of this Section or otherwise arising out of a Lender’s access to any Report or any discussion of its
contents; 
 (ii) Each Report may not be complete and certain information and findings obtained by an Agent (or one or more of
such Agent’s Affiliates) regarding the operations and condition of Great Lakes and its Subsidiaries may not be reflected in each Report. Agents (and Agents’ Affiliates) make no representations or warranties of any kind with respect to
(i) any existing or proposed financing; (ii) the accuracy or completeness of the information contained in any Report or in any other related documentation; (iii) the scope or adequacy of Agents’ (and Agents’
Affiliates’) due diligence, or the presence or absence of any errors or omissions contained in any Report or in any other related documentation; and (iv) any work performed by or on behalf of Agents (or one or more of Agents’
Affiliates) in connection with or using any Report or any related documentation; and 
 (iii) Each Lender agrees to safeguard
each Report and any related documentation with the same care which it uses with respect to information of its own which it does not desire to disseminate or publish, and agrees not to reproduce or distribute or provide copies of or disclose any
Report or any other related documentation or any related discussions to anyone. 
 8.3 Set Off and Sharing of Payments. In addition to
any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, during the continuance of any Event of Default, each Lender is hereby authorized by Great Lakes at any time or from time to time, with
reasonably prompt subsequent notice to Great Lakes (any prior or contemporaneous notice being hereby expressly waived) to set off and to appropriate and to apply any and all (A) balances held by such Lender at any of its offices for the account
of Great Lakes (regardless of whether such balances are then due to Great Lakes), and (B) other property at any time held or owing by such Lender to or for the credit or for the account of Great Lakes, against and on account of any of the
Obligations; except that no Lender shall exercise any such right without the prior written consent of each Agent and the Requisite Lenders. Notwithstanding anything herein to the contrary, the failure to give notice of any set off and application
made by such Lender to Great Lakes shall not affect the validity of such set off and application. Any Lender exercising a right to set off shall purchase for cash (and the other Lenders shall sell) interests in each of such other Lender’s Pro
Rata Share of the Obligations as would be necessary to cause all Lenders to share the amount so set off with each other Lender entitled to share in the amount so set off in accordance with their respective Pro Rata Shares. Great Lakes agrees, to the
fullest extent permitted by law, that any Lender may exercise its right to set off with respect to amounts in excess of its Pro Rata Share of the Obligations and upon doing so shall deliver such amount so set off to the Administrative Agent for the
benefit of all Lenders entitled to share in the amount so set off in accordance with their Pro Rata Shares. 

  
 63 

 SECTION 9. 
 MISCELLANEOUS 
 9.1 Indemnities. Great Lakes agrees, to indemnify, pay, and hold
each Agent, each Lender and their respective Affiliates, officers, directors, employees, agents, and attorneys (the “Indemnitees”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs and expenses (including all reasonable fees and expenses of counsel to such Indemnitees) of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Indemnitee as a result of such
Indemnitees being a party to this Agreement or the transactions consummated pursuant to this Agreement or otherwise relating to any of the Loan Documents; provided, that Great Lakes shall not have any obligation to an Indemnitee hereunder with
respect to liabilities to the extent resulting from the gross negligence or willful misconduct of that Indemnitee as finally determined by a court of competent jurisdiction. If and to the extent that the foregoing undertaking may be unenforceable
for any reason, Great Lakes agrees to make the maximum contribution to the payment and satisfaction thereof which is permissible under applicable law. 
 9.2 Amendments and Waivers. 
 (a) Except for actions expressly permitted to
be taken by Agents, no amendment, modification, termination or waiver of any provision of this Agreement or any other Loan Document, or any consent to any departure by Great Lakes therefrom, shall in any event be effective unless the same shall be
in writing and signed by Great Lakes, and by Requisite Lenders, Requisite Revolving Lenders or all affected Lenders, as applicable. Except as set forth in clauses (b) and (c) below, all such amendments, modifications, terminations or
waivers requiring the consent of any Lenders shall require the written consent of Requisite Lenders. 
 (b) No amendment,
modification, termination or waiver of or consent with respect to any provision of this Agreement that waives compliance with the conditions precedent set forth in Section 6.2 to the making of any Loan shall be effective unless the same
shall be in writing and signed by each Agent, Requisite Lenders and Great Lakes. Notwithstanding anything contained in this Agreement to the contrary, no waiver or consent with respect to any Default or any Event of Default shall be effective for
purposes of the conditions precedent to the making of Loans set forth in Section 6.2 unless the same shall be in writing and signed by each Agent, Requisite Lenders and Great Lakes. 

(c) No amendment, modification, termination or waiver shall, unless in writing and signed by each Agent and each Lender directly affected
thereby: (i) increase the principal amount, or postpone or extend the scheduled date of expiration, of any Lender’s Commitment (which action shall be deemed to directly affect all Lenders); (ii) reduce the principal of, rate of
interest on (other than any determination or waiver to charge or not charge interest at the Default Rate) or Fees payable with respect to any Loan of any affected Lender; (iii) extend any scheduled payment date or final maturity date of the
principal amount of any Loan of any affected Lender; (iv) waive, forgive, defer, extend or postpone any payment of interest or Fees as to any affected Lender (which action shall be deemed only to affect those Lenders to whom such payments are
made); (v) release all or substantially all of the Collateral, except as otherwise provided in this 

  
 64 

 
Agreement or the other Loan Documents; (vi) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans that shall be required for Lenders or any of
them to take any action hereunder (which action shall be deemed to directly affect all Lenders); and (vii) amend or waive this Section 9.2 or the definition of the terms “Requisite Lenders” or “Requisite Revolving
Lenders” insofar as such definition affects the substance of this Section 9.2 or the term “Pro Rata Share” (which action shall be deemed to directly affect all Lenders). Furthermore, no amendment, modification, termination
or waiver affecting the rights or duties of each Agent under this Agreement or any other Loan Document shall be effective unless in writing and signed by each Agent in addition to Lenders required hereinabove to take such action. Each amendment,
modification, termination or waiver shall be effective only in the specific instance and for the specific purpose for which it was given. No amendment, modification, termination or waiver shall be required for either Agent to take additional
Collateral pursuant to any Loan Document. No amendment, modification, termination or waiver of any provision of any Note shall be effective without the written concurrence of the holder of that Note. No notice to or demand on Great Lakes in any case
shall entitle Great Lakes to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this Section 9.2 shall be binding upon each
holder of the Notes at the time outstanding and each future holder of the Notes. 
 9.3 Notices; Effectiveness. Any Communication
required shall be in writing addressed to the respective party as set forth below and may be personally served by telecopier transmission, by United States certified or registered mail or by a nationally-recognized overnight courier. A Communication
shall be deemed to have been given: (i) upon receipt, if delivered in person; (ii) upon receipt (confirmed by automatic answer back or like evidence of receipt), if sent by telecopier during normal business hours at the office of the
recipient on the date of transmission if transmitted on a Business Day before 3:00 p.m. Boston time; (iii) one (1) Business Day after delivery to the courier properly addressed, if delivered by overnight courier; or (iv) four
(4) Business Days after deposit with postage prepaid and properly addressed, if delivered by United States certified or registered mail. 
 In any such case, such Communication to any party shall, if made in writing, be made to the address of such party indicated below for receiving Communications in writing and, if made by telecopier, shall
be made to such fax number as indicated below. Any party may from time to time change its address for receiving Communications in writing, or its fax number, by sending a notice to the other parties hereto in writing. 

While the parties may communicate by electronic means to the electronic addresses set forth below, no Communication shall be deemed given
unless and until the same is deemed given in accordance with the first paragraph in this Section 9.3. 
  

			
	 If to Great Lakes:
	  	 Great Lakes Aviation, Ltd.
 1022 Airport Parkway
 Cheyenne, WY 82001

Attn: Lisa Reeb (307-432-7053) or Mike

Tuinstra (307-432-7150)

  
 65 

			
	 With a copy to:
	  	 Briggs and Morgan, P.A.

2200 IDS Center
 80 South 8th
Street
 Minneapolis, MN

Attention: Michael Gordon

Phone: (612) 977-8562

Fax: (612) 977-8650

Electronic address: mgordon@briggs.com

		
	 If to Administrative Agent:
	  	 Crystal Financial LLC

Two International Place
 Boston, MA 02110
 Attn: Josh Franklin, Managing Director

Phone: (617) 428-8708
 Fax: (617)
428-8701
 Electronic address: jfranklin@crystalfinco.com

		
	 With a copy to:
	  	 Proskauer Rose, LLP

One International Place

Boston, MA 02110
 Attn: Peter J. Antoszyk
 Fax: (617) 526-9899

Electronic address: pantoszyk@proskauer.com

		
	 If to Collateral Agent:
	  	 GB Merchant Partners, LLC

101 Huntington Avenue,

10th Floor
 Boston, MA 02199
 Attn: Lisa Galeota

Fax: (617) 210-7141

Electronic address: lgaleota@gordonbrothers.com

		
	 With a copy to:
	  	 Proskauer Rose, LLP

One International Place

Boston, MA 02110
 Attn: Peter J. Antoszyk
 Fax: (617) 526-9899

Electronic address: pantoszyk@proskauer.com

		
	If to a Lender:	  	To the address or fax number set forth on the signature page hereto or in the applicable Assignment Agreement

  
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 9.4 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of Agents
or any Lender to exercise, nor any partial exercise of, any power, right or privilege hereunder or under any other Loan Documents shall impair such power, right, or privilege or be construed to be a waiver of any Default or Event of Default. All
rights and remedies existing hereunder or under any other Loan Document are cumulative to and not exclusive of any rights or remedies otherwise available. 
 9.5 Marshaling; Payments Set Aside. Neither Agents nor any Lender shall be under any obligation to marshal any assets in payment of any or all of the Obligations. To the extent that Great Lakes
makes payment(s) or Agents enforce the Liens or Agents or any Lender exercises its right of set-off, and such payment(s) or the proceeds of such enforcement or set-off is subsequently invalidated, declared to be fraudulent or preferential, set
aside, or required to be repaid by anyone (whether as a result of any demand, litigation, settlement or otherwise), then to the extent of such recovery, the Obligations or part thereof originally intended to be satisfied, and all Liens, rights and
remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set-off had not occurred. 
 9.6 Severability. The invalidity, illegality, or unenforceability in any jurisdiction of any provision under the Loan Documents shall not affect or impair the remaining provisions in the Loan
Documents. 
 9.7 Lenders’ Obligations Several; Independent Nature of Lenders’ Rights. The obligation of each Lender hereunder
is several and not joint and no Lender shall be responsible for the obligation or commitment of any other Lender hereunder. In the event that any Lender at any time should fail to make a Loan as herein provided, the Lenders, or any of them, at their
sole option, may make the Loan that was to have been made by the Lender so failing to make such Loan. Nothing contained in any Loan Document and no action taken by Administrative Agent or Collateral Agent or any Lender pursuant hereto or thereto
shall be deemed to constitute Lenders to be a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate and independent debt. 

9.8 Headings. Section and subsection headings are included herein for convenience of reference only and shall not constitute a part of this
Agreement for any other purposes or be given substantive effect. 
 9.9 Applicable Law. THIS AGREEMENT AND EACH OF THE OTHER LOAN
DOCUMENTS WHICH DOES NOT EXPRESSLY SET FORTH APPLICABLE LAW SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 

9.10 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns except that Great Lakes may not assign its rights or obligations hereunder without the written consent of all Lenders. GB Merchant and any of its Affiliates, in its capacity as a Lender, may, without the written consent of Great Lakes,
grant a security interest in all or any of GB Merchant’s and any of its Affiliates’ rights as a Lender under this Agreement and the other Loan Documents to Regions Bank, an Alabama bank (“Regions”), in connection with the
financing arrangements entered into between GB Merchant and any of its Affiliates and Regions. Upon request by Regions and subject to 

  
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compliance by Regions with the terms of Section 8.1 hereof, Great Lakes and the Administrative Agent hereby agree to recognize Regions as a “Lender” under this Agreement
and, upon Regions’ written request therefor, execute and deliver an Assignment Agreement in order to cause Regions to become a “Lender” for all purposes under this Agreement and the other Loan Documents. 

9.11 No Fiduciary Relationship; Limited Liability. No provision in the Loan Documents and no course of dealing between the parties shall be deemed
to create any fiduciary duty owing to Great Lakes by any Agent or any Lender. Great Lakes agrees that no Agent nor any Lender shall have liability to Great Lakes (whether sounding in tort, contract or otherwise) for losses suffered by Great Lakes in
connection with, arising out of, or in any way related to the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless and to the extent that it is
determined that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought as determined by a final non-appealable order by a court of competent jurisdiction. No Agent nor any Lender shall have
any liability with respect to, and Great Lakes hereby waives, releases and agrees not to sue for, any special, indirect or consequential damages suffered by Great Lakes in connection with, arising out of, or in any way related to the Loan Documents
or the transactions contemplated thereby. 
 9.12 Construction. Each Agent, each Lender and Great Lakes acknowledge that each of them has
had the benefit of legal counsel of its own choice and has been afforded an opportunity to review the Loan Documents with its legal counsel and that the Loan Documents shall be construed as if jointly drafted by each Agent, each Lender and Great
Lakes. 
 9.13 Confidentiality. Until the Maturity Date, each Agent and each Lender agrees to exercise their best efforts to keep
confidential any non-public information delivered pursuant to the Loan Documents and identified as such by Great Lakes and not to disclose such information to Persons other than to potential assignees or participants or to any Affiliate of, or
Persons employed by or engaged, by an Agent, a Lender or any of their respective Affiliates or a Lender’s assignees or participants including attorneys, auditors, funding and funding sources, professional consultants, rating agencies, insurance
industry associations and portfolio management services, provided, that each Agent and each Lender shall cause any potential assignees or participants to execute a confidentiality agreement pursuant to which such potential assignee or participant
agrees to the confidentiality provisions contained in this Section 9.13. The confidentiality provisions contained in this Section 9.13 shall not apply to disclosures (i) required to be made by either Agent or any Lender
to any regulatory or governmental agency or pursuant to law, rule, regulations or legal process or (ii) consisting of general portfolio information that does not specifically identify Great Lakes. Great Lakes consents to the publication by each
Agent or any Lender of a tombstone or similar advertising material relating to the financing transactions contemplated by this Agreement. Such Agent or such Lender shall provide a draft of any such tombstone or similar advertising material to Great
Lakes for review and comment prior to the publication thereof. Such Agent may provide to industry trade organizations information with respect to the Credit Facility that is necessary and customary for inclusion in league table measurements. The
obligations of Agents and Lenders under this Section 9.13 shall supersede and replace the obligations of Agents and Lenders under any confidentiality agreement in respect of this financing executed and delivered by Agents or any Lender
prior to the date hereof. 

  
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 9.14 CONSENT TO JURISDICTION. GREAT LAKES CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED WITHIN NEW YORK COUNTY, STATE OF NEW YORK AND IRREVOCABLY AGREES THAT, SUBJECT TO AGENTS’ ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS.
GREAT LAKES EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS. GREAT LAKES HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY
BE MADE UPON GREAT LAKES BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO GREAT LAKES, AT THE ADDRESS SET FORTH IN THIS AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED.

 9.15 WAIVER OF JURY TRIAL. GREAT LAKES, EACH AGENT AND EACH LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. GREAT LAKES, EACH AGENT AND EACH LENDER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON
THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. GREAT LAKES, EACH AGENT AND EACH LENDER WARRANT AND REPRESENT THAT EACH HAS HAD THE
OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. 
 9.16
Survival of Warranties and Certain Agreements. All agreements, representations and warranties made herein shall survive the execution and delivery of this Agreement, the making of the Loans and the execution and delivery of the Notes.
Notwithstanding anything in this Agreement or implied by law to the contrary, the agreements of Great Lakes and any Subsidiary set forth in Sections 1.3(d), 1.9 and 9.1 shall survive the repayment of the Obligations and the
termination of this Agreement. 
 9.17 Entire Agreement. This Agreement, the Notes and the other Loan Documents embody the entire
agreement among the parties hereto and supersede all prior commitments, agreements, representations, and understandings, whether oral or written, relating to the subject matter hereof, and may not be contradicted or varied by evidence of prior,
contemporaneous, or subsequent oral agreements or discussions of the parties hereto. All Exhibits, Schedules and Annexes referred to herein are incorporated in this Agreement by reference and constitute a part of this Agreement. 

9.18 Counterparts; Effectiveness. This Agreement and any amendments, waivers, consents or supplements may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an 

  
 69 

 
original, but all of which counterparts together shall constitute but one in the same instrument. Signature pages to this Agreement and the other Loan Documents may be detached from multiple
separate counterparts and attached to the same document and a telecopy or a PDF of any such executed signature page shall be valid as an original. This Agreement shall become effective upon the execution of a counterpart hereof by each of the
parties hereto. 
 9.19 Replacement of Lenders. 
 (a) Within fifteen (15) days after receipt by Great Lakes of written notice and demand from any Lender for payment pursuant to Section 1.9 or, as provided in this
Section 9.19(c), in the case of certain refusals by any Lender to consent to certain proposed amendments, modifications, terminations or waivers with respect to this Agreement that have been approved by Requisite Lenders, Requisite
Revolving Lenders or all affected Lenders, as applicable (any such Lender demanding such payment or refusing to so consent being referred to herein as an “Affected Lender”), Great Lakes may, at its option, notify each Agent and such
Affected Lender of its intention to do one of the following: 
 (i) Great Lakes may obtain, at Great Lakes’ expense, a
replacement Lender (“Replacement Lender”) for such Affected Lender, which Replacement Lender shall be reasonably satisfactory to each Agent. In the event Great Lakes obtains a Replacement Lender that will purchase all outstanding
Obligations owed to such Affected Lender and assume its Commitments hereunder within ninety (90) days following notice of Great Lakes’ intention to do so, the Affected Lender shall sell and assign all of its rights and delegate all of its
obligations under this Agreement to such Replacement Lender in accordance with the provisions of Section 8.1, provided that Great Lakes has reimbursed such Affected Lender for any fee payable pursuant to Section 8.1 and, in
any case where such replacement occurs as the result of a demand for payment pursuant to Section 1.9, paid all amounts required to be paid to such Affected Lender pursuant to Section 1.9 through the date of such sale and
assignment; or 
 (ii) Great Lakes may, subject to Section 1.4, with each Agent’s consent, prepay in full all
outstanding Obligations owed to such Affected Lender and with respect to any Revolving Lender who is an Affected Lender terminate such Affected Lender’s Pro Rata Share of the Revolving Loan Commitment in which case the Revolving Loan Commitment
will be reduced by the amount of such Pro Rata Share. Great Lakes shall, subject to Section 1.4, within ninety (90) days following notice of its intention to do so, prepay in full all outstanding Obligations owed to such Affected
Lender (including, any Prepayment Fee) and, in any case where such prepayment occurs as the result of a demand for payment for increased costs, such Affected Lender’s increased costs for which it is entitled to reimbursement under this
Agreement through the date of such prepayment), and with respect to any Revolving Lender who is an Affected Lender terminate such Affected Lender’s obligations under the Revolving Loan Commitment. 

  
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 (b) In the case of a Defaulting Lender, at Great Lakes’ request, each Agent or a Person
acceptable to each Agent shall have the right with each Agent’s consent and in each Agent’s Permitted Discretion (but shall have no obligation) to purchase from any Defaulting Lender, and each Defaulting Lender agrees that it shall, at
Administrative Agent’s or Collateral Agent’s request, sell and assign to such Agent or such Person, all of the Loans and Commitments of that Defaulting Lender for an amount equal to the principal balance of all Loans held by such
Defaulting Lender and all accrued interest and Fees with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Assignment Agreement. 

(c) If, in connection with any proposed amendment, modification, waiver or termination pursuant to Section 9.2 (a
“Proposed Change”) requiring the consent of all affected Lenders, the consent of Requisite Lenders is obtained, but the consent of other Lenders whose consent is required is not obtained (any such Lender whose consent is not
obtained being referred to as a “Non-Consenting Lender”); then, so long as no Agent is a Non-Consenting Lender, a Person reasonably acceptable to each Agent shall have the right with each Agent’s consent and in each
Agent’s Permitted Discretion (but shall have no obligation) to purchase from such Non-Consenting Lenders, and such Non-Consenting Lenders agree that they shall, upon such Agent’s request, sell and assign to such Agent or such Person, all
of the Loans and Commitments of such Non-Consenting Lenders for an amount equal to the principal balance of all Loans held by the Non-Consenting Lenders and all accrued interest and Fees and other Obligations owing (including, any Prepayment Fee)
with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Assignment Agreement; it being understood that an assignment pursuant to this Section 9.19(c) shall not require the consent
of Great Lakes. 
 9.20 Delivery of Termination Statements and Mortgage Releases. Upon payment in full in cash and performance of all of
the Obligations (other than indemnification Obligations as to which no claim has been asserted), termination of the Revolving Loan Commitments and a release of all claims against the Agents and Lenders, and so long as no suits, actions proceedings,
or claims are pending or threatened against any Indemnitee asserting any damages, losses or liabilities that are indemnified liabilities hereunder, each Agent shall deliver to Great Lakes termination statements, mortgage releases, any releases,
instruments or documents necessary to release its Liens on any Aircraft, Engines or other flight related assets and other documents necessary or appropriate to evidence the termination of the Liens securing payment of the Obligations. 

9.21 Subordination Agreements. Each Lender hereby authorizes each Agent to enter into the Subordination Agreements, to make the representations,
warranties and covenants on behalf of the Lenders therein contained, and to take such actions as it is required or authorized to take thereunder (and such actions as are reasonable incidental thereto). Each Lender agrees to be bound by the terms of
the Subordination Agreements. 
 [Signature Pages Follow] 

  
 71 

 Witness the due execution hereof by the respective duly authorized officers of the
undersigned as of the date first written above. 
  

			
	Great Lakes:
	
	 GREAT LAKE AVIATION, LTD.,
 as Great Lakes

		
	By:	 	/s/ Michael Matthews
	Name:	 	Michael Matthews 
	Title:	 	Chief Financial Officer 

 [SIGNATURE PAGE TO CREDIT
AGREEMENT] 

 
			
	Administrative Agent:
	
	CRYSTAL FINANCIAL LLC, as Administrative Agent
		
	By:	 	/s/ Joshua B. Franklin
	Name:	 	Joshua B. Franklin
	Title:	 	Managing Director

 [SIGNATURE PAGE TO CREDIT
AGREEMENT] 

 
			
	Collateral Agent
	
	GB MERCHANT PARTNERS, LLC., as Collateral Agent
		
	By:	 	/s/ Lawrence E. Klaff
	Name:	 	Lawrence E. Klaff
	Title:	 	Managing Director

 [SIGNATURE PAGE TO CREDIT
AGREEMENT] 

 
					
	 Lenders:
  

CRYSTAL FINANCIAL SPV LLC

			
		 	By:	 	/s/ Joshua B. Franklin
		 	Name: Joshua B. Franklin
		 	Title: Managing Director

  

					
	CRYSTAL FINANCIAL LLC
			
		 	By:	 	/s/ Joshua B. Franklin
		 	Name: Joshua B. Franklin
		 	Title: Managing Director

  

					
	1903 ONSHORE FUNDING, LLC
			
		 	By:	 	/s/ Lawrence E. Klaff
		 	Name: Lawrence E. Klaff 
		 	Title: Managing Director

  
 2 

 ANNEX A 
 to 
 CREDIT AGREEMENT  

DEFINITIONS 
 Capitalized terms used in the Loan Documents shall have (unless otherwise provided elsewhere in the Loan Documents) the following respective meanings and all references to Sections, Exhibits, Schedules or
Annexes in the following definitions shall refer to Sections, Exhibits, Schedules or Annexes of or to the Agreement: 

“Account Debtor” means any Person who may become obligated to Great Lakes or any of its Subsidiaries under, with respect
to, or on account of, an Account, Chattel Paper or General Intangibles (including a payment intangible). 
 “Accounting
Changes” means: (a) changes in accounting principles required by GAAP and implemented by Great Lakes; (b) changes in accounting principles recommended by Great Lakes’ certified public accountants and implemented by Great
Lakes; and (c) changes in carrying value of Great Lakes’ or any of its Subsidiaries’ assets, liabilities or equity accounts resulting from or as the result of any other adjustments that, in each case, were applicable to, but not
included in, the Pro Forma. 
 “Accounts” means all “accounts,” as such term is defined in the Code,
now owned or hereafter acquired by Great Lakes or any of its Subsidiaries, including (a) all accounts receivable, other receivables, book debts and other forms of obligations (other than forms of obligations evidenced by Chattel Paper or
Instruments), (including any such obligations that may be characterized as an account or contract right under the Code), (b) all of Great Lakes’ and its Subsidiaries’ rights in, to and under all purchase orders or receipts for goods
or services, (c) all of Great Lakes’ and its Subsidiaries’ rights to any goods represented by any of the foregoing (including unpaid sellers’ rights of rescission, replevin, reclamation and stoppage in transit and rights to
returned, reclaimed or repossessed goods), (d) all rights to payment due to Great Lakes or its Subsidiaries for property sold, leased, licensed, assigned or otherwise disposed of, for a policy of insurance issued or to be issued, for a
secondary obligation incurred or to be incurred, for energy provided or to be provided, for the use or hire of a vessel under a charter or other contract, arising out of the use of a credit card or charge card, or for services rendered or to be
rendered by Great Lakes or its Subsidiaries or in connection with any other transaction (whether or not yet earned by performance on the part of Great Lakes or its Subsidiaries), (e) all healthcare insurance receivables, and (f) all
collateral security of any kind, now or hereafter in existence, given by any Account Debtor or other Person with respect to any of the foregoing. 
 “ACH” means Airline Clearing House, Inc., an airline-owned not for profit corporation that provides a facility for expediting clearance and net settlement of interline accounts receivable
with participating air carriers and airline related companies worldwide. 
 “Administrative Agent” means
Crystal and any successor Administrative Agent appointed pursuant to Section 8.2. 

  
 Annex 1

 “Affected Lender” has the meaning ascribed to it in
Section 9.19(a). 
 “Affiliate” means, with respect to any Person, (a) each Person that,
directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, 5% or more of the Stock having ordinary voting power in the election of directors of such Person, (b) each Person that controls, is
controlled by or is under common control with such Person, (c) each of such Person’s officers, directors, joint venturers and partners and (d) in the case of Great Lakes, the immediate family members, spouses and lineal descendants of
individuals who are Affiliates of Great Lakes. For the purposes of this definition, “control” of a Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of its management or
policies, whether through the ownership of voting securities, by contract or otherwise; provided, however, that the term “Affiliate” shall specifically exclude each Agent and each Lender. 

“Agent” means, individually and collectively, the Administrative Agent and the Collateral Agent. 

“Agreement” means this Credit Agreement (including all schedules, subschedules, annexes and exhibits hereto), as the
same may be amended, supplemented, restated or otherwise modified from time to time. 
 “Aircraft” means
(i) an engine-driven fixed-wing aircraft heavier than air, that is supported in flight by the dynamic reaction of the air against its wings or (ii) a rotorcraft that, for its horizontal motion, depends principally on its engine-driven
rotors. Aircraft shall include any item which is incorporated in, attached to or specifically acquired by Great Lakes or any of its Subsidiaries to be used in connection with a specific Aircraft. 

“Aircraft Fair Market Value” means, with respect to each Aircraft of Great Lakes, the fair market value of such Aircraft
as set forth on the most recent appraisal received by the Agents in accordance with this Agreement. 
 “Aircraft
Law” means all applicable federal, state, local and foreign laws, statutes, ordinances, codes, rules, standards and regulations, now or hereafter in effect, and any applicable judicial or administrative interpretation thereof, including any
applicable judicial or administrative order, consent decree, order or judgment, imposing liability or standards of conduct for or relating to the regulation of Aircraft and related air transportation services. 

“Aircraft NOLV” means, with respect to each Aircraft of Great Lakes, the net orderly liquidation value of such Aircraft
as set forth on the most recent appraisal received by the Agents in accordance with this Agreement. 
 “Aircraft
Security Agreement” means that Aircraft, Engines, Spare Engines, Propellers, Spare Propellers and Spare Parts Security Agreement dated as of the date hereof between Great Lakes and the Collateral Agent on behalf the Lenders, and any
supplements thereto. 
 “Anti-Terrorism Laws” has the meaning ascribed to it in Section 5.19.

  
 Annex 2

 “Applicable Percentage” has the meaning ascribed to it in
Section 1.3(c). 
 “Applicable Revolver LIBOR Margin” means the greater of (i) LIBOR Rate
plus 8.00% per annum and (ii) 10.50% per annum. 
 “Applicable Term Loan LIBOR Margin”
means the greater of (i) LIBOR Rate plus 11.00% per annum and (ii) 15.50% per annum. 

