Document:

Amended and Restated First Priority Aircraft Mortgage and Security Agreement

 Exhibit 10.18 
 AMENDED AND RESTATED FIRST PRIORITY 
 AIRCRAFT MORTGAGE AND SECURITY AGREEMENT 
 dated as of 
 May 30, 2008 
 made by 
 57 AVIATION SERVICES, LLC, as
Grantor 
 in favor of 
 CITICORP
USA, INC., as Mortgagee 
 Relating to one (1) Gulfstream Aerospace Model G-IV-SP Aircraft 
 Manufacturer’s Serial Number 1460 
 U.S.
Registration N326JD 
 Two (2) Rolls Royce Tay 611-8 Engines 
 Manufacturer’s Serial Numbers 18051 and 18052, respectively 

 TABLE OF CONTENTS 
  

			
	 ARTICLE I CERTAIN DEFINITIONS
	  	1
	 SECTION 1.1 Definitions
	  	1
	 SECTION 1.2
	  	- 2 -
	 ARTICLE II GRANTING CLAUSE
	  	- 5 -
	 ARTICLE III COVENANTS, REPRESENTATIONS AND WARRANTIES
	  	- 6 -
	 SECTION 3.1 Maintenance of Security Interest
	  	- 6 -
	 SECTION 3.2 Handling of Payments
	  	- 7 -
	 SECTION 3.3 General Collateral Warranties, Representations and Covenants
	  	- 8 -
	 SECTION 3.4 Aircraft and Engine Covenants, Warranties and Representations
	  	- 11 -
	 SECTION 3.5 Insurance Required
	  	- 15 -
	 SECTION 3.6 Events of Loss; Governmental Authorities
	  	- 18 -
	 ARTICLE IV EVENTS OF DEFAULT AND REMEDIES
	  	- 21 -
	 SECTION 4.1 Events of Default
	  	- 21 -
	 SECTION 4 2 Remedies
	  	- 22 -
	 SECTION 4.3 Possession of Aircraft
	  	- 22 -
	 SECTION 4.4 Receiver
	  	- 22 -
	 SECTION 4.5 Sale and Suits for Enforcement
	  	- 22 -
	 SECTION 4.6 Waiver of Appraisement, etc.
	  	- 24 -
	 SECTION 4.7 Remedies Cumulative
	  	- 24 -
	 SECTION 4.8 Application of Proceeds
	  	- 24 -
	 SECTION 4.9 Delay or Omission; Possession of Note
	  	- 24 -
	 ARTICLE V MISCELLANEOUS PROVISIONS
	  	- 25 -
	 SECTION 5.1 Amendments, etc.
	  	- 25 -
	 SECTION 5.2 Notices
	  	- 25 -
	 SECTION 5.3 Continuing Lien and Security Interest; Transfer
	  	- 25 -
	 SECTION 5.4 Governing Law; Jurisdiction
	  	- 25 -
	 SECTION 5.5 Severability
	  	- 26 -
	 SECTION 5.6 Counterparts
	  	- 26 -
	 SECTION 5.7 Effectiveness
	  	- 26 -
	 SECTION 5.8 Further Assurances
	  	- 26 -

 SCHEDULES 
  

					
	 Schedule I
	 	-	  	Jurisdiction of Formation and Location of Books and Records
	 Schedule II
	 	-	  	Permitted Liens
	 Schedule III
	 	-	  	Description of Airframe and Engine
	 Schedule IV
	 	-	  	Form of lDERA

 AMENDED AND RESTATED FIRST PRIORITY AIRCRAFT MORTGAGE AND SECURITY AGREEMENT, dated as of May 30,
2008, made by 57 AVIATION SERVICES, LLC, a Delaware limited liability company, whose principal place of business is 9 West 57th Street, 39th Floor, New York, New York 10019 (together with its successors and assigns hereinafter the
“Grantor”), in favor of CITICORP USA, INC., a Delaware Corporation, (together with any successors and/or assigns the “Mortgagee”) having an office at 666 Fifth Avenue, New York, NY 10103, the United States of America. 

W I T N E S S E T H: 
 WHEREAS, the Grantor holds legal title to the Aircraft (as hereinafter defined); 
 WHEREAS, the Mortgagee has previously made a loan to the Grantor in an aggregate principal amount of US $20,204,307.00 (the “Prior Loan”)
pursuant to the Promissory Note dated May 12, 2003, made by the Grantor for the benefit of the Mortgagee (the “Prior Note”) and, in consideration for the Prior Loan, the Grantor granted to the Mortgagee a mortgage on the Aircraft
pursuant to the terms of the First Priority Aircraft Mortgage and Security Agreement, dated as of May 12, 2003, which was recorded by the FAA on May 14, 2003 and assigned Conveyance No. V002614, as amended by Amendment to First Priority
Aircraft Mortgage and Security Agreement dated as of October 1, 2004 between Grantor and Mortgagee, which was recorded by the FAA on November 16, 2004 and assigned Conveyance No. V005452 (the “Existing Mortgage”); 
 WHEREAS, simultaneously with the execution of this Mortgage, the Mortgagee has agreed to make a new loan to the Grantor in an aggregate principal amount
of US $16,763,718.53 (the “Loan”) pursuant to the Promissory Note dated the date hereof and made by the Grantor for the benefit of the Mortgagee (the “Note”), a portion of the proceeds from such Note will be used to repay in full
the Prior Loan; 
 WHEREAS, it is a condition to the making of the Loan that the Grantor shall have executed and delivered this Mortgage to
the Mortgagee. 
 NOW, THEREFORE, in consideration of the premises and in order to induce the Mortgagee to make the Loan and for other good
and valuable consideration, the receipt of which is hereby acknowledged, the Grantor hereby agrees with the Mortgagee for its benefit as follows: 
 ARTICLE I 
 CERTAIN DEFINITIONS 
 SECTION 1.1 Definitions. Unless otherwise defined herein, capitalized terms used herein and defined in the Note shall have the respective meanings ascribed to them therein, other capitalized terms defined in
the preamble and recitals to this First Priority Aircraft Mortgage and Security Agreement shall have the respective meanings ascribed to them therein and the following terms shall have the following defined meanings (and shall be applicable to both
the singular and the plural forms of such terms): 

 SECTION 1.2 
 “Aircraft” means the Airframe, together with the two (2) Engines initially installed thereon (or any Engine substituted for one of said Engines pursuant to Section 3.6 hereof), whether or
not any of said initial or substitute Engines may from time to time be installed on such Airframe. 
 “Airframe” means the
Gulfstream Aerospace Model G-IV-SP (described on the IR pre-populated drop down lists as GULFSTREAM model Gulfstream G-IV (GIV-SP)) aircraft (except for the Engines or engines from time to time installed thereon) bearing FAA Registration Number
N326JD and manufacturer’s Serial No. 1460 together with any and all Parts which are either incorporated or installed in or attached to such Airframe or required to be subject to the lien and security interest of this Mortgage in respect of
such Airframe as provided in Section 3.4(h) or (j) hereof. 
 “Applicable Foreign Aviation Law” means, with
respect to the Aircraft, any applicable law (other than the FAA Act) of any country or subdivision thereof, governing the registration, ownership, operation, or leasing of all or any part of such Aircraft, or the creation, recordation, maintenance,
perfection or priority or Liens on all or any part of such Aircraft. 
 “Applicable Foreign Jurisdiction” means, with
respect to the Aircraft, any jurisdiction that administers an Applicable Foreign Aviation Law. 
 “Business Day” means any
day which is not a Saturday, Sunday or a day on which banks in the State of New York are authorized or obligated by law, executive order or governmental decree to be closed. 
 “Collateral” has the meaning given in Article II hereof. 
 “Convention” has the meaning given to such term in the definition of the term “CTC”. 
 “CTC” means the Convention on International Interests in Mobile Equipment (the “Convention”) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft
Equipment (“Protocol”), each signed in Cape Town, South Africa on November 16, 2001, together with the Regulations for the International Registry, the International Registry Procedures, and all other rules, amendments, supplements and
revisions thereto, including, without limitation, the declarations of the United States of America with respect to the Convention and the Protocol, all as in effect on the date of this Mortgage in the United States, as a contracting state to the
Convention and the Protocol. 
 “Default” means any event specified in Section 4.1 hereof, whether or not any
requirement for the giving of notice, the lapse of time, or both or for the happening of any other condition, event or act has been satisfied. 
 “Engine” means each of the two (2) Rolls Royce Tay 611-8 (described on the IR drop down menu as ROLLS ROYCE model TAY611) jet aircraft engines bearing manufacturer’s serial numbers 18051 and 18052 (each of which
Engines is of 550 or more rated takeoff horsepower or the equivalent thereof) together with any and all Parts which are either 
  

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incorporated or installed in or attached to such Engine or required to be subject to the Lien and security interest of this Mortgage in respect of such
Engine as provided in Section 3.4(h) or (j) hereof. 
 “Event of Default” means any of the events specified in
Section 4.1 hereof, provided that any requirement for the giving of notice, the lapse of time or both or for the happening of any other condition, event or act has been satisfied. 
 “Event of Loss” has the meaning given in Section 3.6 hereof. 
 “FAA” means the United States Federal Aviation Administration. 
 “FAA Act” means 49 U.S.C. Subtitle VII, §§ 40101 et seq., as amended from time to time, any regulations promulgated thereunder
and any successor provision. 
 “FAA Counsel” means legal counsel located in Oklahoma City, Oklahoma, competent to
(i) examine records maintained by the FAA in connection with the FAA Act and by the IR in connection with the CTC, (ii) provide counsel regarding registration of aircraft with the FAA and title to airframes and engines, (iii) file
documents for recording with the FAA under the FAA Act, (iv) register, or assist the parties in causing the registration of, international interests and sale of interests on the IR under the CTC, and (v) issue legal opinions widely
accepted in the United States with regard to all issues related to (i) (ii), (iii) and (iv) above. 
 “FAA
Registry” means the office of the FAA in Oklahoma City, Oklahoma, maintained as the office for the recordation of Liens on aircraft and engines pursuant to the FAA Act. 
 “GAAP” means generally accepted accounting principals and practices as in effect in the United States from time to time, consistently
applied, giving consideration to a Person’s cash method of accounting. 
 “Governmental Authority” shall mean any
Federal, state, municipal, national or other governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government. 
 “Guarantor(s)” means, at any date, the Persons who have executed a Guaranty of Payment in connection with the Loan. 
 “IDERA” means an Irrevocable De-Registration and Export Request Authorization in the form of Schedule “IV” hereto. 

“IR” means the International Registry created pursuant to, and according to the provisions of, the CTC. 
  

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 “Lien” means any interest in property securing any obligation owed to, or a claim by, a
Person other than the owner of the property, whether such interest is based on the common law, statute or contract, and including but not limited to the lien or security interest arising from a mortgage, encumbrance, pledge, security agreement,
conditional sale or trust receipt or a lease, consignment or bailment for security purposes. 
 “Loan Documents” means this
Mortgage, the Note, the Guaranty of Payment executed by the Guarantors, the other Security Instruments, and all other instruments and documents heretofore or hereafter executed by the Grantor, any of the Guarantors or any other Person or delivered
to or in favor of Mortgagee in connection with the Loan made and transactions contemplated under the Note, as the same may be amended, supplemented or replaced from the time to time. 
 “Material Adverse Effect” means a material adverse effect on (i) the business, properties, operations or condition, financial or
otherwise, of the Grantor or any Guarantor, (ii) the ability of the Grantor or any Guarantor to pay or perform their obligations, liabilities and indebtedness under the Loan Documents, as applicable, as such payment or performance becomes due
in accordance with the terms thereof, or (iii) the rights, powers and remedies of the Mortgagee under any Loan Document or the validity, legality or enforceability thereof the result of which would be to limit or hinder the Mortgagee’s
ability to exercise its remedies hereunder or under the Note. 
 “Mortgage” means this Amended and Restated First Priority
Aircraft Mortgage and Security Agreement, as the same may be amended, modified or supplemented from time to time. 
 “Obligations” means the unpaid principal of and interest on the Note (including, without limitation, interest accruing after the maturity of the Loan and interest accruing after the filing of any petition in bankruptcy, or
the commencement of any insolvency, reorganization or like proceeding, relating to the Grantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) and all other obligations and liabilities of the Grantor
to the Mortgagee, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Note, this Mortgage or any other Loan Document, or any other
document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, (i) all fees, charges and
disbursements of counsel to the Mortgagee that are required to be paid by the Grantor pursuant thereto, (ii) all costs and expenses associated with the enforcement of, or preservation of rights under, the Mortgage and the other Security
Instruments, and (iii) fees, expenses and disbursements incurred in connection with UCC searches and searches of, and filings with, the FAA and IR) or otherwise. 
 “Parts” means, at any time, all parts, components, equipment, instruments, appliances, avionics, radio and radar devices, quick engine change equipment, cargo handling systems and loose equipment that
are at such time incorporated or installed in or attached to the Airframe or any Engine or with respect to which the Lien of this Mortgage extends pursuant to Section 3.4(h). 
  

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 “Permitted Liens” means those liens described on Schedule II, attached hereto and made a
part hereof. 
 “Person” means an individual, a corporation, a limited partnership, a general partnership, a limited
liability company, an association, a trust, or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Proceeds” means whatever is receivable or received when the Airframe or any Engine or Part or other Collateral is sold, exchanged, collected or otherwise disposed of, including, without limitation,
all amounts payable or paid under insurance, requisition or other payments as the result of any loss (including an Event of Loss) or damage to such Airframe or Engine or Part and shall also include all “Proceeds” as defined in the Uniform
Commercial Code of the State of New York. 
 “Protocol” has the meaning given to such term in the definition of the term
“CTC”. 
 “PUE” means a “Professional User Entity”, as defined in, and contemplated by, the CTC.

