Document:

EX-10.2

 Exhibit 10.2 
 GUARANTY AND SECURITY AGREEMENT 
 This GUARANTY AND SECURITY
AGREEMENT (this “Agreement”), dated as of May 2, 2013, among the Persons listed on the signature pages hereof as “Grantors” and those additional entities that hereafter become parties hereto by executing the form
of Joinder attached hereto as Annex 1 (each, a “Grantor” and collectively, the “Grantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”),
in its capacity as agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”). 

W I T N E S S E T H: 
 WHEREAS, pursuant to that certain CREDIT AGREEMENT (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among the
lenders identified on the signature pages thereof (each of such lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”), Agent, Wells Fargo, as lead arranger, book runner, and as
documentation agent, ERICKSON AIR-CRANE INCORPORATED, a Delaware corporation (“EAC”), and EVERGREEN HELICOPTERS, INC., an Oregon corporation (“Evergreen”) (Evergreen, together with EAC, are referred to
hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), the Lender Group has agreed to make certain financial accommodations available to
Borrowers from time to time pursuant to the terms and conditions thereof; and 
 WHEREAS, certain of the Grantors and
Agent are or will be parties to one or more Aircraft and Engine Security Agreements (as such term is defined in the Credit Agreement), pursuant to which such Grantors have granted or will grant to Agent, for the benefit of the Lender Group and the
Bank Product Providers, a security interest in, among other things, its Aircrafts and Engines as provided therein; and 

WHEREAS, Agent has agreed to act as agent for the benefit of the Lender Group and the Bank Product Providers in connection with
the transactions contemplated by the Credit Agreement and this Agreement; 
 WHEREAS, in order to induce the Lender Group
to enter into the Credit Agreement and the other Loan Documents, to induce the Bank Product Providers to enter into the Bank Product Agreements, and to induce the Lender Group and the Bank Product Providers to make financial accommodations to
Borrowers as provided for in the Credit Agreement, the other Loan Documents and the Bank Product Agreements, (a) each Grantor (other than any Borrower) has agreed to guaranty the Guarantied Obligations, and (b) each Grantor has agreed to
grant to Agent, for the benefit of the Lender Group and the Bank Product Providers, a continuing security interest in and to the Collateral in order to secure the prompt and complete payment, observance and performance of, among other things, the
Secured Obligations; and 
 WHEREAS, each Grantor (other than any Borrower) is a Subsidiary of a Borrower and, as such,
will benefit by virtue of the financial accommodations extended to Borrowers by the Lender Group. 

 NOW, THEREFORE, for and in consideration of the recitals made above and other good
and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions; Construction. 
 (a) All initially capitalized terms used
herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement (including Schedule 1.1 thereto). Any terms (whether capitalized or lower case) used in this Agreement
that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein or in the Credit Agreement; provided that to the extent that the Code is used to define any term used herein and if
such term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern. In addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following
terms shall have the following meanings: 
 (i) “Account” means an account (as that term is defined in Article
9 of the Code). 
 (ii) “Activation Instruction” has the meaning specified therefor in Section 7(k).

 (iii) “Agent” has the meaning specified therefor in the preamble to this Agreement. 

(iv) “Aircraft and Engine Security Agreement” has the meaning specified therefor in the Credit Agreement. 

(v) “Airworthiness Certificate” means, with respect to any Aircraft, an Airworthiness Certificate issued by the FAA
with respect to such Aircraft pursuant to the FARs, as the same now exists or may hereafter be amended, supplemented, renewed, extended, revised, or replaced. 
 (vi) “Agreement” has the meaning specified therefor in the preamble to this Agreement. 
 (vii) “Books” means books and records (including each Grantor’s Records indicating, summarizing, or evidencing such Grantor’s assets (including the Collateral) or liabilities,
each Grantor’s Records relating to such Grantor’s business operations or financial condition, and each Grantor’s goods or General Intangibles related to such information). 

(viii) “Borrower” and “Borrowers” have the respective meanings specified therefor in the recitals to
this Agreement. 
 (ix) “Brazil Subsidiary” means EAC do Brasil Parcipacoes Ltda. 

(x) “Certificated Air Carrier” means an “air carrier” within the meaning of Section 41102(a) of Title 49 of
the United States Code, as amended. 
 (xi) “Chattel Paper” means chattel paper (as that term is defined in
the Code), and includes tangible chattel paper and electronic chattel paper. 

  
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 (xii) “Code” means the New York Uniform Commercial Code, as in effect from
time to time; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, priority, or remedies with respect to Agent’s Lien on any Collateral is governed by the
Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the
provisions thereof relating to such attachment, perfection, priority, or remedies. 
 (xiii) “Collateral” has
the meaning specified therefor in Section 3. 
 (xiv) “Commercial Tort Claims” means commercial
tort claims (as that term is defined in the Code), and includes those commercial tort claims listed on Schedule 1. 

(xv) “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to
time, and any successor statute. 
 (xvi) “Controlled Account” has the meaning specified therefor in
Section 7(k). 
 (xvii) “Controlled Account Agreements” means those certain cash management
agreements, in form and substance reasonably satisfactory to Agent, each of which is executed and delivered by a Grantor, Agent, and one of the Controlled Account Banks. 
 (xviii) “Controlled Account Bank” has the meaning specified therefor in Section 7(k). 
 (xix) “Copyrights” means any and all rights in any works of authorship, including (A) copyrights and moral rights, (B) copyright registrations and recordings thereof and all
applications in connection therewith including those listed on Schedule 2, (C) income, license fees, royalties, damages, and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses
entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (D) the right to sue for past, present, and future infringements thereof, and (E) all of each Grantor’s rights
corresponding thereto throughout the world. 
 (xx) “Copyright Security Agreement” means each Copyright
Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially the form of Exhibit A. 
 (xxi) “Credit Agreement” has the meaning specified therefor in the recitals to this Agreement. 
 (xxii) “Deposit Account” means a deposit account (as that term is defined in the Code). 
 (xxiii) “Engine” means an “aircraft engine” as defined in Section 40102 of the Federal Aviation Act. 

(xxiv) “Equipment” means equipment (as that term is defined in the Code). 

(xxv) “Excluded Assets” means: 
 (A) vehicles and other property (except for Aircraft and related Engines, engines, motors and parts, and Spare Parts) covered by certificates of title to the extent that a security interest therein cannot
be perfected solely by filing a UCC-1 financing statement in the jurisdiction of organization of the owner thereof; 

  
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 (B) owned Real Property having a fair market value less than $2,500,000 and leasehold
interests in Real Property with respect to which any Grantor is a tenant or subtenant (provided, for the avoidance of doubt, that EAC’s two owned principal facilities in Central Point, Oregon may not be excluded pursuant to this clause (B));

 (C) any right of any nature in any lease, license or agreement to which any Grantor is party if, and to the extent that, the
grant of a security interest in such lease, license or agreement shall constitute or result in (x) the abandonment, invalidation or unenforceability of such lease, license or agreement or (y) a breach, termination or default under such
lease, license, contract or agreement, other than (1) to the extent that any such prohibition, restriction or other term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Code (or any successor provision or
provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity and (2) proceeds and receivables thereof; 
 (D) any asset or property right of any nature to the extent that any applicable law or regulation prohibits the creation of a security interest therein (other than (1) to the extent that any such
prohibition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Code (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law or principles of equity and (2) proceeds
and receivables thereof) (including to the extent that, and solely to the extent that, the applicable laws of Brazil prohibit the pledge of voting Equity Interests of the Brazil Subsidiary in excess of 20% of the outstanding voting Equity Interests
thereof); 
 (E) (1) solely in the case of any pledge of Equity Interests of any direct Foreign Subsidiary to secure the
Obligations, any Equity Interests that are voting Equity Interests of such Foreign Subsidiary in excess of 65% of the outstanding voting Equity Interests of such class, (2) the Equity Interests of any Subsidiary that is not wholly owned by the
Borrower or its Subsidiaries at the time such Subsidiary becomes a Subsidiary (for so long as such Subsidiary remains a non-wholly owned Subsidiary and to the extent that the governing documents of such non-wholly owned Subsidiary prevent the grant
of a security interest in the Equity Interests governed thereby (unless such prohibition would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Code (or any successor provision or provisions) of any relevant
jurisdiction or any other applicable law or principles of equity) and (3) any asset or property right of any nature of any Subsidiary of a Foreign Subsidiary (including, for the avoidance of doubt and not by way of limitation, the Equity
Interests of any Subsidiary of a Foreign Subsidiary); 
 (F) property and assets owned by any Grantor that are the subject of
Permitted Liens securing Permitted Purchase Money Indebtedness for so long as such Permitted Liens are in effect and the Indebtedness secured thereby prohibits any other Liens thereon other than to the extent that any prohibition, restriction or
other term would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Code (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles
of equity; 
 (G) (1) deposit and securities accounts the balance of which consists exclusively of (x) withheld income
taxes and federal, state or local employment taxes in such amounts as are required to be paid to the Internal Revenue Service or state or local government agencies within the following two months with respect to employees of any Grantor, and
(y) amounts required to be paid over 

  
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to an employee benefit plan pursuant to DOL Reg. Sec. 2510.3-102 on behalf of or for the benefit of employees of any Grantor, (2) all segregated deposit accounts constituting (and the
balance of which consists solely of funds set aside in connection with) tax accounts and trust accounts, (3) deposit accounts or securities accounts solely and exclusively used in the ordinary course of business for payroll, payroll taxes and
other employee wage and benefit payments to or for the benefit of any Grantor’s salaried employees, which accounts are funded only in the ordinary course of business and not in excess of any amounts necessary to fulfill payroll obligations that
are then currently owing, (4) pension fund accounts and 401(k) accounts, and (5) amounts on deposit in the “Escrow Account” created pursuant to that certain Escrow and Security Agreement, dated as of May 2, 2013 between EAC
and Wilmington Trust, National Association, as escrow agent and as trustee; 
 (H) any United States intent-to-use trademark
application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the creation by a Grantor of a security
interest therein would impair the validity or enforceability of such intent-to-use trademark application under applicable federal law, rule or regulation. 
 (xxvi) “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the grant
by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the
application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at
the time the Guaranty of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only
to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security interest is or becomes illegal. 
 (xxvii) “FAA” has the meaning specified therefor in the Credit Agreement. 
 (xxviii) “FAA Certificates” mean, collectively, all certificates required by the FAA and the FARs for the manufacture, design, production, maintenance, use or sale of any Aircraft,
including, with respect to any Grantor, each Airworthiness Certificate issued with respect to such Aircraft and each other certificate issued in favor of any Grantor under the FARs pursuant to which such Grantor maintains, operates or sells
Aircrafts or Spare Parts, as the same now exists or may hereafter be amended, supplemented, renewed, extended, reissued, or replaced. 
 (xxix) “FAA Registration” means, as to any Aircraft, registration of the title to the Aircraft by and in the name of the Grantor with the FAA in accordance with the FARs. 

(xxx) “FAA Security Recordation” means, with respect to any Aircraft, Engine, or Spare Part, the recordation of an
Aircraft and Engine Security Agreement (or supplemental schedule thereto, as applicable) or Spare Parts Security Agreement (or supplemental schedule thereto, as applicable), as applicable, with the FAA in accordance with the FARs, which establishes
a perfected Lien on such Aircraft, Engine, or Spare Part, as applicable, in favor of Agent, for the benefit of the Lender Group and the Bank Product Providers. 
 (xxxi) “Farm Products” means farm products (as that term is defined in the Code) 

  
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 (xxxii) “Fixtures” means fixtures (as that term is defined in the Code).

 (xxxiii) “Foreclosed Grantor” has the meaning specified therefor in Section 2(i)(iii).

 (xxxiv) “General Intangibles” means general intangibles (as that term is defined in the Code), and includes
payment intangibles, software, contract rights, rights to payment, rights under Hedge Agreements (including the right to receive payment on account of the termination (voluntarily or involuntarily) of such Hedge Agreements), rights arising under
common law, statutes, or regulations, choses or things in action, goodwill, all FAA Certificates issued by the FAA to any Grantor (together with the underlying specifications) Intellectual Property, Intellectual Property Licenses, purchase orders,
customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including Intellectual Property Licenses, infringement claims, pension plan refunds, pension
plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership or limited liability company which do not constitute a security under Article 8 of the Code, and any other personal property other than
Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, goods, Investment Property, Negotiable Collateral, and oil, gas, or other minerals before extraction. 

(xxxv) “Grantor” and “Grantors” have the respective meanings specified therefor in the preamble to
this Agreement. 
 (xxxvi) “Guarantied Obligations” means all of the Obligations (including any Bank Product
Obligations) now or hereafter existing, whether for principal, interest (including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such
Insolvency Proceeding), fees (including the fees provided for in the Fee Letter), Lender Group Expenses (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in
whole or in part as a claim in any such Insolvency Proceeding), or otherwise, and any and all expenses (including reasonable counsel fees and expenses) incurred by Agent, any other member of the Lender Group, or any Bank Product Provider (or any of
them) in enforcing any rights under the any of the Loan Documents. Without limiting the generality of the foregoing, Guarantied Obligations shall include all amounts that constitute part of the Guarantied Obligations and would be owed by Borrowers
to Agent, any other member of the Lender Group, or any Bank Product Provider but for the fact that they are unenforceable or not allowable, including due to the existence of a bankruptcy, reorganization, other Insolvency Proceeding or similar
proceeding involving any Borrower or any guarantor; provided that, anything to the contrary contained in the foregoing notwithstanding, the Guarantied Obligations shall exclude any Excluded Swap Obligation. 

(xxxvii) “Guarantor” means each Grantor other than any Borrower. 

(xxxviii) “Guaranty” means the guaranty set forth in Section 2 hereof. 

(xxxix) “Intellectual Property” means any and all Patents, Copyrights, Trademarks, trade secrets, know-how, inventions
(whether or not patentable), algorithms, software programs (including source code and object code), processes, product designs, industrial designs, blueprints, drawings, data, customer lists, URLs and domain names, specifications, documentations,
reports, catalogs, literature, and any other forms of technology or proprietary information of any kind, including all rights therein and all applications for registration or registrations thereof. 

  
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 (xl) “Intellectual Property Licenses” means, with respect to any Person
(the “Specified Party”), (A) any licenses or other similar rights provided to the Specified Party in or with respect to Intellectual Property owned or controlled by any other Person, and (B) any licenses or other similar
rights provided to any other Person in or with respect to Intellectual Property owned or controlled by the Specified Party, in each case, including (x) any software license agreements (other than license agreements for commercially available
off-the-shelf software that is generally available to the public which have been licensed to a Grantor pursuant to end-user licenses), (y) the license agreements listed on Schedule 3, and (z) the right to use any of the licenses or
other similar rights described in this definition in connection with the enforcement of the Lender Group’s rights under the Loan Documents. 
 (xli) “International Interest” has the meaning ascribed thereto in the Cape Town Convention. 
 (xlii) “Inventory” means inventory (as that term is defined in the Code). 
 (xliii) “Investment Property” means (A) any and all investment property (as that term is defined in the Code), and (B) any and all of the following (regardless of whether
classified as investment property under the Code): all Pledged Interests, Pledged Operating Agreements, and Pledged Partnership Agreements. 
 (xliv) “IR Security Recordation” means, with respect to any Aircraft and Engine, the registration of one or more International Interests on the International Registry in accordance with
the Cape Town Convention, which establishes a perfected Lien on the Aircraft or Engine, as applicable, in favor of Agent, for the benefit of the Lender Group and the Bank Product Providers. 

(xlv) “Joinder” means each Joinder to this Agreement executed and delivered by Agent and each of the other parties
listed on the signature pages thereto, in substantially the form of Annex 1. 
 (xlvi) “Lender” and
“Lenders” have the respective meanings specified therefor in the recitals to this Agreement. 
 (xlvii)
“Negotiable Collateral” means letters of credit, letter-of-credit rights, instruments, promissory notes, drafts and documents (as each such term is defined in the Code). 

(xlviii) “Obligations” has the meaning specified therefor in the Credit Agreement. 

(xlix) “Patents” means patents and patent applications, including (A) the patents and patent applications listed
on Schedule 4, (B) all continuations, divisionals, continuations-in-part, re-examinations, reissues, and renewals thereof and improvements thereon, (C) all income, royalties, damages and payments now and hereafter due or payable
under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (D) the right to sue for past, present, and future
infringements thereof, and (E) all of each Grantor’s rights corresponding thereto throughout the world. 
 (l)
“Patent Security Agreement” means each Patent Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially the form of Exhibit B. 