“Asset Disposition” means the disposition whether by conveyance, sale, lease, sublease, assignment, transfer or other
disposition (including by way of merger or consolidation and including any sale and leaseback transaction) of any of the following: 
 (a) sales, abandonment, or other dispositions of Equipment that is substantially worn, damaged, or obsolete in the ordinary course of business, 

(b) sales of Inventory to buyers in the ordinary course of business, 

(c) the use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of the Agreement or the other Loan
Documents, 
 (d) the licensing, on a non-exclusive basis, of patents, trademarks, copyrights, and other intellectual property
rights in the ordinary course of business, 
 (e) the sale or discount, in each case without recourse, of Accounts arising in the
ordinary course of business, but only in connection with the compromise or collection thereof, 
 (f) any involuntary loss,
damage or destruction of property, 
 (g) any involuntary condemnation, seizure or taking, by exercise of the power of eminent
domain or otherwise, or confiscation or requisition of use of property, 
 (h) the leasing or subleasing of assets of Great Lakes
or its Subsidiaries in the ordinary course of business, 
 (i) the lapse of registered patents, trademarks and other intellectual
property of Great Lakes and its Subsidiaries to the extent not economically desirable in the conduct of their business and so long as such lapse is not materially adverse to the interests of the Lenders, 

(j) the making of a Permitted Investment, and 
 (k) dispositions of assets (other than Accounts, intellectual property, licenses, Stock of Subsidiaries of Great Lakes, or Material Contracts) not otherwise permitted in clauses (a) through
(j) above so long as made at fair market value and the aggregate fair market value of all assets disposed of in all such dispositions since the Closing Date (including the proposed disposition) would not exceed $25,000. 

  
 Annex 3

 “Assignment Agreement” means an assignment agreement substantially in the
form of Exhibit D. 
 “Authorized Person” means any one of the individuals identified on Schedule
A-1, as such schedule is updated from time to time by written notice from Great Lakes to Agents. 

“Availability” means, as of any date of determination, the amount that Great Lakes is entitled to borrow as Revolving
Loans under Section 1.1(a) of the Agreement (after giving effect to all then outstanding Obligations). 

“Average Engine Value” means the average value of the engines as set forth on the most recent appraisal received by the
Agents in accordance with this Agreement. 
 “Average Weekly Borrowing” means the sum of the aggregate weekly
outstanding principal amount of the Loans for each week during such Fiscal Quarter divided by the actual numbers of weeks in such Fiscal Quarter (as determined based upon Borrowing Base Certificates provided by Great Lakes during such Fiscal
Quarter). 
 “Bankruptcy Code” means the provisions of Title 11 of the United States Code, 11 U.S.C.
§§ 101 et seq. or other applicable bankruptcy, insolvency or similar laws. 
 “Benefit Plan” means
any employee benefit plan as defined in Section 3(3) of ERISA (whether governed by the laws of the United States or otherwise) to which Great Lakes or any of its Subsidiaries incurs or otherwise has any obligation or liability, contingent or
otherwise. 
 “Board of Directors” means the board of directors (or comparable managers) of a Person or any
committee thereof duly authorized to act on behalf of the board of directors (or comparable managers). 

“Borrowing” means a borrowing consisting of Revolving Loans made on the same day by the Lenders (or Administrative Agent
on behalf thereof). 
 “Borrowing Base” means, as of any date of determination, the result of: 

(a) 85% of amount of Eligible Accounts, less the amount, if any, of the Dilution Reserve, plus 

(b) 40% multiplied by the Net Liquidation Percentage of Eligible Inventory (without duplication of any other asset included in the
Borrowing Base), plus 
 (c) 65% multiplied by the Average Engine Value of Eligible Spare Engines (without
duplication of any other asset included in the Borrowing Base), minus 
 (d) the Term Loan Suppression Amount (for
avoidance of doubt the Term Loan Suppression Amount shall only be deducted from the Borrowing Base and can never be applied to increase the Borrowing Base), minus 
 (e) $500,000, minus  

  
 Annex 4

 (f) reserves, if any, established by either Agent under Section 1.1(a).

 “Borrowing Base Certificate” means a certificate in substantially the same form as Annex D.

 “Borrowing Base Excess Amount” has the meaning set forth in Section 1.5(f). 

“Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be
closed in the State of New York and in reference to LIBOR Loans shall mean any such day that is also a LIBOR Business Day. 

“Cape Town Convention” shall mean the official English language texts of the Convention on International Interest in
Mobile Equipment and the Protocol to the Convention on International Interest in Mobile Equipment on Matters Specific to Aircraft Equipment which were signed in Cape Town, South Africa, as in effect in any applicable jurisdiction, as the same may be
amended from time to time. 
 “Capex Limit” has the meaning ascribed to it in Section 4.2.

 “Capital Expenditures” means, with respect to any Person for any period, the aggregate of all expenditures
by such Person and its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or financed, provided, however it is understood and agreed that Capital
Expenditures do not include (i) any item customarily charged directly to expense or depreciated over a useful life of twelve (12) months or less in accordance with GAAP, (ii) any capitalizable spares, rotables, aircraft parts,
upgrades (software or hardware) or other flight equipment related to any Aircraft, or (iii) an amount not to exceed $250,000 with respect to the Raddix reservation system license upgrade. 

“Capital Lease” means, with respect to any Person, any lease of any property (whether real, personal or mixed) by such
Person as lessee that, in accordance with GAAP, would be required to be classified and accounted for as a capital lease on a balance sheet of such Person. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP; provided that any change in GAAP after the Closing Date that would result in a lease that would have been characterized as an operating lease in accordance with GAAP as in effect on the Closing Date being
characterized as a capital lease shall be disregarded for purposes hereof. 
 “Cash Equivalents” means:
(i) marketable securities (A) issued or directly and unconditionally guaranteed as to interest and principal by the United States government or (B) issued by any agency of the United States government the obligations of which are
backed by the full faith and credit of the United States, in each case maturing within one (1) year after acquisition thereof; (ii) marketable direct obligations issued by any state of the United States of

  
 Annex 5

 
America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after acquisition thereof and having, at the time of
acquisition, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (iii) commercial paper maturing no more than one year from the date of acquisition and, at the time of acquisition, having a rating of at least A-1 from
S&P or at least P-1 from Moody’s; (iv) amounts on deposit in a deposit account with or certificates of deposit or bankers’ acceptances issued or accepted by any Lender or by any commercial bank organized under the laws of the
United States of America or any state thereof or the District of Columbia that is at least (A) “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and (B) has Tier 1 capital (as
defined in such regulations) of not less than $250,000,000, in each case maturing within one year after issuance or acceptance thereof; and (v) shares of any money market mutual or similar funds that (A) has substantially all of its assets
invested continuously in the types of investments referred to in clauses (i) through (iv) above, (B) has net assets of not less than $500,000,000 and (C) has the highest rating obtainable from either S&P or Moody’s.

 “Cash Management Services” means any cash management or related services including treasury, depository,
return items, overdraft, controlled disbursement, merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic clearing house transfer (including the Automated Clearing House processing of
electronic funds transfers through the direct Federal Reserve Fedline system) and other cash management arrangements. 

“Casualty Event” means, with respect to any property (including Real Estate) of any Person, any loss of title with
respect to such property or any loss of or damage to or destruction of, or any condemnation or other taking (including by any Governmental Authority) of, such property for which such Person or any of its Subsidiaries receives insurance proceeds or
proceeds of a condemnation award or other compensation. “Casualty Event” shall include but not be limited to any taking of all or any part of any Real Property of any Person or any part thereof, in or by condemnation or other eminent
domain proceedings pursuant to any law, or by reason of the temporary requisition of the use or occupancy of all or any part of any Real Estate of any Person or any part thereof by any Governmental Authority, civil or military. 

“Certificate of Exemption” has the meaning ascribed to it in Section 1.9(c). 

“CFC” means a controlled foreign corporation (as that term is defined in the Internal Revenue Code of 1986, as in effect
from time to time). 
 “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a
“Change in Law”, regardless of the date enacted, adopted or issued. 

  
 Annex 6

 “Change of Control” means any event, transaction or occurrence as a result
of which (a) Great Lakes ceases to own and control all of the economic and voting rights associated with ownership of at least hundred percent (100)% of all classes of the outstanding Stock of each of its Subsidiaries, (b) any
“person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act), becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of fifty-one percent (51)%, or
more, of the Stock of Great Lakes having the right to vote for the election of members of the Board of Directors, (d) the replacement of a majority of the Board of Directors of Great Lakes from the directors who constituted the Board of
Directors of Great Lakes on the Closing Date, and such replacement shall not have been approved by a vote of at least a majority of the Board of Directors of Great Lakes then still in office who either were members of such Board of Directors on the
Closing Date or whose election as a member of such Board of Directors was previously so approved, or (e) any “Change of Control” shall occur (as such term is defined in any agreement governing Subordinated Debt). 

“Charges” means all federal, state, county, city, municipal, local, foreign or other governmental premiums and other
amounts (including premiums and other amounts owed to the PBGC at the time due and payable), levies, assessments, charges, liens, claims or encumbrances upon or relating to (a) the Collateral, (b) the Obligations, (c) the employees,
payroll, income or gross receipts of Great Lakes, (d) Great Lakes’ ownership or use of any properties or other assets, or (e) any other aspect of Great Lakes’ business. 

“Chattel Paper” means any “chattel paper,” as such term is defined in the Code, including electronic chattel
paper, now owned or hereafter acquired by Great Lakes or any of its Subsidiaries, wherever located. 
 “Closing
Date” means November 16, 2011. 
 “Code” means the Uniform Commercial Code as the same may, from
time to time, be enacted and in effect in the State of New York; provided, that to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the
Code, the definition of such term contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with
respect to, Collateral Agent’s or any Lender’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the
Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions.

 “Collateral” means the property covered by the Security Agreements and the other Collateral Documents and
any other property, real or personal, tangible or intangible, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of Collateral Agent, on behalf of the Lenders, to secure the
Obligations or any portion thereof. 

  
 Annex 7

 “Collateral Access Agreements” means each landlord waiver, bailee letter,
or acknowledgement agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in Great Lakes’ or any of its Subsidiaries’ books and records, Equipment,
Inventory, Aircraft, Spare Engine, Engines, Spare Propeller, Propellers or Spare Parts, in each case, in form and substance reasonably satisfactory to each Agent. 
 “Collateral Agent” means GB Merchant and any successor Collateral Agent appointed pursuant to Section 8.2. 
 “Collateral Documents” means the Security Agreements, each Collateral Access Agreement, any Trademark Security Agreement, any Copyright Security Agreement, any Patent Security Agreement,
any Control Agreement and all other agreements entered into guaranteeing payment of, or granting a Lien upon property as security for payment of, the Obligations or any portion thereof. 

“Collections” means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds, cash
proceeds of asset sales, rental proceeds, and tax refunds). 
 “Commitments” means (a) as to any Lender,
the aggregate of such Lender’s Revolving Loan Commitment and Term Loan Commitment as set forth on Annex B to this Agreement or in the most recent Assignment Agreement executed by such Lender and (b) as to all Lenders, the aggregate
of all Lenders’ Revolving Loan Commitments and Term Loan Commitments, which aggregate commitment shall be THIRTY FOUR MILLION DOLLARS ($34,000,000) on the Closing Date, as such Commitments may be reduced, amortized or adjusted from time to time
in accordance with this Agreement. 
 “Compliance Certificate” has the meaning ascribed to it in
Section 4.3(l). 
 “Communication” means any notice or other communication required or permitted to
be given or made under this Agreement. 
 “Contingent Obligation” means, as applied to any Person, any direct
or indirect liability of that Person: (i) with respect to Guaranteed Indebtedness and with respect to any Indebtedness, lease, dividend or other obligation of another Person if the purpose or intent of the Person incurring such liability, or
the effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in
whole or in part) against loss with respect thereto; (ii) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (iii) under any foreign
exchange contract, currency swap agreement, interest rate swap agreement or other similar agreement or arrangement designed to alter the risks of that Person arising from fluctuations in currency values or interest rates, (iv) any agreement,
contract or transaction involving commodity options or future contracts, (v) to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, or
(vi)

  
 Annex 8

 
pursuant to any agreement to purchase, repurchase or otherwise acquire any obligation or any property constituting security therefor, to provide funds for the payment or discharge of such
obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of another. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if
not a fixed and determined amount, the maximum amount so guaranteed. 
 “Contractual Obligations” means, as
applied to any Person, any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject
including the Loan Documents. 
 “Control Agreement” means tri-party deposit account, securities account or
commodities account control agreements by and among Great Lakes, Collateral Agent and the bank, securities intermediary or commodities intermediary, and each in form and substance satisfactory in all respects to Collateral Agent and in any event
proving to Collateral Agent “control” of such deposit account, securities or commodities account within the meaning of Articles 8 and 9 of the Code. 
 “Copyright License” means any and all rights now owned or hereafter acquired by Great Lakes under any written agreement granting any right to use any Copyright or Copyright registration.

 “Copyright Security Agreements” means any Copyright Security Agreement made in favor of Collateral Agent, on
behalf of the Lenders, by Great Lakes. 
 “Copyrights” means all of the following now owned or hereafter
adopted or acquired by Great Lakes: (a) all copyrights and General Intangibles of like nature (whether registered or unregistered), all registrations and recordings thereof, and all applications in connection therewith, including all
registrations, recordings and applications in the United States Copyright Office or in any similar office or agency of the United States, any state or territory thereof, or any other country or any political subdivision thereof; and (b) all
reissues, extensions or renewals thereof. 
 “Crystal” means Crystal Financial LLC, a Delaware limited
liability company. 
 “Default” means any event that, with the passage of time or notice or both, would, unless
cured or waived, become an Event of Default. 
 “Default Rate” has the meaning ascribed to it in
Section 1.2(d). 
 “Defaulting Lender” means any Lender that (a) has failed to fund any
amounts required to be funded by it under this Agreement on the date that it is required to do so under this Agreement, (b) notified Great Lakes, each Agent, or any Lender in writing that it does not intend to comply with all or any portion of
its funding obligations under this Agreement, (c) has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements generally under which it has committed to
extend credit, (d) failed, within one (1) Business Day after written request by each Agent, to confirm 

  
 Annex 9

 
that it will comply with the terms of this Agreement relating to its obligations to fund any amounts required to be funded by it under this Agreement, or (e) otherwise failed to pay over to
Administrative Agent or any other Lender any other amount required to be paid by it under this Agreement on the date that it is required to do so under this Agreement, unless the subject of a good faith dispute. 

“Deposit Accounts” means all “deposit accounts” as such term is defined in the Code. 

“Designated Locations” means the locations designated from time to time by Great Lakes to each Agent at
which the Aircraft, Spare Parts, Spare Propellers and Spare Engines may be maintained by or on behalf of Great Lakes. 

“Dilution” means, as of any date of determination, an amount established by the Agents in their Permitted Discretion
based upon, among other things, the results of periodic field examinations conducted by the Agents pursuant to Section 2.3. 
 “Dilution Reserve” means, as of any date of determination, an amount sufficient to reduce the advance rate against Eligible Accounts by 1 percentage point for each percentage point by
which Dilution is in excess of 5%. 
 “Disbursement Account” has the meaning ascribed to it in
Section 1.1(c). 
 “Disclosure Schedules” means the Schedules prepared by Great Lakes and
denominated as Schedules to this Agreement. 
 “Documents” means any “document,” as such term is
defined in the Code, including electronic documents, now owned or hereafter acquired by Great Lakes, wherever located. 

“Dollars” or “$” means lawful currency of the United States of America. 

“DOT” means the Department of Transportation of the United States of America (or any successor agency thereto).

 “EBITDA” means, with respect to any fiscal period, Great Lakes and each of its Subsidiaries consolidated net
earnings (or loss), minus the sum of (i) extraordinary gains and (ii) interest income, plus the sum of (i) non-cash extraordinary losses, (ii) interest expense to the extent accrued or paid in cash,
(iii) income taxes to the extent accrued or paid in cash, and (iv) depreciation and amortization for such period, in each case, determined on a consolidated basis in accordance with GAAP. 

“Eligible Accounts” means (i) those Accounts created by Great Lakes with the DOT arising out of Great Lakes’
participation in the Essential Air Services Program and (ii) those Accounts created by Great Lakes with the ACH, that in each case arise in the ordinary course of business of Great Lakes and that comply with each of the representations and
warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from
time to time by either Agent in such Agent’s Permitted Discretion to address the results of any audit performed by either Agent from time to time after the Closing Date. In determining the amount to be included, Eligible Accounts shall be
calculated net of deposits, unapplied cash, and all reserves established by such Account Debtor. Eligible Accounts shall not include the following: 
 (a) Accounts that the Account Debtor has failed to pay within 60 days of original invoice date or Accounts with selling terms of more than 45 days, 

  
 Annex 10

 (b) Accounts with respect to which the Account Debtor is either (i) the United States
or any department, agency, or instrumentality of the United States (exclusive, however, of Accounts with respect to which Great Lakes has complied, to the reasonable satisfaction of each Agent, with the Assignment of Claims Act, 31 USC §3727),
or (ii) any state of the United States, provided, that for 60 days (or, so long as Great Lakes is diligently pursuing compliance with the Assignment of Claims Act, 31 USC §3727 and such non-compliance is not attributable to Great
Lakes, such longer period of time as the Agents may grant in their Permitted Discretion) after the Closing Date (but only for such period) such Accounts will be included as Eligible Accounts, notwithstanding the fact that such Accounts are not in
compliance with the Assignment of Claims Act, 
 (c) Accounts that are not payable in Dollars, 

(d) Accounts with respect to which the Account Debtor is a creditor of Great Lakes, has or has asserted a right of chargeback, setoff, or
has disputed its obligation to pay all or any portion of the Account, to the extent of such chargeback, claim, right of setoff, or dispute, 
 (e) Accounts with respect to which the Account Debtor is subject to an Insolvency Proceeding, is not Solvent, suspends or has gone out of business, makes a general assignment for the benefit of creditors,
fails to pay its debts generally as they come due, or as to which Great Lakes has received notice of an imminent Insolvency Proceeding or a material impairment of the financial condition of such Account Debtor, 

(f) Accounts, the collection of which, either Agent, in its Permitted Discretion, believes to be doubtful by reason of the Account
Debtor’s financial condition, 
 (g) Accounts that are not subject to a valid and perfected first priority Collateral
Agent’s Lien, 
 (h) Accounts with respect to which (i) the goods giving rise to such Account have not been shipped
and billed to the Account Debtor, or (ii) the services giving rise to such Account have not been performed and billed to the Account Debtor, 
 (i) Accounts with respect to which the Account Debtor is a Sanctioned Person or Sanctioned Entity, 
 (j) Accounts that do not arise from the sale of goods or the performance of services by Great Lakes in the ordinary course of its business, 

  
 Annex 11

 (k) Accounts that are not true and correct statements of bona fide indebtedness incurred in
the amount of such Account for merchandise sold to or services rendered and accepted by the applicable Account Debtor, 
 (l)
Accounts that are evidenced by a judgment, Instrument or Chattel Paper, 
 (m) Accounts to which an Account Debtor has objected
to the quality or quantity of goods or services of Great Lakes sold, or shall have rejected, returned, or refused to accept such goods or services, 
 (n) Accounts that (i) are not owned by Great Lakes or (ii) are subject to any Lien of any Person, other than Liens in favor of Collateral Agent, on behalf of he Lenders, 

(o) Accounts that exceed any credit limit established by either Agent, in its reasonable credit judgment; provided that no such
adjustment shall be effective until 5 (five) Business Days after notice of such adjustment has been given by such Agent to Great Lakes, or 
 (p) Accounts (i) upon which Great Lakes’ right to receive payment is not absolute or is contingent upon the fulfillment of any condition whatsoever or (ii) as to which Great Lakes is not
able to bring suit or otherwise enforce its remedies against the Account Debtor through judicial process. 
 “Eligible
Aircraft” means those Aircraft owned by Great Lakes or any of its Subsidiaries in the ordinary course of its business, that comply with each of the covenants, representations and warranties with respect to Aircraft made in the Loan
Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by either Agent in such Agent’s
Permitted Discretion to address the results of any audit performed by either Agent from time to time after the Closing Date. An Aircraft shall not be included as an Eligible Aircraft if: 

(a) Great Lakes or such Subsidiary does not have good, valid, and marketable title thereto, 

(b) Great Lakes or such Subsidiary does not have actual and exclusive possession thereof, 

(c) it is not located in the continental United States or Canada at a Designated Location (or en route between one such location and
another such location), 
 (d) it is not subject to a valid and perfected first priority Collateral Agent’s Lien,

 (e) it is grounded for any reason, including, but not limited to by order of any Governmental Authority, or due to a
mechanical repair or maintenance (other than routine mechanical repair or maintenance), or 

  
 Annex 12

 (f) it is subject to third-party trademark, licensing or other proprietary rights, unless
each Agent is satisfied that such Aircraft can be freely sold by Agents on and after the occurrence of an Event of Default despite such third party rights. 
 “Eligible Inventory” means Inventory consisting of first quality finished goods held for sale in the ordinary course of Great Lakes’ or any of its Subsidiary’s business, that
complies with each of the representations and warranties respecting Eligible Inventory made in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided,
however, that such criteria may be revised from time to time by either Agent in such Agent’s Permitted Discretion to address the results of any audit or appraisal performed by either Agent from time to time after the Closing Date. In
determining the amount to be so included, Inventory shall be valued at the lower of cost or market on a basis consistent with Great Lakes’ or such Subsidiary’s historical accounting practices. An item of Inventory shall not be included in
Eligible Inventory if: 
 (a) Great Lakes or such Subsidiary does not have good, valid, and marketable title thereto,

 (b) Great Lakes or such Subsidiary does not have actual and exclusive possession thereof (either directly or through a bailee
or agent of Great Lakes or such Subsidiary), 
 (c) it is not located at a location in the continental United States or Canada
(or in-transit from one such location to another such location), 
 (d) it is located on real property leased by Great Lakes or
in a contract warehouse, in each case, unless it is subject to a Collateral Access Agreement executed by the lessor or warehouseman, as the case may be, and unless it is segregated or otherwise separately identifiable from goods of others, if any,
stored on the premises, 
 (e) it is the subject of a bill of lading or other document of title, 

(f) it is not subject to a valid and perfected first priority Collateral Agent’s Lien, 

(g) it consists of goods returned or rejected by Great Lakes’ or such Subsidiary’s customers, 

(h) it consists of goods that are obsolete or slow moving, restrictive or custom items, work-in-process, raw materials, or goods that
constitute spare parts, packaging and shipping materials, supplies used or consumed in Great Lakes’ or such Subsidiary’s business, bill and hold goods, defective goods, “seconds,” or Inventory acquired on consignment, or

 (i) it is subject to third-party trademark, licensing or other proprietary rights, unless each Agent is satisfied that such
Inventory can be freely sold by Agents on and after the occurrence of an Event of a Default despite such third party rights. 

“Eligible Spare Engines” means those Spare Engines owned by Great Lakes or any of its Subsidiaries in the ordinary
course of its business, that comply with each of the covenants, representations and warranties with respect to Spare Engines made in the Loan Documents, and 

  
 Annex 13

 
that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by
either Agent in such Agent’s Permitted Discretion to address the results of any audit performed by either Agent from time to time after the Closing Date. A Spare Engine shall not be included as an Eligible Aircraft if: 

(a) Great Lakes or such Subsidiary does not have good, valid, or marketable title thereto, 

(b) Great Lakes or such Subsidiary does not have actual and exclusive possession thereof, 

(c) it is not located as a location in the continental United States or Canada (or in-transit from one such location to another such
location), 
 (d) it is located on real property leased by Great Lakes or in a contract warehouse, in each case, unless it is
subject to a Collateral Access Agreement executed by the lessor or warehouseman, as the case may be, and unless it is segregated or otherwise separately identifiable from goods of others, if any, stored on the premises, 

(e) it is the subject of a bill of lading or other document of title, 

(f) it is not subject to a valid and perfected first priority Collateral Agent’s Lien, 

(g) it consists of goods returned or rejected by Great Lakes’ or such Subsidiary’s customers, 

(h) it consists of goods that are obsolete or slow moving, restrictive or custom items, work-in-process, raw materials, or goods that
constitute spare parts, packaging and shipping materials, supplies used or consumed in Great Lakes’ or such Subsidiary’s business, bill and hold goods, defective goods, “seconds,” or Inventory acquired on consignment, 

(i) it is subject to third-party trademark, licensing or other proprietary rights, unless each Agent is satisfied that such Inventory can
be freely sold by Agents on and after the occurrence of an Event of a Default despite such third party rights, or 
 (j) it is
not in good working order and not in compliance with all FAA requirements and standards (for reasons other than routine mechanical repair or maintenance). 
 “Engine” shall mean (i) each of the engines listed by manufacturer, model and manufacturer’s serial numbers identified in the Aircraft Security Agreement, and whether or not
either initially or from time to time install on an Airframe or any other airframe; (ii) any Replacement Engine which may from time to time be substituted for any of such Engines pursuant to the terms hereof; and (iii) in either case any
and all parts which are from time to time incorporated or installed in or attached to any such Engine (including, without limitation, the portion of any quick engine change kits installed thereon). 

  
 Annex 14

 “Environmental Laws” means all applicable federal, state, local and foreign
laws, statutes, ordinances, codes, rules, standards and regulations, now or hereafter in effect, and any applicable judicial or administrative interpretation thereof, including any applicable judicial or administrative order, consent decree, order
or judgment, imposing liability or standards of conduct for or relating to the regulation and protection of human health, safety, the environment and natural resources (including ambient air, surface water, groundwater, wetlands, land surface or
subsurface strata, wildlife, aquatic species and vegetation). Environmental Laws include the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. §§ 9601 et seq.) (“CERCLA”); the
Hazardous Materials Transportation Authorization Act of 1994 (49 U.S.C. §§ 5101 et seq.); the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. §§ 136 et seq.); the Solid Waste Disposal Act (42
U.S.C. §§ 6901 et seq.); the Toxic Substance Control Act (15 U.S.C. §§ 2601 et seq.); the Clean Air Act (42 U.S.C. §§ 7401 et seq.); the Federal Water Pollution Control Act (33 U.S.C. §§
1251 et seq.); the Occupational Safety and Health Act (29 U.S.C. §§ 651 et seq.); and the Safe Drinking Water Act (42 U.S.C. §§ 300(f) et seq.), and any and all regulations promulgated thereunder, and all
analogous state, local and foreign counterparts or equivalents and any transfer of ownership notification or approval statutes. 

“Environmental Liabilities” means, with respect to any Person, all liabilities, obligations, responsibilities, response,
remedial and removal costs, investigation and feasibility study costs, capital costs, operation and maintenance costs, losses, damages, punitive damages, property damages, natural resource damages, consequential damages, treble damages, costs and
expenses (including all reasonable fees, disbursements and expenses of counsel, experts and consultants), fines, penalties, sanctions and interest incurred as a result of or related to any claim, suit, action, investigation, proceeding or demand by
any Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law, including any arising under or related to any Environmental Laws, Environmental Permits, or in connection with any
Release or threatened Release or presence of a Hazardous Material whether on, at, in, under, from or about or in the vicinity of any real or personal property. 
 “Environmental Permits” means all permits, licenses, authorizations, certificates, approvals or registrations required by any Governmental Authority under any Environmental Laws.

 “Equipment” means all “equipment,” as such term is defined in the Code, now owned or hereafter
acquired by Great Lakes or any of its Subsidiaries, wherever located and, in any event, including all of Great Lakes’ and its Subsidiaries’ machinery and equipment, including processing equipment, conveyors, machine tools, data processing
and computer equipment, including embedded software and peripheral equipment and all engineering, processing and manufacturing equipment, office machinery, furniture, materials handling equipment, tools, attachments, accessories, automotive
equipment, trailers, trucks, forklifts, molds, dies, stamps, motor vehicles, rolling stock and other equipment of every kind and nature, trade fixtures and fixtures not forming a part of real property, together with all additions and accessions
thereto, replacements therefor, all parts therefor, all substitutes for any of the foregoing, fuel therefor, and all manuals, drawings, instructions, warranties and rights with respect thereto, and all products and proceeds thereof and condemnation
awards and insurance proceeds with respect thereto. 

  
 Annex 15

 “Equity Issuance” means (a) any issuance or sale by Great Lakes
or any of its Subsidiaries after the Closing Date of (i) any Stock of Great Lakes or such Subsidiary, (ii) any warrants, options or other Stock exercisable in respect of its Stock or (iii) any other security or instrument representing
Stock (or the right to obtain any Stock) in Great Lakes or any of its Subsidiaries or (b) the receipt by Great Lakes or any of its Subsidiaries after the Closing Date of any capital contribution (whether or not evidenced by any equity security
issued by the recipient of such contribution); provided that Equity Issuance shall not include (1) any issuance or sale of any of Great Lakes’ Subsidiaries Stock to Great Lakes or any Subsidiary thereof, (2) any
issuance of directors’ qualifying shares, (3) any warrants or options issued to directors, officers or employees of Great Lakes or any of its Affiliates pursuant to employee benefit plans established in the ordinary course of business and
approved in writing by each Agent and any Stock of Great Lakes issued upon the exercise of such warrants or options, and (4) any capital contribution by any wholly-owned Subsidiary of Great Lakes to Great Lakes. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any regulations
promulgated thereunder. 
 “ERISA Affiliate” means, with respect to Great Lakes and its Subsidiaries, any trade
or business (whether or not incorporated) that, together with Great Lakes or any of its Subsidiaries, are treated as a single employer within the meaning of Sections 414(b), (c), (m) or (o) of the IRC. 

