Document:

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                                                                    EXHIBIT 10.9

RACC
[AMENDED AND RESTATED] PROMISSORY NOTE

                      RAYTHEON AIRCRAFT CREDIT CORPORATION

                                   ----------

1. Promise to Pay. FOR VALUE RECEIVED, the undersigned (hereinafter referred to
as "Debtor") hereby absolutely and unconditionally promises to pay to the order
of Raytheon Aircraft Credit Corporation, at 10511 East Central, Wichita, Kansas
67206 (together with its successor and assigns hereinafter referred to as
"RACC"), in lawful money of the United States of America and in immediately
available funds, the principal sum of TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
($2,500,000), together with interest on the principal amount outstanding
hereunder from the date hereof as specified below, until paid in full. All
payments made pursuant to this Promissory Note will be made free and clear of,
and without deduction for, withholding, setoff, recoupment or counterclaim of
any kind.

2. Rate of Interest; Late Payment Charge. Debtor agrees to pay to RACC interest
on the unpaid principal balance hereunder, as follows:

          A.   The rate of interest of this Promissory Note shall be LIBOR plus
               three hundred seventy five (375) basis points per annum. "LIBOR"
               shall mean the rate of interest determined by RACC at which
               Dollar deposits for ninety (90) days are offered based on
               information provided in The Wall Street Journal on the second
               business day prior to the date of the issuance of this Promissory
               Note or the first day of January, April, July and October, as
               applicable, provided, however, that if the rate described above
               does not appear in The Wall Street Journal on any applicable
               interest determination date, LIBOR shall be the rate determined
               by RACC in good faith based on the offered rates for deposits in
               Dollars for ninety (90) days that are then offered by major banks
               in the London interbank market. LIBOR shall be adjusted on the
               first business day of each calendar quarter to reflect any
               increase or decrease in LIBOR as of that date.

          B.   On each Calculation Date (as defined in Schedule 1 attached
               hereto), the rate of interest of this Promissory Note shall be
               adjusted, if necessary, to LIBOR plus the Applicable Percentage
               as defined in Schedule 1.

          C.   Notwithstanding the foregoing Clauses A and B, while an Event of
               Default (as defined in Section 13) is continuing, the principal
               outstanding hereunder and, to the extent permitted by applicable
               law, any overdue interest or other amounts payable hereunder
               shall bear interest (compounded monthly and payable on demand in
               respect of overdue amounts) at a rate per annum which is LIBOR
               plus six hundred (600) basis points (the "Default Interest Rate")
               until such Event of Default has been cured or waived in writing
               by RACC (after as well as before judgment).

All interest shall be calculated on the basis of a 360-day year and actual days
outstanding. Notwithstanding anything set forth in this Promissory Note to the
contrary, in no event shall the rate of interest payable pursuant to this
Section 2 be higher than the maximum amount permitted under applicable law.

<PAGE>

3. Payment Schedule. Payment of the principal balance together with accrued
interest shall be made in 120 consecutive monthly installments payable in
arrears. The first installment payment shall be due and payable to RACC on
January 15, 2002. Each subsequent installment payment shall be due and payable
to RACC on the fifteenth day of each month thereafter, until December 15, 2012,
when the entire remaining balance of principal and interest shall be paid in
full. The amount of each installment payment will be $25,500, with the amount to
be adjusted quarterly based on changes in the underlying interest rate.
Notwithstanding the foregoing, in the event of loss, theft, confiscation or
substantial damage to the Aircraft, Debtor shall pay all amounts owing under
this Promissory Note within thirty (30) days following demand by RACC.

4. Taxes. All payments (whether of principal, interest or otherwise) made by
Debtor to RACC pursuant to this Promissory Note will be free and clear of and
without deduction for any taxes, levies, duties, charges, fees or withholdings
of any nature, provided, however, that taxes based on the net income of RACC are
specifically excluded from the provisions of this Section 4. If Debtor is
required by law to make any such deduction or withholding, the sum due from
Debtor will be increased to the extent necessary to ensure that RACC receives a
sum equal to what it would have received had no such deduction or withholding
been required. Within thirty (30) days after Debtor has made any payment from
which it is required by law to make any deduction or withholding, Debtor will
deliver to RACC a receipt issued by the applicable tax or other authority
evidencing the deduction or withholding.

5. Prepayment. Debtor may prepay this obligation in part or in full at any time
without any premium or penalty. Any partial prepayment shall be first applied to
accrued interest and then to the installments of principal in inverse order of
maturity.

6. Disclaimer. If the Aircraft (as hereinafter defined) does not operate as
warranted, becomes obsolete, or the Aircraft is unsatisfactory for any reason
whatsoever, Debtor shall make all claims on account thereof solely against RAC
and not against RACC and Debtor shall nevertheless pay all sums payable
hereunder. Debtor acknowledges that neither RAC nor any sales representative or
agent thereof, is an agent of RACC and no agreement or representation as to the
Aircraft or any other matter by any such sales representative or agent of RAC
shall in any way affect Debtor's obligations hereunder.

DEBTOR HAS SELECTED THE AIRCRAFT AND NEGOTIATED ALL DOCUMENTS RELATING TO THE
PURCHASE THEREOF ALL INDEPENDENTLY FROM RACC AND WITHOUT ANY PROMPTING, REFERRAL
OR SUGGESTION FROM RACC. RACC HAS SOLELY PROVIDED A FINANCIAL ACCOMMODATION TO
DEBTOR UNDER THIS NOTE AND HAS NOT ACTED AS AND SHALL NOT BE CONSTRUED TO HAVE
ACTED AS ADVISOR, ARRANGER, PROMOTER OR GUARANTOR WITH RESPECT TO THE PURCHASE
OF THE AIRCRAFT FROM RAC OR ANY ASPECT THEREOF.