 “Security Instruments” means, collectively, this Mortgage and all other agreements, instruments and other documents,
whether now existing or hereafter in effect, pursuant to which the Grantor or any other Person shall grant or convey to the Mortgagee a Lien in property as security for all or any portion of the Obligations, as any of them may be amended, modified
or supplemented from time to time. 
 “Subsidiary” means any affiliate or any corporation or other entity in which more than
50% of its outstanding voting stock or more than 50% of all equity interests is owned directly or indirectly by any Guarantor or the Grantor. 
 “TUE” means a “Transaction User Entity” as defined in, and contemplated by, the CTC. 
 ARTICLE II 

 GRANTING CLAUSE 
 The
Grantor hereby assigns, mortgages, transfers and confirms unto the Mortgagee, and hereby grants to the Mortgagee, a first priority security interest in, all right, title and interest of the Grantor, in and to the following property, whether now
owned or hereafter acquired (herein collectively called the “Collateral”), as collateral security for the prompt and complete payment and performance when due of all the Obligations: 
 (a) the Aircraft (including the Airframe and the Engines), and all replacements thereof and substitutions therefor in which the Grantor
shall from time to time acquire an interest as provided herein, and all records, logs and other documents at any time maintained with respect to the foregoing property; 
 (b) all Parts; 
  

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 (c) all right, title and interest (but none of the obligations) of the Grantor in, to and
under any of the following related to the Airframe, any Engine or any Parts: (i) all warranties, service contracts and product agreements of any manufacturer or of any maintenance or overhaul agency of the Airframe or the Engines, or any
subcontractor or supplier or vendor thereof, to the extent assignable or enforceable, and any and all rights of the Grantor, to compel performance of the terms of such warranties, service contracts or product agreements respecting the Airframe or
any of the Engines and (ii) all documents with respect to the Airframe or any Engine, whether maintained in original form, electronic form or on microfiche, including but not limited to: manufacturer’s maintenance and inspection manuals,
parts catalog, engine and airframe logs, pilot check lists, and operator’s manuals for installed equipment, all of which shall be current and complete from the date of manufacture, all wiring diagrams and supporting technical publications, and
all other documentation and technical information relating to the Airframe or the Engines; 
 (d) all rents, issues, profits,
revenues and other income of the property subjected or required to be subjected to the Lien of this Mortgage; 
 (e) all
insurance policies required to be maintained hereunder, otherwise maintained with respect to the Aircraft and all insurance and requisition proceeds with respect to the Aircraft or any part thereof including but not limited to the insurance required
under this Mortgage; 
 (f) all moneys and securities now or hereafter paid or deposited or required to be paid or deposited
to or with the Mortgagee by or for the account of the Grantor pursuant to any term of any Loan Document and held or required to be held by the Mortgagee hereunder or under any Loan Document; and 
 (g) all Proceeds of all or any of the foregoing. 
 ARTICLE III 
 COVENANTS, REPRESENTATIONS AND WARRANTIES 
 SECTION 3.1 Maintenance of Security Interest. The Grantor will perform, or will cause to be performed or permit Mortgagee to perform, to the
extent reasonably acceptable to Mortgagee, unless expressly waived in writing by the Mortgagee, each and all of the following at the sole cost and expense of Grantor: 
 (a) Record, register and file this Mortgage, as well as such notices, financing statements, and/or other documents or instruments as may,
from time to time, be reasonably requested by the Mortgagee to fully carry out the intent of this Mortgage, with: 
  

	 	(i)	the FAA Registry; 

  

	 	(ii)	the IR; 

  

	 	(iii)	the jurisdictions listed on Schedule I hereto in the case of Collateral other than Aircraft and Engines; and 

  

 - 6 - 

	 	(iv)	such other administrative or governmental agencies, whether domestic or foreign, as may be reasonably determined by the Mortgagee to be necessary or advisable in order to perfect,
establish, confirm and/or maintain the security interest and lien created hereunder as a legal, valid and binding first priority security interest and lien upon the Collateral except for Permitted Liens; 

 (b) Furnish to the Mortgagee at closing an opinion or opinions from a counsel acceptable to the Mortgagee as to the Grantor’s
fulfillment of the requirements of this Mortgage relating to the propriety of registration of the Aircraft with FAA and the IR, the perfection of the security interests and international interest in the Aircraft, the Engines and the absence of Liens
and encumbrances against the Aircraft and Engines, other than Permitted Liens, and such other items as Mortgagee may reasonably require; 
 (c) Furnish to the Mortgagee copies of all documents or other evidence of every such recording, registering and filing; 
 (d) Execute and deliver or perform, or cause to be executed and delivered or performed, such further and other instruments and/or acts as the Mortgagee reasonably determines are necessary or advisable to fully carry
out the intent and purpose of this Mortgage or to subject the Collateral to any security interest and Lien created hereunder, including, without limitation, defending the right, title and interest of the Grantor and the Mortgagee in and to the
Collateral by means of negotiation and, if necessary, appropriate legal proceedings, against each and every party claiming an interest therein (other than Permitted Liens) contrary or adverse to the Grantor’s or the Mortgagee’s right,
title and interest, as the case may be, in and to same; and 
 (e) Do and cause to be done all things necessary to perfect and
keep in full force the security interest granted in favor of the Mortgagee, including, but not limited to, one or more applications for certificate of title and any other papers, documents or instruments requested by the Mortgagee in connection with
this Mortgage, the prompt payment of all fees and expenses incurred in connection with any filings to be made to perfect or continue a security interest in the Collateral in favor of the Mortgagee and the making of appropriate entries on its
financial statements and books and records disclosing the security interest granted hereunder to the Mortgagee. The Grantor hereby consents to the filing of all financing statements and extensions of such filings without any party’s signature.

 SECTION 3.2 Handling of Payments. In the event an Event of Default shall occur and be continuing and the Grantor (or any of its
affiliates, subsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, the Grantor shall hold all such
items of payment in trust for the Mortgagee and as the property of the Mortgagee, separate from the funds of the Grantor and no later than the first Business Day following the receipt thereof, at the election of the Mortgagee, the Grantor shall
cause the same to be forwarded to the Mortgagee for its custody and possession as additional Collateral. 
  

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 SECTION 3.3 General Collateral Warranties, Representations and Covenants. The Grantor warrants,
represents and covenants with the Mortgagee as follows: 
 (a) Inspection. The Mortgagee (by any of its officers,
employees and agents), shall have the right upon five (5) days prior written notice to an officer of the Grantor and at any reasonable times during the Grantor’s usual business hours, subject to Grantor’s reasonable and customary
security requirements (i) to inspect the Collateral, all records related thereto (and to make extracts or copies from such records), and the premises upon which any of the Collateral is located and (ii) subject to the terms of any
confidentiality agreement entered into by and between Grantor and Mortgagee, to discuss the Grantor’s affairs and finances with any Person and to verify with any Person other than account debtors the amount, quality, quantity, value and
condition of, or any other matter relating to, the Collateral. Alternatively, Grantor shall within five (5) days of request from Mortgagee, which request shall be limited to once per twelve (12) month period so long as no Event of Default
has occurred and is then continuing, provide Mortgagee with copies of any and all documents related to aircraft usage, condition and maintenance as may be reasonably requested by mortgagee. Upon or after the occurrence and during the continuation of
an Event of Default, the Mortgagee may at any time and from time to time employ and maintain on the Grantor’s premises a custodian selected by the Mortgagee who shall have full authority to do all acts necessary to protect the Mortgagee’s
interest. All expenses incurred by the Mortgagee by reason of the employment of such custodian shall be paid by the Grantor, added to the Obligations and secured by the Collateral. 
 (b) Transfers and Other Liens. The Grantor shall not (i) sell, lease, assign (by operation of law or otherwise) or otherwise
dispose of any of, or grant any option with respect to, the Collateral, except for dispositions permitted under this Mortgage; (ii) create or suffer to exist any Lien, security interest or other charge or encumbrance upon or with respect to any
of the Collateral except for the security interests created by this Mortgage or other Permitted Liens; or (iii) take any other action in connection with any of the Collateral that would result in a Default, materially impair the value of the
interest or rights of the Grantor in the Collateral taken as a whole or that would materially impair the interest or rights of the Mortgagee. 
 (c) Location of Collateral. The books and records relating to the Collateral and the Collateral (other than the Airframe and the Engines, as to which the Grantor will issue to the Mortgagee, upon request,
written reports indicating the location of such Airframe and Engines) are located at the addresses set forth on Schedule I hereto, and the Grantor will not change any of the same without prior written notice to and consent of the Mortgagee, which
consent will not be unreasonably withheld or delayed. 
 (d) Use of Collateral. Subject to Section 3.6(f), the
Collateral is and will be used solely in the Grantor’s (including its partners, stockholder’s or director’s) business and will not be subject to any leases to third parties. 
 (e) Owner of Collateral. The Grantor is and, except as expressly permitted by this Mortgage, will continue to be the owner of the
Collateral hereunder whether now owned or hereafter acquired, free and clear of all Liens, claims, encumbrances and security interests other than the security interests in favor of the Mortgagee hereunder and Permitted Liens, and that the Grantor
will defend such Collateral and any products and proceeds thereof 
  

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against all material claims and demands of all Persons (other than holders of Permitted Liens) at any time claiming the same or any interest therein adverse
to the Mortgagee. The inclusion of proceeds of the Collateral under the security interest granted herein shall not be deemed consent by the Mortgagee, to any sale, lease or other disposition of any part or all of the Collateral except as expressly
permitted herein. 
 (f) Authority. The Grantor is duly authorized to enter into this Mortgage and to perform its
terms. 
 (g) Payment of Taxes. Grantor has made and will continue to make payment or deposit or otherwise provide for
the payment, when due, of all taxes, assessments or contributions required by law which have been or may be levied or assessed against the undersigned, as applicable, whether with respect to any of the Collateral or any wages or salaries paid by the
Grantor, or in respect of the Grantor’s income, or otherwise, and will deliver to the Mortgagee, on demand, certificates or other evidence satisfactory to the Mortgagee attesting thereto. Notwithstanding the foregoing, the Grantor shall have
the right to contest any tax, assessment, or contribution required by law so long as (i) such contest is diligently conducted in good faith by appropriate proceedings, (ii) no Lien (other than a Permitted Lien) results on the Airframe, any
Engine or other Collateral, (iii) there is no reasonable likelihood of the sale, appropriation, or foreclosure on the Airframe, any Engine or other Collateral, and (iv) adequate reserves or other appropriate provisions are being maintained
in accordance with GAAP. 
 (h) Compliance with Laws. The Grantor will use or cause to be used the Collateral for
lawful purposes only, with all reasonable care and caution and in conformity with all applicable laws, ordinances and regulations. Notwithstanding the foregoing, the Grantor shall have the right to contest the compliance with any applicable law,
ordinance or regulation so long as (i) such contest is diligently conducted in good faith by appropriate proceedings, (ii) no Lien (other than a Permitted Lien) results on the Airframe, any Engine or other Collateral, (iii) there is
no reasonable likelihood of the sale, appropriation, or foreclosure on the Airframe, any Engine or other Collateral, and (iv) adequate reserves or other appropriate provisions are being maintained in accordance with GAAP. 
 (i) Personal Property. The Collateral is now and shall remain personal property. 
 (j) Mortgagee May Act. The Mortgagee may, in its reasonable discretion, for the account and expense of the Grantor pay any amount
or do any act required of the Grantor hereunder or reasonably requested by the Mortgagee to preserve, protect, maintain or enforce the Obligations, the Collateral or the first priority Lien granted herein (subject only to Permitted Liens), and which
the Grantor fails to do or pay within any applicable grace period provided for in the Loan Documents (it being understood that no grace period exists for the maintenance of insurance required by Section 3.5), and any such payment shall be
deemed an advance by the Mortgagee to the Grantor and shall be payable on demand together with interest at the rate applicable to overdue amounts as specified in the Note, and shall constitute part of the Obligations. 
  

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 (k) Grantor Responsible for Collateral. The Grantor assumes all responsibility and
liability arising from the use of the Collateral unless the claim giving rise to such responsibility or liability arises out of the gross negligence or willful misconduct of the Mortgagee, provided that this provision is given solely for the benefit
of the Mortgagee and the Grantor does not waive any right it may have against third parties. 
 (l) Instrument or Chattel
Paper. If any amount payable under, in, or in connection with any of the Collateral shall be or become evidenced by any instrument or chattel paper, such instrument or chattel paper shall be immediately delivered to the Mortgagee and duly
endorsed in a manner satisfactory to the Mortgagee to be held as Collateral pursuant to this Mortgage. 
 (m) Notice of
Liens and Other Events. The Grantor will advise the Mortgagee promptly, in reasonable detail, if it has knowledge (i) of any Lien (other than Permitted Liens) on, or claim asserted against, any of the Collateral and (ii) of the
occurrence of any other event which could reasonably be expected to have a Material Adverse Effect on the Collateral, on the Liens created hereunder, or on the Grantor or on any of the Guarantors. 
 (n) No Consents. No authorization, consent, approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or any other Person is required either (i) for the grant by the Grantor of the security interests granted hereby or for the execution, delivery or performance of this Mortgage by the Grantor or (ii) for the
perfection of or the exercise by the Mortgagee, of its rights and remedies hereunder, except for the filings required by the Uniform Commercial Code of the States in which the Grantor has been organized as set forth on Schedule I attached hereto and
the filing of this Mortgage with the FAA Registry. 
 (o) No Liens; Creation of International Interest. No effective
financing statement or other instrument similar in effect covering all or any part of the Collateral purported to be granted by the Grantor hereunder is on file in any recording office (including any unpermitted registration on the IR), except such
as may have been filed in favor of the Mortgagee and except for Permitted Liens. This Mortgage is sufficient to create an “international interest” as defined in and contemplated by, the CTC. 
 (p) Condemnation. The Grantor shall, immediately upon obtaining knowledge of the institution or threatened institution of any
requisition, condemnation or other eminent domain proceedings for the taking of any portion of or interest in the Collateral, notify the Mortgagee thereof in writing. The Mortgagee may participate in any such proceedings. The Grantor shall deliver,
or cause to be delivered, to the Mortgagee all instruments requested by the Mortgagee to permit such participation. In any such proceedings, the Mortgagee may be represented by counsel satisfactory to it. 
 (q) Organization of Grantor. The Grantor is duly organized as a limited liability company, organized under the laws of the State of
Delaware. The organizational numbers of the Grantor is 3650865. 
 (r) TUE. The Grantor has become a TUE. 

 

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 (s) Professional User Entity. The Grantor has designated FAA Counsel as its
“professional user entity”, as contemplated by the CTC, for purposes of this transaction, and has authorized such FAA Counsel to consent, on its behalf, to the registration on the IR of the international interest created by this Mortgage.