“ERISA Event” means, with respect to Great Lakes or any of its Subsidiaries or any ERISA Affiliate, any of the
following: (a) a reportable event described in Section 4043(b) of ERISA (or, unless the 30-day notice requirement has been duly waived under the applicable regulations, Section 4043(c) of ERISA) with respect to a Title IV Plan;
(b) the withdrawal of any ERISA Affiliate from a Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (c) the complete or partial
withdrawal of any ERISA Affiliate from any Multiemployer Plan; (d) with respect to any Multiemployer Plan, the filing of a notice of reorganization, insolvency or termination (or treatment of a plan amendment as termination) under
Section 4041A of ERISA; (e) the filing of a notice of intent to terminate a Title IV Plan (or treatment of a plan amendment as termination) under Section 4041 of ERISA; (f) the institution of proceedings to terminate a Title IV
Plan or Multiemployer Plan by the PBGC; (g) the failure to make any required contribution to any Title IV Plan or Multiemployer Plan when due; (h) the imposition of a lien under Section 412 of the Code or Section 302 or 4068 of
ERISA on any property (or rights to property, whether real or personal) of any ERISA Affiliate; (i) the failure of a Benefit Plan or any trust thereunder intended to qualify for tax exempt status under Section 401 or 501 of the Code or
other Requirements of Law to qualify thereunder; and (j) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Title IV Plan or Multiemployer Plan or for the imposition of any liability upon any ERISA Affiliate under Title IV of ERISA other than for PBGC premiums due but not delinquent. 

“ESOP” means a Plan that is intended to satisfy the requirements of Section 4975(e)(7) of the IRC. 

  
 Annex 16

 “Essential Air Service Program” means the Essential Air Service as codified
in 49 U.S.C. §§ 41731–41748, as amended, together with such rules and regulations issued in connection therewith. 
 “Essential Air Service Subsidies” means compensation to air carriers providing Qualified Services to Qualified Airports pursuant to the Essential Air Service Program. 

“Event of Default” has the meaning ascribed to it in Section 7.1. 

“Excess Cash Flow” means, with respect to any fiscal period and with respect to Great Lakes determined on a consolidated
basis in accordance with GAAP (a) trailing twelve month EBITDA (or year to date EBITDA with respect to the 2012 Excess Cash Flow payment), minus (b) the sum of (i) the cash portion of Interest Expense paid during such fiscal period,
(ii) the cash portion of income taxes paid during such period, (iii) all scheduled principal payments made in respect of the Term Loan during such period, (iv) the cash portion of Capital Expenditures made during such period and
(v) solely to the extent included in the calculation of trailing twelve month EBITDA (or year to date EBITDA with respect to the 2012 Excess Cash Flow payment), proceeds from a Casualty Event or Asset Disposition. 

“Excess Cash Flow Period” means (i) January 1, 2012 through and including September 30, 2012 with respect
to the 2012 Excess Cash Flow payment required pursuant to Section 1.5(b), (ii) October 1, 2012 through and including September 30, 2013 with respect to the 2013 Excess Cash Flow payment required pursuant to
Section 1.5(b), (iii) October 1, 2013 through and including September 30, 2014 with respect to the 2014 Excess Cash Flow payment required pursuant to Section 1.5(b) and (iv) October 1, 2014 through
and including September 30, 2015 with respect to the 2015 Excess Cash Flow payment required pursuant to Section 1.5(b). 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on
or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender,
its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant
to an assignment request by Great Lakes under this Agreement) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 1.9, amounts with respect to such Taxes were payable either to
such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 1.9
and (d) any U.S. federal withholding Taxes imposed under FATCA 
 “Executive Order” has the meaning
ascribed to it in Section 5.19. 
 “Existing Lender” has the meaning ascribed to it in
Section 6.1. 

  
 Annex 17

 “Extraordinary Receipts” means any cash received by Great Lakes or any
Subsidiary of Great Lakes not in the ordinary course of business, excluding proceeds of an Asset Disposition or a Casualty Event, but including, without limitation, (i) foreign, United States, state or local tax refunds, (ii) pension plan
reversions, (iii) proceeds of insurance (other than proceeds from a Casualty Event), (iv) judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action, (v) indemnity payments and
(vi) any purchase price adjustment received in connection with any purchase agreement. 
 “FAA” means the
Federal Aviation Administration of the United States of America (or any successor agency thereto). 
 “Fair Labor
Standards Act” means the Fair Labor Standards Act, 29 U.S.C. §201 et seq. 
 “FATCA” means
Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official
interpretations thereof. 
 “Federal Reserve Board” means the Board of Governors of the Federal Reserve System.

 “Fees” means any and all fees payable to either Agent or any Lender pursuant to the Agreement or any of the
other Loan Documents. 
 “Financial Statements” means the consolidated and consolidating income statements,
statements of cash flows and balance sheets of Great Lakes and its Subsidiaries delivered in accordance with Section 4.3. 
 “Fiscal Quarter” means any of the quarterly accounting periods of Great Lakes and its Subsidiaries, ending on March 31, June 30, September 30 and December 31
of each year. 
 “Fiscal Year” means any of the annual accounting periods of Great Lakes and its Subsidiaries
ending on December 31 of each year. 
 “Fixtures” means all “fixtures” as such term is defined
in the Code, now owned or hereafter acquired by Great Lakes. 
 “Foreign Lender” means (a) if Great Lakes
is a U.S. Person, a Lender that is not a U.S. Person, and (b) if Great Lakes is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which Great Lakes is resident for tax purposes.

 “Funded Debt” means, with respect to any Person, without duplication, all Indebtedness for borrowed money
evidenced by notes, bonds, debentures, or similar evidences of Indebtedness and that by its terms matures more than one year from, or is directly or indirectly renewable or extendible at such Person’s option under a revolving credit or similar
agreement obligating the lender or lenders to extend credit over a period of more than one year from the date of creation thereof, and specifically including Capital Lease Obligations, current maturities of long term debt, revolving credit and short
term debt extendible beyond one year at the option of the debtor, and also including, in the case of Great Lakes, the Obligations and, without duplication, Guaranteed Indebtedness consisting of guaranties of Funded Debt of other Persons. For
purposes of calculating Funded Debt with respect to the Obligations, Funded Debt shall mean the Average Weekly Borrowing during such Fiscal Quarter. 

  
 Annex 18

 “Funding Date” has the meaning ascribed to it in Section 6.2.

 “Funds Control Event” has the meaning ascribed to it in Section 2.8. 

“Funds Control Event Period” has the meaning ascribed to it in Section 2.8. 

“GAAP” means generally accepted accounting principles in the United States of America, consistently applied. 

“GB Merchant” means GB Merchant Partners, LLC, a Delaware limited liability company. 

“General Intangibles” means “general intangibles,” as such term is defined in the Code, now owned or hereafter
acquired by Great Lakes or any of its Subsidiaries, including all right, title and interest that Great Lakes or any of its Subsidiaries may now or hereafter have in or under any Contractual Obligation, all payment intangibles, customer lists,
Licenses, Copyrights, Trademarks, Patents, and all applications therefor and reissues, extensions or renewals thereof, rights in Intellectual Property, interests in partnerships, joint ventures and other business associations, licenses, permits,
copyrights, trade secrets, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures, designs, knowledge, know how, software, data bases, data, skill, expertise, experience,
processes, models, drawings, materials and records, goodwill (including the goodwill associated with any Trademark or Trademark License), all rights and claims in or under insurance policies (including insurance for fire, damage, loss and casualty,
whether covering personal property, real property, tangible rights or intangible rights, all liability, life, and business interruption insurance, and all unearned premiums), uncertificated securities, chooses in action, deposit, checking and other
bank accounts, rights to receive tax refunds and other payments, rights to receive dividends, distributions, cash, Instruments and other property in respect of or in exchange for pledged Stock and Investment Property, rights of indemnification, all
books and records, correspondence, credit files, invoices and other papers, including all tapes, cards, computer runs and other papers and documents in the possession or under the control of Great Lakes or any of its Subsidiaries, or any computer
bureau or service company from time to time acting for Great Lakes or any of its Subsidiaries. 
 “Goods” means
any “goods,” as such term is defined in the Code, now owned or hereafter acquired by Great Lakes or any of its Subsidiaries, wherever located, including embedded software to the extent included in “goods” as defined in the Code,
manufactured homes, standing timber that is cut and removed for sale and unborn young of animals. 
 “Governing
Documents” means the certificate of formation, articles or certificate of incorporation, by-laws, articles or certificate of organization, partnership agreement, operating agreement, or other organizational or governing documents of any
Person. 

  
 Annex 19

 “Governmental Authority” means any nation or government, any state or other
political subdivision thereof, and any agency, department or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Great Lakes” has the meaning ascribed to such term in the preamble to the Agreement. 

“Guaranteed Indebtedness” means, as to any Person, any obligation of such Person guaranteeing, providing comfort or
otherwise supporting any Indebtedness, lease, dividend, or other obligation (“primary obligation”) of any other Person (the “primary obligor”) in any manner, including any obligation or arrangement of such Person to
(a) purchase or repurchase any such primary obligation, (b) advances or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or
otherwise to maintain the net worth or solvency or any balance sheet condition of the primary obligor, (c) purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability
of the primary obligor to make payment of such primary obligation, (d) protect the beneficiary of such arrangement from loss (other than product warranties given in the ordinary course of business) or (e) indemnify the owner of such
primary obligation against loss in respect thereof. The amount of any Guaranteed Indebtedness at any time shall be deemed to be an amount equal to the lesser at such time of (x) the stated or determinable amount of the primary obligation in
respect of which such Guaranteed Indebtedness is incurred and (y) the maximum amount for which such Person may be liable pursuant to the terms of the instrument embodying such Guaranteed Indebtedness, or, if not stated or determinable, the
maximum reasonably anticipated liability (assuming full performance) in respect thereof. 
 “Hazardous
Material” means any substance, material or waste that is regulated by, or forms the basis of liability now or hereafter under, any Environmental Laws, including any material or substance that is (a) defined as a “solid
waste,” “hazardous waste,” “hazardous material,” “hazardous substance,” “dangerous goods,” “extremely hazardous waste,” “restricted hazardous waste,” “pollutant,”
“contaminant,” “hazardous constituent,” “special waste,” “toxic substance” or other similar term or phrase under any Environmental Laws, or (b) petroleum or any fraction or by product thereof, asbestos,
polychlorinated biphenyls (PCB’s), or any radioactive substance. 
 “Indebtedness” means, with respect to
any Person, without duplication (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property payment for which is deferred six (6) months or more, but excluding obligations to trade creditors
incurred in the ordinary course of business that are unsecured and not overdue by more than six (6) months unless being contested in good faith, (b) all reimbursement and other obligations with respect to letters of credit, bankers’
acceptances and surety bonds, whether or not matured, (c) all obligations evidenced by notes, bonds, debentures or similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement
with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations
and the present value of future rental payments under all synthetic leases, (f) all obligations of such Person under commodity purchase or option agreements or other commodity price hedging arrangements, in each case whether

  
 Annex 20

 
contingent or matured, (g) all net payment obligations of such Person under any foreign exchange contract, currency swap agreement, interest rate swap, cap or collar agreement or other
similar agreement or arrangement designed to alter the risks of that Person arising from fluctuations in currency values or interest rates, in each case whether contingent or matured, (h) all Indebtedness referred to above secured by (or for
which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in property or other assets (including accounts and contract rights) owned by such Person, even though such Person has not
assumed or become liable for the payment of such Indebtedness, (i) “earnouts” and similar payment obligations excluding bonus, phantom stock or other similar compensation payments owed to employees, or officers and incurred in the
ordinary course of business, and (j) the Obligations. 
 “Indemnified Taxes” means (a) Taxes, other
than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Great Lakes under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitees” has the meaning ascribed to it in Section 9.1. 

“Instruments” means all “instruments,” as such term is defined in the Code, now owned or hereafter acquired by
Great Lakes or any of its Subsidiaries, wherever located, and, in any event, including all certificated securities, all certificates of deposit, and all promissory notes and other evidences of indebtedness, other than instruments that constitute, or
are a part of a group of writings that constitute, Chattel Paper. 
 “Intellectual Property” means any and all
Licenses, Patents, Copyrights, Trademarks, and the goodwill associated with such Trademarks. 
 “International
Interests” means “International Interests” as defined in the Cape Town Convention. 
 “International
Registry” means “International Registry” as defined in the Cape Town Convention. 
 “Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal
moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief. 
 “Interest Expense” means, for any period, the aggregate of the interest expense of Great Lakes for such period, determined on a consolidated basis in accordance with GAAP. 

“Interest Payment Date” means the first Business Day of each month; provided, that, each of (x) the date upon which
the Revolving Loan Commitments have been terminated and the Loans have been paid in full and (y) the Maturity Date shall be deemed to be an “Interest Payment Date” with respect to any interest that has then accrued under the
Agreement. 

  
 Annex 21

 “Inventory” means any “inventory,” as such term is defined in the
Code, now owned or hereafter acquired by Great Lakes or any of its Subsidiaries, wherever located, including inventory, merchandise, goods and other personal property that are held by or on behalf of Great Lakes or its Subsidiaries for sale or lease
or are furnished or are to be furnished under a contract of service, or that constitute raw materials, work in process, finished goods, returned goods, supplies or materials of any kind, nature or description used or consumed or to be used or
consumed in Great Lakes’ or any of its Subsidiary’s business or in the processing, production, packaging, promotion, delivery or shipping of the same, including all supplies and embedded software. 

“Investment” means (i) any direct or indirect purchase or other acquisition by Great Lakes or any of its
Subsidiaries of any Stock, or other ownership interest in, any other Person, and (ii) any direct or indirect loan, advance or capital contribution by Great Lakes or any of its Subsidiaries to any other Person, including all indebtedness and
accounts receivable from that other Person that are not current assets or did not arise from sales to that other Person in the ordinary course of business. 
 “Investment Property” means all “investment property,” as such term is defined in the Code, now owned or hereafter acquired by Great Lakes or any of its Subsidiaries, wherever
located, including: (i) all securities, whether certificated or uncertificated, including stocks, bonds, interests in limited liability companies, partnership interests, treasuries, certificates of deposit, and mutual fund shares; (ii) all
securities entitlements of Great Lakes or any of its Subsidiaries, including the rights of Great Lakes or any of its Subsidiaries to any securities account and the financial assets held by a securities intermediary in such securities account and any
free credit balance or other money owing by any securities intermediary with respect to that account; (iii) all securities accounts of Great Lakes or any of its Subsidiaries; (iv) all commodity contracts of Great Lakes or any of its
Subsidiaries; and (v) all commodity accounts held by Great Lakes or any of its Subsidiaries. 
 “IRC”
means the Internal Revenue Code of 1986, as amended, and all regulations promulgated thereunder. 
 “IRS” means
the United States Internal Revenue Service. 
 “Lenders” means Crystal, GB Merchant, and if any such Lender
shall decide to assign all or any portion of the Obligations, such term shall include any assignee of such Lender. 

“Leverage Ratio” means, as of any date of determination the result of (a) the amount of Great Lakes’ and each
of its Subsidiaries’ Funded Debt as of such date, to (b) Great Lakes’ and each of its Subsidiaries’ EBITDA for the 12 month period ended as of such date. 
 “LIBOR Business Day” means a Business Day on which banks in London, England are generally open for interbank or foreign exchange transactions. 

“LIBOR Loans” means a Loan or any portion thereof bearing interest by reference to the LIBOR Rate. 

  
 Annex 22

 “LIBOR Rate” shall mean, subject to availability, a rate per annum equal to
the offered British Bankers’ Association interest settlement rates for deposits in Dollars for a thirty (30) day period quoted by The Wall Street Journal two (2) Business Days prior to the first day of each month (but if no
such offered rate exists, such rate will be the rate of interest per annum, as determined by the Agents at which deposits of Dollars in immediately available funds are offered at 11:00 A.M. (London, England time) two (2) Business Days prior to
the first day in each month by major financial institutions reasonably satisfactory to the Agents in the London interbank market for the applicable principal amount on such date of determination). 

“License” means any Copyright License, Patent License, Trademark License or other license of rights or interests now
held or hereafter acquired by Great Lakes or any of its Subsidiaries. 
 “Lien” means any mortgage or deed of
trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including any lease or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the
Code or comparable law of any jurisdiction). 
 “Litigation” has the meaning ascribed to it in
Section 4.3(i). 
 “Loan Documents” means the Agreement, the Notes, the Collateral Documents, the
Subordination Agreements, any other subordination provisions applicable to any Subordinated Debt and intercreditor provisions applicable to any Indebtedness that is pari passu in right of payment to the Obligations and all other agreements,
instruments, documents and certificates executed and delivered to, or in favor of, each or both Agents or any Lenders and including all other pledges, powers of attorney, consents, assignments, contracts, notices, and all other written matter
whether heretofore, now or hereafter executed by or on behalf of Great Lakes, or any employee of Great Lakes, and delivered to each Agent or any Lender in connection with the Agreement or the transactions contemplated thereby. Any reference in the
Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to the Agreement or such Loan Document
as the same may be in effect at any and all times such reference becomes operative. 
 “Loans” means the
Revolving Loans and the Term Loan. 
 “Material Adverse Effect” means a material adverse effect on (a) the
business, assets, operations, prospects or financial or other condition of Great Lakes considered as a whole, (b) Great Lakes’ ability to pay any of the Loans or any of the other Obligations in accordance with the terms of the Agreement,
(c) the Collateral or Collateral Agent’s Liens on behalf of the Lenders, on the Collateral or the priority of such Liens, or (d) Agents’ or any Lender’s rights and remedies under the Agreement and the other Loan Documents.

  
 Annex 23

 “Material Contract” means the (i) CodeShare Agreement, dated
September 1, 2011, between Great Lakes and United Air Lines, Inc., (ii) Code Share Agreement, dated May 3, 2001, between Great Lakes and Frontier Airlines, Inc., (iii) agreements between Great Lakes and Dash Group, Inc., and
(iv) any other agreement or contract of Great Lakes or any of its Subsidiaries the termination, cancellation or suspension of which could reasonably be expected to have a Material Adverse Effect. 

“Maturity Date” means the earliest of (a) November 16, 2015, (b) the date of termination of Revolving
Lenders’ obligations to make Revolving Loans or permit existing Loans to remain outstanding pursuant to Section 7.3, and (c) the date of indefeasible prepayment in full by Great Lakes of the Obligations. 

“Maximum Amount” means, as of any date of determination, an amount equal to the Revolving Loan Commitment of all
Revolving Lenders as of that date. 
 “Maximum Lawful Rate” has the meaning ascribed to it in
Section 1.2(e). 
 “Moody’s” means Moody’s Investor’s Services, Inc. 

“Mortgage” means, individually and collectively, one or more mortgages, deeds of trust, or deeds to secure debt,
executed and delivered by Great Lakes in favor of Collateral Agent, in form and substance reasonably satisfactory to each Agent, that encumber the Real Property Collateral. 
 “Mortgagee Agreements” means each mortgagee agreement or acknowledgement agreement of any mortgagee or other Person in possession of, having a Lien upon, or having rights or interests in
Great Lakes’ books and records, Equipment, Inventory, Aircraft, Spare Engine, Engines, Spare Propeller, Propellers or Spare Parts, in each case, in form and substance reasonably satisfactory to each Agent. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, and to which
Great Lakes or any of its Subsidiaries or ERISA Affiliate is making, is obligated to make or has made or been obligated to make, contributions on behalf of participants who are or were employed by any of them. 

“Net Liquidation Percentage” means the percentage of the book value of Great Lakes’ Inventory, Aircraft and Spare
Engines, as applicable, that is estimated to be recoverable in an orderly liquidation of such Inventory, Aircraft and Spare Engines, as applicable, net of all associated costs and expenses of such liquidation, such percentage to be as determined
from time to time by an appraisal company selected by Agents. 
 “Net Proceeds” means (i) cash proceeds
received by Great Lakes or any of its Subsidiaries from any Asset Disposition or Casualty Event (including insurance proceeds and awards of condemnation in connection with any Casualty Event and payments under notes or other debt securities received
in connection with any Asset Disposition), net of (a) the costs of such Asset Disposition (including taxes attributable to such sale, lease or transfer) and any commissions and other reasonable customary transaction fees, costs and expenses,
other than any costs, fees or expenses payable to any Affiliate of Great Lakes (b) amounts applied to repayment 

  
 Annex 24

 
of Indebtedness (other than the Obligations) secured by a Lien permitted under the Agreement on the asset or property disposed, and (c) any amounts required to be held in escrow until such
time as such amounts are released from escrow whereupon such amounts shall be considered Net Proceeds and (ii) cash proceeds received by Great Lakes or any of its Subsidiaries from any issuance or incurrence of any Indebtedness, or the issuance
by Great Lakes or any of its Subsidiaries of any shares of their respective Stock net of the costs of such incurrence or issuance (including taxes attributable to such incurrence or issuance) and any commissions and other reasonable customary
transaction fees, costs and expenses, other than any costs, fees or expenses payable to any Affiliate of Great Lakes. 

“Non-Consenting Lender” has the meaning ascribed to it in Section 9.19(c). 

“Notes” means, collectively, the Revolving Notes and the Term Notes. 

“Notice of Revolving Loan” has the meaning ascribed to it in Section 1.1(a)(iv). 

“Obligations” means all Loans, debts, liabilities and obligations, for the performance of covenants, tasks or duties or
for payment of monetary amounts (whether or not such performance is then required or contingent, or such amounts are liquidated or determinable), owing by Great Lakes to Agents or any Lender (including any expenses reimbursable pursuant to the terms
of the Loan Documents), and all covenants and duties regarding such amounts, of any kind or nature, present or future, whether or not evidenced by any note, agreement or other instrument, arising under the Agreement or any of the other Loan
Documents. This term includes all principal, interest (including all interest that accrues after the commencement of any case or proceeding by or against Great Lakes in bankruptcy, whether or not allowed in such case or proceeding), Fees, Charges,
expenses, attorneys’ fees and any other sum chargeable to Great Lakes under the Agreement or any of the other Loan Documents. 
 “OFAC” has the meaning ascribed to it in Section 5.19. 
 “Originating Lender” has the meaning ascribed to it in Section 8.1(b). 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax
(other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant
to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 
 “Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the
receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to
Section 9.19). 
 “Outstation Accounts” has the meaning ascribed to it in
Section 2.8(b). 

  
 Annex 25

 “Participant” has the meaning ascribed to it in Section 8.1(b).

 “Participant Register” has the meaning ascribed to it in Section 8.1(b). 

“Patent License” means rights under any written agreement now owned or hereafter acquired by Great Lakes granting any
right with respect to any invention on which a Patent is in existence. 
 “Patent Security Agreements” means
any Patent Security Agreement made in favor of Collateral Agent, on behalf of the Lenders, by Great Lakes. 

“Patents” means all of the following in which Great Lakes now holds or hereafter acquires any interest: (a) all
letters patent of the United States or any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or of any other country, including registrations, recordings and applications in the
United States Patent and Trademark Office or in any similar office or agency of the United States, any State or any other country, and (b) all reissues, continuations, continuations in part or extensions thereof. 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Plan” means a Plan described in Section 3(2) of ERISA. 

“Permit” means any permit, approval, authorization, license, registration, certification, certificate of authority,
variance, permission, franchise, qualification, order, filing or consent required from a Governmental Authority or other Person under an applicable Requirement of Law. 
 “Permitted Assignee” shall mean (a) an Agent, any Lender or any of their direct or indirect Affiliates; (b) a federal or state chartered bank, a United States branch of a
foreign bank, an insurance company, or any finance company or fund generally engaged in the business of making commercial loans; (c) any fund that is administered or managed by any Agent or any Lender, an Affiliate of any Agent or any Lender or
a related entity; (d) any Person to whom any Agent or any Lender assigns its rights and obligations under this Agreement as part of an assignment and transfer of such Agent’s or Lender’s rights in and to a material portion of such
Agent’s or Lender’s portfolio of credit facilities; or (e) any Person approved by the Agents. 

“Permitted Discretion” means a determination made in the exercise of commercially reasonable business judgment.

 “Permitted Encumbrances” has the meaning ascribed to it in Section 3.2. 

“Permitted Indebtedness” has the meaning ascribed to it in Section 3.1. 

“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization,
association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local, foreign, or otherwise, including any instrumentality, division, agency,
body or department thereof). 

  
 Annex 26

 “Plan” means, at any time, an “employee benefit plan,” as defined
in Section 3(3) of ERISA, that Great Lakes or any of its Subsidiaries or ERISA Affiliate maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were employed by Great Lakes. 

“Prepayment Fee” has the meaning ascribed to it in Section 1.3(c). 

“Pro Forma” means the unaudited consolidated and consolidating balance sheets of Great Lakes and its Subsidiaries
prepared in accordance with GAAP as of the Closing Date after giving effect to the Loans. 
 “Pro Rata Share”
means with respect to all matters relating to any Lender (a) with respect to the Revolving Loan, the percentage obtained by dividing (i) the Revolving Loan Commitment of such Revolving Lender by (ii) the aggregate Revolving Loan
Commitments of all Revolving Lenders, (b) with respect to the Term Loan, the percentage obtained by dividing (i) the Term Loan Commitment of such Term Loan Lender by (ii) the aggregate Term Loan Commitments of all Term Loan Lenders,
(c) with respect to all Loans, the percentage obtained by dividing (i) the aggregate Commitments of that Lender by (ii) the aggregate Commitments of all Lenders, and (d) with respect to all Loans on and after the Maturity Date,
the percentage obtained by dividing (i) the aggregate outstanding principal balance of the Loans held by that Lender, by (ii) the outstanding principal balance of the Loans held by all Lenders, as any such percentages may be adjusted by
assignments pursuant to Section 8.1. 
 “Proceeds” means all “proceeds” as such term is
defined in the Code. 
 “Projections” means Great Lakes’ and its Subsidiaries forecasted consolidated and
consolidating: (a) balance sheets; (b) profit and loss statements; (c) cash flow statements; and (d) capitalization statements, all prepared on a Subsidiary by Subsidiary or division-by-division basis, if applicable, and
otherwise consistent with the historical Financial Statements of Great Lakes, together with appropriate supporting details and a statement of underlying assumptions. 
 “Propeller” includes a part, appurtenance, and accessory of a propeller. 
 “Proposed Change” has the meaning ascribed to it in Section 9.19(c). 
 “Protective Advance” has the meaning ascribed to it in Section 1.1(d)(i). 
 “Purchasing Lender” has the meaning ascribed to it in Section 8.1(c). 
 “Qualified Airport” means an “eligible place” as defined pursuant to the Essential Air Service Program, or such other term used to refer to an airport which qualifies air
carriers for Essential Air Service Subsidies for the provision of Qualified Services. 
 “Qualified Cash”
means, as of any date of determination, the amount of unrestricted cash and Cash Equivalents of Great Lakes and its Subsidiaries that is in Deposit Accounts or in Securities Accounts, or any combination thereof, and which such Deposit Account or
Securities Account is the subject of a Control Agreement and is maintained by a branch office of the bank or securities intermediary located within the United States. 

  
 Annex 27

 “Qualified Plan” means a Pension Plan that is intended to be tax-qualified
under Section 401(a) of the IRC. 
 “Qualified Services” means air transportation or other services to a
Qualified Airport at such levels as prescribed by the terms of the Essential Air Service Program. 
 “Real
Estate” has the meaning ascribed to it in Section 5.12. 
 “Real Property Collateral”
means the Real Property identified on Schedule R-1 and any Real Property hereafter acquired by Great Lakes or its Subsidiaries. 

“Recipient” means (a) either Agent or (b) any Lender, as applicable. 

“Register” has the meaning ascribed to it in Section 1.7. 

“Release” means any release, threatened release, spill, emission, leaking, pumping, pouring, emitting, emptying, escape,
injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material in the indoor or outdoor environment, including the movement of Hazardous Material through or in the air, soil, surface water, ground water or
property. 
 “Replacement Engine” means any engine substituted for an Engine or Spare Engine. 

“Replacement Lender” has the meaning ascribed to it in Section 9.19(a). 