  
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 (li) “Pledged Companies” means each Person listed on Schedule 5 as
a “Pledged Company”, together with each other Person, all or a portion of whose Equity Interests are acquired or otherwise owned by a Grantor after the Closing Date. 

(lii) “Pledged Interests” means all of each Grantor’s right, title and interest in and to all of the Equity
Interests now owned or hereafter acquired by such Grantor, regardless of class or designation, including in each of the Pledged Companies, and all substitutions therefor and replacements thereof, all proceeds thereof and all rights relating thereto,
also including any certificates representing the Equity Interests, the right to receive any certificates representing any of the Equity Interests, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in
respect thereof and the right to receive all dividends, distributions of income, profits, surplus, or other compensation by way of income or liquidating distributions, in cash or in kind, and all cash, instruments, and other property from time to
time received, receivable, or otherwise distributed in respect of or in addition to, in substitution of, on account of, or in exchange for any or all of the foregoing. 
 (liii) “Pledged Interests Addendum” means a Pledged Interests Addendum substantially in the form of Exhibit C. 

(liv) “Pledged Note” means the Term Loan Note dated May 2, 2013 made by Evergreen International Aviation, Inc. to
EAC Acquisition Corporation in the original principal amount of $6,150,000.00. 
 (lv) “Pledged Operating
Agreements” means all of each Grantor’s rights, powers, and remedies under the limited liability company operating agreements of each of the Pledged Companies that are limited liability companies. 

(lvi) “Pledged Partnership Agreements” means all of each Grantor’s rights, powers, and remedies under the
partnership agreements of each of the Pledged Companies that are partnerships. 
 (lvii) “Proceeds” has the
meaning specified therefor in Section 3. 
 (lviii) “PTO” means the United States Patent and
Trademark Office. 
 (lix) “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Grantor
that has total assets exceeding $10,000,000 at the time the relevant guaranty, keepwell, or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract
participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 (lx) “Rescission” has the meaning specified
therefor in Section 7(k). 
 (lxi) “Secured Obligations” means each and all of the following:
(A) all of the present and future obligations of each of the Grantors arising from, or owing under or pursuant to, this Agreement (including the Guaranty), the Credit Agreement, or any of the other Loan Documents, (B) all Bank Product
Obligations, and (C) all other Obligations of each Borrower and all other Guarantied Obligations of each Guarantor (including, in the case of each of clauses (A), (B) and (C), reasonable attorneys fees and expenses and any interest, fees,
or expenses that accrue after the filing of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any Insolvency Proceeding); provided that, anything to the contrary contained in the foregoing
notwithstanding, the Secured Obligations of the Guarantors shall exclude any Excluded Swap Obligation. 

  
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 (lxii) “Securities Account” means a securities account (as that term is
defined in the Code). 
 (lxiii) “Security Interest” has the meaning specified therefor in
Section 3. 
 (lxiv) “Spare Parts” means any “appliance” or “spare part” as
defined in Section 40102 of the Federal Aviation Act. 
 (lxv) “Spare Parts Security Agreement” means a
spare parts security agreement among one or more of the Grantors and Agent, in form suitable for filing with the FAA and otherwise in form reasonably satisfactory to Agent. 
 (lxvi) “Supporting Obligations” means supporting obligations (as such term is defined in the Code), and includes letters of credit and guaranties issued in support of Accounts, Chattel
Paper, documents, General Intangibles, instruments or Investment Property. 
 (lxvii) “Swap Obligation” means,
with respect to any Grantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

(lxviii) “Trademarks” means any and all trademarks, trade names, registered trademarks, trademark applications, service
marks, registered service marks and service mark applications, including (A) the trade names, registered trademarks, trademark applications, registered service marks and service mark applications listed on Schedule 6, (B) all
renewals thereof, (C) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past or
future infringements or dilutions thereof, (D) the right to sue for past, present and future infringements and dilutions thereof, (E) the goodwill of each Grantor’s business symbolized by the foregoing or connected therewith, and
(F) all of each Grantor’s rights corresponding thereto throughout the world. 
 (lxix) “Trademark Security
Agreement” means each Trademark Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially the form of Exhibit D. 
 (lxx) “Triggering Event” means, as of any date of determination, that (A) an Event of Default has occurred as of such date, or (B) Excess Availability is less than $15,000,000
for three (3) consecutive Business Days immediately preceding such date. 
 (lxxi) “URL” means
“uniform resource locator,” an internet web address. 
 (b) Unless the context of this Agreement
clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except where
otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a
whole and not to any particular provision of this Agreement. Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement to any agreement,

  
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instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as
applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein or in the Credit Agreement). 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. Any reference herein to the satisfaction, repayment, or payment in full of the Secured
Obligations or the Guarantied Obligations shall mean (i) the payment or repayment in full in immediately available funds of (A) the principal amount of, and interest accrued with respect to, all outstanding Loans, together with the payment
of any premium applicable to the repayment of the Loans, (B) all Lender Group Expenses that have accrued regardless of whether demand has been made therefor, (C) all fees or charges that have accrued hereunder or under any other Loan
Document (including the Letter of Credit Fee and the Unused Line Fee), (ii) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Letter of Credit Collateralization, (iii) in the case of
obligations with respect to Bank Products (other than Hedge Obligations), providing Bank Product Collateralization, (iv) the receipt by Agent of cash collateral in order to secure any other contingent Secured Obligations or Guarantied
Obligations for which a claim or demand for payment has been made at such time or in respect of matters or circumstances known to Agent or a Lender at the time that are reasonably expected to result in any loss, cost, damage or expense (including
attorneys fees and legal expenses), such cash collateral to be in such amount as Agent reasonably determines is appropriate to secure such contingent Secured Obligations or Guarantied Obligations, (v) the payment or repayment in full in
immediately available funds of all other Secured Obligations or Guarantied Obligations (as the case may be) (including the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of
the other Obligations) under Hedge Agreements provided by Hedge Providers) other than (A) unasserted contingent indemnification obligations, (B) any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by
the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized, and (C) any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without
being required to be repaid, and (vi) the termination of all of the Commitments of the Lenders. Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing contained
herein shall be satisfied by the transmission of a Record. 
 (c) All of the schedules and exhibits attached to
this Agreement shall be deemed incorporated herein by reference. 
 2. Guaranty. 

(a) In recognition of the direct and indirect benefits to be received by Guarantors from the proceeds of the Revolving
Loans, the issuance of the Letters of Credit, and the entering into of the Bank Product Agreements and by virtue of the financial accommodations to be made to Borrowers, each of the Guarantors, jointly and severally, hereby unconditionally and
irrevocably guarantees as a primary obligor and not merely as a surety the full and prompt payment when due, whether upon maturity, acceleration, or otherwise, of all of the Guarantied Obligations. If any or all of the Obligations constituting
Guarantied Obligations becomes due and payable, each of the Guarantors, unconditionally and irrevocably, and without the need for demand, protest, or any other notice or formality, promises to pay such indebtedness to Agent, for the benefit of the
Lender Group and the Bank Product Providers, together with any and all expenses (including Lender Group Expenses) that may be incurred by Agent or any other member of the Lender Group or any Bank Product Provider in demanding, enforcing, or
collecting any of the Guarantied Obligations (including the enforcement of any collateral for such Guarantied Obligations or any collateral for the obligations 

  
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of the Guarantors under this Guaranty). If claim is ever made upon Agent or any other member of the Lender Group or any Bank Product Provider for repayment or recovery of any amount or amounts
received in payment of or on account of any or all of the Guarantied Obligations and any of Agent or any other member of the Lender Group or any Bank Product Provider repays all or part of said amount by reason of (i) any judgment, decree, or
order of any court or administrative body having jurisdiction over such payee or any of its property, or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including any Borrower or any
Guarantor), then and in each such event, each of the Guarantors agrees that any such judgment, decree, order, settlement, or compromise shall be binding upon the Guarantors, notwithstanding any revocation (or purported revocation) of this Guaranty
or other instrument evidencing any liability of any Grantor, and the Guarantors shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been
received by any such payee. 
 (b) Additionally, each of the Guarantors unconditionally and irrevocably
guarantees the payment of any and all of the Guarantied Obligations to Agent, for the benefit of the Lender Group and the Bank Product Providers, whether or not due or payable by any Grantor upon the occurrence of any of the events specified in
Section 8.4 or 8.5 of the Credit Agreement, and irrevocably and unconditionally promises to pay such indebtedness to Agent, for the benefit of the Lender Group and the Bank Product Providers, without the requirement of demand,
protest, or any other notice or other formality, in lawful money of the United States. 
 (c) The liability of
each of the Guarantors hereunder is primary, absolute, and unconditional, and is independent of any security for or other guaranty of the Guarantied Obligations, whether executed by any other Guarantor or by any other Person, and the liability of
each of the Guarantors hereunder shall not be affected or impaired by (i) any payment on, or in reduction of, any such other guaranty or undertaking, (ii) any dissolution, termination, or increase, decrease, or change in personnel by any
Grantor, (iii) any payment made to Agent, any other member of the Lender Group, or any Bank Product Provider on account of the Obligations which Agent, such other member of the Lender Group, or such Bank Product Provider repays to any Grantor
pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding (or any settlement or compromise of any claim made in such a proceeding relating to such payment), and each of the Guarantors waives
any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (iv) any action or inaction by Agent, any other member of the Lender Group, or any Bank Product Provider, or (v) any invalidity,
irregularity, avoidability, or unenforceability of all or any part of the Obligations or of any security therefor. 
 (d) This Guaranty includes all present and future Guarantied Obligations including any under transactions continuing, compromising, extending, increasing, modifying, releasing, or renewing the Guarantied
Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or creating new or additional Guarantied Obligations after prior Guarantied Obligations have been satisfied in whole or in part. To the maximum extent
permitted by law, each Guarantor hereby waives any right to revoke this Guaranty as to future Guarantied Obligations. If such a revocation is effective notwithstanding the foregoing waiver, each Guarantor acknowledges and agrees that (i) no
such revocation shall be effective until written notice thereof has been received by Agent, (ii) no such revocation shall apply to any Guarantied Obligations in existence on the date of receipt by Agent of such written notice (including any
subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (iii) no such revocation shall apply to any Guarantied Obligations made or created after such date to
the extent made or created pursuant to a legally binding commitment of any member of the Lender Group or any Bank Product Provider in existence on the date of such 

  
 11 

 
revocation, (iv) no payment by any Guarantor, any Borrower, or from any other source, prior to the date of Agent’s receipt of written notice of such revocation shall reduce the maximum
obligation of such Guarantor hereunder, and (v) any payment by any Borrower or from any source other than such Guarantor subsequent to the date of such revocation shall first be applied to that portion of the Guarantied Obligations as to which
the revocation is effective and which are not, therefore, guarantied hereunder, and to the extent so applied shall not reduce the maximum obligation of such Guarantor hereunder. This Guaranty shall be binding upon each Guarantor, its successors and
assigns and inure to the benefit of and be enforceable by Agent (for the benefit of the Lender Group and the Bank Product Providers) and its successors, transferees, or assigns. 

(e) The guaranty by each of the Guarantors hereunder is a guaranty of payment and not of collection. The obligations of
each of the Guarantors hereunder are independent of the obligations of any other Guarantor or Grantor or any other Person and a separate action or actions may be brought and prosecuted against one or more of the Guarantors whether or not action is
brought against any other Guarantor or Grantor or any other Person and whether or not any other Guarantor or Grantor or any other Person be joined in any such action or actions. Each of the Guarantors waives, to the fullest extent permitted by law,
the benefit of any statute of limitations affecting its liability hereunder or the enforcement hereof. Any payment by any Grantor or other circumstance which operates to toll any statute of limitations as to any Grantor shall operate to toll the
statute of limitations as to each of the Guarantors. 
 (f) Each of the Guarantors authorizes Agent, the other
members of the Lender Group, and the Bank Product Providers without notice or demand, and without affecting or impairing its liability hereunder, from time to time to: 
 (i) change the manner, place, or terms of payment of, or change or extend the time of payment of, renew, increase, accelerate, or alter: (A) any of the Obligations (including any increase or decrease
in the principal amount thereof or the rate of interest or fees thereon); or (B) any security therefor or any liability incurred directly or indirectly in respect thereof, and this Guaranty shall apply to the Obligations as so changed,
extended, renewed, or altered; 
 (ii) take and hold security for the payment of the Obligations and sell, exchange, release,
impair, surrender, realize upon, collect, settle, or otherwise deal with in any manner and in any order any property at any time pledged or mortgaged to secure the Obligations or any of the Guarantied Obligations (including any of the obligations of
all or any of the Guarantors under this Guaranty) incurred directly or indirectly in respect thereof or hereof, or any offset on account thereof; 
 (iii) exercise or refrain from exercising any rights against any Grantor; 
 (iv)
release or substitute any one or more endorsers, guarantors, any Grantor, or other obligors; 
 (v) settle or compromise any of
the Obligations, any security therefor, or any liability (including any of those of any of the Guarantors under this Guaranty) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof
to the payment of any liability (whether due or not) of any Grantor to its creditors; 
 (vi) apply any sums by whomever paid
or however realized to any liability or liabilities of any Grantor to Agent, any other member of the Lender Group, or any Bank Product Provider regardless of what liability or liabilities of such Grantor remain unpaid; 

  
 12 

 (vii) consent to or waive any breach of, or any act, omission, or default under, this
Agreement, any other Loan Document, any Bank Product Agreement, or any of the instruments or agreements referred to herein or therein, or otherwise amend, modify, or supplement this Agreement, any other Loan Document, any Bank Product Agreement, or
any of such other instruments or agreements; or 
 (viii) take any other action that could, under otherwise applicable
principles of law, give rise to a legal or equitable discharge of one or more of the Guarantors from all or part of its liabilities under this Guaranty. 
 (g) It is not necessary for Agent, any other member of the Lender Group, or any Bank Product Provider to inquire into the capacity or powers of any of the Guarantors or the officers, directors, partners
or agents acting or purporting to act on their behalf, and any Obligations made or created in reliance upon the professed exercise of such powers shall be Guarantied hereunder. 

(h) Each Guarantor jointly and severally guarantees that the Guarantied Obligations will be paid strictly in accordance
with the terms of the Loan Documents, regardless of any law, regulation, or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any member of the Lender Group or any Bank Product Provider with respect
thereto. The obligations of each Guarantor under this Guaranty are independent of the Guarantied Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce such obligations, irrespective of whether
any action is brought against any other Guarantor or whether any other Guarantor is joined in any such action or actions. The liability of each Guarantor under this Guaranty shall be absolute and unconditional irrespective of, and each Guarantor
hereby irrevocably waives any defense it may now or hereafter have in any way relating to, any or all of the following: 
 (i)
any lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto; 
 (ii) any change
in the time, manner, or place of payment of, or in any other term of, all or any of the Guarantied Obligations, or any other amendment or waiver of or any consent to departure from any Loan Document, including any increase in the Guarantied
Obligations resulting from the extension of additional credit; 
 (iii) any taking, exchange, release, or non-perfection of any
Lien in and to any Collateral, or any taking, release, amendment, waiver of, or consent to departure from any other guaranty, for all or any of the Guarantied Obligations; 
 (iv) the existence of any claim, set-off, defense, or other right that any Guarantor may have at any time against any Person, including Agent, any other member of the Lender Group, or any Bank Product
Provider; 
 (v) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the
present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor (other than defense arising from payment of the Guarantied Obligations to the extent of such payment); 

(vi) any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group
or any Bank Product Provider including any defense based upon an impairment or elimination of such Guarantor’s rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against any other Grantor or any guarantors or
sureties; 

  
 13 

 (vii) any change, restructuring, or termination of the corporate, limited liability
company, or partnership structure or existence of any Grantor; or 
 (viii) any other circumstance that might otherwise
constitute a defense available to, or a discharge of, any Grantor or any other guarantor or surety (other than payment of the Guarantied Obligations to the extent of such payment). 