 SECTION 3.4 Aircraft and Engine Covenants, Warranties and Representations. The Grantor warrants, represents and covenants with the
Mortgagee that the Mortgagee may rely on the following statements or representations from and after the date of this Mortgage until the termination hereof in accordance with Section 5.3 hereof: 
 (a) Recordation of Ownership. The Grantor’s evidence of ownership of the Airframe has been duly filed with the FAA Registry
and shall, to the extent required, be filed with the IR. 
 (b) Engine Power; Airframe. Each of the Engines has 550 or
more rated takeoff horsepower or the equivalent of such horsepower on takeoff. The Airframe is capable of transporting at least 8 people (including crew) or goods having an aggregate weight of at least 2,750 kilograms. 
 (c) Compliance with Laws. The Grantor shall not use or operate the Aircraft or any Engine, or permit the Aircraft or any Engine to
be used or operated, in material violation of any law (including, without limitation, laws concerning alcoholic beverages, prohibited substances, or insurance) of any Governmental Authority or in material violation of any airworthiness certificate,
license or registration relating to the Aircraft or any Engine issued by any such Governmental Authority. In the event that any such law requires the alteration of the Aircraft or any Engine, the Grantor will conform thereto or obtain conformance
therewith and will maintain or cause to be maintained the Aircraft and Engines in proper operating condition under such laws, rules, regulations and orders (or if the Aircraft or any Engine is in storage, in compliance with all applicable laws and
with all manufacturers warranties and requirements for storage). Notwithstanding the foregoing, the Grantor shall have the right to contest the compliance with any applicable law, ordinance or regulation so long as (i) such contest is
diligently conducted in good faith by appropriate proceedings, (ii) no Lien (other than Permitted Liens) results on the Airframe, any Engine or other Collateral, (iii) there is no reasonable likelihood of the sale, appropriation, or
foreclosure on the Airframe, any Engine or other Collateral, and (iv) adequate reserves or other appropriate provisions are being maintained in accordance with GAAP; 
 (d) Use of Aircraft; Legal Limitations. The Grantor agrees that it will not permit the Airframe or any Engine to be operated, used
or located in violation of applicable law. The Aircraft is not being used in military, customs or police service; 
 (e)
Possession. Except as otherwise set forth expressly herein (including with respect to Aircraft charter and management) the Grantor will not permit and will not, without the prior written consent of the Mortgagee, lease, sublease or otherwise
in any manner deliver, transfer or relinquish possession of the Airframe or any Engine; provided however, that so long as no Event of Default shall have occurred and be continuing, the Grantor may, without such prior written consent: 
  

	 	i)	participate in normal interchange or pooling agreements in compliance with Sections 3.4(i) and 3.4(1); 

  

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	 	(ii)	deliver or permit the delivery or possession of the Airframe or Engines to the manufacturer thereof for testing or for other similar purposes, or to any organization for service,
repair, maintenance or overhaul work on the Airframe or Engines or for alterations in or modifications or additions to the Airframe or Engines to the extent required or permitted by the terms hereof and the other Loan Documents; or

  

	 	(iii)	permit use by any Subsidiary through the use of an operating agreement, lease or otherwise. 

 None of the permitted relinquishments of possession set forth in Section 3.4(e)(i) through Section 3.4(e)(iii) above shall affect the
registration of the Aircraft or in any way discharge or diminish any of the Grantor’s obligations to the Mortgagee hereunder or under any other Loan Document or constitute a waiver of the Mortgagee’s right to remedies hereunder or
thereunder. 
 (f) Records and Reports. The Grantor shall maintain or cause to be maintained accurate and complete
records, logs, manuals and all other materials required by the FAA or any Applicable Foreign Jurisdiction to be maintained in respect of the Aircraft and each Engine. The Grantor shall promptly furnish or cause to be furnished to the Mortgagee such
information as may be required to enable the Mortgagee to file any reports required to be filed by the Mortgagee with the FAA or any Applicable Foreign Jurisdiction because of the Mortgagee’s interest in the Airframe or any Engine and upon the
occurrence of an Event of Default (upon the Mortgagee’s request) shall deliver to the Mortgagee the originals of all such documents in possession of the Grantor and copies of all such documents relating to Aircraft and Engines leased or sold to
third parties. 
 (g) Maintenance. On the date hereof, the Aircraft and each Engine is in good repair and condition, is
airworthy in all respects, and has been maintained in accordance with the manufacturer’s maintenance program. None of the Aircraft nor any Engine has sustained an Event of Loss (as hereinafter defined) or material damage since the date on which
such Aircraft and Engines were acquired by the Grantor. Grantor will keep or will cause to be kept the Aircraft and each Engine in good repair and condition and airworthy in all material respects, but in any event in at least as good a condition as
they are on the date hereof, reasonable wear and tear excepted, and will perform all checks and overhauls required by the FAA, by any Applicable Foreign Aviation Law and by the applicable manufacturer’s maintenance program. Without limiting the
generality of the foregoing, the Grantor agrees further that it shall or shall cause the Aircraft and each Engine: 
  

	 	(i)	subject to the right to contest set forth in Section 3.3(h) hereof, to be maintained, serviced, repaired, overhauled, altered, modified, added to and tested in accordance with
the standard practices for similar equipment (including, without limitation, to the extent required by law, by the FAA, any Applicable Foreign Aviation Law or by the relevant insurance carriers), which practices shall at all times be at or above the
standard of the industry for maintenance of similar equipment; 

  

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	 	(ii)	subject to clause (vi) in the definition of Event of Loss, to be maintained, serviced, repaired, overhauled and tested, so as to keep the Aircraft and Engines in such condition
as may be necessary to enable any airworthiness certification, license or registration of the Aircraft and Engines to be maintained in good standing at all times under the FAA Act or by any Applicable Foreign Aviation Law and any other requirement
of law and as shall be required by any and all applicable airworthiness directives, operators letters, mandatory service bulletins and non-mandatory service bulletins which affect airworthiness; and 

  

	 	(iii)	to be maintained in compliance with all warranties and manufacturer’s mandatory requirements. 

 (h) Replacement of Parts. The Grantor shall promptly replace or cause to be replaced all Parts, which may from time to time become worn out, lost,
stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, the Grantor may remove or may cause to be removed in the ordinary course of maintenance, service, repair,
overhaul or testing of any Parts, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided, however, that the Grantor will replace or will cause to be replaced such
Parts as promptly as reasonably possible. All replacement Parts shall be free and clear of all Liens (other than Permitted Liens) and shall be in as good operating condition as, and shall be of a quality and utility at least equal to, the Parts
replaced, assuming such replaced Parts were in the condition and repair required to be maintained by the terms hereof; provided, however, that the Grantor shall have the right to install or to cause to be installed temporary replacement Parts
pending the completion of permanent repairs or installation of permanent replacement Parts, in which event the Grantor shall install or shall cause to be installed permanent replacement Parts to meet such requirements as soon as reasonably possible
and in any event within ninety (90) days from the date of installation of such temporary replacement Parts. All Parts at any time removed from the Airframe or any Engine shall remain subject to the Lien created under this Mortgage no matter
where located, until such time as such Parts shall be replaced by Parts which have been incorporated in the Aircraft or such Engine and which meet the requirements of subsections (i) and (ii) below. Immediately upon any replacement Part
becoming incorporated or installed in or attached to the Airframe or any Engine as provided above, without further act, (i) such replacement Part shall become subject to the Lien created under this Mortgage and be deemed part of the Aircraft or
such Engine for all purposes hereof to the same extent as the Parts originally incorporated in the Aircraft or such Engine (and the Grantor shall make, or cause to be made, all filings or registrations necessary to perfect the Mortgagee’s Lien
in such Part), and (ii) the replaced Part shall be released from the Lien of this Mortgage and the replaced Part shall no longer be deemed a Part hereunder; 
  

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 (i) Pooling of Parts. Any Part removed from the Aircraft or any Engine as provided
in Section 3.4(h) may be subjected to a normal pooling arrangement customarily entered into by the Grantor and entered into in the ordinary course of business of the Grantor,, so long as a part replacing such removed Part shall be incorporated
in such item as promptly as possible after the removal of such removed Part, provided that no such arrangement or permit requires or results in any change in registration of or transfer of title to the Airframe or any Engine. In addition, any
replacement Part incorporated in the Aircraft or any Engine in accordance with Section 3.4(h) may be owned by another Person subject to such a normal pooling arrangement, so long as the Grantor promptly, either (i) causes title to or a
first priority Lien in such replacement Part to vest in Grantor free and clear of all Liens except Permitted Liens, which replacement Part shall then be subject to the Lien created by this Mortgage, or (ii) replaces such replacement Part by
incorporating or installing in or attaching to the Aircraft or any Engine from which it was removed a further replacement Part meeting the requirements of this Mortgage and owned by the Grantor or in which the Grantor has first priority Lien free
and clear of all Liens (other than Permitted Liens) and by causing such replacement Part to be subject to the Lien created by this Mortgage as set forth in Section 3.4(h); 
 (j) Alterations, Modifications and Additions. Grantor shall make or shall cause to be made such alterations and modifications in
and additions to the Aircraft and Engines as may be required from time to time to meet the requirements of the FAA or the Applicable Foreign Jurisdiction and to maintain the certificate of airworthiness therefor. In addition, the Grantor may make or
may cause to be made from time to time such alterations and modifications in and additions to the Airframe or any Engine as the Grantor may deem desirable; provided that each such alteration, modification and addition is readily removable from the
Aircraft or such Engine or that such alteration, modification or addition shall not diminish the value, utility or condition of the Aircraft or any Engine below the value, utility or condition thereof immediately prior to such alteration,
modification or addition, assuming the Aircraft or such Engine was then of the value or utility and in the condition required to be maintained by the terms of this Mortgage; and provided, further, that no such, alteration, modification or addition
shall cause the airworthiness certification or other license, registration or authorization of the Aircraft or any Engine to cease to be in good standing under the FAA Act or the Applicable Foreign Aviation Law. All Parts added to the Airframe or
any Engine as the result of such alteration, modification or addition shall, without further act, be subject to the Lien created under this Mortgage. Notwithstanding the foregoing sentence of this Section 3.4(j), so long as no Event of Default
shall have occurred and be continuing, the Grantor may remove or may cause to be removed any Part if (A) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated in the Aircraft or any Engine
at the time of delivery thereof or any Part in replacement of or substitution for any such Part or such Part is obsolete or no longer useful in the operation of the Aircraft or any Engine, (B) such Part is not required to be incorporated or
installed in or attached or added to the Aircraft or any Engine pursuant to the terms of this Section 3.4, and (C) such Part can be removed from the Aircraft or such Engine without causing any material damage thereto. Upon the removal of
any Part as provided above, such Part shall be released from the Lien created under this Mortgage. 
  

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 (k) Nameplate. Grantor shall place and maintain, or shall cause to be placed and
maintained, a fireproof plate to be provided by Mortgagee at Grantor’s reasonable sole cost and expense, in a reasonably prominent position on the flight deck or cockpit of each Airframe and on each Engine stating: 
 THIS GULFSTREAM AEROSPACE MODEL G-IV-SP AIRCRAFT IS OWNED BY 57 AVIATION SERVICES, LLC, AND IS SUBJECT TO A FIRST PRIORITY SECURITY INTEREST IN FAVOR OF
CITICORP USA, INC. 
 (l) Pooling of Engines. Any Engine may be subjected to normal pooling arrangements customarily
entered into by the Grantor and entered into in the ordinary course of business of the Grantor, so long as (i) no transfer of the registration of the Engine shall be effected in connection therewith and (ii) no such agreement or
arrangement shall result in the transfer of title to the Engine, it being understood that a loss of title pursuant to such an arrangement shall be deemed to be an Event of Loss. 
 (m) Description of Airframe and the Engine. The description of the Airframe and the Engines set forth in Schedule III are accurate
and complete descriptions and have been registered as such on the IR. 
 SECTION 3.5 Insurance Required. 
 Insurance. The Grantor shall at all times, at its own cost and expense, maintain, or cause to be maintained, a policy of insurance with respect to
the Collateral, in accordance with the following provisions: 
 (a) The Grantor shall maintain in effect comprehensive third
party aircraft liability insurance against bodily injury and property damage losses arising from ground, flight and taxiing exposures, including, but not limited to, passenger legal liability, cargo liability, contractual liability and products
liability insurance, in an amount not less than $200,000,000 (or, if the Aircraft is operating within, into, out of, or over the territory of a member state of the European Union, such higher amount as may be required pursuant to Regulation 785/2004
of the European Parliament) for any one accident, or series of accidents arising out of any one event, with respect to the Aircraft. Such policy shall include war and allied risks in accordance with standard market practice (currently “The
Extended Coverage Endorsement-AVN 52A”). Any such liability insurance policy may be subject to a deductible in an amount not to exceed $100,000 per occurrence. All such policies shall be maintained in effect with insurers and/or reinsurers of
recognized standing in the international aviation industry and reasonably satisfactory to the Mortgagee. 
 (b) The Grantor
shall maintain in effect with insurers and/or reinsurers of recognized standing in the international aviation industry and reasonably satisfactory to the Mortgagee: (A) all-risk ground and flight aircraft hull insurance covering the Aircraft
(including taxiing exposures) with an agreed value loss valuation clause; (B) all-risk coverage with respect to any Engines, Parts or landing gear while removed from the Aircraft insured on a replacement cost basis; and (C) war risk and
hijacking (including political/non-political hijacking and acts of terrorism) coverages, including, but not limited to, coverage against confiscation, expropriations, 

  

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nationalization or seizure, including the country of registry. All such insurance shall be in full force and effect throughout any geographical areas at any
time traversed by the Aircraft, shall be payable in Dollars in the United States and shall be in the amount of not less than an “agreed upon value” of not less than one hundred five percent (105%) of the outstanding principal amount
of the Loan. Any hull insurance carried in accordance with this Section 3.5 shall not contain any provision for self-insured amounts or a deductible, provided that such insurance may be subject to a deductible which does not exceed $100,000 per
occurrence. Each Engine, after removal, shall be insured for not less than $2,500,000 under a ground risks policy reasonably acceptable to the Mortgagee. 
 (c) The Grantor will name or cause to be named Mortgagee as an additional insured on all policies of insurance and Mortgagee as sole loss payee to the Aircraft with respect to the aircraft hull insurance coverage. The
Grantor shall cause all parties who may have an interest in the proceeds of such policies to acknowledge, in writing, that the Mortgagee has a prior interest in such proceeds. Each and every such policy under this Section 3.5 shall
(i) provide that in respect of the interests of the Mortgagee in such policies, such insurance shall not be invalidated by any action or inaction of the Grantor, the Mortgagee or any other Person and shall insure the Mortgagee regardless of any
breach or violation of any warranty, declaration or condition contained in such policies by the Grantor or any other Person; (ii) provide that, if such insurance is canceled for any reason whatever, or any material change is made in policy
terms or conditions, or if such insurance is allowed to lapse for nonpayment of premium, such cancellation, change or lapse shall or not be effective as to Mortgagee for thirty (30) days, and in the case of any war risk or allied perils
coverage, seven (7) days after receipt by them of written notice from such insurers or their authorized representatives of such cancellation, change or lapse; (iii) provide that such insurers shall hold harmless and waive any rights of
subrogation against Mortgagee; (iv) be primary without right of contribution from any other insurance that with is carried by Mortgagee; (v) waive any rights of set-off, counterclaim or other deduction against Mortgagee; (vi) provide
that Mortgagee shall have no obligation or liability for premiums, commissions, assessments, representations or warranties or calls in connection with such insurance; (vii) provide that all the provisions thereof, except the limits of
liability, shall operate in the same manner as if there were a separate policy covering Mortgagee; and (viii) in respect to casualty insurance shall provide that proceeds shall be paid to Mortgagee so long as the Loan is outstanding.

 (d) On or before the date of any advance of proceeds pursuant to the Loan and prior to the renewal or replacement date of
any insurance policy required hereunder, the Grantor shall provide the Mortgagee with written certifications by a firm of independent insurance brokers reasonably acceptable to the Mortgagee with respect to the types, amounts and policy numbers of
insurance in effect as of the date of execution and delivery of this Mortgage and certifying that in the opinion of such firm the insurance then carried and maintained complies with the terms of this Section 3.5. The original certificate of
insurance shall be in a form acceptable to the Mortgagee. 
 (e) The Grantor shall not use or permit the Collateral to be used
in any manner or for any purpose excepted from or contrary to the requirements of any insurance policy or policies required to be carried and maintained hereunder and shall not do any other act or permit anything to be done which could reasonably be
expected to invalidate or limit any such insurance policy or policies. 
  