7. Representations and Warranties. Debtor represents and warrants to RACC on the
date hereof that:

          (a)  Debtor is and will remain duly organized, existing and in good
               standing under the laws of its jurisdiction of organization and
               in every jurisdiction wherever necessary to carry on its business
               and operations;

          (b)  Debtor has adequate power and capacity to enter into, and to
               perform it Obligations under this Promissory Note and the
               Security Agreement and has full rights and lawful authority to
               grant the security interest described in the Security Agreement;

<PAGE>

          (c)  upon execution and delivery hereof and thereof, each of this
               Promissory Note and the Security Agreement (collectively, the
               "Transaction Documents") shall constitute the legal, valid and
               binding obligation of Debtor, enforceable in accordance with its
               terms;

          (d)  Debtor has good and marketable title to the Collateral, subject
               only to liens or created by RACC;

          (e)  there are no legal or other proceedings or investigations pending
               or threatened against Debtor before any court, tribunal or
               regulatory authority which would, if adversely determined, alone
               or together, have any materially adverse effect on the Collateral
               or the financial condition or business operations of Debtor or
               material impairment of the ability of Debtor to perform its
               obligations under any of the Transaction Documents (hereinafter
               referred to as a "Materially Adverse Effect");

          (f)  the execution, delivery, performance of its obligations, and
               exercise of its rights under this Promissory Note and the
               Security Agreement by Debtor, including borrowing under this
               Promissory Note, (i) do not require any permit, license or
               exemption from, approval, consent of, registration or filing with
               any local, state or federal governmental or regulatory agency or
               authority, required under applicable law, or with any other
               entity or person (each, a "Consent"); (ii) are not and will not
               be in conflict with or prohibited or prevented by any law,
               treaty, rule, regulation or determination of an arbitrator,
               court, or other governmental authority, in each case applicable
               to or binding upon Debtor or affecting any of its property (each
               a "Requirement of Law"); (iii) will not violate any of Debtor's
               organizational documents or any judgment, order, law or
               regulation applicable to Debtor; and (iv) will not result in any
               breach of, or constitute a default under, or result in the
               creation of any lien, claim or encumbrance on any of Debtor's
               property (except for liens in favor of RACC) pursuant to any
               indenture, mortgage, deed of trust, bank loan, credit agreement
               or other agreement or instrument to which Debtor is a party;

          (g)  Debtor is not in violation of (i) any instrument or agreement, in
               each case binding on it or affecting its property, or (i) any
               Requirement of Law, in a manner which could have a Materially
               Adverse Effect;

          (h)  upon execution and delivery of the Security Agreement and the
               filing of documents thereby required, RACC shall have a
               first-priority perfected security interest in the Collateral,
               subject only to liens permitted hereunder or thereunder and
               entitled to priority under applicable law, with no financing
               statements, mortgages or similar filings on record anywhere which
               conflict with such first-priority interest;

          (i)  Debtor has no pending claims, and does not have knowledge of any
               facts upon which a future claim may be based, against any prior
               owner or RAC for breach of warranty or otherwise; and

          (j)  All information and statements made in any financial or credit
               statement or application for credit provided by Debtor to RACC
               are true and correct and Debtor acknowledges that RACC has relied
               upon such information and statements in making this loan.

8. Covenants. Debtor covenants and agrees that, until the payment and
satisfaction in full of all the obligations of and amounts owed by Debtor under
this Promissory Note and the Security Agreement, Debtor will:

<PAGE>

          (a)  keep true and accurate books of account with respect to the
               Collateral and to permit RACC or its designated representatives
               to inspect the Collateral and the Aircraft and to examine and be
               advised as to such records upon the request of RACC;

          (b)  comply with all Requirements of Law;

          (c)  notify RACC promptly in writing of (i) the occurrence of any
               default or Event of Default, (ii) any change of name or address
               of Debtor, (iii) any threatened or pending litigation or similar
               proceeding affecting Debtor or any material change in any such
               litigation or proceeding previously reported and (iv) any claims
               of any nature against the Collateral or the Aircraft; and

          (d)  cooperate with RACC, take such action, execute such documents,
               and provide such information as RACC may from time to time
               request in order further to effect the transactions contemplated
               by and the purposes of this Promissory Note and the Security
               Agreement.

9. Security Agreement. To secure the payment and performance of all of the
obligations due RACC by Debtor under this Promissory Note and any renewals,
extensions or changes hereof and of any and all other indebtedness of Debtor to
RACC, either direct or indirect, absolute or contingent, whether now existing or
hereafter arising, including all such obligations that would become due but for
the operation of the automatic stay pursuant to Section 362(a) of the Federal
Bankruptcy Code and the operation of Sections 502(b) and 506(b) of the Federal
Bankruptcy Code and including, without limitation, post-petition interest, and
including, without limitation, all "Obligations" as defined in the Restructuring
Agreement of even date herewith between Debtor and RACC (collectively, the
"Obligations"), Debtor has contemporaneously herewith executed [a] [an Amended
and Restated] Security Agreement (the "Security Agreement") granting RACC a
security interest in the following described aircraft to be purchased by Debtor
with the proceeds of the loan evidenced by this Promissory Note and the other
property described below and in all additions and accessions thereto and
substitutions and replacements thereof, all unearned insurance premiums and
insurance proceeds and the proceeds of all of the foregoing (all of said
property is hereinafter collectively referred to as the "Collateral"):

A.        Raytheon Aircraft Company Aircraft Model [Aircraft], Serial Number
          [Serial], Registration Number N [Tail_No] (the "Aircraft"), together
          with all other property used in the operation of the Aircraft or
          reflecting use or maintenance of the Aircraft, including but not
          limited to all engines, propellers, instruments, avionics, equipment
          and accessories attached to, connected with, located in or removed
          from the Aircraft and all logs, manuals and maintenance records.

          Aircraft Engines: Make: [Engine_Make]; Model: [Engine_Model]; Shaft
          Horsepower: over 750; Serial Number (L): [Left_Serial]; Serial Number
          (R): [Right_Serial], together with any replacement engines.

          Aircraft Propellers: Hub Make: [Hub_Make]; Hub Model: [Hub_Model]; Hub
          Serial Number (L): [Hub_Left_Serial]; Hub Serial Number (R):
          [Hub_Right_Serial], together with any replacement propellers.

B.        All contracts and agreements of every kind (oral and written),
          contract rights, rights to receive payments, goods or services of
          every kind, general intangibles, chattel paper and accounts, whether
          now existing or owned or hereafter arising or acquired, governing,
          relating to or arising out of Debtor's right, title or interest in the
          Aircraft.

<PAGE>

C.        All proceeds of the foregoing, including, without limitation, all
          contract rights, general intangibles, accounts, cash, and goods, all
          payments under any insurance covering the Aircraft and any of its
          engines, propellers, equipment, accessories and accessions.