“Requirements of Law” means, as to any Person, the Governing Documents of such Person, and any law, ordinance, policy,
manual provision, guidance, principle of common law, statute, rule or regulation, or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its assets or to which
such Person or any of its assets is subject including, without limitation, any Aircraft Law, the Securities Act, the Securities Exchange Act, Regulations T, U and X of the Federal Reserve Board, ERISA, the Fair Labor Standards Act, the Worker
Adjustment and Retraining Notification Act, Americans with Disabilities Act of 1990, the Social Security Act, any Environmental Law, and any certificate of occupancy, zoning ordinance, building, environmental or land use requirement or Permit or
environmental, labor, employment, occupational safety or health law, rule or regulation. 
 “Requisite Lenders”
means Lenders having (a) more than 50% of (i) the aggregate principal amount of outstanding Loans plus (ii) the aggregate amount of undrawn Revolving Loan Commitments, or (b) if the Revolving Loan Commitments have been
terminated, more than 50% of the aggregate outstanding amount of the Loans; provided that, at anytime when there are solely two (2) Lenders (for avoidance of doubt any Lender together with its Affiliates constituting a single Lender),
Requisite Lenders shall mean both such Lenders. 
 “Requisite Revolving Lenders” means Revolving Lenders having
(a) more than 50% of the Revolving Loan Commitments of all Revolving Lenders, or (b) if the Revolving Loan Commitments have been terminated, more than 50% of the aggregate outstanding amount of the Revolving Loan. 

  
 Annex 28

 “Revolving Lenders” means those Revolving Lenders having a Revolving Loan
Commitment. 
 “Revolving Loan Commitment” means (a) as to any Revolving Lender, the commitment of such
Revolving Lender to make its Pro Rata Share of Revolving Loans as set forth on Annex B or in the most recent Assignment Agreement, if any, executed by such Revolving Lender and (b) as to all Revolving Lenders, the aggregate commitment of
all Revolving Lenders to make the Revolving Loans, which aggregate commitment shall be TEN MILLION DOLLARS ($10,000,000) on the Closing Date, as such amount may be adjusted, if at all, from time to time in accordance with the Agreement. 

“Revolving Loans” has the meaning ascribed to it in Section 1.1(a). 

“Revolving Notes” has the meaning ascribed to it in Section 1.1(a). 

“Restricted Payment” means, with respect to Great Lakes (a) the declaration or payment of any dividend or the
incurrence of any liability to make any other payment or distribution of cash or other property or assets in respect of Stock; (b) any payment on account of the purchase, redemption, defeasance, sinking fund or other retirement of Great
Lakes’ Stock or any other payment or distribution made in respect thereof, either directly or indirectly, except payments made to repurchase the Stock of Great Lakes held by Raytheon Aircraft Credit Corp. and its affiliates, as permitted by
Section 3.20(a)(ii); (c) any payment or prepayment of principal of, premium, if any, or interest, fees or other charges on or with respect to, and any redemption, purchase, retirement, defeasance, sinking fund or similar payment and
any claim for rescission with respect to, any Subordinated Debt; (d) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire Stock of Great Lakes
now or hereafter outstanding; (e) any payment of a claim for the rescission of the purchase or sale of, or for material damages arising from the purchase or sale of, any shares of Great Lakes’ Stock or of a claim for reimbursement,
indemnification or contribution arising out of or related to any such claim for damages or rescission; (f) any payment, loan, contribution, or other transfer of funds or other property to any Stockholder of Great Lakes other than payment of
compensation in the ordinary course of business to Stockholders who are employees of Great Lakes and other payments permitted under Section 3.8; and (g) any payment of management fees (or other fees of a similar nature) or
out-of-pocket expenses in connection therewith by Great Lakes to any Stockholder of Great Lakes or its Affiliates. 

“Retiree Welfare Plan” means, at any time, a Welfare Plan that provides for continuing coverage or benefits for any
participant or any beneficiary of a participant after such participant’s termination of employment, other than continuation coverage provided pursuant to Section 4980B of the IRC and at the sole expense of the participant or the
beneficiary of the participant. 
 “Sanctioned Entity” means (a) a country or a government of a country,
(b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, (d) a Person resident in or determined to be resident in a country, in each case, that is subject to a
country sanctions program administered and enforced by OFAC. 

  
 Annex 29

 “Sanctioned Person” means a person named on the list of Specially
Designated Nationals maintained by OFAC. 
 “Scheduled Installments” has the meaning ascribed to it in
Section 1.1(b). 
 “Security Agreements” means (i) the Security Agreement of even date
herewith entered into by and among Great Lakes and the Collateral Agent, on behalf of the Lenders, and Great Lakes that is a signatory thereto and (ii) the Aircraft Security Agreement. 

“S&P” means Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc.

 “Settlement” has the meaning ascribed to it in Section 1.1(e). 

“Settlement Date” has the meaning ascribed to it in Section 1.1(e). 

“Software” means all “software” as such term is defined in the Code, now owned or hereafter acquired by Great
Lakes, other than software embedded in any category of Goods, including all computer programs and all supporting information provided in connection with a transaction related to any program. 

“Solvent” means, with respect to any Person on a particular date, that on such date (a) the fair value of the
property of such Person is greater than the total amount of liabilities, including subordinated and contingent liabilities, of such Person; (b) the present fair saleable value of the assets of such Person is not less than the amount that will
be required to pay the probable liability of such Person on its debts and liabilities, including subordinated and contingent liabilities as they become absolute and matured; (c) such Person does not intend to, and does not believe that it will,
incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (d) such Person is not engaged in a business or transaction, and is not about to engage in a business or transaction, for which such
Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities (such as Litigation, guaranties and pension plan liabilities) at any time shall be computed as the amount that, in light of all the facts and
circumstances existing at the time, represents the amount that can be reasonably be expected to become an actual or matured liability. 
 “Spare Engine” means (i) each of the engines listed by manufacturer, model and manufacturer’s serial numbers in the Aircraft Security Agreement, and whether or not either
initially or from time to time installed on any Aircraft; (ii) any Replacement Engine which may from time to time be substituted for any such Spare Engines pursuant to the terms of the Aircraft Security Agreement; and (iii) in either case,
any and all parts which are from time to time incorporated or installed in or attached to any such Spare Engine (including, without limitation, the portion of any quick engine change kits installed thereon) and any and all parts removed therefrom.

 “Spare Part” means an accessory, appurtenance, or part of an aircraft (except an Engine or
Propeller), Engine (except a Propeller), Propeller, or Appliance, that is to be installed at a later time in an Aircraft, Engine, Propeller or Appliance. 

  
 Annex 30

 “Spare Propeller” means a part, appurtenance, and accessory of a propeller
installed from time to time on any Aircraft. 
 “Statement” has the meaning ascribed to it in
Section 4.3(c). 
 “Stock” means all shares, options, warrants, general or limited partnership
interests, membership interests or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock or any other
“equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934). 

“Stockholder” means, with respect to any Person, each holder of Stock of such Person. 

“Subordination Agreements” means each subordination and intercreditor agreement (or similar document) entered into by
either or both of the Agents, Great Lakes and a selling party or parties who have extended Subordinated Debt to Great Lakes. 

“Subordinated Debt” means Indebtedness of Great Lakes which has been subordinated to the payment and performance of the
Obligations on terms and conditions acceptable to each Agent and Requisite Lenders. 
 “Subsidiary” means, with
respect to any Person, (a) any corporation of which an aggregate of more than 100% of the outstanding Stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time,
Stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned legally or beneficially by such Person or one or more
Subsidiaries of such Person, or with respect to which any such Person has the right to vote or designate the vote of 100% or more of such Stock whether by proxy, agreement, operation of law or otherwise, and (b) any partnership or limited
liability company in which such Person and/or one or more Subsidiaries of such Person shall have an interest (whether in the form of voting or participation in profits or capital contribution) of more than 100% or of which any such Person is a
general partner or may exercise the powers of a general partner. 
 “Taxes” means all present or future taxes,
levies, imposts, duties, deductions, withholding (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan” has the meaning ascribed to it in Section 1.1(b). 

“Term Loan Commitment” means (a) as to any Term Loan Lender, the commitment of such Term Loan Lender to make its
Pro Rata Share of the Term Loan (as set forth on Annex B) or in the most recent Assignment Agreement, if any, executed by such Term Loan Lender and (b) as to all Term Loan Lenders, the aggregate commitment of all Term Loan Lenders to
make the Term Loan, which aggregate commitment shall be TWENTY FOUR MILLION DOLLARS ($24,000,000) on the Closing Date. The Term Loan Commitment shall terminate in full upon the making of the Term Loan on the Closing Date. 

  
 Annex 31

 “Term Loan Formula” means: 

(i) the lesser of (a) $24,000,000 and (b) 65% of the Net Liquidation Percentage of Eligible Aircraft of Great Lakes,
minus 
 (ii) reserves, if any, established by either Agent under Section 1.1(a). 

“Term Loan Lenders” means those Term Loan Lenders having Term Loan Commitments and on and after the Closing Date hold
any portion of the Term Loan. 
 “Term Loan Suppression Amount” means the outstanding principal amount of the
Term Loan minus the Term Loan Formula. 
 “Term Notes” has the meaning ascribed to it in Section 1.1(b)

 “Threshold Amount” has the meaning ascribed to it in Section 1.5(d). 

“Title IV Plan” means a Pension Plan (other than a Multiemployer Plan), that is covered by Title IV of ERISA, and that
Great Lakes or ERISA Affiliate maintains, contributes to or has an obligation to contribute to on behalf of participants who are or were employed by any of them. 
 “Trademark License” means rights under any written agreement now owned or hereafter acquired by Great Lakes granting any right to use any Trademark. 

“Trademark Security Agreement(s)” means any Trademark Security Agreement(s) made in favor of Collateral Agent, on behalf
of the Lenders, by Great Lakes. 
 “Trademarks” means all of the following now owned or hereafter adopted or
acquired by Great Lakes: (a) all trademarks, trade names, corporate names, business names, trade styles, service marks, logos, internet domain names, other source or business identifiers, prints and labels on which any of the foregoing have
appeared or appear, designs and general intangibles of like nature (whether registered or unregistered), all registrations and recordings thereof, and all applications in connection therewith, including registrations, recordings and applications in
the United States Patent and Trademark Office or in any similar office or agency of the United States, any state or territory thereof, or any other country or any political subdivision thereof; (b) all reissues, extensions or renewals thereof;
and (c) all goodwill associated with or symbolized by any of the foregoing. 
 “Unfunded Pension
Liability” means, at any time, the aggregate amount, if any, of the sum of (a) the amount by which the present value of all accrued benefits under each Title IV Plan exceeds the fair market value of all assets of such Title IV Plan
allocable to such benefits in accordance with Title IV of ERISA, all determined as of the most recent valuation date for each such Title IV Plan using the actuarial assumptions for funding purposes in effect under such Title IV Plan, and
(b) for a period of 5 years following a transaction which might reasonably be expected to be covered by Section 4069 of ERISA, the liabilities (whether or not accrued) that could be avoided by Great Lakes or any ERISA Affiliate as a result
of such transaction. 

  
 Annex 32

 “Unused Line Fee” has the meaning ascribed to it in
Section 1.3(b). 
 “U.S. Person” means any Person that is a United States Person as defined in
Section 7701(a)(30) of the IRC. 
 “U.S. Tax Compliance Certificate” has the meaning ascribed to such term
in Section 1.9. 
 “Welfare Plan” means a Plan described in Section 3(l) of ERISA. 

“Withholding Agent” means Great Lakes and each Agent. 

Rules of construction with respect to accounting terms used in the Agreement or the other Loan Documents shall be as set forth or
referred to in this Annex A. All other undefined terms contained in any of the Loan Documents shall, unless the context indicates otherwise, have the meanings provided for by the Code to the extent the same are used or defined therein; in the
event that any term is defined differently in different Articles or Divisions of the Code, the definition contained in Article or Division 9 shall control. Unless otherwise specified, references in the Agreement or any of the Appendices to a
Section, subsection or clause refer to such Section, subsection or clause as contained in the Agreement. The words “herein,” “hereof” and “hereunder” and other words of similar import refer to the Agreement as a whole,
including all Annexes, Exhibits and Schedules, as the same may from time to time be amended, restated, modified or supplemented, and not to any particular section, subsection or clause contained in the Agreement or any such Annex, Exhibit or
Schedule. 
 Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include
the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, feminine and neuter genders. The words “including”, “includes” and “include” shall be deemed to
be followed by the words “without limitation”; the word “or” is not exclusive; references to Persons include their respective successors and assigns (to the extent and only to the extent permitted by the Loan Documents) or, in
the case of governmental Persons, Persons succeeding to the relevant functions of such Persons; and all references to statutes and related regulations shall include any amendments of the same and any successor statutes and regulations. Whenever any
provision in any Loan Document refers to the knowledge (or an analogous phrase) of Great Lakes, such words are intended to signify that Great Lakes has actual knowledge or awareness of a particular fact or circumstance or that Great Lakes, if it had
exercised reasonable diligence, would have known or been aware of such fact or circumstance. 

  
 Annex 33

 ANNEX B 
 COMMITMENTS 
  

									
	 Lender
	  	Term Loan Commitment	 	  	Revolving Loan Commitment	 
	 Crystal Financial SPV LLC
	  	$	12,000,000	  	  	$	0	  
	 Crystal Financial LLC
	  	$	0	  	  	$	5,000,000	  
	 1903 Onshore Funding, LLC
	  	$	12,000,000	  	  	$	5,000,000	  
	 Total
	  	$	24,000,000	  	  	$	10,000,000	  

  
 Annex 1

 Annex C 
 TO 
 CREDIT AGREEMENT 

COMPLIANCE CERTIFICATE 

Date:                     ,
             
 This Certificate is given by Great Lakes
Aviation, Ltd. (“Great Lakes”) pursuant to Section 4.3(l) of that certain Credit Agreement dated as of November 16, 2011 among Great Lakes, the Lenders from time to time party thereto, GB Merchant Partners, LLC, as
Collateral Agent, and Crystal Financial LLC, as Administrative Agent (as such agreement may have been amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein
without definition shall have the meanings set forth in the Credit Agreement. 
 The undersigned is duly authorized to execute
and deliver this Certificate on behalf of Great Lakes. By executing this Certificate such officer hereby certifies to each Agent and Lenders that: 
 (a) the financial statements delivered with this Certificate in accordance with Section 4.3(a), 4.3(b) and/or 4.3(c) of the Credit Agreement fairly present in all material
respects the results of operations and financial condition of Great Lakes and its Subsidiaries as of the dates of such financial statements; 
 (b) I have reviewed the terms of the Credit Agreement and have made, or caused to be made under my supervision, a review in reasonable detail of the transactions and conditions of Great Lakes and its
Subsidiaries during the accounting period covered by such financial statements; 
 (c) such review has not disclosed the
existence during or at the end of such accounting period, and I have no knowledge of the existence as of the date hereof, of any condition or event that constitutes a Default or an Event of Default, except as set forth on Schedule 1 hereto,
which includes a description of the nature and period of existence of such Default or an Event of Default and what action Great Lakes have taken, are taking and propose to take with respect thereto; 

(d) except as set forth on Schedule 1 hereto, Great Lakes and its Subsidiaries are in compliance with the covenants contained in
Sections 3 and Section 4 of the Credit Agreement, as demonstrated on Schedule 1 hereto; and 
 (e)
Excess Cash Flow, as demonstrated by the calculation on Schedule 2 hereto, for the Fiscal Quarter ending                      equals
$                . 

  
 Annex 1

 (f) except as set forth on Schedule 3 hereto, subsequent to the date of the most
recent Certificate submitted by Great Lakes pursuant to Section 4.3(l) of the Credit Agreement, Great Lakes has not (i) changed its name as it appears in official filings in the jurisdiction of its organization, (ii) changed
its chief executive office, principal place of business, corporate offices, warehouses or locations at which Collateral is held or stored, or the location of its records concerning Collateral, (iii) changed the type of entity that it is,
(iv) changed (or has had changed) its organization identification number, if any, issued by its jurisdiction of organization, (v) changed its jurisdiction of organization, (vi) changed the end of its Fiscal Year, or (vii) formed
any new Subsidiary or entered into any partnership or joint venture with any other Person; and 
 (g) except as set forth on
Schedule 4 hereto, subsequent to the date of the most recent Certificate submitted by Great Lakes pursuant to Section 4.3(l) of the Credit Agreement, there has been no event which would alter any of the disclosures set forth on
Schedule 5.4(b) of the Credit Agreement. 
 IN WITNESS WHEREOF, Great Lakes has caused this Certificate to be executed by
its                          this          day of
                ,         . 

 

			
	Great Lakes Aviation, Ltd.
		
	By	 	 
	Its	 	 

  
 Annex 2

 SCHEDULE 1 
 CONDITIONS OR EVENTS WHICH CONSTITUTE 
 A DEFAULT OR EVENT OF DEFAULT

 [If any condition or event exists that constitutes a Default or Event of Default, specify nature and period of existence and what action
Great Lakes has taken, is taking or proposes to take with respect thereto; if no condition or event exists, state “None.”] 

  
 Annex 3

 SCHEDULE 1 
 MAXIMUM LEVERAGE RATIO 
 (Section 4.1) 

 

									
	 For purposes of Section 4.1 of the Credit Agreement, Leverage Ratio is calculated as follows:
	  				  			
			
	 (a) The sum of:
	  				  	 	________	  
			
	 Funded Debt other than with respect to the Obligations as of the date of measurement
	  	 	________	  	  			
			
	 The Average Weekly Borrowing for the measurement period
	  	 	________	  	  			
			
	 Divided By:
	  				  			
			
	 (b) EBITDA for the twelve (12) month period ended as of such date:
	  				  	 	________	  
			
	 consolidated net earnings (or loss)
	  	 	________	  	  			
			
	 Less the sum of:
	  				  			
			
	 extraordinary gains 
	  	 	________	  	  			
			
	 interest income
	  	 	________	  	  			
			
	 Plus the sum of:
	  				  			
			
	 non-cash extraordinary losses
	  	 	________	  	  			
			
	 interest expense to the extent accrued or paid in cash
	  	 	________	  	  			
			
	 income taxes to the extent accrued or paid in cash
	  	 	________	  	  			
			
	 depreciation and amortization for such period
	  	 	________	  	  			
			
	 Leverage Ratio
	  				  	 	________	  
			
	 Maximum Leverage Ratio
	  				  	 	________	  
			
	 In Compliance
	  				  	 	Yes/No	  

  
 Annex 4

 SCHEDULE 1 
 CAPITAL EXPENDITURES 
 (Section 4.2) 

 

					
	 For purposes of Section 4.2 of the Credit Agreement, Capital Expenditures are calculated as follows:
	  			
		
	The aggregate of all expenditures by Great Lakes and its Subsidiaries during the measurement period that are capital expenditures as determined in accordance with GAAP, whether such
expenditures are paid in cash or financed	  	 	________	  
		
	 Less: any item customarily charged directly to expense or depreciated over a usefully life of twelve (12) months or less in
accordance with GAAP
	  	 	________	  
		
	 any capitalizable spares, rotables, upgrades (software or hardware) or other flight equipment related to any Aircraft
	  	 	________	  
		
	 an amount not to exceed $250,000 with respect to the Raddix reservation system license upgrade
	  			
		
	 Capital Expenditures
	  	 	________	  
		
	 Capital Expenditure Limit for such measurement period
	  	 	________	  
		
	 In Compliance
	  	 	Yes/No	  

  
 Annex 5

 SCHEDULE 2 
 EXCESS CASH FLOW 
 (Section 1.5) 

 

									
			
	 For purposes of Section 1.5 of the Credit Agreement, Excess Cash Flow is calculated as follows:
	  				  	 	________	  
			
	Trailing twelve month EBITDA (or year to date EBITDA with respect to the 2012 Excess Cash Flow payment, each as calculated per Schedule 4.1) measured as of the measurement
date	  				  			
			
	 Less the sum of:
	  				  	 	________	  
			
	 the cash portion of Interest Expense paid during such fiscal period 
	  	 	________	  	  			
			
	 the cash portion of income taxes paid during such period 
	  	 	________	  	  			
			
	 all scheduled principal payments made in respect of the Term Loan during such period 
	  	 	________	  	  			
			
	 the cash portion of Capital Expenditures made during such period 
	  	 	________	  	  			
			
	 solely to the extent included in the calculation of trailing twelve month EBITDA (or year to date EBITDA with regard to the 2012 Excess Cash Flow
payment), proceeds from a Casualty Event or Asset Disposition
	  				  			
			
	 Excess Cash Flow
	  				  	 	________	  

  
 Annex 6

 SCHEDULE 3 
 ORGANIZATION/LOCATION CHANGES 
 [If Great Lakes has (i) changed its name as it appears
in official filings in the state of its organization, (ii) changed its chief executive office, principal place of business, corporate offices, warehouses or locations at which Collateral is held or stored, or the location of its records
concerning Collateral, (iii) changed the type of entity that it is, (iv) changed (or has had changed) its organization identification number, if any, issued by its jurisdiction or organization, (v) changed its jurisdiction of
organization, (vi) changed the end of its Fiscal Year, or (vii) formed any new Subsidiary or entered into any partnership or joint venture with any Person, such change shall be specified below; if no such change has been made, state
“None.”] 

  
 Annex 7

 SCHEDULE 4 
 CAPITALIZATION CHANGES 
 [If with respect to Great Lakes there has been a change in
authorized Stock, issued and outstanding Stock or the identity of the holders of any Stock, or if with respect to Great Lakes there has been a change pertaining to preemptive rights or any other outstanding rights, options, warrants, conversion
rights or similar agreements or understandings for the purchase or acquisition of any Stock, such change shall be set forth below; if no such change has occurred, state “None.”] 

  
 Annex 8

 ANNEX D 
 to 
 CREDIT AGREEMENT 

BORROWING BASE CERTIFICATE 

Date:                 ,
         
 This Borrowing Base Certificate is given by Great Lakes Aviation,
Ltd. (“Great Lakes”) pursuant to certain Credit Agreement dated as of November 16, 2011 among Great Lakes, the Lenders from time to time party thereto, GB Merchant Partners, LLC, as Collateral Agent, and Crystal Financial LLC,
as Administrative Agent (as such agreement may have been amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein without definition shall have the meanings set
forth in the Credit Agreement. 
 The undersigned is duly authorized to execute and deliver this Borrowing Base Certificate on
behalf of Great Lakes. By executing this Borrowing Base Certificate such officer hereby certifies to each Agent and Lenders that the following items, calculated in accordance with the terms and definitions set forth in the Credit Agreement for such
items are true and correct, and that Great Lakes and its Subsidiaries are in compliance with and, after giving effect to any currently requested Revolving Loans, will be in compliance with, the terms, conditions, and provisions of the Credit
Agreement. The calculations of the Borrowing Base are attached to this Borrowing Base Certificate. 
 All initially capitalized
terms used in this Borrowing Base Certificate have the meanings set forth in the Credit Agreement unless specifically defined herein. 
 [Remainder of page intentionally left blank.] 

  
 Annex 1

 Additionally, the undersigned hereby certifies and represents and warrants to the Agents and
Lenders on behalf of Great Lakes that (i) as of the date hereof, each representation or warranty contained in or pursuant to any Loan Document, any agreement, instrument, certificate, document or other writing furnished at any time under or in
connection with any Loan Document, and as of the effective date of any Revolving Loan, continuation or conversion requested above is true and correct in all material respects (except to the extent any representation or warranty expressly related to
an earlier date), (ii) each of the covenants and agreements contained in any Loan Document have been performed (to the extent required to be performed on or before the date hereof or each such effective date), (iii) no Default or Event of
Default has occurred and is continuing on the date hereof, nor will any thereof occur after giving effect to the request above, and (iv) all of the foregoing is true and correct as of the effective date of the calculations set forth above and
that such calculations have been made in accordance with the requirements of the Credit Agreement. 
  

			
	Great Lakes Aviation, Ltd.
		
	By:	 	 
	Title:	 	 

  
 ANNEX G-1

 Annex E 
 TO 
 CREDIT AGREEMENT 

COLLATERAL REPORTS 

Provide each Agent (and if so requested by Agents, with copies for each Lender) with each of the documents set forth below at the following times in form
satisfactory to each Agent: 
  

			
	Daily	  	(a) A report of any and all Aircraft owned by Great Lakes and its Subsidiaries which are grounded for any reason, including, but not limited to by order of any Government
Authority, or due to a mechanical repair or maintenance (other than routine mechanical repair or maintenance) detailing the Aircraft grounded and a description of the cause of the grounding and expected time to remedy the issue.
		
	By the 20th day of each Month	  	 (a) A Borrowing Base Certificate with supporting worksheets as illustrated in Annex D,

 
 (b) a report of all claims, offsets, or disputes asserted by Account Debtors with
respect to Great Lakes’ and its Subsidiaries Accounts,
  
 (c) a
detailed aging, by total, of Great Lakes’ Accounts,
  
 (d) detailed
Dash System inventory report detailing the calculation of the month end rotable and consumable inventory at book value,
  
 (e) summary aging, by vendor, of Great Lakes’ and its Subsidiaries accounts payable and any book overdraft, and an aging, by vendor, of any held checks,

 
 (f) a detailed report regarding Great Lakes’ and its Subsidiaries’ cash
and Cash Equivalents, including an indication of which amounts constitute Qualified Cash,
  
 (g) a report updating the information required to be provided pursuant to Schedule 5.31 (EAS), and
  

(h) a report detailing the percentage of Inventory and Engines (at book value) with green tags relative to the total book value of Inventory and
Engines.

		
	Quarterly	  	(a) A report regarding Great Lakes’ and its Subsidiaries’ accrued, but unpaid, ad valorem taxes, excise taxes, and passenger facility charges.
		
	Upon request by either Agent	  	 (a) Copies of purchase orders and invoices for Spare Engines, Engines, Spare Parts, Propellers, Spare Propellers, Inventory and
Equipment acquired by Great Lakes or its Subsidiaries, and
  
 (b) such other
reports as to the Collateral or the financial condition of Great Lakes and its Subsidiaries, as each Agent may reasonably request.

  
 ANNEX G-2

 EXHIBIT A 
 to 
 CREDIT AGREEMENT 

FORM OF REVOLVING NOTE 
 New York, New York 

$            ,         
   ,             

                     ,
             
 FOR VALUE RECEIVED, the undersigned
(“Great Lakes”), HEREBY PROMISES TO PAY to the order of                             
(“Lender”), at the offices of Crystal Financial LLC, a                      limited liability company, as Administrative
Agent (“Administrative Agent”), at its address set forth in Section 9.3 of the “Credit Agreement” (as hereinafter defined), or at such other place as Administrative Agent may designate from time to time in
writing, in lawful money of the United States of America and in immediately available funds, the amount of
                                 DOLLARS AND
             CENTS
($        ,        ,        ) or, if less, the aggregate unpaid amount of all Revolving Loans made by Lender
to the undersigned under the Credit Agreement. All capitalized terms used but not otherwise defined herein have the meanings given to them in the Credit Agreement or in Annex A thereto. 

This Revolving Note is one of the Revolving Notes issued pursuant to that certain Credit Agreement dated as of November 16, 2011 by
and among Great Lakes, Administrative Agent, GB Merchant Partners, LLC, as Collateral Agent, Lenders and the other Persons signatory thereto from time to time as Lenders (including all annexes, exhibits and schedules thereto, and as from time to
time amended, restated, supplemented or otherwise modified, the “Credit Agreement”), and is entitled to the benefit and security of the Credit Agreement, the Security Agreements and all of the other Loan Documents referred to
therein. Reference is hereby made to the Credit Agreement for a statement of all of the terms and conditions under which the Loans evidenced hereby are made and are to be repaid. The date and amount of each Revolving Loan made by Lenders to Great
Lakes, the rates of interest applicable thereto and each payment made on account of the principal thereof, shall be recorded by Administrative Agent on its books; provided that the failure of Administrative Agent to make any such recordation shall
not affect the obligations of Great Lakes to make a payment when due of any amount owing under the Credit Agreement or this Revolving Note in respect of the Revolving Loans made by Lender to Great Lakes. 

The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit
Agreement, the terms of which are hereby incorporated herein by reference. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in
the Credit Agreement. The terms of the Credit Agreement are hereby incorporated herein by reference. 
 If any payment on this
Revolving Note becomes due and payable on a day other than a Business Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable
rate during such extension. 

  
 ANNEX G-1

 Upon and after the occurrence of any Event of Default, this Revolving Note may, as provided
in the Credit Agreement, and without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by Great Lakes), be declared, and immediately
shall become, due and payable. 
 Time is of the essence of this Revolving Note. 

Except as provided in the Credit Agreement, this Revolving Note may not be assigned by Lender to any Person. 