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 (f) Power of Attorney. The Grantor hereby irrevocably makes, constitutes and
appoints the Mortgagee (and all officers, employees or agents designated by the Mortgagee), for the benefit of the Mortgagee, effective upon the occurrence and during the continuance of an Event of Default, as the Grantor’s true and lawful
attorney (and agent- in-fact) for the purpose of making, settling and adjusting claims under such policies of insurance, endorsing the name of the Grantor 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. 
 (g) Mortgagee May
Act. In the event the Grantor (i) shall fail to maintain, or fail to cause to be maintained, the full insurance coverage required hereunder or (ii) shall fail to keep any of its Collateral in good repair and good operating condition
subject to ordinary wear and tear, then the Mortgagee may (but shall be under no obligation to), without waiving or releasing any Obligation or Event of Default by the Grantor hereunder, contract for the required policies of insurance and pay the
premiums on the same or make any required repairs, renewals and replacements; and all sums so disbursed by Mortgagee, including reasonable attorneys’ fees, court costs, expenses and other charges related thereto, shall be payable on demand by
the Grantor to the Mortgagee and shall be additional Obligations secured by the Collateral. 
 (h) Payment for Uninsured
Loss. The Grantor agrees that to the extent that it shall not carry insurance required by Section 3.5 hereof, it shall in the event of any loss or casualty pay promptly to the Mortgagee, for application in accordance with the provisions of
Section 3.5(i) hereof, such amount as would have been received as Net Proceeds (as hereinafter defined) by the Mortgagee, had such insurance been carried to the extent required. 
 (i) Application of Insurance Proceeds. The Net Proceeds of the insurance carried pursuant to the provisions of Sections 3.5(a) and
3.5(b) hereof shall be applied by the Grantor toward extinguishment of the defect or claim or satisfaction of the liability with respect to which such insurance proceeds may be paid. 
 (j) Net Proceeds. “Net Proceeds” when used with respect to any insurance proceeds shall mean the gross proceeds from such
proceeds, award or other amount, less all taxes, fees and expenses (including attorneys’ fees) incurred in the realization thereof. 
 (k) Notice of Loss. In case of any material damage to or destruction of all or any part of the Collateral pledged hereunder by the Grantor, the Grantor shall give prompt notice thereof to the Mortgagee. Each
such notice shall describe generally the nature and extent of such damage, destruction, taking, loss, proceeding or negotiations. The Grantor is hereby authorized and empowered to adjust or compromise any loss under any such insurance. 

 

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 (l) Mortgagee Insurance. Nothing herein shall prevent the Mortgagee from
maintaining additional insurance at its own expense; provided that the maintenance of such insurance shall not prejudice the Grantor’s ability to obtain, or recover under, the insurance required under this Section 3.5 or materially
increase the costs thereof. 
 (m) Insurance Coverage. On the date hereof, the Grantor shall deliver to the Mortgagee
certificates of insurance evidencing the insurance coverage maintained in effect on the date hereof. 
 SECTION 3.6 Events of Loss;
Governmental Authorities. As used herein, “Event of Loss” means, with respect to the Airframe or an Engine, any of the following events: (i) loss of such Airframe or Engine or of the use thereof due to the destruction of or damage
to such Airframe or Engine to such extent as shall render repair thereof uneconomical, provided that such repair shall not be deemed uneconomical if the proceeds of insurance with respect to such damage or destruction (plus any applicable amounts of
deductibles) shall be in an amount at least equal to the cost of such repair; (ii) any damage to such Airframe or Engine which results in an insurance settlement with respect to such Airframe or Engine on the basis of a total loss or a
constructive or compromised total loss; (iii) the disappearance of such Airframe or Engine which shall have resulted in the loss of possession of such Airframe or Engine by the Grantor for a period of five (5) consecutive days;
(iv) the theft of such Airframe or Engine which shall have resulted in the loss of Airframe or Engine by the Grantor for five (5) consecutive days; (v) the requisition of title, confiscation or seizure of such Airframe or Engine by
any Governmental Authority for a period of thirty (30) consecutive days; (vi) as a result of any requirement by the FAA or other Governmental Authority, the use of such Airframe or Engine in the normal course of interstate air
transportation shall be prohibited unless, prior to the expiration of such period, the Grantor shall have undertaken and shall be diligently carrying forward all steps which are necessary or desirable to permit the normal use of such Airframe or
Engine, or, in any event, if such use shall have been prohibited for a period of 360 days; (vii) the operation or location of such Airframe or Engine in any area excluded from coverage by the insurance policies in effect with respect thereto
required by the terms of Section 3.5; or (viii) any other event resulting in such Airframe or Engine being rendered unfit for normal use for any reason whatsoever for more than sixty (60) consecutive days. An Event of Loss with
respect to an Aircraft shall be deemed to have occurred if an Event of Loss occurs with respect to the Airframe which constitutes a part of such Aircraft. Upon the occurrence of an Event of Loss, the provisions of this Section 3.6 shall apply,
govern and control. 
 (a) Event of Loss with Respect to an Engine. Upon the occurrence of an Event of Loss with
respect to one or more Engines (but not the Aircraft), the Grantor shall within three (3) Business Days of the Grantor’s actual knowledge of such occurrence give the Mortgagee written notice of such Event of Loss and shall comply with the
terms of Section 3.6(a)(i). 
  

	 	(i)	 Replacement of Engines. As promptly as practicable, and in any event on or before the Business Day next preceding the 90th day following the date of
occurrence of such Event of Loss, the Grantor shall subject or cause to be subjected to this Mortgage in replacement thereof, a replacement Engine of the same model and 

  

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having not less than the same value as the Engine being replaced and which shall be free and clear of all Liens (other than Permitted Liens) and which shall
be of like kind and not less than the same value as, and which shall be in as good operating condition as, the Engine so replaced (for such purpose, it shall be assumed that such Engine was in the condition and repair required by the terms hereof)
and, following such replacement, the replaced Engine shall be released from the Lien created by this Mortgage. If the Grantor shall not perform its obligation to effect such replacement hereunder during the period of time provided herein, such
failure shall be an Event of Default. 

  

	 	(ii)	Payment of Principal and Interest After Event of Loss. No Event of Loss shall limit the obligation of the Grantor to pay and perform the Obligations in accordance with the
terms hereof. 

  

	 	(iii)	Conditions to Replacement of an Engine. In addition to the requirements contained in Section 3.6(a)(i), the Grantor’s obligation to replace an Engine as set forth
in Section 3.6(a)(i) shall include the obligation of the Grantor to promptly, (all writings referred to below to be reasonably satisfactory in form and substance to the Mortgagee): 

 (A) furnish the Mortgagee with such evidence of title as the Mortgagee may reasonably request (including, without limitation, appropriate
bills of sale); 
 (B) subject to the provisions of the Granting Clause and the proviso to Section 3.1 (a), cause a
supplement to this Mortgage subjecting the replacement Engine to this Mortgage to be duly executed by a duly authorized officer, and, upon such execution, to be filed for recordation with the FAA pursuant to the FAA Act, the IR pursuant to the CTC
or, if applicable, with the applicable Foreign Jurisdiction under the Applicable Foreign Aviation Law; 
 (C) furnish the
Mortgagee with such evidence of compliance with the insurance provisions of Section 3.5 with respect to the replacement Engine, as may be reasonably requested, including, without limitation, insurance certificates confirming such compliance;

 (D) furnish the Mortgagee with appropriate UCC financing statements in favor of the Mortgagee with respect to such
replacement Engine, and cause such financing statements to be filed in all appropriate filing offices, if any; 
  

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 (E) furnish the Mortgagee with an opinion of counsel reasonably satisfactory to the
Mortgagee, to the effect that the replacement Engine is free and clear of liens and encumbrances, other than Permitted Liens, and with respect to the effectiveness and priority of the interests which this Mortgage purports to create and to such
further effect as the Mortgagee may reasonably request; 
 (F) furnish the Mortgagee with in the case of an Engine which is
part of the Aircraft, a certificate from a qualified aircraft engineer certifying that the replacement Engine is of like kind and not less than the same value of the Engine so replaced (assuming the Engine was in the condition and repair required by
the terms hereof immediately prior to the occurrence of such Event of Loss); 
 (G) furnish the Mortgagee with an affidavit
from the Grantor stating (I) the model numbers of the replacement Engine, and the name of the manufacturer thereof, (II) that the replacement Engine is in good operating condition and repair, is of a type substantially similar to the Engine
subject to such Event of Loss (which engine shall in any event be compatible with the other Engines or engines installed on the airframe) and meets the requirements of this Section 3.6(a)(iii), (III) that all conditions precedent provided for
in Section 3.6(a)(i) and this Section 3.6(a)(iii) relating to such substitution have been complied with, (IV) that immediately prior to the subjection of such replacement Engine to the Lien created by this Mortgage it was free and clear of
all Liens other than Permitted Liens and that the Lien created by this Mortgage thereon will constitute a valid and perfected first priority Lien, free and clear of all other Liens, other than Permitted Liens and (V) that all necessary
approvals, authorizations, consents, licenses, certificates and orders of the United States or any agency or instrumentality thereof or any other Governmental Authority or instrumentality having jurisdiction have been duly obtained, and such
approvals, authorizations, consents, licenses, certificates or orders are in full force and effect and constitute sufficient authorization therefor; and 
 (H) furnish such other certificates or documents related to Engines as Mortgagee may reasonably require. 
 (b) Event of Loss with Respect to the Aircraft. Upon the occurrence of an Event of Loss with respect to the Aircraft, the Grantor shall give the Mortgagee prompt written notice (and in any event within three
(3) Business Days of the Grantor’s actual knowledge of such occurrence) thereof and Grantor shall, on or before the Business Day which is the earliest of (i) the sixtieth (60th) day following the date of the occurrence of such
Event of Loss, or (ii) the second Business Day following the receipt of insurance proceeds with respect to such occurrence, prepay in full the Loan attributable to such Aircraft. In the event of payment in full by the Grantor of all amounts
then due and payable hereunder in respect of the Aircraft having suffered the Event of Loss, all the Collateral shall be released from the Lien of this Mortgage and the Mortgage shall execute and deliver such instruments as may be reasonably
required to evidence such release. 
  

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 (c) Replacement of Engines. If insurance proceeds are received with respect to the
Engine that has been or is being replaced (and which by the terms of this Section 3.6 may be replaced) by the Grantor pursuant to Section 3.6(a), such insurance proceeds shall be paid over to, or retained by, the Mortgagee, and at the time
of such replacement in accordance with Section 3.6(a) so much of such insurance proceeds remaining after reimbursement of the Mortgagee for costs and expenses (and the Mortgagee is hereby authorized to so apply such insurance proceeds to such
reimbursement) shall be paid over to the Grantor and as provided for in Section 3.5. 
 (d) Use of Aircraft Not
Constituting an Event of Loss. If payments are received with respect to a requisition for use by any Governmental Authority which does not constitute an Event of Loss under the definition thereof, such payments may be retained by the Grantor.

 (e) Default. Notwithstanding the foregoing provisions of this Section 3.6, any payments received at any time by
the Mortgagee from any Governmental Authority or other Person, whether or not with respect to an Event of Loss, which are payable to the Grantor shall not be paid to the Grantor if at the time of such payment an Event of Default shall have occurred
and be continuing, in which event all such amounts shall be paid to and held by the Mortgagee as security for the Obligations of the Grantor hereunder and under the other Loan Documents and applied by the Mortgagee toward the payment of such
Obligations. 
 (f) Management of Aircraft. The Mortgagee acknowledges and agrees that during the term of the Loan, the
Aircraft will be managed by Jet Aviation Business Jets, Inc. (or an affiliate thereof) or any other manager (the “Aircraft Manager”) acceptable to the Grantor. To the extent that any of the obligations set forth herein or in any other Loan
Document has been performed by the Aircraft Manager, such performance shall be satisfactory for purposes of this Mortgage and such Loan Documents and shall constitute full performance hereunder and thereunder, as the case may be. Grantor agrees that
any such management agreement may permit the Aircraft Manager to charter (but not lease or sublease) the Aircraft to third Persons other than the Grantor, the Guarantors or any Subsidiary. 
 ARTICLE IV 
 EVENTS OF DEFAULT AND REMEDIES 
 SECTION 4.1 Events of Default. Upon the occurrence of any of the following events for any reason whatsoever (and whether such occurrence shall be
voluntary or involuntary or come about or be affected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any Governmental Authority) (herein called “Events of
Default”): 
 (a) An Event of Default under the Note. 
  

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 SECTION 4.2 Remedies. If an Event of Default shall occur and be continuing, the Mortgagee may,
without notice of any kind to the Grantor, carry out or enforce the actions or remedies provided in this Article IV or elsewhere in this Mortgage or in the Loan Documents or otherwise available to a secured party under the Uniform Commercial Code or
other applicable law as in effect at the time in any applicable jurisdiction, including, without limitation, all remedies available to a chargee pursuant to Articles 8, 9, 12 and 13 of the CTC, and Articles IX and XIII of the Protocol and, further,
may exercise any rights under the IDERA, including de-registering the Aircraft and Grantor acknowledges and agrees that, notwithstanding such de-registration and any subsequent de-registration, Grantor shall continue to be liable for the Obligations
secured hereby. In furtherance of the foregoing, the Grantor hereby agrees that the Mortgagee may exercise all forms of interim relief available in accordance with Article 13 of the CTC and Article 9 of the Protocol. 
 SECTION 4.3 Possession of Aircraft. If an Event of Default shall have occurred and be continuing, the Mortgagee may, without notice, take
possession of all or any part of the Aircraft and may exclude the Grantor and all persons claiming under the Grantor wholly or partly therefrom. If an Event of Default shall have occurred and be continuing, at the request of the Mortgagee, the
Grantor shall promptly deliver or cause to be delivered to the Mortgagee or to whomsoever the Mortgagee shall designate, at such time or times and place or places as the Mortgagee may specify, and fly or cause to be flown to such airport or airports
in the continental United States as the Mortgagee may specify, without risk or expense to the Mortgagee, all or any part of the Aircraft specified by the Mortgagee. In addition, without the necessity of any demand upon the Grantor, the Mortgagee
may, without being responsible for loss or damage, except to the extent caused by the gross negligence or willful misconduct of the Mortgagee, (i) obtain a judgment conferring on the Mortgagee the right to immediate possession or requiring the
Grantor to deliver immediate possession of all or part of such Aircraft to the Mortgagee, to the entry of which judgment the Grantor hereby specifically consents, and/or (ii) with or, to the fullest extent provided by law, without such
judgment, pursue all or any part of such Aircraft wherever they may be found and enter any of the premises of the Grantor where such Aircraft may be and search for such Aircraft and take possession of and remove the same. The Grantor agrees to pay
to the Mortgagee, all expenses incurred in taking any such action; and all such expenses shall, until paid, be secured by the lien and security interest of this Mortgage. Upon every such taking of possession, the Mortgagee may, from time to time,
make all such reasonable expenditures for maintenance, insurance, repairs, replacements, alterations and additions to and of the Aircraft as it may deem proper and such expenditures shall constitute obligations secured hereby. 
 SECTION 4.4 Receiver. If an Event of Default shall have occurred and be continuing, the Mortgagee shall be entitled, as a matter of right as
against the Grantor without notice or demand and without regard to the adequacy of the security for the Obligations by virtue of this Mortgage or any other collateral or to the solvency of the Grantor upon the commencement of judicial proceedings by
it to enforce any right under this Mortgage, to the appointment of a receiver of all or any part of the Collateral. 
 SECTION 4.5 Sale
and Suits for Enforcement. If an Event of Default shall have occurred and be continuing, the Mortgagee, with or without taking possession of the Aircraft, may 
  

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 (a) to the extent and in the manner permitted by law, sell at one or more sales, as an
entirety or in separate lots or parcels, all or any part of the Aircraft, as the Mortgagee may decide, at public or private sale, at such place or places and at such time or times and upon such terms, including terms of credit (which may include the
retention of title by the Mortgagee to the property so sold), as the Mortgagee may determine, whether or not the Aircraft shall be at the place of sale; and 
 (b) proceed to protect and enforce its rights under this Mortgage by suit, whether for specific performance of any covenant herein
contained or in aid of the exercise of any power herein granted or for the foreclosure of this Mortgage and the sale of the Collateral under the judgment or decree of a court of competent jurisdiction or for the enforcement of any other right.

