Document:

Form of Second Amendment to Amended and Restated Security Agreement

 Exhibit 10.7 
 SECOND AMENDMENT TO AMENDED AND 
 RESTATED RESTRUCTURING AGREEMENT 
 THIS SECOND AMENDMENT TO AMENDED AND RESTATED RESTRUCTURING AGREEMENT is entered into as of June 30, 2007 (this “Amendment”), by and
between Great Lakes Aviation Ltd. (“Great Lakes”), and Raytheon Aircraft Credit Corporation (“RACC”). 
 W I T N E S S E T H : 
 WHEREAS, Great Lakes and RACC are parties to the Amended and Restated Restructuring Agreement dated
as of March 9, 2007, as amended by a First Amendment to Amended and Restated Restructuring Agreement dated as of March 23, 2007 (as so amended, the “Restructuring Agreement”); 
 WHEREAS, pursuant to Section 4 of the Restructuring Agreement, Great Lakes is required to file with the Securities and Exchange Commission a
Shelf Registration as to the RACC Shares by not later than June 30, 2007; and 
 WHEREAS, Great Lakes has requested, and RACC has
agreed, that the deadline for filing the Shelf Registration be extended to July 31, 2007; 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is acknowledged, the parties hereto agree as follows: 
 1. Definitions. Any capitalized terms used
but not otherwise defined herein shall have the meanings ascribed to such terms in the Restructuring Agreement. 
 2. Amendment to Section 4 of the
Restructuring Agreement. Section 4 of the Restructuring Agreement is hereby amended by deleting the date “June 30, 2007” and inserting in lieu thereof the date “July 31, 2007.” 
 3. Continuing Effect of Restructuring Agreement. This Amendment shall not constitute an amendment or waiver of any other provision of the Restructuring Agreement
not expressly referred to herein. Except as amended, modified and supplemented hereby, the Restructuring Agreement is and remains in full force and effect and is hereby ratified and confirmed. 
 4. GOVERNING LAW AND INFORMED CHOICE. THIS AMENDMENT WAS MADE AND ENTERED INTO IN THE STATE OF KANSAS AND THE LAW GOVERNING THIS TRANSACTION SHALL BE
THAT OF THE STATE OF KANSAS AS IT MAY FROM TIME TO TIME EXIST. THE PARTIES AGREE THAT ANY LEGAL PROCEEDING BASED UPON THE PROVISIONS OF THIS AMENDMENT OR THE RESTRUCTURING AGREEMENT AS AMENDED HEREBY SHALL BE BROUGHT EXCLUSIVELY IN EITHER THE 

 
UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS AT WICHITA, KANSAS, OR IN THE EIGHTEENTH JUDICIAL DISTRICT COURT OF SEDGWICK COUNTY, KANSAS, TO
THE EXCLUSION OF ALL OTHER COURTS AND TRIBUNALS. THE PARTIES HEREBY CONSENT AND AGREE TO BE SUBJECT TO THE JURISDICTION OF THE AFORESAID COURTS IN SUCH PROCEEDINGS. THE PARTIES EACH IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE
LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AMENDMENT, THE RESTRUCTURING AGREEMENT AS AMENDED HEREBY OR ANY
OTHER DOCUMENT RELATED THERETO. THE PARTIES EACH WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH APPLICABLE STATE. 
 5. WAIVER OF RIGHT TO JURY TRIAL. ALL PARTIES TO THIS AMENDMENT HEREBY VOLUNTARILY, KNOWINGLY AND IRREVOCABLY WAIVE ANY CONSTITUTIONAL OR OTHER RIGHT
EACH MAY HAVE TO A TRIAL BY JURY IN THE EVENT OF LITIGATION CONCERNING THIS AMENDMENT OR THE RESTRUCTURING AGREEMENT AS AMENDED HEREBY. 
 6.
Severability. If any provision in this Amendment shall be held invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions of this Amendment shall not be impaired thereby, nor
shall the validity, legality or enforceability of any such defective provision be in any way affected or impaired in any other jurisdiction. 
 7.
Counterparts. This Amendment may be executed and delivered by the parties hereto in separate counterparts, each of which when executed and delivered, shall be an original, but all such counterparts shall together constitute but one and the
same instrument. Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment. 
 [Remainder of this page intentionally left blank.] 

 Executed as of this 30th day of June, 2007, at Wichita, Kansas. 
  