THIS REVOLVING NOTE SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
  

			
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 EXHIBIT
1.1(b)(i)-2 

 EXHIBIT B 
 to 
 CREDIT AGREEMENT 

FORM OF NOTICE OF REVOLVING LOAN 
                 ,          

Crystal Financial LLC, 
 as Administrative Agent

 Two International Place 
 Boston, MA
02110 
 Attention:
                                         
    
                   Account
Manager 
 Ladies and Gentlemen: 
 The undersigned, Great Lakes Aviation, Ltd. (“Great Lakes”) refers to the Credit Agreement, dated as of November 16, 2011 (the “Credit Agreement,” the terms defined
therein being used herein as therein defined), by and among the undersigned, GB Merchant Partners, LLC, as Collateral Agent, Crystal Financial LLC, as Administrative Agent for Lenders and the Lenders, and hereby gives you notice, irrevocably,
pursuant to Section 1.1(a) of the Credit Agreement, that the undersigned hereby requests a Revolving Loan under the Credit Agreement, and in that connection sets forth below the information relating to such Revolving Loan as required by
Section 1.1(a) of the Credit Agreement: 
 The date of the requested Revolving Loan is
                ,         . 
 The aggregate amount of the requested Revolving Loan is $                    . 

The requested Revolving Loan is a LIBOR Loan. 
 The requested Revolving Loan is to be sent to: 
 [Name of Bank] 

[City of Bank] 

Beneficiary: 

Account No.: [number] 
 ABA No.: [number] 
 Attn: [name] 

The undersigned hereby certifies that all of the statements contained in Section 6.2 of the Credit Agreement are true and
correct in all material respects on the date hereof, and will be true in all material respects on the date of the requested Revolving Loan, before and after giving effect thereto and to the application of the proceeds therefrom. 

  
 EXHIBIT
1.1(b)(ii)-1 

 
			
	Great Lakes Aviation, Ltd.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 EXHIBIT
1.1(b)(ii)-2 

 EXHIBIT C 
 to 
 CREDIT AGREEMENT 

FORM OF TERM NOTE 
 New York, New York 

$        ,        ,    
         

                     ,
         
 FOR VALUE RECEIVED, the undersigned (“Great Lakes”),
HEREBY PROMISES TO PAY to the order of                              (“Lender”) at the
offices of Crystal Financial LLC, a                      limited liability company, as Administrative Agent for Lenders
(“Administrative Agent”), at its address set forth in Section 9.3 of the Credit Agreement, or at such other place as Administrative Agent may designate from time to time in writing, in lawful money of the United States
of America and in immediately available funds, the amount of
                                     DOLLARS AND
             CENTS
($        ,        ,        ). All capitalized terms used but not otherwise defined herein have the meanings
given to them in the “Credit Agreement” (as hereinafter defined) or in Annex A thereto. 
 This Term Note is
one of the Term Notes issued pursuant to that certain Credit Agreement dated as of November 16, 2011 by and among Great Lakes, Administrative Agent, GB Merchant Partners, LLC, as Collateral Agent, Lenders and the other Persons signatory thereto
from time to time as Lenders (including all annexes, exhibits and schedules thereto and as from time to time amended, restated, supplemented or otherwise modified, the “Credit Agreement”), and is entitled to the benefit and security
of the Credit Agreement, the Security Agreements and all of the other Loan Documents referred to therein. Reference is hereby made to the Credit Agreement for a statement of all of the terms and conditions under which the Loans evidenced hereby are
made and are to be repaid. The principal balance of the Term Loan, the rates of interest applicable thereto and the date and amount of each payment made on account of the principal thereof, shall be recorded by Administrative Agent on its books;
provided that the failure of Administrative Agent to make any such recordation shall not affect the obligations of Great Lakes to make a payment when due of any amount owing under the Credit Agreement or this Term Note. 

The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit
Agreement. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in the Credit Agreement. The terms of the Credit Agreement are hereby
incorporated herein by reference. 
 If any payment on this Term Note becomes due and payable on a day other than a Business
Day, the payment thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. 

  
 EXHIBIT
1.1(b)(ii)-1 

 Upon and after the occurrence of any Event of Default, this Term Note may, as provided in
the Credit Agreement, and without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other legal requirement of any kind (all of which are hereby expressly waived by Great Lakes), be declared, and immediately
shall become, due and payable. 
 Time is of the essence of this Term Note. 

Except as provided in the Credit Agreement, this Term Note may not be assigned by Lender to any Person. 

THIS TERM NOTE SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAW PRINCIPLES. 
  

			
	By:	 	 
		
	Name:	 	 

 Title: 

  
 EXHIBIT
1.1(b)(ii)-2 

 EXHIBIT D 
 to 
 CREDIT AGREEMENT 

ASSIGNMENT AGREEMENT 
 THIS ASSIGNMENT AGREEMENT (this “Agreement”) is made as of
                    ,          by and between
                             (“Assignor Lender”) and
                             (“Assignee Lender”) and acknowledged and consented to by
Crystal Financial LLC, as Administrative Agent (“Administrative Agent”) and GB Merchant Partners, LLC, as Collateral Agent (the “Collateral Agent” and together with the Administrative Agent, each an
“Agent” and collectively the “Agents”). All capitalized terms used in this Agreement and not otherwise defined herein will have the respective meanings set forth in the Credit Agreement as hereinafter defined.

 RECITALS: 
 WHEREAS, Great Lakes Aviation, Ltd. (“Great Lakes”), each Agent, Assignor Lender and other Persons signatory thereto as Lenders have entered into that certain Credit Agreement
dated as of November 16, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) pursuant to which Assignor Lender has agreed to make certain Loans to Great Lakes; 

WHEREAS, Assignor Lender desires to assign to Assignee Lender [all/a portion] of its interest in the Loans (as described
below) and the Collateral and to delegate to Assignee Lender [all/a portion] of its Commitments and other duties with respect to such Loans and Collateral; 
 WHEREAS, Assignee Lender desires to become a Lender under the Credit Agreement and to accept such assignment and delegation from Assignor Lender; and 

WHEREAS, Assignee Lender desires to appoint Administrative Agent to serve as Administrative Agent for Assignee Lender and
Collateral Agent to serve as Collateral Agent for Assignee Lender under the Credit Agreement. 
 NOW, THEREFORE, in
consideration of the premises and the agreements, provisions, and covenants herein contained, Assignor Lender and Assignee Lender agree as follows: 
 1. ASSIGNMENT, DELEGATION, AND ACCEPTANCE 
 1.1 Assignment. Assignor Lender
hereby transfers and assigns to Assignee Lender, without recourse and without representations or warranties of any kind (except as set forth in Section 3.2), [all/such percentage] of Assignor Lender’s right, title, and
interest in [the Loans], [the Revolving Loan ], [the Term Loan ] the Loan Documents and the Collateral as will result in Assignee Lender having as of the Effective Date (as hereinafter defined) a Pro Rata Share thereof, as follows:

  
 EXHIBIT 8.1(a)
1 

									
	 Assignee Lender’s Loans
	  	Principal Amount	 	  	Pro Rata Share	 
	 Revolving Loan
	  	$	____________	  	  	 	____	% 
	 Term Loan
	  	$	____________	  	  	 	____	% 

 1.2 Delegation. Assignor Lender hereby irrevocably assigns and delegates to Assignee Lender
[all/a portion] of its Commitments and its other duties and obligations as a Lender under the Loan Documents equivalent to the Pro Rata Shares set forth above. 
 1.3 Acceptance by Assignee Lender. By its execution of this Agreement, Assignee Lender irrevocably purchases, assumes and accepts such assignment and delegation and agrees to be a Lender with
respect to the delegated interest under the Loan Documents and to be bound by the terms and conditions thereof. By its execution of this Agreement, Assignor Lender agrees, to the extent provided herein, to relinquish its rights and be released from
its obligations and duties under the Credit Agreement. 
 1.4 Effective Date. Such assignment and delegation by Assignor
Lender and acceptance by Assignee Lender will be effective and Assignee Lender will become a Lender under the Loan Documents as of [the date of this Agreement][            
    ,             ] (“Effective Date”) and upon payment of the Assigned Amount (as such term is defined below). [Interest and Fees
accrued prior to the Effective Date are for the account of Assignor Lender, and Interest and Fees accrued from and after the Effective Date are for the account of Assignee Lender.] 

1.5 [Retained Interests. Notwithstanding anything in this Agreement to the contrary, any interest assigned
pursuant to this Agreement by Assignor Lender to Assignee Lender shall not include any Retained Interests and such Retained Interests are not being sold or assigned hereunder by the Assignor Lender to the Assignee Lender. For purposes herein,
“Retained Interests” means, with respect to such assigned interests, the following interest, rights and obligations in such assigned interests and under the Credit Agreement and the Note(s): (a) all of the obligations, if any, to
provide additional funding with respect to such assigned interests or any other revolving commitment; and (b) any unused line fees associated with the additional funding obligations that are being retained in accordance with clause (a)
above.]1 

2. INITIAL PAYMENT AND DELIVERY OF NOTES 
 2.1 Payment of the Assigned Amount. Assignee Lender will pay to Assignor Lender, in immediately available funds, not later than 11:00 a.m. (Eastern Standard Time on the Effective Date, an amount
equal to its Pro Rata Share of the then outstanding principal amount of the Loans as set forth above in Section 1.1 [together with accrued interest, fees and other amounts as set forth on Schedule 2.1] (the
“Assigned Amount”). 
  
  

	1 	 Include this Section if assigned interests will be subject to Retained Interests 

  
 EXHIBIT 8.1(a)
2 

 2.2 Execution and Delivery of Notes. Following payment of the Assigned Amount,
Assignor Lender will deliver to Administrative Agent the Notes (if any) previously delivered to Assignor Lender for redelivery to Great Lakes and Administrative Agent will obtain from Great Lakes for delivery to [Assignor Lender and] Assignee
Lender, new executed Notes evidencing Assignee Lender’s [and Assignor Lender’s respective] Pro Rata Share[s] in the Loans after giving effect to the assignment described in Section 1. Each new Note will be issued in the
aggregate maximum principal amount of the [applicable] Commitment [of the Lender to whom such Note is issued] OR [the Assignee Lender]. 
 3. REPRESENTATIONS, WARRANTIES AND COVENANTS 
 3.1 Assignee Lender’s
Representations, Warranties and Covenants. Assignee Lender hereby represents, warrants, and covenants the following to Assignor Lender and each Agent: 
 a) This Agreement is a legal, valid, and binding agreement of Assignee Lender, enforceable according to its terms; 
 b) The execution and performance by Assignee Lender of its duties and obligations under this Agreement and the Loan Documents will not require any registration with, notice to, or consent or approval by
any Governmental Authority; 
 c) Assignee Lender is familiar with transactions of the kind and scope reflected in the Loan
Documents and in this Agreement; 
 d) Assignee Lender has made its own independent investigation and appraisal of the financial
condition and affairs of Great Lakes and its Subsidiaries, has conducted its own evaluation of the Loans, the Loan Documents and Great Lakes’ creditworthiness, has made its decision to become a Lender to Great Lakes under the Credit Agreement
independently and without reliance upon Assignor Lender or either Agent, and will continue to do so; 
 e) Assignee Lender is
entering into this Agreement in the ordinary course of its business, and is acquiring its interest in the Loans for its own account and not with a view to or for sale in connection with any subsequent distribution; provided, however, that at all
times the distribution of Assignee Lender’s property shall, subject to the terms of the Credit Agreement, be and remain within its control; 
 f) No future assignment or participation granted by Assignee Lender pursuant to Section 8.1 of the Credit Agreement will require Assignor Lender, either Agent, or Great Lakes to file any
registration statement with the Securities and Exchange Commission or to apply to qualify under the blue sky laws of any state; 

g) Assignee Lender has no loans to, written or oral agreements with, or equity or other ownership interest in Great Lakes or any of its
Subsidiaries; 
 h) Assignee Lender will not enter into any written or oral agreement with, or acquire any equity or other
ownership interest in, Great Lakes or any of its Subsidiaries without the prior written consent of each Agent; and 

  
 EXHIBIT 8.1(a)
3 

 i) As of the Effective Date, Assignee Lender (i) is entitled to receive payments of
principal and interest in respect of the Obligations without deduction for or on account of any taxes imposed by the United States of America or any political subdivision thereof, and (ii) is not subject to capital adequacy or similar
requirements, and Assignee Lender will indemnify each Agent from and against all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, or expenses that result from Assignee Lender’s failure to fulfill its
obligations under the terms of Section 1.9(c) of the Credit Agreement or from any other inaccuracy in the foregoing. 
 3.2 Assignor Lender’s Representations, Warranties and Covenants. Assignor Lender hereby represents, warrants and covenants the following to Assignee Lender: 

a) Assignor Lender is the legal and beneficial owner of the Assigned Amount; 

b) This Agreement is a legal, valid and binding agreement of Assignor Lender, enforceable according to its terms; 

c) The execution and performance by Assignor Lender of its duties and obligations under this Agreement and the Loan Documents will not
require any registration with, notice to or consent or approval by any Governmental Authority; 
 d) Assignor Lender has full
power and authority, and has taken all action necessary to execute and deliver this Agreement and to fulfill the obligations hereunder and to consummate the transactions contemplated hereby; 

e) Assignor Lender is the legal and beneficial owner of the interests being assigned hereby, free and clear of any adverse claim, lien,
encumbrance, security interest, restriction on transfer, purchase option, call or similar right of a third party; and 
 f) This
Assignment by Assignor Lender to Assignee Lender complies, in all material respects, with the terms of the Loan Documents. 
 4. LIMITATIONS OF
LIABILITY 
 Neither Assignor Lender (except as provided in Section 3.2) nor either Agent makes any representations
or warranties of any kind, nor assumes any responsibility or liability whatsoever, with regard to (a) the Loan Documents or any other document or instrument furnished pursuant thereto or the Loans or other Obligations, (b) the creation,
validity, genuineness, enforceability, sufficiency, value or collectability of any of them, (c) the amount, value or existence of the Collateral, (d) the perfection or priority of any Lien upon the Collateral, or (e) the financial
condition of Great Lakes or other obligor or the performance or observance by Great Lakes of its obligations under any of the Loan Documents. Neither Assignor Lender nor either Agent has or will have any duty, either initially or on a continuing
basis, to make any investigation, evaluation, appraisal of, or any responsibility or liability with respect to the accuracy or completeness of, any information provided to Assignee Lender which has been provided to Assignor Lender or either Agent by
Great Lakes. Nothing in this Agreement or in the Loan Documents shall impose upon the Assignor Lender or either Agent any fiduciary relationship in respect of the Assignee Lender. 

  
 EXHIBIT 8.1(a)
4 

 5. FAILURE TO ENFORCE 
 No failure or delay on the part of either Agent or Assignor Lender in the exercise of any power, right, or privilege hereunder or under any Loan Document will impair such power, right, or privilege or be
construed to be a waiver of any default or acquiescence therein. No single or partial exercise of any such power, right, or privilege will preclude further exercise thereof or of any other right, power, or privilege. All rights and remedies existing
under this Agreement are cumulative with, and not exclusive of, any rights or remedies otherwise available. 
 6. NOTICES 

Unless otherwise specifically provided herein, any notice or other communication required or permitted to be given will be in writing and
addressed to the respective party as set forth below its signature hereunder, or to such other address as the party may designate in writing to the other. 
 7. AMENDMENTS AND WAIVERS 
 No amendment, modification, termination, or waiver of
any provision of this Agreement will be effective without the written concurrence of Assignor Lender, each Agent and Assignee Lender. 
 8.
SEVERABILITY 
 Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law. In the event any provision of this Agreement is or is held to be invalid, illegal, or unenforceable under applicable law, such provision will be ineffective only to the extent of such invalidity, illegality, or
unenforceability, without invalidating the remainder of such provision or the remaining provisions of the Agreement. In addition, in the event any provision of or obligation under this Agreement is or is held to be invalid, illegal, or unenforceable
in any jurisdiction, the validity, legality, and enforceability of the remaining provisions or obligations in any other jurisdictions will not in any way be affected or impaired thereby. 
 9. SECTION TITLES 
 Section and Subsection titles in this Agreement are included
for convenience of reference only, do not constitute a part of this Agreement for any other purpose, and have no substantive effect. 
 10.
SUCCESSORS AND ASSIGNS 
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 

  
 EXHIBIT 8.1(a)
5 

 11. APPLICABLE LAW 
 THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE. 

12. COUNTERPARTS 
 This
Agreement and any amendments, waivers, consents, or supplements may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered, will be deemed an original and all
of which shall together constitute one and the same instrument. 
 [Signature page follows] 

  
 EXHIBIT 8.1(a)
6 

 IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first
written above. 
  

									
	ASSIGNEE LENDER:	 		 	ASSIGNOR LENDER:
			
	 	 		 	 
					
	By:	 	 	 		 	By:	 	 
	Title:	 	 	 		 	Title:	 	 
			
	Notice Address:	 		 	Notice Address:
			
	 	 		 	 
			
	 	 		 	 
			
	 	 		 	 

  

			
	ACKNOWLEDGED AND CONSENTED TO:
	
	CRYSTAL FINANCIAL LLC, as Administrative Agent
		
	By:	 	 
	Title:	 	 
	
	GB MERCHANT PARTNERS, LLC, as Collateral Agent
		
	By:	 	 
	Title:	 	 

 [Great Lakes Aviation, Ltd.]2 
 By:

 Its:                     ] 

 
  

	2 	 If required per the Credit Agreement. 

  
 EXHIBIT 8.1(a)
7 

 SCHEDULE 2.1 

 

					
	 Assignor Lender’s Loans
	  			
		
	 Principal Amount
	  	 	 
	 Revolving Loan
	  	$	                           
 	  
		  	  
	  
	 
	 Term Loan
	  	$	  	  
		  	  
	  
	 
	 Subtotal
	  	$	  	  
		  	  
	  
	 
	 Accrued Interest
	  	$	  	  
		  	  
	  
	 
	 Unused Line Fee
	  	$	 	  
	 Other + or -$
	  	$	  	  
		  	  
	  
	 
	 Total
	  	$	  	  
		  	  
	  
	 

 All determined as of the Effective Date. 

  
 1Pledge and Security Agreement

 Exhibit 10.5 
 PLEDGE AND SECURITY AGREEMENT 
 THIS PLEDGE AND SECURITY AGREEMENT,
dated as of November 16, 2011 (this “Agreement”), is made by and among Great Lakes Aviation, Ltd., an Iowa corporation (“Great Lakes”), and each subsidiary that, after the date hereof, executes an addendum
hereto substantially in the form of Exhibit F (a “Pledgor Addendum”) (each, a “Pledgor” and together with Great Lakes collectively, the “Pledgors”), in favor of GB Merchant Partners, LLC, as
collateral agent for the lenders (collectively, the “Lenders”) party to the Credit Agreement referred to below (in such capacity, together with its successors or assigns, the “Collateral Agent”), for the benefit of
the Secured Parties (as hereinafter defined). Capitalized terms used herein without definition shall have the meanings given to them in the Credit Agreement referred to below. 
 RECITALS 
 Whereas Great Lakes, the Lenders, the Collateral Agent, and
Crystal Financial LLC, in its capacity as administrative agent for the Lenders (the “Administrative Agent”) are parties to that certain Credit Agreement dated as of November 16, 2011 (as amended, modified, restated or
supplemented from time to time, the “Credit Agreement”), providing for the availability of certain credit facilities to Great Lakes upon the terms and subject to the conditions set forth therein. 

Whereas, it is a condition to the extension of credit to Great Lakes under the Credit Agreement that Great Lakes shall have agreed, by
executing and delivering this Agreement, to secure the payment in full of its obligations under the Credit Agreement and the other Loan Documents. The Secured Parties are relying on this Agreement in their decision to extend credit to Great Lakes
under the Credit Agreement, and would not enter into the Credit Agreement without the execution and delivery of this Agreement by Great Lakes. 
 ARTICLE I 
 DEFINITIONS 

1.1 Defined Terms. Defined terms used but not otherwise defined herein shall have the meanings assigned to such terms in the
Credit Agreement. In addition to the terms defined elsewhere herein, the following terms shall have the meanings set forth below: 
 “Collateral” shall have the meaning given to such term in Section 2.1. 
 “Collateral Accounts” shall have the meaning given to such term in Section 6.3. 
 “Commercial Tort Claim” shall have the meaning ascribed thereto in the Uniform Commercial Code and whether now owned or existing or hereafter acquired or arising. 

“Consumer Goods” shall have the meaning ascribed thereto in the Uniform Commercial Code and whether now
owned or existing or hereafter acquired or arising. 

 “Contracts” shall mean, collectively, all rights of each
Pledgor under all leases, contracts and agreements to which such Pledgor is now or hereafter a party, including, without limitation, any and all extensions, modifications, amendments and renewals of such leases, contracts and agreements and all
rights of such Pledgor to receive moneys due or to become due thereunder or pursuant thereto and to amend, modify, terminate or exercise rights under such leases, contracts and agreements, but excluding the Excluded Assets. 

“Copyright Collateral” shall mean, collectively, all Copyrights and Copyright Licenses to which any
Pledgor is or hereafter becomes a party and all other General Intangibles embodying, incorporating, evidencing or otherwise relating or pertaining to any Copyright or Copyright License, in each case whether now owned or existing or hereafter
acquired or arising. 
 “Domain Name” shall mean the combination of words and abbreviations that
represents a uniquely identifiable internet protocol address of a World Wide Web internet location. 

“Equity Interest” shall mean, collectively, all of the issued and outstanding shares, interests or other
equivalents of capital stock of any corporation at any time now or hereafter owned by any Pledgor (including, without limitation, any corporation that hereafter becomes a subsidiary of such Pledgor), whether voting or non-voting and whether common
or preferred, all partnership, joint venture, limited liability company or other equity interests in any person not a corporation at any time now or hereafter owned by any Pledgor (including, without limitation, any such person that is or hereafter
becomes a subsidiary of such Pledgor), all options, warrants and other rights to acquire, and all securities convertible into, any of the foregoing, all rights to receive interest, income, dividends, distributions, returns of capital and other
amounts (whether in cash, securities, property, or a combination thereof), and all additional stock, warrants, options, securities, interests and other property, from time to time paid or payable or distributed or distributable in respect of any of
the foregoing (but subject to the provisions of Section 5.3), including, without limitation, all rights of such Pledgor to receive amounts due and to become due under or in respect of any Investment Agreement or upon the termination
thereof, all rights of access to the books and records of any such person, and all other rights, powers, privileges, interests, claims and other property in any manner arising out of or relating to any of the foregoing, of whatever kind or character
(including any tangible or intangible property or interests therein), and whether provided by contract or granted or available under applicable law in connection therewith, including, without limitation, such Pledgor’s right to vote and to
manage and administer the business of any such person pursuant to any applicable Investment Agreement, together with all certificates, instruments and entries upon the books of securities intermediaries at any time evidencing any of the foregoing,
in each case whether now owned or existing or hereafter acquired or arising. 
 “Excluded
Assets” shall have the meaning given to such term in Section 2.1. 
 “Investment
Agreement” shall mean any articles or certificate of incorporation, partnership agreement, joint venture agreement, limited liability company operating agreement, stockholders agreement or other agreement creating, governing or evidencing
any Equity Interests and to which any Pledgor is now or hereafter becomes a party, as any such agreement may be amended, modified, supplemented, restated or replaced from time to time. 

  
 2 

 “Partner Obligations” shall have the meaning given to such
term in Section 6.6. 
 “Patent Collateral” shall mean, collectively, all Patents
and all Patent Licenses to which any Pledgor is or hereafter becomes a party and all other General Intangibles embodying, incorporating, evidencing or otherwise relating or pertaining to any Patent or Patent License, in each case whether now owned
or existing or hereafter acquired or arising. 
 “Proceeds” shall have the meaning given to such
term in Section 2.1. 
 “Records” shall mean all of each Pledgor’s present and
future books of account of every kind or nature, purchase and sale agreements, invoices, ledger cards, bills of lading and other shipping evidence, statements, correspondence, memoranda, credit files and other date relating to the Collateral or any
account debtor, together with the tapes, disks, diskettes and other data and software storage media and devices, file cabinets or containers in or on which the foregoing are stored (including any rights of any Pledgor with respect to the foregoing
maintained with or by any other Person). 
 “Secured Obligations” shall have the meaning given
to such term in Section 2.2. 
 “Secured Parties” shall mean, collectively, the
Lenders, the Administrative Agent and the Collateral Agent. 
 “Securities Act” shall have the
meaning given to such term in Section 6.5. 
 “Termination Requirements” shall have
the meaning given to such term in Section 8.3. 
 “Trademark Collateral” shall mean,
collectively, all Trademarks and Trademark Licenses to which any Pledgor is or hereafter becomes a party and all other General Intangibles embodying, incorporating, evidencing or otherwise relating or pertaining to any Trademark or Trademark
License, in each case whether now owned or existing or hereafter acquired or arising. 
 “Uniform
Commercial Code” and “Code” shall mean the Uniform Commercial Code as the same may be in effect from time to time in the State of New York; provided that if, by reason of applicable law, the validity or perfection or
the effect of perfection or non-perfection or the priority of any security interest in any Collateral granted under this Agreement is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, then as to the validity
or perfection or the effect of perfection or non-perfection or the priority, as the case may be, of such security interest, “Uniform Commercial Code” and “Code” shall mean the Uniform Commercial Code as in effect in
such other jurisdiction. 
 1.2 Other Terms. All terms in this Agreement that are not capitalized shall have the meanings
provided by the Uniform Commercial Code to the extent the same are used or defined therein. 

  
 3 

 ARTICLE II 
 CREATION OF SECURITY INTEREST 
 2.1 Pledge and Grant of Security
Interest. Each Pledgor hereby pledges and assigns to the Collateral Agent, for the ratable benefit of the Secured Parties, and grants to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, a Lien
upon and security interest in, all of such Pledgor’s right, title and interest in and to the following, in each case whether now owned or existing or hereafter acquired or arising or in which such Pledgor now has or at any time in the future
may acquire any right, title or interest (collectively, the “Collateral”): 
 (i) all Accounts;

 (ii) all Chattel Paper; 

(iii) all Commercial Tort Claims; 
 (iv) all Contracts; 
 (v) all Copyright Collateral; 

(vi) all Deposit Accounts (all cash, and all other property from time to time deposited therein or credited thereto and
the monies and properties of Collateral Agent or any Lender or any Affiliate, representative, agent or correspondent of Collateral Agent or any Lenders); 
 (vii) all Documents and Records; 
 (viii) all Domain Names;

 (ix) all Equipment; 
 (x) all Equity Interests; provided, however, that no Equity Interests of any issuer incorporated or formed, as applicable, in a jurisdiction outside of the United States of America shall be
included hereunder to the extent that (A) the aggregate amount of Equity Interests of such issuer pledged hereunder would exceed 65% of such issuer’s Equity Interests and (B) a percentage of such Equity Interests pledged hereunder
exceeding 65% would result in adverse tax consequences to Great Lakes; 
 (xi) all Fixtures; 

(xii) all General Intangibles; 
 (xiii) all Instruments; 
 (xiv) all Inventory; 

  
 4 

 (xv) all Investment Property; 

(xvi) all Patent Collateral; 
 (xvii) all Trademark Collateral; 
 (xviii) to the extent not
covered or not specifically excluded by clauses (i) through (xvi) above, or the definitions of the terms included therein, all of such Pledgor’s other personal property, including, without limitation, all goods, supporting obligations
and letter-of-credit rights, whether now owned or existing or hereafter arising or acquired; and 
 (xix) any and
all proceeds, as such term is defined in the Uniform Commercial Code, products, rents and profits of or from any and all of the foregoing and, to the extent not otherwise included in the foregoing, (w) all payments under any insurance (whether
or not the Collateral Agent is the loss payee thereunder), indemnity, warranty or guaranty with respect to any of the foregoing Collateral, (x) all payments in connection with any requisition, condemnation, seizure or forfeiture with respect to
any of the foregoing Collateral, (y) all claims and rights to recover for any past, present or future infringement or dilution of or injury to any Copyright Collateral, Patent Collateral or Trademark Collateral, and (z) all other amounts
from time to time paid or payable under or with respect to any of the foregoing Collateral (collectively, “Proceeds”). Each Pledgor authorizes the Collateral Agent to file financing statements under the Uniform Commercial Code
describing the Collateral. 
 Notwithstanding the foregoing, the Collateral shall not include, and no security interest shall be
deemed granted hereunder in, (a) any permit, license, contract, lease, agreement or other general intangible that is now or hereafter held by any Pledgor, but only to the extent that such permit, license, contract, lease, agreement or other
general intangible (or any other agreement evidencing such item of general intangibles) contains a term or is subject to a rule of law, statute or regulation that restricts, prohibits, or requires a consent (that has not been obtained or waived) of
a person or entity (other than Pledgor) to, the creation, attachment or perfection of the security interest granted herein, and any such term, restriction, prohibition and/or requirement of consent is effective and enforceable under applicable law
and is not rendered ineffective by applicable law (including, without limitation, pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Code) or principles of equity, and (b) any Collateral, or portion thereof, the granting of a security
interest in which would be void or illegal under any applicable law or would result in the termination, invalidation, cancellation, unenforceability, loss or abandonment of such Collateral ((a) and (b), collectively, the “Excluded
Assets”); provided, however, “Excluded Assets” shall not include any proceeds, products, substitutions or replacements of Excluded Assets (unless such proceeds, products, substitutions or replacements would otherwise
constitute Excluded Assets). In addition, immediately upon the ineffectiveness, lapse or termination of the provisions of such agreements or laws which prohibit or require the consent of any person or entity as a condition to the creation by Pledgor
of a security interest thereon or that would be breached as a result thereof, Pledgor shall be deemed to have granted a security interest in, and all of its rights, titles and interests in and to, such Excluded Assets. 