  

	 	(i)	At any sale of an Aircraft or any part thereof by the Mortgagee pursuant to paragraph (a) above, the Mortgagee may consider and accept bids requiring the extension of credit to
the bidder and may determine the highest bidder at such sale, whether or not the bid of such bidder shall be solely for cash or shall require the extension of credit. The Mortgagee shall be entitled to bid in unpaid Obligations in the same manner as
cash in any sale of the Collateral, public or private, at foreclosure or otherwise. 

  

	 	(ii)	The Mortgagee, to the extent permitted by law, may from time to time adjourn any sale under paragraph (a) above by announcement at the time and place appointed for such sale or
for any adjournment thereof; and without further notice or publication, except as may be required by applicable law, such sale be made at the time and place to which the same shall have been so adjourned. 

  

	 	(iii)	Upon the completion of any sale under paragraph (a) above, full title and right of possession to the Aircraft so sold shall (subject to any retention of title by the Mortgagee
as part of the terms of such sale) pass to the accepted purchaser forthwith upon the completion of such sale, and the Grantor shall deliver, in accordance with the instructions of the Mortgagee (including flying the Aircraft or causing the same to
be flown to such airports in the continental United States as the Mortgagee may specify), such Aircraft so sold. If the Grantor shall for any reason fail to deliver such Aircraft, the Mortgagee shall have all of the rights granted by
Section 4.3 hereof. The Mortgagee is hereby irrevocably appointed the true and lawful attorney of the Grantor in its name and stead, to make all necessary conveyances of the Aircraft so sold. Nevertheless, if so requested by the Mortgagee or by
any purchaser, the Grantor shall confirm any such sale or conveyance by executing and delivering all proper instruments of conveyance or releases as may be designated in any such request. 

  

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 SECTION 4.6 Waiver of Appraisement, etc. The Grantor agrees, to the fullest extent that it
lawfully may, that it will not (and hereby irrevocably waive its right to) at any time plead, or claim the benefit or advantage of, any appraisement, valuation, stay, extension, moratorium or redemption law now or hereafter in force, in order to
prevent or hinder the enforcement of this Mortgage or the absolute sale of the Collateral. 
 SECTION 4.7 Remedies Cumulative. No
remedy herein conferred upon the Mortgagee is intended to be exclusive of any other remedy, but every such remedy shall be cumulative, but shall not be duplicative, and shall be in addition to every other remedy herein conferred or now or hereafter
existing in law. 
 SECTION 4.8 Application of Proceeds. If an Event of Default shall have occurred and be continuing, the proceeds of
any sale, lease or other disposition of all or any part of the Collateral pursuant to this Mortgage and all other sums realized or held by the Mortgagee under this Mortgage or any proceedings hereunder shall be applied in the following order of
priority (unless otherwise directed by the Mortgagee): 
 First: To the payment of the expenses of any such sale, lease,
disposition or other realization (and of the retaking, holding and preparing for sale or lease), including reasonable compensation to the Mortgagee’s agents and counsel involved therewith, and all expenses, liabilities and advances made or
incurred by the Mortgagee in connection therewith, including, without limitation, taxes upon or with respect to such sale, lease, disposition or realization and the payment of taxes and Liens, if any, prior to the Lien of this Mortgage; 

Second: To the payment of the Obligations in whole or in part in accordance with the Note; and 
 Third: To the Grantor or as any court of competent jurisdiction may otherwise direct. 
 SECTION 4.9 Delay or Omission; Possession of Note. 
 (a) Delay or Omission. No delay or omission of the Mortgagee to exercise any right or remedy arising upon the happening of any Default or Event of Default shall impair any right or remedy or shall be construed
to be a waiver of any such Default or Event of Default or an acquiescence therein; and every right and remedy given to the Mortgagee by this Article IV or by applicable law may be exercised from time to time and as often as may be deemed expedient
by the Mortgagee. 
 (b) Possession of Note. All rights of action under this Mortgage may be enforced by the Mortgagee
without the possession of the Note or any other instrument or document evidencing any Obligation or the production thereof in any proceeding. 
  

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 ARTICLE V 
 MISCELLANEOUS PROVISIONS 
 SECTION 5.1 Amendments, etc. No amendment or waiver of any
provision of this Mortgage nor consent to any departure by the Grantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Mortgagee and the Grantor and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. 
 SECTION 5.2 Notices. All notices, requests and demands to or
upon the respective parties hereto to be effective shall be given in accordance with the Note to the address of each party as set forth above. 
 SECTION 5.3 Continuing Lien and Security Interest; Transfer. This Mortgage shall create a continuing lien and security interest in the Collateral and shall (i) remain in full force and effect until payment and performance in
full of all of the Obligations, (ii) be binding upon the Grantor, its respective successors and assigns, and (iii) inure, together with the rights and remedies of the Mortgagee hereunder, to the benefit of the Mortgagee, and its
successors, transferees and assigns. Without limiting the generality of the foregoing clause (iv), the Mortgagee may without notice to the Grantor assign or otherwise transfer the Note held by it and/or its rights hereunder or under the Note to any
other person or entity, and such other person or entity shall thereupon become vested with all the benefits in respect thereof granted to the Mortgagee herein or otherwise, subject, however, to the provisions hereof. Upon the indefeasible payment
and performance in full of all of the Obligations, the lien and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Grantor. Upon any such termination, the Mortgagee will, at the Grantor’s
expense, execute and deliver to the Grantor an appropriate instrument evidencing such termination. 
 SECTION 5.4 Governing Law;
Jurisdiction. This Mortgage shall be governed by and construed in accordance with the laws of the State of New York, except to the extent that the law of another jurisdiction may be mandatorily applicable to proceedings taken for the enforcement
of the rights and remedies of the Mortgagee hereunder, provided that any such rights or remedies which shall be valid under the laws of such other jurisdiction shall not be affected by any invalidity thereof under the laws of the State of New York.
Without limiting the right of the Mortgagee to bring any action or proceeding against the Grantor or against property of the Grantor arising out of or relating to this Mortgage (an “Action”) in any jurisdiction where such property is
located, each of the Grantor and the Mortgagee hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal Court sitting in New York City. The Grantor hereby irrevocably waives, to the fullest extent it may
effectively do so, the defense of an inconvenient forum to the maintenance of any Action in any jurisdiction and any right, claim or defense of any immunity on the basis of sovereignty or otherwise which the Grantor may have in connection with,
arising out of or relating to this Mortgage. The Grantor hereby irrevocably appoints and designates CT CORPORATION SYSTEM located in New York, New York (“CT Corp.”) as its duly authorized agent for service of legal process and agrees that
the summons and complaint or any other process in any Action in any jurisdiction may be served by registered or certified mail addressed to any of the addresses set forth below or by hand delivery 

  

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to a person of suitable age and discretion at any of the addresses set forth below. Such service will be complete on the date such process is so delivered.
The Grantor may also be served in any other manner permitted by applicable law. Nothing contained in this Section 5.4 shall be interpreted to prohibit any of the Mortgagee or the Grantor from bringing an action against the Registrar of the
International Registry in the Republic of Ireland. 
 SECTION 5.5 Severability. The invalidity of any one or more of the provisions of
this Mortgage shall not affect the remaining provisions of this Mortgage, or operate to render this Mortgage invalid or to impair the lien and security interest of this Mortgage on all or the major portion of the property intended to be mortgaged
hereunder, this Mortgage shall be construed as if such provisions had not been contained herein. 
 SECTION 5.6 Counterparts. This
Mortgage may be executed in one or more counterparts which when signed by all the parties hereto shall be deemed to constitute a complete fully executed original document for all purposes. 
 SECTION 5.7 Effectiveness. With respect to the representations contained herein, the Grantor shall be construed as representing as to only itself.

 SECTION 5.8 Further Assurances. The Grantor agrees from time to time within twenty (20) days of request by Mortgagee to do and
perform such other and further acts and execute and deliver any and all such instruments as may be required by applicable law or reasonably requested by the Mortgagee to establish, maintain or protect the rights and remedies of the Mortgagee or to
carry out and effect the intent and purpose of this Mortgage. 
 [NO FURTHER TEXT ON THIS PAGE/ 
 SIGNATURE PAGE FOLLOWS] 
  

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

			
	Grantor:
	
	 57 AVIATION SERVICES, LLC,
 a Delaware
limited liability company

		
	By:	 	/s/ Joel Frank
		 	Name: Joel Frank
		 	Title: Manager

 AMENDED AND RESTATED FIRST PRIORITY AIRCRAFT MORTGAGE 

 SCHEDULE I 
 Jurisdiction of Formation and Location of Books and Records 
  

	1.	Jurisdiction of Formation: 

  

	 	A.	57 AVIATION SERVICES, LLC:     State of Delaware 

  

	2.	Records Location: 

  

	 	A.	57 AVIATION SERVICES, LLC: 

	 	 	9 West 57th Street, 39th Floor 

	 	 	New York, New York 10019 

 and 
 Jet Aviation Business Jets Inc. 
 112 Charles
A. Lindberg Drive 
 Teterboro, New Jersey 07608 

 SCHEDULE II 
 Permitted Liens 
 1. Liens created by the Loan Documents; 
 2. Liens for taxes, assessments or other governmental charges or levys not yet due or payable which are being contested in good faith by appropriate
action or proceeding and with respect to which adequate reserves are being maintained as may be required by GAAP, all in accordance with the terms of the Loan Documents; and 
 3. Carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, and other like Liens arising in the ordinary course of
business securing obligations which are not overdue for a period of more than sixty (60) days after receipt of notice thereof or which are being contested in good faith and by appropriate proceedings and as to which such reserves or other
appropriate provisions as may be required by GAAP are being maintained; provided, however, that the proceedings described in clauses (2) and (3) above shall not subject the Mortgagee to any civil or criminal penalty or liability or involve
any material risk of loss, sale or forfeiture of any one or more items of Collateral under this Mortgage or any Security Instrument, whether now owned or hereafter acquired. 

 SCHEDULE III 
 Description of Airframe and Engine 
  

			
	Airframe:	  	Gulfstream Aerospace Model G-IV-SP (described on the International Registry pre-populated drop down lists as GULFSTREAM model Gulfstream G-IV (GIV-SP)) Aircraft Manufacturer’s Serial
Number 1460 U.S. Registration N326JD
		
	Engine:	  	Two (2) Rolls Royce Tay 611-8 (described on the International Registry pre-populated drop down lists as ROLLS ROYCE model TAY611) Engines Manufacturer’s Serial Numbers 18051 and 18052,
respectively (which Engines are rated at more than 550 horsepower)

 SCHEDULE IV 
 FORM OF IDERA 
 IRREVOCABLE DE-REGISTRATION 
 AND EXPORT REQUEST AUTHORIZATION1 
 THIS IRREVOCABLE DE-REGISTRATION AND EXPORT REQUEST AUTHORIZATION IS LINKED TO AND PART OF THAT CERTAIN **
DATED AS OF                     , 2008, BY AND BETWEEN              AND
                    , WHICH IS BEING FILED WITH THE FEDERAL AVIATION ADMINISTRATION CONTEMPORANEOUSLY HEREWITH 
                     ,
20     
  

	To:	United States Federal Aviation Administration Aircraft Registry 

  

	Re:	Irrevocable De-Registration and Export Request Authorization 

 The undersigned is the registered owner of the [insert the airframe/helicopter manufacturer name and model number] bearing manufacturers serial number [insert manufacturer’s serial number] and United States Registration
[number] [mark] [insert registration number/mark] (together with all installed, incorporated or attached accessories, parts and equipment, the “Aircraft”). 
 This instrument is an irrevocable de-registration and export request authorization issued by the undersigned in favor of [insert name of
creditor], as the Secured Party (“the Authorized Party”) under the authority of Article XIII of the Protocol to the Convention on International Interests in Mobile Equipment on Matters specific to Aircraft Equipment. In
accordance with that Article, the undersigned hereby requests: 
  

	 	(i)	recognition that the Authorized Party or the person it certifies as its designee is the sole person entitled to: 

  

	 	(a)	procure the de-registration of the Aircraft from the Federal Aviation Administration Aircraft Registry maintained by the United States for the purposes of Chapter III of the
Convention on International Civil Aviation, signed at Chicago, on 7 December 1944, and 

  

	 	(b)	procure the export and physical transfer of the Aircraft from the United States; and 

  

	 	(ii)	confirmation that the Authorized Party or the person it certifies as its designee may take the action specified in clause (i) above on written demand without the consent of the
undersigned and that, upon such demand, the authorities in the United States shall co-operate with the Authorized Party with a view to the speedy completion of such action. 

  
  

	 1
	 Filed in connection with and made a part of the [Aircraft Security Agreement] dated
                    , 20        , between ***, as the debtor in favor of the Authorized Party,
and filed with the FAA simultaneously herewith. 