(i) Waivers 
 (i) Each of the Guarantors waives any right (except as shall be required by applicable statute and cannot be waived) to require Agent, any other member of the Lender Group, or any Bank Product Provider to
(i) proceed against any other Grantor or any other Person, (ii) proceed against or exhaust any security held from any other Grantor or any other Person, or (iii) protect, secure, perfect, or insure any security interest or Lien on any
property subject thereto or exhaust any right to take any action against any other Grantor, any other Person, or any collateral, or (iv) pursue any other remedy in any member of the Lender Group’s or any Bank Product Provider’s power
whatsoever. Each of the Guarantors waives any defense based on or arising out of any defense of any Grantor or any other Person, other than payment of the Guarantied Obligations to the extent of such payment, based on or arising out of the
disability of any Grantor or any other Person, or the validity, legality, or unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Grantor other than payment of the
Obligations to the extent of such payment. Agent may, at the election of the Required Lenders upon the occurrence and during the continuance of an Event of Default, foreclose upon any Collateral held by Agent by one or more judicial or nonjudicial
sales or other dispositions, whether or not every aspect of any such sale is commercially reasonable or otherwise fails to comply with applicable law or may exercise any other right or remedy Agent, any other member of the Lender Group, or any Bank
Product Provider may have against any Grantor or any other Person, or any security, in each case, without affecting or impairing in any way the liability of any of the Guarantors hereunder except to the extent the Guarantied Obligations have been
paid. 
 (ii) Each of the Guarantors waives all presentments, demands for performance, protests and notices, including notices
of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation, or incurring of new or additional Obligations or other financial accommodations. Each of the Guarantors
waives notice of any Default or Event of Default under any of the Loan Documents. Each of the Guarantors assumes all responsibility for being and keeping itself informed of each Grantor’s financial condition and assets and of all other
circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope, and extent of the risks which each of the Guarantors assumes and incurs hereunder, and agrees that neither Agent nor any of the other members of the Lender
Group nor any Bank Product Provider shall have any duty to advise any of the Guarantors of information known to them regarding such circumstances or risks. 
 (iii) To the fullest extent permitted by applicable law, each Guarantor hereby waives: (A) any right to assert against any member of the Lender Group or any Bank Product Provider, any defense (legal
or equitable), set-off, counterclaim, or claim which each Guarantor may now or at any time hereafter have against any Borrower or any other party liable to any member of the Lender Group or any Bank Product Provider; (B) any defense, set-off,
counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor; (C) any right or
defense arising by reason of any 

  
 14 

 
claim or defense based upon an election of remedies by any member of the Lender Group or any Bank Product Provider including any defense based upon an impairment or elimination of such
Guarantor’s rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against any Borrower or other guarantors or sureties; and (D) the benefit of any statute of limitations affecting such Guarantor’s
liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guarantied Obligations shall similarly operate to defer or delay the operation of such statute of
limitations applicable to such Guarantor’s liability hereunder 
 (iv) No Guarantor will exercise any rights that it may
now or hereafter acquire against any Grantor or any other guarantor that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under this Guaranty, including any right of subrogation, reimbursement,
exoneration, contribution or indemnification and any right to participate in any claim or remedy of Agent, any other member of the Lender Group, or any Bank Product Provider against any Grantor or any other guarantor or any Collateral, whether or
not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take or receive from any Grantor or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any
other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guarantied Obligations shall have been paid in full in cash and all of the Commitments have been terminated. If any amount shall be paid
to any Guarantor in violation of the immediately preceding sentence, such amount shall be held in trust for the benefit of Agent, for the benefit of the Lender Group and the Bank Product Providers, and shall forthwith be paid to Agent to be credited
and applied to the Guarantied Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Credit Agreement, or to be held as Collateral for any Guarantied Obligations or other
amounts payable under this Guaranty thereafter arising. Notwithstanding anything to the contrary contained in this Guaranty, no Guarantor may exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against,
and may not proceed or seek recourse against or with respect to any property or asset of, any other Grantor (the “Foreclosed Grantor”), including after payment in full of the Obligations, if all or any portion of the Obligations
have been satisfied in connection with an exercise of remedies in respect of the Equity Interests of such Foreclosed Grantor whether pursuant to this Agreement or otherwise. 

(j) Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support as may be needed from time to time by each other Grantor to guaranty and otherwise honor all Obligations in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall
only be liable under this Section 2(j) for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 2(j), or otherwise under the Loan Documents, voidable under applicable
law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until payment in full of the Guarantied
Obligations. Each Qualified ECP Guarantor intends that this Section 2(j) constitute, and this Section 2(j) shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other
Grantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 3. Grant of Security. Each
Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit of each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations, a continuing security interest (hereinafter referred
to as the “Security Interest”) in all of such Grantor’s right, title, and interest in and to the following, whether now owned or hereafter acquired or arising and wherever located (the “Collateral”):

 (a) all of such Grantor’s Accounts; 

  
 15 

 (b) all of such Grantor’s Aircraft; 

(c) all of such Grantor’s Books; 

(d) all of such Grantor’s Chattel Paper; 

(e) all of such Grantor’s Commercial Tort Claims; 

(f) all of such Grantor’s Deposit Accounts; 

(g) all of such Grantor’s Engines; 

(h) all of such Grantor’s Equipment; 

(i) all of such Grantor’s Farm Products; 

(j) all of such Grantor’s Fixtures; 

(k) all of such Grantor’s General Intangibles; 

(l) all of such Grantor’s Inventory; 

(m) all of such Grantor’s Investment Property; 

(n) all of such Grantor’s Intellectual Property and Intellectual Property Licenses; 

(o) all of such Grantor’s Negotiable Collateral (including the Pledged Note); 

(p) all of such Grantor’s Pledged Interests (including all of such Grantor’s Pledged Operating Agreements and
Pledged Partnership Agreements); 
 (q) all of such Grantor’s Securities Accounts; 

(r) all of such Grantor’s Spare Parts; 

(s) all of such Grantor’s Supporting Obligations; 

(t) all of such Grantor’s money, Cash Equivalents, or other assets of such Grantor that now or hereafter come into
the possession, custody, or control of Agent (or its agent or designee) or any other member of the Lender Group; and 
 (u) all of the proceeds (as such term is defined in the Code) and products, whether tangible or intangible, of any of the foregoing, including proceeds of insurance or Commercial Tort Claims covering or
relating to any or all of the foregoing, and any and all Accounts, Books, Chattel Paper, Deposit Accounts, Equipment, Fixtures, General Intangibles, Inventory, Investment Property, Intellectual Property, Negotiable Collateral, Pledged Interests,
Securities Accounts, Supporting Obligations, money, or other tangible or intangible property resulting from the sale, lease, license, exchange, collection, or other disposition of any of the foregoing, the proceeds of any award in condemnation with
respect to any of the foregoing, any rebates or refunds, whether for taxes or otherwise, and all proceeds of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof, and all proceeds of any loss of, damage to, or
destruction of the above, whether insured or not insured, and, to the extent not otherwise included, any indemnity, warranty, or 

  
 16 

 
guaranty payable by reason of loss or damage to, or otherwise with respect to any of the foregoing (the “Proceeds”). Without limiting the generality of the foregoing, the term
“Proceeds” includes whatever is receivable or received when Investment Property or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes proceeds of any
indemnity or guaranty payable to any Grantor or Agent from time to time with respect to any of the Investment Property. 

Notwithstanding anything contained in this Agreement to the contrary, the term “Collateral” shall not include any Excluded
Assets. 
 Each Grantor agrees that, in the event any Grantor, pursuant to any Senior Note Document, takes any action to grant
or perfect a Lien in favor of the Notes Collateral Agent in any assets (other than Second Lien Escrow Collateral (as defined in the Intercreditor Agreement), such Grantor shall also take such action to grant or perfect a Lien in favor of Agent to
secure the Secured Obligations without request of Agent, including with respect to any property and real property in which the Notes Collateral Agent directs a Grantor to grant or perfect a Lien or take such other action under any Senior Note
Document. 
 4. Security for Secured Obligations. The Security Interest created hereby secures the payment and
performance of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed
by Grantors, or any of them, to Agent, the Lender Group, the Bank Product Providers or any of them, but for the fact that they are unenforceable or not allowable (in whole or in part) as a claim in an Insolvency Proceeding involving any Grantor due
to the existence of such Insolvency Proceeding. 
 5. Grantors Remain Liable. Anything herein to the contrary
notwithstanding, (a) each of the Grantors shall remain liable under the contracts and agreements included in the Collateral, including the Pledged Operating Agreements and the Pledged Partnership Agreements, to perform all of the duties and
obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by Agent or any other member of the Lender Group of any of the rights hereunder shall not release any Grantor from any of its duties or
obligations under such contracts and agreements included in the Collateral, and (c) none of the members of the Lender Group shall have any obligation or liability under such contracts and agreements included in the Collateral by reason of this
Agreement, nor shall any of the members of the Lender Group be obligated to perform any of the obligations or duties of any Grantors thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Until an Event of
Default shall occur and be continuing, except as otherwise provided in this Agreement, the Credit Agreement, or any other Loan Document, Grantors shall have all rights in and to the Collateral, including the right of possession and enjoyment
thereof, subject to and upon the terms hereof and of the Credit Agreement and the other Loan Documents. Without limiting the generality of the foregoing, it is the intention of the parties hereto that record and beneficial ownership of the
Collateral consisting of Pledged Interests, including all voting, consensual, dividend, and distribution rights, shall remain in the applicable Grantor until (i) the occurrence and continuance of an Event of Default and (ii) Agent has
notified the applicable Grantor of Agent’s election to exercise such rights with respect to the Pledged Interests pursuant to Section 16. 
 6. Representations and Warranties. In order to induce Agent to enter into this Agreement for the benefit of the Lender Group and the Bank Product Providers, each Grantor makes the following
representations and warranties to the Lender Group which shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof), as of the Closing Date, and shall be true, correct, and complete, in all material respects (except that such materiality qualifier 

  
 17 

 
shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the date of the making of each Revolving Loan (or
other extension of credit) made thereafter, as though made on and as of the date of such Revolving Loan (or other extension of credit) (except to the extent that such representations and warranties relate solely to an earlier date, in which case
such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the
text thereof) as of such earlier date) and such representations and warranties shall survive the execution and delivery of this Agreement: 
 (a) The name (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Grantor is set forth on Schedule 7 (as such Schedule may be updated from time to time to
reflect changes resulting from transactions permitted under the Loan Documents). 
 (b) The chief executive
office of each Grantor is located at the address indicated on Schedule 7 (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents). 

(c) Each Grantor’s tax identification numbers and organizational identification numbers, if any, are identified on
Schedule 7 (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents). 
 (d) As of the Closing Date, no Grantor and no Subsidiary of a Grantor holds any commercial tort claims that exceed $200,000 in amount, except as set forth on Schedule 1. 

(e) Set forth on Schedule 9 (as such Schedule may be updated from time to time subject to Sections 7(c) and
7(k)(iii) hereof) is a listing of all of Grantors’ Deposit Accounts and Securities Accounts, including, with respect to each bank or securities intermediary (a) the name and address of such Person, and (b) the account numbers
of the Deposit Accounts or Securities Accounts maintained with such Person. 
 (f) Schedule 8 sets forth
all Real Property owned by any of the Grantors as of the Closing Date. 
 (g) As of the Closing Date:
(i) Schedule 2 provides a complete and correct list of all registered Copyrights owned by any Grantor, all applications for registration of Copyrights owned by any Grantor, and all other Copyrights owned by any Grantor and material to
the conduct of the business of any Grantor; (ii) Schedule 3 provides a complete and correct list of all Intellectual Property Licenses entered into by any Grantor pursuant to which (A) any Grantor has provided any license or other
rights in Intellectual Property owned or controlled by such Grantor to any other Person (other than non-exclusive licenses granted in the ordinary course of business) or (B) any Person has granted to any Grantor any license or other rights in
Intellectual Property owned or controlled by such Person that is material to the business of such Grantor, including any Intellectual Property that is incorporated in any Inventory, software, or other product marketed, sold, licensed, or distributed
by such Grantor; (iii) Schedule 4 provides a complete and correct list of all Patents owned by any Grantor and all applications for Patents owned by any Grantor; and (iv) Schedule 6 provides a complete and correct list of all
registered Trademarks owned by any Grantor, all applications for registration of Trademarks owned by any Grantor, and all other Trademarks owned by any Grantor and material to the conduct of the business of any Grantor. 

(h) (i) (A) each Grantor owns exclusively or holds licenses in all Intellectual Property that is necessary in or
material to the conduct of its business, and (B) all employees and 

  
 18 

 
contractors of each Grantor who were involved in the creation or development of any Intellectual Property for such Grantor that is necessary in or material to the business of such Grantor
(“Material IP”) have signed agreements containing assignment of Intellectual Property rights to such Grantor and obligations of confidentiality, or the Material IP was created in the ordinary course of employment and Grantor
exclusively owns all right, title and interest in and to the Material IP through the work made for hire doctrine; 
 (ii) to
each Grantor’s knowledge, no Person has infringed or misappropriated or is currently infringing or misappropriating any Intellectual Property rights owned by such Grantor, in each case, that either individually or in the aggregate could
reasonably be expected to result in a Material Adverse Effect; 
 (iii) (A) to each Grantor’s knowledge, (1) such
Grantor has never infringed or misappropriated and is not currently infringing or misappropriating any Intellectual Property rights of any Person, and (2) no product manufactured, used, distributed, licensed, or sold by or service provided by
such Grantor has ever infringed or misappropriated or is currently infringing or misappropriating any Intellectual Property rights of any Person, in each case, except where such infringement either individually or in the aggregate could not
reasonably be expected to result in a Material Adverse Effect, and (B) there are no infringement or misappropriation claims or proceedings pending, or to any Grantor’s knowledge, threatened in writing against any Grantor, and no Grantor
has received any written notice or other communication of any actual or alleged infringement or misappropriation of any Intellectual Property rights of any Person, in each case, except where such infringement either individually or in the aggregate
could not reasonably be expected to result in a Material Adverse Effect; 
 (iv) to each Grantor’s knowledge, all
registered Copyrights, registered Trademarks, and issued Patents that are owned by such Grantor and necessary in or material to the conduct of its business are valid, subsisting and enforceable and in compliance with all legal requirements, filings,
and payments and other actions that are required to maintain such Intellectual Property in full force and effect, 
 (v) each
Grantor has taken reasonable steps to maintain the confidentiality of and otherwise protect and enforce its rights in all trade secrets owned by such Grantor that are necessary in or material to the conduct of the business of such Grantor;

 (i) This Agreement creates a valid security interest in the Collateral of each Grantor, to the extent a
security interest therein can be created under the Code, securing the payment of the Secured Obligations. Except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement under the Code, all
filings and other actions necessary or desirable to perfect such security interest have been duly taken or will have been taken upon the filing of financing statements listing each applicable Grantor, as a debtor, and Agent, as secured party, in the
jurisdictions listed next to such Grantor’s name on Schedule 11. Upon the making of such filings, Agent shall have a first priority perfected security interest in the Collateral of each Grantor to the extent such security interest can be
perfected by the filing of a financing statement, , subject only to Permitted Liens which are non-consensual Permitted Liens, permitted purchase money Liens, or the interests of lessors under Capital Leases. Upon filing of any Copyright Security
Agreement with the United States Copyright Office, filing of any Patent Security Agreement and any Trademark Security Agreement with the PTO, and the filing of appropriate financing statements in the jurisdictions listed on Schedule 11, all
action necessary to perfect the Security Interest in and on each Grantor’s Patents, Trademarks, or Copyrights has been taken and such perfected Security Interest is enforceable as such as against any and all creditors of and purchasers from any
Grantor. 

