Document:

Amended and Restated Restructuring Agreement

 EXHIBIT 10.3 
 AMENDED AND RESTATED 
 RESTRUCTURING AGREEMENT 
 As of this 9th day of March, 2007, this Amended and Restated Restructuring Agreement (“Agreement”) is made by and between Great Lakes
Aviation, Ltd., an Iowa corporation with its principal place of business at 1022 Airport Parkway, Cheyenne, Wyoming 82001 (“Great Lakes”), and Raytheon Aircraft Credit Corporation, a Kansas corporation with its principal place of
business at 101 South Webb Street, Suite 300, Wichita, Kansas 67207 (“RACC”). 
 RECITALS 
  

	A.	Great Lakes currently owns twenty-five (25) Beech Model 1900D Airliners that have been financed by RACC and have the following Manufacturer’s Serial Numbers: UE-100,
UE-122, UE-153, UE-154, UE-169, UE-170, UE-184, UE-192, UE-195, UE-201, UE-202, UE-208, UE-210, UE-211, UE-219, UE-220, UE-240, UE-245, UE-247, UE-251, UE-253, UE-254, UE-255, UE-257 and UE-261 (collectively and individually, the
“Aircraft”). 

  

	B.	Great Lakes and RACC are parties to a Restructuring Agreement dated as of December 31, 2002 (as amended and in effect on the date hereof, the “Existing Restructuring
Agreement”). 

  

	C.	Great Lakes is currently in default of various provisions of the Existing Restructuring Agreement. 

  

	D.	Great Lakes and RACC desire to amend and restate the Existing Restructuring Agreement on the terms set forth herein and to provide for, among other things, (i) the
restructuring of the Group B Notes (as defined in the Existing Restructuring Agreement) relating to the Aircraft (the “Existing Aircraft Notes”), (ii) the restructuring of the Senior Note and the Subordinated Note as defined in
the Existing Restructuring Agreement (as so defined, the “Existing Senior Note” and “Existing Subordinated Note”, respectively), and (iii) other amendments for the purpose of curing all existing defaults by
Great Lakes on its obligations to RACC. 

  

	E.	Subject to the satisfaction of the Conditions to Continued Effectiveness (as defined in Section 8(B) of this Agreement), for simplicity and ease of use, Great Lakes and
RACC intend for this Agreement to amend and restate in its entirety the Existing Restructuring Agreement (but not the Transaction Documents (as defined in the Existing Restructuring Agreement)). 

 AGREEMENT 
 NOW, THEREFORE, for valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Great Lakes and RACC agree as follows: 
  

	1.	Recitals Incorporated. The parties hereto hereby incorporate the Recitals as if fully set forth herein. 

	2.	Aircraft Notes. The Existing Aircraft Notes and all amounts owed thereunder as of the Effective Date shall be restructured in their entirety by the issuance of amended
and restated promissory notes executed by Great Lakes payable to RACC (each an “Aircraft Note” and collectively, the “Aircraft Notes” the form of which is attached hereto as Exhibit A). The Aircraft Notes
shall be secured by the Group B Security Agreements as defined in the Existing Restructuring Agreement (as so defined, the “Existing Aircraft Security Agreements”), as amended by amendments thereto (collectively, the “Aircraft
Security Agreement Amendments”, the form of which is attached hereto as Exhibit B; the Existing Aircraft Security Agreements, as amended by the Aircraft Security Agreement Amendments and as may be further amended and in effect from
time to time, are hereinafter referred to as the “Aircraft Security Agreements”). Each of the Aircraft Notes shall bear interest at a fixed rate of six and three-quarters percent (6.75%) per annum, shall have an original
principal amount of $2,145,520.42 and provide for monthly payments as set forth on Schedule 1 hereto payable in arrears starting on March 31, 2007. The principal balances of the Aircraft Notes shall amortize as set forth on Schedule 1
hereto, with a final maturity on June 30, 2011. The Aircraft Notes shall be fully assignable and Great Lakes agrees to cooperate with RACC to facilitate any such assignment. 

  

	3.	Senior Note. Each of the Existing Senior Note and the Existing Subordinated Note and all amounts owing thereunder as of the Effective Date shall be restructured in
their entirety by the issuance of a single promissory note executed by Great Lakes payable to RACC (the “Senior Note”), the form of which is attached hereto as Exhibit C. The interest rate on the Senior Note shall be seven
percent (7.00%) per annum. Interest on the Senior Note shall be payable monthly in arrears on the last day of each month commencing on March 31, 2007. Commencing with the calendar quarter ending on June 30, 2007, the Senior Note shall
provide for quarterly payments of principal as set forth on Schedule 2 hereto with a final maturity on December 31, 2015. The amount of each quarterly principal payment shall be adjusted to fully amortize the remaining principal balance
over the remaining amortization period after the application of any payments pursuant to Section 6(C) of this Agreement, if any. 

  

	4.	Equity Provisions from Existing Restructuring Agreement. Sections 8(B), 15(H) and 15(J) of the Existing Restructuring Agreement, copies of which
are attached hereto as Exhibit H, together with the defined terms used therein (as each such term is defined in the Existing Restructuring Agreement), are hereby incorporated by reference and made a part of this Agreement, except that with
respect to Section 15(J) of the Existing Restructuring Agreement, the phrase “simultaneously with the completion of its Form 10-K for its 2002 fiscal year” is hereby deleted and replaced with the phrase “by not later than
June 30, 2007.” 

  

	5.	Engine Fleet Maintenance Program. 

  

	 	(A)	 Great Lakes agrees to maintain in effect and comply in all material respects with the terms of its TCP Fleet Maintenance Program with Pratt & Whitney
Canada Corp. (“Pratt & Whitney”) pursuant to that certain Amended and Restated Term Cost Plan TCP # 03-1907 dated July 19, 2006 between Great Lakes and Pratt & 

  

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Whitney (as amended and in effect from time to time, the “FMP Agreement”). Great Lakes further agrees that it shall not make any amendments
or modifications to the FMP Agreement without RACC’s prior written consent. 

  

	 	(B)	As collateral security for the Obligations as hereinafter defined, Great Lakes has collaterally assigned to RACC all of its rights (but none of the obligations) of Great Lakes in
and to the FMP Agreement and any other related agreements, as well as all funds paid by Great Lakes as prepayments for engine maintenance pursuant to the terms of the FMP Agreement and any other related agreements, pursuant to a Collateral
Assignment of Fleet Maintenance Plan Agreement dated as of July 19, 2006 (as amended and in effect from time to time, the “FMP Collateral Assignment”). Great Lakes shall take all steps necessary to ensure that the FMP
Collateral Assignment shall remain in full force and effect at all times that any of the Obligations (as defined in Section 7 of this Agreement) remain outstanding and owing to RACC. 

  

	6.	Prepayments. 

  

	 	(A)	Mandatory Prepayments. Not later than thirty (30) business days after the end of each fiscal year, Great Lakes shall prepay amounts outstanding under the Group A
Engine Overhaul Note executed by Great Lakes in favor of RACC (as so defined, the “Engine Overhaul Note”), the Senior Note and the Aircraft Notes (collectively, the “Notes”) in an aggregate amount equal to seventy
percent (70%) of the Excess Cash as at the end of such fiscal year, accompanied by a certificate of the chief financial officer of Great Lakes setting forth in reasonable detail the calculation of Excess Cash as at the end of such fiscal year.
“Excess Cash” shall mean as at the end of any fiscal year an amount equal to (i) the sum of the cash, cash equivalents and short term instruments, such as certificates of deposits, treasury bills and other marketable
securities, or similar or comparable investments of Great Lakes as of the close of business of the last business day of such fiscal year, minus (ii) $3,000,000 (the “Minimum Cash Level”); provided, however,
that commencing with the fiscal year ending on December 31, 2007, (y) the Minimum Cash Level shall be increased at each fiscal year end by $400,000 for each $10,000,000 incremental increase in revenues realized by Great Lakes during the
fiscal year then ended over the actual total revenues from all sources posted in Great Lakes’ fiscal year ended December 31, 2006, or (z) the Minimum Cash Level shall be decreased at each fiscal year end by $400,000 for each
$10,000,000 incremental decrease in revenues realized by Great Lakes during the fiscal year then ended over the actual total revenues from all sources posted in Great Lakes’ fiscal year ended December 31, 2006; provided that in no
event shall the Minimum Cash Level at any time be less than $3,000,000. 

  

	 	(B)	Voluntary Prepayment. Great Lakes may prepay its obligations in whole or in part under this Agreement or any of the Transaction Documents (as defined below) at any
time without penalty. 

  

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	 	(C)	Application of Prepayments. All prepayments made pursuant to Sections 6(A) or 6(B) shall be applied in the following order: first, to the Engine Overhaul
Note until such time as it has been paid in full, with such prepayments being applied to principal, interest and other amounts owing under the Engine Overhaul Note in such order or preference as RACC may determine; second, to the Senior Note until
such time as it has been paid in full, with such prepayments being applied to principal, interest and other amounts owing under the Senior Note in such order or preference as RACC may determine; and third, to the Aircraft Notes until such time as
they have been paid in full, with such prepayments being applied to principal, interest and other amounts owing under the Aircraft Notes in such order or preference as RACC may determine; with all such prepayments to be applied to reduce the
then-remaining installments due thereunder in the inverse order of scheduled maturity and, in the case of prepayments in respect of the Aircraft Notes, applied thereto on a pro rata basis. 

  

	 	(D)	Proceeds of Embraer Aircraft. 

  

	 	(1)	Any and all proceeds arising from the sale or loss of (a) any Embraer Aircraft or (b) the Embraer model EMB-120ER aircraft with manufacturer’s serial number 120-071
(collectively, the “Embraer Proceeds”) shall be paid to RACC and applied in accordance with the following subparagraph. 

  

	 	(2)	All Embraer Proceeds shall be applied in the following order: first, to the Engine Overhaul Note until such time as it has been paid in full, with such prepayments being applied to
principal, interest and other amounts owing under the Engine Overhaul Note in such order or preference as RACC may determine; second, to the Senior Note until such time as it has been paid in full, with such prepayments being applied to principal,
interest and other amounts owing under the Senior Note in such order or preference as RACC may determine; and third, to the Aircraft Notes until such time as they have been paid in full, with such prepayments being applied to principal, interest and
other amounts owing under the Aircraft Notes in such order or preference as RACC may determine; with all such prepayments to be applied to reduce the then-remaining installments due thereunder in the inverse order of scheduled maturity and, in the
case of prepayments in respect of the Aircraft Notes, applied thereto on a pro rata basis. 

  

	7.	Collateral Security of Borrower. 

  

	 	(A)	 All indebtedness, obligations and liabilities of Great Lakes to RACC, existing on the Effective Date or arising thereafter, direct or indirect, joint or several,
absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement, the Corporate Security Documents (as defined below), the
Senior Note, the Aircraft Notes, the Engine Overhaul Note, the Aircraft Security 

  

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Agreements and any other notes, security agreements, leases or other agreements in favor of RACC or to which RACC is a party (such documents, as amended and
in effect from time to time, are referred to collectively as the “Transaction Documents”), including, without limitation, all such indebtedness, obligations and liabilities 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 (such indebtedness, obligations and
liabilities are collectively referred to as the “Obligations”) shall continue to be secured by a first priority perfected lien on all accounts receivable, inventory and (subject only to historic liens and liens entitled to priority
under applicable law) other assets, including, without limitation, real estate, of Great Lakes, whether now owned or hereafter acquired, pursuant to the terms of the Security Agreement dated as of December 31, 2002 between Great Lakes and RACC
(the “Existing Security Agreement”), as amended by an amendment thereto (the “Security Agreement Amendment”, the form of which is attached hereto as Exhibit D; the Existing Security Agreement, as amended by
the Security Agreement Amendment and as may be further amended and in effect from time to time, is hereinafter referred to as the “Security Agreement”), the Security Agreement and Encumbrance Against Aircraft Carrier Engines,
Propellers, Appliances and Spare Parts dated August 21, 1997 between Great Lakes and RACC (as amended and in effect on the date hereof, the “Existing FAA Security Agreement”), as amended by an amendment thereto (the
“FAA Security Agreement Amendment”, the form of which is attached hereto as Exhibit E, the Existing FAA Security Agreement, as amended by the FAA Security Agreement Amendment and as may be further amended and in effect from
time to time, is hereinafter referred to as the “FAA Security Agreement”), the Amended and Restated Security Agreement dated as of December 31, 2002 between Great Lakes and RACC for the Embraer model EMB-120ER aircraft with
manufacturer’s serial number 120-071 (the “Existing 120-071 Security Agreement”), as amended by an amendment thereto (the “120-071 Security Agreement Amendment”, the form of which is attached hereto as
Exhibit F; the Existing 120-071 Security Agreement, as amended by the 120-071 Security Agreement Amendment and as may be further amended and in effect from time to time, is hereinafter referred to as, the “120-071 Security
Agreement”), and all other instruments and documents, including without limitation Uniform Commercial Code financing statements, required to be executed or delivered pursuant to the Security Agreement or any other document to which Great
Lakes is a party (collectively, with the FMP Collateral Assignment, the “Corporate Security Documents”). 

  

	 	(B)	 On or before the date hereof, as additional security for all of the payment and other obligations of Great Lakes to RACC including, without limitation, under the
Existing Restructuring Agreement (including, without limitation, the Transaction Documents referred to therein) and/or under this Agreement, unless the Continued Effectiveness Date (as hereinafter defined in Section 8(A)) is not achieved,
including, without limitation, all of the Obligations as that term is defined in Section 7(A) of this Agreement, Great Lakes is pledging to RACC a security 

  

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interest in the three Embraer aircraft model EMB-120ER having manufacturer’s serial numbers 120.299, 120.108 and 120.096, together with all engines,
propellers, avionics, parts, components and equipment installed thereon and all records, logs, manuals, books, and other documents currently in the possession of Great Lakes relating thereto (collectively, the “Embraer Aircraft”) by
executing and delivering to RACC a separate security agreement for each Embraer Aircraft in the form attached hereto as Exhibit G (each an “Embraer Security Agreement,” and collectively, the “Embraer Security
Agreements”). The Embraer Security Agreements shall constitute and be considered Corporate Security Documents and shall and do secure any and all indebtedness owed by Great Lakes to RACC, from time to time, including, without limitation,
obligations under or referred to in the Existing Restructuring Agreement (including, without limitation, the Transaction Documents referred to therein) and under this Agreement, unless the Continued Effectiveness Date is not achieved, including,
without limitation, all of the Obligations. For the avoidance of doubt, the grant of the additional security provided under this Section 7(B) shall be effected and shall remain in effect, irrespective of whether or not the Continued
Effectiveness Date is achieved and despite other provisions of this Agreement not becoming effective. 

  

	8.	Effective Date; Conditions to Effectiveness. 

  

	 	(A)	Effective Date. This Agreement shall have effect from the date hereof (the “Effective Date”), but will remain in effect if, and only if, on or before
5:00 P.M. Eastern time on March 23, 2007, each of the conditions to continued effectiveness contained in this Section 8 (the “Conditions to Continued Effectiveness”) has been satisfied (the first date as of which all of
these conditions to continued effectiveness shall have been satisfied is referred to herein as the “Continued Effectiveness Date”). If each of the Conditions to Continued Effectiveness is not satisfied by or before 5:00 P.M. Eastern
time on March 23, 2007, except with respect to the additional security provided under Section 7(B) of this Agreement, this Agreement shall not be effective and shall be null and void ab initio. In such event, each of the Existing
Restructuring Agreement and the other “Transaction Documents” (as defined in the Existing Restructuring Agreement) shall continue in full force and effect and RACC shall continue to possess each and every one of its rights and remedies
available pursuant to the Existing Restructuring Agreement and the “Transaction Documents” (as defined in the Existing Restructuring Agreement). If the Continued Effectiveness Date is not achieved, Great Lakes acknowledges and agrees that,
since, as Great Lakes acknowledges and agrees, Events of Default under the Existing Restructuring Agreement and the Transaction Documents (as defined in the Existing Restructuring Agreement) have occurred and are continuing, RACC has the right to
immediately exercise any or all of its rights and remedies, without notice, delay or any act or action of any type or kind. 

  

	 	(B)	 Conditions to Continued Effectiveness. The continued effectiveness of this Agreement as a contract shall be subject to the occurrence or delivery to
RACC of 

  

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the following Conditions to Continued Effectiveness on or prior to the Continued Effectiveness Date: 

  

	 	(1)	This Agreement, executed by Great Lakes and RACC; 

  

	 	(2)	The twenty-five (25) Aircraft Notes, executed by Great Lakes; 

  

	 	(3)	The twenty-five (25) Aircraft Security Agreement Amendments, executed by Great Lakes and RACC; 

  

	 	(4)	The Senior Note, executed by Great Lakes; 

  

	 	(5)	The FMP Collateral Assignment shall be in full force and effect; 

  

	 	(6)	All UCC-1 Financing Statements required by the Collateral Assignment, naming Great Lakes as Debtor and RACC as Secured Party; 

  

	 	(7)	The Security Agreement Amendment, executed by Great Lakes and RACC; 

  

	 	(8)	The FAA Security Agreement Amendment, executed by Great Lakes and RACC; 

  

	 	(9)	The 120-071 Security Agreement Amendment, executed by Great Lakes and RACC; 

  

	 	(10)	Each Embraer Security Agreement, executed by Great Lakes and RACC; 

  

	 	(11)	A copy of the resolutions of the Board of Directors of Great Lakes ratifying the execution of this Agreement and approving the execution and delivery of the other Transaction
Documents (as defined below) to be delivered by it hereunder and the transactions contemplated thereby, certified by an officer to be true and correct and in full force and effect as of the Continued Effectiveness Date; 

  

	 	(12)	A copy of (i) the charter and (ii) the by-laws of Great Lakes, each certified by an officer to be true and correct and in full force and effect as of the Continued
Effectiveness Date; 

  

	 	(13)	Corporate and tax good standing certificates for Great Lakes in (i) its jurisdiction of incorporation, (ii) the jurisdiction where its chief operating office is located,
and (iii) any jurisdiction where its material assets are located; 

  

	 	(14)	Legal opinions of Briggs and Morgan, P.A., counsel to Great Lakes, and of Davis, Brown, Koehn, Shors & Roberts, P.C., special Iowa counsel to Great Lakes, with respect to
corporate authority, enforceability, perfection and such other matters as RACC’s counsel may reasonably request; 

  

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	 	(15)	A copy of the Financial Plan (as hereinafter defined) for the 2007 fiscal year; 

  

	 	(16)	Great Lakes shall have paid all of RACC’s legal and out-of-pocket expenses incurred through the Continued Effectiveness Date as set forth on Schedule 3 hereto, in an
aggregate amount not to exceed $80,000; 

  

	 	(17)	All outstanding amounts that are then due and payable on or before the Continued Effectiveness Date by Great Lakes under the Engine Overhaul Note shall have been paid in full; and

  

	 	(18)	Great Lakes shall have paid all outstanding amounts due and payable to Pratt & Whitney under the FMP Agreement or otherwise and the terms of such repayment plan shall be
acceptable to RACC. 

  

	 	(19)	Great Lakes shall have delivered to RACC final versions of Schedules 4, 5, and 6 in form and substance reasonably satisfactory to RACC.

  

	 	(20)	Great Lakes shall have become registered as a “Transacting User Entity” pursuant to the requirements of the Cape Town Treaty (as defined in the Embraer Security
Agreements) so as to permit the recordation of all of RACC’s registrable interests in the Aircraft, the Embraer Aircraft or otherwise. 

  

	9.	Great Lakes Covenants. As partial consideration for the settlements and agreements of RACC contained herein, until such time as all Obligations shall be paid in full
in cash, Great Lakes agrees as follows: 

  

	 	(A)	Great Lakes Indebtedness. Great Lakes will not create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Indebtedness
other than: (1) the Obligations; (2) Indebtedness existing on the Effective Date and described on Schedule 4 and any renewals or replacements of such Indebtedness, but only to the extent such renewal or replacement does not increase
the amount of such Indebtedness; (3) Indebtedness arising pursuant to airport or gate leases or renewals or replacements of existing airport or gate leases at airports currently served by Great Lakes or at airports that Great Lakes may serve at
from time to time in the future, (4) operating leases for seven (7) aircraft to be leased to Great Lakes by MidWest Airlines for operations in St. Louis and Milwaukee on commercially reasonable terms that are reasonably acceptable to RACC,
(5) Indebtedness in connection with the startup of operations in St. Louis and Milwaukee in an aggregate amount not to exceed $250,000 outstanding at any time, and (6) other Indebtedness incurred in the ordinary course of business in an
aggregate amount outstanding at any time not to exceed $500,000. 

 “Indebtedness” means, whether on or off
balance sheet for purposes of with generally accepted accounting principles (“GAAP”): (a) all obligations for borrowed money or other extensions of credit, whether secured or unsecured, absolute or contingent, including,
without limitation, unmatured reimbursement 

  

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obligations with respect to letters of credit or guarantees issued for the account of or on behalf of Great Lakes, all obligations representing the deferred
purchase price of property, other than accounts payable arising in the ordinary course of business, and all obligations arising under capitalized leases, synthetic leases, operating leases and securitization transactions, (b) all obligations
evidenced by bonds, notes, debentures or other similar instruments, (c) all obligations secured by liens on property owned or acquired by Great Lakes whether or not the obligations secured thereby shall have been assumed, and (d) all
guaranties by such entity of any of the foregoing for the benefit of another person. 
  

	 	(B)	Payment of Dividends and Distributions. Great Lakes shall not declare or make any dividend or other distributions to any holder of any Common Stock or any other
capital stock of Great Lakes, except for dividends declared or made in the form of common stock, par value $.01 per share, of Great Lakes (the “Common Stock”), redeem or purchase any Common Stock or any other capital stock of Great
Lakes (other than the acceptance of shares in payment of the exercise or purchase price of equity-based compensation) or make any loan or other payments to any affiliate or holder of Common Stock or any other capital stock of Great Lakes.

  

	 	(C)	Provision of Financial Statements and Financial Plans. 

  

	 	(1)	Quarterly Financial Statements. As soon as available and, in any event, within forty-five (45) days after the end of each of the first three (3) quarters of each
fiscal year, Great Lakes shall furnish to RACC copies of its financial statements, consisting of at least a balance sheet as at the close of such quarter and statements of earnings for such quarter and for the period from the beginning of the fiscal
year to the close of such quarter, in each case in conformity with GAAP, duly certified by the principal financial officer of Great Lakes. 

  

	 	(2)	Annual Financial Statements. As soon as available and, in any event, within ninety (90) days after the end of each fiscal year, Great Lakes shall furnish to RACC copies
of its audited financial statements, consisting of at least a balance sheet of Great Lakes for such year and statements of earnings and cash flows, in each case in conformity with GAAP setting forth in each case in comparative form corresponding
figures from the preceding fiscal year, with all such financial statements to be certified without qualification, except for any qualifications so given in the past and other qualifications reasonably acceptable to RACC, by Great Lakes’
certified public accountants. 

  

	 	(3)	Financial Plans. On or before the first day of each fiscal year, Great Lakes shall furnish to RACC copies of its annual operating and cash flow forecasts for such fiscal year
(collectively, the “Financial Plan”). 

  

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	 	(4)	Officer’s Certificate. At the time of delivery of the financial statements of Great Lakes provided for in Section 9(C)(1) and (2), a certificate of the Chief
Financial Officer of Great Lakes (I) to the effect that no Default or Event of Default exists or, if any Default or Event of Default does exist, specifying the nature and extent thereof and what action Great Lakes proposes to take with respect
thereto; and (II) setting forth a detailed variance analysis showing how such financial statements differ from the most recent Financial Plan. 

  

	 	(D)	Confidentiality and Non-Disclosure. This Agreement is confidential between the parties. Great Lakes agrees not to disclose the provisions of this Agreement to any
person without the prior written consent of RACC, except (i) as may be required by Great Lakes in order to restructure its current debt with existing aircraft creditors, provided that Great Lakes may disclose solely the fact that its
obligations to RACC are being restructured and the terms of the restructured debt, but Great Lakes may not disclose any other details of this Agreement, (ii) to its legal and financial advisers and its independent public accountants (on the
condition that they agree not to disclose such provisions) and (iii) as may be required by applicable law, including applicable securities law. 

  

	 	(E)	No Material Transactions. Without the prior written consent of RACC (which consent shall not unreasonably be withheld), Great Lakes shall not become a party to or
agree to or effect any merger, amalgamation or consolidation, asset acquisition, stock acquisition, disposition of any of its assets or create or permit to exist any subsidiary unless, as a result of such disposition, all Obligations shall be
contemporaneously paid in full in cash. 

  

	 	(F)	Affiliate Transactions. Great Lakes shall not engage in any transaction with any affiliate, including any contract, agreement or other arrangement providing for the
furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any such affiliate or, to the knowledge of Great Lakes, any corporation, partnership, trust or other entity in
which any such affiliate has a substantial interest or is an officer, director, trustee or partner, unless such transaction (i) is on terms no more favorable to such person than would have been obtainable on an arm’s-length basis in the
ordinary course of business and (ii) is not material in terms of the net cash that is paid out of the business of Great Lakes, and upon RACC’s request, it shall have the right to audit any such transaction and Great Lakes agrees to
cooperate with RACC in any such audit. By executing this Agreement, Great Lakes certifies that each transaction between Great Lakes and an affiliate existing on the date of this Agreement is set forth on Schedule 5. In addition, Great Lakes
certifies, and RACC agrees, that each transaction listed on Schedule 5 satisfies the requirements set forth in clauses (i) and (ii) of the preceding sentence. 

  

	 	(G)	 Further Assurances. Great Lakes will promptly furnish such information and execute and deliver such further documents, and do all other such acts as
RACC may reasonably request to further implement the provisions contained in this 

  

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Agreement, including, without limitation, its obligation to cooperate with RACC to facilitate any assignment of any of the Aircraft Notes pursuant to
Section 2. 

  

	 	(H)	Capital Expenditures. Great Lakes shall not make Capital Expenditures that exceed, in the aggregate, $800,000 for its 2007 fiscal year or any fiscal year thereafter
and, so long as no Default or Event of Default has occurred and is continuing, increasing by five percent (5%) in each fiscal year thereafter. “Capital Expenditures” means amounts paid or Indebtedness incurred by Great Lakes in
connection with the purchase or lease by Great Lakes of fixed assets, both tangible (such as land, buildings, fixtures, machinery and equipment) and intangible (such as patents, copyrights, trademarks, franchises and good will), that would be
required to be capitalized and shown on its balance sheet in accordance with GAAP, provided that this Section 9(H) shall not include (i) any item customarily charged directly to expense or depreciated over a useful life of twelve
(12) months or less in accordance with GAAP, (ii) capitalizable spares or rotables related to the Aircraft or (iii) any Indebtedness permitted by Section 9(A). 

  

	 	(I)	Restructuring of Other Aircraft Indebtedness. In the event that Great Lakes restructures, amends or otherwise modifies any Great Lakes’ Indebtedness owing to
other similarly situated aircraft creditors (specifically, Finova Capital and Boeing Capital), such restructurings, amendments or other modifications shall be on terms acceptable to RACC to ensure that none of these creditors shall be paid more than
RACC (on a relative basis). 

  

	 	(J)	Negative Pledge as to Gate Agreements, Routes and Slots. To the extent Great Lakes has or acquires any of the following in the future, Great Lakes shall not create or
permit to exist any lien, encumbrance, charge or security interest of any kind on (a) agreements providing Great Lakes with the right to use, operate or occupy space in any airport in the United States (“Gate Agreements”),
(b) route authorities (“Routes”), or (c) rights and operational authority acquired or held by Great Lakes in and to the operating authority granted by the Federal Aviation Administration (the “FAA”)
pursuant to Title 14 to conduct one Instrument Flight Rule (as defined under the federal aviation regulations) landing or takeoff operating in a specified time period (“Slots”). 

  

	10.	Representations and Warranties. 

  

	 	(A)	By Great Lakes. Great Lakes represents and warrants to RACC as of the date hereof that: 

  

	 	(1)	 Authority and Enforceability. Great Lakes has the full power to enter into and perform its respective obligations under this Agreement and all other
Transaction Documents contemplated hereby or executed pursuant hereto to which Great Lakes is a party. The execution and delivery of this Agreement, the Aircraft Notes, the Aircraft Security Agreement Amendments, the Senior Note, the Engine Overhaul
Note, the FMP Collateral Assignment, the Security Agreement Amendment, the FAA 

  

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Security Agreement Amendment, the 120-071 Security Agreement Amendment, the Embraer Security Agreements and all other Transaction Documents contemplated
hereby or executed pursuant hereto to which Great Lakes is a party and the performance and observance of their terms, conditions and obligations have been duly authorized by all necessary action on the part of Great Lakes. This Agreement, the
Aircraft Notes, the Aircraft Security Agreement Amendments, the Senior Note, the Engine Overhaul Note, the FMP Collateral Assignment, the Security Agreement Amendment, the FAA Security Agreement Amendment, the 120-071 Security Agreement Amendment,
the Embraer Security Agreements and all other Transaction Documents contemplated hereby or executed pursuant hereto constitute, when executed and delivered by Great Lakes to RACC, will be valid and binding obligations of Great Lakes enforceable in
accordance with their terms (subject to bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting creditors’ rights generally and general principles of equity). 

  

	 	(2)	No Conflict. The execution, delivery and performance of this Agreement, the Aircraft Notes, the Aircraft Security Agreement Amendments, the Senior Note, the Engine Overhaul
Note, the FMP Collateral Assignment, the Security Agreement Amendment, the FAA Security Agreement Amendment, the 120-071 Security Agreement Amendment, the Embraer Security Agreements and all other Transaction Documents to which Great Lakes is a
party and the consummation of the transactions herein contemplated on the part of Great Lakes will not result in a breach or violation of any of the terms or provisions of, or constitute a default under, any statute, rule or regulation applicable
to, or order of any governmental body or agency or any court having jurisdiction over Great Lakes or any of its properties, or any agreement or instrument to which Great Lakes is a party or by which Great Lakes is bound or to which any of the
properties of Great Lakes is subject, or the charter or by-laws of Great Lakes. 

  

	 	(3)	Litigation. Except as set forth on Schedule 6 hereto, there are no actions, suits, proceedings or investigations of any kind pending or threatened against Great Lakes
before any governmental authority, that, (a) if adversely determined, might, either in any case or in the aggregate, (i) have a material adverse effect on the business, properties, prospects, condition (financial or otherwise), assets,
operations or income of Great Lakes, or (ii) materially impair the right of Great Lakes to carry on business substantially as now conducted by them, or result in any substantial liability not adequately covered by insurance, or for which
adequate reserves are not maintained on the consolidated balance sheet of Great Lakes, or (b) which question the validity of this Agreement or any of the other Transaction Documents, or any action taken or to be taken pursuant hereto or
thereto. 

  

	 	(4)	Great Lakes has no Gate Agreements, Routes, or Slots. 

  

 12 

	 	(B)	By RACC. RACC represents and warrants to Great Lakes that it has the full power to enter into and perform its obligations under this Agreement and all other documents
contemplated hereby or executed pursuant hereto. The execution and delivery of this Agreement, the Aircraft Notes, the Aircraft Security Agreement Amendments, the Senior Note, the Engine Overhaul Note, the FMP Collateral Assignment, the Security
Agreement Amendment, the FAA Security Agreement Amendment, the 120-071 Security Agreement Amendment, the Embraer Security Agreements and all other Transaction Documents contemplated hereby or executed pursuant hereto to which RACC is a party and the
performance and observance of their terms, conditions and obligations have been duly authorized by all necessary action on the part of RACC. This Agreement, the Aircraft Notes, the Aircraft Security Agreement Amendments, the Senior Note, the Engine
Overhaul Note, the FMP Collateral Assignment, the Security Agreement Amendment, the FAA Security Agreement Amendment, the 120-071 Security Agreement Amendment, the Embraer Security Agreements and all other Transaction Documents contemplated hereby
or executed pursuant hereto constitute, when executed and delivered by RACC to Great Lakes, valid and binding obligations of RACC, respectively, enforceable in accordance with their terms (subject to bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or affecting creditors’ rights generally and general principles of equity). 

  

	11.	Events of Default and Remedies. 

  

	 	(A)	The following events shall constitute “Events of Default” under this Agreement (with a “Default” occurring if, with the passage of time, the giving
of notice, or both, the act or omission would become an Event of Default): 

  

	 	(1)	The failure by any party to perform or comply with any promise, agreement, obligation, warranty or covenant made by it herein, in any other Transaction Document or in the FMP
Agreement, if such default is not cured by Great Lakes, on the one hand, or RACC, on the other, within thirty (30) calendar days of receipt of notice from any party specifying such default; provided, however, that there shall be no cure period,
except as otherwise specifically set forth in the applicable Transaction Document, with respect to any payment default by Great Lakes in respect of any of the Obligations; 

  

	 	(2)	Any of the following events shall have occurred: (a) Charles R. Howell, or a replacement reasonably acceptable to RACC, shall no longer serve as Chief Executive Officer of
Great Lakes, or (b) Michael Matthews, or a replacement reasonably acceptable to RACC, shall no longer serve as Chief Financial Officer of Great Lakes; or 

  

	 	(3)	Any “Event of Default” as defined in any of the Transaction Documents shall have occurred. 

  

 13 

	 	(B)	Remedies. Upon the occurrence of any Event of Default, a non-defaulting party may proceed with every remedy available at law or equity or provided for herein or in any
Transaction Document or document executed in connection herewith or therewith. No delay or failure of any party in the exercise of any right or remedy provided for hereunder shall be deemed a waiver of the right by such party, and no exercise or
partial exercise or waiver of any right or remedy shall be deemed a waiver of any further exercise of such right or remedy or of any other right or remedy that such party may have. The rights and remedies herein expressed are cumulative and not
exclusive of any right or remedy that any party shall otherwise have. Further, nothing contained herein shall obligate any party to undertake any action unless required by law. 

  

	 	(C)	Default Interest Rate. Upon the occurrence and during the continuance of any Event of Default, the outstanding principal under each of the Notes shall bear interest at
the Default Interest Rate. The “Default Interest Rate” is defined as ten percent (10%) per annum. 

  

	12.	Notices. Any notice pertaining to or required by this Agreement shall be deemed sufficiently given if personally delivered or sent by registered or certified mail,
return receipt requested, to the party to whom said notice is to be given, or sent via telecopier with oral confirmation from a person at the receiving office that the transmission has been received, or sent via overnight carrier. Notices sent by
registered or certified mail shall be deemed given on the third day after the date of postmark. Notices hand-delivered shall be deemed given on the date delivered. Notices forwarded by telecopier shall be deemed given upon the foregoing oral
confirmation that the transmission has been received. Notices sent by overnight carrier shall be deemed delivered the day after being forwarded. Until changed by written notice given by any of the noted parties, the addresses of the parties shall be
as follows: 

  

					
	Great Lakes:	  	 Great Lakes Aviation, Limited
 Attention:
President

		  	1022 Airport Parkway
		  	Cheyenne, Wyoming 82001
		  	Telephone:	  	(307) 432-7000
		  	Telecopier:	  	(307) 432-7001
		
	with a copy to:	  	Briggs and Morgan, P.A.
		  	Attention: Timothy R. Thornton
		  	2200 IDS Center
		  	Minneapolis, Minnesota 55402
		  	Telephone:	  	(612) 977-8400
		  	Telecopier:	  	(612) 977-8650

  

 14 

					
	RACC:	  	 Raytheon Aircraft Credit Corporation
 Attention: President

		  	101 South Webb Road
		  	Suite 300
		  	Wichita, Kansas 67207
		  	Telephone:	  	(316) 676-0639
		  	Telecopier:	  	(316) 676-6975
		
	with a copy to:	  	Peter D. Schellie, Esq.
		  	Bingham McCutchen LLP
		  	2020 K Street, NW
		  	Washington, DC 20006
		  	Telephone:	  	(202) 373-6000
		  	Telecopier:	  	(202) 373-6001

  

	13.	Miscellaneous. 

  

	 	(A)	Amendments. No provision or term of this Agreement may be amended, modified, revoked, supplemented, waived or otherwise changed except by a written instrument duly
executed by Great Lakes and RACC and designated as an amendment, supplement or waiver. 