The security interest granted in the Security Agreement is a purchase money
security interest under the Kansas Uniform Commercial Code.

10. Purpose of Loan; Usury. [The purpose of this Promissory Note is to finance
the Debtor's acquisition of the Aircraft.] [USE THIS LANGUAGE IF AIRCRAFT WAS
PREVIOUSLY SUBJECT TO A LEASE] [The purpose of the Promissory Note dated
_________ issued by the Debtor to RACC (the "Original Note") was to finance the
Debtor's acquisition of the Aircraft. This Promissory Note amends and restates
and has been issued in substitution as a replacement for the Original Note.
Nothing contained herein or in any other document shall be construed to
constitute the payment or discharge of the Original Note or to release or
terminate any lien, mortgage, pledge or other security interest in favor of RACC
relating to the Original Note.] [USE THIS LANGUAGE IF AIRCRAFT IS ALREADY
SUBJECT TO A NOTE] Debtor warrants and represents to RACC that this loan is for
business and commercial purposes and not for personal, family, household or
agricultural purposes. It is agreed, notwithstanding any provision to the
contrary in this Promissory Note or the Security Agreement, in no event will
this Promissory Note or the Security Agreement require the payment of interest
or charges in excess of the maximum amount permitted by applicable law (the
"Maximum Rate") and the payment of obligations of Debtor under this Promissory
Note and the Security Agreement are hereby limited accordingly. If under any
circumstances, whether by reason of advancement or acceleration of the maturity
of the unpaid principal balance hereof or otherwise, the aggregate amounts paid
on this Promissory Note or pursuant to the Security Agreement shall include
amounts which by law are deemed interest and would exceed the Maximum Rate,
Debtor stipulates that payment and collection of such excess amounts shall have
been and will be deemed to have been the result of a mistake on the part of both
Debtor and RACC, and RACC shall promptly credit such excess (to the extent only
of such payments in excess of the Maximum Rate) against the unpaid principal
balance hereof and any portion of such excess payments not capable of being so
credited shall be refunded to Debtor.

11. Principals and Waivers. All signers, makers, guarantors, endorsers and
sureties hereof are to be regarded as principals, jointly and severally. Every
maker, endorser, guarantor and surety hereof hereby waives presentment, demand
for payment, notice of non-payment, notice of dishonor, and all other notices or
demands in connection with the delivery, acceptance, performance, default or
endorsement of this Promissory Note, protest and impairment of collateral, as
well as diligence in collecting this Promissory Note or enforcing any of the
security therefor, and consents to all extensions, deferrals, partial payments
and refinancings hereof before or after maturity.

12. Events of Default; Acceleration. If any of the following events (each an
"Event of Default") shall occur:

          (a)  Debtor shall fail to pay any principal of or interest on this
               Promissory Note or any other sum due under this Promissory Note
               or any other note or other agreement between Debtor and RACC when
               the same becomes due and such failure shall continue for ten (10)
               days beyond the due date of such payment;

          (b)  Debtor shall fail to perform any term, covenant or agreement
               contained in any of the Transaction Documents and such failure
               shall continue for thirty (30) days after written notice;

          (c)  Debtor shall fail to maintain insurance pursuant to terms of the
               Security Agreement;

<PAGE>

          (d)  any representation or warranty of Debtor in any of the
               Transaction Documents or in any certificate or notice given in
               connection therewith shall have been false or misleading in any
               material respect at the time made or deemed to have been made;

          (e)  Debtor shall be in default under any agreement or agreements
               evidencing (i) any other debt and similar monetary obligations
               (including, without limitation, capitalized leases, synthetic
               leases or securitization transactions) (collectively,
               "Indebtedness") owing to RACC or any affiliates of RACC,
               including, without limitation, Raytheon Travel Air Company, or
               (ii) any other Indebtedness in excess of $100,000.00 in aggregate
               principal amount, or shall fail to pay any such Indebtedness when
               due or within any applicable period of grace;

          (f)  any of the Transaction Documents shall cease to be in full force
               and effect;

          (g)  Debtor (i) shall make an assignment for the benefit of creditors;
               (ii) shall be adjudicated bankrupt or insolvent; (iii) shall seek
               the appointment of, or be the subject of an order appointing, a
               trustee, liquidator or receiver as to all or part of its assets,
               (iv) shall commence, approve or consent to, any case or
               proceeding under any bankruptcy, reorganization or similar law
               and, in the case of an involuntary case or proceeding, such case
               or proceeding is not dismissed within forty-five (45) days
               following the commencement thereof, or (v) shall be the subject
               of an order for relief in an involuntary case under federal
               bankruptcy law;

          (h)  Debtor shall be unable to pay its debts as they mature;

          (i)  there shall remain undischarged for more than thirty (30) days
               any final judgment or execution action against Debtor that,
               together with other outstanding claims and execution actions
               against Debtor exceeds $100,000.00 in the aggregate;

          (j)  the prospect of payment or performance by Debtor of realization
               on the Collateral, in the reasonable opinion of RACC, is or
               becomes significantly impaired; or

          (k)  Debtor (i) sells, transfers or disposes of all or substantially
               all of its respective stock, assets or property, (ii) becomes the
               subject of, or engages in, a leveraged buy-out, or (iii)
               terminates its existence by merger, reorganization or
               consolidation; or if Debtor is a privately held company, control
               of Debtor's voting capital stock issued and outstanding from time
               to time is not retained by the holders thereof on the date
               hereof.

THEN, or at any time thereafter:

          (1)  In the case of any Event of Default under clauses (g) or (h), the
               entire unpaid principal amount of this Promissory Note, all
               interest accrued and unpaid thereof, and all other amounts
               payable hereunder and under the Security Agreement, as well as
               any other indebtedness or liability of Debtor owed to RACC, shall
               automatically become forthwith due and payable, without
               presentment, demand, protest or notice of any kind, all of which
               are hereby expressly waived by Debtor; and

          (2)  In the case of any Event of Default other than under clauses (g)
               or (h), RACC may, by written notice to Debtor, declare the unpaid
               principal amount of this Promissory Note, all interest accrued
               and unpaid thereof, and all other amounts payable hereunder and
               under the Security Agreement, as well as any other indebtedness
               or liability of Debtor owed to RACC, to be forthwith due and
               payable, without

<PAGE>

               presentment, demand, protest or further notice of any kind, all
               of which are hereby expressly waived by Debtor.