  
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 (j) (i) Except for the Security Interest created hereby, each Grantor is and
will at all times be the sole holder of record and the legal and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated on Schedule 5 as being owned by such Grantor and, when acquired by
such Grantor, any Pledged Interests acquired after the Closing Date; (ii) all of the Pledged Interests consisting of Equity Interests are duly authorized, validly issued, fully paid and nonassessable and such Pledged Interests constitute or
will constitute the percentage of the issued and outstanding Equity Interests of the Pledged Companies of such Grantor identified on Schedule 5 as supplemented or modified by any Pledged Interests Addendum or any Joinder to this Agreement;
(iii) such Grantor has the right and requisite authority to pledge the Collateral consisting of Investment Property; (iv) except to the extent otherwise excused by this Agreement or Schedule 3.6 to the Credit Agreement, all actions
necessary to perfect and establish the first priority of, Agent’s Liens in the Collateral consisting of Investment Property, and the proceeds thereof, will have been duly taken, upon (A) the execution and delivery of this Agreement;
(B) the taking of possession by Agent (or its agent or designee) of any certificates representing the Collateral consisting of Pledged Interests, together with undated powers (or other documents of transfer acceptable to Agent) endorsed in
blank by the applicable Grantor; (C) the filing of financing statements in the applicable jurisdiction set forth on Schedule 11 for such Grantor with respect to the Collateral consisting of Pledged Interests of such Grantor that are not
represented by certificates, and (D) with respect to any Securities Accounts, the delivery of Control Agreements with respect thereto; and (v) each Grantor has delivered to and deposited with Agent all certificates representing the
Collateral consisting of Pledged Interests owned by such Grantor to the extent such Pledged Interests are represented by certificates, and undated powers (or other documents of transfer acceptable to Agent) endorsed in blank with respect to such
certificates. None of the Pledged Interests owned or held by such Grantor has been issued or transferred in violation of any securities registration, securities disclosure, or similar laws of any jurisdiction to which such issuance or transfer may
be subject. 
 (k) No consent, approval, authorization, or other order or other action by, and no notice to or
filing with, any Governmental Authority or any other Person is required (i) for the grant of a Security Interest by such Grantor in and to the Collateral pursuant to this Agreement or for the execution, delivery, or performance of this
Agreement by such Grantor, or (ii) for the exercise by Agent of the voting or other rights provided for in this Agreement with respect to the Collateral consisting of Investment Property or the remedies in respect of the Collateral pursuant to
this Agreement, except (A) as may be required in connection with such disposition of Investment Property by laws affecting the offering and sale of securities generally, (B) the filing of financing statements, (C) FAA Security
Recordations and IR Security Recordations, (D) the filing of the Trademark Security Agreement, Patent Security Agreement, and Copyright Security Agreement with the United States Patent and Trademark Office and the United States Copyright
Office, as applicable, and (E) the consents, approvals, authorizations, filings or other orders or actions that have been obtained or given (as applicable) and that are still in force. No Intellectual Property License of any Grantor that is
necessary in or material to the conduct of such Grantor’s business requires any consent of any other Person that has not been obtained in order for such Grantor to grant the security interest granted hereunder in such Grantor’s right,
title or interest in or to such Intellectual Property License. 
 (j) As to all limited liability company or partnership
interests, issued under any Pledged Operating Agreement or Pledged Partnership Agreement that are part of the Collateral, each Grantor hereby represents and warrants that the Pledged Interests issued pursuant to such agreement (A) are not dealt
in or traded on securities exchanges or in securities markets, (B) do not constitute investment company securities, and (C) are not held by such Grantor in a Securities Account. In addition, none of the Pledged Operating Agreements, the
Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement (in each case to the extent constituting Collateral), provide that such
Pledged Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction. 

  
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 7. Covenants. Each Grantor, jointly and severally, covenants and agrees with Agent
that from and after the date of this Agreement and until the date of termination of this Agreement in accordance with Section 23: 
 (a) Possession of Collateral. Subject to Schedule 3.6 to the Credit Agreement with respect to Pledged Interests set forth on Schedule 5 as of the Closing Date, in the event that any
Collateral, including Proceeds, is evidenced by or consists of Negotiable Collateral, Investment Property, or Chattel Paper having an aggregate value or face amount of $1,000,000 or more for all such Negotiable Collateral, Investment Property, or
Chattel Paper, the Grantors shall promptly (and in any event within ten (10) Business Days after acquisition thereof (or such longer period as agreed to by Agent in writing in its sole discretion)), notify Agent thereof, and if and to the
extent that perfection or priority of Agent’s Security Interest is dependent on or enhanced by possession, the applicable Grantor, promptly (and in any event within ten (10) Business Days (or such longer period as agreed to by Agent in
writing in its sole discretion)) after request by Agent, shall execute such other documents and instruments as shall be requested by Agent or, if applicable, endorse and deliver physical possession of such Negotiable Collateral, Investment Property,
or Chattel Paper to Agent, together with such undated powers (or other relevant document of transfer acceptable to Agent) endorsed in blank as shall be requested by Agent, and shall do such other acts or things deemed necessary by Agent to protect
Agent’s Security Interest therein; 
 (b) Chattel Paper. 

(i) Promptly (and in any event within ten (10) Business Days (or such longer period as agreed to by Agent in writing in its sole
discretion)) after request by Agent, each Grantor shall take all steps reasonably necessary to grant Agent control of all Collateral consisting of electronic Chattel Paper in accordance with the Code and all “transferable records” as that
term is defined in Section 16 of the Uniform Electronic Transaction Act and Section 201 of the federal Electronic Signatures in Global and National Commerce Act as in effect in any relevant jurisdiction, to the extent that the aggregate
value or face amount of such electronic Chattel Paper equals or exceeds $1,000,000; 
 (ii) If any Grantor retains possession
of any Chattel Paper or instruments (which retention of possession shall be subject to the extent permitted hereby and by the Credit Agreement) constituting Collateral, such Chattel Paper and instruments shall be marked with the following legend:
“This writing and the obligations evidenced or secured hereby are subject to the Security Interest of Wells Fargo Bank, National Association, as Agent for the benefit of the Lender Group and the Bank Product Providers”; 

(c) Control Agreements. 
 (i) Except to the extent otherwise excused by Section 7(k)(iv) and subject to Schedule 3.6 to the Credit Agreement, each Grantor shall obtain an authenticated Control Agreement (which
may include a Controlled Account Agreement), from each bank maintaining a Deposit Account or Securities Account for such Grantor; and 
 (ii) Except to the extent otherwise excused by Section 7(k)(iv), each Grantor shall obtain an authenticated Control Agreement, from each issuer of uncertificated securities (other than with
respect to any Pledged Interests that are not securities governed by Article 8 of the Uniform Commercial Code in any relevant jurisdiction) has not , securities intermediary, or commodities intermediary issuing or holding any financial assets or
commodities to or for any Grantor, or maintaining a Securities Account for such Grantor; 

  
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 (d) Letter-of-Credit Rights. If the Grantors (or any of them) are or
become the beneficiary of (i) any letter of credit with a term of 12 months or more, or (b) any letters of credit with a term of less than 12 months having a face amount or value of $7,500,000 or more in the aggregate, then the applicable
Grantor or Grantors shall promptly (and in any event within ten (10) Business Days after becoming a beneficiary (or such longer period as agreed to by Agent in writing in its sole discretion)), notify Agent thereof and, promptly (and in any
event within ten (10) Business Days (or such longer period as agreed to by Agent in writing in its sole discretion)) after request by Agent, enter into a tri-party agreement with Agent and the issuer or confirming bank with respect to
letter-of-credit rights assigning such letter-of-credit rights to Agent and directing all payments thereunder to Agent’s Account, all in form and substance reasonably satisfactory to Agent; 

(e) Commercial Tort Claims. If the Grantors (or any of them) obtain Commercial Tort Claims having a value, or
involving asserted claims, in the amount of $200,000 or more in the aggregate for all Commercial Tort Claims, then the applicable Grantor or Grantors shall promptly (and in any event within ten (10) Business Days of obtaining such Commercial
Tort Claim (or such longer period as agreed to by Agent in writing in its sole discretion)), notify Agent upon incurring or otherwise obtaining any such Commercial Tort Claims and, promptly (and in any event within ten (10) Business Days (or
such longer period as agreed to by Agent in writing in its sole discretion)), amend Schedule 1 to describe such Commercial Tort Claims in a manner that reasonably identifies such Commercial Tort Claims and which is otherwise reasonably
satisfactory to Agent, and hereby authorizes the filing of additional financing statements or amendments to existing financing statements describing such Commercial Tort Claims, and agrees to do such other acts or things deemed necessary by Agent to
give Agent a first priority, perfected security interest in any such Commercial Tort Claim; 
 (f) Government
Contracts. Subject to Schedule 3.6 to the Credit Agreement, if any Account or Chattel Paper constituting Collateral arises out of a contract with the United States of America or any department, agency, or instrumentality thereof and such
contract has a value of $500,000 or more, Grantors shall promptly (and in any event within ten (10) Business Days of the creation thereof (or such longer period as agreed to by Agent in writing in its sole discretion)) notify Agent thereof and,
promptly (and in any event within ten (10) Business Days (or such longer period as agreed to by Agent in writing in its sole discretion)) after request by Agent, execute any instruments or take any other steps reasonably required by Agent in
order that all moneys due or to become due under such contract or contracts shall be assigned to Agent, for the benefit of the Lender Group and the Bank Product Providers, and shall provide written notice thereof under the Assignment of Claims Act;

 (g) Intellectual Property. 
 (i) Upon the request of Agent, in order to facilitate filings with the PTO and the United States Copyright Office, each Grantor shall execute and deliver to Agent one or more Copyright Security
Agreements, Trademark Security Agreements, or Patent Security Agreements to further evidence Agent’s Lien on such Grantor’s Patents, Trademarks, or Copyrights, and the General Intangibles of such Grantor relating thereto or represented
thereby; 
 (ii) Each Grantor shall have the duty, with respect to Intellectual Property that is necessary in or material to
the conduct of such Grantor’s business, to protect and diligently enforce and defend at such Grantor’s expense such Intellectual Property, including (A) to diligently enforce and

  
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defend, including suing for infringement, misappropriation, or dilution and to recover appropriate damages for such infringement, misappropriation, or dilution, and filing for opposition,
interference, and cancellation against conflicting Intellectual Property rights of any Person, (B) to prosecute diligently any trademark application or service mark application that is part of the Trademarks pending as of the date hereof or
hereafter until the termination of this Agreement, (C) to prosecute diligently any patent application that is part of the Patents pending as of the date hereof or hereafter until the termination of this Agreement, (D) to take all
reasonable and necessary action to preserve and maintain all of such Grantor’s Trademarks, Patents, Copyrights, Intellectual Property Licenses, and its rights therein, including paying all maintenance fees and filing of applications for
renewal, affidavits of use, and affidavits of noncontestability, and (E) to require all employees, consultants, and contractors of each Grantor who were involved in the creation or development of such Intellectual Property to sign agreements
containing assignment of Intellectual Property rights and obligations of confidentiality. Each Grantor further agrees not to abandon any Intellectual Property or Intellectual Property License that is necessary in or material to the conduct of such
Grantor’s business. Each Grantor hereby agrees to take the steps described in this Section 7(g)(ii) with respect to all new or acquired Intellectual Property to which it or any of its Subsidiaries is now or later becomes entitled
that is necessary in or material to the conduct of such Grantor’s business; 
 (iii) Grantors acknowledge and agree that
the Lender Group shall have no duties with respect to any Intellectual Property or Intellectual Property Licenses of any Grantor. Without limiting the generality of this Section 7(g)(iii), Grantors acknowledge and agree that no member of
the Lender Group shall be under any obligation to take any steps necessary to preserve rights in the Collateral consisting of Intellectual Property or Intellectual Property Licenses against any other Person, but any member of the Lender Group may do
so at its option from and after the occurrence and during the continuance of an Event of Default, and all expenses incurred in connection therewith (including reasonable fees and expenses of attorneys and other professionals) shall be for the sole
account of Borrowers and shall be chargeable to the Loan Account; 
 (iv) [Intentionally Omitted.] 

(v) In the case of such registrations or applications therefor, which are acquired by any Grantor, each such Grantor shall file the
necessary documents with the appropriate Governmental Authority identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is the case) of such Intellectual Property. In each of the foregoing cases, the applicable Grantor
shall promptly cause to be prepared, executed, and delivered to Agent supplemental schedules to the applicable Loan Documents to identify such Patent, Trademark and Copyright registrations and applications therefor (with the exception of Trademark
applications filed on an intent-to-use basis for which no statement of use or amendment to allege use has been filed) and Intellectual Property Licenses as being subject to the security interests created thereunder; 

(vi) Anything to the contrary in this Agreement notwithstanding, in no event shall any Grantor, either itself or through any agent,
employee, licensee, or designee, file an application for the registration of any Copyright with the United States Copyright Office or any similar office or agency in another country without giving Agent written notice thereof at least five
(5) Business Days prior to such filing and complying with Section 7(g)(i). Upon receipt from the United States Copyright Office of notice of registration of any Copyright, each Grantor shall promptly (but in no event later than ten
(10) Business Days following such receipt) notify Agent of such registration by delivering, or causing to be delivered, to Agent, documentation sufficient for Agent to perfect Agent’s Liens on such Copyright. If any Grantor acquires from
any Person any Copyright registered with the United States Copyright Office or an application to register any Copyright with the United States Copyright Office, such Grantor shall promptly (but in no event later than ten (10) Business Days
following such acquisition) notify Agent 

  
 23 

 
of such acquisition and deliver, or cause to be delivered, to Agent, documentation sufficient for Agent to perfect Agent’s Liens on such Copyright. In the case of such Copyright
registrations or applications therefor which were acquired by any Grantor, each such Grantor shall promptly (but in no event later than ten (10) Business Days following such acquisition) file the necessary documents with the appropriate
Governmental Authority identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is the case) of such Copyrights; 
 (vii) Each Grantor shall take reasonable steps to maintain the confidentiality of, and otherwise protect and enforce its rights in, the Intellectual Property that is necessary in or material to the
conduct of such Grantor’s business, including, as applicable (A) protecting the secrecy and confidentiality of its material confidential information and material trade secrets by having and enforcing a policy requiring all current
employees, consultants, licensees, vendors and contractors with access to such information to execute appropriate confidentiality agreements; and (B) taking actions reasonably necessary to ensure that no material trade secret falls into the
public domain; and 
 (viii) No Grantor shall enter into any Intellectual Property License necessary to the conduct of its
business to receive any license or rights in any Intellectual Property of any other Person unless such Grantor has used commercially reasonable efforts to permit the assignment of or grant of a security interest in such Intellectual Property License
(and all rights of Grantor thereunder) to Agent (and any transferees of Agent); and 
 (h) Investment
Property. 
 (i) If any Grantor shall acquire, obtain, or receive any Pledged Interests (constituting both Equity Interests
and Collateral) after the Closing Date, it shall promptly (and in any event within twenty (20) days of acquiring or obtaining such Collateral) deliver to Agent a duly executed Pledged Interests Addendum identifying such Pledged Interests;

 (ii) Upon the occurrence and during the continuance of an Event of Default, following the request of Agent, all sums of
money and property paid or distributed in respect of the Investment Property constituting Collateral that are received by any Grantor shall be held by the Grantors in trust for the benefit of Agent segregated from such Grantor’s other property,
and such Grantor shall deliver it forthwith to Agent in the exact form received; 
 (iii) Each Grantor shall promptly deliver
to Agent a copy of each material written notice or other material written communication received by it in respect of any Pledged Interests constituting Collateral; 
 (iv) No Grantor shall make or consent to any amendment or other modification or waiver with respect to any Collateral consisting of Pledged Interests, Pledged Operating Agreement, or Pledged Partnership
Agreement, or enter into any agreement or permit to exist any restriction with respect to any Collateral consisting of Pledged Interests if the same is prohibited pursuant to the Loan Documents; 

(v) Each Grantor agrees that it will cooperate with Agent in obtaining all necessary approvals and making all necessary filings under
federal, state, local, or foreign law to effect the perfection of the Security Interest on the Investment Property constituting Collateral or, upon the occurrence and during the continuance of an Event of Default, to effect any sale or transfer
thereof; 
 (vi) As to all Collateral consisting of limited liability company or partnership interests, issued under any
Pledged Operating Agreement or Pledged Partnership Agreement, each 

  
 24 

 
Grantor hereby covenants that such Pledged Interests issued pursuant to such agreement (A) are not and shall not be dealt in or traded on securities exchanges or in securities markets,
(B) do not and will not constitute investment company securities, and (C) are not and will not be held by such Grantor in a securities account. In addition, none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or
any other agreements governing any of the Pledged Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement (in each case to the extent constituting Collateral), provide or shall provide that such Pledged Interests are
securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction. 
 (i)
Real Property; Fixtures. Each Grantor covenants and agrees that upon the acquisition of any fee interest in Real Property having a fair market value in excess of $2,500,000 it will promptly (and in any event within ten (10) Business Days
of acquisition) notify Agent of the acquisition of such Real Property and will, upon Agent’s written request. grant to Agent, for the benefit of the Lender Group and the Bank Product Providers, a first priority Mortgage on each fee interest in
such Real Property and shall deliver such other documentation and opinions, in form and substance satisfactory to Agent, in connection with the grant of such Mortgage as Agent shall request in its Permitted Discretion, including title insurance
policies, financing statements, fixture filings and environmental audits and such Grantor shall pay all recording costs, intangible taxes and other fees and costs (including reasonable attorneys fees and expenses) incurred in connection therewith.
Each Grantor acknowledges and agrees that, to the extent permitted by applicable law, all of the Collateral shall remain personal property regardless of the manner of its attachment or affixation to real property; 

(j) Transfers and Other Liens. Grantors shall not (i) sell, assign (by operation of law or otherwise) or
otherwise dispose of, or grant any option with respect to, any of the Collateral, except as expressly permitted by the Credit Agreement or the other Loan Documents, or (ii) create or permit to exist any Lien upon or with respect to any of the
Collateral of any Grantor, except for Permitted Liens. The inclusion of Proceeds in the Collateral shall not be deemed to constitute Agent’s consent to any sale or other disposition of any of the Collateral except as expressly permitted in this
Agreement or the other Loan Documents; 
 (k) Controlled Accounts; Controlled Investments. 