  

	 	(B)	Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original. 

  

	 	(C)	Headings. The paragraph headings herein are for convenience only and shall not affect the construction hereof. 

  

	 	(D)	Use of Terms. As used herein, words in any gender shall be deemed to include the other gender and the singular shall be deemed to include the plural, and vice versa.

  

	 	(E)	Severability. If any provision in this Agreement shall be held invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the
remaining provisions of this Agreement 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. 

  

	 	(F)	 Governing Law and Informed Choice. 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 LAWS OF THE STATE OF KANSAS SHALL APPLY TO ANY AND ALL MATTERS ARISING FROM OR RELATED TO THIS AGREEMENT. THE PARTIES AGREE THAT ANY LEGAL PROCEEDING BASED UPON THE PROVISIONS OF
THIS AGREEMENT OR, UNLESS OTHERWISE EXPRESSLY PROVIDED THEREIN, ANY OTHER TRANSACTION DOCUMENT, SHALL BE BROUGHT EXCLUSIVELY IN EITHER THE 

  

 15 

	 	 
UNITED STATES DISTRICT COURT OF 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, 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 AND FORECLOSE UPON THE PROPERTY OR
ASSET IN WHICH IT HAS A SECURED OR OWNERSHIP INTEREST. THE PARTIES CONSENT AND AGREE TO BE SUBJECT TO THE JURISDICTION OF THE AFORESAID COURTS IN SUCH PROCEEDING. THE PARTIES TO THIS AGREEMENT 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 JURISDICTIONS IN RESPECT OF ANY TRANSACTION DOCUMENT OR OTHER DOCUMENT RELATED
THERETO. THE PARTIES TO THIS AGREEMENT 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. 

  

	 	(G)	Waiver of Right to Jury Trial. ALL PARTIES TO THIS 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 AGREEMENT. 

  

	 	(H)	Damages. To the extent that any party hereto is subject to liability for any breach under this Agreement or any of the other Transaction Documents, 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 or any of the other Transaction Documents, said provision(s) shall be regarded as amended to whatever extent required to make such provision(s)
consistent with this Section 13(H). 

  

	 	(I)	Successors and Assigns. This Agreement shall be binding upon and enure to the benefit of RACC and Great Lakes and their respective successors and assigns, provided
that Great Lakes may not assign any rights, duties or obligations hereunder. Each of the Notes and related Transaction Documents may be fully transferred by RACC at any time to any person. 

  

 16 

	 	(J)	Exhibits and Schedules. All exhibits and schedules referred to herein and attached hereto are hereby incorporated by reference as an integral part of this Agreement,
subject to the terms and conditions set forth herein. 

  

	 	(K)	Entire Agreement; Mutual Effort to Achieve Final Effectiveness. This Agreement, taken together with the additional Transaction Documents to be executed in connection
herewith (as set forth herein), constitute the entire agreement between RACC and Great Lakes concerning the subject matter hereof and supersede and merge any prior written or oral agreements between RACC and Great Lakes concerning the subject matter
hereof. Each of RACC and Great Lakes agrees to exercise all commercially reasonable efforts and activities as may be necessary or prudent to achieve the Continued Effectiveness Date, when and as provided in the above Section 8.

  

	 	(L)	Time of Essence. Time is of the essence with respect to all of the provisions of this Agreement. 

  

	 	(M)	Termination of Agreement. This Agreement shall terminate upon the indefeasible payment in full in cash of all of the Obligations. 

  

	 	(N)	Expenses. Great Lakes will pay all of RACC’s costs and expenses in connection with the negotiation and drafting of this Agreement and the satisfaction of the
Conditions to Continued Effectiveness, including, without limitation, the fees and expenses of counsel to RACC; provided, however, that the amount Great Lakes shall be required to pay pursuant to this sentence shall be capped at
$80,000. Other than as set forth in the preceding sentence, each party to this Agreement shall bear its own legal, accounting and other expenses associated with the negotiation of this Agreement and the satisfaction of the Conditions to Continued
Effectiveness. 

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

 17 

 In witness of the mutual promises, covenants and agreements set forth herein, the parties have caused their duly
authorized officers to execute this Agreement on the day and year set forth beneath their signatures hereto. 
  

			
	GREAT LAKES AVIATION, LTD., an Iowa corporation
		
	By:	 	/s/ Michael Matthews
	Its	 	Chief Financial Officer
	Date:	 	March 9, 2007

  

			
	RAYTHEON AIRCRAFT CREDIT CORPORATION, a Kansas corporation
		
	By:	 	/s/ Andrew Mathews
	Its	 	President
	Date:	 	March 9, 2007

  

 18 

 List of Exhibits and Schedules 
  

			
		
	Exhibit A	  	Form of Aircraft Note
		
	Exhibit B	  	Form of Aircraft Security Agreement Amendment
		
	Exhibit C	  	Form of Senior Note
		
	Exhibit D	  	Form of Security Agreement Amendment
		
	Exhibit E	  	Form of FAA Security Agreement Amendment
		
	Exhibit F	  	Form of 120-071 Security Agreement Amendment
		
	Exhibit G	  	Form of Embraer Security Agreement
		
	Exhibit H	  	Equity Provisions from Existing Restructuring Agreement
		
	Schedule 1	  	Aircraft Note Payment and Amortization Schedule
		
	Schedule 2	  	Senior Note Payment and Amortization Schedule
		
	Schedule 3	  	RACC’s Legal and Out-of-Pocket Expenses
		
	Schedule 4	  	Existing Indebtedness of Great Lakes
		
	Schedule 5	  	Existing Affiliate Transactions
		
	Schedule 6	  	Litigation

 Exhibit A 
 RACC 
 FORM OF SECOND 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 101 S. Webb Street, Suite 300, Wichita, Kansas 67207 (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 ONE HUNDRED SIXTEEN THOUSAND FIVE HUNDRED SEVENTY THREE AND
70/100 DOLLARS ($2,116,573.70), 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 six and three-quarters percent (6.75%) per annum. 

  

	 	B.	Notwithstanding the foregoing Clause A, while an Event of Default (as defined in Section 12) 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 the rate of ten percent (10%) per annum 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.

 3. Payment Schedule. Payment of the principal balance together with accrued interest shall be made in monthly installments payable in arrears. The
first installment payment shall be due and payable to RACC on March 30, 2007. Each subsequent installment payment shall be due and payable to RACC on the 30th day of each month thereafter, until June 30, 2011, when the entire remaining
balance of principal and interest shall be paid in full. The amount of each installment payment will be as set forth on Schedule 1 hereto. 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. 
  

 A-1 

 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. Subject to the provisions of Section 6 of the Amended and Restated
Restructuring Agreement dated as of March 9, 2007 (as amended and in effect from time to time, the “Restructuring Agreement”) between Debtor and RACC, 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 this Promissory Note and the Security Agreement Amendment, and to perform its 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; 

  

 A-2 

	 	(c)	upon execution and delivery of this Promissory Note and the Security Agreement Amendment, 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)	RACC has a first-priority perfected security interest in the Collateral, subject only to liens permitted hereunder or under the Security Agreement 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 

  

 A-3 

	 	 
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: 
  

	 	(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 §362(a) of the Federal Bankruptcy Code and the operation of §§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 executed
an Amended and Restated Security Agreement dated as of December 31, 2002, as amended by a First Amendment to Amended and Restated Security Agreement of even date herewith (as so amended and as may be further amended and in effect from time to
time, the “Security Agreement”), granting RACC a security interest in the following described aircraft previously 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 1900D, Serial Number             , Registration Number
             (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, 

  

 A-4 

	 	 
equipment and accessories attached to, connected with, located in or removed from the Aircraft and all logs, manuals and maintenance records.

 Aircraft Engines: Make: Pratt & Whitney; Model: PT6A-67D; Shaft Horsepower: over 750; Serial Number (L):
            ; Serial Number (R):             , together with any replacement engines. 
 Aircraft Propellers: Hub Make: Hartzell; Hub Model: HC-E4A-3; Hub Serial Number (L):
            ; Hub Serial Number (R):             , 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 in the Security Agreement
is a purchase money security interest under the Kansas Uniform Commercial Code. 
 10. Purpose of Loan; Usury. The purpose of the Amended and Restated
Promissory Note dated as of December 31, 2002 issued by the Debtor to RACC (the “Existing Note”) was to refinance the Debtor’s acquisition of the Aircraft. This Promissory Note amends and restates and has been issued in
substitution as a replacement for the Existing Note. Nothing contained herein or in any other document shall be construed to constitute the payment or discharge of the Existing Note or to release or terminate any lien, mortgage, pledge or other
security interest in favor of RACC relating to the Existing 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. 
  

 A-5 

 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; 

  

	 	(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; 

  

 A-6 

	 	(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, for any reason, including, without limitation, as a result of a stock issuance or other capital event, there is a change in control of forty percent
(40%) or more of Debtor’s voting capital stock issued and outstanding from time to time on a fully-diluted basis (and taking into account all voting capital stock than any persons have the right to acquire pursuant to any option or
conversion rights); or 

  

	 	(l)	an Event of Default as defined in the Restructuring Agreement shall occur; 

 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 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. 
  

 A-7 

 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 PROMISSORY NOTE 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 PROMISSORY NOTE 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. 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 PROMISSORY NOTE OR OTHER DOCUMENT RELATED THERETO. THE PARTIES EACH WAIVES PERSONAL SERVICE OF
ANY SUMMONS, COMPLAINT 

  

 A-8 

 
OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH APPLICABLE STATE. 
 18. WAIVER OF RIGHT TO JURY TRIAL. ALL PARTIES TO THIS PROMISSORY NOTE 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 PROMISSORY NOTE. 
 19. Damages. To the extent that any party hereto
is subject to liability for any breach under this Promissory Note, 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 Promissory Note, 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, the Security Agreement and the Restructuring 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. None of this Promissory Note, the Security Agreement and the Restructuring Agreement shall be changed orally, but only by writing signed by the
parties hereto. 
 [The remainder of this page is intentionally left blank.] 
  

 A-9 

 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          day of March, 2007. 
  

							
	Debtor:	 	Great Lakes Aviation, Ltd.
		
		 	 
		 	(signature)	 	(title)
		
	Address:        	 	 1022 Airport Parkway
 Cheyenne,
Wyoming 82001

		
		 	Raytheon Aircraft Credit Corporation
				
		 	By:	 	 	 	 
		 		 		 	“RACC”

  

 A-10 

 Schedule 1 
 Aircraft Note Payment and Amortization Schedule 
  

							
	APR	 	 6.75%
	  		  	
	  	 	 Event
	  	Amount	  	Number
	 1
	 	Loan	  	2,116,573.70	  	1
	 2
	 	Balloon Payment	  	1,306,674.84	  	52

 AMORTIZATION SCHEDULE – Normal Amortization, 360 Day Year 
  

											
	 #
	  	 	  	 Payment
	  	 Interest
	  	 Principal
	  	 Balance

	 Loan
	  		  		  		  		  	2,116,573.70
	 1
	  	30-Mar-07	  	22,181.23	  	8,334.01	  	13,847.22	  	2,102,726.48
	 2
	  	30-Apr-07	  	25,500.00	  	12,222.10	  	13,277.90	  	2,089,448.58
	 3
	  	30-May-07	  	25,500.00	  	11,753.15	  	13,746.85	  	2,075,701.73
	 4
	  	30-Jun-07	  	25,500.00	  	12,065.02	  	13,434.98	  	2,062,266.75
	 5
	  	30-Jul-07	  	25,500.00	  	11,600.25	  	13,899.75	  	2,048,367.00
	 6
	  	30-Aug-07	  	25,500.00	  	11,906.13	  	13,593.87	  	2,034,773.13
	 7
	  	30-Sep-07	  	25,500.00	  	11,827.12	  	13,672.88	  	2,021,100.25
	 8
	  	30-Oct-07	  	25,500.00	  	11,368.69	  	14,131.31	  	2,006,968.94
	 9
	  	30-Nov-07	  	25,500.00	  	11,665.51	  	13,834.49	  	1,993,134.45
	 10
	  	30-Dec-07	  	25,500.00	  	11,211.38	  	14,288.62	  	1,978,845.83
	 11
	  	30-Jan-08	  	25,500.00	  	11,502.04	  	13,997.96	  	1,964,847.87
	 12
	  	29-Feb-08	  	25,500.00	  	11,052.27	  	14,447.73	  	1,950,400.14
	 13
	  	30-Mar-08	  	25,500.00	  	10,971.00	  	14,529.00	  	1,935,871.14
	 14
	  	30-Apr-08	  	25,500.00	  	11,252.25	  	14,247.75	  	1,921,623.39
	 15
	  	30-May-08	  	25,500.00	  	10,809.13	  	14,690.87	  	1,906,932.52
	 16
	  	30-Jun-08	  	25,500.00	  	11,084.05	  	14,415.95	  	1,892,516.57
	 17
	  	30-Jul-08	  	25,500.00	  	10,645.41	  	14,854.59	  	1,877,661.98
	 18
	  	30-Aug-08	  	25,500.00	  	10,913.91	  	14,586.09	  	1,863,075.89
	 19
	  	30-Sep-08	  	25,500.00	  	10,829.13	  	14,670.87	  	1,848,405.02
	 20
	  	30-Oct-08	  	25,500.00	  	10,397.28	  	15,102.72	  	1,833,302.30
	 21
	  	30-Nov-08	  	25,500.00	  	10,656.07	  	14,843.93	  	1,818,458.37
	 22
	  	30-Dec-08	  	25,500.00	  	10,228.83	  	15,271.17	  	1,803,187.20
	 23
	  	30-Jan-09	  	25,500.00	  	10,481.03	  	15,018.97	  	1,788,168.23
	 24
	  	28-Feb-09	  	25,500.00	  	9,723.16	  	15,776.84	  	1,772,391.39
	 25
	  	30-Mar-09	  	25,500.00	  	9,969.70	  	15,530.30	  	1,756,861.09
	 26
	  	30-Apr-09	  	25,500.00	  	10,211.75	  	15,288.25	  	1,741,572.84
	 27
	  	30-May-09	  	25,500.00	  	9,796.35	  	15,703.65	  	1,725,869.19
	 28
	  	30-Jun-09	  	25,500.00	  	10,031.61	  	15,468.39	  	1,710,400.80
	 29
	  	30-Jul-09	  	25,500.00	  	9,621.00	  	15,879.00	  	1,694,521.80
	 30
	  	30-Aug-09	  	25,500.00	  	9,849.41	  	15,650.59	  	1,678,871.21
	 31
	  	30-Sep-09	  	25,500.00	  	9,758.44	  	15,741.56	  	1,663,129.65
	 32
	  	30-Oct-09	  	25,500.00	  	9,355.10	  	16,144.90	  	1,646,984.75
	 33
	  	30-Nov-09	  	25,500.00	  	9,573.10	  	15,926.90	  	1,631,057.85

  

 A-11 

											
	 34
	  	30-Dec-09	  	25,500.00	  	9,174.70	  	16,325.30	  	1,614,732.55
	 35
	  	30-Jan-10	  	25,500.00	  	9,385.63	  	16,114.37	  	1,598,618.18
	 36
	  	28-Feb-10	  	25,500.00	  	8,692.49	  	16,807.51	  	1,581,810.67
	 37
	  	30-Mar-10	  	25,500.00	  	8,897.68	  	16,602.32	  	1,565,208.35
	 38
	  	30-Apr-10	  	25,500.00	  	9,097.77	  	16,402.23	  	1,548,806.12
	 39
	  	30-May-10	  	25,500.00	  	8,712.03	  	16,787.97	  	1,532,018.15
	 40
	  	30-Jun-10	  	25,500.00	  	8,904.86	  	16,595.14	  	1,515,423.01
	 41
	  	30-Jul-10	  	25,500.00	  	8,524.25	  	16,975.75	  	1,498,447.26
	 42
	  	30-Aug-10	  	25,500.00	  	8,709.72	  	16,790.28	  	1,481,656.98
	 43
	  	30-Sep-10	  	25,500.00	  	8,612.13	  	16,887.87	  	1,464,769.11
	 44
	  	30-Oct-10	  	25,500.00	  	8,239.33	  	17,260.67	  	1,447,508.44
	 45
	  	30-Nov-10	  	25,500.00	  	8,413.64	  	17,086.36	  	1,430,422.08
	 46
	  	30-Dec-10	  	25,500.00	  	8,046.12	  	17,453.88	  	1,412,968.20
	 47
	  	30-Jan-11	  	25,500.00	  	8,212.88	  	17,287.12	  	1,395,681.08
	 48
	  	28-Feb-11	  	25,500.00	  	7,589.02	  	17,910.98	  	1,377,770.10
	 49
	  	30-Mar-11	  	25,500.00	  	7,749.96	  	17,750.04	  	1,360,020.06
	 50
	  	30-Apr-11	  	25,500.00	  	7,905.12	  	17,594.88	  	1,342,425.18
	 51
	  	30-May-11	  	25,500.00	  	7,551.14	  	17,948.86	  	1,324,476.32
	 52
	  	30-Jun-11	  	25,500.00	  	7,698.52	  	17,801.48	  	1,306,674.84

  

 A-12 

 Exhibit B 
 FORM OF FIRST AMENDMENT TO AMENDED AND RESTATED 
 SECURITY AGREEMENT 
 THIS FIRST AMENDMENT TO AMENDED AND RESTATED SECURITY AGREEMENT is entered into as of March __, 2007 (this “Amendment”), by and between Great
Lakes Aviation Ltd., as debtor (the “Debtor”), and Raytheon Aircraft Credit Corporation (the “Secured Party”). 
 W I T
N E S S E T H : 
 WHEREAS, Debtor and Secured Party are parties to an existing amended and restated security agreement that is described
and defined on Exhibit A attached hereto and referred to as the “Security Agreement” (capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Security Agreement); 
 WHEREAS, Debtor has entered into an Amended and Restated Restructuring Agreement dated as of March 9, 2007 with the Secured Party (as amended and in
effect from time to time, the “2007 Restructuring Agreement”) whereby, among other things, the Secured Party has agreed to restructure the indebtedness evidenced by the Amended and Restated Promissory Note dated as of December 31,
2002 of Debtor issued to Secured Party and referred to in the Security Agreement as the Promissory Note (the “Existing Promissory Note”); 
 WHEREAS, as part of such Restructuring Agreement, Debtor has issued in substitution as replacement for the Existing Note, a Second Amended and Restated Promissory Note dated as of the date hereof (the “2007 Promissory Note”);

 WHEREAS, the parties intend by this instrument to amend the Security Agreement as of the date hereof to specifically reflect that
(i) the references in the Security Agreement to the “Restructuring Agreement” are to the 2007 Restructuring Agreement and (ii) the references to the “Promissory Note” are to the 2007 Promissory Note, all on the terms
set forth in this Amendment; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is acknowledged,
the parties hereto agree as follows: 
  

	1.	The definition of the “Promissory Note” in the Security Agreement is hereby amended to mean the 2007 Promissory Note, as it may be amended or amended and restated and in
effect from time to time. 

  

	2.	The definition of the “Restructuring Agreement” in the Security Agreement is hereby amended to mean the 2007 Restructuring Agreement, as it may be amended or amended and
restated and in effect from time to time. 

  

	3.	Except as modified and supplemented hereby, the Security Agreement remains in full force and effect and is hereby ratified and confirmed. 

  

 B-1 

	4.	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 SECURITY 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. 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. 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 SECURITY AGREEMENT AS AMENDED HEREBY OR 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.	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 SECURITY AGREEMENT AS AMENDED HEREBY. 

  

	6.	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. 

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

 B-2 

 Executed as of this          day of March, 2007, at Wichita, Kansas.

  

									
	GREAT LAKES AVIATION, LTD.	 		 	RAYTHEON AIRCRAFT CREDIT CORPORATION
					
	By:	 	 	 		 	By:	 	 

									
	Name:	 	 	 		 	Name:	 	 

									
	Title:	 	 	 		 	Title:	 	 

  

 B-3 

 EXHIBIT A 
 Security Agreement 
 Amended and Restated Security Agreement dated as of December 31, 2002 by and between Great
Lakes Aviation, Ltd., as debtor, and Raytheon Aircraft Credit Corporation, as secured party, recorded by the Federal Aviation Administration Aircraft Registry on
                 as Conveyance Number                 . 
  

 B-4 

 Exhibit C 
 RACC 
 FORM OF SENIOR NOTE 
  
  
 Raytheon Aircraft Credit Corporation 
  
  
 1. Restructuring Agreement.
Reference is hereby made to that certain Amended and Restated Restructuring Agreement (as amended and in effect from time to time, the “Restructuring Agreement”), dated as of March 9, 2007 by and between Great Lakes Aviation,
Ltd., an Iowa corporation (the “Debtor”), and Raytheon Aircraft Credit Corporation, a Kansas corporation (“RACC”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the
Restructuring Agreement. 
 2. Promise to Pay. FOR VALUE RECEIVED, the undersigned hereby absolutely and unconditionally promises to
pay to the order of RACC, at 101 S. Webb Street, Suite 300, Wichita, Kansas 67207 (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 THIRTEEN MILLION ONE HUNDRED SEVENTY FOUR THOUSAND SEVEN HUNDRED FIFTY FOUR AND 62/100 DOLLARS (the “Principal Sum”). All payments made pursuant to this promissory note (this “Promissory Note”) will be
made free and clear of, and without deduction for, withholding, setoff, recoupment or counterclaim of any kind. 
 3. Interest Rate.
In addition to Debtor’s payment of the Principal Sum, Debtor shall pay interest to RACC on the outstanding Principal Sum at the rate of seven percent (7.00%) per annum. The annual rate of interest applicable hereunder from time to
time, as specified above, is referred to herein as the “Interest Rate.” 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 3 be higher than the maximum amount permitted under applicable law. 
 4. Late Payment Charge. While an Event of Default (as defined below) is continuing, Debtor agrees to pay to RACC interest on the unpaid principal balance hereunder or other amounts payable hereunder (compounded
monthly and payable on demand in respect of overdue amounts) at the rate of ten percent (10%) per annum (the “Default Interest Rate”) until such Event of Default has been cured or waived in writing by RACC (after as well as before
judgment). 
 5. Payment Schedule. Payment of accrued interest on the outstanding Principal Sum shall be payable monthly in arrears on
the 30th day of each month commencing on March 30, 2007. Commencing with the calendar quarter ending on June 30, 2007, payment of the outstanding Principal Sum together with accrued interest shall be made in quarterly installments payable
in arrears. Each installment payment shall be due and payable to RACC on March 30, June 30, September 30 and December 30 of each year, until December 30, 2015 (the “Due Date”) 

  

 C-1 

 
when the entire remaining outstanding amount of the Principal Sum and interest shall be paid in full. The amount of each installment payment will be as set
forth in Schedule 1 hereto. 
 6. 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 6. 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. 
 7. Prepayment. This Promissory Note shall be subject to mandatory
prepayment from Excess Cash as provided in Section 6(A) of the Restructuring Agreement. In addition, Debtor may prepay this obligation in part or in full at any time without any premium or penalty. Any partial prepayment shall be applied to the
installments of principal in inverse order of maturity and in accordance with Section 6(C) of the Restructuring Agreement. 
 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, Debtor will: 
 (a) furnish RACC with such financial information with respect to Debtor or the collateral described in the Security Agreements and in
Section 7 of the Restructuring Agreement (the “Collateral”) as RACC may reasonably request; 
 (b) 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; 
 (c) comply with 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; 
 (d) 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 
 (e) 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 other Transaction
Documents. 
  

 C-2 

 9. Security Agreement. The payment and performance of all of the Obligations due RACC by Debtor
under this Promissory Note, and any renewals, extensions or changes hereof, 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 (collectively, the “Obligations”), shall be secured by the Corporate Security Documents, the Aircraft Security
Agreements, the 120-071 Security Agreement, the Embraer Security Agreements, and any other collateral security now or hereafter granted to RACC by the Debtor. 
 10. Purpose of Loan; Usury. Debtor warrants and represents to RACC that this loan is for business and commercial purposes and not for personal, family, household or agricultural purposes. The purpose of this
Promissory Note is to refinance the indebtedness outstanding under the Existing Senior Note and the Existing Subordinated Note. This Promissory Note has been issued in substitution as a replacement for the Existing Senior Note and the Existing
Subordinated Note. Nothing contained herein or in any other document shall be construed to constitute the payment or discharge of the Existing Senior Note or the Existing Subordinated Note or to release or terminate any lien, mortgage, pledge or
other security interest in favor of RACC relating to the Existing Senior Note or the Existing Subordinated Note. It is agreed, notwithstanding any provision to the contrary in any of the Transaction Documents, in no event will this Promissory Note
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 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 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. Waiver. The Debtor 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 interest on this Promissory Note or any other sum due under this Promissory Note, any Transaction Document, 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; 
  

 C-3 

 (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) 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;

 (d) Debtor shall be in default under any agreement or agreements evidencing 
 (e) any other debt and similar monetary obligations (including, without limitation, capitalized leases, synthetic leases or securitization
transactions) (collectively, “Indebtedness”) owing to RACC or any of its affiliates, 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) 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; 
 (g) Debtor shall be unable to pay
its debts as they mature; 
 (h) 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, respectively, exceeds $100,000.00 in the aggregate; 
 (i) the prospect of payment or performance by Debtor or realization on the Collateral, in the reasonable opinion of RACC, is or becomes
significantly impaired; 
 (j) any of the Aircraft shall have been lost, stolen or confiscated or shall have incurred
substantial damage or have been destroyed to such an extent that the repair thereof is impracticable (as determined solely by RACC); 
 (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, for any reason, including, without limitation, as a result of a stock issuance or other capital event, there is a change in control of forty percent (40%) or more of Debtor’s voting capital
stock issued and outstanding from time to time on a fully-diluted basis (and taking into account all voting capital stock than any persons have the right to acquire pursuant to any option or conversion rights); or 
  

 C-4 

 (l) an Event of Default as defined in the Restructuring Agreement shall occur;

 THEN, or at any time thereafter: 
 (1) In the case of any Event of Default under clauses (f) or (g), the entire unpaid principal amount of this Promissory Note and all
other amounts payable hereunder, 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 (f) or (g), RACC may, by written notice to Debtor, declare the
unpaid principal amount of this Promissory Note and all other amounts payable hereunder, to be forthwith due and payable, without 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 and the other Transaction Documents 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 the
Transaction Documents, 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. 
  

 C-5 

 16. Change of Address. Debtor will notify RACC in writing of any change of address from that shown
herein within ten (10) days of such change. 
 17. GOVERNING LAW AND CHOICE OF FORUM. THIS PROMISSORY NOTE 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 PROMISSORY NOTE 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 OR OTHERWISE REALIZE UPON ITS
SECURITY. 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 PROMISSORY NOTE OR 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. 
 18. WAIVER
OF RIGHT TO JURY TRIAL. ALL PARTIES TO THIS 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 PROMISSORY NOTE. 

19. Damages. To the extent that any party hereto is subject to liability for any breach under this Promissory Note, 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 Promissory Note, 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.

  

 C-6 

 21. Binding Agreement. All obligations of Debtor hereunder shall bind the heirs, agents and
attorneys-in-fact, successors and assigns of Debtor. 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 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. The Transaction
Documents 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. This Promissory Note
shall not be changed orally, but only by writing signed by the parties hereto. 
 [The remainder of this page is intentionally left blank.]

  

 C-7 

 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 this          day of March, 2007. 
  

					
	Debtor:	 	Great Lakes Aviation, Ltd.
			
		 	 	 	 
		 	(signature)                            
(title)
		
	Address:	 	 1022 Airport Parkway
 Cheyenne, Wyoming 82001

		
		 	Raytheon Aircraft Credit Corporation
			
		 	By:	 	 
		 		 	“RACC”

  

 C-8 

 Schedule 1 
 Senior Note Payment and Amortization Schedule 
  

							
	APR	 	 7.0%
	  		  	
				
	  	 	 Event
	  	Amount	  	Number
	1	 	Loan	  	13,174,754.62	  	1
	2	 	Quarterly Cash Payment	  	652,771.69	  	

 AMORTIZATION SCHEDULE - Normal Amortization, 360 Day Year 
  

											
	 #
	  	 	  	 Payment
	  	 Interest
	  	 Principal
	  	 Balance

	 Loan
	  		  		  		  		  	13,174,754.62
	 0
	  	3/30/07	  	51,235.16	  	51,235.16	  	0.00	  	13,174,754.62
	 1
	  	4/30/07	  	79,414.49	  	79,414.49	  	0.00	  	13,174,754.62
	 2
	  	5/30/07	  	75,799.96	  	75,799.96	  	0.00	  	13,174,754.62
	 3
	  	6/30/07	  	404,712.47	  	78,326.62	  	326,385.85	  	12,848,368.78
	 4
	  	7/30/07	  	73,922.12	  	73,922.12	  	0.00	  	12,848,368.78
	 5
	  	8/30/07	  	76,386.19	  	76,386.19	  	0.00	  	12,848,368.78
	 6
	  	9/30/07	  	402,772.04	  	76,386.19	  	326,385.85	  	12,521,982.93
	 7
	  	10/30/07	  	72,044.29	  	72,044.29	  	0.00	  	12,521,982.93
	 8
	  	11/30/07	  	74,445.76	  	74,445.76	  	0.00	  	12,521,982.93
	 9
	  	12/30/07	  	572,044.29	  	72,044.29	  	500,000.00	  	12,021,982.93
	 10
	  	1/30/08	  	71,473.16	  	71,473.16	  	0.00	  	12,021,982.93
	 11
	  	2/29/08	  	69,167.57	  	69,167.57	  	0.00	  	12,021,982.93
	 12
	  	3/30/08	  	69,167.57	  	69,167.57	  	0.00	  	12,021,982.93
	 13
	  	4/30/08	  	71,473.16	  	71,473.16	  	0.00	  	12,021,982.93
	 14
	  	5/30/08	  	69,167.57	  	69,167.57	  	0.00	  	12,021,982.93
	 15
	  	6/30/08	  	397,859.00	  	71,473.16	  	326,385.85	  	11,695,597.09
	 16
	  	7/30/08	  	67,289.74	  	67,289.74	  	0.00	  	11,695,597.09
	 17
	  	8/30/08	  	69,532.73	  	69,532.73	  	0.00	  	11,695,597.09
	 18
	  	9/30/08	  	395,918.57	  	69,532.73	  	326,385.85	  	11,369,211.24
	 19
	  	10/30/08	  	65,411.90	  	65,411.90	  	0.00	  	11,369,211.24
	 20
	  	11/30/08	  	67,592.30	  	67,592.30	  	0.00	  	11,369,211.24
	 21
	  	12/30/08	  	565,411.90	  	65,411.90	  	500,000.00	  	10,869,211.24
	 22
	  	1/30/09	  	64,619.69	  	64,619.69	  	0.00	  	10,869,211.24
	 23
	  	2/28/09	  	60,450.68	  	60,450.68	  	0.00	  	10,869,211.24
	 24
	  	3/30/09	  	62,535.19	  	62,535.19	  	0.00	  	10,869,211.24
	 25
	  	4/30/09	  	64,619.69	  	64,619.69	  	0.00	  	10,869,211.24
	 26
	  	5/30/09	  	62,535.19	  	62,535.19	  	0.00	  	10,869,211.24
	 27
	  	6/30/09	  	391,005.54	  	64,619.69	  	326,385.85	  	10,542,825.40
	 28
	  	7/30/09	  	60,657.35	  	60,657.35	  	0.00	  	10,542,825.40
	 29
	  	8/30/09	  	62,679.26	  	62,679.26	  	0.00	  	10,542,825.40
	 30
	  	9/30/09	  	389,065.11	  	62,679.26	  	326,385.85	  	10,216,439.55
	 31
	  	10/30/09	  	58,779.52	  	58,779.52	  	0.00	  	10,216,439.55

  

 C-9 

													
		  	32	  	11/30/09	  	60,738.83	  	60,738.83	  	0.00	  	10,216,439.55
		  	33	  	12/30/09	  	808,779.52	  	58,779.52	  	750,000.00	  	9,466,439.55
		  	34	  	1/30/10	  	56,279.93	  	56,279.93	  	0.00	  	9,466,439.55
		  	35	  	2/28/10	  	52,648.97	  	52,648.97	  	0.00	  	9,466,439.55
		  	36	  	3/30/10	  	54,464.45	  	54,464.45	  	0.00	  	9,466,439.55
		  	37	  	4/30/10	  	56,279.93	  	56,279.93	  	0.00	  	9,466,439.55
		  	38	  	5/30/10	  	54,464.45	  	54,464.45	  	0.00	  	9,466,439.55
		  	39	  	6/30/10	  	382,665.77	  	56,279.93	  	326,385.85	  	9,140,053.71
		  	40	  	7/30/10	  	52,586.61	  	52,586.61	  	0.00	  	9,140,053.71
		  	41	  	8/30/10	  	54,339.50	  	54,339.50	  	0.00	  	9,140,053.71
		  	42	  	9/30/10	  	380,725.34	  	54,339.50	  	326,385.85	  	8,813,667.86
		  	43	  	10/30/10	  	50,708.77	  	50,708.77	  	0.00	  	8,813,667.86
		  	44	  	11/30/10	  	52,399.07	  	52,399.07	  	0.00	  	8,813,667.86
		  	45	  	12/30/10	  	800,708.77	  	50,708.77	  	750,000.00	  	8,063,667.86
		  	46	  	1/30/11	  	47,940.16	  	47,940.16	  	0.00	  	8,063,667.86
		  	47	  	2/28/11	  	44,847.25	  	44,847.25	  	0.00	  	8,063,667.86
		  	48	  	3/30/11	  	46,393.71	  	46,393.71	  	0.00	  	8,063,667.86
		  	49	  	4/30/11	  	47,940.16	  	47,940.16	  	0.00	  	8,063,667.86
		  	50	  	5/30/11	  	46,393.71	  	46,393.71	  	0.00	  	8,063,667.86
		  	51	  	6/30/11	  	374,326.01	  	47,940.16	  	326,385.85	  	7,737,282.02
		  	52	  	7/30/11	  	44,515.87	  	44,515.87	  	0.00	  	7,737,282.02
		  	53	  	8/30/11	  	45,999.73	  	45,999.73	  	0.00	  	7,737,282.02
		  	54	  	9/30/11	  	372,385.58	  	45,999.73	  	326,385.85	  	7,410,896.17
		  	55	  	10/30/11	  	42,638.03	  	42,638.03	  	0.00	  	7,410,896.17
		  	56	  	11/30/11	  	44,059.30	  	44,059.30	  	0.00	  	7,410,896.17
		  	57	  	12/30/11	  	1,042,638.03	  	42,638.03	  	1,000,000.00	  	6,410,896.17
		  	58	  	1/30/12	  	38,114.10	  	38,114.10	  	0.00	  	6,410,896.17
		  	59	  	2/29/12	  	36,884.61	  	36,884.61	  	0.00	  	6,410,896.17
		  	60	  	3/30/12	  	36,884.61	  	36,884.61	  	0.00	  	6,410,896.17
		  	61	  	4/30/12	  	38,114.10	  	38,114.10	  	0.00	  	6,410,896.17
		  	62	  	5/30/12	  	36,884.61	  	36,884.61	  	0.00	  	6,410,896.17
		  	63	  	6/30/12	  	364,499.94	  	38,114.10	  	326,385.85	  	6,084,510.33
		  	64	  	7/30/12	  	35,006.77	  	35,006.77	  	0.00	  	6,084,510.33
		  	65	  	8/30/12	  	36,173.66	  	36,173.66	  	0.00	  	6,084,510.33
		  	66	  	9/30/12	  	362,559.51	  	36,173.66	  	326,385.85	  	5,758,124.48
		  	67	  	10/30/12	  	33,128.94	  	33,128.94	  	0.00	  	5,758,124.48
		  	68	  	11/30/12	  	34,233.23	  	34,233.23	  	0.00	  	5,758,124.48
		  	69	  	12/30/12	  	1,033,128.94	  	33,128.94	  	1,000,000.00	  	4,758,124.48
		  	70	  	1/30/13	  	28,288.03	  	28,288.03	  	0.00	  	4,758,124.48
		  	71	  	2/28/13	  	26,462.99	  	26,462.99	  	0.00	  	4,758,124.48
		  	72	  	3/30/13	  	27,375.51	  	27,375.51	  	0.00	  	4,758,124.48
		  	73	  	4/30/13	  	28,288.03	  	28,288.03	  	0.00	  	4,758,124.48
		  	74	  	5/30/13	  	27,375.51	  	27,375.51	  	0.00	  	4,758,124.48
		  	75	  	6/30/13	  	354,673.87	  	28,288.03	  	326,385.85	  	4,431,738.64
		  	76	  	7/30/13	  	25,497.67	  	25,497.67	  	0.00	  	4,431,738.64
		  	77	  	8/30/13	  	26,347.60	  	26,347.60	  	0.00	  	4,431,738.64