  
 5 

 2.2 Security for Secured Obligations. This Agreement and the Collateral of each
Pledgor secures the full and prompt payment, at any time and from time to time as and when due (whether at the stated maturity, by acceleration or otherwise), of all liabilities and obligations of such Pledgor to the Lenders, whether now existing or
hereafter incurred, created or arising and whether direct or indirect, absolute or contingent, due or to become due, including, without limitation, all obligations in respect of overdrafts and related liabilities owed to the Collateral Agent or any
of its Affiliates and arising from treasury, depository and cash management services in connection with any automated clearing house transfer of funds, under, arising out of or in connection with the Credit Agreement, this Agreement, or any of the
other Loan Documents to which it is or hereafter becomes a party, including, without limitation in the case of Great Lakes, all principal of and interest on the Loans, all fees, expenses, indemnities and other amounts payable by Great Lakes under
the Credit Agreement or any other Loan Document (including interest accruing after the filing of a petition or commencement of a case by or with respect to Great Lakes seeking relief under any applicable federal and state laws pertaining to
bankruptcy, reorganization, arrangement, moratorium, readjustment of debts, dissolution, liquidation or other debtor relief, specifically including, without limitation, the Bankruptcy Code and any fraudulent transfer and fraudulent conveyance laws,
whether or not the claim for such interest is allowed in such proceeding), and all such liabilities and obligations that, but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, would become due, and all fees,
costs and expenses payable by such Pledgor under Section 8.1 (the liabilities and obligations of the Pledgors described in this Section 2.2, collectively, the “Secured Obligations”). 

ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 Each Pledgor represents and warrants as
follows: 
 3.1 Defaults. Each Pledgor acknowledges that any default in the due observance or performance by it of any
covenant, condition or agreement contained herein shall constitute an Event of Default to the extent provided in Article VII of the Credit Agreement. 
 3.2 Ownership of Collateral. Each Pledgor owns, or has valid rights as a lessee or licensee, or the power to transfer or pledge with respect to, all Collateral purported to be pledged by it
hereunder, free and clear of any Liens, except for the Liens granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement and except for Permitted Encumbrances. No security agreement, financing statement or other
public notice with respect to all or any part of the Collateral is on file or of record in any government or public office, and no Pledgor has filed or consented to the filing of any such statement or notice, except (i) Uniform Commercial Code
financing statements naming the Collateral Agent as secured party, Uniform Commercial Code financing statements which have been terminated and Uniform Commercial Code financing statements filed in connection with Permitted Encumbrances,
(ii) security instruments filed in the United States Copyright Office or the United States Patent and Trademark Office naming the Collateral Agent as secured party and (iii) as may be otherwise permitted by the Credit Agreement.

  
 6 

 3.3 Security Interests; Filings. This Agreement, together with (i) the filing of
duly completed and authorized Uniform Commercial Code financing statements (A) naming each Pledgor as debtor, (B) naming the Collateral Agent as secured party, and (C) describing the Collateral, in the jurisdictions set forth with
respect to such Pledgor on Annex B hereto, (ii) the filing of duly completed and executed assignments in the forms set forth as Exhibits B, C and D with the United States Copyright Office or the United States Patent
and Trademark Office, and Exhibit E with any entity administering any domain name registrations affected by this Agreement and which accepts notices recognizing the interests of a secured party, as appropriate, with regard to federally
registered Copyright Collateral, Patent Collateral, Trademark Collateral and Domain Names of each Pledgor, as the case may be, (iii) the registration of transfer thereof to the Collateral Agent on the issuer’s books or the execution by the
issuer of a control agreement satisfying the requirements of Section 8-106 (or its successor provision) of the Uniform Commercial Code with regard to uncertificated securities and Investment Property (other than certificated securities)
included in the Collateral, and (iv) the delivery to the Collateral Agent of all certificated securities and Instruments included in the Collateral together with undated stock powers or instruments of transfer duly executed in blank, creates,
and at all times shall constitute, a valid and perfected security interest in and Lien upon the Collateral in favor of the Collateral Agent, for the benefit of the Secured Parties, to the extent that Articles 8 and 9 of the Uniform Commercial Code
are applicable thereto, superior and prior to the rights of all other persons therein (except for Permitted Encumbrances), and no other or additional filings, registrations, recordings or actions are or shall be necessary or appropriate in order to
perfect or maintain the perfection and priority of such Lien and security interest, other than actions required with respect to Collateral of the types excluded from Articles 8 or 9 of the Uniform Commercial Code or from the filing requirements
under Article 9 of the Uniform Commercial Code by reason of Sections 9-309, 9-310, 9-311 and 9-312 of the Uniform Commercial Code and other than continuation statements required under the Uniform Commercial Code (it being specifically noted that the
Collateral Agent may at its option, but shall not be required to, require subject to the limitations set forth in Sections 3.12 and 4.13 hereof that any bank or other depository institution at which a Deposit Account is maintained
enter into a written agreement in form satisfactory to the Collateral Agent or take such other action as may be necessary to perfect the security interest of the Collateral Agent in such Deposit Account and the funds therein.) 

3.4 Locations. Annex C lists, as to each Pledgor, (i) the addresses of its chief executive office, each other place of
business and for any Pledgor which is organized under the laws of any state, its state of registration and registration I.D. number, (ii) the address of each location where all original invoices, ledgers, Chattel Paper, Instruments and other
Records or information evidencing or relating to the Collateral of such Pledgor are maintained, and (iii) the address of each location at which any Fixtures, Equipment or Inventory owned by such Pledgor is kept or maintained, in each instance
except for any new locations established in accordance with the provisions of Section 4.2. Except as may be otherwise noted therein, all locations identified in Annex C are leased by the applicable Pledgor. No Pledgor presently
conducts business under any prior or other corporate or company name or under any trade or fictitious 

  
 7 

 
names, except as indicated beneath its name on Annex C, no Pledgor during the one-year period preceding the date it became a party to this Agreement merged or consolidated with any other
Person or had any Person liquidate or transfer all or substantially all of its assets to such Pledgor, and no Pledgor has entered into any contract or granted any Lien within the past five years under any name other than its legal name or a trade or
fictitious name indicated on Annex C. Each trade or fictitious name is a trade name and style (and not the name of an independent corporation or other legal entity) by which a Pledgor may identify and sell certain of its goods or services and
conduct a portion of its business; all related Accounts are owned solely by the applicable Pledgors and are subject to the Liens and other terms of this Agreement; and any dispute which may arise with Customers with respect to the products invoiced
under the name of any trade or fictitious name are subject to the terms of this Agreement as though such trade or fictitious name did not exist. 
 3.5 Authorization; Consent. No authorization, consent or approval of, or declaration or filing with, any Governmental Authority is required for the valid execution, delivery and performance by any
Pledgor of this Agreement, the grant by it of the Lien and security interest in favor of the Collateral Agent provided for herein, or the exercise by the Collateral Agent of its rights and remedies hereunder, except for (i) the filings and
actions described in Section 3.3, (ii) in the case of Accounts owing from any federal governmental agency or authority, the filing by the Collateral Agent of a notice of assignment in accordance with the federal Assignment of Claims
Act of 1940, as amended, and (iii) in the case of Equity Interests, such filings and approvals as may be required in connection with a disposition of any such Collateral by laws affecting the offering and sale of securities generally.

 3.6 No Restrictions. There are no statutory or regulatory restrictions, prohibitions or limitations on any
Pledgor’s ability to grant to the Collateral Agent a Lien upon and security interest in the Collateral pursuant to this Agreement or (except for the provisions of the federal Assignment of Claims Act of 1940, as amended) on the exercise by the
Collateral Agent of its rights and remedies hereunder (including any foreclosure upon or collection of the Collateral), and there are no contractual restrictions on any Pledgor’s ability so to grant such Lien and security interest. 

3.7 Accounts. (i) All Accounts owned by the Pledgors on the Closing Date constitute bona fide receivables arising in the
ordinary course of business, the amount of which is actually owing and payable to the Pledgors in the ordinary course of business. All such Accounts, net of a bad debt reserve determined in accordance with generally accepted accounting principles,
are collectible in accordance with their terms. 
 (ii) Each Account arising after the Closing Date shall be on
the date of its creation a good and valid account representing an undisputed bona fide indebtedness incurred or an amount indisputably owed by the Customer therein named, for a fixed sum, to the extent, set forth in the invoice relating thereto,
with respect to an absolute sale and delivery upon the specified terms of goods sold by such Pledgor, or work, labor and/or services theretofore rendered by such Pledgor; no such Account is or shall at any time be subject to any defense, offset,
counterclaim, discount or allowance except as may be stated in the invoice relating thereto or discounts and allowances as may be customary in such 

  
 8 

 
Pledgor’s business, and such Pledgor has no reason to believe such Account will not be paid when due; none of the transactions underlying or giving rise to any such Account shall violate any
applicable state or federal laws or regulations, and all documents relating to any such Account shall, to Pledgor’s knowledge, be legally sufficient under such laws or regulations and are legally enforceable in accordance with their terms; to
the best knowledge of such Pledgor, each customer, guarantor or endorser is solvent and will continue to be fully able to pay such Account on which it is obligated in full when due; no agreement under which any deduction or offset of any kind, other
than normal trade discounts and discounts granted by a Pledgor in the ordinary course of its business in accordance with its historical practices, have been granted by such Pledgor, at or before the time such Account was created; all documents and
agreements relating to such Account shall be true and correct and in all material respects what they purport to be; to the best of such Pledgor’s knowledge, all signatures and endorsements that appear on all documents and agreements relating to
such Account are genuine and all signatories and endorsers shall have full capacity to contract; and such Account is not evidenced by Chattel Paper or an Instrument, or if so, such Chattel Paper or Instrument shall be duly endorsed to the order of
the Collateral Agent and delivered to the Collateral Agent to be held as Collateral hereunder, subject to Section 4.5 hereof. 
 3.8 Equity Interests. As of the date hereof, the Equity Interests required to be pledged hereunder by each Pledgor that owns any Equity Interests consist of the number and type of shares of capital
stock (in the case of issuers that are corporations) or the percentage and type of other Equity Interests (in the case of issuers other than corporation) as described beneath such Pledgor’s name in Annex A. All of the Equity Interests
have been duly and validly issued and are fully paid and nonassessable (or, in the case of partnership, limited liability company or similar Equity Interests, not subject to any capital call or other additional capital requirement) and not subject
to any preemptive rights, warrants, options or similar rights or restrictions in favor of third parties or any contractual or other restrictions upon transfer other than as may be permitted under the Credit Agreement. 

3.9 Specified Contracts. As to each (i) Investment Agreement, and (ii) each Material Contract to which any Pledgor is
now or hereafter becomes a party, (a) such Pledgor is not in default in any material respect under such Investment Agreement or Material Contract, and to the knowledge of such Pledgor, none of the other parties to such Investment Agreement or
Material Contract is in default in any material respect thereunder (except as shall have been disclosed in writing to the Collateral Agent), (b) such Investment Agreement or Material Contract is, or at the time of execution will, with regard to
any Pledgor (and to such Pledgor’s knowledge with respect to any other party thereof), be the legal, valid and binding obligations of all parties thereto, enforceable against such parties in accordance with the respective terms thereof, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, and no defense, offset, deduction or counterclaim will exist thereunder in favor of any such party, (c) the performance
by such Pledgor of its obligations under such Investment Agreement or Material Contract in accordance with its terms will not contravene such Investment Agreement and any statute, law, treaty, rule, regulation, order, decree, injunction or
determination of any arbitrator or Governmental Authority applicable to or 

  
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binding on such Pledgor or any contractual restriction binding on or affecting such Pledgor or any of its properties, and will not result in or require the creation of any Lien upon or with
respect to any of its properties, except for Permitted Encumbrances and (d) such Pledgor has (or promptly upon the execution thereof will have) furnished the Collateral Agent with a correct and complete copy of each Investment Agreement
(certified by the appropriate state official to the extent such Agreement is registered with a state. 
 3.10 Intellectual
Property. Annexes D, E, F and G correctly set forth all registered Copyrights, Patents, Trademarks and Domain Names owned by any Pledgor as of the date hereof and used or proposed to be used in its business. Each such
Pledgor owns or possesses the valid right to use all Copyrights, Patents, Trademarks and Domain Names; all registrations therefor have been validly issued under applicable law and are in full force and effect; all applicable material maintenance
fees, affidavits and other filings or payments are current and shall remain current throughout the duration of this Agreement; no claim has been made in writing or, to the knowledge of such Pledgor, orally, that any of such Copyrights, Patents,
Trademarks and Domain Names is invalid or unenforceable or violates or infringes the rights of any other person, and there is no such violation or infringement in existence; and to the knowledge of such Pledgor, no other person is presently
infringing upon the rights of such Pledgor with regard to any such Copyrights, Patents, Trademarks and Domain Names. 
 3.11
Documents of Title. No material bill of lading, warehouse receipt or other document or instrument of title is outstanding with respect to any Collateral other than Inventory in transit in the ordinary course of business to a location set
forth on Annex C or to a customer of a Pledgor. 
 3.12 Deposit Accounts. Annex H correctly sets forth all
Deposit Accounts of each Pledgor as of the date hereof. Each Deposit Account (other than any payroll account, any payroll tax and/or similar trust fund accounts and any accounts excepted by the Credit Agreement) is covered by an account control
agreement, in form and substance reasonably satisfactory to the Collateral Agent, except as otherwise permitted by the Credit Agreement. 
 3.13 Reserved. 
 3.14 Inventory. Subject to such exceptions as in
the aggregate are not material to the business of Great Lakes, all Inventory is of good and merchantable quality, free from any defects, and such Inventory is not subject to any licensing, patent, trademark, trade name or copyright agreement with
any Person that restricts any Pledgor’s ability to manufacture and/or sell the Inventory. None of the Inventory of any Pledgor has been or will be produced by a Pledgor in violation of any provision of the Fair Labor Standards Act of 1938, as
amended. 
 3.15 Equipment. All Equipment used by Great Lakes in its business (other than obsolete or worn-out Equipment)
is in good repair, working order and condition (normal wear and tear and immaterial impairments of value and damage by the elements excepted). 

  
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 3.16 Information. All information heretofore, herein or hereafter supplied to
Collateral Agent by or on behalf of any Grantor with respect to the Collateral is and will be accurate and complete in all material respects. 
 ARTICLE IV 
 COVENANTS 

4.1 Reserved. 
 4.2 Change of Name, Locations, etc. No Pledgor will (i) change its name, its type of organization or, if applicable, the state in which it is registered, or its organizational identification
number (if any), (ii) change its chief executive office from the location thereof listed on Annex C, or (iii) remove any Collateral (other than goods in transit or Collateral sold in the ordinary course or otherwise permitted under
the Loan Documents), or any books, records or other information relating to Collateral, from the applicable location thereof listed on Annex C, or keep or maintain any Collateral at a location not listed on Annex C, unless in each case
such Pledgor has (A) given thirty (30) days’ prior written notice to the Collateral Agent of its intention to do so, together with information regarding any such new location and such other information in connection with such proposed
action as the Collateral Agent may reasonably request, and (B) delivered to the Collateral Agent thirty (30) days’ prior to any such change or removal of such documents, instruments and financing statements as may be required by the
Collateral Agent, all in form and substance satisfactory to the Collateral Agent, paid all necessary filing and recording fees and taxes, and taken all other actions reasonably requested by the Collateral Agent in order to perfect and maintain the
Lien upon and security interest in the Collateral provided for herein in accordance with the provisions of Section 3.3. 
 4.3 Records; Inspection. 
 (a) Each Pledgor will keep and maintain at its
own cost and expense satisfactory and complete records of the Accounts and all other Collateral, including, without limitation, records of all payments received, all credits granted thereon, all merchandise returned and all other documentation
relating thereto, and will furnish to the Collateral Agent from time to time such statements, schedules and reports (including, without limitation, accounts receivable aging schedules) with regard to the Collateral as the Collateral Agent may
reasonably request. 
 (b) In addition to the rights of inspection under Section 2.3 of the Credit Agreement, each
Pledgor shall, from time to time at such times as may be reasonably requested and upon reasonable notice, to the extent permitted under Section 2.3 of the Credit Agreement, make available to the Collateral Agent, the Administrative Agent
and any Lender for inspection and review at such Pledgor’s offices copies of all invoices and other documents and information relating to the Collateral (including, without limitation, itemized schedules of all collections of Accounts, showing
the name of each account debtor, the amount of each payment and such other information as the Collateral Agent shall reasonably request). At the request of the Collateral Agent following the occurrence and during the continuance of a Default or an
Event of Default, each Pledgor will legend, in form and manner reasonably satisfactory to the 

  
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Collateral Agent, the books, records and materials evidencing or relating to the Collateral with an appropriate reference to the fact that the Collateral has been collaterally assigned to the
Collateral Agent and that the Collateral Agent has a security interest therein. The Collateral Agent shall have the right to make test verifications of Accounts in any reasonable manner and through any reasonable medium, and each Pledgor agrees to
furnish all such reasonable, assistance and information as the Collateral Agent may require in connection therewith, provided, that, so long as no Event of Default shall have occurred and be continuing, any such verification shall be conducted in
the name of the Pledgor or in such other manner so as not to disclose the Collateral Agent’s identity or interest in the Collateral. 
 4.4 Accounts. Unless notified otherwise by the Collateral Agent in accordance with the terms hereof, each Pledgor shall endeavor to collect its Accounts and all amounts owing to it thereunder in
the ordinary course of its business consistent with past practices and shall apply forthwith upon receipt thereof all such amounts as are so collected to the outstanding balances thereof, and in connection therewith, upon the occurrence and
continuance of an Event of Default, shall, at the request of the Collateral Agent, take such action as the Collateral Agent may deem reasonably necessary or advisable (within applicable laws) to enforce such collection. No Pledgor shall, except to
the extent done in the ordinary course of its business consistent with past practices or in accordance with sound business judgment, (i) grant any extension of the time for payment of any Account, (ii) compromise or settle any Account for
less than the full amount thereof, (iii) release, in whole or in part, any person or property liable for the payment of any Account, or (iv) allow any credit or discount on any Account. Each Pledgor shall promptly inform the Collateral
Agent of any material disputes with any account debtor or obligor and of any claimed offset and counterclaim that may be asserted with respect thereto, where such Pledgor reasonably believes that the likelihood of payment by such account debtor is
materially impaired, indicating in detail the reason for the dispute, all claims relating thereto and the amount in controversy. Notwithstanding any of the foregoing, Collateral Agent shall have the right at any time upon the occurrence and
continuance of an Event of Default, to notify the Account obligors under any Accounts of the assignment of such Account to Collateral Agent and to direct such payment of all amounts to Collateral Agent. 

4.5 Instruments and Chattel Paper. Each Pledgor agrees that if any Accounts or other Collateral shall at any time be evidenced by
a promissory note, Chattel Paper or other Instrument (other than checks or other Instruments for deposit in the ordinary course of business), and the aggregate amount of all such Chattel Paper or other Instruments exceeds $250,000, the same shall
promptly be duly endorsed to the order of the Collateral Agent and delivered to the Collateral Agent to be held as Collateral hereunder. At Collateral Agent’s option, each Pledgor shall, or Collateral Agent may at any time on behalf of any
Pledgor, cause the original of any such promissory note, Instrument or Chattel Paper to be conspicuously marked in a form and manner acceptable to Collateral Agent with the following legend referring to Chattel Paper or Instruments as applicable:
“This [Chattel Paper] [Instrument] is subject to the security interest of GB Merchant Partners, LLC, as Collateral Agent, and any sale, transfer, assignment or encumbrance of this [Chattel Paper]
[Instrument] violates the rights of such secured party.” In the event that any Pledgor shall at any time hold or acquire an interest in any electronic chattel Paper or any “transferable record” (as such term is defined in
Section 201 of the Federal 

  
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Electronic Signatures in Global and National Commerce Act or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction), such Pledgor shall promptly
notify Collateral Agent thereof in writing. Promptly upon Collateral Agent’s request, such Pledgor shall take, or cause to be taken, such actions as Collateral Agent may reasonably request to give Collateral Agent “control” (as
contemplated by Section 9-314 (or its successor provision) of the Uniform Commercial Code) of such electronic Chattel Paper under the Uniform Commercial Code and control of such transferable record under Section 201 of the Federal
Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as in effect in such jurisdiction. 

4.6 Equipment. Each Pledgor will, in accordance with sound business practices, maintain all Equipment used by it in its business
(other than obsolete or worn-out Equipment and Equipment sold in the ordinary course in accordance with the Loan Documents) in good repair, working order and condition (normal wear and tear and immaterial impairments of value and damage by the
elements excepted) and make all appropriate repairs, replacements, and improvements thereof consistent with industry practice. Each Pledgor shall use commercially reasonable efforts to preclude any Equipment from becoming a fixture to any real
property (other than real property the fee interest in which is subject to a deed of trust or mortgage in favor of the Collateral Agent). 
 4.7 Inventory. Each Pledgor will, in accordance with sound business practices, maintain all Inventory held by it or on its behalf in good saleable or useable condition. Prior to the occurrence and
continuance of an Event of Default, each Pledgor may, in any lawful manner not inconsistent with the provisions of this Agreement and the other Loan Documents, process, use and, in the ordinary course of business and as permitted under the Credit
Agreement, but not otherwise, sell its Inventory. Without limiting the generality of the foregoing, each Pledgor agrees that it shall not permit any Inventory to be in the possession of any bailee, warehouseman, agent or processor at any time unless
such bailee, warehouseman, agent or processor shall have been notified of the security interest created by this Agreement and such Pledgor shall have obtained, at such Pledgor’s sole cost and expense, a written agreement by such person to hold
such Inventory subject to the security interest created by this Agreement and the instructions of the Collateral Agent and to waive and release any Lien (whether arising by operation of law or otherwise) such person may have with respect to such
Inventory, such agreement to be in form and substance reasonably satisfactory to the Collateral Agent. Each Pledgor further agrees that Inventory produced by Pledgor will be produced in compliance with the applicable requirements of the Fair Labor
Standards Act, as amended. 
 4.8 Contracts. Other than with respect to the Material Contracts that exist on the Closing
Date, no Pledgor will enter into any Material Contract (including leases and Licenses) that by its terms prohibits the assignment of such Pledgor’s rights and interest thereunder in the manner contemplated by this Agreement, other than as may
be entered into in the ordinary course of business of such Pledgor in accordance with past practices or for a valid economic reason benefiting such Pledgor. Other than with respect to the Material Contracts that exist on the Closing Date, each
Pledgor further covenants and agrees to use its commercially reasonable efforts to obtain any required consent to the collateral assignment and grant of security interest in 

  
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any Material Contract (including personal property leases and Licenses), in form and substance reasonably satisfactory to the Collateral Agent, upon the request of the Collateral Agent, and will
deliver copies thereof to the Collateral Agent promptly upon execution and delivery thereof. 
 4.9 Reserved. 

4.10 Insurance. 
 (a) Each Pledgor will maintain and pay for, or cause to be maintained and paid for, with financially sound and reputable insurance companies, insurance with respect to its assets, properties and business,
against such hazards and liabilities, of such types and in such amounts, as is required pursuant to Section 2.2 of the Credit Agreement. 
 (b) Each Pledgor hereby irrevocably makes, constitutes and appoints the Collateral Agent at all times during the continuance of an Event of Default, its true and lawful attorney (and agent-in-fact) for
the purpose of making, settling and adjusting claims under such policies of insurance, endorsing its name on any check, draft, instrument or other item or payment for the proceeds of such policies of insurance and for making all determinations and
decisions with respect to such policies of insurance. 
 (c) If any Pledgor fails to obtain and maintain any of the policies of
insurance required to be maintained hereunder or to pay any premium in whole or in part, the Collateral Agent may, without waiving or releasing any obligation or Default, at such Pledgor’s expense, but without any obligation to do so, procure
such policies or pay such premiums. All sums so disbursed by the Collateral Agent, including reasonable attorneys’ fees, court costs, expenses and other charges related thereto, shall be payable by the Pledgors to the Collateral Agent on demand
and shall be additional Secured Obligations hereunder, secured by the Collateral. 
 (d) Each Pledgor will deliver to the
Collateral Agent, promptly as rendered, true copies of all material claims and reports made in any reporting forms to insurance companies. Not less than thirty (30) days’ prior to the expiration date of the insurance policies required to
be maintained by any Pledgor hereunder, such Pledgor will deliver to the Collateral Agent one or more certificates of insurance evidencing renewal of the insurance coverage required hereunder plus such other evidence of payment of premiums therefor
as the Collateral Agent may reasonably request. Upon the reasonable request of the Collateral Agent from time to time, each Pledgor will deliver to the Collateral Agent evidence that the insurance required to be maintained pursuant to this Section
is in effect. 
 4.11 Intellectual Property. (a) Each Pledgor will, at its own expense, execute and deliver on the
Closing Date, a fully completed Copyright Security Agreement, Patent Security Agreement or Trademark Security Agreement in the respective forms of Exhibits B, C and D, as applicable, with regard to any Copyright, Patent or
Trademark, as the case may be of such Pledgor, described in Annexes D, E and F hereto. In the event that after the date hereof any Pledgor shall acquire any registered Copyright, Patent or Trademark or effect any registration of
any such Copyright, Patent or Trademark, whether within the United States or any other country or jurisdiction, such Pledgor shall promptly furnish written notice thereof to the Collateral Agent

  
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together with information sufficient to permit the Collateral Agent, upon its receipt of such notice, to (and each Pledgor hereby authorizes the Collateral Agent to) modify this Agreement, as
appropriate, by amending Annex D, E or F hereto or to add additional exhibits hereto to include any Copyright, Patent or Trademark that becomes part of the Collateral under this Agreement, and such Pledgor shall additionally, at
its own expense, execute and deliver, as promptly as possible (but in any event within ten (10) Business Days) after the date of such notice, with regard to United States Copyrights, Patents and Trademarks, fully completed Copyright Security
Agreements, Patent Security Agreements or Trademark Security Agreements in the forms of Exhibits B, C and D, as applicable, together in all instances with any other agreements, instruments and documents that the Collateral Agent
may reasonably request from time to time to further effect and confirm the security interest created by this Agreement in such Copyrights, Patents and Trademarks, and each Pledgor hereby appoints the Collateral Agent its attorney-in-fact, upon the
occurrence and the continuance of an Event of Default, to execute, deliver and record any and all such agreements, instruments and documents for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed and such power,
being coupled with an interest, being irrevocable for so long as this Agreement shall be in effect with respect to such Pledgor. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may request, and each
Pledgor shall cause, at its own expense, the execution and delivery of fully completed assignments in the form of Exhibit E with respect to any Domain Name described in Annex G hereto. If after the date hereof, any Pledgor shall
register any Domain Name, such Pledgor shall promptly notify the Collateral Agent of such registration and the Collateral Agent is hereby authorized to amend Annex G hereto to reflect such additional registration. 

(b) Each Pledgor (either itself or through its licensees or its sublicensees) will, for each material Trademark used in the conduct of
its business, use its commercially reasonable efforts to (i) maintain such Trademark in full force and effect, free from any claim of abandonment or invalidity for non-use, (ii) maintain the quality of products and services offered under
such Trademark, (iii) display such Trademark with notice of federal registration to the extent required by applicable law, (iv) take appropriate and reasonable steps to police and defend such Trademark and prevent or arrest infringement,
dilution or other harm to such Trademark and (v) not knowingly use or knowingly permit the use of such Trademark in violation of any third-party rights. 
 (c) Each Pledgor (either itself or through its licensees or sublicensees) will refrain from committing any act, or omitting any act, whereby any material Patent used in the conduct of such Pledgor’s
business may become invalidated or dedicated to the public, and shall continue to mark any products covered by a material Patent with the relevant patent number as required by applicable patent laws. 

(d) Each Pledgor (either itself or through its licensees or sublicensees) will, for each work covered by a material Copyright used in the
conduct of its business, continue to publish, reproduce, display, adopt and distribute the work with appropriate copyright notice as required under applicable copyright laws. 