(i) Subject to Schedule 3.6 to the Credit Agreement, each Grantor shall (A) establish and maintain cash management services
of a type and on terms reasonably satisfactory to Agent at one or more of the banks set forth on Schedule 10 (each a “Controlled Account Bank”), and shall take reasonable steps to ensure that all of its Account Debtors
forward payment of the amounts owed by them directly to such Controlled Account Banks, and (B) deposit or cause to be deposited promptly, and in any event no later than the second Business Day after the date of receipt thereof, all of their
collections (including those sent directly by their Account Debtors to a Grantor) into a bank account of such Grantor (each, a “Controlled Account”) at one of the Controlled Account Banks. 

(ii) Except to the extent otherwise excused by Section 7(k)(iv) and subject to Schedule 3.6 to the Credit Agreement,
each Grantor shall establish and maintain Controlled Account Agreements with Agent and the applicable Controlled Account Bank, in form and substance reasonably acceptable to Agent. Each such Controlled Account Agreement shall provide, among other
things, that (A) the Controlled Account Bank will comply with any instructions originated by Agent directing the disposition of the funds in such Controlled Account without further consent by the applicable Grantor, (B) the Controlled
Account Bank waives, subordinates, or agrees not to exercise any rights of setoff or recoupment or any other claim against the applicable Controlled Account other than for payment of its service fees and other charges directly related to the
administration of such Controlled Account and for 

  
 25 

 
returned checks or other items of payment, and (C)upon the instruction of Agent (an “Activation Instruction”), the Controlled Account Bank will forward by daily sweep all amounts
in the applicable Controlled Account to the Agent’s Account. Agent agrees not to issue an Activation Instruction with respect to the Controlled Accounts unless a Triggering Event has occurred and is continuing at the time such Activation
Instruction is issued. Agent agrees to use commercially reasonable efforts to rescind an Activation Instruction (the “Rescission”) if: (1) the Triggering Event upon which such Activation Instruction was issued has been waived
in writing in accordance with the terms of the Credit Agreement or in the case of a Triggering Event occurring as a result of the failure to satisfy Excess Availability, Excess Availability shall have been at least $15,000,000 for each of the
preceding 30 days, and (2) no additional Triggering Event has occurred and is continuing prior to the date of the Rescission or is reasonably expected to occur on or immediately after the date of the Rescission. 

(iii) So long as no Default or Event of Default has occurred and is continuing, Borrowers may amend Schedule 10 to add or replace
a Controlled Account Bank or Controlled Account and shall upon such addition or replacement provide to Agent an amended Schedule 10; provided, however, that (A) such prospective Controlled Account Bank shall be reasonably
satisfactory to Agent, and (B) prior to or concurrently with the time of the opening of such Controlled Account, the applicable Grantor and such prospective Controlled Account Bank shall have executed and delivered to Agent a Controlled Account
Agreement. Each Grantor shall close any of its Controlled Accounts (and establish replacement Controlled Account accounts in accordance with the foregoing sentence) as promptly as practicable and in any event within forty-five (45) days after
notice from Agent that the operating performance, funds transfer, or availability procedures or performance of the Controlled Account Bank with respect to Controlled Account Accounts or Agent’s liability under any Controlled Account Agreement
with such Controlled Account Bank is no longer acceptable in Agent’s reasonable judgment. 
 (iv) Other than (i) an
aggregate amount of not more than $500,000, and (ii) amounts deposited into accounts described in clause (G) of the definition of “Excluded Assets”, no Grantor will make, acquire, or permit to exist Permitted Investments
consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts unless Grantor and the applicable bank or securities intermediary have entered into Control Agreements with Agent governing such Permitted
Investments in order to perfect (and further establish) Agent’s Liens in such Permitted Investments. 
 (l)
Name, Etc. No Grantor will change its legal name, organizational identification number, jurisdiction of organization or organizational identity; provided, that any Grantor may change its legal name upon at least 10 days prior written
notice to Agent of such change. 
 (m) Aircraft and Engine Collateral. 

(i) On or prior to the Closing Date, EAC shall execute and deliver to Agent an Aircraft and Engine Security Agreement. Each Grantor
shall provide notice to Agent within ten (10) Business Days of any acquisition of any Aircraft or Engine after the date hereof. Except as provided in Section 7(m)(ii) below, each Grantor who now owns or hereafter acquires any
Aircraft or Engine shall within thirty (30) days after the later of (x) the date hereof, and (y) acquisition thereof: 
 (1) execute and deliver to Agent an Aircraft and Engine Security Agreement (or a supplement to an existing Aircraft and Engine Security Agreement of such Grantor); 

(2) deliver to Agent (I) copies and other evidence reasonably requested by Agent to evidence a FAA Security Recordation and IR
Security Recordation of such Aircraft or Engine, and (II) evidence satisfactory to Agent indicating the termination and release of all existing Liens (other than any Permitted Liens) on such Aircraft or Engine (including applicable filings with the
FAA to effect such release); 

  
 26 

 (3) deliver to Agent, a legal opinion with respect to such Aircraft or Engine issued by a
Person satisfactory to Agent which (I) indicates that such Aircraft or Engine is owned by such Grantor free and clear of any encumbrances recorded with the FAA or registered on the International Registry (other than Permitted Liens), and that,
for such Aircraft or Engine, (A) an FAA Registration and FAA Security Recordation has been effected with the FAA and (B) an IR Security Recordation has been effected with the International Registry, and (II) is otherwise in form and
substance reasonably satisfactory to Agent; and 
 (4) execute and deliver to Agent, such other agreements, instruments,
approvals, legal opinions or other documents reasonably requested by Agent; 
 (ii) In the event that a Grantor purchases or
acquires Aircraft or Engines with proceeds of Permitted Purchase Money Indebtedness and such Aircraft or Engine is subject to a Lien in favor of the provider of such Permitted Purchase Money Indebtedness, such Grantor shall not be required to
satisfy any of the requirements set forth in Section 7(m)(i) with respect to such Aircraft or Engine to the extent that (A) the contract for such Permitted Purchase Money Indebtedness expressly prohibits the valid grant of a
security interest or Lien (other than the security interest or Lien securing such Permitted Purchase Money Indebtedness) on such Aircraft or Engine (and any accessions, fixtures, and attachments thereto) and (B) such prohibition has not been
waived or the consent of the provider of such Permitted Purchase Money Indebtedness has not been obtained; provided, that the foregoing exclusion (1) shall not apply when such prohibition is no longer in effect, and (2) shall
not limit, impair, or otherwise affect Agent’s continuing security interests in and Liens upon any rights or interests of any Grantor in or to any proceeds, substitutions, or replacements of such Aircraft or Engine (and any accessions,
fixtures, and attachments thereto), to the extent not covered, or to the extent permitted if covered, by the Lien securing such Permitted Purchase Money Indebtedness; 
 (iii) Each Grantor shall comply with the provisions of each Aircraft and Engine Security Agreement to which it is a party; 

(n) Spare Parts Collateral. 
 (i) Except as provided in Section 7(n)(ii) below, each Grantor who (x) now owns or hereafter acquires any Spare Part and is a Certificated Air Carrier or (y) now or hereafter is
maintaining any of its Spare Parts on behalf of a Certificated Air Carrier, shall within thirty (30) days after the later of (x) the date hereof, and (y) acquisition thereof: 

(1) execute and deliver to Agent a Spare Parts Security Agreement (or a supplement to an existing Spare Parts Security Agreement to
which such Grantor is party); 
 (2) deliver to Agent (I) copies and other evidence reasonably requested by Agent to
evidence a FAA Security Recordation of such Spare Part(s), and (II) evidence satisfactory to Agent indicating the termination and release of all existing Liens (other than Permitted Liens) on such Spare Part(s) (including applicable filings with the
FAA to effect such release); 
 (3) deliver to Agent an opinion with respect to such Spare Part(s) issued by a Person
satisfactory to Agent which (I) indicates that, for such Spare Part(s), an FAA Security Recordation has been effected with the FAA, and (II) is otherwise in form and substance reasonably satisfactory to Agent; 

(4) execute and deliver to Agent such other agreements, instruments, approvals, legal opinions or other documents reasonably requested
by Agent; 

  
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 (ii) In the event that a Grantor purchases or acquires Spare Parts with proceeds of
Permitted Purchase Money Indebtedness and such Spare Part is subject to a Lien in favor of the provider of such Permitted Purchase Money Indebtedness, such Grantor shall not be required to satisfy any of the requirements set forth in
Section 7(n)(i) with respect to such Spare Parts to the extent that (A) the contract for such Permitted Purchase Money Indebtedness expressly prohibits the valid grant of a security interest or Lien (other than the security interest
or Lien securing such Permitted Purchase Money Indebtedness) on such Spare Parts (and any accessions, fixtures, and attachments thereto) and (B) such prohibition has not been waived or the consent of the provider of such Permitted Purchase
Money Indebtedness has not been obtained; provided, that the foregoing exclusion (1) shall not apply when such prohibition is no longer in effect, and (2) shall not limit, impair, or otherwise affect Agent’s continuing
security interests in and Liens upon any rights or interests of any Grantor in or to any proceeds, substitutions, or replacements of such Spare Parts (and any accessions, fixtures, and attachments thereto), to the extent not covered, or to the
extent permitted if covered, by the Lien securing such Permitted Purchase Money Indebtedness; 
 (iii) Each Grantor that is not
a Certificated Air Carrier shall provide written notice to Agent within ten (10) Business Days of any date after the date hereof on which it is maintaining any Spare Parts on behalf of a Certificated Air Carrier. Each Grantor that becomes a
Certificated Air Carrier after the date hereof shall forthwith notify Agent. 
 (iv) Each Grantor shall comply with the
provisions of any Spare Parts Security Agreement to which it is a party. 
 (o) Pledged Note. Grantors (i) without
the prior written consent of Agent (not to be unreasonably withheld or delayed), will not (A) waive or release any payment obligation of any Person that is obligated under the Pledged Note, (B) take or omit to take any action or knowingly
suffer or permit any action to be omitted or taken, the taking or omission of which would result in any right of offset against sums payable under the Pledged Note, or (C) other than Permitted Dispositions, assign or surrender their rights and
interests under the Pledged Note, terminate or cancel (other than upon payment in full), modify, change, supplement or amend the Pledged Note, and (ii) shall provide to Agent copies of all material written notices (including notices of default)
given or received with respect to the Pledged Note promptly after giving or receiving such notice. 
 8. Relation to Other
Security Documents. The provisions of this Agreement shall be read and construed with the other Loan Documents referred to below in the manner so indicated. 
 (a) Credit Agreement. In the event of any conflict between any provision in this Agreement and a provision in the Credit Agreement, such provision of the Credit Agreement shall control. 

(b) Patent, Trademark, Copyright Security Agreements. The provisions of the Copyright Security Agreements,
Trademark Security Agreements, and Patent Security Agreements are supplemental to the provisions of this Agreement, and nothing contained in the Copyright Security Agreements, Trademark Security Agreements, or the Patent Security Agreements shall
limit any of the rights or remedies of Agent hereunder. In the event of any conflict between any provision in this Agreement and a provision in a Copyright Security Agreement, Trademark Security Agreement or Patent Security Agreement, such provision
of this Agreement shall control. 

  
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 (c) Spare Parts Security Agreement and Aircraft and Engine Security
Agreements. The provisions of each Spare Parts Security Agreement and each Aircraft and Engine Security Agreement are supplemental to the provisions of this Agreement, and nothing contained in any Spare Parts Security Agreement or any Aircraft
and Engine Security Agreement shall limit any of the rights or remedies of Agent hereunder. In the event of any actual, irreconcilable conflict that cannot be resolved between the Aircraft and Engine provisions of this Agreement and the Aircraft and
Engine Security Agreement, the provisions of such Aircraft and Engine Security Agreement shall control and govern. In the event of any actual, irreconcilable conflict that cannot be resolved between the Spare Parts provisions of this Agreement and
any Spare Parts Security Agreement, the provisions of such Spare Parts Security Agreement shall control and govern. Each Grantor that executes and delivers an Aircraft and Engine Security Agreement shall be permitted to operate Aircraft in foreign
jurisdictions as contemplated by Section 3.9 thereof to the extent that such Grantor is otherwise in compliance with such Section 3.9 and so long as no such Aircraft is Eligible Aircraft (or represented by any Grantor or any of its
Subsidiaries to be Eligible Aircraft), in each case, on and after the date of deregistration of such Aircraft pursuant to such Section 3.9. The location and operation of any such Aircraft in a foreign jurisdiction as contemplated by any
such Section 3.9 shall not be deemed a breach of or default under any covenant, representation or warranty under this Agreement so long as such Grantor is otherwise in compliance with such Section 3.9 and so long as such Aircraft is not
Eligible Aircraft and is not represented by any Grantor or any of its Subsidiaries to be Eligible Aircraft, in each case, on and after the date of deregistration of such Aircraft pursuant to such Section 3.9. 

9. Further Assurances. 
 (a) Each Grantor agrees that from time to time, at its own expense, such Grantor will promptly execute and deliver all further instruments and documents, and take all further action, that Agent may
reasonably request, in order to perfect and protect the Security Interest granted hereby, to create, perfect or protect the Security Interest purported to be granted hereby or to enable Agent to exercise and enforce its rights and remedies hereunder
with respect to any of the Collateral. 
 (b) Each Grantor authorizes the filing by Agent of financing or
continuation statements, or amendments thereto, and such Grantor will execute and deliver to Agent such other instruments or notices, as Agent may reasonably request, in order to perfect and preserve the Security Interest granted or purported to be
granted hereby. 
 (c) Each Grantor authorizes Agent at any time and from time to time to file, transmit, or
communicate, as applicable, financing statements and amendments (i) describing the Collateral as “all personal property of debtor” or “all assets of debtor” or words of similar effect, (ii) describing the Collateral as
being of equal or lesser scope or with greater detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance. Each Grantor also hereby ratifies any and all financing
statements or amendments previously filed by Agent in any jurisdiction. 
 (d) Each Grantor acknowledges that it
is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement filed in connection with this Agreement without the prior written consent of Agent, subject to such Grantor’s rights
under Section 9-509(d)(2) of the Code. 
 10. Agent’s Right to Perform Contracts, Exercise Rights, etc. Upon
the occurrence and during the continuance of an Event of Default, Agent (or its designee) (a) may proceed to perform any and all of the obligations of any Grantor contained in any contract, lease, or other agreement and exercise

  
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any and all rights of any Grantor therein contained as fully as such Grantor itself could, (b) shall have the right to use any Grantor’s rights under Intellectual Property Licenses in
connection with the enforcement of Agent’s rights hereunder, including the right to prepare for sale and sell any and all Inventory and Equipment now or hereafter owned by any Grantor and now or hereafter covered by such licenses, and
(c) shall have the right to request that any Equity Interests that are pledged hereunder be registered in the name of Agent or any of its nominees. 
 11. Agent Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints Agent its attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor
or otherwise, at such time as an Event of Default has occurred and is continuing, to take any action and to execute any instrument which Agent may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including:

 (a) to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for
moneys due and to become due under or in connection with the Accounts or any other Collateral of such Grantor; 

(b) to receive and open all mail addressed to such Grantor and to notify postal authorities to change the address for the
delivery of mail to such Grantor to that of Agent; 
 (c) to receive, indorse, and collect any drafts or other
instruments, documents, Negotiable Collateral or Chattel Paper; 
 (d) to file any claims or take any action or
institute any proceedings which Agent may deem necessary or desirable for the collection of any of the Collateral of such Grantor or otherwise to enforce the rights of Agent with respect to any of the Collateral; 

(e) to repair, alter, or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any Person
obligated to such Grantor in respect of any Account of such Grantor; 
 (f) to use any Intellectual Property or
Intellectual Property Licenses of such Grantor, including but not limited to any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, or advertising matter, in preparing for sale, advertising for sale, or
selling Inventory or other Collateral and to collect any amounts due under Accounts, contracts or Negotiable Collateral of such Grantor; and 
 (g) Agent, on behalf of the Lender Group or the Bank Product Providers, shall have the right, but shall not be obligated, to bring suit in its own name to enforce the Intellectual Property and
Intellectual Property Licenses and, if Agent shall commence any such suit, the appropriate Grantor shall, at the request of Agent, do any and all lawful acts and execute any and all proper documents reasonably required by Agent in aid of such
enforcement. 
 To the extent permitted by law, each Grantor hereby ratifies all that such attorney-in-fact shall lawfully do or
cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable until this Agreement is terminated. 
 12. Agent May Perform. If any Grantor fails to perform any agreement contained herein, Agent may itself perform, or cause performance of, such agreement, and the reasonable expenses of Agent
incurred in connection therewith shall be payable, jointly and severally, by Grantors. 