  

 C-10 

													
		  	78	  	9/30/13	  	352,733.44	  	26,347.60	  	326,385.85	  	4,105,352.79
		  	79	  	10/30/13	  	23,619.84	  	23,619.84	  	0.00	  	4,105,352.79
		  	80	  	11/30/13	  	24,407.17	  	24,407.17	  	0.00	  	4,105,352.79
		  	81	  	12/30/13	  	1,273,619.84	  	23,619.84	  	1,250,000.00	  	2,855,352.79
		  	82	  	1/30/14	  	16,975.66	  	16,975.66	  	0.00	  	2,855,352.79
		  	83	  	2/28/14	  	15,880.46	  	15,880.46	  	0.00	  	2,855,352.79
		  	84	  	3/30/14	  	16,428.06	  	16,428.06	  	0.00	  	2,855,352.79
		  	85	  	4/30/14	  	16,975.66	  	16,975.66	  	0.00	  	2,855,352.79
		  	86	  	5/30/14	  	16,428.06	  	16,428.06	  	0.00	  	2,855,352.79
		  	87	  	6/30/14	  	343,361.50	  	16,975.66	  	326,385.85	  	2,528,966.95
		  	88	  	7/30/14	  	14,550.22	  	14,550.22	  	0.00	  	2,528,966.95
		  	89	  	8/30/14	  	15,035.23	  	15,035.23	  	0.00	  	2,528,966.95
		  	90	  	9/30/14	  	341,421.07	  	15,035.23	  	326,385.85	  	2,202,581.10
		  	91	  	10/30/14	  	12,672.38	  	12,672.38	  	0.00	  	2,202,581.10
		  	92	  	11/30/14	  	13,094.80	  	13,094.80	  	0.00	  	2,202,581.10
		  	93	  	12/30/14	  	1,262,672.38	  	12,672.38	  	1,250,000.00	  	952,581.10
		  	94	  	1/30/15	  	5,663.29	  	5,663.29	  	0.00	  	952,581.10
		  	95	  	2/28/15	  	5,297.92	  	5,297.92	  	0.00	  	952,581.10
		  	96	  	3/30/15	  	5,480.60	  	5,480.60	  	0.00	  	952,581.10
		  	97	  	4/30/15	  	5,663.29	  	5,663.29	  	0.00	  	952,581.10
		  	98	  	5/30/15	  	5,480.60	  	5,480.60	  	0.00	  	952,581.10
		  	99	  	6/30/15	  	332,049.14	  	5,663.29	  	326,385.85	  	626,195.25
		  	100	  	7/30/15	  	3,602.77	  	3,602.77	  	0.00	  	626,195.25
		  	101	  	8/30/15	  	3,722.86	  	3,722.86	  	0.00	  	626,195.25
		  	102	  	9/30/15	  	330,108.70	  	3,722.86	  	326,385.85	  	299,809.41
		  	103	  	10/30/15	  	1,724.93	  	1,724.93	  	0.00	  	299,809.41
		  	104	  	11/30/15	  	1,782.43	  	1,782.43	  	0.00	  	299,809.41
		  	105	  	12/30/15	  	301,534.34	  	1,724.93	  	299,809.41	  	0.00
		  		  		  		  		  		  	
		  		  		  	17,648,965.45	  	4,474,210.83	  	13,174,754.62	  	

  

 C-11 

 Exhibit D 
 FORM OF FIRST AMENDMENT TO SECURITY AGREEMENT 
 THIS FIRST AMENDMENT TO SECURITY AGREEMENT is entered
into as of March __, 2007 (this “Amendment”), by and between Great Lakes Aviation Ltd., as debtor (the “Debtor”), and Raytheon Aircraft Credit Corporation (the “Secured Party”). 
 W I T N E S S E T H : 
 WHEREAS,
Debtor and Secured Party are parties to a Security Agreement dated as of December 31, 2002 pursuant to which the Debtor granted to the Secured Party a lien on substantially all of its assets (the “Security Agreement”; capitalized
terms used and not defined herein shall have the meanings ascribed thereto in the Security Agreement); 
 WHEREAS, Debtor has entered into an
Amended and Restated Restructuring Agreement dated as of March 9, 2007 with the Secured Party (as amended and in effect from time to time, the “2007 Restructuring Agreement”) whereby, among other things, the Secured Party has agreed
to restructure certain of its indebtedness owing to RACC; 
 WHEREAS, the parties intend by this instrument to amend the Security Agreement
as of the date hereof to specifically reflect that the references in the Security Agreement to the “Restructuring Agreement” are to the 2007 Restructuring Agreement; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereto agree as follows:

  

	 	1.	The definition of the “Restructuring Agreement” in the Security Agreement is hereby amended to mean the 2007 Restructuring Agreement, as it may be amended or amended and
restated and in effect from time to time. 

  

	 	2.	Except as modified and supplemented hereby, the Security Agreement remains in full force and effect and is hereby ratified and confirmed. 

  

	 	3.	 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 SECURITY 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. 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 

  

 D-1 

	 	 
OF THE COLLATERAL. 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 SECURITY AGREEMENT AS AMENDED HEREBY OR 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. 

  

	 	4.	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 SECURITY AGREEMENT AS AMENDED HEREBY. 

  

	 	5.	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. 

 [Remainder of this page intentionally left blank.]

  

 D-2 

 Executed as of this          day of March, 2007, at Wichita, Kansas.

  

									
	GREAT LAKES AVIATION, LTD.	 		 	RAYTHEON AIRCRAFT CREDIT CORPORATION
					
	By:	 	 	 		 	By:	 	 
	Name:	 	 	 		 	Name:	 	 
	Title:	 	 	 		 	Title:	 	 

  

 D-3 

 Exhibit E 
 FORM OF FIFTH AMENDMENT TO FAA SECURITY AGREEMENT 
 [Great Lakes Aviation, Ltd.] 
 THIS FIFTH AMENDMENT TO SECURITY AGREEMENT [Great Lakes Aviation, Ltd.] is entered into as of March __, 2007 (the “Agreement”), by and between
Great Lakes Aviation Ltd., as debtor (the “Debtor”), and Raytheon Aircraft Credit Corporation (the “Secured Party”). 
 W I T N E S S E T H : 
 WHEREAS, Debtor and Secured Party are parties to an existing security agreement as previously
amended from time to time that is described and defined on Exhibit A attached hereto and referred to as the “Security Agreement” (capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Security
Agreement); 
 WHEREAS, the Security Agreement encumbers various aircraft parts and other collateral collectively described herein as the
“Collateral”; 
 WHEREAS, Debtor has entered into an Amended and Restated Restructuring Agreement dated as of March 9, 2007
with the Secured Party (as amended and in effect from time to time, the “2007 Restructuring Agreement”) whereby, among other things, the Secured Party has agreed to restructure its financing of certain aircraft; 
 WHEREAS, the parties intend by this instrument to amend the Security Agreement as of March     , 2007, to specifically reflect
that the Security Agreement secures payments of the Debtor’s obligations under the 2007 Restructuring Agreement and the Notes as defined therein (as so defined, the “Notes”) in addition to any and all other indebtedness owed by Debtor
to Secured Party (whether now existing or hereinafter arising), as well as any renewals, extensions or changes in the form of said obligations or indebtedness; 
 WHEREAS, the parties, by this amendment, intend to include a updated listing of all Collateral relating to Debtor’s obligations under the 2007 Restructuring Agreement and the Notes as well as any and all other
indebtedness owed by Debtor to the Secured Party; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is acknowledged, the parties hereto agree as follows: 
  

	1.	Debtor acknowledges and confirms that the security interest granted pursuant to Section 1 of the Security Agreement secures payment of all indebtedness, obligations and
liabilities of Debtor to Secured Party, now existing or arising hereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or
otherwise, arising or incurred under the 2007 Restructuring Agreement, the Notes and the other Transaction Documents (as defined in the 2007 Restructuring Agreement), including, without limitation, all such indebtedness, obligations and liabilities
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; 

  

 E-1 

	2.	Exhibit A to the Security Agreement is hereby amended in its entirety by substituting in its place Exhibit A-1 hereto, and all locations previously subject to the
Security Agreement, and not described on Exhibit A-1 hereto, are hereby released from the terms thereof. 

  

	3.	Exhibit B to the Security Agreement is hereby amended in its entirety by substituting in its place Exhibit B-1 hereto, and all engines previously subject to the
Security Agreement, and not described on Exhibit B-1 hereto, are hereby released from the terms thereof. 

  

	4.	Debtor hereby grants to Secured Party a security interest in all of the Collateral described on Exhibit A-1 and Exhibit B-1 attached hereto. Except as modified and
supplemented hereby, the Security Agreement remains in full force and effect and is hereby ratified and confirmed. 

  

	5.	Debtor hereby covenants and agrees that it is a certificated air carrier holding a certificate issued under 40 U.S.C. § 44705. 

  

	6.	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 SECURITY 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. 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. 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 SECURITY AGREEMENT AS AMENDED HEREBY OR 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. 

  

	7.	 ALL PARTIES TO THIS AMENDMENT HEREBY VOLUNTARILY, KNOWINGLY AND IRREVOCABLY WAIVE ANY CONSTITUTIONAL OR 

  

 E-2 

	 	 
OTHER RIGHT EACH MAY HAVE TO A TRIAL BY JURY IN THE EVENT OF LITIGATION CONCERNING THIS AMENDMENT OR THE SECURITY AGREEMENT AS AMENDED HEREBY.

  

	8.	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. 

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

 E-3 

 Executed as of this          day of March, 2007, at Wichita, Kansas.

  

									
	GREAT LAKES AVIATION, LTD.	 		 	RAYTHEON AIRCRAFT CREDIT CORPORATION
					
	By:	 	 	 		 	By:	 	 
	Name:	 	 	 		 	Name:	 	 
	Title:	 	 	 		 	Title:	 	 

  

 E-4 

 EXHIBIT A 
 Security Agreement 
 Security Agreement and Encumbrance Against Air Carrier Aircraft Engines, Propellers, Appliances
and Spare Parts dated August 21, 1997 by and between Great Lakes Aviation, Ltd., as debtor, and Raytheon Aircraft Credit Corporation, as secured party, recorded by the Federal Aviation Administration Aircraft Registry on October 1, 1997 as
Conveyance Number XX008998 amended by the Amendment dated as of December 1, 2000, recorded October 4, 2001, as Conveyance No. NN022610, amended by Second Amendment and Supplement to Security Agreement dated as of June 29, 2001,
recorded October 4, 2001, as Conveyance No. NN022612, amended by Third Amendment to Security Agreement dated as of July 2, 2001, recorded October 5, 2001, as Conveyance No. NN022613, and amended by Fourth Amendment to Security
Agreement dated as of December 31, 2002, recorded January 27, 2003, as Conveyance No. BB038341. 
  

 E-5 

 EXHIBIT A-1 
  

					
		    	 Great Lakes Aviation, Ltd.
     Spare Parts Locations
  
 GREAT LAKES
AVIATION
 1022 AIRPORT PARKWAY
 CHEYENNE WY.
82001
  
 CERTIFIED REPAIR STATION
 1204 AIRPORT PARKWAY
 CHEYENNE, WY 82001
  
 GREAT LAKES AVIATION
 3851 N. SKY PARK ROAD
 GRAND ISLAND, NE 68801
  
 GREAT LAKES AVIATION
 HURON REGIONAL A/P
 1501 COLORADO AVENUE N.W.
 HURON, SD 57350
  
 GREAT LAKES AVIATION
 8900 PEÑA BLVD., A-52
 DENVER, CO 80249
	  	

  

 E-6 

 EXHIBIT B-1 
 Great Lakes Aviation, Ltd. 
 Spare Engines 
  

			
	 Engine Model
	  	 Engine Serial #

	 PT6A-67D
	  	114179
	 PT6A-67D
	  	PS0090
	 PT6A-67D
	  	PS0082
	 PT6A-67D
	  	PS0069
	 PT6A-67D
	  	PS0059
	 PT6A-67D
	  	PS0084
	 PT6A-67D
	  	114267
	 PT6A-67D
	  	PS0072
	 PT6A-67D
	  	114218
	 PT6A-67D
	  	PS0017
	 PT6A-67D
	  	114277
	 PT6A-67D
	  	PS0056
	 PT6A-67D
	  	PS0001
	 PT6A-67D
	  	114305
	 PT6A-65B
	  	32358  

  

 E-7 

 Exhibit F 
 FORM OF FIRST AMENDMENT TO AMENDED AND RESTATED 
 120-071 SECURITY AGREEMENT 
 THIS FIRST AMENDMENT TO AMENDED AND RESTATED SECURITY AGREEMENT is entered into as of March __, 2007 (this “Amendment”), by and between Great
Lakes Aviation Ltd., as debtor (the “Debtor”), and Raytheon Aircraft Credit Corporation (the “Secured Party”). 
 W I T
N E S S E T H : 
 WHEREAS, Debtor and Secured Party are parties to an existing amended and restated security agreement that is described
and defined on Exhibit A attached hereto and referred to as the “Security Agreement” (capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Security Agreement); 
 WHEREAS, Debtor has entered into an Amended and Restated Restructuring Agreement dated as of March 9, 2007 with the Secured Party (as amended and in
effect from time to time, the “2007 Restructuring Agreement”) whereby, among other things, the Secured Party has agreed to restructure certain of its indebtedness owing to RACC; 
 WHEREAS, the parties intend by this instrument to amend the Security Agreement as of the date hereof to specifically reflect that the references in the
Security Agreement to the “Restructuring Agreement” are to the 2007 Restructuring Agreement; 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereto agree as follows: 
  

	1.	The definition of the “Restructuring Agreement” in the Security Agreement is hereby amended to mean the 2007 Restructuring Agreement, as it may be amended or amended and
restated and in effect from time to time. 

  

	2.	Except as modified and supplemented hereby, the Security Agreement remains in full force and effect and is hereby ratified and confirmed. 

  

	3.	 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 SECURITY 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. 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 

  

 F-1 

	 	 
COLLATERAL. 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 SECURITY AGREEMENT AS AMENDED HEREBY OR 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. 

  

	4.	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 SECURITY AGREEMENT AS AMENDED HEREBY. 

  

	5.	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. 

 [Remainder of this page intentionally left blank.]

  

 F-2 

 Executed as of this          day of March, 2007, at
Wichita, Kansas. 
  

									
	GREAT LAKES AVIATION, LTD.	 		 	RAYTHEON AIRCRAFT CREDIT CORPORATION
					
	By:	 	 	 		 	By:	 	 
	Name:	 	 	 		 	Name:	 	 
	Title:	 	 	 		 	Title:	 	 

  

 F-3 

 EXHIBIT A 
 Security Agreement 
 Amended and Restated Security Agreement dated as of December 31, 2002 by and between
Great Lakes Aviation, Ltd., as debtor, and Raytheon Aircraft Credit Corporation, as secured party, recorded by the Federal Aviation Administration Aircraft Registry on March 10, 2009 as Conveyance Number T071644. 
  

 F-4 

 Exhibit G 
 FORM OF EMBRAER AIRCRAFT SECURITY AGREEMENT 
  
  
 Embraer Model EMB-120ER

 Manufacturer’s Serial Number 120-         
 U.S. Registration Number              
  
  
 Great Lakes Aviation, Ltd. (“Debtor”) and Raytheon Aircraft Credit Corporation (“RACC”) are parties to that certain Restructuring Agreement dated as of December 31, 2002 (as
amended, amended and restated, supplemented or otherwise modified from time to time, the “Restructuring Agreement”). As additional security for the payment and performance in full of all of the obligations of the Debtor to RACC under or in
respect of the Restructuring Agreement and the other Transaction Documents as defined in the Restructuring Agreement (as so defined, the “Transaction Documents”), the Debtor and RACC are entering into this security agreement (this
“Security Agreement”). 
 1. Grant of Security Interest. To secure the payment and performance of all of the obligations due RACC by the
Debtor under the Restructuring Agreement and the Transaction Documents 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 §362(a) of the Federal Bankruptcy Code and the operation of §§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 and creates an international interest (as defined and provided for in the Convention on International Interests in Mobile Equipment (the “Convention”), the Protocol to the Convention on
International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (the “Protocol”), both signed in Cape Town, South Africa on November 16, 2001, as ratified by the United States, together with the Regulations and
Procedures issued by the Supervisory Authority for the International Registry, and all other rules, amendments, supplements, modifications and revisions thereto (collectively, the “Cape Town Treaty”) 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.	Embraer model EMB-120ER, Serial Number 120-            , Registration Number
             (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: Pratt and Whitney; Model: PW118A; Shaft Horsepower: over 550; Serial Number (L):
            ; Serial Number (R):              (each of which is capable of producing 550 or more rated takeoff
horsepower), together with any replacement engines. 
  

 G-1 

 Aircraft Propellers: Hub Make: Hamilton Standard; Hub Model: 14RF-9; Hub Serial Number (L):
            ; Hub Serial Number (R):              (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, and Associated Rights as defined in the Cape Town Treaty, 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, Associated Rights and goods, all payments under any insurance
covering the Aircraft and any of its engines, propellers, equipment, accessories and accessions. 

 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, encumbrance or registration at the International Registry (“International Registry”) created by the Cape Town Treaty. 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. § 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, registering, validating and maintaining a valid security interest and international interest in the Collateral and to assure that the Collateral is properly titled
and registered and the security interest and international interest perfected to RACC’s reasonable satisfaction. 
  

	 	(a)	 Regarding the Cape Town Treaty, (i) Debtor shall establish a valid and existing account with the International Registry, appoint an Administrator and/or a
Professional User acceptable to Secured Party to make registration in regards to the Collateral, (ii) Secured Party and Debtor shall register a first priority Prospective International Interest in connection with the Collateral which shall be
searchable in the International Registry to the satisfaction of Secured Party (and the Debtor and RACC hereby consent to the registration of said Prospective International Interests on the International Registry), and (iii) Debtor shall execute

  

 G-2 

	 	 
and Secured Party shall have received a fully completed and originally executed Irrevocable De-Registration and Export Request Authorization
(“IDERA”), in the form required by the Protocol and acceptable to Secured Party and attached hereto as Exhibit A. 

 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: 
  

	 	(a)	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. 

  

	 	(b)	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. 

  

	 	(c)	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. 

  

	 	(d)	Debtor will use reasonable care to prevent the Aircraft from being damaged or injured and will promptly 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 replacement value of the Collateral or as otherwise agreed in writing by RACC. 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 Debtor 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 amounts and charges owed by
Debtor under the Restructuring Agreement and the other Transaction Documents. 

  

 G-3 

	 	 
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 (ii) RACC 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 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. 

 Debtor 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. 

  

 G-4 

 
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 Restructuring Agreement, 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 Restructuring Agreement. 
 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 constitute Obligations, shall be secured by the Collateral and shall be payable upon demand, together with interest at the Default Interest Rate as defined in the Restructuring
Agreement until the Obligations are paid in full. Debtor shall at all times keep the Collateral, and any proceeds therefrom, separate and 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

  

 G-5 

 
Aircraft or any part thereof, 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 Restructuring Agreement, (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 and, if applicable, the Cape Town Treaty 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, the balance, if any, of the proceeds of the sale may be 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 

  

 G-6 

 
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. Additionally, Debtor affirmatively agrees Secured Party has all the rights and remedies granted a creditor under the Cape Town Treaty, including but not
limited to the following; (a) if Debtor is in possession, custody or control of the Collateral to enter Debtor’s or any other person’s premises and take possession of such Collateral; (b) to require Debtor to assemble and make
available such Collateral at a location selected by Secured Party; (c) to sell, lease or otherwise dispose or cause the Debtor to sell, lease or otherwise dispose of the Collateral; (d) to collect or receive any income, rents or profits
arising from the management or use of the Collateral; (e) to procure the deregistration of the Registration of the Aircraft and export of the Aircraft to a jurisdiction of Secured Party’s choice pursuant to the IDERA and as authorized by
the Cape Town Treaty; and (f) to apply for a court order authorizing these remedies. At the option of Secured Party, upon default, it may also, pending final determination of its claim in any court proceeding, obtain speedy relief in the form
of on order providing for (i) preservation of the object and its value; (ii) possession, control or custody of the object; (iii) immobilization of the object; (iv) lease or, except where covered by sub-paragraphs (i) to
(iii), management of the object and the income therefrom; and (v) sale and application of proceeds therefrom (with all such remedies being governed by applicable law and the provisions 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, registration
of any interest on the International Registry, lien or encumbrance and will not permit the Collateral to be attached or replevied. Debtor hereby consents to any and all assignments of this Security Agreement. 
 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. 
 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. Certain Definitions. The terms “Administrator”, “Contract of
Sale”, “international interest”, “Prospective Contract of Sale”, “Prospective International Interest, “Professional User”, and “searchable” shall have the meanings given them in the Cape Town Treaty.

 15. 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 

  

 G-7 

 
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. 
 16. 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. 
 17. 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,
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 17. 
 18. Enforceability. The unenforceability of any
provision hereof shall not affect the validity of any other provision hereof. 
 19. Binding Agreement. All obligations of Debtor hereunder shall bind
the heirs, agents and attorneys-in-fact, successors and assigns of Debtor. All rights of RACC hereunder shall inure to the benefit of its successors and assigns. 
 20. 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, and Debtor hereby consents to any future assignment by RACC hereunder. 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. 
 21. Entire Agreement. This Security Agreement, the Restructuring Agreement and the other Transaction Documents 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, the Restructuring Agreement or any of the other Transaction Documents shall be changed orally, but
only by writing signed by the parties hereto. 
  

 G-8 

 22. 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, the Restructuring Agreement or the other Transaction Documents 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. 
 [The remainder of this page is intentionally left blank.] 
  

 G-9 

 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              day of                      2007,
at Wichita, Kansas. 
  

			
	Great Lakes Aviation, Ltd. (“Debtor”)
		
	By: 	 	 

			
		
	Print Name:	 	 

			
		
	Title:	 	 

			
		
	Address: 	 	1022 Airport Parkway
		 	Cheyenne, Wyoming 82001

  

			
	Raytheon Aircraft Credit Corporation (“RACC”)
		
	By: 	 	 
		 	Andrew A. Mathews, President

  

 G-10 

 Exhibit A 
 Irrevocable De-Registration and Export Request Authorization1 
 March 8, 2007 
  

	TO:	United States Federal Aviation Administration Aircraft Registry 

  

	RE:	Irrevocable De-Registration and Export Request Authorization 

 The undersigned is the registered owner of the One (1) Embraer model EMB-120ER aircraft bearing serial number 120-            , and United States Registration No.
         (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 Raytheon Aircraft Credit
Corporation (“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 or within 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 of America shall co-operate with the authorized party with a view to the speedy completion of such action. 

 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. 
  

	1
	 Filed in connection with and made a part of the Aircraft Security Agreement, dated March     , 2007, between Great Lakes Aviation, Ltd.,
as Debtor, and Raytheon Aircraft Credit Corporation, as Secured Party, filed with the FAA simultaneously herewith. 

  

 G-11 

 Please acknowledge your agreement to this request and its terms by appropriate notation in the space
provided below and lodging this instrument in U.S. Federal Aviation Administration Aircraft Registry. 
  

			
	GREAT LAKES AVIATION, LTD.
		
	By: 	 	 

			
		
	Print Name:	 	 

			
		
	Title:	 	 
		
	Address:	 	1022 Airport Parkway
		 	Cheyenne, Wyoming 82001

  

 G-12 

 Exhibit H 
 Equity Provisions from Existing Restructuring Agreement 
 8. Receipt of Equity. 
 . . . 
  

	 	(B)	 Anti-Dilution. Except for (i) the issuance of options to purchase up to 1,000,000 shares of Common Stock pursuant to Great Lakes’ 1993 Stock
Option Plan, (ii) the issuance of options to purchase up to 300,000 shares of Common Stock pursuant to Great Lakes’ 1993 Director Stock Option Plan, (iii) the issuance of options for new management of Great Lakes hired subsequent to
the effectiveness of this Agreement to purchase up to 400,000 shares of Common Stock pursuant to an additional equity incentive plan to be implemented in the near future provided that all recipients of options pursuant to such additional equity
incentive plan sign lockup agreements as set forth in Section 14(B)(31), (iv) the issuance of up to 2,300,000 shares of Common Stock in connection with the exercise of any of the foregoing options, and (v) the issuance of up to
150,000 shares of Common Stock pursuant to Great Lakes’ Employee Stock Purchase Plan, if, at any time or from time to time Great Lakes issues any shares of, or options or warrants to purchase or other securities convertible into, Common Stock
(an “Additional Issuance”), Great Lakes shall provide not less than five (5) days’ prior written notice of such Additional Issuance to RACC, and RACC shall be entitled to receive, on the date of each such issuance (an
“Additional Issuance Date”), by giving Great Lakes notice within thirty (30) days of its receipt of Great Lakes’ notice of such Additional Issuance, at a price per share equal to the price per share payable in connection
with such Additional Issuance or, in the case of an option or warrant to purchase Common Stock, at a price per share equal to the price per option, if any, payable in connection with such Additional Issuance plus the per share exercise price
thereunder, a number of additional shares of Common Stock (the “Anti-Dilution Shares”) as is equal to the product of (i) fifty-six and 25/100 (56.25) multiplied by (ii) the number of shares of Common Stock issued or
issuable in connection with such Additional Issuance, determined on a fully-diluted basis. The Anti-Dilution Shares, when issued, shall be duly authorized, fully paid and nonassessable shares of Common Stock. The certificates for the Anti-Dilution
Shares shall be issued in the name of RACC (or RACC’s transferee or designee), and delivered to such person within three (3) business days after the Additional Issuance Date. Issuance of certificates for Anti-Dilution Shares shall be made
without charge to RACC (or RACC’s transferee or designee) for any issue or transfer taxes or other incidental expenses in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by Great Lakes. This
Section 8(B) shall expire upon the earlier of (1) the Debt Service Ratio (as defined in Section 15(A)) as at the end of any two consecutive fiscal quarters being greater than or equal to 3.0:1.0 or (2) the Free Cash Flow (as
defined on Schedule 5) as at the end of any fiscal year is greater than or equal to $15,000,000 (the date of such earlier occurrence is referred to as the “Limited Termination 

  

 H-1 

	 	 
Date”) provided that Great Lakes is in compliance with this Agreement, each of the other Transaction Documents (as defined below) and any other
agreement between itself and RACC. 

 15. Great Lakes Covenants. 
 . . . 
  

	 	(H)	Equity Issuances. Except for issuances pursuant to the equity incentive plans as described in Section 8(B) above and the issuance of Common Stock dividends
pursuant to Section 15(B) above, Great Lakes shall not issue any capital stock or any warrants, options or other rights to acquire any of its capital stock or any other form of equity capital unless the terms of each such issuance are
reasonably acceptable to RACC. Capital stock does not include preferred stock as described in Section 1504(a)(4) of the Internal Revenue Code of 1986 and regulations thereunder, interpretations thereof and rulings applying or interpreting such
Section. 

 . . . 
  

	 	(J)	Shelf Registration. Great Lakes shall, simultaneously with the completion of its Form 10-K for its 2002 fiscal year, file with the Securities and Exchange Commission a
Shelf Registration as to the RACC Shares and any Anti-Dilution Shares and shall use its best efforts thereafter to obtain and maintain the effectiveness of the Shelf Registration. “Shelf Registration” means the shelf registration
pursuant to Rule 145 promulgated under the Securities Act of 1933, as amended, by Great Lakes of the sale by RACC (which sale, at the option of RACC in its sole and absolute discretion, may be through an underwriter) of the RACC Shares and any
Anti-Dilution Shares held by RACC. In the event of the issuance of any Anti-Dilution Shares, Great Lakes will promptly either (i) amend the Shelf Registration to include such Anti-Dilution Shares or (ii) or file an additional Shelf
Registration with respect to such Anti-Dilution Shares. Great Lakes shall not allow the effectiveness of the Shelf Registration to lapse at any time after its initial effectiveness as a result of events within Great Lakes’ control. If, at any
time after its initial effectiveness, the Shelf Registration shall cease to be effective as the result of events beyond Great Lakes’ control, Great Lakes shall at all times thereafter use its best efforts to reinstate the effectiveness of the
Shelf Registration. 

  

 H-2 

 Schedule 1 
 Aircraft Note Payment and Amortization Schedule 
 AMORTIZATION SCHEDULE – Normal Amortization, 360 Day
Year 
  

											
	 #
	  	 	  	 Payment
	  	 Interest
	  	 Principal
	  	 Balance

	 Loan
	  		  		  		  		  	2,145,520.42
	 1
	  	31-Mar-07	  	25,500.00	  	9,125.81	  	16,374.19	  	2,129,146.22
	 2
	  	30-Apr-07	  	25,500.00	  	11,812.39	  	13,687.61	  	2,115,458.61
	 3
	  	31-May-07	  	25,500.00	  	12,127.66	  	13,372.34	  	2,102,086.27
	 4
	  	30-Jun-07	  	25,500.00	  	11,662.26	  	13,837.74	  	2,088,248.53
	 5
	  	31-Jul-07	  	25,500.00	  	11,971.67	  	13,528.33	  	2,074,720.21
	 6
	  	31-Aug-07	  	25,500.00	  	11,894.12	  	13,605.88	  	2,061,114.32
	 7
	  	30-Sep-07	  	25,500.00	  	11,434.95	  	14,065.05	  	2,047,049.27
	 8
	  	31-Oct-07	  	25,500.00	  	11,735.48	  	13,764.52	  	2,033,284.75
	 9
	  	30-Nov-07	  	25,500.00	  	11,280.55	  	14,219.45	  	2,019,065.30
	 10
	  	31-Dec-07	  	25,500.00	  	11,575.05	  	13,924.95	  	2,005,140.36
	 11
	  	31-Jan-08	  	25,500.00	  	11,495.22	  	14,004.78	  	1,991,135.58
	 12
	  	29-Feb-08	  	25,500.00	  	10,678.49	  	14,821.51	  	1,976,314.07
	 13
	  	31-Mar-08	  	25,500.00	  	11,329.96	  	14,170.04	  	1,962,144.03
	 14
	  	30-Apr-08	  	25,500.00	  	10,885.87	  	14,614.13	  	1,947,529.90
	 15
	  	31-May-08	  	25,500.00	  	11,164.95	  	14,335.05	  	1,933,194.85
	 16
	  	30-Jun-08	  	25,500.00	  	10,725.26	  	14,774.74	  	1,918,420.11
	 17
	  	31-Jul-08	  	25,500.00	  	10,998.07	  	14,501.93	  	1,903,918.17
	 18
	  	31-Aug-08	  	25,500.00	  	10,914.93	  	14,585.07	  	1,889,333.10
	 19
	  	30-Sep-08	  	25,500.00	  	10,481.92	  	15,018.08	  	1,874,315.02
	 20
	  	31-Oct-08	  	25,500.00	  	10,745.22	  	14,754.78	  	1,859,560.23
	 21
	  	30-Nov-08	  	25,500.00	  	10,316.74	  	15,183.26	  	1,844,376.97
	 22
	  	31-Dec-08	  	25,500.00	  	10,573.59	  	14,926.41	  	1,829,450.56
	 23
	  	31-Jan-09	  	25,500.00	  	10,488.01	  	15,011.99	  	1,814,438.57
	 24
	  	28-Feb-09	  	25,500.00	  	9,395.31	  	16,104.69	  	1,798,333.88
	 25
	  	31-Mar-09	  	25,500.00	  	10,309.63	  	15,190.37	  	1,783,143.51
	 26
	  	30-Apr-09	  	25,500.00	  	9,892.78	  	15,607.22	  	1,767,536.29
	 27
	  	31-May-09	  	25,500.00	  	10,133.07	  	15,366.93	  	1,752,169.36
	 28
	  	30-Jun-09	  	25,500.00	  	9,720.94	  	15,779.06	  	1,736,390.30
	 29
	  	31-Jul-09	  	25,500.00	  	9,954.51	  	15,545.49	  	1,720,844.81
	 30
	  	31-Aug-09	  	25,500.00	  	9,865.39	  	15,634.61	  	1,705,210.20
	 31
	  	30-Sep-09	  	25,500.00	  	9,460.41	  	16,039.59	  	1,689,170.62
	 32
	  	31-Oct-09	  	25,500.00	  	9,683.81	  	15,816.19	  	1,673,354.42
	 33
	  	30-Nov-09	  	25,500.00	  	9,283.68	  	16,216.32	  	1,657,138.10
	 34
	  	31-Dec-09	  	25,500.00	  	9,500.17	  	15,999.83	  	1,641,138.27
	 35
	  	31-Jan-10	  	25,500.00	  	9,408.44	  	16,091.56	  	1,625,046.71
	 36
	  	28-Feb-10	  	25,500.00	  	8,414.63	  	17,085.37	  	1,607,961.34
	 37
	  	31-Mar-10	  	25,500.00	  	9,218.24	  	16,281.76	  	1,591,679.58
	 38
	  	30-Apr-10	  	25,500.00	  	8,830.55	  	16,669.45	  	1,575,010.13
	 39
	  	31-May-10	  	25,500.00	  	9,029.34	  	16,470.66	  	1,558,539.47
	 40
	  	30-Jun-10	  	25,500.00	  	8,646.69	  	16,853.31	  	1,541,686.16
	 41
	  	31-Jul-10	  	25,500.00	  	8,838.30	  	16,661.70	  	1,525,024.46
	 42
	  	31-Aug-10	  	25,500.00	  	8,742.78	  	16,757.22	  	1,508,267.24

  

 S-1-1 

											
	 43
	  	30-Sep-10	  	25,500.00	  	8,367.78	  	17,132.22	  	1,491,135.02
	 44
	  	31-Oct-10	  	25,500.00	  	8,548.49	  	16,951.51	  	1,474,183.52
	 45
	  	30-Nov-10	  	25,500.00	  	8,178.69	  	17,321.31	  	1,456,862.21
	 46
	  	31-Dec-10	  	25,500.00	  	8,352.01	  	17,147.99	  	1,439,714.22
	 47
	  	31-Jan-11	  	25,500.00	  	8,253.70	  	17,246.30	  	1,422,467.92
	 48
	  	28-Feb-11	  	25,500.00	  	7,365.66	  	18,134.34	  	1,404,333.58
	 49
	  	31-Mar-11	  	25,500.00	  	8,050.87	  	17,449.13	  	1,386,884.45
	 50
	  	30-Apr-11	  	25,500.00	  	7,694.36	  	17,805.64	  	1,369,078.81
	 51
	  	31-May-11	  	25,500.00	  	7,848.76	  	17,651.24	  	1,351,427.57
	 52
	  	30-Jun-11	  	25,500.00	  	7,497.65	  	18,002.35	  	1,333,425.21