In addition to and without in any way limiting the foregoing, upon the
occurrence of an Event of Default or at any time thereafter, RACC may employ all
remedies allowed by law, including, without limitation, those available to a
secured party under the Uniform Commercial Code. No remedy herein conferred upon
RACC is intended to be exclusive of any other remedy and each and every remedy
shall be cumulative and in addition to every other remedy hereunder, now or
hereafter existing at law or in equity or otherwise.

13. Obligations Absolute. Debtor's payment and performance obligations under
this Promissory Note are absolute and unconditional. Any claim that Debtor may
now or hereafter have against RACC or any affiliate thereof arising out of or in
connection with the Aircraft, any of the other Collateral or any other matter
shall not affect or excuse the unconditional obligation of Debtor to make any
payment required to be made to RACC under this Promissory Note or the Security
Agreement, and shall not be used or asserted as a defense to payment of such
obligation or as set-off, counterclaim or deduction against such payment. RACC
shall have no obligation or responsibility with respect to any dispute that may
arise between Debtor and any such foregoing person, and no such dispute shall
prevent RACC from taking such action as it may deem appropriate in order to
preserve, protect or enforce its rights hereunder.

14. Debtor's Agreement to Pay Enforcement Costs, etc. Debtor further agrees to
pay to RACC, on demand, all costs and expenses (including court costs and legal
expenses) incurred or expended by RACC in connection with the Obligations, this
Promissory Note and the enforcement hereof, together with interest on amounts
recoverable under this Section 14 from the time when such amounts become due
until payment, whether before or after judgment, at the Default Interest Rate,
provided that if such interest exceeds the maximum amount permitted to be paid
under applicable law, then such interest shall be reduced to such maximum
permitted amount.

15. Waiver of Default. No waiver by RACC of any default shall be effective
unless in writing, nor operate as a waiver of any other default or of the same
default in the future.

16. Change of Address. Debtor will notify RACC in writing of any change of
address from that shown herein within 10 days of such change.

17. GOVERNING LAW AND CHOICE OF FORUM. THIS AGREEMENT 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 AGREEMENT 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.
NOTWITHSTANDING THE ABOVE, IN THE EVENT AN EVENT OF DEFAULT SHOULD OCCUR, RACC
(AT ITS SOLE OPTION) MAY INSTITUTE LEGAL PROCEEDINGS IN ANY JURISDICTION AS MAY
BE APPROPRIATE IN ORDER FOR RACC TO OBTAIN POSSESSION OF THE COLLATERAL. THE
PARTIES HEREBY CONSENT AND AGREE TO BE SUBJECT TO THE JURISDICTION OF THE
AFORESAID COURTS IN SUCH PROCEEDINGS.

18. WAIVER OF RIGHT TO JURY TRIAL. ALL PARTIES TO THIS AGREEMENT HEREBY
VOLUNTARILY, KNOWINGLY AND IRREVOCABLY WAIVE ANY CONSTITUTIONAL OR

<PAGE>

OTHER RIGHT EACH MAY HAVE TO A TRIAL BY JURY IN THE EVENT OF LITIGATION
CONCERNING THIS AGREEMENT.

19. Damages. To the extent that any party hereto is subject to liability for any
breach under this Agreement, the liability of such party shall be limited to the
actual and direct monetary damages caused by such breach. In no event shall any
party hereto be liable for indirect, special, consequential, multiple or
punitive damages, or any damage deemed to be of an indirect or consequential
nature arising out of or related to its performance hereunder, whether based
upon breach of contract, warranty, negligence and whether grounded in tort,
contract, civil law or other theories of liability, including strict liability.
To the extent that this limitation of liability conflicts with any other
provision(s) in this Agreement, said provision(s) shall be regarded as amended
to whatever extent required to make such provision(s) consistent with this
Section 19.

20. Enforceability. The unenforceability of any provision hereof shall not
affect the validity of any other provision hereof.

21. Binding Agreement. All obligations of Debtor hereunder shall bind the heirs,
agents and attorneys-in-fact, successors and assigns of Debtor. If there be more
than one Debtor, their liabilities shall be joint and several. All rights of
RACC hereunder shall inure to the benefit of its successors and assigns.

22. Assignment. RACC may transfer or assign all or any part of its interest in
this Promissory Note, including any guaranties, without the consent of Debtor or
any other party. Debtor shall not sell, assign, transfer, encumber or convey any
of its interests in the Collateral or in this Promissory Note without the prior
written consent of RACC.

23. Entire Agreement. This Promissory Note and the Security Agreement constitute
the entire agreement between and among the parties with respect to the subject
matter hereof. There are no verbal understandings, agreements, representations
or warranties not expressly set forth herein. Neither this Promissory Note nor
the Security Agreement shall be changed orally, but only by writing signed by
the parties hereto.

            [The remainder of this page is intentionally left blank.]

<PAGE>

DEBTOR HEREIN ACKNOWLEDGES THAT IT HAS READ AND FULLY UNDERSTANDS ALL OF THE
TERMS AND CONDITIONS OF THIS PROMISSORY NOTE. BY EXECUTION HEREOF, THE
UNDERSIGNED HEREBY CERTIFIES THAT HE/SHE IS DULY AUTHORIZED TO EXECUTE THIS
PROMISSORY NOTE IN THE CAPACITY STATED BELOW.

Executed as of this 31st day of December, 2002.

Debtor: Great Lakes Aviation, Ltd.