  
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 13. Agent’s Duties. The powers conferred on Agent hereunder are solely to
protect Agent’s interest in the Collateral, for the benefit of the Lender Group and the Bank Product Providers, and shall not impose any duty upon Agent to exercise any such powers. Except for the safe custody of any Collateral in its actual
possession and the accounting for moneys actually received by it hereunder, Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any
Collateral. Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its actual possession if such Collateral is accorded treatment substantially equal to that which Agent accords its own property.

 14. Collection of Accounts, General Intangibles and Negotiable Collateral. At any time upon the occurrence and during
the continuance of an Event of Default, Agent or Agent’s designee may (a) notify Account Debtors of any Grantor that the Accounts, General Intangibles, Chattel Paper or Negotiable Collateral of such Grantor have been assigned to Agent, for
the benefit of the Lender Group and the Bank Product Providers, or that Agent has a security interest therein, and (b) collect the Accounts, General Intangibles and Negotiable Collateral of any Grantor directly, and any collection costs and
expenses shall constitute part of such Grantor’s Secured Obligations under the Loan Documents. 
 15. Disposition of
Pledged Interests by Agent. None of the Pledged Interests existing as of the date of this Agreement are, and none of the Pledged Interests hereafter acquired on the date of acquisition thereof will be, registered or qualified under the various
federal or state securities laws of the United States and disposition thereof after an Event of Default may be restricted to one or more private (instead of public) sales in view of the lack of such registration. Each Grantor understands that in
connection with such disposition, Agent may approach only a restricted number of potential purchasers and further understands that a sale under such circumstances may yield a lower price for the Collateral consisting of Pledged Interests than if
such Pledged Interests were registered and qualified pursuant to federal and state securities laws and sold on the open market. Each Grantor, therefore, agrees that: (a) if Agent shall, pursuant to the terms of this Agreement, sell or cause the
Collateral consisting of Pledged Interests or any portion thereof to be sold at a private sale, Agent shall have the right to rely upon the advice and opinion of any nationally recognized brokerage or investment firm (but shall not be obligated to
seek such advice and the failure to do so shall not be considered in determining the commercial reasonableness of such action) as to the best manner in which to offer the Pledged Interest or any portion thereof for sale and as to the best price
reasonably obtainable at the private sale thereof; and (b) such reliance shall be conclusive evidence that Agent has handled the disposition in a commercially reasonable manner. 

16. Voting and Other Rights in Respect of Pledged Interests. 

(a) Upon the occurrence and during the continuation of an Event of Default, (i) Agent may, at its option, and with
two (2) Business Days prior notice to any Grantor, and in addition to all rights and remedies available to Agent under any other agreement, at law, in equity, or otherwise, exercise all voting rights, or any other ownership or consensual rights
(including any dividend or distribution rights) in respect of the Pledged Interests constituting Collateral owned by such Grantor, but under no circumstances is Agent obligated by the terms of this Agreement to exercise such rights, and (ii) if
Agent duly exercises its right to vote any of such Pledged Interests, each Grantor hereby appoints Agent, such Grantor’s true and lawful attorney-in-fact and IRREVOCABLE PROXY to vote such Pledged Interests in any manner Agent deems advisable
for or against all matters submitted or which may be submitted to a vote of shareholders, partners or members, as the case may be. The power-of-attorney and proxy granted hereby is coupled with an interest and shall be irrevocable. 

  
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 (b) For so long as any Grantor shall have the right to vote the Pledged
Interests constituting Collateral owned by it, such Grantor covenants and agrees that it will not, without the prior written consent of Agent, vote or take any consensual action with respect to such Pledged Interests which would materially adversely
affect the rights of Agent, the other members of the Lender Group, or the Bank Product Providers. 
 17. Remedies. Upon
the occurrence and during the continuance of an Event of Default: 
 (a) Agent may, and, at the instruction of
the Required Lenders, shall exercise in respect of the Collateral, in addition to other rights and remedies provided for herein, in the other Loan Documents, or otherwise available to it, all the rights and remedies of a secured party on default
under the Code or any other applicable law. Without limiting the generality of the foregoing, each Grantor expressly agrees that, in any such event, Agent without demand of performance or other demand, advertisement or notice of any kind (except a
notice specified below of time and place of public or private sale) to or upon any Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code or any
other applicable law), may take immediate possession of all or any portion of the Collateral and (i) require Grantors to, and each Grantor hereby agrees that it will at its own expense and upon request of Agent forthwith, assemble all or part
of the Collateral as directed by Agent and make it available to Agent at one or more locations where such Grantor regularly maintains Inventory, and (ii) without notice except as specified below, sell the Collateral or any part thereof in one
or more parcels at public or private sale, at any of Agent’s offices or elsewhere, for cash, on credit, and upon such other terms as Agent may deem commercially reasonable. Each Grantor agrees that, to the extent notification of sale shall be
required by law, at least ten (10) days notification by mail to the applicable Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification and specifically
such notification shall constitute a reasonable “authenticated notification of disposition” within the meaning of Section 9-611 of the Code. Agent shall not be obligated to make any sale of Collateral regardless of notification of
sale having been given. Agent may adjourn any public sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Grantor
agrees that (A) the internet shall constitute a “place” for purposes of Section 9-610(b) of the Code and (B) to the extent notification of sale shall be required by law, notification by mail of the URL where a sale will
occur and the time when a sale will commence at least ten (10) days prior to the sale shall constitute a reasonable notification for purposes of Section 9-611(b) of the Code. Each Grantor agrees that any sale of Collateral to a licensor
pursuant to the terms of a license agreement between such licensor and a Grantor is sufficient to constitute a commercially reasonable sale (including as to method, terms, manner, and time) within the meaning of Section 9-610 of the Code.

 (b) Agent is hereby granted a non-exclusive license or other right to use, without liability for royalties or
any other charge, each Grantor’s Intellectual Property, including but not limited to, any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, and advertising matter, whether owned by any Grantor or with
respect to which any Grantor has rights under license, sublicense, or other agreements (including any Intellectual Property License), as it pertains to the Collateral, in preparing for sale, advertising for sale and selling any Collateral, and each
Grantor’s rights under all licenses and all franchise agreements shall inure to the benefit of Agent. 
 (c)
Agent may, in addition to other rights and remedies provided for herein, in the other Loan Documents, or otherwise available to it under applicable law and without the requirement of notice to or upon any Grantor or any other Person (which notice is
hereby expressly 

  
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waived to the maximum extent permitted by the Code or any other applicable law), (i) with respect to any Grantor’s Deposit Accounts in which Agent’s Liens are perfected by control
under Section 9-104 of the Code, instruct the bank maintaining such Deposit Account for the applicable Grantor to pay the balance of such Deposit Account to or for the benefit of Agent, and (ii) with respect to any Grantor’s
Securities Accounts in which Agent’s Liens are perfected by control under Section 9-106 of the Code, instruct the securities intermediary maintaining such Securities Account for the applicable Grantor to (A) transfer any cash in such
Securities Account to or for the benefit of Agent, or (B) liquidate any financial assets in such Securities Account that are customarily sold on a recognized market and transfer the cash proceeds thereof to or for the benefit of Agent.

 (d) Any cash held by Agent as Collateral and all cash proceeds received by Agent in respect of any sale of,
collection from, or other realization upon all or any part of the Collateral shall be applied against the Secured Obligations in the order set forth in the Credit Agreement. In the event the proceeds of Collateral are insufficient to satisfy all of
the Secured Obligations in full, each Grantor shall remain jointly and severally liable for any such deficiency. 

(e) Each Grantor hereby acknowledges that the Secured Obligations arise out of a commercial transaction, and agrees that
if an Event of Default shall occur and be continuing Agent shall have the right to an immediate writ of possession without notice of a hearing. Agent shall have the right to the appointment of a receiver for the properties and assets of each
Grantor, and each Grantor hereby consents to such rights and such appointment and hereby waives any objection such Grantor may have thereto or the right to have a bond or other security posted by Agent. 

(f) Agent may, in its sole and absolute discretion, from time to time, at the expense of Grantor make all such
expenditures for the payment of taxes, insurance, storage and other expenses related to the Collateral and for remarketing, maintenance, modifications, refurbishments, repairs, replacements, alterations, additions and improvements to and of the
Collateral, as it may deem proper. In each such case, Agent shall have the right to maintain, use, operate, store, lease, control or manage the Collateral and to exercise all rights and powers of Grantor relating to the Collateral in connection
therewith, as Agent shall deem appropriate, including the right to enter into any and all such agreements with respect to the maintenance, modification, refurbishment, insurance, use, operation, storage, leasing, control, management or disposition
of the Collateral or any part thereof as Agent may determine; and Agent shall be entitled to collect and receive directly all tolls, rents, revenues, issues, income, products and profits of the Collateral and every part thereof. Grantor shall pay on
demand, and any such tolls, rents, revenues, issues, income, products and profits may be applied to pay, all expenses incurred by Agent in connection with the foregoing and any and all other expenses of possession, use, operation, storage, leasing,
control, management or disposition of the Collateral, and of all maintenance, modification, refurbishment, repairs, replacements, alterations, additions and improvements, and all payments which Agent may be required or may elect, to make, if any,
for Taxes, insurance, storage or other charges assessed against or otherwise imposed upon the exercise of any rights under any of the Loan Documents or the Collateral or any part thereof (including the employment of agents for the remarketing of the
Collateral for sale or lease, and appraisers, technicians, engineers and accountants to examine, inspect and make reports upon the properties and books and records of Grantor), and all other payments which Agent or any Lender may be required or
authorized to make under any provision of this Agreement, as well as just and reasonable compensation for the services of Agent, and of all Persons engaged or employed by Agent. 

18. Remedies Cumulative. Each right, power, and remedy of Agent, any other member of the Lender Group, or any Bank Product
Provider as provided for in this Agreement, the other Loan Documents or any Bank Product Agreement now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other
right, power, or 

  
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remedy provided for in this Agreement, the other Loan Documents and the Bank Product Agreements or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or
beginning of the exercise by Agent, any other member of the Lender Group, or any Bank Product Provider, of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by Agent, such other member of the
Lender Group or such Bank Product Provider of any or all such other rights, powers, or remedies. 
 19. Marshaling. Agent
shall not be required to marshal any present or future collateral security (including but not limited to the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other
assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however
existing or arising. To the extent that it lawfully may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Agent’s rights and remedies
under this Agreement or under any other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is
otherwise assured, and, to the extent that it lawfully may, each Grantor hereby irrevocably waives the benefits of all such laws. 
 20. Indemnity and Expenses. 
 (a) Each Grantor agrees to
indemnify Agent and the other members of the Lender Group from and against all claims, lawsuits and liabilities (including reasonable attorneys fees) growing out of or resulting from this Agreement (including enforcement of this Agreement) or any
other Loan Document to which such Grantor is a party in accordance with and to the extent set forth in Section 10.3 of the Credit Agreement. This provision shall survive the termination of this Agreement and the Credit Agreement and the
repayment of the Secured Obligations. 
 (b) Grantors, jointly and severally, shall, in accordance with and to
the extent set forth in the Credit Agreement, pay to Agent (or Agent, may charge to the Loan Account) all the Lender Group Expenses which Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody,
preservation, use or operation of, or, upon an Event of Default, the sale of, collection from, or other realization upon, any of the Collateral in accordance with this Agreement and the other Loan Documents, (iii) the exercise or enforcement of
any of the rights of Agent hereunder or (iv) the failure by any Grantor to perform or observe any of the provisions hereof. 
 21. Merger, Amendments; Etc. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. No waiver of any provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be effective unless
the same shall be in writing and signed by Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No amendment of any provision of this Agreement shall be effective
unless the same shall be in writing and signed by Agent and each Grantor to which such amendment applies. 
 22. Addresses
for Notices. All notices and other communications provided for hereunder shall be given in the form and manner and delivered to Agent at its address specified in the Credit Agreement, and to any of the Grantors at the address specified for
Borrowers in the Credit Agreement, or, as to any party, at such other address as shall be designated by such party in a written notice to the other party. 

  
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 23. Continuing Security Interest: Assignments under Credit Agreement. 

(a) This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force
and effect until the Obligations have been paid in full in accordance with the provisions of the Credit Agreement and the Commitments have expired or have been terminated, (ii) be binding upon each Grantor, and their respective successors and
assigns, and (iii) inure to the benefit of, and be enforceable by, Agent, and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (iii), any Lender may, in accordance with the provisions of the
Credit Agreement, assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to
such Lender herein or otherwise. Upon payment in full of the Secured Obligations in accordance with the provisions of the Credit Agreement and the expiration or termination of the Commitments, the Guaranty made and the Security Interest granted
hereby shall automatically terminate, without the requirement of further action by any party, and all rights to the Collateral shall revert to Grantors or any other Person entitled thereto. At such time, upon any Borrower’s request, Agent will
authorize the filing of appropriate termination statements and shall take such other actions requested by any Grantor (at Grantors’ expense) to terminate or evidence the termination of such Guaranty and Security Interest. No transfer or
renewal, extension, assignment, or termination of this Agreement or of the Credit Agreement, any other Loan Document, or any other instrument or document executed and delivered by any Grantor to Agent nor any additional Revolving Loans or other
loans made by any Lender to Borrowers, nor the taking of further security, nor the retaking or re-delivery of the Collateral to Grantors, or any of them, by Agent, nor any other act of the Lender Group or the Bank Product Providers, or any of them,
shall release any Grantor from any obligation hereunder, except a termination, release or discharge executed in writing by Agent in accordance with the provisions of the Credit Agreement. Agent shall not by any act, delay, omission or otherwise, be
deemed to have waived any of its rights or remedies hereunder, unless such waiver is in writing and signed by Agent and then only to the extent therein set forth. A waiver by Agent of any right or remedy on any occasion shall not be construed as a
bar to the exercise of any such right or remedy which Agent would otherwise have had on any other occasion. 

(b) Each Grantor agrees that, if any payment made by any Grantor or other Person and applied to the Secured Obligations is
at any time annulled, avoided, set, aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any Collateral are required to be returned by Agent or any other member
of the Lender Group to such Grantor, its estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any Lien
or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made. If, prior to any of the foregoing, (i) any Lien or other Collateral securing such Grantor’s
liability hereunder shall have been released or terminated by virtue of the foregoing clause (a), or (ii) any provision of the Guaranty hereunder shall have been terminated, cancelled or surrendered, such Lien, other Collateral or provision
shall be reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of any such Grantor in respect of any Lien or other
Collateral securing such obligation or the amount of such payment. 
 24. Survival. All representations and
warranties made by the Grantors in this Agreement and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the
execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of 

  
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Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Agent, Issuing Lender, or any Lender may have had notice or knowledge of any Default
or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any loan or any fee or any other amount
payable under the Credit Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. 
 25. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION. 
 (a) THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY
CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

(b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN THE
STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK STATE OF NEW YORK; PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S
OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH GRANTOR AND AGENT WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT
THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 25(b). 
 (c) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH GRANTOR AND AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY
OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A “CLAIM”).
EACH GRANTOR AND AGENT REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A
WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (d) EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK AND THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. 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 SHALL AFFECT ANY
RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST ANY GRANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

  
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 (e) NO CLAIM MAY BE MADE BY ANY GRANTOR AGAINST THE AGENT, THE SWING LENDER, ANY OTHER
LENDER, ISSUING LENDER, OR THE UNDERLYING ISSUER, OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM
FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION HEREWITH, AND EACH GRANTOR HEREBY WAIVES, RELEASES, AND
AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR. 
 (f) IN THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY OR AGAINST ANY PARTY HERETO IN CONNECTION WITH ANY CLAIM AND THE WAIVER SET FORTH IN
SECTION 25(c) ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING, THE PARTIES HERETO AGREE AS FOLLOWS: 
 (i) WITH THE
EXCEPTION OF THE MATTERS SPECIFIED IN SUBCLAUSE (ii) BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1. THE PARTIES INTEND
THIS GENERAL REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE. VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE COUNTY OF LOS ANGELES, CALIFORNIA. 
 (ii) THE FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL OR PERSONAL PROPERTY, (B) EXERCISE OF SELF-HELP
REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER, AND (D) TEMPORARY, PROVISIONAL, OR ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS, OR PRELIMINARY
INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED IN CLAUSES (A) - (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE IN A
REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER. 
 (iii) UPON THE WRITTEN REQUEST OF ANY
PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE PARTIES DO NOT AGREE UPON A REFEREE WITHIN 10 DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO APPOINT A
REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B). THE REFEREE SHALL BE APPOINTED TO SIT WITH ALL OF THE POWERS PROVIDED BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL
REMEDIES. 
 (iv) EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE
REFERENCE PROCEEDING IS CONDUCTED INCLUDING THE TIME AND PLACE OF HEARINGS, THE ORDER OF 

  
 37 

 
PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE OF THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL,
SHALL BE CONDUCTED WITHOUT A COURT REPORTER, EXCEPT WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER SHALL BE USED AND THE REFEREE SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH
REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND PAY THE COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.