  

 S-1-2 

 Schedule 2 
 Senior Note Payment and Amortization Schedule 
 AMORTIZATION SCHEDULE – Normal Amortization, 365 Day Year

  

											
	 #
	  	 	  	 Payment
	  	 Interest
	  	 Principal
	  	 Balance

	 Loan
	  		  		  		  		  	13,263,084.43
	 0
	  	3/30/07	  	76,308.16	  	76,308.16	  	0	  	13,263,084.43
	 1
	  	4/30/07	  	76,308.16	  	76,308.16	  	0	  	13,263,084.43
	 2
	  	5/30/07	  	405,237.61	  	78,851.76	  	326,385.85	  	12,936,698.59
	 3
	  	6/30/07	  	74,430.32	  	74,430.32	  	0	  	12,936,698.59
	 4
	  	7/30/07	  	76,911.33	  	76,911.33	  	0	  	12,936,698.59
	 5
	  	8/30/07	  	403,297.18	  	76,911.33	  	326,385.85	  	12,610,312.74
	 6
	  	9/30/07	  	72,552.48	  	72,552.48	  	0	  	12,610,312.74
	 7
	  	10/30/07	  	74,970.90	  	74,970.90	  	0	  	12,610,312.74
	 8
	  	11/30/07	  	572,552.48	  	72,552.48	  	500,000.00	  	12,110,312.74
	 9
	  	12/30/07	  	71,998.30	  	71,998.30	  	0	  	12,110,312.74
	 10
	  	1/30/08	  	69,675.77	  	69,675.77	  	0	  	12,110,312.74
	 11
	  	2/29/08	  	69,675.77	  	69,675.77	  	0	  	12,110,312.74
	 12
	  	3/30/08	  	71,998.30	  	71,998.30	  	0	  	12,110,312.74
	 13
	  	4/30/08	  	69,675.77	  	69,675.77	  	0	  	12,110,312.74
	 14
	  	5/30/08	  	398,384.15	  	71,998.30	  	326,385.85	  	11,783,926.90
	 15
	  	6/30/08	  	67,797.94	  	67,797.94	  	0	  	11,783,926.90
	 16
	  	7/30/08	  	70,057.87	  	70,057.87	  	0	  	11,783,926.90
	 17
	  	8/30/08	  	396,443.72	  	70,057.87	  	326,385.85	  	11,457,541.05
	 18
	  	9/30/08	  	65,920.10	  	65,920.10	  	0	  	11,457,541.05
	 19
	  	10/30/08	  	68,117.44	  	68,117.44	  	0	  	11,457,541.05
	 20
	  	11/30/08	  	565,920.10	  	65,920.10	  	500,000.00	  	10,957,541.05
	 21
	  	12/30/08	  	65,144.83	  	65,144.83	  	0	  	10,957,541.05
	 22
	  	1/30/09	  	60,941.94	  	60,941.94	  	0	  	10,957,541.05
	 23
	  	2/28/09	  	63,043.39	  	63,043.39	  	0	  	10,957,541.05
	 24
	  	3/30/09	  	65,144.83	  	65,144.83	  	0	  	10,957,541.05
	 25
	  	4/30/09	  	63,043.39	  	63,043.39	  	0	  	10,957,541.05
	 26
	  	5/30/09	  	391,530.68	  	65,144.83	  	326,385.85	  	10,631,155.21
	 27
	  	6/30/09	  	61,165.55	  	61,165.55	  	0	  	10,631,155.21
	 28
	  	7/30/09	  	63,204.40	  	63,204.40	  	0	  	10,631,155.21
	 29
	  	8/30/09	  	389,590.25	  	63,204.40	  	326,385.85	  	10,304,769.36
	 30
	  	9/30/09	  	59,287.71	  	59,287.71	  	0	  	10,304,769.36
	 31
	  	10/30/09	  	61,263.97	  	61,263.97	  	0	  	10,304,769.36
	 32
	  	11/30/09	  	809,287.71	  	59,287.71	  	750,000.00	  	9,554,769.36
	 33
	  	12/30/09	  	56,805.07	  	56,805.07	  	0	  	9,554,769.36
	 34
	  	1/30/10	  	53,140.22	  	53,140.22	  	0	  	9,554,769.36
	 35
	  	2/28/10	  	54,972.65	  	54,972.65	  	0	  	9,554,769.36
	 36
	  	3/30/10	  	56,805.07	  	56,805.07	  	0	  	9,554,769.36
	 37
	  	4/30/10	  	54,972.65	  	54,972.65	  	0	  	9,554,769.36
	 38
	  	5/30/10	  	383,190.91	  	56,805.07	  	326,385.85	  	9,228,383.52

  

 S-2-1 

											
	 39
	  	6/30/10	  	53,094.81	  	53,094.81	  	0	  	9,228,383.52
	 40
	  	7/30/10	  	54,864.64	  	54,864.64	  	0	  	9,228,383.52
	 41
	  	8/30/10	  	381,250.49	  	54,864.64	  	326,385.85	  	8,901,997.67
	 42
	  	9/30/10	  	51,216.97	  	51,216.97	  	0	  	8,901,997.67
	 43
	  	10/30/10	  	52,924.21	  	52,924.21	  	0	  	8,901,997.67
	 44
	  	11/30/10	  	801,216.97	  	51,216.97	  	750,000.00	  	8,151,997.67
	 45
	  	12/30/10	  	48,465.30	  	48,465.30	  	0	  	8,151,997.67
	 46
	  	1/30/11	  	45,338.51	  	45,338.51	  	0	  	8,151,997.67
	 47
	  	2/28/11	  	46,901.90	  	46,901.90	  	0	  	8,151,997.67
	 48
	  	3/30/11	  	48,465.30	  	48,465.30	  	0	  	8,151,997.67
	 49
	  	4/30/11	  	46,901.90	  	46,901.90	  	0	  	8,151,997.67
	 50
	  	5/30/11	  	374,851.15	  	48,465.30	  	326,385.85	  	7,825,611.82
	 51
	  	6/30/11	  	45,024.07	  	45,024.07	  	0	  	7,825,611.82
	 52
	  	7/30/11	  	46,524.87	  	46,524.87	  	0	  	7,825,611.82
	 53
	  	8/30/11	  	372,910.72	  	46,524.87	  	326,385.85	  	7,499,225.98
	 54
	  	9/30/11	  	43,146.23	  	43,146.23	  	0	  	7,499,225.98
	 55
	  	10/30/11	  	44,584.44	  	44,584.44	  	0	  	7,499,225.98
	 56
	  	11/30/11	  	1,043,146.23	  	43,146.23	  	1,000,000.00	  	6,499,225.98
	 57
	  	12/30/11	  	38,639.23	  	38,639.23	  	0	  	6,499,225.98
	 58
	  	1/30/12	  	36,146.38	  	36,146.38	  	0	  	6,499,225.98
	 59
	  	2/29/12	  	37,392.81	  	37,392.81	  	0	  	6,499,225.98
	 60
	  	3/30/12	  	38,639.23	  	38,639.23	  	0	  	6,499,225.98
	 61
	  	4/30/12	  	37,392.81	  	37,392.81	  	0	  	6,499,225.98
	 62
	  	5/30/12	  	365,025.08	  	38,639.23	  	326,385.85	  	6,172,840.14
	 63
	  	6/30/12	  	35,514.97	  	35,514.97	  	0	  	6,172,840.14
	 64
	  	7/30/12	  	36,698.80	  	36,698.80	  	0	  	6,172,840.14
	 65
	  	8/30/12	  	363,084.65	  	36,698.80	  	326,385.85	  	5,846,454.29
	 66
	  	9/30/12	  	33,637.13	  	33,637.13	  	0	  	5,846,454.29
	 67
	  	10/30/12	  	34,758.37	  	34,758.37	  	0	  	5,846,454.29
	 68
	  	11/30/12	  	1,033,637.13	  	33,637.13	  	1,000,000.00	  	4,846,454.29
	 69
	  	12/30/12	  	28,813.17	  	28,813.17	  	0	  	4,846,454.29
	 70
	  	1/30/13	  	26,954.25	  	26,954.25	  	0	  	4,846,454.29
	 71
	  	2/28/13	  	27,883.71	  	27,883.71	  	0	  	4,846,454.29
	 72
	  	3/30/13	  	28,813.17	  	28,813.17	  	0	  	4,846,454.29
	 73
	  	4/30/13	  	27,883.71	  	27,883.71	  	0	  	4,846,454.29
	 74
	  	5/30/13	  	355,199.01	  	28,813.17	  	326,385.85	  	4,520,068.45
	 75
	  	6/30/13	  	26,005.87	  	26,005.87	  	0	  	4,520,068.45
	 76
	  	7/30/13	  	26,872.74	  	26,872.74	  	0	  	4,520,068.45
	 77
	  	8/30/13	  	353,258.58	  	26,872.74	  	326,385.85	  	4,193,682.60
	 78
	  	9/30/13	  	24,128.04	  	24,128.04	  	0	  	4,193,682.60
	 79
	  	10/30/13	  	24,932.30	  	24,932.30	  	0	  	4,193,682.60
	 80
	  	11/30/13	  	1,274,128.04	  	24,128.04	  	1,250,000.00	  	2,943,682.60
	 81
	  	12/30/13	  	17,500.80	  	17,500.80	  	0	  	2,943,682.60
	 82
	  	1/30/14	  	16,371.71	  	16,371.71	  	0	  	2,943,682.60
	 83
	  	2/28/14	  	16,936.26	  	16,936.26	  	0	  	2,943,682.60
	 84
	  	3/30/14	  	17,500.80	  	17,500.80	  	0	  	2,943,682.60

  

 S-2-2 

											
	 85
	  	4/30/14	  	16,936.26	  	16,936.26	  	0	  	2,943,682.60
	 86
	  	5/30/14	  	343,886.64	  	17,500.80	  	326,385.85	  	2,617,296.76
	 87
	  	6/30/14	  	15,058.42	  	15,058.42	  	0	  	2,617,296.76
	 88
	  	7/30/14	  	15,560.37	  	15,560.37	  	0	  	2,617,296.76
	 89
	  	8/30/14	  	341,946.21	  	15,560.37	  	326,385.85	  	2,290,910.91
	 90
	  	9/30/14	  	13,180.58	  	13,180.58	  	0	  	2,290,910.91
	 91
	  	10/30/14	  	13,619.94	  	13,619.94	  	0	  	2,290,910.91
	 92
	  	11/30/14	  	1,263,180.58	  	13,180.58	  	1,250,000.00	  	1,040,910.91
	 93
	  	12/30/14	  	6,188.43	  	6,188.43	  	0	  	1,040,910.91
	 94
	  	1/30/15	  	5,789.18	  	5,789.18	  	0	  	1,040,910.91
	 95
	  	2/28/15	  	5,988.80	  	5,988.80	  	0	  	1,040,910.91
	 96
	  	3/30/15	  	6,188.43	  	6,188.43	  	0	  	1,040,910.91
	 97
	  	4/30/15	  	5,988.80	  	5,988.80	  	0	  	1,040,910.91
	 98
	  	5/30/15	  	332,574.27	  	6,188.43	  	326,385.85	  	714,525.06
	 99
	  	6/30/15	  	4,110.97	  	4,110.97	  	0	  	714,525.06
	 100
	  	7/30/15	  	4,248.00	  	4,248.00	  	0	  	714,525.06
	 101
	  	8/30/15	  	330,633.84	  	4,248.00	  	326,385.85	  	388,139.22
	 102
	  	9/30/15	  	2,233.13	  	2,233.13	  	0	  	388,139.22
	 103
	  	10/30/15	  	2,307.57	  	2,307.57	  	0	  	388,139.22
	 104
	  	11/30/15	  	390,372.35	  	2,233.13	  	388,139.22	  	0.00

  

 S-2-3 

 Schedule 3 
 RACC’s Legal and Out-of-Pocket Expenses 
 Bingham McCutchen Legal Fees $80,000 (not to
exceed $80,000) 
  

 S-3 

 Schedule 4 
 Existing Indebtedness of Great Lakes 
 (Other than allowed in section 9.(A).) 
 Creditor: Boeing Capital 
 Remaining Lease Payments on Two
(2) EMB 120 Aircraft $3,700,000 
 Creditor: Finova Capital 
 Settlement Agreement Note Outstanding Balance of $769,639 
  

 S-4 

 Schedule 5 
 Existing Affiliate Transactions 
 The Company rents six-passenger aircraft and a vehicle from Iowa Great Lakes
Flyers, Inc. 
  

 S-5 

 Schedule 6 
 Litigation 
 The Company is a defendant in a lawsuit arising from a gear-up landing of one of the
Company’s Beechcraft 1900D aircraft at O’Hare International Airport in Chicago, Illinois on February 10, 2001. Seven plaintiffs filed suit against the Company, United Air Lines, Inc., and the flight crew of the aircraft. The complaint
alleges that the plaintiffs suffered personal injuries as passengers aboard the aircraft when the pilots allegedly landed the aircraft without extending the landing gear. The Company’s insurance carrier is providing for the Company’s
defense in the lawsuit, and the Company believes that any claims that arise from the accident that are not covered by insurance will not have a material adverse effect on the Company’s financial position. 
 The Company is a party to other ongoing legal claims and assertions arising in the ordinary course of business. Management believes that the resolution of these matters
will not have a material adverse effect on the Company’s financial position. 
  

 S-6 

 FIRST AMENDMENT TO AMENDED AND 
 RESTATED RESTRUCTURING AGREEMENT 
 THIS FIRST AMENDMENT TO AMENDED AND RESTATED
RESTRUCTURING AGREEMENT is entered into as of March 23, 2007 (this “Amendment”), by and between Great Lakes Aviation Ltd. (“Great Lakes”), and Raytheon Aircraft Credit Corporation (“RACC”).

 WITNESSETH: 
 WHEREAS,
Great Lakes and RACC are parties to the Amended and Restated Restructuring Agreement dated as of March 9, 2007 (the “Restructuring Agreement”); 
 WHEREAS, the parties have agreed to certain changes as to the principal amounts, payment dates and amortization schedules of the Aircraft Notes (as defined in the Restructuring Agreement) and the Senior Note (as
defined in the Restructuring Agreement); 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
acknowledged, the parties hereto agree as follows: 
 1. Amendment to Section 2 of the Restructuring Agreement. The Restructuring Agreement is
hereby amended by deleting in its entirety the third sentence of Section 2, and inserting in lieu thereof the following new sentence: 
 “Each of the Aircraft Notes shall bear interest at a fixed rate of six and three-quarters percent (6.75%) per annum, shall have an original principal amount of $2,116,573.70 and provide for monthly payments as set forth on
Schedule 1 hereto payable in arrears starting on March 30, 2007.” 
 2. Amendment to Section 3 of the Restructuring Agreement.
The Restructuring Agreement is hereby amended by deleting in their entirety the third sentence of Section 3, and inserting in lieu thereof the following two new sentences: 
 “Interest on the Senior Note shall be payable monthly in arrears on the thirtieth day of each month commencing on March 30, 2007.”

 3. Amendment to Schedule 1 of the Restructuring Agreement. Schedule 1 of the Restructuring Agreement is hereby amended by deleting the
current Schedule 1 in its entirety and replacing it with the new Schedule 1 that is attached hereto as Amendment Exhibit A. 
 4.
Amendment to Schedule 2 of the Restructuring Agreement. Schedule 2 of the Restructuring Agreement is hereby amended by deleting the current Schedule 2 in its entirety and replacing it with the new Schedule 2 that is
attached hereto as Amendment Exhibit B. 
 5. 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. 
  

 1 

 6. 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. 
 7.
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. 
 8. 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. 
 9. 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.] 
  

 2 

 Executed as of this 23 day of March, 2007, at Wichita, Kansas. 
  

									
	GREAT LAKES AVIATION, LTD.	 		 	RAYTHEON AIRCRAFT CREDIT CORPORATION
					
	By:	 	/s/ Michael Matthews	 		 	By:	 	/s/Andrew Mathews
	Name:	 	Michael Matthews	 		 	Name:	 	Andrew Mathews
	Title:	 	Chief Financial Officer	 		 	Title:	 	President

  

 3 

 AMENDMENT EXHIBIT A 
 Aircraft Note Payment and Amortization Schedule 
 APR
            6.75% 
  

							
	 	  	 Event
	  	Amount	  	Number
	1	  	Loan	  	2,116,573.70	  	1
	2	  	Balloon Payment	  	1,306,674.84	  	52

 AMORTIZATION SCHEDULE – Normal Amortization, 360 Day Year 
  

											
	 #
	  	 	  	 Payment
	  	 Interest
	  	 Principal
	  	 Balance

	 Loan
	  		  		  		  		  	2,116,573.70
	1	  	30-Mar-07	  	22,181.23	  	8,334.01	  	13,847.23	  	2,102,726.47
	2	  	30-Apr-07	  	25,500.00	  	12,222.10	  	13,277.90	  	2,089,448.57
	3	  	30-May-07	  	25,500.00	  	11,753.15	  	13,746.85	  	2,075,701.72
	4	  	30-Jun-07	  	25,500.00	  	12,065.02	  	13,434.98	  	2,062,266.74
	5	  	30-Jul-07	  	25,500.00	  	11,600.25	  	13,899.75	  	2,048,366.99
	6	  	30-Aug-07	  	25,500.00	  	11,906.13	  	13,593.87	  	2,034,773.12
	7	  	30-Sep-07	  	25,500.00	  	11,827.12	  	13,672.88	  	2,021,100.24
	8	  	30-Oct-07	  	25,500.00	  	11,368.69	  	14,131.31	  	2,006,968.93
	9	  	30-Nov-07	  	25,500.00	  	11,665.51	  	13,834.49	  	1,993,134.43
	10	  	30-Dec-07	  	25,500.00	  	11,211.38	  	14,288.62	  	1,978,845.82
	11	  	30-Jan-08	  	25,500.00	  	11,502.04	  	13,997.96	  	1,964,847.86
	12	  	29-Feb-08	  	25,500.00	  	11,052.27	  	14,447.73	  	1,950,400.13
	13	  	30-Mar-08	  	25,500.00	  	10,971.00	  	14,529.00	  	1,935,871.13
	14	  	30-Apr-08	  	25,500.00	  	11,252.25	  	14,247.75	  	1,921,623.38
	15	  	30-May-08	  	25,500.00	  	10,809.13	  	14,690.87	  	1,906,932.51
	16	  	30-Jun-08	  	25,500.00	  	11,084.05	  	14,415.95	  	1,892,516.55
	17	  	30-Jul-08	  	25,500.00	  	10,645.41	  	14,854.59	  	1,877,661.96
	18	  	30-Aug-08	  	25,500.00	  	10,913.91	  	14,586.09	  	1,863,075.87
	19	  	30-Sep-08	  	25,500.00	  	10,829.13	  	14,670.87	  	1,848,405.00
	20	  	30-Oct-08	  	25,500.00	  	10,397.28	  	15,102.72	  	1,833,302.28
	21	  	30-Nov-08	  	25,500.00	  	10,656.07	  	14,843.93	  	1,818,458.35
	22	  	30-Dec-08	  	25,500.00	  	10,228.83	  	15,271.17	  	1,803,187.17
	23	  	30-Jan-09	  	25,500.00	  	10,481.03	  	15,018.97	  	1,788,168.20
	24	  	28-Feb-09	  	25,500.00	  	9,723.16	  	15,776.84	  	1,772,391.36
	25	  	30-Mar-09	  	25,500.00	  	9,969.70	  	15,530.30	  	1,756,861.07
	26	  	30-Apr-09	  	25,500.00	  	10,211.75	  	15,288.25	  	1,741,572.82
	27	  	30-May-09	  	25,500.00	  	9,796.35	  	15,703.65	  	1,725,869.17
	28	  	30-Jun-09	  	25,500.00	  	10,031.61	  	15,468.39	  	1,710,400.78
	29	  	30-Jul-09	  	25,500.00	  	9,621.00	  	15,879.00	  	1,694,521.79
	30	  	30-Aug-09	  	25,500.00	  	9,849.41	  	15,650.59	  	1,678,871.19
	31	  	30-Sep-09	  	25,500.00	  	9,758.44	  	15,741.56	  	1,663,129.63
	32	  	30-Oct-09	  	25,500.00	  	9,355.10	  	16,144.90	  	1,646,984.74
	33	  	30-Nov-09	  	25,500.00	  	9,573.10	  	15,926.90	  	1,631,057.84

  

 A-1 

											
	34	  	30-Dec-09	  	25,500.00	  	9,174.70	  	16,325.30	  	1,614,732.54
	35	  	30-Jan-10	  	25,500.00	  	9,385.63	  	16,114.37	  	1,598,618.17
	36	  	28-Feb-10	  	25,500.00	  	8,692.49	  	16,807.51	  	1,581,810.66
	37	  	30-Mar-10	  	25,500.00	  	8,897.68	  	16,602.32	  	1,565,208.34
	38	  	30-Apr-10	  	25,500.00	  	9,097.77	  	16,402.23	  	1,548,806.11
	39	  	30-May-10	  	25,500.00	  	8,712.03	  	16,787.97	  	1,532,018.15
	40	  	30-Jun-10	  	25,500.00	  	8,904.86	  	16,595.14	  	1,515,423.00
	41	  	30-Jul-10	  	25,500.00	  	8,524.25	  	16,975.75	  	1,498,447.26
	42	  	30-Aug-10	  	25,500.00	  	8,709.72	  	16,790.28	  	1,481,656.98
	43	  	30-Sep-10	  	25,500.00	  	8,612.13	  	16,887.87	  	1,464,769.11
	44	  	30-Oct-10	  	25,500.00	  	8,239.33	  	17,260.67	  	1,447,508.44
	45	  	30-Nov-10	  	25,500.00	  	8,413.64	  	17,086.36	  	1,430,422.08
	46	  	30-Dec-10	  	25,500.00	  	8,046.12	  	17,453.88	  	1,412,968.21
	47	  	30-Jan-11	  	25,500.00	  	8,212.88	  	17,287.12	  	1,395,681.09
	48	  	28-Feb-11	  	25,500.00	  	7,589.02	  	17,910.98	  	1,377,770.10
	49	  	30-Mar-11	  	25,500.00	  	7,749.96	  	17,750.04	  	1,360,020.06
	50	  	30-Apr-11	  	25,500.00	  	7,905.12	  	17,594.88	  	1,342,425.17
	51	  	30-May-11	  	25,500.00	  	7,551.14	  	17,948.86	  	1,324,476.32
	52	  	30-Jun-11	  	25,500.00	  	7,698.52	  	17,801.48	  	1,306,674.84

  

 A-2 

 AMENDMENT EXHIBIT B 
 Senior Note Payment and Authorization Schedule 
 APR
            7.0% 
  

							
	 	  	 Event
	  	Amount	  	Number
	1	  	Loan	  	13,174,754.62	  	1
	2	  	Quarterly Cash Payment	  	652,771.69	  	

 AMORTIZATION SCHEDULE - Normal Amortization, 360 Day Year 
  

											
	 #
	  	 	  	 Payment
	  	 Interest
	  	 Principal
	  	 Balance

	Loan	  		  		  		  		  	13,174,754.62
	0	  	3/30/07	  	51,235.16	  	51,235.16	  	0.00	  	13,174,754.62
	1	  	4/30/07	  	79,414.49	  	79,414.49	  	0.00	  	13,174,754.62
	2	  	5/30/07	  	75,799.96	  	75,799.96	  	0.00	  	13,174,754.62
	3	  	6/30/07	  	404,712.47	  	78,326.62	  	326,385.85	  	12,848,368.78
	4	  	7/30/07	  	73,922.12	  	73,922.12	  	0.00	  	12,848,368.78
	5	  	8/30/07	  	76,386.19	  	76,386.19	  	0.00	  	12,848,368.78
	6	  	9/30/07	  	402,772.04	  	76,386.19	  	326,385.85	  	12,521,982.93
	7	  	10/30/07	  	72,044.29	  	72,044.29	  	0.00	  	12,521,982.93
	8	  	11/30/07	  	74,445.76	  	74,445.76	  	0.00	  	12,521,982.93
	9	  	12/30/07	  	572,044.29	  	72,044.29	  	500,000.00	  	12,021,982.93
	10	  	1/30/08	  	71,473.16	  	71,473.16	  	0.00	  	12,021,982.93
	11	  	2/29/08	  	69,167.57	  	69,167.57	  	0.00	  	12,021,982.93
	12	  	3/30/08	  	69,167.57	  	69,167.57	  	0.00	  	12,021,982.93
	13	  	4/30/08	  	71,473.16	  	71,473.16	  	0.00	  	12,021,982.93
	14	  	5/30/08	  	69,167.57	  	69,167.57	  	0.00	  	12,021,982.93
	15	  	6/30/08	  	397,859.00	  	71,473.16	  	326,385.85	  	11,695,597.09
	16	  	7/30/08	  	67,289.74	  	67,289.74	  	0.00	  	11,695,597.09
	17	  	8/30/08	  	69,532.73	  	69,532.73	  	0.00	  	11,695,597.09
	18	  	9/30/08	  	395,918.57	  	69,532.73	  	326,385.85	  	11,369,211.24
	19	  	10/30/08	  	65,411.90	  	65,411.90	  	0.00	  	11,369,211.24
	20	  	11/30/08	  	67,592.30	  	67,592.30	  	0.00	  	11,369,211.24
	21	  	12/30/08	  	565,411.90	  	65,411.90	  	500,000.00	  	10,869,211.24
	22	  	1/30/09	  	64,619.69	  	64,619.69	  	0.00	  	10,869,211.24
	23	  	2/28/09	  	60,450.68	  	60,450.68	  	0.00	  	10,869,211.24
	24	  	3/30/09	  	62,535.19	  	62,535.19	  	0.00	  	10,869,211.24
	25	  	4/30/09	  	64,619.69	  	64,619.69	  	0.00	  	10,869,211.24
	26	  	5/30/09	  	62,535.19	  	62,535.19	  	0.00	  	10,869,211.24
	27	  	6/30/09	  	391,005.54	  	64,619.69	  	326,385.85	  	10,542,825.40
	28	  	7/30/09	  	60,657.35	  	60,657.35	  	0.00	  	10,542,825.40
	29	  	8/30/09	  	62,679.26	  	62,679.26	  	0.00	  	10,542,825.40

  

 B-1 

											
	30	  	9/30/09	  	389,065.11	  	62,679.26	  	326,385.85	  	10,216,439.55
	31	  	10/30/09	  	58,779.52	  	58,779.52	  	0.00	  	10,216,439.55
	32	  	11/30/09	  	60,738.83	  	60,738.83	  	0.00	  	10,216,439.55
	33	  	12/30/09	  	808,779.52	  	58,779.52	  	750,000.00	  	9,466,439.55
	34	  	1/30/10	  	56,279.93	  	56,279.93	  	0.00	  	9,466,439.55
	35	  	2/28/10	  	52,648.97	  	52,648.97	  	0.00	  	9,466,439.55
	36	  	3/30/10	  	54,464.45	  	54,464.45	  	0.00	  	9,466,439.55
	37	  	4/30/10	  	56,279.93	  	56,279.93	  	0.00	  	9,466,439.55
	38	  	5/30/10	  	54,464.45	  	54,464.45	  	0.00	  	9,466,439.55
	39	  	6/30/10	  	382,665.77	  	56,279.93	  	326,385.85	  	9,140,053.71
	40	  	7/30/10	  	52,586.61	  	52,586.61	  	0.00	  	9,140,053.71
	41	  	8/30/10	  	54,339.50	  	54,339.50	  	0.00	  	9,140,053.71
	42	  	9/30/10	  	380,725.34	  	54,339.50	  	326,385.85	  	8,813,667.86
	43	  	10/30/10	  	50,708.77	  	50,708.77	  	0.00	  	8,813,667.86
	44	  	11/30/10	  	52,399.07	  	52,399.07	  	0.00	  	8,813,667.86
	45	  	12/30/10	  	800,708.77	  	50,708.77	  	750,000.00	  	8,063,667.86
	46	  	1/30/11	  	47,940.16	  	47,940.16	  	0.00	  	8,063,667.86
	47	  	2/28/11	  	44,847.25	  	44,847.25	  	0.00	  	8,063,667.86
	48	  	3/30/11	  	46,393.71	  	46,393.71	  	0.00	  	8,063,667.86
	49	  	4/30/11	  	47,940.16	  	47,940.16	  	0.00	  	8,063,667.86
	50	  	5/30/11	  	46,393.71	  	46,393.71	  	0.00	  	8,063,667.86
	51	  	6/30/11	  	374,326.01	  	47,940.16	  	326,385.85	  	7,737,282.02
	52	  	7/30/11	  	44,515.87	  	44,515.87	  	0.00	  	7,737,282.02
	53	  	8/30/11	  	45,999.73	  	45,999.73	  	0.00	  	7,737,282.02
	54	  	9/30/11	  	372,385.58	  	45,999.73	  	326,385.85	  	7,410,896.17
	55	  	10/30/11	  	42,638.03	  	42,638.03	  	0.00	  	7,410,896.17
	56	  	11/30/11	  	44,059.30	  	44,059.30	  	0.00	  	7,410,896.17
	57	  	12/30/11	  	1,042,638.03	  	42,638.03	  	1,000,000.00	  	6,410,896.17
	58	  	1/30/12	  	38,114.10	  	38,114.10	  	0.00	  	6,410,896.17
	59	  	2/29/12	  	36,884.61	  	36,884.61	  	0.00	  	6,410,896.17
	60	  	3/30/12	  	36,884.61	  	36,884.61	  	0.00	  	6,410,896.17
	61	  	4/30/12	  	38,114.10	  	38,114.10	  	0.00	  	6,410,896.17
	62	  	5/30/12	  	36,884.61	  	36,884.61	  	0.00	  	6,410,896.17
	63	  	6/30/12	  	364,499.94	  	38,114.10	  	326,385.85	  	6,084,510.33
	64	  	7/30/12	  	35,006.77	  	35,006.77	  	0.00	  	6,084,510.33
	65	  	8/30/12	  	36,173.66	  	36,173.66	  	0.00	  	6,084,510.33
	66	  	9/30/12	  	362,559.51	  	36,173.66	  	326,385.85	  	5,758,124.48
	67	  	10/30/12	  	33,128.94	  	33,128.94	  	0.00	  	5,758,124.48
	68	  	11/30/12	  	34,233.23	  	34,233.23	  	0.00	  	5,758,124.48
	69	  	12/30/12	  	1,033,128.94	  	33,128.94	  	1,000,000.00	  	4,758,124.48
	70	  	1/30/13	  	28,288.03	  	28,288.03	  	0.00	  	4,758,124.48
	71	  	2/28/13	  	26,462.99	  	26,462.99	  	0.00	  	4,758,124.48
	72	  	3/30/13	  	27,375.51	  	27,375.51	  	0.00	  	4,758,124.48
	73	  	4/30/13	  	28,288.03	  	28,288.03	  	0.00	  	4,758,124.48
	74	  	5/30/13	  	27,375.51	  	27,375.51	  	0.00	  	4,758,124.48

  

 B-2 

											
	75	  	6/30/13	  	354,673.87	  	28,288.03	  	326,385.85	  	4,431,738.64
	76	  	7/30/13	  	25,497.67	  	25,497.67	  	0.00	  	4,431,738.64
	77	  	8/30/13	  	26,347.60	  	26,347.60	  	0.00	  	4,431,738.64
	78	  	9/30/13	  	352,733.44	  	26,347.60	  	326,385.85	  	4,105,352.79
	79	  	10/30/13	  	23,619.84	  	23,619.84	  	0.00	  	4,105,352.79
	80	  	11/30/13	  	24,407.17	  	24,407.17	  	0.00	  	4,105,352.79
	81	  	12/30/13	  	1,273,619.84	  	23,619.84	  	1,250,000.00	  	2,855,352.79
	82	  	1/30/14	  	16,975.66	  	16,975.66	  	0.00	  	2,855,352.79
	83	  	2/28/14	  	15,880.46	  	15,880.46	  	0.00	  	2,855,352.79
	84	  	3/30/14	  	16,428.06	  	16,428.06	  	0.00	  	2,855,352.79
	85	  	4/30/14	  	16,975.66	  	16,975.66	  	0.00	  	2,855,352.79
	86	  	5/30/14	  	16,428.06	  	16,428.06	  	0.00	  	2,855,352.79
	87	  	6/30/14	  	343,361.50	  	16,975.66	  	326,385.85	  	2,528,966.95
	88	  	7/30/14	  	14,550.22	  	14,550.22	  	0.00	  	2,528,966.95
	89	  	8/30/14	  	15,035.23	  	15,035.23	  	0.00	  	2,528,966.95
	90	  	9/30/14	  	341,421.07	  	15,035.23	  	326,385.85	  	2,202,581.10
	91	  	10/30/14	  	12,672.38	  	12,672.38	  	0.00	  	2,202,581.10
	92	  	11/30/14	  	13,094.80	  	13,094.80	  	0.00	  	2,202,581.10
	93	  	12/30/14	  	1,262,672.38	  	12,672.38	  	1,250,000.00	  	952,581.10
	94	  	1/30/15	  	5,663.29	  	5,663.29	  	0.00	  	952,581.10
	95	  	2/28/15	  	5,297.92	  	5,297.92	  	0.00	  	952,581.10
	96	  	3/30/15	  	5,480.60	  	5,480.60	  	0.00	  	952,581.10
	97	  	4/30/15	  	5,663.29	  	5,663.29	  	0.00	  	952,581.10
	98	  	5/30/15	  	5,480.60	  	5,480.60	  	0.00	  	952,581.10
	99	  	6/30/15	  	332,049.14	  	5,663.29	  	326,385.85	  	626,195.25
	100	  	7/30/15	  	3,602.77	  	3,602.77	  	0.00	  	626,195.25
	101	  	8/30/15	  	3,722.86	  	3,722.86	  	0.00	  	626,195.25
	102	  	9/30/15	  	330,108.70	  	3,722.86	  	326,385.85	  	299,809.41
	103	  	10/30/15	  	1,724.93	  	1,724.93	  	0.00	  	299,809.41
	104	  	11/30/15	  	1,782.43	  	1,782.43	  	0.00	  	299,809.41
	105	  	12/30/15	  	301,534.34	  	1,724.93	  	299,809.41	  	0.00
						
		  		  	17,648,965.45	  	4,474,210.83	  	13,174,754.62	  	

  

 B-3Loan Agreement dated as of July 10, 2009

 Exhibit 10.1 
 Execution Version 
  
  
  
 Published CUSIP Number:
                     
 TERM
LOAN CREDIT AGREEMENT 
 Dated as of July 10, 2009 
 among 
 GLOBAL PAYMENTS INC. 
 and 
 GLOBAL PAYMENTS U.K. LTD, 
 as Borrowers, 
 BANK OF AMERICA, N.A., 

 as Administrative Agent, 
 and

 The Other Lenders Party Hereto 
 BANC OF AMERICA SECURITIES LLC, 
 as Sole Lead Arranger and Sole Book Manager 
 COMPASS BANK, 
 as Syndication Agent

 TORONTO DOMINION (NEW YORK) LLC, 
 BANK OF TOKYO-MITSUBISHI UFJ TRUST COMPANY, 
 SUNTRUST BANK, and 
 U.S. BANK, N.A., 
 as Co-Documentation
Agents 
  
  
  

 TABLE OF CONTENTS 
  

							
	  	 	 Section
	  	 	  	Page
	 ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	  	1
		 	   1.01
	  	 Defined Terms
	  	1
		 	   1.02
	  	 Other Interpretive Provisions
	  	23
		 	   1.03
	  	 Accounting Terms
	  	24
		 	   1.04
	  	 Rounding
	  	24
		 	   1.05
	  	 Change of Currency
	  	24
		 	   1.06
	  	 Times of Day
	  	25
		