 The rights in favor of the Authorized Party established by this instrument may not be revoked by the
undersigned without the written consent of the Authorized Party. 
 Please acknowledge your agreement to this request and its terms by
appropriate notation in the space provided below and lodging this instrument in Federal Aviation Administration Aircraft Registry 
 ***

  

			
		
	By:	 	 
		
	Title:Promissory Note, dated May 30, 2008

 Exhibit 10.19 
 PROMISSORY NOTE 
  

			
	 $16,763,718.53
	  	New York, New York
		  	May 30, 2008

 I. Promise to Pay. FOR VALUE RECEIVED, the undersigned, hereby unconditionally
promises to pay to the order of CITICORP USA, INC., a Delaware corporation (the “Lender”), at its office or branch at Citicorp Center, 666 Fifth Avenue, New York, New York 10103 or at such other office as the Lender may subsequently
designate in writing, the principal sum of SIXTEEN MILLION SEVEN HUNDRED SIXTY-THREE THOUSAND SEVEN HUNDRED EIGHTEEN AND 53/100 DOLLARS ($16,763,718.53), or such other amount necessary to repay in full the then unpaid principal amount of this Note,
which shall be payable on May 31, 2011 (the “Maturity Date”). The undersigned also agrees to pay interest on any and all unpaid amounts from and including the date hereof to the Business Day (a day of the year on which national banks
in New York City are not required or permitted to be closed and on which dealings in United States Dollars are carried on in the London interbank market) on which any principal amount becomes due at the interest rate per annum determined in
accordance with the terms below, but in no event in excess of the maximum rate permitted by applicable law. The undersigned further agrees to pay interest on any advance and all other obligations of the undersigned hereunder that are not paid when
due (whether at stated maturity, by acceleration or otherwise) from the date payment of such advance or other obligations is due until such advance or other obligations are paid in full, payable upon demand at the Base Rate (as defined below), plus
3% (the “Overdue Rate”), but in no event in excess of the maximum rate permitted by applicable law. The proceeds of the loan made pursuant to this Note (the “Loan”) shall be used by the undersigned for lawful purposes and, in any
event, no such proceeds shall be used to finance gambling enterprises, to purchase military arms or to finance or make contributions to political candidates or organizations. 
 II. Interest Rate. The undersigned promises to pay interest on the outstanding principal amount hereunder monthly on the last Business Day
of each month (in arrears) at an interest rate (the “Applicable Interest Rate”) (a) prior to the Fixed Rate Conversion Effective Date (defined below), (i) if the undersigned has elected a rate of interest determined by reference
to the LIBOR Rate (as defined below) to apply to the Loan (or portion thereof), equal, at all times during each Interest Period (as described below) therefor, to one and six-tenths percent (1.6%) per annum above the LIBOR Rate for such Interest
Period or (ii) if the undersigned has elected a rate of interest determined by reference to the Base Rate (as defined below) to apply to the Loan (or portion thereof), equal at all times to the Base Rate, (b) from and including the Fixed
Rate Conversion Effective Date, if a Fixed Rate Conversion occurs, to but excluding the Maturity Date, the Fixed Rate, or (c) as otherwise determined in accordance with paragraph III below. 
 A. Interest Periods. The duration of each interest period (each an “Interest Period”) applicable to any LIBOR shall be
one month, two months, three months, six months or twelve months, as the undersigned may select upon written notice received by the Lender not later than 12:00 noon (New York City time) three (3) Business Days prior to (a) the first day of
the initial Interest Period (which shall be a Business Day) or (b) the last day of the preceding Interest Period. Each selection by the undersigned in accordance with this Note of an Interest 

 
Period relating to all or any portion of the Note to accrue interest based on the LIBOR Rate, shall be herein referred to as a “LIBOR Contract”. No
Interest Period may be selected that would end after the Maturity Date. The initial Interest Period shall commence on the date hereof and shall end on the same numerical day on which the Interest Period commenced one, two, three, six or twelve
months later, depending upon the Interest Period the undersigned has selected. The next Interest Period shall commence on the last day of the immediately preceding period and, again depending upon the Interest Period selected, shall end on the
corresponding date of the month one month, two months, three months, six months or twelve months later. If, however, the corresponding date in the calendar month in which the Interest Period ends is not a Business Day, then the last day of the
Interest Period shall be extended to the next succeeding Business Day, unless there is no such Business Day in that calendar month, in which case the last day of such Interest Period shall be the last Business Day of such calendar month. Further, if
there is no corresponding date in the calendar month in which the Interest Period ends, then the last day of the Interest Period shall be the last Business Day of such calendar month. If the undersigned shall fail to select, at least three
(3) Business Days before the expiration of any Interest Period, the duration of the next subsequent Interest Period, the undersigned will be deemed to have selected an Interest Period that is the same as the then prevailing Interest Period (to
the extent such Interest Period otherwise complies with the remaining provisions regarding the duration of Interest Periods). If an Interest Period is unavailable as provided herein the Loan (or portion thereof) shall accrue interest at the Base
Rate at the end of the then applicable Interest Rate Period. The undersigned agrees that (i) no LIBOR Contract shall be for an amount less than $1,000,000.00 and (ii) there shall be no more than three (3) LIBOR Contracts outstanding
at any time during the term of this Note. 
 B. LIBOR Rate. “LIBOR Rate” means, for any Interest Period, an
interest rate per annum equal to the rate of interest per annum at which deposits in United States dollars are offered on Reuters Screen LIBOR 01 (or such replacement page or service as may be appropriate), to prime banks in the London interbank
market at 11:00 a.m. (London time) two (2) Business Days before the first day of the Interest Period in an amount substantially equal to the outstanding principal balance hereunder (or for the portion thereof that Borrower has elected to be
subject to a LIBOR Contract) and for a period equal to such Interest Period. All computations of interest shall be made by the Lender on the basis of a year of 360 days for the actual number of days (including the first day, but excluding the last
day) in the Interest Period for which such interest is payable; provided, however, that if such computation shall cause the amount of interest payable hereunder to exceed the maximum rate of interest permitted by applicable law, all computations of
interest shall be made upon the basis of a year of 365 or 366 days. 
 C. Base Rate. “Base Rate” means a
fluctuating interest rate per annum equal at all times to the interest rate announced publicly from time to time by Citibank, N.A. in New York City as its base rate. All computations of interest with respect to a Base Rate shall be made by the
Lender on the basis of a year of 360 days for the actual number of days elapsed; provided, however, that if such computation shall cause the amount of interest payable hereunder to exceed the maximum rate of interest permitted by applicable law, all
computations of interest shall be made upon the basis of a year of 365 or 366 days. 
  

 - 2 - 

 D. Fixed Rate Conversion Option. 
  

	 	(a)	Provided no Event of Default shall have occurred, the undersigned shall have a one time option, subject to the terms and conditions of this Note, to have the interest rate payable
on this Note converted from the then existing Applicable Interest Rate to the Fixed Rate (the “Conversion Option”). If the interest rate on this Note is converted to the Fixed Rate, the interest rate on this Note shall remain at the Fixed
Rate (except as provided in paragraph III below) until the Maturity Date and may not thereafter be reconverted to LIBOR Rate and/or Base Rate. 

  

	 	(b)	If the undersigned elects to exercise the Conversion Option (a “Fixed Rate Conversion”), (i) the undersigned shall provide written notice (in accordance with
paragraph XV below) of its election to Lender (with the date of Lender’s receipt of such written notice being the “Conversion Exercise Date”), and (ii) such election shall be irrevocable, and (iii) the interest rate payable
on this Note shall be converted from the then existing Applicable Interest Rate to the Fixed Rate on the date which is two (2) Business Days after the Conversion Exercise Date (the “Fixed Rate Conversion Effective Date”). To the
extent that all or any portion of the Loan was accruing interest at the LIBOR Rate prior to the Fixed Rate Conversion Effective Date, the undersigned shall be responsible to pay all Breakage Fees incurred to effectuate the Fixed Rate Conversion.

  

	 	(c)	The term “Fixed Rate” shall mean the rate per annum determined by Lender to be its then current prevailing fixed rate of interest on comparable loans for which a borrower
has paid no fee. Determination of the Fixed Rate by Lender shall be conclusive in all respects. Lender shall quote an indicative Fixed Rate based upon receipt of a written request from the undersigned prior to the undersigned’s exercise of the
Conversion Option. The undersigned acknowledges that the indicative Fixed Rate quoted by Lender shall be based upon market conditions at the time of the undersigned’s exercise of the Conversion Option and is subject to change in the time period
between the undersigned’s request for a Fixed Rate quote and the exercise of the Conversion Option. 

 E.
Maximum Legal Rate. Notwithstanding anything to the contrary contained in this Note or in any other document executed in connection herewith, the total liability for payments in the nature of interest, additional interest and other charges
shall not exceed the limits imposed by applicable law. If any payments in the nature of interest, additional interest and other charges made under this Note or any other document executed in connection herewith are held to be in excess of the limits
imposed by applicable law, it is agreed that any such amount held to be in excess shall be considered payment of principal hereunder and the indebtedness evidenced hereby shall be reduced by such amount so that the total liability for payments in
the nature of interest, additional interest and other charges shall not exceed the limits imposed by the applicable law. 
  

 - 3 - 

 F. Determination Conclusive. Each determination of the Applicable Interest Rate
hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 III. Payments. All payments of principal,
interest and other amounts due under this Note shall be made to the Lender at its office or branch referred to above in lawful money of the United States not later than 12:00 noon (New York City time) on the day when due. Unless the undersigned and
Lender shall have agreed otherwise, the undersigned hereby authorizes Lender to deduct automatically from 57 AVIATION SERVICES, LLC’s account number 48900753 maintained with The Citigroup Private Bank the amount of principal and accrued and
unpaid interest then due under this Note on the last Business Day of each month (unless otherwise demanded), and the undersigned agrees to maintain on the last Business Day of each month sufficient available and cleared funds in such account to
cover such principal and interest payments. All payments of principal, interest and other amounts payable hereunder shall be made without defense, claim, counterclaim, setoff or recoupment. 
 A. Prepayments, Payments Before End of Interest Period. The undersigned shall have the right to prepay this Note without premium or
penalty, in whole or in part (provided, however, if prepaid in part the amount of the partial prepayment shall be in an amount not less than $100,000.00) (i) in the case of the Loan (or portion thereof) which accrues interest at the Base Rate,
upon one (1) Business Day’s notice to the Lender, (ii) in the case of the Loan (or portion thereof) which accrues interest at the LIBOR Rate, on, and only on, the last day of an Interest Period, with, in each case, accrued interest to
the date of such prepayment on the amount prepaid, and (iii) to the extent that the Loan is accruing interest at the Fixed Rate, upon not less than five (5) Business Day’s prior written notice (the “Fixed Rate Prepayment
Notice”) to Lender specifying the date on which prepayment is to be made (the “Fixed Rate Prepayment Date”) and the principal amount of any such prepayment (the “Fixed Rate Prepayment Amount”). Amounts repaid or prepaid may
NOT be reborrowed under this Note. 
 If the undersigned repays or prepays this Note (or part thereof) which is then accruing interest
at the LIBOR Rate on a day other than the last day of an Interest Period, then, in addition to the interest otherwise due and payable (including any interest accrued at the Overdue Rate), the undersigned shall pay to the Lender an amount equal to
the positive difference, if any, between (i) the amount of interest that would accrue on such amount prepaid or repaid for the remainder of such Interest Period at the LIBOR Rate set for such Interest Period (such amount, the “LIBOR
Breakage Fee”), and (ii) the amount of interest that would accrue on such amount prepaid or repaid for the remainder of such Interest Period at the Market Rate (as defined below). The term “Market Rate” means the rate of interest
per annum at which deposits in United States dollars are offered on Reuters Screen LIBOR 01 (or such replacement page or service as may be appropriate), to prime banks in the London interbank market at 11:00 a.m. (London time) two (2) Business
Days before the date of payment of the principal amount prepaid in an amount substantially equal to the amount of such prepayment and for a deposit period comparable to the remaining Interest Period, as determined by the Lender in its sole
discretion. 
 If the undersigned repays or prepays this Note which is then accruing interest at the Fixed Rate, the undersigned shall pay
(a) the Fixed Rate Prepayment Amount, (b) interest accrued and unpaid on the Fixed Rate Prepayment Amount through and including the Fixed Rate Prepayment Date, (c) all other unpaid indebtedness evidenced hereby and (d) a premium
(the “Fixed Rate 

  

 - 4 - 

 
Prepayment Premium”) as liquidated damages and not as a penalty, equal to the present value of the (x) the amount of interest that would have
accrued on the Fixed Rate Prepayment Amount for the remainder of the term of this Note, at the Fixed Rate minus (y) the amount of interest that would have accrued on the Fixed Rate Prepayment Amount during the remainder of the term of this
Note, at the Current Market Rate (as hereinafter defined) plus 1.6%. For the purposes hereof, “Current Market Rate” shall mean the Market Rate as determined for a period equal to the remaining term of the Note and if no Reuters Screen Rate
01 is available for such period, then the Treasury Rate (as hereinafter defined) shall be used for such period). The term “Treasury Rate” shall mean, as of the applicable Fixed Rate Prepayment Date, the yield to maturity as of such Fixed
Rate Prepayment Date of United States Treasury securities with a constant maturity (as complied and published in the most recent Federal Reserve Statistical Release H.I5 (519) that has become publicly available at least two (2) Business
Days prior to such Fixed Rate Prepayment Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most equal to the period from such Fixed Rate Prepayment Date to the remainder of the term
of this Note. For the purposes hereof, “present value” calculation shall use the Current Market Rate plus .50% as the discount rate and shall be calculated as if each installment of the principal balance had been made during the remaining
term of this Note. 
 If any Fixed Rate Prepayment Notice is given, the entire Fixed Rate Prepayment Amount specified therein (together with
the applicable Fixed Rate Prepayment Premium, if any) shall be due and payable on the Fixed Rate Prepayment Date set forth therein. Any partial prepayment made hereunder shall be applied against the principal balance in inverse order of maturity
(i.e., so as to reduce the final payments of principal due and owing hereunder and not result in any reduction in or deferment of the monthly payments of principal due and owing hereunder). 
 Payment of the entire outstanding principal balance following an acceleration of the same shall be deemed to be a voluntary prepayment to which the LIBOR
Breakage and/or the Fixed Rate Prepayment Premium, as the case may be, shall be applicable. 
 B. Increased Costs. If,
after the date of this Note, any change in applicable law or regulation or in the interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof (whether or not having the force of
law), and which change is applicable generally to other financial institutions, shall change the basis of taxation of payments to the Lender of the principal of or interest on the advances made by the Lender hereunder or any fees or other amounts
payable hereunder (other than changes in respect of taxes imposed on the overall net income of the Lender), or shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the
account of or credit extended by the Lender or shall impose on the Lender any other condition affecting this Note or the advances hereunder, and the result of any of the foregoing shall be to increase the cost to the Lender of making or maintaining
the advances hereunder or to reduce the amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or otherwise), then the undersigned shall, upon written notice by the Lender, pay to the Lender such additional
amount or amounts determined by the Lender in a reasonable manner as will compensate the Lender for such additional costs incurred or reduction suffered. In the event that the undersigned is required to make any additional payments to Lender
pursuant to the terms of this paragraph then undersigned shall have the option to prepay this Note in accordance with the terms of paragraph IIIA hereof, provided that no prepayment fee LIBOR Breakage Fee or Fixed Rate Prepayment Premium shall be
due in connection therewith. 
  