  
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 (e) Each Pledgor shall notify the Collateral Agent immediately if it knows or has reason to
know that any material Patent, Trademark or Copyright used in the conduct of its business may become abandoned or dedicated to the public, or of any adverse determination or development (including the institution of, or any such determination or
development in, any proceeding in the United States Patent and Trademark Office, United States Copyright Office or any court) regarding, such Pledgor’s ownership of any material Patent, Trademark or Copyright, its right to register the same, or
to keep and maintain the same. 
 (f) Each Pledgor will take all necessary steps that are consistent with the practice in any
proceeding before the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the United States or in any other country or any political subdivision thereof, to maintain and
pursue each application relating to any material Patents, Trademarks or Copyrights (and to obtain the relevant grant or registration) and to maintain each registration of any Patents, Trademarks and Copyrights used in the conduct of such
Pledgor’s business, including the filing of applications for renewal, affidavits of use, affidavits of incontestability and maintenance fees, and, if consistent with sound business judgment, to initiate opposition, interference and cancellation
proceedings against third parties. 
 (g) In the event that any Collateral consisting of a material Patent, Trademark or
Copyright used in the conduct of any Pledgor’s business is believed infringed, misappropriated or diluted by a third party, such Pledgor shall notify the Collateral Agent promptly after it learns thereof and shall, if consistent with sound
business judgment, promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution, and take such other actions as are appropriate under the circumstances to protect
such Collateral. 
 (h) Upon the occurrence and during the continuance of any Event of Default, each Pledgor shall use its
commercially reasonable efforts to obtain all requisite consents or approvals from the licensor of each License included within the Copyright Collateral, Patent Collateral or Trademarks Collateral to effect the assignment of all of such
Pledgor’s right, title and interest thereunder to the Collateral Agent or its designee. 
 4.12 Delivery of
Collateral. All certificates or instruments representing or evidencing any material Account, Equity Interest or other Collateral delivered to the Collateral Agent pursuant hereto, shall be in form suitable for transfer by delivery and shall be
delivered together with undated stock powers duly executed in blank, appropriate endorsements or other necessary instruments of registration, transfer or assignment, duly executed and in form and substance satisfactory to the Collateral Agent, and
in each case such other instruments or documents as the Collateral Agent may reasonably request. 
 4.13 Reserved.

 4.14 Control of Investment Property and Other Collateral. If any Investment Property (whether now owned or hereafter
acquired) is included in the Collateral, each applicable Pledgor will notify the Collateral Agent thereof and will, upon request, promptly take and cause to be taken all actions required under Articles 8 and 9 of the Uniform Commercial Code and any
other 

  
 16 

 
applicable law to enable the Collateral Agent to acquire “control” (within the meaning of such term under Section 8-106 (or its successor provision) of the Uniform Commercial Code)
of such Investment Property and as may be otherwise necessary or deemed appropriate by the Collateral Agent to perfect the security interest of the Collateral Agent therein. In that connection, each applicable Pledgor shall execute, and cause to be
executed, the control agreement in the form provided by the Collateral Agent. In the event that any Pledgor shall be entitled to or shall receive any right to payment under any letter of credit, banker’s acceptance or any similar instrument,
whether as beneficiary thereof or otherwise after the date hereof, such Pledgor shall promptly notify Collateral Agent thereof in writing. Such Pledgor shall promptly, as Collateral Agent may specify, either (i) deliver, or cause to be
delivered to Collateral Agent, with respect to any such letter of credit, banker’s acceptance or similar instrument, the written agreement of the issuer and any other nominated person obligated to make any payment in respect thereof (including
any confirming or negotiating bank), in form and substance reasonably satisfactory to Collateral Agent, consenting to the assignment of the proceeds of the letter of credit to Collateral Agent by Pledgor and agreeing to make all payments thereon
directly to Collateral Agent or as Collateral Agent may otherwise direct or (ii) cause Collateral Agent to become, at such Pledgor’s expense, the transferee beneficiary of the letter of credit, banker’s acceptance or similar
instrument (as the case may be). In the event that any Pledgor shall at any time after the date hereof have any Commercial Tort Claims in excess of $100,000 prior to the occurrence and continuance of an Event of Default, and any Commercial Tort
Claim after the occurrence and continuance of an Event of Default, such Pledgor shall promptly notify Collateral Agent thereof in writing, which notice shall (i) set forth in reasonable detail the basis for and nature of such Commercial Tort
Claim and (ii) include the express grant by such Pledgor to Collateral Agent of a security interest in such Commercial Tort Claim (and the proceeds thereof). In the event that such notice does not include such grant of a security interest, the
sending thereof by such Pledgor to Collateral Agent shall be deemed to constitute such grant to Collateral Agent. Upon the sending of such notice, any Commercial Tort Claim described therein shall constitute part of the Collateral and shall be
deemed included therein. Without limiting the authorization of Collateral Agent provided for in this Agreement to file financing statements, Collateral Agent is hereby irrevocably authorized from time to time and at any time to file financing
statements naming Collateral Agent or its designee as secured party and any such Pledgor as debtor, or any amendments to any financing statements, covering any such Commercial Tort Claim. 

4.15 Protection of Security Interest. Each Pledgor agrees that it will, at its own cost and expense, take any and all actions as
the Collateral Agent may reasonably request necessary to (i) perfect and protect the security interest created hereby; (ii) enable Collateral Agent to exercise and enforce its rights and remedies hereunder in respect of the Collateral;
(iii) warrant and defend the right, title and interest of the Collateral Agent and the Secured Parties, or (iv) otherwise effect the purposes of this Agreement. 

  
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 ARTICLE V 
 CERTAIN PROVISIONS RELATING TO EQUITY INTERESTS 
 5.1 Ownership;
After-Acquired Equity Interests. 
 (a) Except to the extent otherwise expressly permitted by or pursuant to the Credit
Agreement, each Pledgor will cause the Equity Interests pledged by it hereunder to constitute at all times 100% of the capital stock or other Equity Interests in each issuer held by such Pledgor thereof, such that the issuer thereof shall be a
wholly owned subsidiary of such Pledgor, and unless the Collateral Agent shall have given its prior written consent, no Pledgor will cause or permit any such issuer to issue or sell any new capital stock, any warrants, options or rights to acquire
the same, or other Equity Interests of any nature to any person other than such Pledgor, or cause, permit or consent to the admission of any other person as a stockholder, partner or member of any such issuer. 

(b) If any Pledgor shall, at any time and from time to time after the date hereof, acquire any additional capital stock or other Equity
Interests in any Person of the types described in the definition of the term “Equity Interests,” the same shall be automatically deemed to be Equity Interests, and to be pledged to the Collateral Agent pursuant to
Section 2.1, and such Pledgor will forthwith pledge and deposit the same with the Collateral Agent and deliver to the Collateral Agent any certificates or instruments therefor, together with the endorsement of such Pledgor (in the case
of any promissory notes or other Instruments), undated stock powers (in the case of Equity Interests evidenced by certificates) or other necessary instruments of transfer or assignment, duly executed in blank and in form and substance reasonably
satisfactory to the Collateral Agent, together with such other certificates and instruments as the Collateral Agent may reasonably request (including Uniform Commercial Code financing statements or appropriate amendments thereto), and will promptly
thereafter deliver to the Collateral Agent a fully completed and duly executed amendment to this Agreement in the form of Exhibit A (each, a “Pledge Amendment”) in respect thereof. Each Pledgor hereby authorizes the
Collateral Agent to attach each such Pledge Amendment to this Agreement, and agrees that all such Collateral listed on any Pledge Amendment shall for all purposes be deemed Collateral hereunder and shall be subject to the provisions hereof;
provided that the failure of any Pledgor to execute and deliver any Pledge amendment with respect to any such additional Collateral as required hereinabove shall not impair the security interest of the Collateral Agent in such Collateral or
otherwise adversely, affect the rights and remedies of the Collateral Agent hereunder with respect thereto. 
 (c) If any Equity
Interests (whether now owned or hereafter acquired) included in the Collateral are “uncertificated securities” within the meaning of the Uniform Commercial Code or are otherwise not evidenced by any certificate or instrument, each
applicable Pledgor will promptly notify the Collateral Agent thereof and will promptly take and cause to be taken, and will (if the issuer of such uncertificated securities is a person other than a Subsidiary of any Great Lakes) use its commercially
reasonable efforts to cause the issuer to take, all actions required under Articles 8 and 9 of the Uniform Commercial Code and any other applicable law, to enable the Collateral Agent to acquire “control” (within the meaning
of such term under Section 8-106 (or its successor provision) of the Uniform Commercial Code) of such uncertificated securities and as may be otherwise necessary or deemed appropriate by the Collateral Agent to perfect the security interest of
the Collateral Agent therein. 

  
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 5.2 Voting Rights. Each Pledgor shall be entitled to exercise all voting and other
consensual rights pertaining to its Equity Interests (subject to its obligations under Section 5.1), and for that purpose the Collateral Agent will execute and deliver or cause to be executed and delivered to each applicable Pledgor all
such proxies and other instruments as such Pledgor may reasonably request in writing to enable the Pledgor to exercise such voting and other consensual rights; provided, however, that immediately upon the occurrence and continuance of
an Event of Default such voting rights shall cease to exist (and at such time all voting rights shall be vested solely with the Collateral Agent); and provided further that no Pledgor will cast any vote, give any consent, waiver or
ratification, or take or fail to take any action, in any manner that would, or could reasonably be expected to, violate or be inconsistent with any of the terms of this Agreement, the Credit Agreement or any other Loan Document, or have the effect
of impairing the position or interests of the Collateral Agent or any other Secured Party. 
 5.3 Dividends and Other
Distributions. Except as provided otherwise herein, all interest, income, dividends, distributions and other amounts payable in cash in respect of the Equity Interests may be paid to and retained by the Pledgors; provided, however,
that all such interest, income, dividends, distributions and other amounts shall immediately, following the occurrence and during the continuance of an Event of Default, be paid to the Collateral Agent and retained by the Collateral Agent as part of
the Collateral (except to the extent applied upon receipt to the repayment of the Secured Obligations). The Collateral Agent shall also be entitled at all times, following the occurrence and during the continuance of an Event of Default, to receive
directly, and to retain as part of the Collateral, (i) all interest, income, dividends, distributions or other amounts paid or payable in cash or other property in respect of any Equity Interests in connection with the dissolution, liquidation,
recapitalization or reclassification of the capital of the applicable issuer to the extent representing an extraordinary, liquidating or other distribution in return of capital, (ii) all additional Equity Interests or other securities or
property (other than cash) paid or payable or distributed or distributable in respect of any Equity Interests in connection with any noncash dividend, distribution, return of capital, spin-off, stock split, split-up, reclassification, combination of
shares or interests or similar rearrangement, and (iii) without affecting any restrictions against such actions contained in the Credit Agreement, all additional Equity Interests or other securities or property (including cash) paid or payable
or distributed or distributable in respect of any Equity Interests in connection with any consolidation, merger, exchange of securities, liquidation or other reorganization. All interest, income, dividends, distributions or other amounts that are
received by any Pledgor in violation of the provisions of this Section shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other property or funds of such Pledgor and shall be forthwith delivered to the
Collateral Agent as Collateral in the same form as so received (with any necessary endorsements). 

  
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 ARTICLE VI 
 REMEDIES 
 6.1 Remedies. If an Event of Default shall have occurred
and be continuing, the Collateral Agent shall be entitled to exercise in respect of the Collateral all of its rights, powers and remedies provided for herein or otherwise available to it under any other Loan Document, by law, in equity or otherwise,
including all rights and remedies of a secured party under the Uniform Commercial Code, and shall be entitled in particular, but without limitation of the foregoing, to exercise the following rights, which each Pledgor agrees to be commercially
reasonable: 
 (a) to notify any or all account debtors or obligors under any Accounts, Contracts or other Collateral of the
security interest in favor of the Collateral Agent created hereby and to direct all such persons to make payments of all amounts due thereon or thereunder directly to the Collateral Agent or to an account designated by the Collateral Agent; and in
such instance and from and after such notice, all amounts and Proceeds (including wire transfers, checks and other instruments) received by any Pledgor in respect of any Accounts, Contracts or other Collateral shall be received in trust for the
benefit of the Collateral Agent hereunder, shall be segregated from the other funds of such Pledgor and shall be forthwith deposited into such account or paid over or delivered to the Collateral Agent in the same form as so received (with any
necessary endorsements or assignments), to be held as Collateral and applied to the Secured Obligations as provided herein; and by this provision, each Pledgor irrevocably authorizes and directs each Person who is or shall be a party to or liable
for the performance of any Contract, upon receipt of notice from the Collateral Agent to the effect that an Event of Default has occurred and is continuing, to attorn to or otherwise recognize the Collateral Agent as owner under such Contract and to
pay, observe and otherwise perform the obligations under such Contract to or for the Collateral Agent or the Collateral Agent’s designee as though the Collateral Agent or such designee were such Pledgor named therein, and to do so until
otherwise notified by the Collateral Agent; 
 (b) to take possession of, receive, endorse, assign and deliver, in its own name
or in the name of any Pledgor, all checks, notes, drafts and other instruments relating to any Collateral, including receiving, opening and properly disposing of all mail addressed to any Pledgor concerning Accounts and other Collateral and to
notify the appropriate postal authority to change the mailing or delivery address of such mail; to verify with account debtors or other contract parties the validity, amount or any other matter relating to any Accounts or other Collateral, in its
own name or in the name of any Pledgor; to accelerate any indebtedness or other obligation constituting Collateral that may be accelerated in accordance with its terms; to take or bring all actions and suits deemed necessary or appropriate to effect
collections and to enforce payment of any Accounts or other Collateral; to settle, compromise or release in whole or in part any amounts owing on Accounts or other Collateral; and to extend the time of payment of any and all Accounts or other
amounts owing under any Collateral and to make allowances and adjustments with respect thereto, all in the same manner and to the same extent as any Pledgor might have done; 
 (c) to notify any or all depository institutions with which any Deposit Accounts are maintained to remit and transfer all monies, securities and other property on deposit in such Deposit Accounts or
deposited or received for deposit thereafter to the Collateral Agent, for deposit in a Collateral Account or such other accounts as may be designated by the Collateral Agent, for application to the Secured Obligations as provided herein; 

  
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 (d) To transfer to or register in its name or the name of any of its agents or nominees all
or any part of the Collateral, without notice to any Pledgor and with or without disclosing that such Collateral is subject to the security interest created hereunder; 
 (e) to require any Pledgor to, and each Pledgor hereby agrees that it will at its expense and upon request of the Collateral Agent forthwith, assemble all or any part of the Collateral as directed by the
Collateral Agent and make it available to the Collateral Agent at a place designated by the Collateral Agent (it being understood that such obligations to deliver the Collateral is of the essence of this Agreement and that, accordingly, upon
application of a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance of such obligation) and each Pledgor further agrees that the Collateral Agent shall have no obligation to
clean-up or otherwise prepare the Collateral for sale, except where failure to clean-up or otherwise prepare the Collateral for sale would be in violation of Section 9-610 of the Uniform Commercial Code; 

(f) to enter and remain upon the premises of any Pledgor and take possession of all or any part of the Collateral, with or without
judicial process; to use the materials, services, books and records of any Pledgor for the purpose of liquidating or collecting the Collateral, whether by foreclosure, auction or otherwise; and to remove the same to the premises of the Collateral
Agent or any designated agent for such time as the Collateral Agent may desire, in order to effectively collect or liquidate the Collateral; 
 (g) to exercise, to the extent permitted by applicable law, (i) all voting, consensual and other rights and powers pertaining to the Equity Interests (whether or not transferred into the name of the
Collateral Agent), at any meeting of shareholders, partners, members or otherwise, and (ii) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to the Equity Interests as if it were
the absolute owner thereof (including, without limitation, the right to exchange at its Permitted Discretion any and all of the Equity Interests upon the merger, consolidation, reorganization, reclassification, combination of shares or interests,
similar rearrangement or other similar fundamental change in the structure of the applicable issuer, or upon the exercise by any Pledgor or the Collateral Agent of any right, privilege or option pertaining to such Equity Interests), and in
connection therewith, the right to deposit and deliver any and all of the Equity Interests with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Collateral Agent may determine, and
give all consents, waivers and ratifications in respect of the Equity Interests, all without liability except to account for any property actually received by it, but the Collateral Agent shall have no duty to exercise any such right, privilege or
option or give any such consent, waiver or ratification and shall not be responsible for any failure to do so or delay in so doing; and for the foregoing purposes each Pledgor will promptly execute and deliver or cause to be executed and delivered
to the Collateral Agent, upon request, all such proxies and other instruments as the Collateral Agent may reasonably request to enable the Collateral Agent to exercise such rights and powers; AND IN FURTHERANCE OF THE FOREGOING AND WITHOUT
LIMITATION THEREOF, EACH PLEDGOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE COLLATERAL AGENT AS THE TRUE AND LAWFUL PROXY AND ATTORNEY-IN-FACT OF SUCH PLEDGOR, WITH FULL 

  
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POWER OF SUBSTITUTION IN THE PREMISES, TO, FOLLOWING THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, EXERCISE ALL SUCH VOTING, CONSENSUAL AND OTHER RIGHTS AND POWERS TO WHICH
ANY HOLDER OF ANY EQUITY INTERESTS WOULD BE ENTITLED BY VIRTUE OF HOLDING THE SAME, WHICH PROXY AND POWER OF ATTORNEY, BEING COUPLED WITH AN INTEREST, IS IRREVOCABLE AND SHALL BE EFFECTIVE FOR SO LONG AS THIS AGREEMENT SHALL BE IN EFFECT;

 (h) to sell, resell, assign and deliver, in its Permitted Discretion, all or any of the Collateral, in one or more parcels,
on any securities exchange on which any Equity Interests may be listed, at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, upon credit or for future delivery, at such time or times and at such price or
prices and upon such other terms as the Collateral Agent may deem satisfactory. If any of the Collateral is sold by the Collateral Agent upon credit or for future delivery, the Collateral Agent shall not be liable for the failure of the purchaser to
purchase or pay for the same and, in the event of any such failure, the Collateral Agent may resell such Collateral. In no event shall any Pledgor be credited with any part of the Proceeds of sale of any Collateral until and to the extent cash
payment in respect thereof has actually been received by the Collateral Agent. Each purchaser at any such sale shall hold the property sold absolutely, free from any claim or right of whatsoever kind, including any equity or right of redemption of
any Pledgor, and each Pledgor hereby expressly waives, to the fullest extent permitted under applicable law, all rights of redemption, stay or appraisal, and all rights to require the Collateral Agent to marshal any assets in favor of such Pledgor
or any other party or against or in payment of any or all of the Secured Obligations, that it has or may have under any rule of law or statute now existing or hereafter adopted. No demand, presentment, protest, advertisement or notice of any kind
(except any notice required by law, as referred to below), all of which are hereby expressly waived by each Pledgor, shall be required in connection with any sale or other disposition of any part of the Collateral. If any notice of a proposed sale
or other disposition of any part of the Collateral shall be required under applicable law, the Collateral Agent shall give the applicable Pledgor at least ten (10) days’ prior notice of the time and place of any public sale and of the time
after which any private sale or other disposition is to be made, which notice each Pledgor agrees is commercially reasonable. The Collateral Agent shall not be obligated to make any sale of Collateral if it shall determine not to do so, regardless
of the fact that notice of sale may have been given. 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
sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. Upon each public sale and, to the extent permitted by applicable law, upon each private sale, the Collateral Agent may purchase all or
any of the Collateral being sold, free from any equity, right of redemption or other claim or demand, and may make payment therefor by endorsement and application (without recourse) of the Secured Obligations in lieu of cash as a credit on account
of the purchase price for such Collateral. The Collateral Agent may comply with any applicable state or federal law requirements in connection with the sale or other disposition of the Collateral and each Pledgor agrees that such compliance is
commercially reasonable. The Collateral Agent may sell or otherwise dispose of the Collateral without giving any warranties, specifically disclaiming any warranties of title or the like and each Pledgor agrees that such disclaimer is commercially
reasonable; and 

  
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 (i) to transfer or register in its name or in the names of any of its agents or nominees,
all or any part of the Domain Names, with or without disclosing that such Collateral is subject to the security interest created hereunder, by using the Registrant Name Change Agreement, attached as Annex A to the Grant of Security Interest
in Domain Name Registrations delivered by the applicable Pledgor to the Collateral Agent pursuant to Section 4.11(a). 
 6.2 Application of Proceeds. (a) All Proceeds collected by the Collateral Agent upon any sale, other disposition of or realization upon any of the Collateral, together with all other moneys
received by the Collateral Agent hereunder, shall be applied in accordance with Section 1.4(b) of the Credit Agreement. 
 (b) Each Pledgor shall remain liable to the extent of any deficiency between the amount of all Proceeds realized upon a commercially reasonable sale, other disposition or collection of the Collateral, and
monies held as Collateral pursuant to this Agreement and the aggregate amount of Secured Obligations. Upon any sale of any Collateral hereunder by the Collateral Agent (whether by virtue of the power of sale herein granted, pursuant to judicial
proceeding, or otherwise), the receipt by the Collateral Agent or the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to
the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 
 6.3 Collateral Accounts. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the right to cause to be established and maintained, at its principal
office or such other location or locations as it may establish from time to time in its Permitted Discretion, one or more accounts (collectively, “Collateral Accounts”) for the collection of cash Proceeds of the Collateral. Such
Proceeds, when deposited, shall continue to constitute Collateral for the Secured Obligations and shall not constitute payment thereof until applied as herein provided. The Collateral Agent shall have sole dominion and control over all funds
deposited in any Collateral Account, and such funds may be withdrawn therefrom only by the Collateral Agent. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the right to (and, if directed by the
Administrative Agent and/or the Requisite Lenders as required pursuant to the Credit Agreement, shall) apply amounts held in the Collateral Accounts in payment of the Secured Obligations in the manner provided for in Section 6.2.

 6.4 Grant of License. Each Pledgor hereby grants to the Collateral Agent an irrevocable, non-exclusive license
(exercisable without payment of royalty or other compensation to any Pledgor) to use, license or sublicense any Patent Collateral, Trademark Collateral or Copyright Collateral now owned or licensed or hereafter acquired or licensed by such Pledgor,
wherever the same may be located throughout the world, for such term or terms, on such conditions and in such manner as the Collateral Agent shall determine, whether general, special or otherwise, and whether on an exclusive or nonexclusive basis,
and including in such 

  
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license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. The use
of such license or sublicense by the Collateral Agent shall be exercised, at the option of the Collateral Agent, and only upon the occurrence and during the continuation of an Event of Default; provided that any license, sublicense or other
transaction entered into by the Collateral Agent in accordance herewith shall be binding upon each applicable Pledgor notwithstanding any subsequent cure of an Event of Default. 

6.5 Registration; Private Sales. (a) If, at any time after the occurrence and during the continuance of an Event of Default,
any Pledgor shall have received from the Collateral Agent a written request or requests that such Pledgor cause any registration, qualification or compliance under any federal or state securities law or laws to be effected with respect to all or any
part of the Equity Interests, such Pledgor will, as soon as practicable and at its expense, use its best efforts to cause such registration to be effected and be kept effective and will use its best efforts to cause such qualification and compliance
to be effected and be kept effective as may be so requested and as would permit or facilitate the sale and distribution of such Equity Interests, including, without limitation, registration under the Securities Act of 1933, as amended (the
“Securities Act”), appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with any other applicable requirements of Governmental Authorities; provided, that the
Collateral Agent shall furnish to such Pledgor such information regarding the Collateral Agent as such Pledgor may reasonably request in writing and as shall be required in connection with any such registration, qualification or compliance. Such
Pledgor will cause the Collateral Agent to be kept reasonably advised in writing as to the progress of each such registration, qualification or compliance and as to the completion thereof, will furnish to the Collateral Agent such number of
prospectuses, offering circulars or other documents incident thereto as the Collateral Agent from time to time may reasonably request, and will indemnify the Collateral Agent and all others participating in the distribution of such Equity Interests
against all claims, losses, damages and liabilities caused by any untrue statement (or alleged untrue statement) of a material fact contained therein (or in any related registration statement, notification or the like) or by any omission (or alleged
omission) to state therein (or in any related registration statement, notification or the like) a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same may have been caused
by an untrue statement or omission based upon information furnished in writing to such Pledgor by the Collateral Agent or any other Secured Party expressly for use therein. 
 (b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws as in effect from time to time, the Collateral Agent may be
compelled, with respect to any sale of all or any part of the Equity Interests conducted without registration or qualification under the Securities Act and such state securities laws, to limit purchasers to any one or more persons who will represent
and agree, among other things, to acquire such Equity Interests for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be made in such manner and
under such circumstances as the Collateral Agent may deem necessary or advisable in its Permitted Discretion, including at prices and on terms less 

  
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favorable than those obtainable through a public sale without such restrictions (including, without limitation, a public offering made pursuant to a registration statement under the Securities
Act), and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and agrees that the Collateral Agent shall have no obligation to conduct any public sales and no
obligation to delay the sale of any Equity Interests for the period of time necessary to permit its registration for public sale under the Securities Act and applicable state securities laws, and shall not have any responsibility or liability as a
result of its election so not to conduct any such public sales or delay the sale of any Equity Interests, notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until after such registration.
Each Pledgor hereby waives any claims against the Collateral Agent or any other Secured Party arising by reason of the fact that the price at which any Equity Interests may have been sold at any private sale was less than the price that 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 such Equity Interests to more than one offeree. 

(c) Each Pledgor agrees that a breach of any of the covenants contained in this Section will cause irreparable injury to the Collateral
Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section shall be specifically
enforceable against the Pledgors. 
 6.6 The Pledgors Remain Liable. Notwithstanding anything herein to the contrary,
(i) each Pledgor shall remain liable under all Contracts to which it is a party included within the Collateral (including, without limitation, all Investment Agreements) to perform all of its obligations thereunder to the same extent as if this
Agreement had not been executed, (ii) the exercise by the Collateral Agent of any of its rights or remedies hereunder shall not release any Pledgor from any of its obligations under any of such Contracts, and (iii) except as specifically
provided for below, neither the Collateral Agent nor any other Secured Party shall have any obligation or liability by reason of this Agreement under any of such Contracts, nor shall the Collateral Agent or any Lender be obligated to perform any of
the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. This Agreement shall not in any way be deemed to obligate the Collateral Agent, any other Secured Party or any
purchaser at a foreclosure sale under this Agreement to assume any of a Pledgor’s obligations, duties or liabilities under any Investment Agreement, including, without limitation, any Pledgor’s obligations, if any, to manage the business
and affairs of the applicable partnership, joint venture, limited liability company, limited liability partnership or other issuer (collectively, the “Partner Obligations”), unless the Collateral Agent or such other Secured Party or
purchaser otherwise agrees in writing to assume any or all of such Partner Obligations. In the event of foreclosure by the Collateral Agent hereunder, then except as provided in the preceding sentence, each applicable Pledgor shall remain bound and
obligated to perform its Partner Obligations and neither the Collateral Agent nor any other Secured Party shall be deemed to have assumed any Partner Obligations. In the event the Collateral Agent, any other Secured Party or any purchaser at a
foreclosure sale elects to become a substitute partner or member in place of a Pledgor, the party making such election shall adopt in writing such Investment 

  
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Agreement and agree to be bound by the terms and provisions thereof; and subject to the execution of such written agreement, each Pledgor hereby irrevocably consents in advance to the admission
of the Collateral Agent, any other Secured Party or any such purchaser as a substitute partner or member to the extent of the Equity Interests acquired pursuant to such sale, and agrees to execute any documents or instruments and take any other
action as may be necessary or as may be reasonably requested in connection therewith. The powers, rights and remedies conferred on the Collateral Agent hereunder are solely to protect its interest and privilege in such Contracts, as Collateral, and
shall not impose any duty upon it to exercise any such powers, rights or remedies. 
 6.7 Waivers. Each Pledgor, to the
greatest extent not prohibited by applicable law, hereby (i) agrees that it will not invoke, claim or assert the benefit of any rule of law or statute now or hereafter in effect (including, without limitation, any right to prior notice or
judicial hearing in connection with the Collateral Agent’s possession, custody or disposition of any Collateral or any appraisal, valuation, stay, extension, moratorium or redemption law), or take or omit to take any other action, that would or
could reasonably be expected to have the effect of delaying, impeding or preventing the exercise of any rights and remedies in respect of the Collateral, the absolute sale of any of the Collateral or the possession thereof by any purchaser at any
sale thereof, and waives the benefit of all such laws and further agrees that it will not hinder, delay or impede the execution of any power granted hereunder to the Collateral Agent, but that it will permit the execution of every such power as
though no such laws were in effect, (ii) waives all rights that it has or may have under any rule of law or statute now existing or hereafter adopted to require the Collateral Agent to marshal any Collateral or other assets in favor of such
Pledgor or any other party or against or in payment of any or all of the Secured Obligations, and (iii) waives all rights that it has or may have under any rule of law or statute now existing or hereafter adopted to demand, presentment,
protest, advertisement or notice of any kind (except notices expressly provided for herein or in the other Loan Documents) or to require the Collateral Agent to pursue any third party for any of the Secured Obligations. 