	 ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
	  	25
		 	   2.01
	  	 Term Loans
	  	25
		 	   2.02
	  	 Borrowings, Conversions and Continuations of Term Loans
	  	25
		 	   2.03
	  	 Optional Prepayments
	  	28
		 	   2.04
	  	 Repayment of Loans
	  	29
		 	   2.05
	  	 Interest
	  	30
		 	   2.06
	  	 Fees
	  	30
		 	   2.07
	  	 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	  	30
		 	   2.08
	  	 Evidence of Debt
	  	31
		 	   2.09
	  	 Payments Generally; Administrative Agent’s Clawback
	  	31
		 	   2.10
	  	 Sharing of Payments by Lenders
	  	33
		 	   2.11
	  	 UK Borrower
	  	34
		
	 ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
	  	35
		 	   3.01
	  	 Taxes
	  	35
		 	   3.02
	  	 Illegality
	  	39
		 	   3.03
	  	 Inability to Determine Rates
	  	39
		 	   3.04
	  	 Increased Costs
	  	40
		 	   3.05
	  	 Compensation for Losses
	  	42
		 	   3.06
	  	 Mitigation Obligations; Replacement of Lenders
	  	43
		 	   3.07
	  	 Survival
	  	43
		
	 ARTICLE IV. CONDITIONS PRECEDENT
	  	43
		 	   4.01
	  	 Conditions to Effectiveness and Making of Term Loans
	  	43
		
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	45
		 	   5.01
	  	 Organization; Powers
	  	45
		 	   5.02
	  	 Authorization; Enforceability
	  	45
		 	   5.03
	  	 Governmental Approvals; No Conflicts
	  	46
		 	   5.04
	  	 Financial Condition; No Material Adverse Change
	  	46
		 	   5.05
	  	 Properties
	  	46
		 	   5.06
	  	 Litigation and Environmental Matters
	  	47
		 	   5.07
	  	 Compliance with Laws and Agreements
	  	47
		 	   5.08
	  	 Investment Company Status
	  	47
		 	   5.09
	  	 Taxes
	  	47
		 	   5.10
	  	 ERISA
	  	47
		 	   5.11
	  	 Subsidiaries
	  	47
		 	   5.12
	  	 Margin Securities
	  	48

  

 i 

 TABLE OF CONTENTS (continued) 
  

							
	  	 	 Section
	  	 	  	Page
		 	   5.13
	  	 Disclosure
	  	48
		 	   5.14
	  	 Taxpayer Identification Number; Other Identifying Information
	  	48
		
	 ARTICLE VI. AFFIRMATIVE COVENANTS
	  	48
		 	   6.01
	  	 Financial Statements and Other Information
	  	48
		 	   6.02
	  	 Notices of Material Events
	  	50
		 	   6.03
	  	 Maintenance of Existence
	  	51
		 	   6.04
	  	 Payment of Obligations
	  	51
		 	   6.05
	  	 Maintenance of Properties; Insurance
	  	51
		 	   6.06
	  	 Books and Records; Inspection Rights
	  	51
		 	   6.07
	  	 Compliance with Laws
	  	52
		 	   6.08
	  	 Use of Proceeds
	  	52
		 	   6.09
	  	 Additional Guarantors
	  	52
		
	 ARTICLE VII. NEGATIVE COVENANTS
	  	53
		 	   7.01
	  	 Subsidiary Indebtedness
	  	53
		 	   7.02
	  	 Liens
	  	54
		 	   7.03
	  	 Consolidations, Mergers and Sales of Assets
	  	55
		 	   7.04
	  	 Acquisitions
	  	56
		 	   7.05
	  	 Swap Agreements
	  	56
		 	   7.06
	  	 Lines of Business
	  	57
		 	   7.07
	  	 Transactions with Affiliates
	  	57
		 	   7.08
	  	 Restrictive Agreements
	  	57
		 	   7.09
	  	 Accounting Changes
	  	58
		 	   7.10
	  	 Leverage Ratio
	  	58
		 	   7.11
	  	 Fixed Charge Coverage Ratio
	  	58
		
	 ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
	  	58
		 	   8.01
	  	 Events of Default
	  	58
		 	   8.02
	  	 Application of Funds
	  	61
		
	 ARTICLE IX. ADMINISTRATIVE AGENT
	  	61
		 	   9.01
	  	 Appointment and Authority
	  	61
		 	   9.02
	  	 Rights as a Lender
	  	61
		 	   9.03
	  	 Exculpatory Provisions
	  	62
		 	   9.04
	  	 Reliance by Administrative Agent
	  	62
		 	   9.05
	  	 Delegation of Duties
	  	63
		 	   9.06
	  	 Resignation of Administrative Agent
	  	63
		 	   9.07
	  	 Non-Reliance on Administrative Agent and Other Lenders
	  	64
		 	   9.08
	  	 No Other Duties, Etc.
	  	64
		 	   9.09
	  	 Administrative Agent May File Proofs of Claim
	  	64
		 	   9.10
	  	 Guaranty Matters
	  	65
		
	 ARTICLE X. CONTINUING GUARANTY
	  	65
		 	 10.01
	  	 Guaranty
	  	65
		 	 10.02
	  	 Rights of Lenders
	  	65
		 	 10.03
	  	 Certain Waivers
	  	65
		 	 10.04
	  	 Obligations Independent
	  	66
		 	 10.05
	  	 Subrogation
	  	66

  

 ii 

 TABLE OF CONTENTS (continued) 
  

							
	  	 	 Section
	  	 	  	Page
		 	 10.06
	  	 Termination; Reinstatement
	  	66
		 	 10.07
	  	 Subordination
	  	67
		 	 10.08
	  	 Stay of Acceleration
	  	67
		 	 10.09
	  	 Condition of UK Borrower
	  	67
		
	 ARTICLE XI. MISCELLANEOUS
	  	67
		 	 11.01
	  	 Amendments, Etc.
	  	67
		 	 11.02
	  	 Notices; Effectiveness; Electronic Communication
	  	68
		 	 11.03
	  	 No Waiver; Cumulative Remedies; Enforcement
	  	70
		 	 11.04
	  	 Expenses; Indemnity; Damage Waiver
	  	71
		 	 11.05
	  	 Payments Set Aside
	  	73
		 	 11.06
	  	 Successors and Assigns
	  	73
		 	 11.07
	  	 Treatment of Certain Information; Confidentiality
	  	76
		 	 11.08
	  	 Right of Setoff
	  	77
		 	 11.09
	  	 Interest Rate Limitation
	  	77
		 	 11.10
	  	 Counterparts; Integration; Effectiveness
	  	78
		 	 11.11
	  	 Survival of Representations and Warranties
	  	78
		 	 11.12
	  	 Severability
	  	78
		 	 11.13
	  	 Replacement of Lenders
	  	79
		 	 11.14
	  	 Governing Law; Jurisdiction; Etc.
	  	79
		 	 11.15
	  	 Waiver of Jury Trial
	  	80
		 	 11.16
	  	 No Advisory or Fiduciary Responsibility
	  	80
		 	 11.17
	  	 Electronic Execution of Assignments and Certain Other Documents
	  	81
		 	 11.18
	  	 USA PATRIOT Act
	  	81
		 	 11.19
	  	 Judgment Currency
	  	81
			
		 	 SIGNATURES
	  	S-1

  

 iii 

					
	 SCHEDULES

			
		 	   1.01
	  	 Mandatory Cost Formulae

		 	   2.01
	  	 Term Loan Commitments and Applicable Percentages

		 	   5.11
	  	 Subsidiaries

		 	   7.01
	  	 Existing Indebtedness

		 	   7.02
	  	 Existing Liens

		 	   7.08
	  	 Existing Restrictions

		 	 11.02
	  	 Administrative Agent’s Office; Certain Addresses for Notices

	
	EXHIBITS
			
		 	Form of	  	
			
		 	 A
	  	 Term Loan Notice

		 	 B-1
	  	 US Term Loan Note

		 	 B-2
	  	 UK Term Loan Note

		 	 C
	  	Compliance Certificate
		 	 D-1
	  	Assignment and Assumption
		 	 D-2
	  	Administrative Questionnaire
		 	 E
	  	Subsidiary Guaranty
		 	 F-1
	  	Opinion of General Counsel
		 	 F-2
	  	Opinion of Nelson Mullins Riley & Scarborough LLP
		 	 F-3
	  	Opinion of Eversheds LLP

  

 iv 

 TERM LOAN CREDIT AGREEMENT 
 This TERM LOAN CREDIT AGREEMENT (“Agreement”) is entered into as of July 10, 2009, among GLOBAL PAYMENTS INC., a Georgia
corporation (the “Company”), Global Payments U.K. Ltd, a company incorporated under the laws of England and Wales (the “UK Borrower” and, together with the Company, the “Borrowers” and each a
“Borrower”), each Lender (defined below) from time to time party hereto, and BANK OF AMERICA, N.A., as Administrative Agent. 
 The Company has requested that the Lenders provide a term loan credit facility in Dollars (defined below) and in Sterling (defined below), and the Lenders are willing to do so on the terms and conditions set forth herein. 
 In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE I. 
 DEFINITIONS AND
ACCOUNTING TERMS 
 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 “Acquired Entity” means the assets, in the case of an acquisition of assets, or Equity Interests (or, if the context
requires, the Person that is the issuer of such Equity Interests), in the case of an acquisition of Equity Interests, acquired by the Company or any of its Subsidiaries pursuant to an Acquisition permitted by Section 7.04. 
 “Acquisition” means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which
any Person (i) acquires any going business or all or substantially all of the assets of any firm, corporation, partnership, limited liability company or division or other business unit or segment thereof, whether through purchase of assets,
merger or otherwise, or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary
voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited
liability company. 
 “Acquisition Agreement” means the Instrument of Transfer dated as of June 12, 2009 by and among
HSBC Bank plc, a company incorporated with limited liability in England and Wales with company number 14259, and the UK Borrower, without any amendment or alteration thereto after the date thereof except those made in compliance with
Section 4.01 hereof. 
 “Administrative Agent” means Bank of America in its capacity as administrative agent
under any of the Loan Documents, or any successor administrative agent. 
 “Administrative Agent’s Office” means, with
respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.02 with respect to such currency, or such other address or account with respect to such currency as the Administrative
Agent may from time to time notify to the Company and the Lenders. 
  

 1 

 “Administrative Questionnaire” means an Administrative Questionnaire in substantially
the form of Exhibit D-2 or any other form approved by the Administrative Agent. 
 “Affiliate” means, with respect to
any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agreement” means this Credit Agreement. 
 “Applicable Percentage” means (a) in respect of the US Term Loan Facility, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the US Term Loan
Facility represented by (i) on or prior to the funding of the US Term Loans on the Closing Date, such Lender’s US Term Loan Commitment at such time and (ii) thereafter, the principal amount of such Lender’s US Term Loans at such
time, (b) in respect of the UK Term Loan Facility, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the UK Term Loan Facility represented by (i) on or prior to the funding of the UK Term
Loans on the Closing Date, such Lender’s UK Term Loan Commitment at such time and (ii) thereafter, the principal amount of such Lender’s UK Term Loans at such time. The initial Applicable Percentage of each Lender in respect of each
Term Loan Facility is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. Solely for purposes of Section 11.04(c),
the Applicable Percentages shall be calculated by converting the amount of the UK Term Loans outstanding and the aggregate amount of the UK Term Loan Facility at such date from Sterling to Dollars utilizing the Spot Rate (without regard to the date
of determination of the Applicable Percentage), as determined by the Administrative Agent (which such determination shall be conclusive and binding for all purposes, absent manifest error). 
 “Applicable Rate” means the following percentages per annum, based upon the Leverage Ratio as set forth in the most recent Compliance
Certificate received by the Administrative Agent pursuant to Section 6.01(c): 
  

									
	Applicable Rate	 
	Pricing
Level	  	Leverage Ratio	  	Eurocurrency
Rate	 	 	Base
Rate	 
	1	  	< 0.75 to 1.00	  	2.75	% 	 	1.75	% 
				
	2	  	3 0.75 to 1.00,
and < 1.25 to 1.00	  	3.00	% 	 	2.00	% 
				
	3	  	3 1.25 to 1.00,
and < 1.75 to 1.00	  	3.25	% 	 	2.25	% 
				
	4	  	3 1.75 to 1.00,
and < 2.25 to 1.00	  	3.50	% 	 	2.50	% 
				
	5	  	3 2.25 to 1.00,
and < 2.75 to 1.00	  	4.00	% 	 	3.00	% 
				
	6	  	3 2.75 to 1.00	  	4.50	% 	 	3.50	% 

  

 2 

 Any increase or decrease in the Applicable Rate resulting from a change in the Leverage Ratio shall become effective as
of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.01(c); provided that if a Compliance Certificate is not delivered when due in accordance with such Section, then,
upon the request of the Required Lenders, Pricing Level 6 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such
Compliance Certificate is delivered. Subject to the proviso in the immediately preceding sentence, the Applicable Rate in effect from the Closing Date through the first Business Day immediately following the date a Compliance Certificate is
delivered pursuant to Section 6.01(c) for the fiscal quarter of the Company ending August 31, 2009 shall be determined based upon Pricing Level 2. Notwithstanding anything to the contrary contained in this definition, the
determination of the Applicable Rate for any period (other than the period addressed in the immediately proceeding sentence) shall be subject to the provisions of Section 2.07(b). 
 “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans
and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender. 
 “Arranger” means Banc of America Securities LLC, in its capacity as sole lead arranger and sole book manager.

 “Asset Sale” means the sale (including any transaction that has the economic effect of a sale), transfer or other
disposition (by way of merger or otherwise, including sales in connection with a sale and leaseback transaction, or as a result of any condemnation or casualty in respect of property) by the Company or any Subsidiary to any Person other than a
Credit Party, of (a) any Equity Interests of any Subsidiary, or (b) any other assets of the Company or any Subsidiary (other than inventory, obsolete or worn out assets, scrap, cash equivalents, and marketable securities, in each case
disposed of in the ordinary course of business), except sales, transfers or other dispositions of any assets in one transaction or a series of related transactions having a value not in excess of $1,000,000. 
 “Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the
same investment advisor. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D-1 or any other form approved by the Administrative Agent.

 “Audited Financial Statements” means the audited consolidated balance sheet of the Company and its Subsidiaries for the
fiscal year ended May 31, 2008, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Company and its Subsidiaries, including the notes thereto. 
  

 3 

 “Bank of America” means Bank of America, N.A. and its successors. 
 “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds
Effective Rate plus  1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by
Bank of America as its “prime rate” and (c) except during a Eurocurrency Unavailability Period, a reference rate equal to the Eurocurrency Base Rate (for Base Rate Loans) plus 1%. The “prime rate” is a rate set by Bank of
America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such
announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 
 “Base Rate Loan” means a Term Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars.

 “Board” means the Board of Governors of the Federal Reserve System of the United States. 
 “Borrower” and “Borrowers” each has the meaning specified in the introductory paragraph hereto. 
 “Borrower Materials” has the meaning specified in Section 6.01. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws
of, or are in fact closed in, the state where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is located and: 
 (a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurocurrency Rate
Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day on which dealings in deposits in Dollars are conducted by and between banks in the London interbank
eurodollar market; 
 (b) if such day relates to any interest rate settings as to a Term Loan denominated in Sterling, means any such day on
which dealings in deposits in Sterling are conducted by and between banks in the London or other applicable offshore interbank market for Sterling; and 
 (c) if such day relates to any fundings, disbursements, settlements and payments in Sterling in respect of a Term Loan denominated in Sterling, or any other dealings in Sterling to be carried out pursuant to this
Agreement in respect of any such Term Loan (other than any interest rate settings), means any such day on which banks are open for business in London. 
  

 4 

 “Canadian Intercreditor Agreement” means the Intercreditor Agreement dated as of
June 23, 2008 among JPMorgan Chase Bank, N.A., the “Syndicated Loan Lenders” that are parties thereto, Canadian Imperial Bank of Commerce, and the “Receivables Credit Lenders” that are parties thereto, as the same may be
amended, restated, supplemented, or otherwise modified from time to time. 
 “Canadian Receivables” means the accounts
receivable of Global Payments Direct generated in the ordinary course of business of its merchant processing business in Canada, including VISA receivables, debit card receivables, merchant charge-back receivables and merchant business receivables
(relating to fees owed to Global Payments Direct by its Canadian VISA merchants) generated in connection with such business. 
 “Canadian Receivables Collateral” means, collectively, the Canadian Receivables, the accounts maintained by Global Payments Direct with Canadian Imperial Bank of Commerce and into which are deposited only proceeds of the
Canadian Receivables and other sums anticipated for use in connection with the settlement of the Canadian Receivables, and any foreign exchange hedging contracts entered into by Global Payments Direct in order to mitigate foreign currency exchange
risk arising in respect of obligations under the Canadian Receivables Credit Facility, together with all products and proceeds of the foregoing. 
 “Canadian Receivables Credit Facility” means the documents evidencing the credit facility made available to Global Payments Direct by Canadian Imperial Bank of Commerce providing for short-term advances to Global Payments
Direct made in respect of the Canadian Receivables, with the obligations of Global Payments Direct under such credit facility to be Guaranteed by the Company and certain Subsidiaries, together with any refinancings or replacements of such credit
facility and any amendments or modifications of such credit facility or refinancing or replacement, in each case to the extent any such refinancing, replacement, amendment or modification is not on terms or otherwise less favorable in any material
respect to the Lenders or the Administrative Agent. 
 “Capital Lease Obligations” of any Person means the obligations of
such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on
a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Change in Control” means the occurrence of one or more of the following events: (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any entity, organization
or “group” (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of 50% or more of the outstanding shares of the voting stock of the
Company; or (b) the Company ceases to own (directly or indirectly) 100% of the outstanding shares of the voting stock of the UK Borrower, unless the UK Term Loan has at such time been paid in full and terminated (in which case an event
described in this subsection (b) shall not constitute a Change in Control); or (c) during any period of up to 12 months, individuals who at the beginning of such 12 month period were directors of the Company (together with any new
directors whose election or 

  

 5 

 
nomination for election by the Company’s board of directors was approved by a vote of at least two-thirds of the directors then still in office who were
either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason (other than death, disability or voluntary retirement not for reasons related to an actual or proposed
change of control) to constitute at least a majority of the directors of the Company then in office); or (d) the occurrence of any sale, lease, exchange or other transfer (in a single transaction or series of related transactions) of all or
substantially all of the assets of the Company to any Person or “group” (as defined above). 
 “Change in Law”
means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 
 “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with
Section 11.01. 
 “Code” means the Internal Revenue Code of 1986. 
 “Company” has the meaning specified in the introductory paragraph hereto. 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit C. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 
 “Cost of Funds Rate” means, as of any day, the annual rate of interest equal to the sum of (i) the cost of funds offered to
the Administrative Agent in the London interbank market for overdrafts denominated in Sterling plus (ii) the Applicable Margin for Eurocurrency Rate Loans. 
 “Credit Parties” means, collectively, the Company, the UK Borrower and each Subsidiary Guarantor. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership,
insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 
 “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default. 
 “Default Rate” means an interest rate equal to (a) the Base Rate plus
(b) the Applicable Rate, if any, applicable to Base Rate Loans plus (c) 2% per annum; provided that with respect to a Eurocurrency Rate Loan (or a Loan bearing interest at the Cost of Funds Rate), the Default Rate shall
be an interest rate equal to the interest rate (including any Applicable Rate and any Mandatory Cost) otherwise applicable to such Loan plus 2% per annum. 
  

 6 

 “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the
Term Loans required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder unless such failure has been cured, (b) has otherwise failed to pay over to the Borrower, the Administrative Agent or any
other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute or unless such failure has been cured, or (c) has been deemed insolvent or such Lender
becomes subject to a Lender-Related Distress Event. 
 “Dollar” and “$” mean lawful money of the United
States. 
 “Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the
United States. 
 “EBITDA” means, for any period, the sum of the following (without duplication) in each case determined on
a consolidated basis in accordance with GAAP: (a) with respect to the Company and its Subsidiaries (excluding any Persons or assets that became Acquired Entities at any time during such period), the sum of each of the following for such period:
(i) Net Income, (ii) income taxes, (iii) depreciation, (iv) amortization, and (v) Interest Expense; and (b) “EBITDA” of any Persons or assets that became Acquired Entities at any time during such period,
calculated on a pro forma basis for such Acquired Entities for the entire period in a manner otherwise consistent with this definition and the definitions referred to herein. 
 “EBITR” means, for the Company and its Subsidiaries for any period, an amount equal to the sum of each of the following for such period
(without duplication) in each case determined on a consolidated basis in accordance with GAAP: (a) EBITDA (excluding “EBITDA” of Acquired Entities as described in clause (b) of the definition of EBITDA) plus (b) Lease
Expense, minus (c) depreciation and amortization. 
 “Eligible Assignee” means any Person that meets the requirements
to be an assignee under Section 11.06(b)(iii), (v), and (vi) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)). 
 “EMU” means the economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single European Act 1986, the
Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998. 
 “EMU Legislation” means the legislative measures of the
European Council for the introduction of, changeover to or operation of a single or unified European currency. 
 “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority,
relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters. 
  

 7 

 “Environmental Liability” means any liability, contingent or otherwise (including
any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Company or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or
(e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests
in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 
 “ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Company, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of
the Code, is treated as a single employer under Section 414 of the Code. 
 “ERISA Event” means
(a) any Reportable Event; (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing
pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Company or any of its ERISA Affiliates of any
liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or
to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by
the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or
is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Euro” and
“EUR” mean the lawful currency of the Participating Member States introduced in accordance with the EMU Legislation. 
 “Eurocurrency Base Rate” means 
 (a) for any Interest Period with respect to a Eurocurrency Rate
Loan, the rate per annum equal to (i) the British Bankers Association LIBOR Rate, as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time)
(“BBA LIBOR”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period (with respect to Eurocurrency Rate Loans denominated in Dollars) 

  

 8 

 
or on the day of the commencement of such Interest Period (with respect to Eurocurrency Rate Loans denominated in Sterling), for deposits in the relevant
currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period (rounded upward, if necessary, to a whole multiple of  1/100
 of 1%), or (ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in the relevant
currency for delivery on the first day of such Interest Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would
be offered by Bank of America’s London Branch (or other Bank of America branch or Affiliate) to major banks in the London or other offshore interbank market for such currency at their request at approximately 11:00 a.m. (London time) two
Business Days prior to the commencement of such Interest Period (with respect to Eurocurrency Rate Loans denominated in Dollars) or on the day of the commencement of such Interest Period (with respect to Eurocurrency Rate Loans denominated in
Sterling); or 
 (b) for any interest rate calculation with respect to a Base Rate Loan, the rate per annum equal to
(i) BBA LIBOR, at approximately 11:00 a.m., London time on the day that is two Business Days prior to the date of determination for Dollar deposits being delivered in the London interbank market for a term of one month commencing that day or
(ii) if such published rate is not available at such time for any reason, the rate determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate
amount of the Base Rate Loan being made, continued or converted by Bank of America and with a term equal to one month would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request
at the date and time of determination. 
 “Eurocurrency Rate” means for any Interest Period with respect to a Eurocurrency
Rate Loan, a rate per annum determined by the Administrative Agent pursuant to the following formula: 
  

							
	Eurocurrency Rate	 	=	 	 Eurocurrency Base Rate
	 	
		 		 	1.00 - Eurocurrency Reserve Percentage	 	

 “Eurocurrency Reserve Percentage” means, for any day during any Interest Period,
the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the Board for determining the maximum reserve
requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Eurocurrency Rate for each outstanding Eurocurrency
Rate Loan shall be adjusted automatically as of the effective date of any change in the Eurocurrency Reserve Percentage. 
 “Eurocurrency Rate Loan” means a Term Loan that bears interest at a rate based on the Eurocurrency Rate. Eurocurrency Rate Loans may be denominated in Dollars or in Sterling. All Term Loans denominated in Sterling must be
Eurocurrency Rate Loans. 
  

 9 

 “Eurocurrency Unavailability Period” means any period of time during which a notice
delivered to the Borrowers in accordance with Section 3.03 shall remain in effect. 
 “Event of Default” has the
meaning specified in Section 8.01. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any
Lender or any other recipient of any payment to be made by or on account of any obligation of any Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu
of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is
located, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which such Borrower is located, (c) any backup withholding tax that is required by the Code to be withheld from
amounts payable to a Lender that has failed to comply with clause (A) of Section 3.01(e)(ii), and (d) in the case of a Foreign Lender or a UK Lender (in either case, other than an assignee pursuant to a request by the Company
under Section 11.13), any withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender or UK Lender pursuant to the Laws in force at the time such Foreign Lender or such UK Lender becomes a party
hereto (or designates a new Lending Office) or (ii) is attributable to such Foreign Lender’s or such UK Lender’s failure or inability (other than as a result of a Change in Law) to comply with clause (B) of
Section 3.01(e)(ii), except to the extent that such Foreign Lender or such UK Lender (or, in either case, its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional
amounts from such Borrower with respect to such withholding tax pursuant to Section 3.01(a)(ii) or (iii). 
 “Existing
Credit Agreements” means (a) that certain Credit Agreement dated as of November 16, 2006 by and among the Company, JPMorgan Chase Bank, National Association, as agent, and a syndicate of lenders, and (b) that certain Loan
Agreement dated as of June 23, 2008 by and among the Company, JPMorgan Chase Bank, National Association, as agent, and a syndicate of lenders. 
 “Federal Funds Effective Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Effective Rate for
such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Effective
Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of  1/100 of 1%) charged to Bank
of America on such day on such transactions as reasonably determined by the Administrative Agent. 
 “Fee Letter”
means the letter agreement, dated as of May 29, 2009, among the Company, the Administrative Agent and the Arranger. 
 “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Company. 
  

 10 

 “Fiscal Quarter” means any fiscal quarter of the Company. 
 “Fiscal Year” means any fiscal year of the Company. 
 “Fixed Charges” means, without duplication, for the Company and its Subsidiaries for any period, the sum of each of the following for such period: (a) Interest Expense, and (b) Lease
Expense. 
 “Foreign Lender” means, with respect to any Borrower, any Lender that is organized under the Laws of a
jurisdiction other than that in which such Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “Funding Indemnity Letter” means a letter by and among the Borrowers and the Administrative Agent, on behalf of the Lenders, entered
into on or prior to the date that is four Business Days prior to the Closing Date pursuant to which the Borrowers agree to compensate the Lenders for certain losses, costs or expenses incurred by such Lender as a result of any failure for any reason
to make the Term Loan Borrowings on the date set forth therein, in the form agreed to by the parties thereto. 
 “GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently
applied. 
 “Governmental Authority” means the government of the United States, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and
including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the
purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of
credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 
  

 11 

 “Guaranteed Parties” means the Administrative Agent, the Lenders and any Swap Provider.

 “Guarantors” means each Subsidiary that qualifies as a Significant Subsidiary as provided herein and each additional
Subsidiary that executes and delivers to the Administrative Agent a Subsidiary Guaranty Supplement pursuant to Section 6.09. 
 “Guaranty” means, collectively, (a) the Guaranty made by the Company under Article X in favor of the Lenders to the UK Term Loan Facility and (b) the Subsidiary Guaranty, together with each Subsidiary
Guaranty Supplement. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or
toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any
nature regulated pursuant to any Environmental Law. 
 “Indebtedness” of any Person means, without duplication,
(a) obligations of such Person for borrowed money, (b) obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) obligations of such Person in respect of the deferred purchase price of property
or services (other than trade payables incurred in the ordinary course of business on terms customary in the trade), (d) obligations of such Person under any conditional sale or other title retention agreement(s) relating to property acquired
by such Person, (e) Capital Lease Obligations of such Person, (f) obligations, contingent or otherwise, of such Person in respect of letters of credit, acceptances or similar extensions of credit, (g) Guarantees by such Person of the
type of indebtedness described in clauses (a) through (f) above, (h) all indebtedness of a third party secured by any lien on property owned by such Person, whether or not such indebtedness has been assumed by such Person,
(i) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Equity Interests of such Person, and (j) off-balance sheet liability retained in connection with asset
securitization programs, synthetic leases, sale and leaseback transactions or other similar obligations arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute
a liability on the consolidated balance sheet of such Person and its Subsidiaries. “Indebtedness” shall not include obligations of the Company or any Subsidiary under any Settlement Facility or any contingent obligations under surety bonds
or similar obligations incurred in the ordinary course of business 
 “Indemnified Taxes” means Taxes other than Excluded
Taxes. 
 “Indemnitees” has the meaning specified in Section 11.04(b). 
 “Information” has the meaning specified in Section 11.07. 
 “Intellectual Property” means the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multi-national or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how processes and all rights to sue at law or in
equity for any infringement or other impairment thereof, including the right to receive all proceeds in damages therefrom. 
  

 12 

 “Interest Expense” means, for the Company and its Subsidiaries for any period determined
on a consolidated basis in accordance with GAAP (without duplication), total interest expense, including without limitation the interest component of any payments in respect of Capital Lease Obligations (whether capitalized or expensed) during such
period (whether or not actually paid during such period). 
 “Interest Payment Date” means, (a) as to any Term Loan
other than a Base Rate Loan, the last day of each Interest Period applicable to such Term Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective
dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each February, May, August and November, and the Maturity Date.

 “Interest Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan
is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the Company in its Term Loan Notice or such other period that is twelve months or less requested by
the Company and consented to by all the Lenders required to fund or maintain a portion of such Loan; provided that: 
 (a) any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next
preceding Business Day; 
 (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is
no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 
 (c) no Interest Period shall extend beyond the Maturity Date. 
 “IRS” means the United States Internal Revenue Service. 
 “Joint Venture Call
Right” means, with respect to the Person (other than any Affiliate of the Company) owning the minority of the outstanding Equity Interests in a non-wholly owned Subsidiary of the Company, the contractual right of such Person to purchase,
and to require such Subsidiary to sell, all or a portion of the assets of, or all or a portion of the outstanding Equity Interests in, such Subsidiary to such Person or its Affiliate. 
 “Lease Expense” for any period, the aggregate amount of fixed and contingent rentals payable by the Company and its Subsidiaries with
respect to leases of real and personal property (excluding Capital Lease Obligations) determined on a consolidated basis in accordance with GAAP for such period. 
  

 13 

 “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of
law. 
 “Lender” means (a) at any time on or prior to the funding of the Term Loans on the Closing Date, any Person
that has a US Term Loan Commitment or a UK Term Loan Commitment at such time and (b) at any time after the funding of the Term Loans on the Closing Date, any Person that holds Term Loans at such time. 
 “Lender-Related Distress Event” means, with respect to any Lender or any Person that directly or indirectly Controls such Lender (each,
a “Distressed Person”), as the case may be, a voluntary or involuntary case with respect to such Distressed Person under any Debtor Relief Law, or a custodian, conservator, receiver or similar official is appointed for such
Distressed Person or any substantial part of such Distressed Person’s assets, or such Distressed Person or any Person that directly or indirectly Controls such Distressed Person is subject to a forced liquidation, merger, sale or other change
of control supported in whole or in part by guaranties or other support of (including without limitation the nationalization or assumption of ownership or operating control by) the U.S. government or other Governmental Authority, or such Distressed
Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Distressed Person or its assets to be, insolvent, bankrupt, or deficient
in meeting any capital adequacy or liquidity standard of any such Governmental Authority. 
 “Lending Office” means, as to
any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Company and the Administrative Agent. 
 “Leverage Ratio” means, as of the end of any Fiscal Quarter, the ratio of Total Debt of the Company and its Subsidiaries as of such date
to EBITDA of the Company and its Subsidiaries for such Fiscal Quarter and the immediately preceding three Fiscal Quarters. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, and (b) the interest of a vendor or a lessor
under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset. 
 “Loan” means any Term Loan. 
 “Loan Documents” means this Agreement, the Notes, the Fee Letter, the Subsidiary Guaranty, any Subsidiary Guaranty Supplements, the Funding Indemnity Letter, and all other documents and agreements contemplated hereby and
executed by either Borrower or any Subsidiary of either Borrower in favor of the Administrative Agent or any Lender. 
  

 14 

 “Mandatory Cost” means, with respect to any period, the percentage rate per annum
determined in accordance with Schedule 1.01. 
 “Material Adverse Effect” means, with respect to any event, act,
condition or occurrence of whatever nature (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singly or in conjunction with any other event or events, act or acts, condition or
conditions, occurrence or occurrences, whether or not related, a material adverse change in, or a material adverse effect upon, any of (a) the financial condition, results of operations, business, or properties of the Company and its
Subsidiaries taken as a whole, (b) the rights and remedies of the Administrative Agent or the Lenders under the Loan Documents, or the ability of any of the Credit Parties to perform its obligations under the Loan Documents to which it is a
party (such obligations to include, without limitation, payment of the Obligations and observance and performance of the covenants set forth in Articles VI and VII hereof), as applicable, or (c) the legality, validity or enforceability of any
Loan Document. 
 “Material Indebtedness” means (a) Indebtedness (other than the Loans), or obligations in respect of
one or more Swap Agreements, of any one or more of the Company and its Subsidiaries in an aggregate principal amount exceeding $25,000,000 and (b) the Existing Credit Agreements. For purposes of determining Material Indebtedness, the
“principal amount” of the obligations of the Company or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Company or such Subsidiary would
be required to pay if such Swap Agreement were terminated at such time. 
 “Material Subsidiary” means each Subsidiary that,
as of the most recent Fiscal Quarter, for the period of four consecutive Fiscal Quarters then ended, for which financial statements have been delivered, or are required to have been delivered, pursuant to Section 5.01, contributed more
than ten percent (10%) of the Company’s consolidated revenues for such period. Such determinations shall be made with respect to Subsidiaries at each time that the financial statements for the Company and its Subsidiaries are delivered, or
are required to be delivered, pursuant to Section 5.01, provided that if a Person becomes a Subsidiary pursuant to or in connection with a Permitted Acquisition, then such determination shall be made as of the date such Permitted
Acquisition is consummated, based on the financial statements of such Person for its most recent quarter end (for the four fiscal quarters then ended) for which financial statements are available (which may be unaudited). 
 “Maturity Date” means July 10, 2012; provided that if such date is not a Business Day, the Maturity Date shall be the next
preceding Business Day. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 “Net Income” means, for any period, net income of the Company and its consolidated Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP, but excluding therefrom (to the extent included therein) (a) any earnings of Designated Subsidiaries and any equity interests in the earnings of joint ventures or other Persons that
are not Subsidiaries, in each case to the extent such earnings are not actually paid in cash, and the 

  

 15 

 
Company or its Subsidiaries do not have the ability to cause such earnings to be paid in cash, to the Company or its Subsidiaries (other than Designated
Subsidiaries) with respect to such period, and (b) the after-tax impact of Non-Recurring Non- Cash Items. Further, Non-Recurring Cash Items will only be reflected (on an after-tax basis) in net income as such amounts are paid, and the cash
portions of any restructuring charge will only be reflected (on an after-tax basis) in net income for pre-tax amounts that exceed the Restructuring Charge Limit. 
 “Net Worth” means, as of any date, total shareholders’ equity reflected on the consolidated balance sheet of the Company and its Subsidiaries as of such date prepared in accordance with GAAP.

