Document:

First Amendment to Security Agreement

 Exhibit 10.6 
 FIRST AMENDMENT TO SECURITY AGREEMENT 
 THIS FIRST AMENDMENT TO SECURITY AGREEMENT is entered into as
of March 23, 2007 (this “Amendment”), by and between Great Lakes Aviation Ltd., as debtor (the “Debtor”), and Raytheon Aircraft Credit Corporation (the “Secured Party”). 
 WITNESSETH: 
 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. 

  

 Security Agreement Amendment 

	 	 
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.

  

	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.]

  

 Security Agreement Amendment 

 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

  

 Security Agreement AmendmentForm of Amended and Restated Promissory Note

 Exhibit 10.7 
 RACC 
 [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. 
 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 

  

 Form of Aircraft Note 

 
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; 

  

	 	(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; 

  

					
	Form of Aircraft Note	  	- 2 -	  	

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

  

					
	Form of Aircraft Note	  	- 3 -	  	

 Aircraft Engines: Make: Pratt & Whitney; Model: PT6A-67D; Shaft Horsepower: over 750; Serial
Number (L): «Left_Serial»; Serial Number (R): «Right_Serial», together with any replacement engines. 
 Aircraft
Propellers: Hub Make: Hartzell; Hub Model: HC-E4A-3; Hub Serial Number (L): «Hub_Left_Serial»; Hub Serial Number (R): «Hub_Right_Serial», together with any replacement propellers. 
  

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

  

	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] [finance] the Debtor’s acquisition of the Aircraft. This Promissory Note amends and restates
and has been issued in substitution as a replacement for the 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. 
 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; 

  

					
	Form of Aircraft Note	  	- 4 -	  	

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	 	(k)	Debtor (i) sells, transfers or disposes of all or substantially all of its respective stock, assets or property, (ii) becomes the subject of, or engages in, a leveraged
buy-out, or (iii) terminates its existence by merger, reorganization or consolidation; or if, 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. 

  

					
	Form of Aircraft Note	  	- 5 -	  	

 In addition to and without in any way limiting the foregoing, upon the occurrence of an Event of Default or at any time
thereafter, RACC may employ all remedies allowed by law, including, without limitation, those available to a secured party under the Uniform Commercial Code. No remedy herein conferred upon RACC is intended to be exclusive of any other remedy and
each and every remedy shall be cumulative and in addition to every other remedy hereunder, now or hereafter existing at law or in equity or otherwise. 
 13. Obligations Absolute. Debtor’s payment and performance obligations under this Promissory Note are absolute and unconditional. Any claim that Debtor may now or hereafter have against RACC or any affiliate thereof arising out
of or in connection with the Aircraft, any of the other Collateral or any other matter shall not affect or excuse the unconditional obligation of Debtor to make any payment required to be made to RACC under this Promissory Note or the Security
Agreement, and shall not be used or asserted as a defense to payment of such obligation or as set-off, counterclaim or deduction against such payment. RACC shall have no obligation or responsibility with respect to any dispute that may arise between
Debtor and any such foregoing person, and no such dispute shall prevent RACC from taking such action as it may deem appropriate in order to preserve, protect or enforce its rights hereunder. 
 14. Debtor’s Agreement to Pay Enforcement Costs, etc. Debtor further agrees to pay to RACC, on demand, all costs and expenses (including court costs and
legal expenses) incurred or expended by RACC in connection with the Obligations, this Promissory Note and the enforcement hereof, together with interest on amounts recoverable under this Section 14 from the time when such amounts become due
until payment, whether before or after judgment, at the Default Interest Rate, provided that if such interest exceeds the maximum amount permitted to be paid under applicable law, then such interest shall be reduced to such maximum permitted amount.

 15. Waiver of Default. No waiver by RACC of any default shall be effective unless in writing, nor operate as a waiver of any other default or of the
same default in the future. 
 16. Change of Address. Debtor will notify RACC in writing of any change of address from that shown herein within 10
days of such change. 
 17. GOVERNING LAW AND CHOICE OF FORUM. THIS 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 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, 

  

					
	Form of Aircraft Note	  	- 6 -	  	

 
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.] 
  

					
	Form of Aircraft Note	  	- 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 as of this 23 day of March, 2007. 
  

					
	Debtor:	 	Great Lakes Aviation, Ltd.	    	 
			
	 	 	 /s/ Michael Matthews
	    	Chief Financial Officer
	 	 	(signature)	    	(title)
		
	Address:	 	1022 Airport Parkway
		 	Cheyenne, Wyoming 82001
			
		 	Raytheon Aircraft Credit Corporation	    	
			
	By:	 	 /s/ Andrew Mathews
	    	
		 	“RACC”	    	

  

					
	Form of Aircraft Note	  	- 8 -	  	

 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	  	13,847.23	  	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
	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

  

					
	Form of Aircraft Note	  	- 9 -	  	

											
	 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

  

					
	Form of Aircraft Note	  	- 10 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]