ARTICLE VII 
 THE COLLATERAL AGENT 
 7.1 The Collateral Agent; Standard of Care.
The Collateral Agent will hold all items of the Collateral at any time received under this Agreement in accordance with the provisions hereof and the other Loan Documents. The obligations of the Collateral Agent as holder of the Collateral and
interests therein and with respect to the disposition thereof, and otherwise under this Agreement and the other Loan Documents, are only those expressly set forth in this Agreement and the other Loan Documents. The Collateral Agent, to the extent
required under the Credit Agreement, shall act hereunder at the direction, or with the consent, of the Administrative Agent, Requisite Lenders or all Lenders, as applicable, on the terms and conditions set forth in the Credit Agreement. The powers
conferred on the Collateral Agent hereunder are solely to protect its interest, on behalf of the Secured Parties, in the Collateral, and shall not impose any duty upon it to exercise any such powers. Except for treatment of the Collateral in its
possession in the same manner as that which the Collateral Agent, in its 

  
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individual capacity, accords its own property of a similar nature for its own account, and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as
to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to the Collateral. Neither the Collateral Agent nor any other Secured Party shall be liable to any Pledgor
(i) for any loss or damage sustained by such Pledgor, or (ii) for any loss, damage, depreciation or other diminution in the value of any of the Collateral that may occur as a result of or in connection with or that is in any way related to
any exercise by the Collateral Agent or any other Secured Party of any right or remedy under this Agreement, any failure to demand, collect or realize upon any of the Collateral or any delay in doing so, or any other act or failure to act on the
part of the Collateral Agent or any other Secured Party, except to the extent that the same is caused by its own gross negligence or willful misconduct. 
 7.2 Further Assurances; Attorney-in-Fact. (a) Each Pledgor hereby authorizes the Collateral Agent to sign and file financing statements and amendments thereto relating to all or any part of
the Collateral (including, without limitation, information required by part 5 of Article 9 of the Uniform Commercial Code and which may describe the Collateral as “all personal property” of such Pledgor or “all assets” of such
Pledgor or words of similar effect) without the signature of such Pledgor, and agrees to do such further acts and things (including, without limitation, making any notice filings with state tax or revenue authorities required to be made by account
creditors in order to enforce any Accounts in such state) and to execute and deliver to the Collateral Agent such additional conveyances, assignments, agreements and instruments as the Collateral Agent may reasonably require or deem advisable to
perfect, establish, confirm and maintain the security interest and Lien provided for herein, to carry out the purposes of this Agreement or to further assure and confirm unto the Collateral Agent its rights, powers and remedies hereunder. Each
Pledgor hereby ratifies and approves all financing statements naming Collateral Agent or its designee as secured party and any Pledgor as debtor with respect to the Collateral (and any amendments with respect to such financing statements) filed by
or on behalf of Collateral Agent prior to the date hereof and ratifies and confirms the authorization of Collateral Agent to file such financing statements (and amendments, if any). Each Pledgor hereby authorizes Collateral Agent to adopt on behalf
of the Pledgors any symbol required for authenticating any electronic filing. In no event shall Pledgors at any time file, or permit or cause to be filed, any correction statement or termination statement with respect to any financing statement (or
amendment or continuation with respect thereto) naming Collateral Agent or its designee as secured party and any Pledgor as debtor. 
 (b) Each Pledgor hereby irrevocably appoints the Collateral Agent its lawful attorney-in-fact, with full authority in the place and stead of such Pledgor and in the name of such Pledgor, the Collateral
Agent or otherwise, and with full power of substitution in the premises (which power of attorney, being coupled with an interest, is irrevocable for so long as this Agreement shall be in effect), from time to time in the Collateral Agent’s
Permitted Discretion after the occurrence and during the continuance of an Event of Default to take any action and to execute any instruments that the Collateral Agent may deem necessary or advisable to accomplish the purpose of this Agreement,
including, without limitation: 

  
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 (i) to ask, demand, collect, sue for, recover, compound, receive and give
acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 
 (ii)
to receive, endorse and collect any checks, drafts, instruments, chattel paper and other orders for the payment of money made payable to such Pledgor representing any interest, income, dividend, distribution or other amount payable in respect of any
of the Collateral and to give full discharge for the same; 
 (iii) to obtain, maintain and adjust any property
or casualty insurance required to be maintained by such Pledgor under Section 4.10 and direct the payment of proceeds thereof to the Collateral Agent; 

(iv) to pay or discharge taxes, Liens or other encumbrances levied or placed on or threatened against the Collateral, the
legality or validity thereof and the amounts necessary to discharge the same to be determined by the Collateral Agent in its Permitted Discretion, any such payments made by the Collateral Agent to become Secured Obligations of the Pledgors to the
Collateral Agent, due and payable immediately and without demand; 
 (v) to file any claims or take any action or
institute any proceedings that the Collateral Agent may deem necessary or advisable for the collection of any of the Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the Collateral; and 

(vi) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with any and all of the
Collateral as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes, and to do from time to time, at the Collateral Agent’s option and the Pledgors’ expense, all other acts and
things deemed necessary by the Collateral Agent to protect, preserve or realize upon the Collateral and to more completely carry out the purposes of this Agreement. 
 (c) If any Pledgor fails to perform any covenant or agreement contained in this Agreement after written request to do so by the Collateral Agent (provided that no such request shall be necessary at
any time after the occurrence and during the continuance of an Event of Default), the Collateral Agent may itself perform, or cause the performance of, such covenant or agreement and may take any other action that it deems necessary and appropriate
for the maintenance and preservation of the Collateral or its security interest therein, and the reasonable expenses so incurred in connection therewith shall be payable by the Pledgors under Section 8.1. 

  
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 ARTICLE VIII 
 MISCELLANEOUS 
 8.1 Indemnity and Expenses. The Pledgors agree
jointly and severally: 
 (a) to indemnify and hold harmless the Collateral Agent, each other Secured Party and each of their
respective directors, officers, employees, agents and affiliates from and against any and all claims, damages, demands, losses, obligations, judgments and liabilities (including, without limitation, reasonable attorneys’ fees and expenses) in
any way arising out of or in connection with this Agreement, except to the extent the same shall arise as a result of the gross negligence or willful misconduct of the party seeking to be indemnified; and 

(b) to pay and reimburse the Collateral Agent upon demand for all reasonable costs and expenses (including, without limitation,
reasonable attorneys’ fees and expenses) that the Collateral Agent may incur in connection with (i) the custody, use or preservation of, or the sale of, collection from or other realization upon, any of the Collateral, including the
reasonable expenses of re-taking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, (ii) the exercise or enforcement of any rights or remedies granted hereunder (including, without
limitation, under Article VI), under any of the other Loan Documents or otherwise available to it (whether at law, in equity or otherwise), or (iii) the failure by any Pledgor to perform or observe any of the provisions hereof. The
provisions of this Section shall survive the execution and delivery of this Agreement, the repayment of any of the Secured Obligations, the termination of the Commitments under the Credit Agreement and the termination of this Agreement or any other
Loan Document. 
 8.2 No Waiver. The rights and remedies of the Secured Parties expressly set forth in this Agreement and
the other Loan Documents are cumulative and in addition to, and not exclusive of, all other rights and remedies available at law, in equity or otherwise. No failure or delay on the part of any Secured Party in exercising any right, power or
privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or be construed to be a
waiver of any Default or Event of Default. No course of dealing between the Pledgors and the Secured Parties or their agents or employees shall be effective to amend, modify or discharge any provision of this Agreement or any other Loan Document or
to constitute a waiver of any Default or Event of Default. No notice to or demand upon any Pledgor in any case shall entitle such Pledgor or any other Pledgor to any other or further notice or demand in similar or other circumstances or constitute a
waiver of the right of any Secured Party to exercise any right or remedy or take any other or further action in any circumstances without notice or demand. 
 8.3 Pledgors’ Obligations Absolute. Each Pledgor agrees that its obligations hereunder, and the security interest granted to and all rights, remedies and powers of the Collateral Agent
hereunder, are irrevocable, absolute and unconditional and shall not be discharged, limited or otherwise affected by reason of any of the following, whether or not such Pledgor has knowledge thereof: 

(i) any change in the time, manner or place of payment of, or in any other term of, any Secured Obligations, or any
amendment, modification or supplement to, restatement of, or consent to any rescission or waiver of or departure from, any provisions of the Credit Agreement, any other Loan Document or any agreement or instrument delivered pursuant to any of the
foregoing; 

  
 29 

 (ii) the invalidity or unenforceability of any Secured Obligations or any
provisions of the Credit Agreement, any other Loan Document or any agreement or instrument delivered pursuant to any of the foregoing; 
 (iii) the addition or release of Pledgors hereunder or the taking, acceptance or release of any Secured Obligations or additional Collateral or other security therefor; 

(iv) any sale, exchange, release, substitution, compromise, non-perfection or other action or inaction in respect of any
Collateral or other direct or indirect security for any Secured Obligations, or any discharge, modification, settlement, compromise or other action or inaction in respect of any Secured Obligations; 

(v) any agreement not to pursue or enforce or any failure to pursue or enforce (whether voluntarily or involuntarily as a
result of operation of law, court order or otherwise) any right or remedy in respect of any Secured Obligations or any Collateral or other security therefor, or any failure to create, protect, perfect, secure, insure, continue or maintain any Liens
in any such Collateral or other security; 
 (vi) the exercise of any right or remedy available under the Loan
Documents, at law, in equity or otherwise in respect of any Collateral or other security for any Secured Obligations, in any order and by any manner thereby permitted, including, without limitation, foreclosure on any such Collateral or other
security by any manner of sale thereby permitted, whether or not every aspect of such sale is commercially reasonable; 
 (vii) any bankruptcy, reorganization, arrangement, liquidation, insolvency, dissolution, termination, reorganization or like change in the corporate structure or existence of Great Lakes, any other
Pledgor or any other person directly or indirectly liable for any Secured Obligations; 
 (viii) any manner of
application of any payments by or amounts received or collected from any person, by whomsoever paid and howsoever realized, whether in reduction of any Secured Obligations or any other obligations of Great Lakes or any other person directly or
indirectly liable for any Secured Obligations, regardless of what Secured Obligations may remain unpaid after any such application; or 
 (ix) any other circumstance that might otherwise constitute a legal or equitable discharge of, or a defense, set-off or counterclaim available to, Great Lakes, any Pledgor or a surety or guarantor
generally, other than the occurrence of all of the following: (x) the payment in full of the Secured Obligations (other than indemnification obligations for which no claim has been asserted) and (y) the termination of the Commitments under
the Credit Agreement (the events in clauses (x) and (y) above, collectively, the “Termination Requirements”). 
 8.4 Enforcement. By its acceptance of the benefits of this Agreement, each Secured Party agrees that this Agreement may be enforced only by the Collateral Agent, acting upon the instructions or
with the consent of the Administrative Agent and the Lenders to the extent 

  
 30 

 
provided for in the Credit Agreement, and that no Secured Party shall have any right individually to enforce or seek to enforce this Agreement or to realize upon any Collateral or other security
given to secure the payment and performance of the Secured Obligations. 
 8.5 Amendments, Waivers, etc. No amendment,
modification, waiver, discharge or termination of, or consent to any departure by any Pledgor from, any provision of this Agreement, shall be effective unless in a writing executed and delivered in accordance with Section 9.2 of the
Credit Agreement, and then the same shall be effective only in the specific instance and for the specific purpose for which given. 
 8.6 Continuing Security Interest; Term; Successors and Assigns; Assignment; Termination and Release; Survival. This Agreement shall create a continuing security interest in the Collateral and shall
secure the payment and performance of all of the Secured Obligations as the same may arise and be outstanding at any time and from time to time from and after the date hereof, and shall (i) remain in full force and effect until the occurrence
of the Termination Requirements, (ii) be binding upon and enforceable against each Pledgor and its successors and assigns (provided, however, that no Pledgor may sell, assign or transfer any of its rights, interests, duties or
obligations hereunder without the prior written consent of the Administrative Agent and/or the Lenders as provided for in the Credit Agreement) and (iii) inure to the benefit of and be enforceable by each Secured Party and its successors and
assigns. Upon any sale or other disposition by any Pledgor of any Collateral in a transaction expressly permitted hereunder or under or pursuant to the Credit Agreement or any other applicable Loan Document, or any amendment or waiver hereunder or
thereunder, the Lien and security interest created by this Agreement in and upon such Collateral shall be automatically released and upon the satisfaction of all of the Termination Requirements, this Agreement and the Lien and security interest
created hereby shall terminate (subject, however, to the provisions of Section 8.15 hereof); and in connection with any such release or termination, the Collateral Agent, at the request and expense of the applicable Pledgor, will execute
and deliver to such Pledgor such documents and instruments evidencing such release or termination as such Pledgor may reasonably request and will assign, transfer and deliver to such Pledgor, without recourse and without representation or warranty,
such of the Collateral as may then be in the possession of the Collateral Agent (or, in the case of any partial release of Collateral, such of the Collateral so being released as may be in its possession). All representations, warranties, covenants
and agreements herein shall survive the execution and delivery of this Agreement and any Pledge Amendment or Pledgor Addendum. 

8.7 Additional Pledgors. Each Pledgor recognizes that the provisions of the Credit Agreement require persons that become
Subsidiaries of a Great Lakes, and that are not already parties hereto, to execute and deliver a Pledgor Addendum, whereupon each such Person shall become a Pledgor hereunder with the same force and effect as if originally a Pledgor hereunder on the
date hereof, and agrees that its obligations hereunder shall not be discharged, limited or otherwise affected by reason of the same, or by reason of the Collateral Agent’s actions in effecting the same or in releasing any Pledgor hereunder, in
each case without the necessity of giving notice to or obtaining the consent of such Pledgor or any other Pledgor. 

  
 31 

 8.8 Notices. All notices and other communications provided for hereunder shall be
given to the parties in the manner and subject to the other notice provisions set forth in the Credit Agreement. 
 8.9
Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 

8.10 Severability. To the extent any provision of this Agreement is prohibited by or invalid under the applicable law of any
jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this
Agreement in any jurisdiction. 
 8.11 Construction. The headings of the various sections and subsections of this
Agreement have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof. Unless the context otherwise requires, words in the singular include the plural and words in the plural
include the singular. 
 8.12 Counterparts. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute but one contract, and shall become effective when copies hereof which, when taken together, bear the signatures of
each of the parties hereto shall be delivered to the Collateral Agent. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, .pdf or other electronic means shall be effective as delivery of a manually executed
signature page hereto. 
 8.13 Submission to Jurisdiction. EACH PLEDGOR HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE
OR FEDERAL COURT LOCATED WITHIN NEW YORK COUNTY, STATE OF NEW YORK AND IRREVOCABLY AGREES THAT, SUBJECT TO COLLATERAL AGENT AND ADMINSITRATIVE AGENT’S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. PLEDGORS EXPRESSLY SUBMIT AND CONSENT TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVE ANY DEFENSE OF FORUM NON CONVENIENS. PLEDGORS HEREBY WAIVE PERSONAL SERVICE OF ANY AND ALL PROCESS
AND AGREE THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON PLEDGORS BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO GREAT LAKES REPRESENTATIVE, AT THE ADDRESS SET FORTH IN THIS AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE
TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED. 
 8.14 WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. EACH PARTY 

  
 32 

 
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH WILL CONTINUE TO
RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY WARRANTS AND REPRESENTS THAT EACH HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS.

 8.15 Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any
petition be filed by or against any Pledgor for liquidation or reorganization, should any Pledgor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any
significant part of any Pledgor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded
or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had
not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, restored or returned.

  
 33 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duly authorized officers as of the date first above written. 
  

			
	GREAT LAKES AVIATION, LTD.
		
	By:	 	/s/ Michael Matthews
	Name:	 	Michael Matthews 
	Title:	 	Chief Financial Officer 

  
 34 

 Accepted and agreed to: 
  

			
	GB MERCHANT PARTNERS, LLC, as Collateral Agent
		
	By:	 	/s/ Lawrence E. Klaff
	Name:	 	Lawrence E. Klaff
	Title:	 	Managing Director

  
 35 

 Exhibit A to 
 Pledge and Security Agreement 
 PLEDGE AMENDMENT 

THIS PLEDGE AMENDMENT, dated as of ____________, 201_, is delivered by [NAME OF PLEDGOR] (the “Pledgor”)
pursuant to Section 5.1 of the Security Agreement referred to below. The Pledgor hereby agrees that this Pledge Amendment may be attached to the Pledge and Security Agreement, dated as of November 16, 2011, made by the Pledgor and
certain other pledgors named therein in favor of GB Merchant Partners, LLC, as Collateral Agent (as amended, modified or supplemented from time to time, the “Security Agreement,” capitalized terms defined therein being used herein
as therein defined), and that the Equity Interests listed on Annex A to this Pledge Agreement shall be deemed to be part of the Equity Interests within the meaning of the Security Agreement and shall become part of the Collateral and shall
secure all of the Secured Obligations as provided in the Security Agreement. This Pledge Agreement and its attachments are hereby incorporated into the Security Agreement and made a part thereof. 

 

			
	[NAME OF PLEDGOR]
		
	By:	 	 
		
	Title:	 	 

 Annex A 

Equity Interests 
  

									
	 Name of Issuer
	 	 Type of Interests
	 	 Certificate No.

(if applicable)
	 	 No. of

Shares/Units 
(if applicable)
	 	 Percentage of

Outstanding

Interests in Issuer

 Exhibit B to 
 Pledge and Security Agreement 
 SECURITY AGREEMENT 

(COPYRIGHTS) 
 WHEREAS, [    ], a [    ] (herein referred to as “Grantor”), has adopted, used and is using the copyrights listed on the annexed Schedule 1
annexed hereto as part hereof, which copyrights are registered in the United States Copyright Office (the “Copyrights”); 
 WHEREAS, Grantor is obligated to GB Merchant Partners, LLC, as collateral agent (referred to herein as the “Grantee”) and the other Secured Parties, as defined in the Pledge and Security
Agreement dated as of November 16. 2011 (the “Security Agreement”) among Grantor, the other Pledgors named therein and the Grantee for the payment and performance of the Secured Obligations (as defined in the Security
Agreement); and 
 WHEREAS, pursuant to the Security Agreement, Grantor has granted to Grantee a security interest in all right,
title and interest of Grantor in and to the Copyrights, all extensions and renewals thereof, and all proceeds thereof, including, without limitation, any and all causes of action which may now or hereafter exist by reason of infringement thereof
(the “Collateral”), to secure the payment, performance and observance of the Secured Obligations, as defined in the Security Agreement. 
 NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, Grantor does hereby further grant to Grantee a security interest in the Collateral to secure the prompt
payment, performance and observance of the Secured Obligations. 
 Grantor does hereby further acknowledge and affirm that the
rights and remedies of Grantee with respect to the security interest in the Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if
fully set forth herein. 
 Grantee’s address is 101 Huntington Avenue, 10th Floor, Boston, Massachusetts 02199. 

 IN WITNESS WHEREOF, Grantor has caused this Security Agreement to be duly executed by its
officer thereunto duly authorized as of the ____ day of _________, 201_. 
  

					
	[    ]
		
	By:	 	 
		 	Name:	 	
		 	Title: 	 	

 SCHEDULE 1 TO SECURITY AGREEMENT 

COPYRIGHTS 

 Exhibit C to 
 Pledge and Security Agreement 
 SECURITY AGREEMENT1 

(PATENTS) 
 WHEREAS, [ ], a [ ] (herein referred to as “Grantor”), owns the letters patent, and/or applications for letters patent, of the United States, more particularly described on Schedule
1 annexed hereto as part hereof (the “Patents”); 
 WHEREAS, Grantor is obligated to GB Merchant Partners,
LLC., as collateral agent (referred to herein as the “Grantee”) and the other Secured Parties as defined in the Pledge and Security Agreement dated as of November 16, 2011 (the “Security Agreement”) among
Grantor, the other Pledgors named therein and the Grantee for the payment and performance of the Secured Obligations (as defined in the Security Agreement); and 
 WHEREAS, pursuant to the Security Agreement, Grantor has granted to Grantee a security interest in all right, title and interest of Grantor in and to the Patents, together with any reissue, continuation,
continuation-in-part or extension thereof, and all proceeds thereof, including, without limitation, any and all causes of action which may exist by reason of infringement thereof for the full term of the Patents (the “Collateral”),
to secure the prompt payment, performance and observance of the Secured Obligations; 
 NOW, THEREFORE, for good and valuable
consideration, receipt of which is hereby acknowledged, Grantor does hereby further grant to Grantee a security interest in the Collateral to secure the prompt payment, performance and observance of the Secured Obligations. 

Grantor does hereby further acknowledge and affirm that the rights and remedies of Grantee with respect to the security interest in the
Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. 

 
  

 Grantee’s address is 101 Huntington Avenue, 10th Floor, Boston, Massachusetts, 02199. IN WITNESS WHEREOF, Grantor has
caused this Security Agreement to be duly executed by its officer thereunto duly authorized as of the ____ day of _________, 201_. 
  

					
	[    ]
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 SCHEDULE 1 TO SECURITY AGREEMENT 

PATENTS 
  

					
	 Title
	 	 Date Issued
	 	 Patent No.

 Exhibit D to 
 Pledge and Security Agreement 
 SECURITY AGREEMENT1 

(TRADEMARKS) 
 WHEREAS, [ ], a [ ] (herein referred to as “Grantor”), has adopted, used and is using the trademarks listed on the annexed Schedule 1 annexed hereto as part hereof, which
trademarks are registered in the United States Patent and Trademark Office (the “Trademarks”); 
 WHEREAS,
Grantor is obligated to GB MERCHANT PARTNERS, LLC, as administrative and collateral agent (referred to herein as the “Grantee”) and the other Secured Parties as defined in the Pledge and Security Agreement dated as of
November 16, 2011 (the “Security Agreement”) among Grantor, the other Pledgors named therein and the Grantee for the payment and performance of the Secured Obligations (as defined in the Security Agreement); and 

WHEREAS, pursuant to the Security Agreement, Grantor has granted to Grantee a security interest in all right, title and interest of
Grantor in and to the Trademarks, together with the goodwill of the business symbolized by the Trademarks and the applications and registrations thereof, and all proceeds thereof, including, without limitation, any and all causes of action which may
exist by reason of infringement thereof (the “Collateral”), to secure the payment, performance and observance of the Secured Obligations; 
 NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, Grantor does hereby further grant to Grantee a security interest in the Collateral to secure the prompt
payment, performance and observance of the Secured Obligations. 
 Grantor does hereby further acknowledge and affirm that the
rights and remedies of Grantee with respect to the security interest in the Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if
fully set forth herein. 
 Grantee’s address is 101 Huntington Avenue, 10th Floor, Boston, Massachusetts 02199. 

 
  

 IN WITNESS WHEREOF, Grantor has caused this Security Agreement to be duly executed by its
officer thereunto duly authorized as of the ____ day of _________, 201_. 
  

					
	[    ]
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 SCHEDULE l TO SECURITY AGREEMENT 

TRADEMARKS 
  

					
	 Trademark
	 	 Reg. Date
	 	 Reg. No.

 Exhibit E to 
 Pledge and Security Agreement 
 GRANT OF SECURITY INTEREST IN DOMAIN NAME
REGISTRATIONS 
 WHEREAS, [NAME OF PLEDGOR] (the “Pledgor”) has entered into various domain
name registration agreements with ____________________, providing for the registration and use of certain domain names, and for each such domain name subject to a domain name registration agreement has executed a Registrant Name Change Agreement in
the form of Annex A attached hereto (all such domain name registrations agreements, collectively, the “Domain Names”); and 
 WHEREAS, the Pledgor has entered into a Pledge and Security Agreement (as amended, modified, restated or supplemented from time to time, the “Security Agreement”), dated as of
November 16, 2011, in which the Pledgor has agreed with GB Merchant Partners, LLC, as collateral agent (in such capacity, together with its successors or assigns, the “Collateral Agent”), with offices at 101 Huntington Avenue,
10th Floor, Boston, Massachusetts 02199, to execute this
Grant of Security Interest. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, as security for the payment and performance of the Secured Obligations (as defined in the Security Agreement), the Pledgor does hereby assign and grant to the Collateral Agent a security interest in all of its right, title
and interest in and to the Domain Names, and the use thereof, together with all proceeds and products thereof and the goodwill of the businesses symbolized by the Domain Names. This Grant has been given in conjunction with the assignment and
security interest granted to the Collateral Agent under the Security Agreement, and the provisions of this Grant are without prejudice to and in addition to the provisions of the Security Agreement, which are incorporated herein by this reference.

  

			
	[NAME OF PLEDGOR]
		
	By:	 	 
		
	Title:	 	 

 Annex A 

Registrant Name Change Agreements 

 Exhibit F to 
 Pledge and Security Agreement 
 FORM OF 

PLEDGOR ADDENDUM 
 THIS PLEDGOR ADDENDUM (this “Addendum”), dated as of ____________, 201_, is executed and delivered by ____________________, a _______________ (the “Company”), in
favor of GB Merchant Partners, LLC, in its capacity as collateral agent under the Credit Agreement referred to below (in such capacity, in such capacity, together with its successors or assigns, the “Collateral Agent”), pursuant to
the Pledge and Security Agreement referred to below. 
 Reference is made to the Credit Agreement, dated as of November __,
2011, among Great Lakes Aviation, Ltd., an Iowa corporation (“Great Lakes”), the lenders party thereto, GB Merchant Partners, LLC as Collateral Agent, and Crystal Financial LLC, as Administrative Agent (as amended, modified or
supplemented from time to time, the “Credit Agreement”). In connection with and as a condition to the initial and continued extensions of credit under the Credit Agreement, Great Lakes has executed and delivered a Pledge and
Security Agreement, dated as of November 16, 2011 (as amended, modified or supplemented from time to time, the “Security Agreement”), pursuant to which it has granted in favor of the Collateral Agent a security interest in and
Lien upon the Collateral as security for the Secured Obligations. Capitalized terms used herein without definition shall have the meanings given to them in the Security Agreement. 

Great Lakes has agreed to cause such of its future subsidiaries to become a party to the Security Agreement as a Pledgor thereunder in
accordance with the terms thereof. The Company is a subsidiary of Great Lakes and will obtain benefits as a result of the continued extension of credit to Great Lakes under the Credit Agreement, which benefits are hereby acknowledged, and,
accordingly, desire to execute and deliver this Addendum. Therefore, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce the lenders to continue to
extend credit to Great Lakes under the Credit Agreement, the Company hereby agrees as follows: 
 1. The Company hereby joins in
and agrees to be bound by each and all of the provisions of the Security Agreement as a Pledgor thereunder. In furtherance (and without limitation) of the foregoing, pursuant to Section 2.1 of the Security Agreement, and as security for
all of the Secured Obligations, the Company hereby pledges, assigns and delivers to the Collateral Agent, for the ratable benefit of the Secured Parties, and grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a Lien upon
and security interest in, all of its right, title and interest in and to the Collateral as set forth in Section 2.1 of the Security Agreement, all on the terms and subject to the conditions set forth in the Security Agreement.

 2. The Company hereby represents and warrants that (i) Schedule 1 hereby sets
forth all information required to be listed on Annexes A, B, C, D, E, F, G, and H to the Security Agreement in order to make each representation and warranty contained in Article III of the Security Agreement true and correct with respect to the
Company as of the date hereof and after giving effect to this Addendum and (ii) after giving effect to this Addendum and to the incorporation into such Annexes, as applicable, of the information set forth in Schedule 1, each representation and
warranty contained in Article III of the Security Agreement is true and correct with respect to the Company as of the date hereof, as if such representations and warranties were set forth at length herein. 

3. This Addendum shall be a Loan Document, shall be binding upon and enforceable against the Company and its successors and assigns, and
shall inure to the benefit of and be enforceable by such Secured Party and its successors and assigns. This Addendum and its attachments are hereby incorporated into the Security Agreement and made a part thereof. 

IN WITNESS WHEREOF, the Company has caused this Addendum to be executed by its duly authorized officer as of the date first above
written. 
  

			
	[NAME OF COMPANY]
		
	By:	 	 
		
	Title:	 	 

 Schedule 1 
 Information to be added to Annex B of the Security Agreement: 
 FILING LOCATIONS

 Information to be added to Annex C of the Security Agreement: 
 LOCATIONS OF CHIEF EXECUTIVE OFFICES, RECORDS 
 RELATING TO COLLATERAL AND
EQUIPMENT AND INVENTORY 
  

					
			
	 1.
	  	Chief Executive Office:	  	Tax I.D. # __________________
			
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	
			
	 2.
	  	Records relating to Collateral:	  	
			
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	
			
	 3.
	  	Equipment or Inventory:	  	
			
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	
			
	 4.
	  	Other Places of Business:	  	
			
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	
			
	 5.
	  	Trade/Fictitious or Prior Corporate Names (last five years):	  	
			
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	

					
			
	 6.
	  	State of Registration, if applicable:	  	
			
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	

 Information to be added to [Annexes A/D/E/F/G/H] of the Security Agreement:

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