 “Non-Negotiated Acquisition” means any Acquisition that is effected (a) pursuant to a tender or other public offer
to purchase from the holders of Equity Interests of a publicly held Person that has not been preceded by approval of such tender or other public offer by (i) the board of directors or comparable managing board or body of such Person, or
(ii) the negotiated agreement(s) in support of such Acquisition by holders of sufficient Equity Interests to assure the approval of such Acquisition pursuant to the organization documents of such Person and applicable law, or (b) following
a solicitation of proxies with respect to the Equity Interests of such Person that has not been approved by the management of such Person. 
 “Non-Recurring Cash Items” means, for any period, an accounting item that impacts cash and is generally non-recurring in nature, including without limitation, the cash portions of gains, losses, asset impairments,
restructuring charges, extraordinary items, unusual items, and the cumulative effect of changes in accounting principles. For illustrative purposes, an example of a Non-Recurring Cash Item is a restructuring charge that includes cash severance
payments. 
 “Non-Recurring Non-Cash Items” means, for any period, an accounting item that does not impact cash and is
generally non-recurring in nature, including without limitation, the non-cash portions of gains, losses, asset impairments, restructuring charges, extraordinary items, unusual items, and the cumulative effect of changes in accounting principles.

 “Note” means the US Term Loan Note and/or the UK Term Loan Notes, as applicable. 
 “Obligations” means, collectively, all unpaid principal of and accrued and unpaid interest on all Loans, accrued and unpaid fees, and
expenses, reimbursements, indemnities and other obligations of any Credit Party to the Lenders or to any Lender, the Administrative Agent or any Indemnitee hereunder arising under this Agreement or any other Loan Document, and all amounts payable by
either Borrower under any Related Swap Agreement, and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 
 “Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to
any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect 

  

 16 

 
to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or
organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity. 
 “Other Taxes” means all present or
future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect
to, this Agreement or any other Loan Document. 
 “Outstanding Amount” means the aggregate outstanding principal amount of
Term Loans, or of the US Term Loans or UK Term Loans, the context may indicate, after giving effect to any borrowings and prepayments or repayments of such Term Loans occurring on such date. 
 “Overnight Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal
Funds Effective Rate and (ii) an overnight rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, and (b) with respect to any amount denominated in Sterling, the rate of interest
per annum at which overnight deposits in Sterling, in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of Bank of America in the applicable
offshore interbank market for such currency to major banks in such interbank market. 
 “Participant” has the meaning
specified in Section 11.06(d). 
 “Participating Member State” means each state so described in any EMU
Legislation. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any
successor entity performing similar functions. 
 “Permitted Acquisition” means an Acquisition otherwise satisfying
the terms of Section 7.04 and, if the total amount of cash consideration to be paid, and Indebtedness to be assumed or otherwise becoming a portion of Total Debt, in respect of such Acquisition exceeds $100,000,000 in the aggregate, the
Company shall have delivered to the Agent prior to consummation of such Acquisition a certificate of a Financial Officer demonstrating in reasonable detail that the Borrowers shall be in compliance, on a pro forma basis after giving effect to such
Acquisition, with the Leverage Ratio in Section 7.10 recomputed as of the last day of the most recently-ended Fiscal Quarter for which financial statements are available, as if such Acquisition (and any related incurrence or repayment of
Indebtedness) had occurred on the first day of the four Fiscal Quarter period then ending, together with all other relevant financial information for the Person(s) or assets to be so acquired as may be reasonably requested by the Administrative
Agent. 
 “Permitted Encumbrances” means: 
 (a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 6.04; 
  

 17 

 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other
like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not Indebtedness, which do not in the aggregate materially impair the use thereof in the operation of the business; 
 (c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social
security laws or regulations; 
 (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and
appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (e) judgment
liens in respect of judgments that do not constitute an Event of Default under clause (j) of Article VIII; and 
 (f) easements, zoning
restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or
interfere with the ordinary conduct of business of the Company or any Subsidiary; 
 provided that the term “Permitted Encumbrances” shall
not include any Lien securing Indebtedness. 
 “Permitted Pari Passu Indebtedness” means Indebtedness of the Company (other
than the Obligations) issued pursuant to an indenture, loan or credit agreement, note purchase agreement, or similar agreement or instrument for money borrowed, evidencing senior unsecured indebtedness of the Company, or senior secured indebtedness
of the Company providing for Liens securing such indebtedness and the Obligations as described in this Agreement on a pari passu basis with respect to all assets serving as collateral for such indebtedness and the Obligations, and providing for
guaranties of such indebtedness by no Subsidiaries of the Company other than Guarantors under this Agreement, and if such indebtedness is secured by Liens, subject in all respects to an intercreditor agreement negotiated in good faith by the
Administrative Agent acting on behalf of the Lenders and the holders of such indebtedness or such holders’ trustee, agent, or other representative, and making provisions for, among other things, the sharing of proceeds of collateral and amounts
received or collected from guarantors in connection with such indebtedness and the Obligations. 
 “Person” means any
natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in
respect of which the Company or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
  

 18 

 “Platform” has the meaning specified in Section 6.01. 
 “Public Lender” has the meaning specified in Section 6.01. 
 “Register” has the meaning specified in Section 11.06(c). 
 “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees,
agents, trustees, members and advisors of such Person and of such Person’s Affiliates. 
 “Related Swap Agreement”
means any Swap Agreement permitted under Section 7.05 that is entered into by and between a Borrower and a Swap Provider. 
 “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such section, with respect to a Plan, excluding, however, such events as to which the PBGC by regulation
waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event, provided, however, that a failure to meet the minimum funding standard of Section 412 of the Code and of
Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice requirement in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code. 
 “Required Lenders” means, as of any date of determination, Lenders having more than 50% of the Term Loan Commitments or, after the
funding of the Term Loans on the Closing Date, Lenders holding in the aggregate more than 50% of the Outstanding Amount of all US Term Loans and UK Term Loans; provided that the Term Loan Commitment of, and the portion of the Term Loans held
or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. For purposes of this definition, as of any date of determination thereof, the UK Term Loan Commitment and the Outstanding Amount
of UK Term Loans of each Lender shall be determined by converting the relevant amount of Sterling at such date to an amount of Dollars based on the Spot Rate (regardless of any spot rate of exchange on such date of determination). 
 “Restructuring Charge Limit” means during any Fiscal Year, an amount equal to three percent (3%) of the Net Worth of the Company
and its Subsidiaries as of the end of the immediately preceding Fiscal Year. 
 “Same Day Funds” means (a) with respect
to disbursements and payments in Dollars, immediately available funds, and (b) with respect to disbursements and payments in Sterling, same day or other funds as may be reasonably determined by the Administrative Agent to be customary in the
place of disbursement or payment for the settlement of international banking transactions in Sterling. 
 “SEC” means the
Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 
 “Settlement
Facilities” means credit facilities obtained by the Company or any Subsidiary that provide for funding of short-term timing differences related to customer settlements. 
  

 19 

 “Significant Subsidiary” means each wholly owned Domestic Subsidiary that, as of the
most recent Fiscal Quarter, for the period of four consecutive Fiscal Quarters then ended, for which financial statements have been delivered, or are required to have been delivered, pursuant to Section 6.01, contributed more than one
percent (1%) (on a consolidated basis) of the Company’s consolidated revenues for such period. Such determinations shall be made with respect to Subsidiaries at each time that the financial statements for the Company and its Subsidiaries
are delivered, or are required to be delivered, pursuant to Section 6.01, provided that if a Person becomes a Subsidiary pursuant to or in connection with a Permitted Acquisition, then such determination shall be made as of the
date such Permitted Acquisition is consummated, based on the financial statements of such Person for its most recent quarter end (for the four fiscal quarters then ended) for which financial statements are available (which may be unaudited).

 “Spot Rate” for Sterling means $1.6099 per £1, which is the rate determined by the Administrative Agent to be the
spot rate for the purchase by the Administrative Agent of Sterling with Dollars through its principal foreign exchange trading office at approximately 11:00 a.m. London time on the date two Business Days prior to the Closing Date. 
 “Sterling” and “£” mean the lawful currency of the United Kingdom. 
 “Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company,
partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general
partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent, or by the parent and one or more subsidiaries of the parent,
and the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date. Unless otherwise specified, all
references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company. 
 “Subsidiary Guarantors” means each Subsidiary that is at any time a party to the Subsidiary Guaranty, whether on the Closing Date, pursuant to the execution and delivery to the Administrative Agent of a Subsidiary Guaranty
Supplement pursuant to Section 6.09, or otherwise. 
 “Subsidiary Guaranty” means the Subsidiary Guaranty
substantially in the form of Exhibit E (including any and all supplements thereto) executed and delivered by the Subsidiary Guarantors, in favor of the Administrative Agent for the ratable benefit of the Lenders. 
 “Subsidiary Guaranty Supplement” means each Supplement substantially in the form of Exhibit A to the Subsidiary Guaranty executed
and delivered by a Subsidiary pursuant to Section 6.09. 
 “Surety Indemnification Obligations” means all
obligations of the Company or any Subsidiary to indemnify any issuers for amounts required to be paid under any surety bonds 

  

 20 

 
issued by such issuers and posted in accordance with applicable legal requirements with any Governmental Authority at the request and for the use of the
Borrower or any Subsidiary in the ordinary course of its business. 
 “Swap Agreement” means any agreement with respect to
any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices
or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of the Company or the Subsidiaries shall be a Swap Agreement. 
 “Swap Provider” means any Person that, at the time it enters into a Swap Agreement permitted under Section 7.05, is a Lender or an Affiliate of a Lender, in its capacity as a party to such Swap Agreement.

 “Target” means HSBC Merchant Services LLP, a Limited Liability Partnership registered in England and Wales. 

“Target Acquisition” means the acquisition by the Company (either directly or through a wholly-owned direct or indirect Subsidiary)
of all of the Equity Interests in the Target not owned by the Company as of June 1, 2009, so that after giving effect thereto the Target is a wholly-owned (direct or indirect) Subsidiary of the Company. 
 “TARGET Day” means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system
(or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro. 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Term Loan” means a US Term Loan or a UK Term Loan, as applicable. 
 “Term Loan Borrowing” means
a borrowing consisting of simultaneous UK Term Loans or simultaneous US Term Loans, as applicable, of the same Type, in the same currency and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Lenders
pursuant to Section 2.01(a) or (b), as applicable. 
 “Term Loan Commitment” means the US Term Loan
Commitment and the UK Term Loan Commitment. 
 “Term Loan Facility” means, at any time, the US Term Loan Facility and the UK
Term Loan Facility. 
  

 21 

 “Term Loan Notice” means a notice of (a) a Term Loan Borrowing, (b) a
conversion of Term Loans from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 
 “Total Debt” means at any date, all Indebtedness of the Company and its Subsidiaries measured on a consolidated basis as of such date
(excluding therefrom, however, without duplication, Guarantees of Indebtedness of such Person or any of its Subsidiaries, respectively, by such Person or any such Subsidiary). 
 “Transactions” means the execution, delivery and performance by the Borrowers of this Agreement, the borrowing of Term Loans, the use of
the proceeds thereof and the consummation of the Target Acquisition. 
 “Type” means, with respect to a Term Loan, its
character as a Base Rate Loan or a Eurocurrency Rate Loan. 
 “United Kingdom” and “UK” mean the United
Kingdom of Great Britain and Northern Ireland. 
 “United States” and “U.S.” mean the United States of
America. 
 “UK Lender” means a Lender that either has a UK Term Loan Commitment or is the Lender with respect to any UK
Term Loans, provided that any such Lender shall only constitute a UK Lender with respect to its UK Term Loan Commitment and UK Term Loans, and not with respect to any US Term Loan Commitment or US Term Loans. 
 “UK Term Loan” means an advance made by any Lender in Sterling under the UK Term Loan Facility. 
 “UK Term Loan Commitment” means, as to each Lender, its obligation to make UK Term Loans to the UK Borrower pursuant to
Section 2.01(b) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “UK Term Loan Commitment” or opposite
such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
 “UK Term Loan Facility” means, at any time (a) on or prior to the Closing Date, the aggregate amount of the UK Term Loan
Commitments at such time, and (b) thereafter, the aggregate principal amount of the UK Term Loans of all Lenders outstanding at such time. 
 “UK Term Loan Note” means a promissory note made by the UK Borrower in favor of a Lender evidencing UK Term Loans made by such Lender under the UK Term Loan Facility, substantially in the form of Exhibit B-2.

 “US Term Loan” means an advance made by any Lender in Dollars under the US Term Loan Facility. 
  

 22 

 “US Term Loan Commitment” means, as to each Lender, its obligation to make US Term Loans
to the Company pursuant to Section 2.01(a) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “US Term Loan
Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 
 “US Term Loan Facility” means, at any time (a) on or prior to the Closing Date, the aggregate amount of the US Term Loan
Commitments at such time, and (b) thereafter, the aggregate principal amount of the US Term Loans of all Lenders outstanding at such time. 
 “US Term Loan Note” means a promissory note made by the Company in favor of a Lender evidencing US Term Loans made by such Lender under the US Term Loan Facility, substantially in the form of Exhibit B-1. 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 1.02 Other Interpretive Provisions.
With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and
effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used
in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or
interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
  

 23 

 (b) In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and
including.” 
 (c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall
not affect the interpretation of this Agreement or any other Loan Document. 
 1.03 Accounting Terms. (a) Generally. All
accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.

 (b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth
in any Loan Document, and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in
light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and
(ii) the Company shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP. 
 (c) Consolidation of Variable Interest Entities.
All references herein to consolidated financial statements of the Company and its Subsidiaries or to the determination of any amount for the Company and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed
to include each variable interest entity that the Company is required to consolidate pursuant to FASB Interpretation No. 46 – Consolidation of Variable Interest Entities: an interpretation of ARB No. 51 (January 2003) as if such
variable interest entity were a Subsidiary as defined herein. 
 1.04 Rounding. Any financial ratios required to be maintained by the
Borrowers pursuant to this Agreement shall be calculated in accordance with this Agreement and, if necessary, by carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or
down to the nearest number (with a rounding-up if there is no nearest number). 
 1.05 Change of Currency. (a) If the United
Kingdom is a Participating Member State and adopts the Euro as its lawful currency after the date hereof, each obligation of the Borrowers to make a payment denominated in Sterling shall be redenominated into Euro at the time of such adoption (in
accordance with the EMU Legislation), and each reference herein to “Sterling” shall be deemed to be a reference to “Euro” unless the context indicates otherwise. If, in relation to Sterling, the basis of accrual of interest
expressed in this Agreement in respect of that currency 

  

 24 

 
shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such
expressed basis shall be replaced by such convention or practice with effect from the date on which the United Kingdom adopts the Euro as its lawful currency; provided that if any Term Loan Borrowing in Sterling is outstanding immediately
prior to such date, such replacement shall take effect, with respect to such Term Loan Borrowing, at the end of the then current Interest Period. 
 (b) Each provision of this Agreement shall be subject to such reasonable changes of construction as are agreed to by the Administrative Agent and the Company at such time to be appropriate to reflect the adoption of the Euro by the United
Kingdom and any relevant market conventions or practices relating to the Euro. In the event no such agreement is reached by the date of the effectiveness of adoption of the Euro as the lawful currency of the United Kingdom, then the Administrative
Agent shall specify such reasonable changes of construction. 
 (c) Each provision of this Agreement also shall be subject to such reasonable
changes of construction as are agreed to by the Administrative Agent and the Company at such time to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in
currency. In the event no such agreement is reached by the date of the effectiveness of such change of currency of any other country, then the Administrative Agent shall specify such reasonable changes of construction. 
 1.06 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as
applicable). 
 ARTICLE II. 
 THE COMMITMENTS AND CREDIT EXTENSIONS 
 2.01 Term Loans. 
 (a) US Term Loans. Subject to the terms and conditions set forth herein, each Lender with a US Term Loan Commitment severally agrees to make a
single loan to the Company on the Closing Date in an amount not to exceed such Lender’s Applicable Percentage of the US Term Loan Facility. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. US
Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein. 
 (b) UK Term Loans. Subject to the terms
and conditions set forth herein, each Lender with a UK Term Loan Commitment severally agrees to make a single loan to the UK Borrower on the Closing Date in an amount not to exceed such Lender’s Applicable Percentage of the UK Term Loan
Facility. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed. UK Term Loans may only be Eurocurrency Rate Loans, as further provided herein. In connection with the Term Loan Borrowing of the UK Term
Loan Facility on the Closing Date, the initial principal amount thereof shall be £43,480,961.55. 
 2.02 Borrowings, Conversions and
Continuations of Term Loans. 
 (a) Each Term Loan Borrowing, each conversion of Term Loans from one Type to the other, and each
continuation of Eurocurrency Rate Loans shall be made upon the Company’s 

  

 25 

 
irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than
1:00 p.m. (i) three Business Days prior to the requested date of any Term Loan Borrowing of, conversion to or continuation of Eurocurrency Rate Loans denominated in Dollars or of any conversion of Eurocurrency Rate Loans denominated in Dollars
to Base Rate Loans, (ii) four Business Days prior to the requested date of any Term Loan Borrowing or continuation of Eurocurrency Rate Loans denominated in Sterling, and (iii) on the requested date of any Term Loan Borrowing of Base Rate
Loans; provided, however, that if the Company wishes to request Eurocurrency Rate Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest Period,” the
applicable notice must be received by the Administrative Agent not later than 1:00 p.m. (i) four Business Days prior to the requested date of such Term Loan Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in
Dollars, or (ii) five Business Days prior to the requested date of such Term Loan Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Sterling, whereupon the Administrative Agent shall give prompt notice to the
applicable Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. In the case of a request pursuant to the proviso in the preceding sentence, not later than 1:00 p.m. (i) three Business Days
before the requested date of such Term Loan Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Dollars, or (ii) four Business Days prior to the requested date of such Term Loan Borrowing, conversion or continuation
of Eurocurrency Rate Loans denominated in Sterling, the Administrative Agent shall notify the Company (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the applicable Lenders. Each
telephonic notice by the Company pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Term Loan Notice, appropriately completed and signed by a Financial Officer. Each Term Loan
Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or £2,000,000 or a whole multiple of £500,000 in excess thereof, as
applicable, provided that any borrowing, conversion or continuation of the UK Term Loan may be in non-whole multiples in excess of £2,000,000 to the extent reasonably necessary in connection with the UK Term Loan from time to time
being outstanding in a non-whole multiple). Each Term Loan Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Term Loan Notice (whether telephonic or
written) shall specify (i) whether the Company is requesting a Term Loan Borrowing, a conversion of Term Loans from one Type to the other, or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Term Loan Borrowing,
conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Term Loans to be borrowed, converted or continued, (iv) the Type of Term Loans to be borrowed or to which existing Term Loans are
to be converted, (v) if applicable, the duration of the Interest Period with respect thereto, and (vi) the Borrower to which such Term Loan Notice applies. If the Company fails to specify a Type of Term Loan in a Term Loan Notice or if the
Company fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans shall be made as, or converted to, Base Rate Loans; provided, however, that in the case of a failure to timely request a
continuation of Term Loans denominated in Sterling, such Term Loans shall be continued as Eurocurrency Rate Loans in Sterling with an Interest Period of one month. Any automatic conversion to Base Rate Loans shall be effective as of the last day of
the 

  

 26 

 
Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the Company requests a Term Loan Borrowing of, conversion to, or
continuation of Eurocurrency Rate Loans in any such Term Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. No Term Loan may be converted into or continued as a Term Loan
denominated in a different currency. 
 (b) Following receipt of a Term Loan Notice, the Administrative Agent shall promptly notify each
applicable Lender of the amount (and currency) of its Applicable Percentage of the applicable Term Loans, and if no timely notice of a conversion or continuation is provided by the Company, the Administrative Agent shall notify each applicable
Lender of the details of any automatic conversion to Base Rate Loans or continuation of Term Loans denominated in Sterling, in each case as described in the preceding subsection. In the case of a Term Loan Borrowing, each applicable Lender shall
make the amount of its Term Loan available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office for the applicable currency not later than (i) 1:00 p.m., in the case of any Eurocurrency Rate Loan denominated
in Dollars, (ii) 3:00 p.m., in the case of any Base Rate Loan denominated in Dollars, or (iii) 1:00 p.m. London time, in the case of any Term Loan in Sterling, in each case on the Business Day specified in the applicable Term Loan Notice.
Upon satisfaction of the applicable conditions set forth in Sections 4.01, the Administrative Agent shall make all funds so received available to the Company or the UK Borrower, as applicable, in like funds as received by the Administrative
Agent either by (i) crediting the account of such Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably
acceptable to) the Administrative Agent by the Company. 
 (c) Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued
or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During the existence of an Event of Default, at the request of the Required Lenders or the Administrative Agent, no Loans may be requested as, converted to or
continued as Eurocurrency Rate Loans (whether in Dollars or Sterling); provided that outstanding Eurocurrency Rate Loans denominated in Sterling may be maintained and at the end of the Interest Period with respect thereto shall automatically
be continued as Eurocurrency Rate Loans in Sterling with an Interest Period of one month. 
 (d) The Administrative Agent shall promptly
notify the Company and the Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify
the Company and the Lenders of any change in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 
 (e) After giving effect to all Term Loan Borrowings, all conversions of Term Loans from one Type to the other, and all continuations of Term Loans as the
same Type, there shall not be more than (i) seven Interest Periods in effect with respect to US Term Loans and (ii) four Interest Periods in effect with respect to UK Term Loans. 
  

 27 

 2.03 Optional Prepayments. Each Borrower may, upon notice from the Company to the Administrative
Agent, at any time or from time to time voluntarily prepay US Term Loans or UK Term Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 1:00 p.m.
(A) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in Dollars, (B) four Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in Sterling, and (C) on the date
of prepayment of Base Rate Loans; (ii) any prepayment of Eurocurrency Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or £2,000,000 or a whole multiple of £500,000 in
excess thereof, as applicable, provided that any prepayment of the UK Term Loan may be in non-whole multiples in excess of £2,000,000 to the extent reasonably necessary in connection with the UK Term Loan from time to time being
outstanding in a non-whole multiple); and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date and amount of such prepayment, the Term Loan Facility to be prepaid, and the Type(s) of Term Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such
Term Loans. The Administrative Agent will promptly notify each applicable Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Company, the
applicable Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the
amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the Term Loans of the Lenders to the applicable Term Loan Facility in accordance with their respective
Applicable Percentages. Each prepayment of the outstanding Term Loans pursuant to this Section 2.03 shall be applied to the principal repayment installments of the applicable Term Loan Facility on a pro-rata basis. No prepayment of one
Term Loan Facility pursuant to this Section 2.03 shall result in any requirement of Lenders receiving such prepayment to share any such amount with Lenders to the other Term Loan Facility pursuant to Section 2.10 or
otherwise. 
  

 28 

 2.04 Repayment of Loans. (a) US Term Loan Facility. The Company shall repay to the
Lenders to the US Term Loan Facility the aggregate principal amount of all US Term Loans outstanding on the following dates (or, in the event any such date is not a Business Day, on the immediately following Business Day with respect to the US Term
Loan Facility) in the respective amounts set forth opposite such dates (which amounts shall be adjusted as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.03): 
  

				
	 Date
	  	Amount
	 August 31, 2009
	  	$	11,500,000.00
	 November 30, 2009
	  	$	11,500,000.00
	 February 28, 2010
	  	$	11,500,000.00
	 May 31, 2010
	  	$	11,500,000.00
	 August 31, 2010
	  	$	17,250,000.00
	 November 30, 2010
	  	$	17,250,000.00
	 February 28, 2011
	  	$	17,250,000.00
	 May 31, 2011
	  	$	17,250,000.00
	 August 31, 2011
	  	$	17,250,000.00
	 November 30, 2011
	  	$	17,250,000.00
	 February 29, 2012
	  	$	17,250,000.00
	 May 31, 2012
	  	$	17,250,000.00
	 Maturity Date
	  	 
 
 	All outstanding principal
amounts of the US Term
Loans

 (b) UK Term Loan Facility. The UK Borrower shall repay to the Lenders to the UK Term Loan
Facility the aggregate principal amount of all UK Term Loans outstanding on the following dates (or, in the event any such date is not a Business Day, on the immediately following Business Day with respect to the UK Term Loan Facility) in the
respective amounts set forth opposite such dates (which amounts shall be adjusted as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.03): 
  

				
	 Date
	  	Amount
	 August 31, 2009
	  	£	2,174,048.08
	 November 30, 2009
	  	£	2,174,048.08
	 February 28, 2010
	  	£	2,174,048.08
	 May 31, 2010
	  	£	2,174,048.08
	 August 31, 2010
	  	£	3,261,072.12
	 November 30, 2010
	  	£	3,261,072.12
	 February 28, 2011
	  	£	3,261,072.12
	 May 31, 2011
	  	£	3,261,072.12
	 August 31, 2011
	  	£	3,261,072.12
	 November 30, 2011
	  	£	3,261,072.12
	 February 29, 2012
	  	£	3,261,072.12
	 May 31, 2012
	  	£	3,261,072.12
	 Maturity Date
	  	 
 
  
	All outstanding principal
amounts of the UK Term
 Loans

  

 29 

 2.05 Interest. (a) Subject to the provisions of subsection (b) below, (i) each
Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate plus (in the case of a
Eurocurrency Rate Loan of any Lender which is lent from a Lending Office in the United Kingdom or a Participating Member State, but not in the case of any Term Loan denominated in Dollars made to the US Borrower) the Mandatory Cost; and
(ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 
 (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by
acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (ii) If any amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not paid when due (without regard
to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws. 
 (iii) Upon the request of the Required Lenders, while any
Event of Default exists, the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable
Laws. 
 (iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and
payable upon demand. 
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at
such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 

2.06 Fees. The Company shall pay (a) to the Arranger and the Administrative Agent for their own respective accounts, in Dollars, fees in
the amounts and at the times specified in the Fee Letter, and (b) to the Lenders, in Dollars, such fees, if any, as shall have been separately agreed upon in writing in the amounts and at the times so specified. All such fees shall be fully
earned when paid and shall not be refundable for any reason whatsoever. 
 2.07 Computation of Interest and Fees; Retroactive Adjustments
of Applicable Rate. 
 (a) All computations of interest for Base Rate Loans shall be made on the basis of a year of 365 or 366 days, as
the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the
basis of a 365-day 

  

 30 

 
year), or, in the case of interest in respect of Term Loans denominated in Sterling if market practice differs from the foregoing, in accordance with such
market practice. Interest shall accrue on each Term Loan for the day on which the Term Loan is made, and shall not accrue on a Term Loan, or any portion thereof, for the day on which the Term Loan or such portion is paid, provided that any
Loan that is repaid on the same day on which it is made shall, subject to Section 2.09(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for
all purposes, absent manifest error. 
 (b) If, as a result of any restatement of or other adjustment to the financial statements of the
Company or for any other reason, the Company or the Lenders determine that (i) the Leverage Ratio as calculated by the Company as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have resulted
in higher pricing for such period, each Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence
of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the United States or other applicable Debtor Relief Law, automatically and without further action by the Administrative Agent or any
Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative
Agent or any Lender, as the case may be, under Article VIII. Each Borrower’s obligations under this paragraph shall survive the termination of all commitments and the repayment of all Obligations hereunder. 
 2.08 Evidence of Debt. The Term Loans made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by
the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Term Loans made by the Lenders to the
Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In
the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. Upon the request of any Lender to a Borrower made through the Administrative Agent, such Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s
Term Loans to such Borrower in addition to such accounts or records. Each Lender may attach schedules to a Note and endorse thereon the date, Type (if applicable), amount, currency and maturity of its Term Loans and payments with respect thereto.

 2.09 Payments Generally; Administrative Agent’s Clawback. (a) General. All payments to be made by the Borrowers
shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans denominated in Sterling, all payments by
the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in Dollars and in Same Day Funds not later than 2:00
p.m. on the date specified herein. 

  

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Except as otherwise expressly provided herein, all payments by the Borrowers hereunder with respect to principal and interest on Loans denominated in
Sterling shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in Sterling and in Same Day Funds not later than 2:00 p.m. London time
on the dates specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s
Lending Office. All payments received by the Administrative Agent (i) after 2:00 p.m., in the case of payments in Dollars, or (ii) after 2:00 p.m. London time in the case of payments in Sterling, shall in each case be deemed received on
the next succeeding Business Day and any applicable interest or fee shall continue to accrue. Except as may otherwise be provided in the definition of “Interest Period”, if any payment to be made by any Borrower shall come due on a day
other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 
 (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to
the proposed date of any Term Loan Borrowing of Eurocurrency Rate Loans (or, in the case of any Term Loan Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Term Loan Borrowing) that such Lender will not make available to the
Administrative Agent such Lender’s share of such Term Loan Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Term Loan
Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the applicable Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Term Loan Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the
Administrative Agent, at (A) in the case of a payment to be made by such Lender, the Overnight Rate, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and
(B) in the case of a payment to be made by such Borrower, the interest rate applicable to Base Rate Loans (in the case of Term Loans denominated in Dollars) or the Cost of Funds Rate (in all other cases). If such Borrower and such Lender shall
pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period. If such Lender pays its share of
the applicable Term Loan Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Term Loan included in such Term Loan Borrowing. Any payment by such Borrower shall be without prejudice to any claim such
Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 
 (ii)
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders
hereunder that such Borrower will not make such payment, the Administrative Agent 

  

 32 

 
may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders
the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, in Same Day Funds with
interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate. 
 A notice of the Administrative Agent to any Lender or Borrower with respect to any amount owing under this subsection (b) shall be conclusive,
absent manifest error. 
 (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds
for any Term Loan to be made by such Lender to any Borrower as provided in the foregoing provisions of this Article II, and such funds are not made available to such Borrower by the Administrative Agent because the conditions to the
applicable Term Loan Borrowing set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without
interest. 
 (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Term Loans and to make payments
pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make any Term Loan or to make any payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its
corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Term Loan or to make its payment under Section 11.04(c). 
 (e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to
constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 
 2.10 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Term Loans made by it resulting in such
Lender’s receiving payment of a proportion of the aggregate amount of such Term Loans and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall
(a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Term Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Term Loans and other amounts owing them, provided that: 
 (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; 
  

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 (ii) the provisions of this Section shall not be construed to apply to (x) any
payment made by a Borrower pursuant to and in accordance with the express terms of this Agreement (including Section 2.03) or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Term Loans to any assignee or participant, other than to the Company or any Subsidiary thereof (as to which the provisions of this Section shall apply); and 
 (iii) the provisions of this Section shall apply to the repayments required by subparts (a) and (b) of Section 2.04
in such a manner as each repayment thereunder shall be shared by all the Lenders in each of the Term Loan Facilities ratably among them in accordance with the repayment schedule set forth therein (as adjusted by any prepayments made in accordance
with this Agreement), in the event the aggregate amount paid by the Borrowers is at any time insufficient to pay in full the required repayment amounts provided in such subparts (a) and (b) of Section 2.04 for any particular
payment date. 
 Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any
Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the
amount of such participation. 
 2.11 UK Borrower. 
 (a) Effective as of the date hereof the UK Borrower shall be a Borrower hereunder and shall (subject to the satisfaction of the conditions set forth in Section 4.01) receive the proceeds of the UK Term
Loan in an initial aggregate principal amount equal to £43,480,961.55, for its account on the terms and conditions set forth in this Agreement. 
 (b) The UK Borrower hereby irrevocably appoints the Company as its agent for all purposes relevant to this Agreement and each of the other Loan Documents, including (i) the giving and receipt of notices, and
(ii) the execution and delivery of all documents, instruments and certificates contemplated herein and all modifications hereto. Any acknowledgment, consent, direction, certification or other action which might otherwise be valid or effective
only if given or taken by all Borrowers, or by each Borrower acting singly, shall be valid and effective if given or taken only by the Company, whether or not any the UK Borrower joins therein. Any notice, demand, consent, acknowledgement,
direction, certification or other communication delivered to the Company in accordance with the terms of this Agreement shall be deemed to have been delivered to the UK Borrower. 
 (c) The Company may from time to time, upon not less than 15 Business Days’ notice from the Company to the Administrative Agent (or such shorter
period as may be agreed by the Administrative Agent in its sole discretion), terminate the UK Borrower’s status as such, provided that there are no outstanding Term Loans payable by the UK Borrower, or other amounts payable by the UK
Borrower on account of any Term Loans made to it, as of the effective date of such termination. The Administrative Agent will promptly notify the Lenders of any such termination of the UK Borrower’s status. 
  

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 ARTICLE III. 
 TAXES, YIELD PROTECTION AND ILLEGALITY 
 3.01 Taxes. 
 (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i) Any and all payments by or on account of any obligation
of the respective Borrowers hereunder or under any other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require any Borrower
or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws as determined by such Borrower or the Administrative Agent, as the case may be, upon the basis of the information and
documentation to be delivered pursuant to subsection (e) below. 
 (ii) If any Borrower or the Administrative Agent shall
be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined
by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant
Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by such Borrower shall be increased as necessary so that after
any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would
have received had no such withholding or deduction been made. 
 (iii) If any Borrower or the Administrative Agent shall be
required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Borrower or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it
to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Borrower or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount so withheld
or deducted by it to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by such Borrower shall be
increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender, as the case may be, receives
an amount equal to the sum it would have received had no such withholding or deduction been made. 
 (b) Payment of Other Taxes by the
Borrowers. Without limiting the provisions of subsection (a) above, each Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws. 
  

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 (c) Tax Indemnifications. (i) Without limiting the provisions of subsection (a) or
(b) above, each Borrower shall, and does hereby, indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted by such Borrower or the Administrative Agent or paid by the Administrative Agent or such Lender, as the
case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
Each Borrower shall also, and does hereby, indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the
Administrative Agent as required by clause (ii) of this subsection. Upon the reasonable request of any Borrower, the Lenders and the Agent agree to use their reasonable efforts to cooperate with such Borrower in contesting the imposition of or
claiming a refund of any Indemnified Taxes or Other Taxes paid by such Borrower that the Borrower reasonably believes were not correctly or legally asserted or for which a refund is available upon filing for an exemption or reduction therefore under
applicable Law. A certificate as to the amount of any such payment or liability delivered to a Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error. 
 (ii) Without limiting the provisions of subsection (a) or (b) above, each
Lender shall, and does hereby, indemnify each Borrower and the Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities,
penalties, interest and expenses (including the fees, charges and disbursements of any counsel for such Borrower or the Administrative Agent) incurred by or asserted against such Borrower or the Administrative Agent by any Governmental Authority as
a result of the failure by such Lender to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender to such Borrower or the Administrative Agent pursuant to subsection (e). Each
Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii).
The agreements in this clause (ii) shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the commitments and the repayment, satisfaction or
discharge of all other Obligations. 
 (d) Evidence of Payments. Upon request by a Borrower or the Administrative Agent, as the case
may be, after any payment of Taxes by such Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, such Borrower shall deliver to the Administrative Agent or the Administrative Agent shall
deliver to such Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment
reasonably satisfactory to such Borrower or the Administrative Agent, as the case may be. 
  