        ----------------------------
        (signature)          (title)

Address:      1022 Airport Parkway
              Cheyenne, Wyoming  82001

RAYTHEON AIRCRAFT CREDIT CORPORATION

By:
   ----------------------------------
                "RACC"

<PAGE>

                                   SCHEDULE 1

                              CREDIT PRICING MATRIX

"Applicable Percentage" means the appropriate applicable percentages
corresponding to the Debt Service Ratio in effect as of the most recent
Calculation Date (defined below) as shown below:

          Tier                                 Applicable
          Levels    Debt Service Ratio         Percentage
          -----------------------------------------------
          1         *** 1.75:1.0                     3.75%
          -----------------------------------------------
                    **  1.75:1.0 but
          2         *** 2.00:1.0                     3.50%
          -----------------------------------------------
                    **  2.00:1.0 but
          3         *** 2.25:1.0                     3.25%
          -----------------------------------------------
                    **  2.25 to 1.0,
          4         but *** 2.5 to 1.0               3.00%
          -----------------------------------------------
          5         ** 2.5:1.0                       2.75%
          -----------------------------------------------

*** Less than or equal to
**  Greater than

The Applicable Percentage shall be determined and adjusted quarterly on the date
(each a "Calculation Date") which is the first day of the first calendar month
after the date on which Debtor provides the officer's certificate for each
fiscal quarter in accordance with the provisions of Section 15(D)(3) of that
certain Restructuring Agreement dated as of even date herewith between Debtor,
Iowa Great Lakes Flyers, Inc. and Payee (the "Restructuring Agreement");
provided, however, that (i) the initial Applicable Percentage shall be based on
Tier Level 1 (as shown above) and shall remain at Tier Level 1 until the first
day of the first calendar month after the date on which Great Lakes provides the
annual officer's certificate and the audited financial statements for fiscal
year 2002 in accordance with the provisions of Section 15(D)(3), and,
thereafter, the Tier Level shall be determined by the then current Debt Service
Ratio (as defined in the Restructuring Agreement), and (ii) if Debtor fails to
provide the officer's certificate to RACC for any fiscal quarter as required by
and within the time limits set forth in Section 15(D)(3), the Applicable
Percentage from the applicable date of such failure shall be based on Tier Level
1 until five (5) Business Days after an appropriate officer's certificate is
provided, whereupon the Tier Level shall be determined by the then current Debt
Service Ratio (as defined in the Restructuring Agreement); provided, that such
new Tier Level shall be effective only from the fifth Business Day following the
date of delivery of such officer's certificate and no interest paid at the
higher Tier Level shall be rebated to Debtor. Except as set forth above, each
Applicable Percentage shall be effective from one Calculation Date until the
next Calculation Date.<PAGE>

                                                                   EXHIBIT 10.10

RACC
[AMENDED AND RESTATED]
SECURITY AGREEMENT
--------------------------------------------------------------------------------

                      RAYTHEON AIRCRAFT CREDIT CORPORATION

                                   ----------

[Great Lakes Aviation, Ltd. (the "Debtor") and Raytheon Aircraft Credit
Corporation ("RACC") are parties to a Promissory Note (the "Existing Promissory
Note") and a Security Agreement (the "Existing Security Agreement"), each dated
__________, which provide for the secured financing of the Aircraft as defined
below. Pursuant to a Restructuring Agreement entered into by and between RACC
and Debtor as of the date hereof (the "Restructuring Agreement"), Debtor and
RACC have agreed to amend and restate the Existing Promissory Note to provide
for, among other things, the restructuring of the financing of the Aircraft, and
as a result, have entered into an amended and restated promissory note as of the
date hereof (as originally executed and if amended, varied or supplemented from
time to time, as so amended, the "Promissory Note"), upon the terms and subject
to the conditions of which RACC has agreed to refinance the Aircraft. It is a
condition precedent to the effectiveness of the Restructuring Agreement and the
restructuring of the Aircraft financing under the Existing Promissory Note that,
in order to further secure the payment and performance in full of all of the
obligations of the Debtor to RACC under or in respect of the Restructuring
Agreement, the Promissory Note and the other Transaction Documents as defined in
the Restructuring Agreement that the Debtor and RACC amend and restate the
Existing Security Agreement in its entirety pursuant to this Agreement and the
Existing Security Agreement is hereby so amended and restated in its entirety as
follows:] [USE THIS LANGUAGE ONLY IF SECURITY AGREEMENT IS BEING AMENDED AND
RESTATED]

1. Grant of Security Interest. To secure the payment and performance of all of
the obligations due Raytheon Aircraft Credit Corporation (hereinafter referred
to as "RACC") by Great Lakes Aviation, Ltd. (hereinafter referred to as
"Debtor") under [that certain Promissory Note (hereinafter referred to as the
"Promissory Note"), dated of even date herewith] [the Promissory Note], and any
renewals, extensions or changes in form thereof, and of any and all other
indebtedness of Debtor to RACC, either direct or indirect, absolute or
contingent, whether now existing or hereafter arising, including all such
obligations or indebtedness that would become due but for the operation of the
automatic stay pursuant to Section 362(a) of the Federal Bankruptcy Code and the
operation of Sections 502(b) and 506(b) of the Federal Bankruptcy Code and
including, without limitation, post-petition interest, and including, without
limitation, all "Obligations" as defined in the Restructuring Agreement
(collectively, the "Obligations"), Debtor hereby grants to RACC a security
interest in the following property and in all additions and accessions thereto
and substitutions and replacements thereof, all unearned insurance premiums and
insurance proceeds, and the proceeds of all of the foregoing (all of said
property is hereinafter collectively referred to as the "Collateral"):

A.       Raytheon Aircraft Company Aircraft Model [Aircraft], Serial Number
         [Serial], Registration Number N [Tail_No] (the "Aircraft"), together
         with all other property used in the operation of the Aircraft or
         reflecting use or maintenance of the Aircraft, including but not
         limited to all engines, propellers, instruments, avionics, equipment
         and accessories attached to, connected with, located in or removed from
         the Aircraft and all logs, manuals and maintenance records.

<PAGE>

         Aircraft Engines: Make: [Engine_Make]; Model: [Engine_Model]; Shaft
         Horsepower: over 750; Serial Number (L): [Left_Serial]; Serial Number
         (R): [Right_Serial] (each of which is capable of producing 750 or
         more rated takeoff horsepower), together with any replacement engines.

         Aircraft Propellers: Hub Make: [Hub_Make]; Hub Model: [Hub_Model]; Hub
         Serial Number (L): [Hub_Left_Serial]; Hub Serial Number (R):
         [Hub_Right_Serial] (each of which is capable of producing 750 or more
         rated takeoff horsepower), together with any replacement propellers.

B.       All contracts and agreements of every kind (oral and written), contract
         rights, rights to receive payments, goods or services of every kind,
         general intangibles, chattel paper and accounts, whether now existing
         or owned or hereafter arising or acquired, governing, relating to or
         arising out of Debtor's right, title or interest in the Aircraft.