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 C. Illegality. If the Lender shall notify the undersigned that the introduction of
or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Lender to perform its obligations hereunder to make or maintain the Loan
hereunder (or any portion thereof) as a loan that bears interest at a rate based on the LIBOR Rate, the undersigned shall forthwith prepay in full the outstanding principal balance of the portion of the Loan accruing interest at the LIBOR Rate,
together with interest accrued thereon, unless the undersigned, within five Business Days of written notice to that effect from the Lender, elects to convert the per annum rate of interest accruing on the outstanding principal amount of the Loan
based upon the LIBOR Rate to the Base Rate or the Fixed Rate. In addition, if the Lender notifies the undersigned that by reason of circumstances affecting the London interbank market for United States Dollar deposits there does not exist adequate
and reasonable means for ascertaining the LIBOR Rate for any Interest Period, then, on the last day of the then existing Interest Period, the interest rate on the outstanding principal amount of that portion of the Note then accruing interest at the
LIBOR Rate shall automatically convert to the Base Rate (which the undersigned shall be deemed to have accepted) until the Lender shall notify the undersigned that the circumstances causing such suspension no longer exist, or in the alternative
undersigned may elect to prepay this Note in accordance with the terms of paragraph IIIA hereof, provided no prepayment fee shall be due in connection therewith. 
 IV. Taxes. 
  

	 	(a)	Any and all payments by the undersigned under this Note shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions,
charges or withholdings, and all liabilities with respect thereto excluding any income or franchise taxes imposed on the net income of the Lender (all such non-excluded taxes, levies imposts, deductions, charges, withholdings and liabilities being
hereinafter referred to as “Taxes”). 

  

	 	(b)	In addition, the undersigned shall pay any present or future stamp, documentary, excise, property or similar taxes, charges or levies that arise from any payment made under this
Note or from the execution, delivery or registration of, or otherwise with respect to, this Note (all such taxes, charges and levies being hereinafter referred to as “Other Taxes”). 

  

	 	(c)	The undersigned shall indemnify the Lender for the full amount of Taxes and Other Taxes, and for the full amount of taxes imposed by any jurisdiction on amounts payable under this
paragraph IV, paid by the Lender and any liability (including, without limitation, penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto. This indemnification payment shall be made within thirty days from the
date the Lender makes written demand therefor. 

  

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	 	(d)	In the case of each Lender that becomes a Lender by assignment or participation pursuant to the provisions of Section XII hereof, such Lender shall, upon the date of acceptance of
its assignment or participation, provide appropriate forms or other evidence reasonably acceptable to the undersigned certifying that such Lender is not currently subject to any Taxes, Other Taxes or Increased Costs pursuant to Section III B, above.
To the extent that such Lender provides evidence that it is currently subject to any amount of Taxes, Other Taxes, or Increased Costs, the amount of such Taxes, Other Taxes or Increased Costs shall be excluded from any indemnity pursuant to Sections
III and IV hereof. 

  

	 	(e)	If any Lender requests compensation under Sections III and IV hereof or if the undersigned is required to pay any additional amount for the account of any Lender pursuant to Section
IV hereof, the undersigned shall have the right upon notice to such Lender, to (i) require such Lender to assign to one or more assignees specified by the undersigned who are willing to so purchase from such Lender all, or any portion thereof,
of such Lender’s rights and obligations under this Note provided that such assignee or assignees shall pay to such Lender, in consideration for such assignment, an amount equal to all principal, interest, fees, and other amounts owing to such
Lender that is allocable to the portion of such rights and obligations being assigned as of the date of such assignment, or (ii) require such Lender to use reasonable efforts to designate a different lending office for funding or booking its
loans (or any participation therein) hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if in the reasonable judgment of such Lender, such designation or assignment would not subject such
Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. With respect to this clause (e) the undersigned hereby agrees to pay all reasonable costs and expenses incurred by Lender in connection with
any such designation or assignment. 

  

	 	(f)	Each Lender agrees that it will (i) take all reasonable actions requested by the undersigned that are without material cost or risk to such Lender to maintain all exemptions,
if any, available to it from Taxes (whether available by current law of any country, treaty or existing administrative waiver), and (ii) to the extent reasonable and without material cost or risk to it, otherwise cooperate with the undersigned
to minimize any amounts payable by the undersigned under Sections III and IV hereof, if Lender’s actions result in a tax credit or deduction to such Lender, the Lender shall promptly notify that undersigned and pay to the undersigned an amount
equal to any actual tax benefit resulting from credit or deduction. 

  

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	 	(g)	Without prejudice to the survival of any other agreement of the undersigned under this Note, the agreements and obligations of the undersigned contained in this paragraph IV shall
survive the payment in full of principal and interest under this Note. 

 V. Representations and Warranties. To
induce the Lender to make the Loan evidenced by this Note, the undersigned represents and warrants as follows: (i) it is duly organized, validly existing and in good standing under the laws of the State of Delaware and its organization number
is set forth under its name on the signature page hereto; (ii) the undersigned has full power and legal right to execute and deliver this Note and to perform and observe the provisions of this Note; (iii) the execution, delivery and
performance by the undersigned of this Note have been duly authorized by all necessary action, and do not contravene any law or contractual restriction binding on or affecting the undersigned or any of the undersigned’s property; (iv) no
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by the undersigned of this Note; (v) this Note is the
legal, valid and binding obligation of the undersigned enforceable against the undersigned in accordance with its terms; (vi) there is no pending or, to the knowledge of the undersigned, threatened investigation, litigation or proceeding
affecting the undersigned that (A) could be reasonably likely to have a material adverse effect on the financial condition or property of the undersigned or the ability of the undersigned to perform the undersigned’s obligations under this
Note or (B) purports to affect the legality, validity or enforceability of this Note; (vii) since the date of the most recent financial statements furnished to the Lender in connection with this Note, no event has occurred that could be
reasonably likely to have a material adverse effect on the financial condition or property of any of the undersigned, OZ Management LP (“Management”), OZ Advisors LP (“Advisors I”) and OZ Advisors II LP (“Advisors II”,
together with the undersigned, Management and Advisors I hereinafter collectively referred to as the “Loan Parties and each individually referred to as a “Loan Party”) or the ability of undersigned to perform its obligations under
this Note; and (viii) the proceeds of this Note will be used in part to repay in full on the date hereof the then unpaid principal balance of, and accrued interest on, the Promissory Note dated May 12, 2003 between the undersigned and the
Lender. 
 VI. Collateral. As collateral security for the payment of the indebtedness evidenced by this Note or by any
replacement note or notes which may be given in renewal or extension of all or any part of such indebtedness (each of which being an “Other Note”) (the indebtedness evidenced hereby, by any Other Note, being hereinafter referred to as the
“Obligations”), the undersigned is granting a security interest in certain of its property to the Lender as provided in the Amended and Restated First Priority Aircraft Mortgage and Security Agreement of even date herewith (the
“Mortgage”). 
 VII. Mandatory Prepayments. Furthermore, the undersigned agrees that should the outstanding
principal balance of the Loan at any time exceed the amount which is equal to 65% of the collective fair market value of the Gulfstream Aerospace Model G-IV-SP Aircraft bearing manufacturer’s serial number 1460 and U.S. Registration Mark N326JD
held as security under the Mortgage (the “Aircraft”), as determined by the Lender pursuant to an appraisal obtained by it, at the sole cost and expense of the undersigned (“Lender’s Appraisal”), the undersigned will
forthwith make one or more prepayments (or provide cash collateral) of this Note within thirty 

  

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(30) days of written demand therefor, in each case such that the outstanding principal balance of the Loan shall not exceed the amount which is (1) 65%
of the value of the Lender’s Appraisal plus (ii) the cash collateral. So long as no Event of Default has occurred hereunder, the appraisal mechanism set forth immediately above may not be exercised more than once every twenty-four
(24) months. Any prepayment made pursuant to the terms of this paragraph VII shall not be subject to a prepayment fee; provided, however, if such prepayment is (i) made on a day that is not the last day of an Interest Period, shall be
accompanied by the LIBOR Breakage Fee calculated with respect to the principal balance being prepaid, or, (ii) if the Loan is then accruing interest at the Fixed Rate, such prepayment shall be subject to payment of the Fixed Rate Prepayment
Fee. Notwithstanding the foregoing, the undersigned may deposit with Lender cash in an amount equal to the difference between (a) the outstanding principal balance of the Loan and (b) the product of 65% multiplied by the appraised value of
the Aircraft pursuant to the Lender’s Appraisal (such differential hereinafter referred to as the “LTV Shortfall”). The LTV Shortfall shall be deposited into an interest bearing cash collateral account maintained with Lender or, at
Lender’s discretion, one of Lender’s affiliates. 
 VIII. Covenants. 
 A. Affirmative Covenants. So long as this Note or any Other Note shall remain unpaid, the undersigned will, unless the Lender shall
otherwise consent in writing: (i) comply in all material respects with all applicable laws, rules, regulations and orders, such compliance to include, without limitation, paying before the same become delinquent all taxes, assessments and
governmental charges imposed upon the undersigned or the undersigned’s property, except to the extent contested in good faith and by appropriate proceedings; (ii) (a) furnish or cause to be furnished to the Lender, as soon as
available and in any event within forty-five (45) days after the end of each calendar quarter and ninety (90) days from year end balance sheets and statements of income and retained earnings or other comparable quarter and year end
financial statements of Och-Ziff Capital Management Group, LLC as of the end of or for such quarter and year, as the case may be, which financial statements shall present fairly the financial condition and results of operations of Och-Ziff Capital
Management Group, LLC, as of the end of or for the period covered thereby and which interim statements shall be reviewed by and certified as true and correct by Och-Ziff Capital Management Group, LLC and which annual year end statement shall be
audited by an independent certified public accountant acceptable to Lender (it being understood that a “Big 4” accounting firm is acceptable) and which shall comply in all respects with the applicable requirements of the U.S. Securities
and Exchange Commission (the “SEC”); provided, however, the undersigned shall be relieved of the obligation to deliver the foregoing periodic statements to the extent that (1) Lender is able to timely access the same from publicly
available sources and (2) Lender notifies the undersigned of its receipt of same prior to the expiration of the foregoing period in which same are to be delivered to Lender (it being understood that Lender shall not declare an Event of Default
with respect to each of OZ Management LP (“Management”), OZ Advisors LP (“Advisors I”) and OZ Advisors II LP (“Advisors II”; together with Management and Advisors I, collectively referred to as the
“Guarantors” and individually referred to as a “Guarantor”) failure to deliver such periodic statements unless ten (10) Business Days have passed from the date the Lender informed the Borrower in writing that the Lender was
not able to access the applicable periodic statements from publicly available sources) and (b) furnish to Lender annual reconciliation statements in the form provided to Goldman Sachs pursuant to that certain Amended and Restated Credit and

  

 - 9 - 

 
Guaranty Agreement dated October 26, 2007, in the same time and manner as required thereunder; (iii) provide the Lender access to the books and
financial records of each Loan Party from time to time to inspect and make copies of (at the undersigned’s expense) such books and records; (iv) furnish or cause to be furnished to the Lender as soon as available and in any event within
thirty (30) days from year end an annual statement prepared by undersigned and certifying to Lender that undersigned has not created or suffered to exist any Debt other than Debt in favor of the Lender and (v) provide the Lender with such
other information respecting the condition, financial or otherwise, of the undersigned, Management, Advisors I and Advisors II as the Lender may from time to time reasonably request (at the undersigned’s expense). “Debt” of any person
or entity means (i) indebtedness of such person or entity for borrowed money or for the deferred purchase price of property or services, (ii) all obligations of such person or entity evidenced by bonds, notes, debentures or other similar
instruments, (iii) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such person or entity (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), (iv) all obligations under leases which shall have been or should be, in accordance with generally accepted accounting principles, recorded as capital
leases in respect of which such person or entity is liable as lessee, (v) all Debt referred to in clause (i), (ii), (iii) or (iv) above guaranteed directly or indirectly in any manner by such person or entity, or in effect guaranteed
directly or indirectly by such person or entity through an agreement (a) to pay or purchase such Debt or to advance or supply funds for the payment or purchase of such Debt, or (b) to purchase, sell or lease (as lessee or lessor) property
(but specifically excluding any lease or operating agreement or similar arrangement relating to the Aircraft and permitted under the terms of the Mortgage), or to purchase or sell services, primarily for the purpose of enabling the debtor to make
payment of such Debt or to assure the holder of such Debt against loss, or (c) to supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether or not such property
is received or such services are rendered), or (d) to otherwise assure a creditor against loss, and (vi) all Debt referred to in clause (i), (ii), (iii) or (iv) above secured by (or for which the holder of such Debt has an
existing right, contingent or otherwise, to be secured by) any lien, security interest or other charge or encumbrance upon or in property (including, without limitation, accounts and contract rights) owned by such person or entity, even though such
person or entity has not assumed or become liable for the payment of such Debt. As used herein “Debt” shall not be deemed to include any amounts payable in the ordinary course of business in connection with the ownership, operation and
maintenance of the Aircraft, provided such accounts payable are not more than 60 days past due, including, without limitation taxes, assessments and other governmental charges and such amounts do not exceed $100,000.00 in the aggregate. 

B. Negative Covenants. So long as this Note or any Other Note shall remain unpaid, the undersigned will not, without the prior
written consent of the Lender: (i) create or suffer to exist any lien, security interest or other charge or encumbrance, or any other type of preferential arrangement, upon or with respect to the Aircraft; (ii) dissolve, terminate or
liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets or change its legal structure, without, in each Instance, Lender’s written consent; (iii) fail to preserve its existence under the laws
of the jurisdiction of its organization or formation; (iv) become insolvent and fail to pay its debts and liabilities from its assets as the same shall become due; (v) seek the dissolution or winding up in whole, or in part, of the
undersigned; or (vi) file or consent to the filing of any petition, either voluntarily or involuntarily, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute or make an assignment for the benefit of
creditors. 
  