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 (e) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to the Company and to
the Administrative Agent, at the time or times prescribed by applicable Laws or when reasonably requested by the Company or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing
authorities of any jurisdiction and such other reasonably requested information as will permit the Company or the Administrative Agent, as the case may be, to determine (A) whether or not payments made by the respective Borrowers hereunder or
under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of
all payments to be made to such Lender by the respective Borrowers pursuant to this Agreement or otherwise to establish such Lender’s status for withholding tax purposes in the applicable jurisdictions. 
 (ii) Without limiting the generality of the foregoing, if a Borrower is resident for tax purposes in the United States, 
 (A) any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the
Company and the Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably requested by the Company on behalf of such Borrower or the
Administrative Agent as will enable such Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and 
 (B) each Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with
respect to payments hereunder or under any other Loan Document shall deliver to the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a
Lender under this Agreement (and from time to time thereafter upon the request of the Company on behalf of such Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is
applicable: 
 (I) executed originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income
tax treaty to which the United States is a party, 
 (II) executed originals of Internal Revenue Service Form W-8ECI,

 (III) executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation, 
 (IV) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code,
(x) a 

  

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certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a
“10 percent shareholder” of such Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed originals of
Internal Revenue Service Form W-8BEN, or 
 (V) executed originals of any other form prescribed by applicable Laws as a basis
for claiming exemption from or a reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit such Borrower or the Administrative Agent to determine the
withholding or deduction required to be made. 
 (iii) Each Lender shall promptly (A) notify the Company and the
Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender,
and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that any Borrower or the Administrative Agent make any withholding or deduction for taxes from
amounts payable to such Lender. 
 (iv) Each of the Borrowers shall promptly deliver to the Administrative Agent or any
Lender, as the Administrative Agent or such Lender shall reasonably request, on or prior to the Closing Date (or such later date on which it first becomes a Borrower), and in a timely fashion thereafter, such documents and forms required by any
relevant taxing authorities under the Laws of any jurisdiction, duly executed and completed by such Borrower, as are required to be furnished by such Lender or the Administrative Agent under such Laws in connection with any payment by the
Administrative Agent or any Lender of Taxes or Other Taxes, or otherwise in connection with the Loan Documents, with respect to such jurisdiction. 
 (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender,
any refund of Taxes withheld or deducted from funds paid for the account of such Lender. If the Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been
indemnified by any Borrower or with respect to which any Borrower has paid additional amounts pursuant to this Section, it shall pay to such Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by such Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses and net of any loss or gain realized in the conversion of such funds from or to another
currency incurred by the Administrative Agent or such Lender, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that each Borrower, upon the request of the
Administrative Agent or such Lender, agrees to repay the amount paid over to such Borrower (plus any 

  

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penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the
Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to any Borrower or any other Person. 
 3.02 Illegality. If any Lender determines
that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans (whether denominated in Dollars or Sterling),
or to determine or charge interest rates based upon the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars or Sterling in the
applicable interbank market, then, on notice thereof by such Lender to the Company through the Administrative Agent, any obligation of such Lender to make or continue Eurocurrency Rate Loans in the affected currency or currencies or, in the case of
Eurocurrency Rate Loans in Dollars, to convert Base Rate Loans to Eurocurrency Rate Loans or, if such notice relates to the unlawfulness or asserted unlawfulness of charging interest based on the Eurocurrency Rate, to make Base Rate Loans as to
which the interest rate is determined with reference to the Eurocurrency Base Rate, shall be suspended until such Lender notifies the Administrative Agent and the Company that the circumstances giving rise to such determination no longer exist. Upon
receipt of such notice, the Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), either prepay or convert all such Eurocurrency Rate Loans of such Lender and Base Rate Loans as to which the interest rate is
determined with reference to the Eurocurrency Base Rate to Base Rate Loans (in the case of Term Loans denominated in Dollars) as to which the rate of interest is not determined with reference to the Eurocurrency Base Rate, or to Term Loans bearing
interest at the Cost of Funds Rate (in the case of Term Loans denominated in Sterling), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or
immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans or a Base Rate Loan as to which the interest rate is determined with reference to the Eurocurrency Base Rate. Notwithstanding the foregoing and despite
the illegality for such a Lender to make, maintain or fund Eurocurrency Rate Loans or Base Rate Loans as to which the interest rate is determined with reference to the Eurocurrency Base Rate, that Lender shall remain committed to make and maintain
Base Rate Loans as to which the rate of interest is not determined with reference to the Eurocurrency Base Rate and shall be entitled to recover interest at such Base Rate. Upon any such prepayment or conversion, the Borrowers shall also pay accrued
interest on the amount so prepaid or converted. If any event described in this Section 3.02 occurs and results in the application of the Cost of Funds Rate, then at the request of the Administrative Agent or the Company, the
Administrative Agent and the Borrowers shall enter into negotiations for a period of no more than 30 days for the purpose of agreeing to a substitute basis for determining the rate of interest to be applied to the applicable Term Loans, and any
substitute basis agreed upon shall be, with the consent of all Lenders with respect to the UK Term Loan Facility, binding on all of the parties to this Agreement. 
 3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in connection with any request for a Eurocurrency Rate Loan or a Base Rate Loan as to 

  

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which the interest rate is determined with reference to the Eurocurrency Base Rate or a conversion to or continuation thereof that (a) deposits (whether
in Dollars or Sterling) are not being offered to banks in the applicable offshore interbank market for such currency for the applicable amount and Interest Period of such Term Loan, (b) adequate and reasonable means do not exist for determining
the Eurocurrency Base Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan (whether denominated in Dollars or Sterling) or in connection with a Base Rate Loan, or (c) the Eurocurrency Base Rate for any
requested Interest Period with respect to a proposed Eurocurrency Rate Loan or in connection with a Base Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Term Loan, the Administrative Agent will promptly so
notify the Company and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected currency or currencies, and Base Rate Loans as to which the interest rate is determined with reference to the
Eurocurrency Base Rate, shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice and during such period Base Rate Loans shall be made and continued based on the interest rate determined by
the greater of clauses (a) and (b) in the definition of Base Rate. Upon receipt of such notice, the Company may revoke any pending request for a Term Loan Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in the
affected currency or currencies or, failing that, will be deemed to have converted such request into a request for (x) a Term Loan Borrowing of (or conversion to) Base Rate Loans in the amount specified therein, in the case of Term Loans
denominated in Dollars, or (y) a Term Loan Borrowing of (or conversion to) a Term Loan bearing interest at the Cost of Funds Rate in the case of Term Loans denominated in Sterling. If any event described in the first sentence of this
Section 3.03 occurs and results in the application of the Cost of Funds Rate, then at the request of the Administrative Agent or the Company, the Administrative Agent and the Borrowers shall enter into negotiations for a period of no
more than 30 days for the purpose of agreeing to a substitute basis for determining the rate of interest to be applied to the applicable Term Loans, and any substitute basis agreed upon shall be, with the consent of all Lenders with respect to the
UK Term Loan Facility, binding on all of the parties to this Agreement. 
 3.04 Increased Costs. 
 (a) Increased Costs Generally. If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except (A) any reserve requirement reflected in the Eurocurrency Rate and (B) the requirements of the Bank of England and the Financial
Services Authority or the European Central Bank reflected in the Mandatory Cost, other than as set forth below); 
 (ii)
subject any Lender to any tax of any kind whatsoever with respect to this Agreement or any Eurocurrency Rate Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes or Other Taxes
covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender); 
  

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 (iii) result in the failure of the Mandatory Cost, as calculated hereunder, to represent
the cost to any Lender of complying with the requirements of the Bank of England and/or the Financial Services Authority or, if applicable, the European Central Bank in relation to its making, funding or maintaining Eurocurrency Rate Loans; or

 (iv) impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or
Eurocurrency Rate Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining
any Eurocurrency Rate Loan (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any other amount) then, upon request of such
Lender, the Company will pay (or cause the UK Borrower to pay) to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such
Lender’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this
Agreement, the Term Loan Commitments of such Lender, or the Term Loans made by such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such
Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Company will pay (or cause the UK Borrower to pay) to such Lender such additional amount or amounts as will
compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Company shall be
conclusive absent manifest error. The Company shall pay (or cause the UK Borrower to pay) such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section
shall not constitute a waiver of such Lender’s right to demand such compensation, provided that no Borrower shall be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or
reductions suffered more than nine months prior to the date that such Lender notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 
 (e) Additional Reserve Requirements. To the extent not already reflected in the calculation of any interest rate, the Company shall pay (or cause
the UK Borrower to pay) to 

  

 41 

 
each Lender, as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any central banking or
financial regulatory authority imposed in respect of the maintenance of the Term Loan Commitments or the funding of the Eurocurrency Rate Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the
nearest five decimal places) equal to the actual costs allocated to such Term Loan Commitment or Term Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each
date on which interest is payable on such Loan, provided the Company shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional costs from such Lender. If a Lender fails to give notice
10 days prior to the relevant Interest Payment Date, such additional costs shall be due and payable 10 days from receipt of such notice. 
 3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Company shall promptly compensate (or cause the UK Borrower to compensate) such Lender for and hold such Lender
harmless from any loss, cost or expense incurred by it as a result of: 
 (a) any continuation, conversion, payment or prepayment of any Term
Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Term Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 
 (b) any failure by any Borrower (for a reason other than the failure of such Lender to make a Term Loan) to prepay, borrow, continue or convert any Term
Loan other than a Base Rate Loan on the date or in the amount notified by the Company or the UK Borrower; 
 (c) any failure by any Borrower
to make payment of any Term Loan (or interest due thereon) denominated in Sterling on its scheduled due date or any payment thereof in a different currency; or 
 (d) any assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Company pursuant to Section 11.13; 
 including any loss of anticipated profits, any foreign exchange losses and any loss or expense arising from the liquidation or reemployment of funds obtained by it to
maintain such Term Loan, from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract. The Company shall also pay (or cause the UK Borrower to pay) any customary
administrative fees charged by such Lender in connection with the foregoing. 
 For purposes of calculating amounts payable by the Company
(or the UK Borrower) to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurocurrency Rate Loan made by it at the Eurocurrency Base Rate used in determining the Eurocurrency Rate for such Loan by a
matching deposit or other borrowing in the offshore interbank market for such currency for a comparable amount and for a comparable period, whether or not such Eurocurrency Rate Loan was in fact so funded. 
  

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 3.06 Mitigation Obligations; Replacement of Lenders. 
 (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or any Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall use reasonable
efforts to designate a different Lending Office for funding or booking its Term Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation
or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and
(ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby agrees to pay (or to cause the UK Borrower to pay) all reasonable costs and
expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) Replacement of Lenders. If any Lender
requests compensation under Section 3.04, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Company may replace
such Lender in accordance with Section 11.13. 
 3.07 Survival. All of the Borrowers’ obligations under this
Article III shall survive the termination of the commitments and the repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 
 ARTICLE IV. 
 CONDITIONS PRECEDENT 
 4.01 Conditions to Effectiveness and Making of Term Loans. The occurrence of the Closing Date and the obligation of each Lender to make any Term
Loans hereunder on the Closing Date is subject to satisfaction of the following conditions precedent: 
 (a) The Administrative Agent (or its
counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a
signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 
 (b) The Administrative Agent (or its
counsel) shall have received (i) from the Borrowers, a Note for each Lender as has been requested by such Lender, and (ii) from the Guarantors, the Subsidiary Guaranty signed by all such parties. 
 (c) The Administrative Agent shall have received the favorable written opinions (addressed to the Administrative Agent and the Lenders and dated the
Closing Date) of (i) the general counsel of the Credit Parties, (ii) Nelson Mullins Riley & Scarborough LLP, special counsel for the Credit Parties, and (iii) Eversheds LLP, special counsel for the UK Borrower, substantially
in the form of Exhibits F-1, F-2 and F-3, respectively, and covering such other matters relating to the Credit Parties, this Agreement, the Loan Documents or the Transactions as the Required Lenders shall reasonably request. The Borrowers hereby
requests such counsel to deliver such opinions. 
  

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 (d) The Administrative Agent shall have received such documents and certificates as the Administrative
Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Credit Party, the authorization of the Transactions to which such Credit Party is a party, and any other legal matters relating to the
Credit Parties, this Agreement, the Loan Documents or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 
 (e) The Administrative Agent shall have received a certificate, dated the Closing Date and signed by the President of the Company or a Financial Officer, confirming that: 
 (i) on the Closing Date, both before and after giving effect to the Term Loan Borrowings and the other Transactions occurring on such
date, no Default or Event of Default shall have occurred and be continuing; and 
 (ii) the representations and warranties
contained in Article V of this Agreement (including, without limitation, the representation and warranty set forth in Section 5.04(b)) shall be true in all material respects on and as of the date of such Borrowing except for
changes expressly permitted herein and except to the extent that such representations and warranties relate solely to an earlier date (in which event such representations and warranties shall have been true in all material respects on and as of such
earlier date). 
 (f) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Closing
Date, including (i) any fees payable under this Agreement or the Fee Letter, and (ii) to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by any Borrower hereunder. 

(g) The Administrative Agent shall have received certified copies of all consents, approvals, authorizations, registrations, filings and orders
required to be made or obtained by the Borrowers and all Guarantors in connection with the financings evidenced by this Agreement and the other Transactions, and all such consents, approvals, authorizations, registrations, filings and orders shall
be in full force and effect and all applicable waiting periods shall have expired, and no investigation or inquiry by any Governmental Authority in respect of such financings or other Transactions shall be ongoing. 
 (h) Since May 31, 2008, there shall have occurred no events, acts, conditions or occurrences of whatever nature, singly or in the aggregate, that
have had, or are reasonably expected to have, a Material Adverse Effect. 
 (i) No actions, suits or other legal proceedings shall be pending
or, to the knowledge of any Borrower, threatened, against or affecting the Borrowers or the Guarantors and seeking to enjoin, restrain, or otherwise challenge or contest the validity of the financings evidenced by this Agreement or the other
Transactions. The Company shall have delivered or otherwise made available to the Administrative Agent and the Lenders the consolidated financial statements for the Company and its Subsidiaries for the Fiscal Year ended May 31, 2008, including
balance 

  

 44 

 
sheet and income and cash flow statements, audited by independent public accountants of recognized national standing and prepared in conformity with GAAP,
and the consolidated financial statements of the Company and its Subsidiaries for the Fiscal Quarter and year-to-date period ended February 29, 2009, and such other financial information as the Administrative Agent or the Required Lenders may
have reasonably requested. 
 (j) The Canadian Intercreditor Agreement shall have been executed and delivered by the parties thereto.

 (k) Each Borrower shall have duly completed and submitted to the Administrative Agent a Term Loan Notice for funding of its respective
Term Loan, and the Administrative Agent shall have received, not less than four Business Days prior to the Closing Date, a fully-executed Funding Indemnity Letter. 
 (l) The Target Acquisition shall have been, or substantially simultaneously herewith is being, consummated consistently in all material respects with the Acquisition Agreement (except for changes in such Acquisition
Agreement as would not be, taken as a whole, adverse in any material respect to the Company and its Subsidiaries taken as a whole, or the Lenders), including the receipt of all required consents, licenses, and approval of all Governmental
Authorities and the expiration of any required waiting periods. 
 (m) The Administrative Agent shall have received all other documents,
certificates, and other information as the Administrative Agent may reasonably request. 
 Without limiting the generality of the provisions of the last
paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to
be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed
Closing Date specifying its objection thereto. 
 ARTICLE V. 
 REPRESENTATIONS AND WARRANTIES 
 Each Borrower represents and warrants to the
Administrative Agent and the Lenders that: 
 5.01 Organization; Powers. Each of the Borrowers and its Subsidiaries is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 
 5.02 Authorization; Enforceability. The Transactions are within each Credit Party’s organizational powers and have been duly authorized by
all necessary organizational action and, if required, the action by the holders of such Credit Party’s Equity Interests. This Agreement and each other Loan Document has been duly executed and delivered by each Credit Party party 

  

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thereto and constitutes a legal, valid and binding obligation of each Credit Party, enforceable in accordance with its terms, subject to applicable Debtor
Relief Law and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 5.03
Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in
full force and effect, (b) will not violate any applicable law or regulation or Organization Documents of any of the Credit Parties or any order of any Governmental Authority, (c) will not violate or result in a default under any material
indenture, agreement or other instrument binding upon any of the Credit Parties or its assets (including either of the Existing Credit Agreements), and (d) will not result in the creation or imposition of any Lien on any asset of any of the
Credit Parties, other than as expressly permitted by the Loan Documents. 
 5.04 Financial Condition; No Material Adverse Change.

 (a) The Company has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and
cash flows (i) as of and for the Fiscal Year ended May 31, 2008, reported on by Deloitte & Touche LLP, independent public accountants, and (ii) as of and for the Fiscal Quarter and the portion of the Fiscal Year ended
February 28, 2009, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Company and its consolidated Subsidiaries as
of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above. 
 (b) Since May 31, 2008, there have been no events, acts, conditions or occurrences, singly or in the aggregate, that have had or could reasonably be
expected to have a Material Adverse Effect. 
 5.05 Properties. 
 (a) Each of the Company and its Subsidiaries has good title to, or valid leasehold interests in, all its real and Personal property sufficient for the
conduct of its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes, in each case free and clear of all Liens
except as expressly permitted by the Loan Documents. 
 (b) Each of the Company and its Subsidiaries owns, or is licensed to use, all
Intellectual Property necessary for the conduct of its business, free and clear of all Liens except as expressly permitted by the Loan Documents, and the use thereof by the Company and its Subsidiaries does not infringe upon the rights of any other
Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  

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 5.06 Litigation and Environmental Matters. 
 (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the
Borrowers, threatened against or affecting the Company or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in
the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions. 
 (b) Except with
respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Company nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or
to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, or (ii) has become subject to any Environmental Liability. 
 5.07 Compliance with Laws and Agreements. Except where such compliance is being contested in good faith by appropriate proceedings, each of the
Company and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
 5.08 Investment Company Status. Neither the Company nor any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

 5.09 Taxes. Each of the Company and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to
have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has
set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
 5.10 ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be
expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date
of the most recent financial statements reflecting such amounts, exceed by more than $5,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $5,000,000 the fair market value of the assets of
all such underfunded Plans. 
 5.11 Subsidiaries. Schedule 5.11 to this Agreement lists each Subsidiary of the Company as of
the Closing Date and accurately sets forth for such Subsidiary the type of entity, its jurisdiction of organization, the holders of its Equity Interests, and whether as of the Closing Date such Subsidiary is a Significant Subsidiary and/or a
Material Subsidiary. 
  

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 5.12 Margin Securities. Neither the Company nor any of its Subsidiaries (i) is engaged in the
business of purchasing or carrying “margin stock” as defined in Regulation U of the Board, or (ii) has used any proceeds of any Loans to purchase or carry any such “margin stock” contrary to the provisions of Regulation U or
Regulation X of the Board. 
 5.13 Disclosure. None of the reports, financial statements, certificates and other information furnished
by or on behalf of the Borrowers to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement
of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading at the time made or delivered; provided that, with respect to projected
financial information, the Borrowers represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 
 5.14 Taxpayer Identification Number; Other Identifying Information. The true and correct (a) U.S. taxpayer identification number of the Company and (b) unique identification number of the UK Borrower
that has been issued by its jurisdiction of organization, are each set forth on Schedule 11.02. 
 ARTICLE VI. 
 AFFIRMATIVE COVENANTS 
 So long as any
Lender shall have any Term Loan Commitment hereunder or any Term Loan or other Obligation hereunder shall remain unpaid or unsatisfied, each Borrower covenants and agrees with the Lenders and the Administrative Agent that: 
 6.01 Financial Statements and Other Information. The Company will furnish to the Administrative Agent and each Lender: 
 (a) within 100 days after the end of each Fiscal Year of the Company (or such shorter period for the delivery of such statements as is required by either
of the Existing Credit Agreements), its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures
for the previous Fiscal Year, all reported on by Deloitte & Touche LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any
qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Company and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
 (b) within 50 days after the end of each of the first
three Fiscal Quarters of each Fiscal Year of the Company (or such shorter period for the delivery of such statements as is required by either of the Existing Credit Agreements), its consolidated balance sheet and related statements of operations and
cash flows as of the end of and for such Fiscal Quarter and the then elapsed portion of the Fiscal Year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as
of the end of) the 

  

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previous Fiscal Year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of
operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; 
 (c) concurrently with any delivery of financial statements under clause (a) or (b) above, a Compliance Certificate signed by a Financial
Officer (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed
calculations demonstrating compliance with Sections 7.10 and 7.11, and (iii) describing in reasonable detail any change in GAAP or in the application thereof that has occurred since the date of the audited financial statements for
the immediately preceding Fiscal Year that is material with respect to the financial statements accompanying such certificate; 
 (d)
promptly after the same become publicly available, copies of all annual and quarterly reports filed by the Company or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions
of said Commission, or with any national securities exchange, as the case may be; 
 (e) promptly upon the receipt thereof, a copy of any
management letter or management report prepared by the Company’s independent certified public accountants in conjunction with the financial statements described in Section 6.01(a); and 
 (f) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of the Company or
any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request. 
 Notwithstanding the
foregoing requirements for delivery of annual and quarterly financial statements and reports and other filings in Section 6.01(a), (b) and (d) above, and notices required to be given pursuant to
Section 6.02, such delivery and notice requirements may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents, or provides a link thereto on
the Company’s website on the Internet at the website address listed on Schedule 11.02; or (ii) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent) including, to the extent the Lenders and the Administrative Agent have access thereto and such documents are available
thereon, the EDGAR Database and sec.gov; provided that the Company shall notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by
electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Company shall be required to provide paper copies of the Compliance Certificates required by
Section 6.01(c) to the Administrative Agent. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event
shall have no responsibility to monitor compliance by the Company with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 
  

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 Each Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger will make available to the
Lenders materials and/or information provided by or on behalf of such Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to either of the Borrowers or their respective
Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Person’s securities. Each Borrower hereby agrees that so long as such Borrower is
the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities (w) all Borrower Materials that are to be made available to Public
Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the
Borrowers shall be deemed to have authorized the Administrative Agent, the Arranger and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrowers or their respective securities
for purposes of United States Federal and state securities laws (provided that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.07); (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arranger shall be entitled to treat any Borrower Materials
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding the foregoing, no Borrower shall be under any obligation to mark any Borrower
Materials “PUBLIC.” 
 6.02 Notices of Material Events. The Company will furnish to the Administrative Agent and each Lender
prompt (and in any event within five Business Days) written notice of the following: 
 (a) the occurrence of any Default or Event of
Default; 
 (b) the filing or commencement of any actions, suits or proceedings by or before any arbitrators or Governmental Authorities
against or affecting the Company or any Subsidiaries or other Affiliates thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 
 (c) if and when the Company or any member of the ERISA Affiliate (i) gives or is required to give notice to the PBGC of any Reportable Event with
respect to any Plan which might reasonably be expected to constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give notice of any such Reportable
Event, a copy of the notice of such Reportable Event given or required to be given to the PBGC, (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA, a copy of such notice, or (iii) receives notice from
the PBGC under Title IV of ERISA of an intent to terminate or appoint a trustee to administer any Plan, a copy of such notice, in each case where such Reportable Event, withdrawal liability, termination or appointment could reasonably be expected to
have or cause a Material Adverse Effect; and 
  

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 (d) the cancellation or termination of any material agreement or the receipt or sending of written notice
of default or intended termination or cancellation of any material agreement, in any case that could reasonably be expected to have a Material Adverse Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Company setting forth the details of the event or development requiring such notice and any action taken
or proposed to be taken with respect thereto. 
 6.03 Maintenance of Existence. Each Borrower shall at all times maintain its
existence as a corporation in the jurisdiction of its organization. The Company shall cause each of the Material Subsidiaries to maintain its legal existence, provided, that (i) the Company may dissolve Subsidiaries from time to time if
(x) the Company has determined that such dissolution is desirable, and (y) such dissolution could not reasonably be expected to have or cause a Material Adverse Effect, or (ii) the Company or any Subsidiary may eliminate or
discontinue a business line pursuant to Section 7.03(c). 
 6.04 Payment of Obligations. Each Borrower will, and will
cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where
(a) the validity or amount thereof is being contested in good faith by appropriate proceedings, and the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (b) the
failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
 6.05 Maintenance
of Properties; Insurance. Each Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted,
except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (b) maintain and keep in full force and effect all rights in respect of Intellectual Property used in the business of the Company and its
Subsidiaries, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, and (c) maintain, with financially sound and reputable insurance companies or through adequate self-insurance programs,
insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations or consistent with past practices of the Company and such Subsidiaries.

 6.06 Books and Records; Inspection Rights. Each Borrower will (i) keep, and cause each of its Subsidiaries to keep, proper
books of record and account in which full, true and correct entries in conformity with GAAP shall be made of all dealings and transactions in relation to its business and activities; and (ii) permit, and cause each of its Subsidiaries to
permit, representatives of any Lender, after written notice to an officer of the Company or Subsidiary, at such Lender’s expense during any period in which a Default or Event of Default is not in 

  

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existence and at the Borrowers’ expense during any period in which a Default or Event of Default is in existence, to visit (which date of visit shall be
two (2) Business Days after the date such request is made or any earlier date as may be mutually agreed by the Company and such Lender) and inspect any of their respective properties, to examine and make abstracts from any of their respective
books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public accountants. Each of the Borrowers agrees to cooperate and assist in such visits and inspections, in
each case at such reasonable times and as often as may reasonably be desired. Notwithstanding the foregoing, during any period in which no Event of Default is in existence, neither the Administrative Agent nor any Lender may engage in (i) more
than two inspections per Fiscal Year or (ii) discussions with the Company’s independent public accountants, unless the Company shall have otherwise consented to same. 
 6.07 Compliance with Laws. Each Borrower will, and will cause each of its Subsidiaries and each of its ERISA Affiliates to, comply with applicable
laws (including but not limited to ERISA), regulations, executive orders, and similar requirements of governmental authorities (including but not limited to PBGC), except where the necessity of such compliance is being contested in good faith
through appropriate proceedings or except where the noncompliance with which could not be reasonably expected to cause or result in a Material Adverse Effect. 
 6.08 Use of Proceeds. The proceeds of the Loans shall be used solely (a) to finance all or a portion of the consideration payable by the Company or one of its Subsidiaries to consummate the Target
Acquisition, or to repay other Indebtedness incurred, or replenish other funds used, to finance such consideration for the Target Acquisition and (b) to pay transaction fees, costs and expenses related thereto. 
 6.09 Additional Guarantors. (a) Not later than 30 days (or such longer period as the Administrative Agent may agree) after the date required
for delivery of any quarterly or annual financial statements pursuant to Section 6.01, if any Domestic Subsidiary that is not a Guarantor as of the period end date of such financial statements would qualify as of such period end date as
a Significant Subsidiary or (b) promptly (or such period as the Administrative Agent may agree) after the date that any Subsidiary becomes a guarantor with respect to any Existing Credit Agreement, the Borrowers shall cause such Subsidiary to
execute and deliver to the Administrative Agent a Subsidiary Guaranty Supplement pursuant to which such Subsidiary agrees to be bound by the terms and provisions of the Subsidiary Guaranty, accompanied by (i) all other Loan Documents related
thereto, (ii) certified copies of the certificates or articles of incorporation, organization or formation, by-laws, limited liability company agreements, partnership agreements, and other applicable Organization Documents, appropriate
authorizing resolutions of the board of directors, board of managers, or comparable body, and opinions of counsel for such Subsidiary comparable to those delivered pursuant to Section 4.01, and (iii) such other documents as the
Administrative Agent may reasonably request. The Borrowers may request that any Guarantor cease to be a Guarantor and be released and discharged from its obligations under the Subsidiary Guaranty if (i) the Equity Interests of such Guarantor
are being sold in a transaction expressly permitted by the terms of this Agreement, or (ii) such Guarantor both has ceased to qualify as a Significant Subsidiary as indicated by the most recent quarterly or annual financial statements delivered
pursuant to Section 6.01 and has or is being released as a guarantor of the obligations of the Company under any Existing Credit Agreement. 
  

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 ARTICLE VII. 
 NEGATIVE COVENANTS 
 So long as any Lender shall have any Term Loan Commitment hereunder or any Term
Loan or other Obligation hereunder shall remain unpaid or unsatisfied, each Borrower covenants and agrees with the Lenders and the Administrative Agent that: 
 7.01 Subsidiary Indebtedness. The Company will not permit any Subsidiary to create, incur or suffer to exist any Indebtedness, other than: 
 (a) Indebtedness under this Agreement or the Subsidiary Guaranty, and other unsecured Indebtedness of any Subsidiary that is a Guarantor and is a party
to a Subsidiary Guaranty; 
 (b) Indebtedness under each Existing Credit Agreement and other Indebtedness existing on the date of this
Agreement and described on Schedule 7.01; 
 (c) Indebtedness secured by Liens permitted pursuant to the terms of
Section 7.02(a)(iii); 
 (d) Indebtedness of a Subsidiary owing to the Company or any other Subsidiary; 
 (e) Indebtedness resulting from Guarantees by Guarantors of Permitted Pari Passu Indebtedness and other Indebtedness otherwise expressly permitted by
this Section 7.01; 
 (f) Indebtedness arising from the renewal or extension of any Indebtedness described in clauses
(b) and (c) above, provided that the amount of such Indebtedness is not increased and any Liens securing such Indebtedness attached only to the assets previously serving as collateral for such Indebtedness prior to such renewal or
extension; 
 (g) Indebtedness owing by a Subsidiary that was in existence at the time such Person first became a Subsidiary, or at the time
such Person was merged into or consolidated with a Subsidiary, which Indebtedness was not created or incurred in contemplation of such event, provided that such Indebtedness is at the time permitted pursuant to the terms of Section 7.02
(in the case of any Indebtedness secured by any Liens on assets of such Subsidiary); 
 (h) Indebtedness resulting from Surety
Indemnification Obligations of such Subsidiary; and 
 (i) other unsecured Indebtedness of any Subsidiaries not described in clauses
(a) through (h) above so long as on the date of such incurrence or creation the sum of (A) the aggregate principal amount of such Indebtedness and (B) the aggregate principal amount of all other Indebtedness incurred under
this clause (i) and outstanding on such date, does not exceed an amount equal to fifteen percent (15%) of Net Worth as at the end of the Company’s most recently ended Fiscal Quarter for which financial statements have been made
available, or are required to have been made available, to the Administrative Agent prior to such date. 
  

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 7.02 Liens. Neither Borrower will, nor will either Borrower permit any Subsidiary to, create,
incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 
 (a) (i) Liens existing on the date of this Agreement and described on Schedule 7.02 securing Indebtedness outstanding on the date of this
Agreement; 
 (ii) Liens existing on any asset of any Person at the time such Person becomes a Subsidiary, or at the time such
Person was merged into or consolidated with the Company or a Subsidiary, which Lien was not created in contemplation of such event and, if such Lien secures Indebtedness of a Subsidiary, such Indebtedness is permitted pursuant to the terms of
Section 7.01; and 
 (iii) Liens on any asset securing Indebtedness (including, without limitation, a Capital
Lease Obligation) incurred or assumed for the purpose of financing all or any part of the cost of acquiring or constructing such asset, provided that such Lien (x) attaches to such asset (and no other asset) concurrently with or within 18
months after the acquisition or completion of construction thereof, and (y) secures solely such Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of acquiring or constructing such asset; 
 provided that the aggregate amount of Indebtedness secured by Liens permitted pursuant to clauses (i) and (iii) of this Section 7.02(a)
shall at no time exceed an amount equal to 10% of Net Worth as at the end of the Company’s most recently ended Fiscal Quarter for which financial statements have been made available, or are required to have been made available, to the
Administrative Agent; 
 (b) Liens securing Permitted Pari Passu Indebtedness, provided that all requirements and conditions set forth in the
definition of the term “Permitted Pari Passu Indebtedness” shall be satisfied at all times any such Liens are in effect; 
 (c)
Liens securing Indebtedness owing by the Company or any Subsidiary to any Credit Party; 
 (d) Liens arising out of the refinancing,
extension, renewal or refunding of any Indebtedness secured by any Lien permitted by any of the foregoing clauses (a) through (c) of this Section, provided that (i) such Indebtedness is not secured by any additional assets, and
(ii) the amount of such Indebtedness secured by any such Lien is not increased; 
 (e) Permitted Encumbrances; 
 (f) Liens in respect of any taxes which are either (x) not, as at any date of determination, due and payable or (y) being contested in good
faith as permitted by Section 6.04; 
  

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 (g) Liens (x) on the Canadian Receivables Collateral securing obligations under the Canadian
Receivables Credit Facility; and (y) securing obligations arising under other Settlement Facilities and attaching only to those receivables payable in respect of such Settlement Facilities; and 
 (h) Liens on cash and cash equivalents deposited or pledged in the ordinary course of business to secure Surety Indemnification Obligations. 