 (v) THE REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE
REFEREE SHALL OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA. 

(vi) THE REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL
ISSUES IN ACCORDANCE WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING MOTIONS FOR DEFAULT JUDGMENT OR
SUMMARY JUDGMENT. THE REFEREE SHALL REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE SHALL ISSUE A DECISION AND PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE, SECTION 644, THE
REFEREE’S DECISION SHALL BE ENTERED BY THE COURT AS A JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE
AS IF IT HAS BEEN ENTERED BY THE COURT. 
 (vii) THE PARTIES RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL
REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL
BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT ARISES OUT OF OR IS RELATED TO THIS AGREEMENT. 
 26. New Subsidiaries. Pursuant to Section 5.11 of the Credit Agreement, certain Subsidiaries (whether by acquisition or creation) of any Grantor are required to enter into this
Agreement by executing and delivering in favor of Agent a Joinder to this Agreement in substantially the form of Annex 1. Upon the execution and delivery of Annex 1 by any such new Subsidiary, such Subsidiary shall become a Guarantor
and Grantor hereunder with the same force and effect as if originally named as a Guarantor and Grantor herein. The execution and delivery of any instrument adding an additional Guarantor or Grantor as a party to this Agreement shall not require the
consent of any Guarantor or Grantor hereunder. The rights and obligations of each Guarantor and Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor or Grantor hereunder. 

  
 38 

 27. Agent. Each reference herein to any right granted to, benefit conferred upon or
power exercisable by the “Agent” shall be a reference to Agent, for the benefit of each member of the Lender Group and each of the Bank Product Providers. 
 28. Miscellaneous. 
 (a) This Agreement is a Loan Document.
This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute
but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any
party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis mutandis. 

(b) Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction. Each provision of this Agreement shall be severable
from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 (c) Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement.

 (d) Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against any member of
the Lender Group or any Grantor, whether under any rule of construction or otherwise. This Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish
fairly the purposes and intentions of all parties hereto. 
 [signature pages follow] 

  
 39 

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

							
	GRANTORS:	 		 	 ERICKSON AIR-CRANE INCORPORATED,
 a Delaware corporation

				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	 EAC ACQUISITION CORPORATION,
 a Delaware corporation

				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	 EVERGREEN HELICOPTERS, INC.,
 an Oregon corporation 

				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	 EVERGREEN HELICOPTERS OF ALASKA, INC.,
 an Alaska corporation

				
		 		 	By: 	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  

			
		 		 	 EVERGREEN HELICOPTERS INTERNATIONAL,
 INC., a Texas corporation

				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 	Title:	 	  

 
			
	 EVERGREEN EQUITY, INC.,
 a Nevada corporation

		
	By:	 	 /s/

	Name:	 	  

	Title:	 	  

  
 2 

							
	AGENT:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	 /s/

		 		 	Name:	 	  

		 		 		 	Its Authorized Signatory

  
 3EX-10.3

 Exhibit 10.3 

 
  
 AIRCRAFT AND ENGINE SECURITY AGREEMENT 
 DATED AS OF MAY 2, 2013 

BETWEEN 
 THE
GRANTOR PARTY HERETO 
 AS GRANTOR 
 AND 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

AS AGENT 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 SECTION 1.           DEFINITIONS;
CONSTRUCTION
	  	 	2	  
	 Section 1.1
	  	 Certain Definitions
	  	 	2	  
	 Section 1.2
	  	 Construction
	  	 	2	  
	 SECTION 2.           SECURITY
	  	 	3	  
	 Section 2.1
	  	 Grant of Security
	  	 	3	  
	 SECTION 3.           COVENANTS OF THE
GRANTOR
	  	 	5	  
	 Section 3.1
	  	 Liens and Legal Opinions
	  	 	5	  
	 Section 3.2
	  	 Possession
	  	 	6	  
	 Section 3.3
	  	 Registration and Operation
	  	 	7	  
	 Section 3.4
	  	 Loss, Destruction, Requisition, Etc
	  	 	14	  
	 Section 3.5
	  	 Agreement Regarding Engines
	  	 	19	  
	 Section 3.6
	  	 Quiet Enjoyment
	  	 	19	  
	 Section 3.7
	  	 Inspection
	  	 	20	  
	 Section 3.8
	  	 Additional Airframes and Engines
	  	 	20	  
	 SECTION 4.           REMEDIES OF AGENT UPON AN EVENT OF
DEFAULT
	  	 	21	  
	 Section 4.1
	  	 Remedies with Respect to Collateral
	  	 	21	  
	 Section 4.2
	  	 Remedies Cumulative
	  	 	23	  
	 Section 4.3
	  	 Discontinuance of Proceedings
	  	 	23	  
	 Section 4.4
	  	 Intentionally Omitted
	  	 	23	  
	 Section 4.5
	  	 Further Assurances
	  	 	23	  
	 SECTION 5.           MISCELLANEOUS
	  	 	25	  
	 Section 5.1
	  	 Termination of Security Agreement
	  	 	25	  
	 Section 5.2
	  	 No Legal Title to Collateral in Agent, Any Other Member of the Lender Group, or Any Bank Product Provider
	  	 	25	  
	 Section 5.3
	  	 Sale of Aircraft by Agent is Binding
	  	 	25	  
	 Section 5.4
	  	 Benefit of Security Agreement
	  	 	26	  
	 Section 5.5
	  	 Intentionally Omitted
	  	 	26	  
	 Section 5.6
	  	 Intentionally Omitted
	  	 	26	  
	 Section 5.7
	  	 Notices
	  	 	26	  
	 Section 5.8
	  	 Severability of Provisions
	  	 	26	  
	 Section 5.9
	  	 Counterparts; Electronic Execution
	  	 	26	  
	 Section 5.10
	  	 Successors and Assigns
	  	 	26	  
	 Section 5.11
	  	 Section Headings
	  	 	26	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 5.12
	  	 CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION
	  	 	26	  
	 Section 5.13
	  	 Amendments
	  	 	29	  
	 Section 5.14
	  	 Limitation on Agent’s, the Other Members of the Lender Group’s, and the Bank Product Providers’ Duty in Respect
of Collateral
	  	 	29	  
	 Section 5.15
	  	 Revival and Reinstatement of Obligations
	  	 	29	  
	 Section 5.16
	  	 Concerning Agent
	  	 	29	  
	 Section 5.17
	  	 Additional Cape Town Convention Provisions
	  	 	29	  
	 Section 5.18
	  	 Credit Agreement
	  	 	30	  

  

					
	Schedule I	 	—	 	Definitions
	Annex A	 	—	 	Aircraft and Engines
	Exhibit A	 	—	 	Form of Security Agreement Supplement
	Exhibit B	 	—	 	Form of Irrevocable De-Registration and Export Request Authorization

  
 -ii-

 AIRCRAFT AND ENGINE SECURITY AGREEMENT 

This AIRCRAFT AND ENGINE SECURITY AGREEMENT, dated as of May 2, 2013 (as amended, restated, supplemented, or otherwise
modified from time to time, this “Security Agreement”), is among the Person listed on the signature pages hereof as “Grantor” (the “Grantor”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its
capacity as agent for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns, in such capacity, “Agent”). 
 W I T N E S S E T H: 
 WHEREAS, ERICKSON AIR-CRANE INCORPORATED, a Delaware corporation (“EAC”), and EVERGREEN HELICOPTERS, INC., an Oregon corporation (“Evergreen” and together
with EAC, are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”) are parties to that certain Credit Agreement, dated
contemporaneously herewith (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), with the lenders party thereto as “Lenders” (such Lenders, together with their respective
successors and assigns in such capacity, each, individually, a “Lender” and, collectively, the “Lenders”) and Agent, pursuant to which the Lender Group has agreed to make certain financial accommodations available
to the Borrowers pursuant to the terms and conditions thereof; and 
 WHEREAS, Grantor is a party to that certain Guaranty and
Security Agreement, dated contemporaneously herewith (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty and Security Agreement”), with Agent and the other parties thereto, pursuant to which
the Grantor has granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, a security interest in substantially all of its assets; and 
 WHEREAS, to induce the Lender Group to enter into the Credit Agreement and the other Loan Documents, to induce the Bank Product Providers to enter into the Bank Product Agreements, and to induce the
Lender Group and the Bank Product Providers to make financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents and the Bank Product Agreements, Grantor has agreed to grant a continuing security interest
in and to the Collateral in order to secure the prompt and complete payment, observance and performance of, among other things, the Secured Obligations, as provided herein; and 

WHEREAS, all things have been done to make the Credit Agreement, which has been executed, issued and delivered by the Borrowers, the
legal, valid and binding obligation of the Borrowers; and 
 WHEREAS, all things have been done to make the Guaranty and
Security Agreement, which has been executed, issued and delivered by Grantor, the legal, valid and binding obligation of Grantor; and 
 WHEREAS, all things necessary to make this Security Agreement a legal, valid and binding obligation of Grantor and Agent, for the uses and purposes herein set forth, in accordance with its terms, have
been done and performed and have occurred; and 

  
 1 

 NOW, THEREFORE, for and in consideration of the recitals made above and other good and
valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. DEFINITIONS; CONSTRUCTION 
 Section 1.1 Certain
Definitions. For all purposes of this Security Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) capitalized terms used herein have the meanings set forth in Schedule I hereto or in the Credit Agreement (and Schedule 1.1 thereto) unless otherwise defined herein;

 (b) the definitions stated herein and those stated in Schedule I apply equally to both the singular and the
plural forms of the terms defined; 
 (c) the words “herein”, “hereof” and “hereunder” and other
words of similar import refer to this Security Agreement as a whole and not to any particular Section or other subdivision; 

(d) references herein to sections, schedules, appendices and exhibits pertain to sections, schedules, appendices and exhibits in or to
this Security Agreement and shall be deemed to be a part of this Security Agreement; 
 (e) references to any agreement shall be
to such agreement, as amended, modified or supplemented; 
 (f) references to any Person shall include such Person’s
successors and assigns subject to any limitations provided for herein or in the other Loan Documents; and 
 (g) references to
“including” or “included” shall not be limiting and shall be deemed to mean “including without limitation” and “included, but not limited to.” 

Section 1.2 Construction. Any reference herein to the satisfaction, repayment, or payment in full of the Secured Obligations
shall mean (a) the payment or repayment in full in immediately available funds of (i) the principal amount of, and interest accrued with respect to, all outstanding Loans, together with the payment of any premium applicable to the
repayment of the Loans, (ii) all Lender Group Expenses that have accrued regardless of whether demand has been made therefor, (iii) all fees or charges that have accrued hereunder or under any other Loan Document (including the Letter of
Credit Fee and the Unused Line Fee), (b) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Letter of Credit Collateralization, (c) in the case of obligations with respect to Bank Products
(other than Hedge Obligations), providing Bank Product Collateralization, (d) the receipt by Agent of cash collateral in order to secure any other contingent Secured Obligations for which a claim or demand for payment has been made on or prior
to such time or in respect of matters or circumstances known to Agent or a Lender at such time that are reasonably expected to result in any loss, cost, damage, or expense (including attorneys fees and legal expenses), such cash collateral to be in
such amount as Agent reasonably determines is appropriate to secure such contingent Secured Obligations, (e) the payment or repayment in full in immediately available funds of all other Secured Obligations (including the payment of any
termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Hedge Agreements provided by Hedge Providers) other than (i) unasserted contingent indemnification
obligations, (ii) any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized, and
(iii) any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without being required to be repaid, and (f) the termination of all of the Commitments of the Lenders. Any reference herein
to any Person shall be construed to include such Person’s successors and assigns. 

  
 2 

 SECTION 2. SECURITY 
 Section 2.1 Grant of Security. Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit of each member of the Lender Group and each of the Bank Product Providers,
to secure the Secured Obligations, a continuing security interest in, and mortgage Lien on, and consents to the registration of an International Interest on, all of Grantor’s right, title, and interest in and to the following, whether now owned
or hereafter acquired or arising and wherever located (the “Collateral”): 
 (a) the Aircraft, including each
Airframe, each Engine (each such Engine having more than 550 rated takeoff horsepower or the equivalent of such horsepower), each Rotor, each Rotor Blade, and in the case of an Engine, Rotor, or Rotor Blade, as the same is now and will hereafter be
constituted, whether now or hereafter acquired, and whether or not any such Engine, Rotor, or Rotor Blade may from time to time be installed on an Airframe or any other airframe or any other aircraft, any and all Parts which are from time to time
included within the definitions of “Airframes” or “Engines” and, to the extent provided herein, all substitutions and replacements of, and additions, improvements, accessions and accumulations to, such Aircraft, such Airframes,
such Engines, such Rotors, such Rotor Blades, and any and all such Parts (such Airframes and Engines as more particularly described in the Security Agreement Supplement and with respect to any substitutions or replacements therefor), and all
renewals, substitutions, replacements, additions, improvements, accessories and accumulations with respect to any of the foregoing, and together with all Aircraft Documents; 
 (b) all Accessories in respect of any Aircraft; 
 (c) all service and warranty
rights related to the Aircraft, the Engines, the Rotors, the Rotor Blades, the Parts, or any Accessories in respect of any Aircraft; 
 (d) each lease, interchange agreement or operating agreement with respect to any Aircraft, any Engine, any Rotor, any Rotor Blade, any Part, or any other agreement relating to use or possession of any
Aircraft, any Engine, any Rotor, any Rotor Blade, or any Part, including, without limitation, the right to make all waivers and agreements, to give and receive all notices and other instruments or communications, to take such action upon the
occurrence of a default thereunder, including the commencement, conduct and consummation of legal, administrative or other proceedings, as shall be permitted thereby or by law, and to do any and all other things which Grantor is or may be entitled
to do thereunder (subject to such reservation); 
 (e) all requisition, confiscation, seizure or condemnation proceeds with
respect to any Aircraft, any Engine, any Rotor, any Rotor Blade, or any Part thereof or any other Collateral, all amounts paid or payable by any Government Authority in respect of the possession or use of any Aircraft, and all proceeds from the
sale, lease or other disposition of any Aircraft, any Engine, any Rotor, any Rotor Blade, or any Part or any other Collateral described herein (without any implication that any of such actions is permitted without the consent of Agent; it being
acknowledged that the consent of Agent is required for any such action) except as otherwise expressly provided in the Credit Agreement; 
 (f) the Bills of Sale; 
 (g) any other bill of sale to any Aircraft, any Engine,
any Rotor, any Rotor Blade, or any Part; 
 (h) all service contracts, product agreements, repair, maintenance and overhaul
agreements, all power by hour maintenance contracts, and all agreements of any subcontractor, supplier or vendor, including to the extent assignable all warranties, in respect of any Aircraft, any Airframe, any Engine, any Rotor, any Rotor Blade, or
any Part; 

  
 3 

 (i) all moneys and securities now or hereafter paid or deposited or required to be paid or
deposited to or with Agent by or for the account of Grantor in respect of any Aircraft pursuant to any term of this Security Agreement, any Loan Documents, or any Bank Product Agreement, and held or required to be held by Agent hereunder or
thereunder; 
 (j) all property that may from time to time hereafter be expressly subjected to the Lien of this Security
Agreement; 
 (k) all insurance policies (including the proceeds thereof) with respect to any Aircraft, any Airframe, any
Engine, any Rotor, any Rotor Blade, or any Part required to be maintained by Grantor under Section 3.3(k) hereof; 
 (l) to
the extent related to any of the foregoing or consisting of or acquired with proceeds of any of the foregoing, all accounts, goods, inventory, equipment, general intangibles (including software and payment intangibles), documents, promissory notes
and other instruments, chattel paper (including electronic chattel paper and tangible chattel paper), investment property, deposit accounts, commercial tort claims, letters of credit, letter of credit rights and contract rights, if any, of Grantor;
and 
 (m) all proceeds and products of the foregoing. 
 Notwithstanding anything contained in this Security Agreement to the contrary, the term “Collateral” shall not include any Excluded Assets (as defined in the Guaranty and Security Agreement).