C.       All proceeds of the foregoing, including, without limitation, all
         contract rights, general intangibles, accounts, cash, and goods, all
         payments under any insurance covering the Aircraft and any of its
         engines, propellers, equipment, accessories and accessions.

The security interest granted herein is a purchase money security interest under
the Kansas Uniform Commercial Code.

2. Debtor's Warranty of Title and Citizenship. Except for the security interest
granted under this Security Agreement, Debtor warrants that Debtor is (or, to
the extent that the Collateral is to be acquired hereafter, will be) and shall
remain at all times the owner of the Collateral free from any prior security
interest, lien or encumbrance. WITHOUT IN ANY WAY LIMITING THE FOREGOING,
CUSTOMER SHALL NOT SELL, TRANSFER, ASSIGN, SUBLEASE, CONVEY, PLEDGE, MORTGAGE OR
OTHERWISE ENCUMBER ITS OR RACC'S INTEREST IN AND TO THE AIRCRAFT, AND ANY SUCH
SALE, TRANSFER, ASSIGNMENT, SUBLEASE, CONVEYANCE, PLEDGE, MORTGAGE OR
ENCUMBRANCE, WHETHER BY OPERATION OF LAW OR OTHERWISE, WITHOUT THE PRIOR WRITTEN
CONSENT OF RACC SHALL BE NULL AND VOID.

Debtor will defend the Collateral against all claims and demands of all persons
claiming interest therein. Debtor further warrants that it is and shall remain
at all times a citizen of the United States as defined by 49 U.S.C. Section
40102.

3. Debtor Will Execute and Deliver Documents. Debtor will, at RACC's request,
furnish RACC such information and execute and deliver to RACC such documents and
do all such acts and things as RACC may reasonably request as are necessary or
appropriate to assist RACC in establishing and maintaining a valid security
interest in the Collateral and to assure that the Collateral is properly titled
and registered and the security interest perfected to RACC's reasonable
satisfaction. Debtor will pay the cost of filing all appropriate documents in
all public offices where RACC deems such filings necessary or desirable.

4. Operation, Maintenance and Repair. Debtor shall operate, maintain and repair
the Collateral and retain actual control and possession thereof in accordance
with the following provisions:

    4a. Debtor shall have complete use of the Collateral until default, and
Debtor shall use, operate, maintain and store the Collateral, or any part
thereof, properly, carefully and in compliance with all applicable statutes,
ordinances, regulations, policies of insurance and manufacturer's recommendation
and operating and maintenance manuals.

<PAGE>

    4b. Debtor agrees that the Collateral will be operated only by duly
certificated and qualified pilots and shall maintain U.S. registry and shall be
based within the geographical boundaries of the United States.

    4c. Debtor shall be responsible for and pay for all expenses of owning and
operating the Collateral, including but not limited to storage, fuel,
lubricants, service, inspections, overhauls, replacements, maintenance and
repairs, all in compliance with the manufacturer's operating and maintenance
manuals, and in compliance with operating and maintenance manuals approved by
the FAA, and with FAA rules and regulations. Debtor shall properly maintain all
records pertaining to the maintenance and operation of the Collateral.

    4d. Debtor will use reasonable care to prevent the Aircraft from being
damaged or injured and will promptly (but in no event later than 60 days after
discovery) replace any part or component of the Aircraft that may be damaged,
worn out, lost, destroyed, confiscated or otherwise rendered unsatisfactory or
unavailable for use.

5. Insurance. Debtor shall, at all times and at its sole expense, obtain and
carry the types and amounts of insurance coverage specified below:

         (a)      "All Risk" type hull insurance on the Aircraft in the kind and
                  form satisfactory to RACC, including Comprehensive Ground and
                  Flight Coverage and Fire and Extended Risk Coverage, both
                  In-Flight and Not In-Flight, in amounts not less than the
                  unpaid principal balance owed under the Promissory Note plus
                  interest. All policies of insurance carried in accordance with
                  this paragraph (a) shall name RACC as a Loss Payee and provide
                  that the insurance proceeds from any loss involving the
                  Aircraft shall be paid as follows (1) any loss not exceeding
                  U.S. $100,000.00 shall be payable to Debtors with notice to
                  RACC; (2) any loss exceeding $100,000.00 shall be jointly
                  payable to RACC and Debtor, and (3) any total loss of the
                  Aircraft shall be payable solely to RACC up to the amount of
                  the unpaid principal sum and accrued interest and other
                  charges owed by Debtor under the Promissory Note. The policies
                  shall include coverage against the perils of strikes, riots,
                  civil commotions or labor disturbances, and any act of
                  vandalism outside of the United States. The policies shall
                  also specify that (i) any losses shall be adjusted by the
                  insurer with the Debtor, with notice thereof being provided to
                  RACC and the Aircraft manufacturer, and (ii) RACC and the
                  Aircraft manufacturer shall have the right to fully inspect
                  the Aircraft prior to, during and after repair of any loss
                  involving the Aircraft.

         (b)      Legal liability insurance, in the kind and form satisfactory
                  to RACC, with limits no less than $50,000,000.00 of combined
                  single limit per occurrence, for bodily injury and property
                  damage (including passengers). All policies of insurance
                  carried in accordance with this paragraph (b) shall name
                  Debtor as the primary insured and RACC as an additional
                  insured thereunder.

All policies maintained by Debtor in accordance with subsections (a) and (b)
above shall also comply with the following requirements:

         (1)      be issued by insurers of recognized responsibility which are
                  satisfactory to RACC;

         (2)      provide that if such insurance is canceled for any reason
                  whatsoever, or any substantial change is made in policy terms,
                  conditions or coverage, or the policy is allowed to lapse for
                  nonpayment of premium, such cancellation, change or lapse
                  shall not be effective as to RACC until thirty (30) days after
                  RACC's receipt of written

<PAGE>

                  notice from Debtor's insurers of the cancellation, change or
                  lapse in policy terms, conditions or coverage;

         (3)      provide that in respect of the interest of RACC in such
                  policies, the insurance shall not be invalidated by any action
                  or inaction of Debtor and shall insure RACC regardless of any
                  breach or violation by Debtor of any warranty, declaration or
                  condition contained in such policies;

         (4)      be primary without right of contribution from any other
                  insurance which is carried by RACC with respect to its
                  interest in the Aircraft;

         (5)      waive any right of subrogation of the insurer against RACC;
                  provided, however, that the right of subrogation shall not be
                  waived with respect to any acts or omissions on the part of
                  RACC or the manufacturer of the Aircraft (or any of its
                  subsidiaries) related to products sold, handled, distributed,
                  repaired, serviced or maintained by said parties;

         (6)      provide that the geographic limits, if any, contained in such
                  policy shall include at a minimum all territories over which
                  Debtor will operate the Aircraft; and

         (7)      provide that RACC shall have no obligation or liability for
                  premiums, commissions, assessments or calls in connection with
                  such insurance policies.