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 C. Financial Covenants. The undersigned agrees that, so long as any portion of the
Loan shall remain outstanding, the aggregate “Capital Under Management” by the Loan Parties and their subsidiaries for OZ Master Fund, Ltd., OZ Europe Master Fund, Ltd., OZ Asia Master Fund, Ltd. and OZ Global Special Investments Master
Fund, L.P. (collectively, the “Funds”) must exceed Twenty Billion Dollars ($20,000,000,000.00), tested quarterly; provided, however, other funds may be added upon (i) thirty (30) days prior written notice to Lender of such
change, (ii) delivery to Lender of the formation and organizational documents for such new entity along with such other documentation as Lender may reasonably request, and (iii) receipt by Lender of evidence of all applicable filings (if
any) having been made with the SEC. To the extent that Lender determines that such financial tests and/or determinations are no longer available, Lender, in its sole discretion, shall select appropriate alternative financial tests and covenants,
which alternative tests and covenants shall apply only following ninety (90) days’ prior written notice thereof to the undersigned. 
 IX. Events of Default; Remedies. If any of the following events or conditions (“Events of Default”) shall occur and be continuing: 
  

	 	(a)	if a default shall be made in the due and punctual payment of the principal, interest or of any fees or other amounts payable to Lender hereunder or under the Mortgage or otherwise
in connection with the Loan when and as the same shall be due and payable at maturity, by acceleration or otherwise and such default shall not be cured within seven (7) days after the date when due; or 

  

	 	(b)	if a default shall be made in the performance or observance of any covenant set forth in Section 3.1, 3.3(b),3.3(e), 3.3(g), 3.5 or 3.6 of the Mortgage; or

  

	 	(c)	if a default shall be made in the performance or observance of, or shall occur under, any covenant, agreement or provision contained herein (other than as described in clauses
(a) or (b) above), or if a default shall be made in the performance or observance of, or shall occur under, any covenant, agreement or provision contained in any of the other Loan Documents (as defined in the Mortgage), (beyond any
applicable grace period, if any, contained therein) or in any instrument or document evidencing or creating any obligation, guaranty, or Lien in favor of the Lender in connection with or pursuant to this Note or any of the Obligations, and such
default shall continue for 30 or more days after the earlier of receipt of notice of such default or the date that an officer of the undersigned becomes aware of such default provided, however, if such cure cannot be reasonably completed within such
30 day period and the undersigned is diligently pursuing said cure to completion, then the undersigned shall receive an additional 30 days to cure such default; or 

  

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	 	(d)	if there shall occur (i) a default, which is not waived, in the payment of any principal, interest, premium or other amount with respect to any indebtedness equal to or in
excess of $1,000,000.00 (other than the Loan and other Obligations) of the undersigned or any other Loan Party, or (ii) a default, which is not waived, in the performance, observance or fulfillment of any term or covenant contained in any
agreement or instrument under or pursuant to which any such indebtedness may have been issued, created, assumed, guaranteed or secured by of the undersigned or any other Loan Party and such default or event of default under clause (i) or
(ii) above shall continue for more than the period of grace, if any, therein specified, or such default or event of default under clause (i) or (ii) above shall permit the holder of any such indebtedness (or any agent or trustee
acting on behalf of one or more holders) to accelerate the maturity thereof; or 

  

	 	(e)	if any representation, warranty or other statement of fact contained in any Loan Document or in any writing, certificate, report or statement at any time furnished to the Lender by
or on behalf of the undersigned or any other Loan Party pursuant to or in connection with any Loan Document, or otherwise, shall be false or misleading in any material respect when given; or 

  

	 	(f)	if the undersigned or any other Loan Party shall be unable to pay or shall fail to pay its debts generally as they become due; file a petition to take advantage of any insolvency
statute; make an assignment for the benefit of its creditors; commence a proceeding for the appointment of a receiver, trustee, liquidator or conservator of itself or of the whole or any substantial part of its property, file a petition or answer
seeking liquidation, reorganization or arrangement or similar relief under the federal bankruptcy laws or any other applicable law or statute; or 

  

	 	(g)	if a court of competent jurisdiction shall enter an order, judgment or decree appointing a custodian, receiver, trustee, liquidator or conservator of the undersigned or any other
Loan Party of the whole or any substantial part of its properties and such order, judgment or decree continues unstayed and in effect for a period of sixty (60) days, or approve a petition filed against the undersigned or any other Loan Party
seeking liquidation, reorganization or arrangement or similar relief under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state, which petition is not dismissed within sixty (60) days;
or if, under the provisions of any other law for the relief or aid of debtors, a court of competent jurisdiction shall assume custody or control of any Loan Party or of the whole or any substantial part of its properties, which control is not
relinquished within sixty (60) days; or if there is commenced against the undersigned or any other Loan Party any proceeding or petition seeking reorganization, arrangement or similar relief under the federal bankruptcy laws or any other
applicable law or 

  

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	 	statute of the United States of America or any state which proceeding or petition remains undismissed for a period of sixty (60) days; or if any Loan Party takes any action to
indicate its consent to or approval of any such proceeding or petition; or 

  

	 	(h)	if (i) one or more judgments or orders where the amount not covered by insurance (or the amount as to which the insurer denies liability) is in excess of $1,000,000.00 is
rendered against the undersigned or any other Loan Party, or (ii) there is any attachment, injunction or execution against any of the undersigned’s or any other Loan Party’s properties for any amount in excess of $1,000,000.00 in the
aggregate; and such judgment, attachment, injunction or execution remains unpaid, unstayed, undischarged, unbonded or undismissed for a period of thirty (30) days; or 

  

	 	(i)	if the undersigned or any other Loan Party, other than in the ordinary course of business (as determined by past practices), suspends all or any part of their operations material to
the conduct of the business of the undersigned or any other Loan Party, as applicable, for a period of more than 60 days; or 

  

	 	(j)	if this Note, the Mortgage or any other Loan Document shall for any reason not be, or be asserted by any Loan Party not to be, a legal, valid and binding obligation enforceable in
accordance with its terms; or 

  

	 	(k)	if any Lien (as defined in the Mortgage) of the Lender pursuant to the Mortgage or any other Loan Document shall for any reason not be, or be asserted by any Loan Party not to be, a
valid, first priority perfected Lien on the collateral identified therein (except to the extent not required under the Mortgage to be, a valid, first priority perfected Lien on such collateral), subject to no other Liens except Permitted Liens (as
defined in the Mortgage); or 

  

	 	(l)	if there shall occur a change in the financial condition of the undersigned or any other Loan Party which shall have a Material Adverse Effect (as defined in the Mortgage); or

  

	 	(m)	the existence of a default, event of default or other event which, with the giving of notice or passage of time or both would constitute a default or event of default under any
agreement delivered in connection herewith which grants or creates or purports to grant or create a lien, pledge, security interest or other credit enhancement or support arrangement of any kind in favor of the Lender to secure the Obligations,
including, without limitation, the Guaranty of Payment delivered by OZ Management LP, OZ Advisors LP and OZ Advisors II LP and the Mortgage; or 

  

	 	(n)	the failure of the Guarantors to timely file all applicable quarterly and annual statements required to be filed by the SEC; 

  

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 then or at any time after the happening of any Event of Default, (i) the Lender may declare this Note and any Other
Note, all interest hereon or thereon, and any and all other amounts payable hereunder or thereunder, to be immediately due and payable, whereupon this Note, each Other Note, all such interest and all such other amounts shall become and be
immediately due and payable, all without presentment, protest, demand or notice of any kind, all of which are expressly waived by the undersigned, and (ii) any or all of the other Obligations then existing, shall, at the option of the Lender,
become due and payable forthwith, all without presentment, protest, demand or notice of any kind, all of which are expressly waived by the undersigned; provided, however, that in the event of any entry of an order for relief with respect to any Loan
Party under the Federal Bankruptcy Code, this Note, each Other Note, all such interest and all such other amounts shall automatically become and be due and payable, all without presentment, protest, demand or notice of any kind, all of which are
expressly waived by the undersigned. Furthermore, upon the occurrence of any Event of Default, the Lender shall have all of the rights and remedies provided to a secured party by the Uniform Commercial Code in effect in New York State at that time.

 X. Right of Setoff. In addition to and not in limitation of all rights of offset that the Lender may have under applicable
law, whether or not the Lender has made any demand for payment hereunder or such obligations are unmatured, the Lender shall, upon the occurrence of any Event of Default, have the right at any time and from time to time, to the fullest extent
permitted by law, with or without notice to the undersigned, to set off, appropriate and apply to the payment or reduction, either in whole or in part, of the amount owing on all or any of the Obligations, whether or not the Lender has made any
demand for payment hereunder or the Obligations are unmatured, (i) all deposits (general or special, time or demand, provisional or final) and (ii) other obligations at any time held or owing by the Lender or any of its affiliates to the
undersigned. 
 XI. Costs/Expenses; Etc. The undersigned agrees to pay on demand all reasonable costs and
expenses in connection with the preparation, execution, delivery, administration, modification, amendment and enforcement (whether through legal proceedings, negotiations or otherwise) of this Note and any other document to be delivered hereunder or
in connection herewith (such costs and expenses shall include, without limitation, the reasonable fees and disbursements of legal counsel). The undersigned agrees to indemnify and hold harmless the Lender and each of its directors, officers,
employees, agents, affiliates and advisors from and against any and all claims, damages, losses, liabilities, costs and expenses (including, without limitation, fees and disbursements of counsel) which may be incurred by or asserted against the
Lender or any such director, officer, employee, agent, affiliate or advisor in connection with or arising out of any investigation, subpoena, litigation or proceeding related to or arising out of this Note or any other document to be delivered
hereunder or in connection herewith or any transaction contemplated hereby or thereby (but in any case excluding any such claims, damages, losses, liabilities, costs or expenses incurred by reason of the gross negligence or willful misconduct of the
indemnitee). The obligations of the undersigned under this paragraph shall survive the payment in full of this Note. 
  

 - 14 - 

 XII. Assignment. The Lender may assign to one or more Lenders or other entities all
or a portion of its rights under this Note. In the event of an assignment of all of its rights, the Lender may transfer this Note to the assignee. In the event of an assignment of a portion of its rights under this Note, the Lender shall deliver to
the undersigned a new note to the order of the assignee in an amount equal to the principal amount assigned to the assignee and a new note to the order of the Lender in an amount equal to the principal amount retained by the Lender (collectively,
the “New Notes”). Such New Notes shall be in an aggregate principal amount equal to the principal amount of this Note, shall be dated the effective date of the assignment and otherwise shall be substantially identical to this Note. Upon
receipt of the New Notes from the Lender, the undersigned shall execute such New Notes and, at the expense of the undersigned, promptly deliver such New Notes to the Lender. Upon receipt of the executed New Notes from the undersigned, the Lender
shall return this Note to the undersigned. The Lender and the assignee shall make all appropriate adjustments in payments under this Note for periods prior to such effective date directly between themselves. In the event of an assignment of all or
any portion of its rights hereunder, the Lender may transfer and deliver all or any of the property then held by it as security for the undersigned’s obligations hereunder and the assignee shall thereupon become vested with all the powers and
rights herein given to the Lender with respect thereto. After any such assignment or transfer, the Lender shall be forever relieved and fully discharged from any liability or responsibility in the matter, and the Lender shall retain all rights and
powers hereby given with respect to property not so transferred. The Lender may sell participations to one or more lenders or other entities in or to all or a portion of its rights under this Note. The Lender may, in connection with any assignment
or participation or proposed assignment or proposed participation, disclose to the assignee or participant or proposed assignee or proposed participant any information relating to the undersigned furnished to the Lender by or on behalf of the
undersigned, provided that, prior to any such disclosure, the assignee or participant or proposed assignee or proposed participant shall agree to preserve the confidentiality of any confidential information related to the undersigned received by it
from the Lender. 
 XIII. “Undersigned”. The word “undersigned” wherever used herein shall be construed to
refer to 57 Aviation Services, LLC. 
 XIV. Obligations of Others. The undersigned’s obligations under this Note will also
be binding on the undersigned’s heirs, executors, administrators, successors, assigns and legal representatives. 
 XV.
Notices. All notices hereunder shall be in writing and sent by certified or registered mail, return receipt requested, or by overnight delivery service, with all charges prepaid. Notices to the Lender shall be sent to its address set
forth in paragraph I above. Notices to the undersigned shall be sent to the address set forth below until the undersigned specifies another address in a notice delivered to the Lender in accordance with this paragraph. Notice will be deemed
received, within two Business Days of the mailing of notice in the case of certified or registered mail, or upon confirmation of delivery by overnight delivery service, as the case may be. 
  

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 XVI. Waiver; Governing Law. The undersigned hereby waives presentment for payment, demand,
notice of dishonor and protest of this Note and further agrees that this Note shall be deemed to have been made under and shall be governed by the laws of the State of New York in all respects, including matters of construction, validity and
performance, and that none of its terms or provisions may be waived, altered, modified or amended except as the Lender may consent thereto in writing duly signed for and on its behalf. 
 XVII. Headings. Headings as used herein are for convenience only and shall have no force or effect upon the construction or interpretation
hereof. 
 XVIII. Jurisdiction. Without limiting the right of the Lender to bring any action or proceeding against the
undersigned or against property of the undersigned arising out of or relating to any obligation of the undersigned or this Note (an “Action”) in the courts of other jurisdictions, the undersigned hereby irrevocably submits in any Action
and, exclusively, with respect to any other proceeding involving the undersigned and the Lender to the jurisdiction of any New York State or Federal Court sitting in New York City, and the undersigned hereby irrevocably agrees that any Action may be
heard and determined in such New York State court or in such Federal court. The undersigned hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any Action in any
jurisdiction and any right, claim or defense of any immunity on the basis of sovereignty or otherwise which the undersigned may have in connection with, arising out of or relating to any obligation of the undersigned under this Note or under any
other Loan Document. The undersigned hereby irrevocably appoints and designates CT CORPORATION SYSTEM located in New York, New York (“CT Corp.”) as its duly authorized agent for service of legal process and agrees that the summons and
complaint or any other process in any Action in any jurisdiction may be served by registered or certified mail addressed to any of the addresses set forth below or by hand delivery to a person of suitable age and discretion at any of the addresses
set forth below. Such service will be complete on the date such process is so delivered. The undersigned may also be served in any other manner permitted by applicable law. 
 XIX. JURY TRIAL WAIVER. BOTH THE UNDERSIGNED AND THE LENDER (BY ITS RECEIPT OF THIS NOTE) HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO ANY OBLIGATION OF THE UNDERSIGNED OR THIS NOTE. 
 XX.
Further Assurances. The undersigned agrees from time to time to do and perform within twenty (20) days of request by Lender such other and further acts and execute and deliver any and all such instruments as may be required by
applicable law or reasonably requested by the Lender to establish, maintain or protect the rights and remedies of the Lender or to carry out and effect the intent and purpose of this Note. 
 XXI. Entire Understanding. The undersigned acknowledge that, except in connection with any agreement of confidentiality signed by the
Lender and/or the undersigned in connection with the transactions contemplated in this Note, no representations or warranties have been made by or on behalf of Lender or the undersigned or relied upon by the Lender or the undersigned pertaining to
the subject matter of this Note or any of the other Loan Documents, and all prior statements, representations and warranties, if any, are totally superseded and merged into this Note and the other Loan Documents, which represent the final and sole
agreement of the parties with respect to the matters which are the subject hereof and thereof. 
  

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 SIGNATURE PAGE FOLLOWS] 
  

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

			
	BORROWER:
	
	 57 AVIATION SERVICES, LLC,
 a Delaware
limited liability company

		
	By:	 	/s/ Joel Frank
		 	Name: Joel Frank
		 	Title: Manager
	
	Address:
	 9 West 57th Street, 39th Floor
 New York, New
York 10019

	
	Organizational Number: 3650865

 PROMISSORY NOTE

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