7.03 Consolidations, Mergers and Sales of Assets. Neither Borrower will, nor will either Borrower permit any of its Material Subsidiaries to,
consolidate or merge with or into, or effect any Asset Sale to, any other Person, or discontinue or eliminate any Material Subsidiary or business segment, provided that: 
 (a) either Borrower may merge with another Person (except the other Borrower) if (i) such Borrower is the corporation surviving such merger and (ii) immediately after giving effect to such merger, no Default
or Event of Default shall have occurred and be continuing; 
 (b) Subsidiaries (i) may merge with, and sell assets to, another
Subsidiary, provided that if one of the Persons involved in such merger or sale is a Credit Party, the surviving Person or transferee in any such transaction is a Credit Party, (ii) may merge with, and sell assets to, a Borrower, so long
as the surviving Person or transferee in any such transaction is such Borrower, and (iii) may merge with another Person (other than a Borrower or another Subsidiary) if (x) such Subsidiary is the Person surviving such merger, and
(y) no Default or Event of Default shall have occurred and be continuing; 
 (c) the Company and its Subsidiaries may eliminate or
discontinue business lines and segments from time to time if such elimination or discontinuance could not reasonably be expected to have a Material Adverse Effect; 
 (d) so long as no Event of Default shall then have occurred and be continuing or would result therefrom, the Company and its Subsidiaries may effect any Asset Sale so long as the assets to be sold pursuant to all such
Asset Sales during any Fiscal Year have not contributed, in the aggregate, more than fifteen percent (15%) of the EBITDA of the Company for the then-most recently completed period of four consecutive Fiscal Quarters for which financial
statements are available (with the determination of such contribution to EBITDA to be made by the Company in a manner reasonably acceptable to the Administrative Agent); provided, however, that (i) in determining the
Company’s compliance with the foregoing limitation on Asset Sales in any Fiscal Year, the Company may deduct from the EBITDA attributable to the assets sold in such Asset Sales, an amount equal to the EBITDA attributable to Permitted
Acquisitions made or proposed to be made by the Company and its Subsidiaries within 180 days after consummation of the respective Asset Sale and with the proceeds of such Asset Sale (with the determination of the EBITDA attributable to such
Permitted Acquisition to be made by the Company in a manner reasonably acceptable to the Administrative Agent), (ii) if and to the extent, absent such deduction in clause (i) with respect to such proposed Permitted Acquisitions, a breach
of this Section 7.03(d) would occur, the Company shall provide the Administrative Agent, not later than the expiration of such 180-day period, a report in reasonable detail as to such proposed Permitted Acquisitions, if any, and to the
extent all or any portion of the proposed 

  

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Permitted Acquisitions (or any other Permitted Acquisitions) are not so made within such 180 day period, then only the EBITDA attributable to Permitted
Acquisitions made shall be deducted for purposes of determining whether the Company is in compliance with the 15% limitation set forth above for the Fiscal Year during which such Asset Sales occurred, and (iii) the UK Borrower must continue to
be a wholly-owned direct or indirect Subsidiary of the Company; 
 (e) Subsidiaries which are formed for the sole purpose of (1) merging
into Persons that will become Subsidiaries or (2) acquiring the assets or Equity Interests of Persons and thereafter becoming Subsidiaries, may merge with such Persons or consolidate those Persons’ assets with the assets of those
Subsidiaries so long as such acquisitions and related transactions are otherwise permitted by this Agreement; and 
 (f) any Asset Sale made
as a result of the exercise of the Joint Venture Call Right with respect to the assets or Equity Interests of the Subsidiary that are subject to such Joint Venture Call Right; provided, however, that if after giving effect to such
Asset Sale, the Leverage Ratio (computed on a pro forma basis as of the last day of the most recently ended period of four consecutive Fiscal Quarters for which financial statements are available) would exceed 2.00 to 1.00, then the Company shall,
not later than ten (10) Business Days after such Asset Sale is consummated, provide written notice thereof to the Administrative Agent and, unless such prepayment is waived in writing by the Administrative Agent (acting at the direction of the
Required Lenders) within ten (10) Business Days after its receipt of such notice, the Company shall prepay or cause to be prepaid an amount of its outstanding Indebtedness in the form of term loans used to finance the purchase of the assets
subject to such Asset Sale (with payment to be applied pro rata across maturities) or, if no such term loans are then outstanding, Indebtedness under this Agreement (with payment to be applied pro rata across Term Loans and maturities) or any other
Indebtedness (but without any required reduction in the commitments from the lenders that are parties to any revolving credit facilities) equal to the lesser of (x) the amount necessary to be prepaid to reduce such Leverage Ratio to 2.00 to
1.00, (y) the net cash proceeds received by the Company and its Subsidiaries from such Asset Sale (after giving effect to any costs, fees and expenses associated therewith and any Indebtedness repaid in connection therewith), and (z) the
total amount of Indebtedness then outstanding as term loans used to finance the purchase of the assets subject to such Asset Sale and advances under this Agreement. 
 7.04 Acquisitions. Neither Borrower will, nor will either Borrower permit any Subsidiary to, directly or indirectly, effect an Acquisition, unless in each case (i) such Acquisition is of a business or in
an industry that is the same or substantially similar to that of the Company and its existing Subsidiaries or such other businesses arising therefrom or that are reasonably related to the payment services, financial services, transaction processing
and money transfer business, (ii) the Borrowers have satisfied all applicable conditions and requirements for such acquisition to constitute a Permitted Acquisition as provided in the definition of the term “Permitted Acquisition”,
(iii) such Acquisition is not a Non-Negotiated Acquisition, and (iv) no Default or Event of Default shall result therefrom (which has not been specifically waived in writing pursuant to Section 11.01). 
 7.05 Swap Agreements. Neither Borrower will, nor will either Borrower permit any Subsidiary to, enter into any Swap Agreement, except Swap
Agreements that are entered into by a Borrower or such Subsidiary with the intent, at such time, to (a) hedge or mitigate risks 

  

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(whether or not deemed to constitute a “hedge” for purposes of FAS 133) to which the Company or any Subsidiary has actual or reasonably anticipated
exposure (other than those in respect of Equity Interests (excluding options embedded within convertible debt securities and covered call options) of the Company or any of its Subsidiaries), or (b) effectively cap, collar or exchange interest
rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Company or any Subsidiary. 
 7.06 Lines of Business. Neither the Company, the UK Borrower nor any Significant Subsidiary shall conduct or enter into any business, either
directly or through any other Subsidiary, except for any business that is the same or substantially similar as that of the Company or its existing Subsidiaries or such other businesses arising therefrom or reasonably related to the payment services,
financial services, transaction processing or money transfer businesses. 
 7.07 Transactions with Affiliates. Neither Borrower will,
nor will either Borrower permit any Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its
Affiliates, in any case where such transactions, singly or in the aggregate, are material to the Company and its Subsidiaries, taken as a whole, except (a) in the ordinary course of business at prices and on terms and conditions not less
favorable to the Company or such Subsidiary in any material respect than could be obtained on an arm’s-length basis from unrelated third parties, and (b) transactions between or among any Borrower and any Guarantors not involving any other
Affiliate. 
 7.08 Restrictive Agreements. Neither Borrower will, nor will either Borrower permit any Material Subsidiary or any
Subsidiary that owns (directly or indirectly) any Equity Interests in any Material Subsidiary to, create or otherwise cause or suffer to exist or become effective, any consensual encumbrance or restriction (excluding any such encumbrance or
restriction under this Agreement) on the ability of the UK Borrower or any other Subsidiary of the Company to (i) pay dividends or make any other distributions on any of its Equity Interests, (ii) pay any amounts owing to the Company or
any of its Subsidiaries, or (iii) grant any Liens on any of its assets to secure any of the Obligations under this Agreement, except (A) any such encumbrance or restriction with respect to the granting of Liens imposed by a lessor under
any capital lease or by a lender extending purchase money financing in respect of any asset or assets of the Company or any Subsidiary, so long as such encumbrances or restrictions does not so encumber or restrict any other assets or property of the
Company or any Subsidiary, (B) any such encumbrance or restriction set forth in Permitted Pari Passu Indebtedness, (C) any such existing encumbrances or restrictions in any Indebtedness of a Subsidiary of the Company permitted pursuant to
the terms of Section 7.01, or Indebtedness of a Borrower resulting from the merger or consolidation of another Person into or with such Borrower, which Indebtedness existed at the time of such merger or consolidation and was not created
or incurred in contemplation of such event, (D) those encumbrances or restrictions more particularly described in Schedule 7.08, (E) any such encumbrance or restriction consisting of customary provisions (x) contained in any
license or other contract governing intellectual property rights of the Company or any of its Subsidiaries restricting or conditioning the sublicensing or assignment thereof, (y) restricting subletting or assignment of any leases governing
leasehold interests of the Company or any of its Subsidiaries 

  

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or (z) contained in any agreement relating to the sale, transfer or other disposition of a Subsidiary or any property or assets pending such sale or
other disposition, provided such encumbrances or restrictions apply only to such Subsidiary, property or assets, (F) any encumbrance or restriction existing solely as a result of a requirement of any applicable law, and (G) any such
encumbrance or restriction pursuant to an agreement between the Company or its Subsidiary with the Person (other than any Affiliate of the Company) owning the minority of the outstanding Equity Interests in a non-wholly owned Subsidiary of the
Company requiring the consent of such Person prior to taking the actions described in the preceding clauses (i), (ii) or (iii) above with respect to such non-wholly owned Subsidiary. 
 7.09 Accounting Changes. Neither Borrower will, nor will either Borrower permit any Subsidiary to, make any significant change in accounting
practices, except as required or permitted by GAAP. 
 7.10 Leverage Ratio. The Leverage Ratio at the end of each Fiscal Quarter shall
not be greater than 3.25 to 1.00 for the Fiscal Quarter just ended and the immediately preceding three Fiscal Quarters. 
 7.11 Fixed
Charge Coverage Ratio. The ratio of (i) EBITR to (ii) Fixed Charges as at the end of each Fiscal Quarter, shall not be less than 2.50 to 1.00 for the Fiscal Quarter just ended and the immediately preceding three Fiscal Quarters.

 ARTICLE VIII. 
 EVENTS
OF DEFAULT AND REMEDIES 
 8.01 Events of Default. Any of the following shall constitute an Event of Default: 
 (a) either Borrower shall fail to pay when due any principal of any Loan, whether at the due date of any installment thereof, on the Maturity Date, or at
a date fixed for prepayment thereof or otherwise; 
 (b) either Borrower shall fail to pay any interest on any Loan or any fee or any other
amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied thereafter for a period of five Business Days;

 (c) any representation or warranty made or deemed made in writing by or on behalf of the Company or any Subsidiary in or in connection
with this Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof
or waiver hereunder, shall prove to have been untrue or incorrect in any material respect when made or deemed made; 
 (d) either Borrower
shall fail to observe or perform any covenant, condition or agreement contained in Section 6.02(a), Section 6.03 (with respect to any Borrower’s existence), Section 6.08 or 6. 10, or in Article
VII; 
  

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 (e) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any
Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after (i) any officer of either Borrower becomes aware thereof, or
(ii) notice thereof from the Administrative Agent to the Company (which notice will be given at the request of any Lender); 
 (f)
either Borrower or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable or within any applicable grace
period for such payment; 
 (g) any event or condition occurs that results in any Material Indebtedness becoming due prior to scheduled
maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holders of any Material Indebtedness or any trustees or agents on its or their behalf to cause any Material Indebtedness to become due, or to
require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness or Indebtedness of a Subsidiary that becomes due as a result of
the voluntary sale or transfer of the property or assets securing such Indebtedness or of all the Equity Interests of such Subsidiary, as the case may be, in a transaction otherwise expressly permitted under this Agreement, and such Indebtedness is
paid at or prior to the time it becomes due as a result of such transaction; 
 (h) an involuntary proceeding shall be commenced or an
involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of either Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Debtor Relief Law or
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for either Borrower or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition
shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) either
Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Debtor Relief Law, (ii) consent to the institution of, or fail to contest
in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
either Borrower or any Material Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit
of creditors or cease to pay its debts generally as such debts become due, (vi) take any action for the purpose of effecting any of the foregoing; 
 (j) one or more final judgments for the payment of money in an aggregate amount in excess of $25,000,000 (exclusive of amounts covered by insurance) shall be rendered against the Company, any Subsidiary or any
combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed or deferred, or the judgment or judgments shall not have been paid in full or otherwise released or
discharged; 
  

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 (k) the Company or any of its ERISA Affiliates shall fail to pay when due any material amount which it
shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or notice of intent to terminate a Plan or Plans shall be filed under Title IV of ERISA by the Company, any of its ERISA Affiliates, any plan administrator or any
combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any such Plan or Plans or a proceeding shall be instituted by a fiduciary of any such Plan
or Plans to enforce Section 515 or 4219(c) (5) of ERISA and such proceeding shall not have been dismissed within 30 days thereafter; or federal tax liens and/or liens of the PBGC under Section 4068 of ERISA shall be rendered or filed
against the Company or any of its ERISA Affiliates which shall continue unsatisfied, unreleased and unstayed for a period of 60 days; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any
such Plan or Plans must be terminated; or the Company or any its ERISA Affiliates shall be obligated to contribute to, terminate its participation in, or incur any withdrawal liability with respect to, a Multiemployer Plan; provided, that no
Default or Event of Default shall arise under this paragraph (k) unless, in the reasonable opinion of the Required Lenders, when taken together with all other events described in this clause (k) that have occurred, the foregoing matters
could reasonably be expected to result in liability of the Company and its Subsidiaries in an aggregate amount exceeding $25,000,000; 
 (l)
a Change in Control shall occur; or 
 (m) (i) the Subsidiary Guaranty shall cease to be enforceable, (ii) the Company or any Subsidiary
shall assert that any Loan Document is not enforceable, or (iii) any default or event of default under any other Loan Document shall occur or exist and continue in effect beyond any applicable period to cure such default or event of default;

 then, and in every such event (other than an event with respect to the Borrowers described in clause (h) or (i) of this Section), and at any
time thereafter during the continuance of such event, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, by notice to the Company, take either or both of the following actions, at the same or
different times: (i) terminate the Term Loan Commitments, and thereupon the Term Loan Commitments shall terminate immediately, (ii) declare all Term Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Term Loans so declared to be due and payable, together with accrued interest thereon and all fees and other
obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers, and (iii) exercise on behalf of itself,
the Lenders all rights and remedies available to it, the Lenders under the Loan Documents; and in case of any event with respect to the Borrowers described in clause (h) or (i) of this Section, the Term Loan Commitments shall automatically
terminate and the principal of all Term Loans then outstanding, together with accrued interest thereon and all fees and other Obligations accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Borrowers, in each case without further act of the Administrative Agent or any Lender. 
  

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 8.02 Application of Funds. After the exercise of remedies provided for in Section 8.01
(or after the Loans have automatically become immediately due and payable as set forth in the last paragraph of Section 8.01), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the
following order: 
 First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts
(including fees, charges and disbursements of counsel to the Administrative Agent to the extent payable under Section 11.04 and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 Second, to payment of that portion of the Obligations arising under the Loan Documents constituting fees, indemnities and other
amounts (other than principal and interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders to the extent payable under Section 11.04 and amounts payable under Article III),
ratably among them in proportion to the respective amounts described in this clause Second payable to them; 
 Third, to
payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and Obligations arising under the Loan Documents, ratably among the Lenders in proportion to the respective amounts described in this clause
Third payable to them; 
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and
Obligations then owing under Related Swap Agreements, ratably among the Lenders and the Swap Providers in proportion to the respective amounts described in this clause Fourth held by them; 
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Company or as otherwise required by Law.

 ARTICLE IX. 
 ADMINISTRATIVE AGENT 
 9.01 Appointment and Authority. Each of the Lenders hereby irrevocably appoints Bank of
America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent
by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and no Borrower shall have rights as a
third party beneficiary of any of such provisions. 
 9.02 Rights as a Lender. The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrowers or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account
therefor to the Lenders. 
  

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 9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 
 (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the
Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the
Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and 
 (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure
to disclose, any information relating to any of the Borrowers or any of their respective Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.01 and 8.01) or (ii) in
the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Company or a
Lender. 
 The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent. 
 9.04 Reliance by Administrative Agent. 
 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise 

  

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authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have
been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the
Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative Agent may consult
with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or
experts. 
 9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub agents appointed by the Administrative Agent. The Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of the Administrative Agent and any such sub agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
 9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders and the Company. Upon receipt of any such notice of resignation, the Required Lenders shall have the
right, in consultation with the Company, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by
the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor
Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Company and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall
nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and
determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this
Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative
Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the
Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the retiring Administrative Agent’s resignation hereunder and under the
other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 
  

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 9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to
time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Bookrunners or Arrangers listed on the cover page hereof
shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender hereunder. 
 9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other
judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise 
 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel
and all other amounts due the Lenders and the Administrative Agent under Sections 2.06 and 11.04) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that
the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and
its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.06 and 11.04. 
 Nothing contained
herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any
Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. 
  

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 9.10 Guaranty Matters. The Lenders irrevocably authorize the Administrative Agent, at its
option and in its discretion, to release any Subsidiary Guarantor from its obligations under the Subsidiary Guaranty if such Person either ceases to be a Subsidiary as a result of a transaction permitted hereunder or is eligible to be released from
its Subsidiary Guaranty in accordance with a request by the Borrowers pursuant to the last sentence of Section 6.09. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative
Agent’s authority to release any Subsidiary Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. 
 ARTICLE X. 
 CONTINUING GUARANTY 
 10.01 Guaranty. The Company hereby absolutely and unconditionally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated
maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all of the Obligations, whether for principal, interest, premiums, fees, indemnities, damages, costs, expenses or otherwise, of the UK
Borrower to the Guaranteed Parties, and whether arising hereunder, under any other Loan Document or under any Related Swap Agreement (including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs,
attorneys’ fees and expenses incurred by the Guaranteed Parties in connection with the collection or enforcement thereof). The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible in evidence
in any action or proceeding, and shall be binding upon Company, and conclusive for the purpose of establishing the amount of the Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the
Obligations or any instrument or agreement evidencing any Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Obligations which
might otherwise constitute a defense to the obligations of Company under this Guaranty, and Company hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing. 
 10.02 Rights of Lenders. Company consents and agrees that the Guaranteed Parties may, at any time and from time to time, without notice or demand,
and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Obligations or any part thereof;
(b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Obligations; (c) apply such security and direct the order or manner of sale thereof as
the Administrative Agent and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Obligations. Without limiting the generality of the foregoing, Company
consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of Company under this Guaranty or which, but for this provision, might operate as a discharge of Company. 
 10.03 Certain Waivers. The Company waives (a) any defense arising by reason of any disability or other defense of the UK Borrower or any
other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Guaranteed Party) of the liability of the 

  

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UK Borrower; (b) any defense based on any claim that the Company’s obligations exceed or are more burdensome than those of the UK Borrower;
(c) the benefit of any statute of limitations affecting the Company’s liability hereunder; (d) any right to proceed against the UK Borrower, proceed against or exhaust any security for the Obligations, or pursue any other remedy in
the power of any Guaranteed Party whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any Guaranteed Party; and (f) to the fullest extent permitted by law, any and all other defenses or
benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties. The Company expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance,
notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance of this Guaranty or of the
existence, creation or incurrence of new or additional Obligations. 
 10.04 Obligations Independent. The obligations of the Company
hereunder are those of primary obligor, and not merely as surety, and are independent of the Obligations and the obligations of any other guarantor, and a separate action may be brought against the Company to enforce this Guaranty whether or not the
UK Borrower or any other person or entity is joined as a party. 
 10.05 Subrogation. The Company shall not exercise any right of
subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in
full and the Term Loan Commitments and the Facilities are terminated. If any amounts are paid to Company in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith
be paid to the Guaranteed Parties to reduce the amount of the Obligations, whether matured or unmatured. 
 10.06 Termination;
Reinstatement. This Guaranty is a continuing and irrevocable guaranty of all Obligations now or hereafter existing and shall remain in full force and effect until all Obligations and any other amounts payable under this Guaranty are indefeasibly
paid in full in cash and the Term Loan Commitments and the Term Loan Facilities, and the Obligations thereunder, are paid in full and terminated. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as
the case may be, if any payment by or on behalf of the UK Borrower or the Company is made, or any of the Guaranteed Parties exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff or any part
thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Guaranteed Parties in their discretion) to be repaid to a trustee, receiver or any
other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Guaranteed Parties are in possession of or have released this
Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of the Company under this paragraph shall survive termination of this Guaranty. 
  

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 10.07 Subordination. The Company hereby subordinates the payment of all obligations and
indebtedness of the UK Borrower owing to the Company, whether now existing or hereafter arising, including but not limited to any obligation of the UK Borrower to the Company as subrogee of the Guaranteed Parties or resulting from the Company’s
performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations. If the Guaranteed Parties so request, any such obligation or indebtedness of the UK Borrower to the Company shall be enforced and performance received
by the Company as trustee for the Guaranteed Parties and the proceeds thereof shall be paid over to the Guaranteed Parties on account of the Obligations, but without reducing or affecting in any manner the liability of the Company under this
Guaranty. 
 10.08 Stay of Acceleration. If acceleration of the time for payment of any of the Obligations is stayed, in connection
with any case commenced by or against the Company or the UK Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Company immediately upon demand by the Guaranteed Parties. 
 10.09 Condition of UK Borrower. The Company acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining
from the UK Borrower and any other guarantor such information concerning the financial condition, business and operations of the UK Borrower and any such other guarantor as the Company requires, and that none of the Guaranteed Parties has any duty,
and the Company is not relying on the Guaranteed Parties at any time, to disclose to the Company any information relating to the business, operations or financial condition of the UK Borrower or any other guarantor (the Company hereby waiving any
duty on the part of the Guaranteed Parties to disclose such information and any defense relating to the failure to provide the same). 
 ARTICLE XI. 
 MISCELLANEOUS 
 11.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Company or any other Credit Party therefrom, shall be
effective unless in writing signed by the Required Lenders and the Company or the applicable Credit Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 
 (a) waive any condition set forth in Section 4.01(a) without the written consent of each Lender; 
 (b) extend or
increase the Term Loan Commitment of any Lender (or reinstate any Term Loan Commitment terminated pursuant to Section 8.01) without the written consent of such Lender; 
 (c) postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding any mandatory prepayment) of principal, interest,
fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 
  

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 (d) reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause
(ii) of the second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document (whether directly or indirectly through an amendment to the definition of the term “Applicable
Rate” or the term “Leverage Ratio” to the extent (but only to the extent) such amendment would effect a reduction in such rate of interest or fees pursuant to the Applicable Rate) without the written consent of each Lender directly
affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of any Borrower to pay interest at the Default Rate;

 (e) change Section 2.10 or Section 8.02 in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender; 
 (f) change any provision of this Section or the definition of “Required
Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of each
Lender; or 
 (g) either (i) release the Company from the Guaranty under Article X or (ii) release all or substantially all
of the value of the Subsidiary Guaranty, in either case without the written consent of each Lender, except to the extent the release of any Subsidiary Guarantor is permitted pursuant to Section 9.10 (in which case such release may be
made by the Administrative Agent acting alone); 
 and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and
signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document and (ii) the Fee Letter may be amended, or rights or
privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except
that the Term Loan Commitment of such Lender may not be increased or extended without the consent of such Lender. 
 If any Lender does not
consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of such Lender and that has been approved by the Required Lenders, the Company may replace such non-consenting Lender in
accordance with Section 11.13; provided that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required by the Company
to be made pursuant to this paragraph). 
 11.02 Notices; Effectiveness; Electronic Communication. 
 (a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided
in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all
notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 
 (i) if to a Borrower or the Administrative Agent, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 11.02; and 
  

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 (ii) if to any other Lender, to the address, telecopier number, electronic mail address
or telephone number specified in its Administrative Questionnaire. 
 Notices and other communications sent by hand or overnight courier service, or mailed
by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below,
shall be effective as provided in such subsection (b). 
 (b) Electronic Communications. Notices and other communications to the
Lenders hereunder may be delivered or furnished by electronic communication (including e mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to
notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Company may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such
notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or
communication is available and identifying the website address therefor. 
 (c) The Platform. THE PLATFORM IS PROVIDED “AS
IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR 

  

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OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any
of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of any Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent
jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to any Borrower, any
Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 
 (d) Change of Address, Etc. Each of the Borrowers and the Administrative Agent may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other
Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Company and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time
to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire
instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content
declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make
reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrowers or its securities for purposes of
United States Federal or state securities laws. 
 (e) Reliance by Administrative Agent and Lenders. The Administrative Agent and the
Lenders shall be entitled to rely and act upon any notices (including telephonic Term Loan Notices) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were
not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Company shall indemnify the Administrative Agent, each Lender and the
Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of any Borrower. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 
 11.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
  

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 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to
enforce rights and remedies hereunder and under the other Loan Documents against the Credit Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and
maintained exclusively by, the Administrative Agent in accordance with Section 8.01 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from
exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with
Section 11.08 (subject to the terms of Section 2.10), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Credit Party
under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise
ascribed to the Administrative Agent pursuant to Section 8.01 and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso and subject to Section 2.10, any Lender may, with the
consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 
 11.04
Expenses; Indemnity; Damage Waiver. 
 (a) Costs and Expenses. The Borrowers shall pay (i) all reasonable out of pocket
expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of any one outside counsel (in addition to any reasonably necessary special counsel and up to one local counsel in each
applicable jurisdiction) for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan
Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all out of pocket expenses incurred by the Administrative
Agent or any Lender (including the fees, charges and disbursements of any one outside counsel (in addition to any reasonably necessary special counsel and up to one local counsel in each applicable jurisdiction) for the Administrative Agent or any
Lender, and any additional counsel reasonably necessary in the case of any actual or potential conflict of interest identified by the Administrative Agent or by one or more Lenders), in connection with the enforcement or protection of its rights
(A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out of pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans. 
 (b) Indemnification by the Borrowers. Each of the Borrowers shall indemnify
the Administrative Agent (and any sub-agent thereof) and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and
all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any 

  

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Borrower or any other Credit Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the
case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any
Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Borrower or any Subsidiary, or any Environmental Liability
related in any way to any Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a
third party or by a Borrower or any other Credit Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim
brought by a Borrower or any other Credit Party against an Indemnitee for a material breach of such Indemnitee’s obligations hereunder or under any other Loan Document, if a Borrower or such other Credit Party has obtained a final and
nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. Notwithstanding anything to the contrary in this Section 11.04(b), with respect to any individual claim (or series of related claims),
in no event shall the Borrowers be required to reimburse the legal fees and expenses of more than one outside counsel (in addition to any reasonably necessary special counsel and up to one local counsel in each applicable jurisdiction, but excluding
any in-house counsel) for all Indemnitees collectively, as well as any additional counsel reasonably necessary in the case of any actual or potential conflict of interest identified by the Administrative Agent or by one or more Indemnitees.

 (c) Reimbursement by Lenders. To the extent that the Borrowers for any reason fail to indefeasibly pay any amount required under
subsection (a) or (b) of this Section to be paid by either or both of them to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent
(or any such sub-agent) or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or against any Related Party of any of the
foregoing acting for the Administrative Agent (or any such sub-agent). The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.09(d). 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Borrower shall assert, and each of them hereby
waives on behalf of itself and the other Credit Parties, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any 

  

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agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee
referred to in subsection (b) above shall be liable for any damages arising from the use by others of any information or other materials obtained through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, other than for direct or actual damages resulting from either (i) the gross negligence or willful misconduct of such Indemnitee as determined by
a final and nonappealable judgment of a court of competent jurisdiction, or (ii) the material breach of such Indemnitee’s confidentiality obligations under this Agreement or any other Loan Document as determined by a final and
nonappealable judgment of a court of competent jurisdiction. 
 (e) Payments. All amounts due under this Section shall be payable not
later than ten Business Days after demand therefor. 
 (f) Survival. The agreements in this Section shall survive the resignation of
the Administrative Agent, the replacement of any Lender, the termination of the commitments and the repayment, satisfaction or discharge of all the other Obligations. 
 11.05 Payments Set Aside. To the extent that any payment by or on behalf of any Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its right of
setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent
or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof
originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon
demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable
Overnight Rate from time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the
termination of this Agreement. 
 11.06 Successors and Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender
may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions
of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall
be null and void). Nothing in this Agreement, expressed or implied, shall be construed to 

  

 73 

 
confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in
subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 (b) Assignments by Lenders. Any Lender may at any time after the funding of the Term Loans on the Closing Date assign to one or
more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of the Term Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:

 (i) Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the Term Loans at the time owing to such Lender or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum
amount need be assigned; and 
 (B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of
the principal outstanding balance of the Term Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if
“Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 (in the case of the US Term Loan Facility) or £2,500,000 (in the case of the UK Term Loan Facility), unless each of
the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments
to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of
determining whether such minimum amount has been met. 
 (ii) Proportionate Amounts. Each partial assignment shall be
made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Term Loans assigned, except that this clause (ii) shall not prohibit any Lender from assigning all
or a portion of its rights and obligations among separate Term Loan Facilities on a non-pro rata basis; 
 (iii) Required
Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the Company (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or
(2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; 
  

 74 

 (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld
or delayed) shall be required if such assignment is to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; 
 (iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500;
provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire. 
 (v) No Assignment to Company. No such assignment shall be made to the Company
or any of the Company’s Affiliates or Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such assignment
shall be made to a natural person. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this
Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04,
3.05, and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, each Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with subsection (d) of this Section. 
 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of the
Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Term Loan Commitments of, and
principal amounts of the Term Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders
may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the
Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender
may at any time after the funding of the Term Loans on the Closing Date, without the consent of, or notice to, any Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Company or any of the

  

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Company’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under
this Agreement (including all or a portion of the Term Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent, the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. 
 Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall
retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of
the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 11.01 that affects such Participant. Subject to subsection (e) of this Section, each Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.10 as though it were a Lender.

 (e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under
Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Company’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Company is notified of the participation sold to such Participant and
such Participant agrees, for the benefit of the Borrowers, to comply with Section 3.01(e) as though it were a Lender. 
 (f)
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note(s), if any) to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto. 
 11.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent and the Lenders agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, trustees,
members, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent
requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations
or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or 

  

 76 

 
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or
prospective counterparty (or its advisors) to any swap or derivative transaction relating to a Borrower and its obligations, (g) with the consent of the Company or (h) to the extent such Information (x) becomes publicly available
other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Company. 
 For purposes of this Section, “Information” means all information received from the Company or any Subsidiary in connection with the
Transactions relating to the Company or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Company
or any Subsidiary, provided that, in the case of information received from the Company or any Subsidiary after the date hereof, such information shall be deemed to be confidential unless such information is clearly identified at the time of
delivery as non-confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to
maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 Each of the
Administrative Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Company or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use
of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws. 
 11.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of any Borrower against any and all of the obligations of such Borrower now or hereafter existing under this Agreement or
any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Borrower may be contingent or unmatured or are owed
to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the Company and the Administrative Agent promptly after any such setoff and application, provided that the
failure to give such notice shall not affect the validity of such setoff and application. 
 11.09 Interest Rate Limitation. As used
in this Agreement the term “interest” does not include any fees (including, but not limited to, any loan fee, periodic fee, unused commitment 

  

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fee or waiver fee) or other charges imposed on any Borrower in connection with the indebtedness evidenced by this Agreement, other than the interest
described herein. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the
“Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to the Company. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law,
(a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal
parts the total amount of interest throughout the contemplated term of the Obligations hereunder. It is the express intent hereof that neither Borrower pay, and no Lender receive, directly or indirectly, interest in excess of that which may be
lawfully paid under applicable Law, including the usury laws in force in the State of Georgia. 
 11.10 Counterparts; Integration;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together,
bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of
this Agreement. 
 11.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any
other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by
the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any
Default at the time of any Term Loan Borrowing, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied. 
 11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the
legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal,
invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
  

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 11.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04,
or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender, or if any circumstance exists under
Section 11.01 that gives the Borrower the right to replace a Lender as a party hereto, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 
 (a) the Company shall have paid (or caused the UK Borrower to pay) to the Administrative Agent the assignment fee specified in Section 11.06(b); 
 (b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan
Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company or the UK Borrower (in the case of all other amounts); 
 (c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to
Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 
 (d) such assignment
does not violate applicable Laws. 
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result
of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 
 11.14 Governing Law; Jurisdiction; Etc. 
 (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF GEORGIA. 
 (b) SUBMISSION TO JURISDICTION. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF GEORGIA SITTING IN THE SUPERIOR COURT OF FULTON COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE NORTHERN DISTRICT OF GEORGIA, AND ANY
APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE 

  

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HEARD AND DETERMINED IN SUCH GEORGIA STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT
SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY BORROWER OR ANY OTHER CREDIT PARTY OR ITS PROPERTIES IN THE
COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF
THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 
 11.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 11.16 No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower
acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services 

  

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regarding this Agreement provided by the Administrative Agent and the Arranger, are arm’s-length commercial transactions between such Borrower and its
Affiliates, on the one hand, and the Administrative Agent and the Arranger, on the other hand, (B) such Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) such
Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent and the Arranger each is and has
been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for such Borrower or any of its Affiliates, or any other Person and
(B) neither the Administrative Agent nor the Arranger has any obligation to such Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; and (iii) the Administrative Agent and the Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of such Borrower and its Affiliates, and neither the
Administrative Agent nor the Arranger has any obligation to disclose any of such interests to the Company or its Affiliates. To the fullest extent permitted by law, each of the Borrowers hereby waives and releases any claims that it may have against
the Administrative Agent and the Arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 
 11.17 Electronic Execution of Assignments and Certain Other Documents. The words “execution,” “signed,” “signature,”
and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 11.18 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf
of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record
information that identifies the Borrowers, which information includes the name and address of each Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Borrower in accordance with
the Act. Each Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 
 11.19
Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in
accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation 

  

 81 

 
of each Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be
discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case
may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender
from any Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the
Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to such
Borrower (or to any other Person who may be entitled thereto under applicable law). 
  

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 IN WITNESS WHEREOF, each Borrower has executed this Agreement as of the date stated at the top of
the first page hereof, intending to create an instrument executed under seal 
  

					
	 	 	GLOBAL PAYMENTS, INC., as a Borrower
			
	[Seal]	 	By:	 	 /s/ David E. Mangum

		 	Name:	 	David E. Mangum
		 	Title:	 	Chief Financial Officer
		
		 	GLOBAL PAYMENTS U.K. LTD, as a Borrower
			
	[Seal]	 	By:	 	 /s/ James G. Kelly

		 	Name:	 	James G. Kelly
		 	Title:	 	President and Chief Operating Officer

 Global Payments Inc. 
 Term Loan Credit Agreement 
 Signature Pages 

					
	 	 	BANK OF AMERICA, N.A., as Administrative Agent
			
	[Seal]	 	By:	 	 /s/ Roberto Salazar

		 	Name:	 	Roberto Salazar
		 	Title:	 	Assistant Vice President

  

 Global Payments Inc. 
 Term Loan Credit Agreement 
 Signature Pages 

					
	 	 	BANK OF AMERICA, N.A., as a Lender
			
	[Seal]	 	By:	 	 /s/ Thomas M. Paulk

		 	Name:	 	Thomas M. Paulk
		 	Title:	 	Vice President

  

 Global Payments Inc. 
 Term Loan Credit Agreement 
 Signature Pages 

					
	 	 	Thomas M. Paulk, as a Lender1
			
	[Seal]	 	By:	 	 Thomas M. Paulk

		 	Name:	 	Thomas M. Paulk
		 	Title:	 	Vice President

  

	1
	To provide separate signature page for each Lender. 

  

 Global Payments Inc. 
 Term Loan Credit Agreement 
 Signature Pages 

 SCHEDULE 1.01 
 MANDATORY COST FORMULAE 
  

	1.	The Mandatory Cost (to the extent applicable) is an addition to the interest rate to compensate Lenders for the cost of compliance with: 

  

	 	(a)	the requirements of the Bank of England and/or the Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions); or

  

	 	(b)	the requirements of the European Central Bank. 

  

	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Administrative Agent shall calculate, as a percentage rate, a rate (the “Additional Cost
Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Administrative Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the
percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum. The Administrative Agent will, at the request of the Company or any Lender, deliver to the Company or such Lender as the case may be,
a statement setting forth the calculation of any Mandatory Cost. 

  

	3.	The Additional Cost Rate for any Lender lending from a Lending Office in a Participating Member State will be the percentage notified by that Lender to the Administrative Agent.
This percentage will be certified by such Lender in its notice to the Administrative Agent to be its reasonable determination of the cost (expressed as a percentage of such Lender’s participation in all Loans made from such Lending Office) of
complying with the minimum reserve requirements of the European Central Bank in respect of Loans made from that Lending Office. 

  

	4.	The Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom will be calculated by the Administrative Agent as follows: 

  

	 	(a)	in relation to any Loan in Sterling: 

  

			
	AB+C(B-D)+E x 0.01	 	per cent per annum
	100 – (A+C)	 	

  

	 	(b)	in relation to any Loan in any currency other than Sterling: 

  

			
	E x 0.01        	 	per cent per annum
	    300	 	

  

 1 
 Schedule 1.01 

 Where: 
  

	“A”	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an interest free cash
ratio deposit with the Bank of England to comply with cash ratio requirements. 

  

	“B”	is the percentage rate of interest (excluding the Applicable Rate, the Mandatory Cost and any interest charged on overdue amounts pursuant to the first sentence of
Section 2.05(b) and, in the case of interest (other than on overdue amounts) charged at the Default Rate, without counting any increase in interest rate effected by the charging of the Default Rate) payable for the relevant Interest
Period of such Loan. 

  

	“C”	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of England.

  

	“D”	is the percentage rate per annum payable by the Bank of England to the Administrative Agent on interest bearing Special Deposits. 

  

	“E”	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Administrative Agent as being the average of the most recent rates of charge
supplied by the Lenders to the Administrative Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

  

	 	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be
appropriate) by the Bank of England; 

  

	 	(b)	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in respect of
the payment of fees for the acceptance of deposits; 

  

	 	(c)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required
pursuant to the Fees Rules but taking into account any applicable discount rate); and 

  

	 	(d)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  

	6.	In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5% will be included in the formula as 5 and not as 0.05). A negative result
obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

  

	7.	 If requested by the Administrative Agent or the Company, each Lender with a Lending Office in the United Kingdom or a Participating Member State shall, as soon as
practicable after publication by the Financial Services Authority, supply to the 

  

 2 
 Schedule 1.01 

	 	 
Administrative Agent and the Company, the rate of charge payable by such Lender to the Financial Services Authority pursuant to the Fees Rules in respect of
the relevant financial year of the Financial Services Authority (calculated for this purpose by such Lender as being the average of the Fee Tariffs applicable to such Lender for that financial year) and expressed in pounds per £1,000,000 of
the Tariff Base of such Lender. 

  

	8.	Each Lender shall supply any information required by the Administrative Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each
Lender shall supply the following information in writing on or prior to the date on which it becomes a Lender: 

  

	 	(a)	the jurisdiction of the Lending Office out of which it is making available its participation in the relevant Loan; and 

  

	 	(b)	any other information that the Administrative Agent may reasonably require for such purpose. 

 Each Lender shall promptly notify the Administrative Agent in writing of any change to the information provided by it pursuant to this paragraph. 
  

	9.	The percentages of each Lender for the purpose of A and C above and the rates of charge of each Lender for the purpose of E above shall be determined by the Administrative Agent
based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Administrative Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and
Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a lending office in the same jurisdiction as its Lending Office. 

  

	10.	The Administrative Agent shall have no liability to any Person if such determination results in an Additional Cost Rate which over- or under-compensates any Lender and shall be
entitled to assume that the information provided by any Lender pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

  

	11.	The Administrative Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender
based on the information provided by each Lender pursuant to paragraphs 3, 7 and 8 above. 

  

	12.	Any determination by the Administrative Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender
shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 

  

	13.	The Administrative Agent may from time to time, after consultation with the Company and the Lenders, determine and notify to all parties any amendments which are required to be made
to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other authority which
replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 

  

 3 
 Schedule 1.01

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