Debtors shall furnish to RACC evidence of the aforesaid insurance coverage in
certificate form. Evidence of renewal of each policy shall thereafter be
furnished to RACC in certificate form. Debtor covenants that it will not do any
act or voluntarily suffer or permit any act to be done whereby any insurance
required hereunder shall or may be suspended, impaired or defeated. Upon the
occurrence of an Event of Default, as defined in the Promissory Note, RACC may,
at its option, apply insurance proceeds, in whole or in part, to (i) repair or
replace the Aircraft or any part thereof or (ii) satisfy any or all of the
Obligations. Any surplus proceeds are to be paid to Debtor.

6. Power of Attorney. Debtor hereby appoints RACC and its assigns or their
designated agent as Debtor's attorney-in-fact, irrevocably, with full power of
substitution, to collect all payments with respect to the Collateral, to receive
all moneys (including, but not limited to, refunds or proceeds of insurance)
that may become due under any policy insuring the Collateral and all awards
payable in connection with the condemnation, requisition or seizure of the
Collateral, or any part thereof, to execute proofs of claim, to endorse drafts,
checks and other instruments for the payment of money payable to Debtor in
payment of such insurance moneys and to do all other acts, things, take any
actions (including the filing of financing statements or other documents,
including, without limitation, those documents referred to in Section 3 hereof)
or institute any proceedings that RACC may deem to be necessary or appropriate
at any time to protect and preserve the interest of RACC in the Collateral, or
in this Security Agreement or the Promissory Note.

7. Debtor's Possession. Until default, Debtor may have possession of the
Collateral and use it in any lawful manner not inconsistent with this Security
Agreement. RACC may examine and inspect the Collateral, wherever located, at all
reasonable times. At its option, but without assuming any obligation to do so,
RACC may discharge taxes, liens or security interests, or other encumbrances
levied or asserted against the Collateral, may place and pay for insurance
thereon, may order and pay for the repair, maintenance and preservation thereof,
and may pay any necessary filing or recording fees. Amounts paid by RACC under
the preceding sentence shall be added to Debtor's unpaid balance under the
Promissory Note, shall be secured by the Collateral and shall be payable upon
demand, together with interest at the rate computed as provided in Paragraph 2
of the Promissory Note until paid in full. Debtor shall at all times keep the
Collateral, and any proceeds therefrom, separate and

<PAGE>

distinct from other property of the Debtor and shall keep accurate and complete
records of the Collateral and any such proceeds.

8. Indemnity. Debtor assumes liability for, and hereby agrees to indemnify,
protect, save, defend and keep harmless RACC, its agents, employees, officers,
directors, shareholders, subsidiaries, affiliates, successors and assigns (for
purposes of this Section 8, collectively "RACC"), on a net after-tax basis, from
and against any and all liabilities, obligations, losses, damages, penalties,
claims (including, without limitation, claims involving or alleging product
liability or strict or absolute liability in tort), actions, suits, demands,
costs, expenses and disbursements (including, without limitation, legal fees and
expenses) of any kind and nature whatsoever ("Claims") which may be imposed on,
incurred by or asserted against RACC, whether or not RACC shall also be
indemnified as to any such Claim by any other Person, in any way relating to or
arising hereunder, any other Transaction Document or any other documents
contemplated hereby or thereby, or the performance or enforcement of any of the
terms hereof or thereof, or in any way relating to or arising out of any
Transaction Document or the performance or enforcement of any of the terms
hereof or thereof, or in any way relating to or arising out of the assertion or
enforcement of any manufacturer's, vendor's or dealer's warranties on the
Aircraft or any part thereof (including, without limitation, any warranty of
RAC), or in any way relating to or arising out of the manufacture, inspection,
construction, purchase, pooling, interchange, acceptance, rejection, ownership,
titling or re-titling, delivery, lease, sublease, possession, use, operation,
maintenance, management, condition, registration or re-registration, sale,
return, removal, repossession, storage or other disposition of the Aircraft or
part thereof or any accident in connection therewith (including, without
limitation, latent and other defects, whether or not discoverable, and any Claim
for patent, trademark or copyright infringement).

Notwithstanding the foregoing, Debtor shall not be required to indemnify RACC
for (a) any Claim caused solely and directly by the gross negligence or willful
misconduct of the RACC or (b) any Claim in respect of the Aircraft arising from
acts or events which occur after any and all other obligations of any kind
whatsoever of Debtor hereunder and under the other Transaction Documents have
been fully paid and/or performed, as the case may be, unless any such Claims
were caused by Debtor (or any stockholder, director, officer, employee,
successor, assignee, agent or servant of Debtor) or resulted or arose, directly
or indirectly, from any acts, events or omissions of any kind whatsoever during
the term hereof.

The liability of Debtor to make indemnification payments shall, notwithstanding
any expiration or other termination (whether voluntary, as the result of an
Event of Default, or otherwise) hereof or any of the other Transaction
Documents, continue to exist until such indemnity payments are irrevocably made
in full by Debtor and received by RACC. If any Claim is made against Debtor or
RACC, the party receiving notice of such Claim shall promptly notify the other,
but the failure of the party receiving notice to so notify the other shall not
relieve Debtor of any obligation hereunder.