											
	GREAT LAKES AVIATION, LTD.	 		 	RAYTHEON AIRCRAFT CREDIT CORPORATION
						
	By:	 		 	 /s/ Michael Matthews
	 		 	By:	 	 /s/ Michael J. Scheidt

	Name:	 		 	Michael Matthews	 		 	Name:	 	Michael J. Scheidt
	Title:	 		 	V.P. and Chief Financial Officer	 		 	Title:	 	PresidentForm of Third Amendment to Amended and Restated Security Agreement

 Exhibit 10.8 
 EXECUTION VERSION 
 THIRD AMENDMENT TO AMENDED AND 
 RESTATED RESTRUCTURING AGREEMENT 
 THIS
THIRD AMENDMENT TO AMENDED AND RESTATED RESTRUCTURING AGREEMENT is entered into as of July 30, 2007 (this “Amendment”), by and between Great Lakes Aviation Ltd. (“Great Lakes”), and Raytheon Aircraft Credit
Corporation (“RACC”). 
 W I T N E S S E T H : 
 WHEREAS, Great Lakes and RACC are parties to the Amended and Restated Restructuring Agreement dated as of March 9, 2007, as amended by a First
Amendment to Amended and Restated Restructuring Agreement dated as of March 23, 2007 and by a Second Amendment to Amended and Restated Restructuring Agreement dated as of June 29, 2007 (as so amended, the “Restructuring
Agreement”); 
 WHEREAS, pursuant to Section 4 of the Restructuring Agreement, Great Lakes is required to file with the
Securities and Exchange Commission a Shelf Registration (as defined in the Restructuring Agreement) as to the RACC Shares by not later than July 31, 2007; 
 WHEREAS, Great Lakes has requested, and RACC has agreed, that the deadline for filing a Shelf Registration be extended to April 30, 2008; 
 WHEREAS, Great Lakes and RACC have agreed that RACC shall have the right to demand that a Shelf Registration be filed at an earlier date; and 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereto agree as follows:

 1. Definitions. Any capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Restructuring
Agreement. 
 2. Amendment to Section 4 of the Restructuring Agreement. Section 4 of the Restructuring Agreement is hereby amended by
(a) deleting the date “July 31, 2007” and inserting in lieu thereof the date “April 30, 2008” and (b) by adding the following two sentences at the end of Section 4: 
 Notwithstanding the foregoing, RACC shall have the right at any time to demand that Great Lakes file with the Securities and Exchange Commission a Shelf
Registration as to the RACC Shares and any Anti- Dilution 

 
Shares. Great Lakes shall file such Shelf Registration with the Securities and Exchange Commission within 90 days of receipt by Great Lakes of a written
demand from RACC. 
 3. Continuing Effect of Restructuring Agreement. This Amendment shall not constitute an amendment or waiver of any other
provision of the Restructuring Agreement not expressly referred to herein. Except as amended, modified and supplemented hereby, the Restructuring Agreement is and remains in full force and effect and is hereby ratified and confirmed. 
 4. GOVERNING LAW AND INFORMED CHOICE. THIS AMENDMENT WAS MADE AND ENTERED INTO IN THE STATE OF KANSAS AND THE LAW GOVERNING THIS TRANSACTION SHALL BE
THAT OF THE STATE OF KANSAS AS IT MAY FROM TIME TO TIME EXIST. THE PARTIES AGREE THAT ANY LEGAL PROCEEDING BASED UPON THE PROVISIONS OF THIS AMENDMENT OR THE RESTRUCTURING AGREEMENT AS AMENDED HEREBY SHALL BE BROUGHT EXCLUSIVELY IN EITHER THE UNITED
STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS AT WICHITA, KANSAS, OR IN THE EIGHTEENTH JUDICIAL DISTRICT COURT OF SEDGWICK COUNTY, KANSAS, TO THE EXCLUSION OF ALL OTHER COURTS AND TRIBUNALS. THE PARTIES HEREBY CONSENT AND AGREE TO BE SUBJECT TO
THE JURISDICTION OF THE AFORESAID COURTS IN SUCH PROCEEDINGS. THE PARTIES EACH IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AMENDMENT, THE RESTRUCTURING AGREEMENT AS AMENDED HEREBY OR ANY OTHER DOCUMENT RELATED THERETO. THE PARTIES EACH WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR
OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH APPLICABLE STATE. 
 5. WAIVER OF RIGHT TO JURY TRIAL.
ALL PARTIES TO THIS AMENDMENT HEREBY VOLUNTARILY, KNOWINGLY AND IRREVOCABLY WAIVE ANY CONSTITUTIONAL OR OTHER RIGHT EACH MAY HAVE TO A TRIAL BY JURY IN THE EVENT OF LITIGATION CONCERNING THIS AMENDMENT OR THE RESTRUCTURING AGREEMENT AS AMENDED
HEREBY. 
 6. Severability. If any provision in this Amendment shall be held invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions of this Amendment shall not be impaired thereby, nor shall the validity, legality or enforceability of any such defective provision be in any way affected or impaired in any other jurisdiction.

 7. Counterparts. This Amendment may be executed and delivered by the parties hereto in separate counterparts, each of which when executed and
delivered, shall be an 

 
original, but all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Amendment by
telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment. 
 [Remainder of this page intentionally left blank.] 

 Executed as of this 30th day of July, 2007, at Wichita, Kansas. 
  

											
	GREAT LAKES AVIATION, LTD.	 		 	RAYTHEON AIRCRAFT CREDIT CORPORATION
						
	By:	 		 	 /s/ Michael Matthews
	 		 	By:	 	 /s/ Michael J. Scheidt

	Name:	 		 	Michael Matthews	 		 	Name:	 	Michael J. Scheidt
	Title:	 		 	V.P. and Chief Financial Officer	 		 	Title:	 	President

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