9. Event of Default. Upon the occurrence of an Event of Default, as defined in
the Promissory Note, (a) RACC shall have the right to exercise all remedies
allowed by law, including, without limitation, those available to a secured
party under the Uniform Commercial Code and (b) RACC may require Debtor to
assemble the Collateral and make it available to RACC at a place to be
designated by RACC which is reasonably convenient to both parties. The
requirements of the Kansas Uniform Commercial Code for reasonable notification
to Debtor of the time and place of any proposed public sale of the Collateral or
of the time after which any private sale or other intended disposition is to be
made, shall be met if such notice is mailed, postage prepaid, to Debtor's
address, as shown herein, at least twenty (20) days before the time of the sale
or disposition. After deduction of all reasonable expenses of retaking, holding,
preparing for sale or lease, selling, leasing and the like, together with
reasonable costs of collection, attorneys' fees and legal expenses of RACC, and
after the payment of the principal and interest due under the Promissory Note,
the balance, if any, of the proceeds of the sale may be

<PAGE>

applied to the payment of any or all other Obligations, and to the satisfaction
of indebtedness secured by any subordinate security interest in the Collateral
of which RACC has received notice prior to distribution of the proceeds. Debtor
shall be liable for any deficiency after application of such proceeds, to the
extent permitted by law. After the occurrence of an Event of Default, Debtor
agrees that, RACC may fly or otherwise move the Aircraft for demonstration and
other purposes reasonably related to a proposed public or private sale or other
disposition of the Collateral. Notwithstanding the foregoing, RACC may at its
option and in its sole discretion keep idle, lease, or use or operate the
Aircraft without any liability whatsoever. To the extent permitted by applicable
law, Debtor hereby waives any rights now or hereafter conferred by statute or
otherwise which may require RACC to sell, lease or otherwise use the Aircraft in
mitigation of RACC's damages as set forth in this Section or otherwise provided
herein or which may otherwise limit or modify any of RACC's rights or remedies
under this Section or otherwise provided herein.

10. Waiver of Default. No waiver by RACC of any default shall be effective
unless in writing, nor operate as a waiver of any other default or of the same
default in the future.

11. Restriction on Transfer or Liens. Debtor will not, without the prior written
consent of RACC, sell or otherwise transfer or encumber the Collateral, or any
interest therein, or offer to do so or permanently remove or attempt to
permanently remove the Collateral from the United States. Debtor will keep the
Collateral free from any adverse security interest, lien or encumbrance and will
not permit the Collateral to be attached or replevied.

12. Taxes. Debtor will promptly pay, or cause to be paid, when due, all taxes
and assessments upon the Collateral or upon its use or operation or upon this
Security Agreement and the obligations evidenced by the Promissory Note.

13. Change of Address. Debtor will notify RACC in writing of any change of
address from that shown in this Security Agreement within ten (10) days of such
change.

14. GOVERNING LAW AND CHOICE OF FORUM. THIS SECURITY AGREEMENT 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 SECURITY
AGREEMENT 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. NOTWITHSTANDING THE ABOVE, IN THE EVENT AN "EVENT OF
DEFAULT" SHOULD OCCUR, RACC (AT ITS SOLE OPTION) MAY INSTITUTE A LEGAL
PROCEEDING IN ANY JURISDICTION AS MAY BE APPROPRIATE IN ORDER FOR RACC TO OBTAIN
POSSESSION OF THE COLLATERAL. THE PARTIES HEREBY CONSENT AND AGREE TO BE SUBJECT
TO THE JURISDICTION OF THE AFORESAID COURTS IN SUCH PROCEEDINGS.

15. WAIVER OF RIGHT TO JURY TRIAL. ALL PARTIES TO THIS SECURITY AGREEMENT 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
SECURITY AGREEMENT.

16. Damages. To the extent that any party hereto is subject to liability for any
breach under this Security Agreement, the liability of such party shall be
limited to the actual and direct monetary damages caused by such breach. In no
event shall any party hereto be liable for indirect, special,

<PAGE>

consequential, multiple or punitive damages, or any damage deemed to be of an
indirect or consequential nature arising out of or related to its performance
hereunder, whether based upon breach of contract, warranty, negligence and
whether grounded in tort, contract, civil law or other theories of liability,
including strict liability. To the extent that this limitation of liability
conflicts with any other provision(s) in this Security Agreement, said
provision(s) shall be regarded as amended to whatever extent required to make
such provision(s) consistent with this Section 16.

17. Enforceability. The unenforceability of any provision hereof shall not
affect the validity of any other provision hereof.

18. Binding Agreement. All obligations of Debtor hereunder shall bind the heirs,
agents and attorneys-in-fact, successors and assigns of Debtor. If there be more
than one Debtor, their liabilities shall be joint and several. All rights of
RACC hereunder shall inure to the benefit of its successors and assigns.

19. Assignment. RACC may transfer or assign all or any part of its interest in
this Security Agreement without the consent of Debtor or any other party. Debtor
shall not sell, assign, transfer, encumber or convey any of its interests in the
Collateral or in this Security Agreement without the prior written consent of
RACC.

20. Entire Agreement. This Security Agreement and the Promissory Note constitute
the entire agreement between and among the parties with respect to the subject
matter hereof. There are no verbal understandings, agreements, representations
or warranties not expressly set forth herein. Neither this Security Agreement
nor the Promissory Note shall be changed orally, but only by writing signed by
the parties hereto.

21. Miscellaneous. Time is of the essence hereof. RACC's failure to insist on
performance of any of the terms and conditions contained in this Security
Agreement or the Promissory Note or to exercise any right or benefit will not
constitute a waiver unless the waiver is in writing, executed by an authorized
representative of RACC. RACC's waiver of any default hereunder or thereunder
will not thereafter waive those terms, conditions, rights or privileges, whether
of the same or a similar type.

DEBTOR HEREIN ACKNOWLEDGES THAT DEBTOR HAS READ AND FULLY UNDERSTANDS ALL OF THE
TERMS AND CONDITIONS OF THIS SECURITY AGREEMENT. BY EXECUTION HEREOF, THE
UNDERSIGNED HEREBY CERTIFIES THAT HE/SHE IS DULY AUTHORIZED TO EXECUTE THIS
SECURITY AGREEMENT IN THE CAPACITY STATED BELOW.

Executed as of this 31st day of December, 2002, at Wichita, Kansas.

Debtor: Great Lakes Aviation, Ltd.

        ----------------------
        (signature)    (title)

Address: 1022 Airport Parkway
         Cheyenne, Wyoming 82001

<PAGE>

RAYTHEON AIRCRAFT CREDIT CORPORATION

By:
    ---------------------------------
                  "RACC"

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