 TO HAVE AND TO HOLD all and singular the Collateral unto Agent, its permitted successors and assigns, forever, upon the terms
and trusts herein set forth, for the benefit, security and protection of Agent, for the benefit of the Lender Group and the Bank Product Providers, and for the uses and purposes and subject to the terms and provisions set forth in this Security
Agreement. 
 Grantor agrees that, in the event Grantor, pursuant to any Senior Note Document, takes any action to grant or
perfect a Lien in favor of the Notes Collateral Agent in any assets (other than Second Lien Escrow Collateral (as defined in the Intercreditor Agreement)), such Grantor shall also take such action to grant or perfect a Lien in favor of Agent to
secure the Secured Obligations without request of Agent, including with respect to any property in which the Notes Collateral Agent directs a Grantor to grant or perfect a Lien or take such other action under any Senior Note Document. 

Grantor does hereby constitute and appoint Agent the true and lawful attorney of Grantor, irrevocably, for good and valuable
consideration with full power of substitution, which appointment is coupled with an interest, with full power (in the name of Grantor or otherwise) to ask for, require, demand, receive, sue for, compound and give acquittance for any and all moneys
and claims for moneys due and to become due under or arising out of all property (in each case including insurance and requisition proceeds) which now or hereafter constitutes part of the Collateral, to endorse any checks or other instruments or
orders in connection therewith and to file any claims or to take any action or to institute any proceeding which Agent may deem to be necessary or advisable in the premises as fully as Grantor itself could do; provided that Agent shall not be
permitted to exercise any such rights except following the existence, and during the continuance of, an Event of Default. Without limiting the foregoing provisions, following the existence, and during the continuance of, any Event of Default, but
subject to the terms hereof and any mandatory requirements of applicable law, Agent shall have the right 

  
 4 

 
under such power of attorney, but no obligation, in its discretion to file any claim or to take any other action or proceedings, either in its own name or in the name of Grantor or otherwise,
which Agent may reasonably deem necessary or appropriate to protect and preserve the right, title and interest of Agent in and to the security intended to be afforded hereby. 
 Grantor agrees that at any time and from time to time, upon the written request of Agent, Grantor will, at its cost and expense, promptly and duly execute and deliver or cause to be duly executed and
delivered any and all such further instruments and documents (including legal opinions reasonably requested by Agent), and do such further acts and things, including filings, recordations, registrations, and similar actions under the Code, with the
FAA, with the International Registry, or any other registry with respect to any Aircraft, any Engine, any Rotor, any Rotor Blade, as Agent may reasonably deem desirable in obtaining the full benefits of the security interest and assignment hereunder
and of the rights and powers herein granted. 
 Grantor does hereby warrant and represent that, except as permitted by the
Credit Agreement and the other Loan Documents, it has not granted a security interest in or assigned or pledged, or sold, transferred, leased, or otherwise disposed of, and hereby covenants that, except as permitted by the Credit Agreement and the
other Loan Documents, it will not (i) grant a security interest in, assign or pledge, or sell, transfer, lease or otherwise dispose of, so long as the Lien of this Security Agreement has not been discharged in accordance with the terms hereof,
any of its rights, titles or interests in the Collateral to any Person other than Agent and Notes Collateral Agent, and (ii) except in each case as provided hereunder, or so long as no Event of Default is in existence, enter into any agreement
amending or supplementing any agreement assigned or pledged hereunder or execute any waiver or modification of, or consent under, the terms of, or exercise any rights, powers or privileges under, any agreement assigned or pledged hereunder, or
settle or compromise any claim arising under any agreement assigned or pledged hereunder, submit or consent to the submission of any dispute, difference or other matter arising under or in respect of any agreement assigned or pledged hereunder, or
to arbitration thereunder. 
 It is hereby further agreed that any and all Collateral described or referred to in the granting
clause hereof which is hereafter acquired by Grantor shall ipso facto, and without any other conveyance, assignment or act on the part of Grantor or Agent, become and be subject to the Lien herein granted as fully and completely as though
specifically described herein. 
 SECTION 3. COVENANTS OF THE GRANTOR 

Section 3.1 Liens and Legal Opinions. 
 (a) Grantor shall not directly or indirectly create, incur, assume or suffer to exist any Lien on or International Interest against or with respect to any Aircraft, any Airframe, any Engine, any Rotor,
any Rotor Blade, or any Part or title thereto or any interest therein except for Permitted Liens. Grantor shall promptly, at its own expense, take such action as may be necessary to duly discharge (by bonding or otherwise) any Lien other than a
Permitted Lien arising at any time. 
 (b) Promptly following the execution and delivery of this Security Agreement Grantor
shall furnish an opinion of qualified FAA counsel, in form and substance reasonably satisfactory to Agent, that (i) this Security Agreement is in recordable form, (ii) this Security Agreement has been filed for recordation with the FAA in
accordance with the Federal Aviation Act and creates a duly perfected first priority security interest in favor of Agent, for the benefit of the Lender Group and the Bank Product Providers, in the portion of the Collateral for which a security
interest can be perfected by such filing with the FAA in favor of Agent, and there are no other Liens of record with the FAA with respect to the Collateral (except for Permitted Liens), and (iii) the International Interests granted in each

  
 5 

 
Aircraft (and each of the applicable Engines) under this Agreement have been registered as International Interests with the International Registry in accordance with the Cape Town Convention, and
there are no other International Interests of record with the International Registry with respect to the Collateral (except for Permitted Liens) (and Grantor shall have furnished to Agent a “priority search certificate” from the
International Registry confirming the foregoing), and covering such other matters as Agent shall reasonably request. Promptly after this Agreement has been recorded by the FAA, Grantor shall deliver to Agent an opinion of such counsel, in form and
substance reasonably acceptable to Agent, as to the due recordation thereof by the FAA. 
 Section 3.2 Possession.

 Except as expressly permitted in Section 3.9, Grantor shall not lease, or otherwise in any manner deliver, relinquish or
transfer possession of any Airframe, any Engine, any Rotor, or any Rotor Blade to any Person or install any Engine, Rotor, or Rotor Blade, or permit any Engine, Rotor, or Rotor Blade, to be installed, on an airframe other than the Airframes, without
the prior consent of Agent, which consent may be withheld in its sole discretion, provided, however, that so long as all approvals, consents or authorizations required from the Aeronautical Authority in connection with any such lease or such
delivery, transfer or relinquishment of possession have been obtained and remain in full force and effect, Grantor may, without the prior consent of Agent: 
 (a) enter into a Wet Lease or other similar arrangement under which Grantor has operational control of any Airframes, any Engines, any Rotors, any Rotor Blades installed thereon in the course of
Grantor’s business (which shall not be considered a transfer of possession hereunder), provided that Grantor’s obligations under this Security Agreement shall continue in full force and effect notwithstanding any such Wet Lease or
other similar arrangement; 
 (b) so long as no Event of Default shall have occurred and be continuing or would result
therefrom, deliver possession of any Airframe, any Engine, any Rotor, any Rotor Blade, or any Part to the manufacturer thereof or to any FAA certified organization for testing, service, repair, maintenance, overhaul work or other similar purposes or
for alterations or modifications or additions required or permitted by the terms of this Security Agreement; 
 (c) so long as
no Event of Default shall have occurred and be continuing or would result therefrom, install an Engine, Rotor, or Rotor Blade on an airframe owned by Grantor that is free and clear of all Liens except (i) Permitted Liens, or (ii) those
which apply only to the engines (other than the Engines), appliances, parts, instruments, appurtenances, accessories, furnishings and other equipment (other than Parts, Rotors, or Rotor Blades) installed on such airframe; 

(d) so long as no Event of Default shall have occurred and be continuing or would result therefrom, install an Engine, Rotor, or Rotor
Blade on an airframe leased by Grantor or purchased by Grantor subject to a conditional sale or other security agreement, but only if (i) such airframe is free and clear of all Liens, except (A) the rights of the parties to such lease, or
any such secured financing arrangement, covering such airframe and (B) Liens of the type permitted by Section 3.2(c), and (ii) Grantor shall have received from the lessor, mortgagee, secured party or conditional seller, in respect of
such airframe, a written agreement (which may be a copy of the lease, mortgage, security agreement, conditional sale or other agreement covering such airframe), whereby such Person agrees that it will not acquire or claim any right, title or
interest in, or Lien on, such Engine, Rotor, or Rotor Blade by reason of such Engine, Rotor, or Rotor Blade being installed on such airframe at any time while such Engine, Rotor, or Rotor Blade is subject to this Security Agreement; 

  
 6 

 (e) install an Engine, Rotor, or Rotor Blade on an airframe, owned by Grantor, leased by
Grantor or purchased by Grantor subject to a conditional sale or other security agreement under circumstances where neither clause (c) nor clause (d) above is applicable, provided that any such installation (so long as the same
shall be continuing) shall be deemed an Event of Loss with respect to such Engine and Grantor shall comply with Section 3.4(h) hereof; or 
 (f) transfer possession of any Airframe, any Engine, any Rotor, or Rotor Blade to the United States of America when required by Applicable Law (it being understood that nothing in this clause
(f) shall relieve Grantor from its obligations under Section 3.4(a) if such transfer becomes an Event of Loss), in which event Grantor shall promptly notify Agent in writing of any such transfer of possession; 

provided that (1) the rights of any transferee who receives possession by reason of a transfer permitted
by this Section 3.2 (other than by a transfer of an Engine which is deemed an Event of Loss) shall be subject and subordinate to all the terms of this Security Agreement (except as required by Applicable Law in respect of Persons described in
clause (b) or clause (f) above); (2) Grantor shall remain primarily liable hereunder for the performance of all the terms and conditions of this Security Agreement and all of the terms and conditions of this Security Agreement, the
other applicable Loan Documents, and the Bank Product Agreements shall remain in effect; (3) no lease or transfer of possession otherwise in compliance with this Section 3.2 shall (A) result in any registration or re-registration of
any Aircraft or the maintenance, operation or use thereof except in compliance with Sections 3.3(b), (c), (d) or (f), or (B) permit any action not permitted to Grantor hereunder; (4) if any such lease or transfer of possession shall,
in the reasonable opinion of any Lender, result in any risk of adverse tax consequences to such Lender, Grantor shall, prior to entering into the same, provide an indemnity satisfactory in form and substance to such Lender against any such adverse
tax consequences; (5) Grantor shall provide evidence reasonably satisfactory to Agent and each Lender that the insurance required by Section 3.3(k) remains in effect and for the purpose of Agent’s and the Lenders’ review of such
insurance requirements, Grantor shall, at least five (5) days prior to the date of any lease permitted under this Section 3.2, provide to Agent and each Lender, forms of the broker’s report and insurance certificates required by
Section 3.3(k)(vi); (6) all necessary documents shall have been duly filed or recorded in applicable public offices as may be required to preserve the Lien of this Security Agreement upon the Airframe and Engines; and (7) Grantor
shall reimburse Agent and each Lender, on an After Tax Basis, for all of its reasonable out-of-pocket expenses (including, without limitation, registration and filing fees, notary fees, and disbursements of counsel) in connection with any such lease
or transfer. 
 Section 3.3 Registration and Operation. 

(a) Registration and Recordation. Except as expressly permitted in Section 3.9, each Aircraft shall be duly registered in the
name of Grantor under the Transportation Code and on the International Registry at all times; provided that Agent shall execute and deliver all such documents as Grantor may reasonably request for the purpose of effecting or continuing such
registration. Except as expressly permitted in Section 3.9, Grantor shall not change the registration number of any Aircraft. Unless the Lien of this Security Agreement has been discharged, Grantor shall also cause this Security Agreement to be
duly recorded and at all times maintained of record on such registries as a first-priority perfected mortgage on each Aircraft, each Airframe, and each of the Engines, except as expressly permitted in Section 3.9. 

(b) Intentionally Omitted. 

  
 7 

 (c) Markings. If permitted by Applicable Law, Grantor will cause to be affixed to,
and maintained in, the cockpit of such Airframe, in a clearly visible location, and in a visible location on each Engine, a placard of a reasonable size and shape bearing the legend, in English, set forth below: 

Mortgaged to 

Wells Fargo Bank, National Association, 
 as Agent 
 Such placard may be removed temporarily, if necessary, in the course of
maintenance of such Airframe or such Engine, as the case may be. If such placard is damaged or becomes illegible, Grantor shall promptly replace it with a placard complying with the requirements of this Section 3.3(c). 

(d) Compliance With Laws. Grantor shall not permit any Airframe, any Engine, any Rotor, or any Rotor Blade to be used or operated
in violation of any Applicable Law or in violation of any airworthiness certificate, license or registration relating to such Aircraft, Engines, Rotors, or Rotor Blades issued by any competent governmental authority, unless (i) the validity
thereof is being contested in good faith and by appropriate proceedings which do not involve a danger (other than a de minimis danger) of the sale, forfeiture or loss of such Airframe, such Engines, such Rotors, or such Rotor Blades or the
Lien of this Security Agreement thereupon, any risk of criminal liability or any material risk of civil liability against Agent, any other member of the Lender Group, or any Bank Product Provider, or (ii) it is not possible for Grantor to
comply with the Laws of a jurisdiction other than the United States because of a conflict with the Applicable Laws of the United States. 
 (e) Operation. Except as otherwise expressly provided herein, Grantor shall be entitled to operate, use, locate, employ or otherwise utilize or not utilize the Airframes, Engines, Rotors, Rotor
Blades, and Parts in any lawful manner or place in accordance with Grantor’s business judgment. Grantor shall not operate, use or locate any Airframe, any Engine, any Rotor, any Rotor Blade, or suffer any Airframe, any Engine, any Rotor, any
Rotor Blades to be operated, used or located (i) in any area excluded from coverage by any insurance required by the terms of Section 3.3(k) hereof, except in the case of a requisition by the United States of America where Grantor obtains
(and provide evidence of) indemnity from the Government for the benefit of the Additional Insureds against substantially the same risks and for at least the amounts of the insurance required by Section 3.3(k) hereof covering such area, or
(ii) unless covered by war risk insurance, unless such Airframe, such Engine, such Rotor, or such Rotor Blade is operated or used under contract with the Government under which contract the Government assumes liability for substantially the
same risks, on terms and conditions reasonably acceptable to Agent, in at least the same amounts as would be covered by such insurance. 
 (f) Information for Filings. Grantor shall promptly furnish to Agent such information that is under its control or to which it has reasonable access as may be required to enable Agent, any member
of the Lender Group, or any Bank Product Provider timely to file any reports required to be filed by it with any Governmental Authority because of, or in connection with, the interest of Agent, such member of the Lender Group, or such Bank Product
Provider in the Aircraft, Airframes, Engines, Rotors, Rotor Blades, or any other part of the Collateral. 
 (g)
Maintenance. Grantor, at its own cost and expense, shall service, repair, maintain, overhaul and test each Aircraft, each Airframe, each Engine, each Rotor, each Rotor Blade, or cause the same to be done in accordance with (1)(i) a
Maintenance Program and (ii) maintenance standards required by the FAA, and shall keep or cause to be kept Aircraft, each Airframe, each Engine, each Rotor, and each Rotor Blade in as good operating condition as where originally mortgaged

  
 8 

 
hereunder and after giving effect to the refurbishment contemplated to be financed hereby, ordinary wear and tear excepted, and shall keep or cause to be kept each Aircraft, each Airframe, each
Engine, each Rotor, and each Rotor Blade in such operating condition as may be necessary to enable the airworthiness certification of each Aircraft to be maintained in good standing at all times under the applicable rules and regulations of the FAA,
except when all aircraft of the same type, model or series as such Airframe (powered by engines of the same type as those with which such Airframe shall be equipped at the time of grounding) have been grounded by the FAA, and (2) the same
standards Grantor uses with respect to similar aircraft of similar size in its fleet operated (whether owned or leased) by Grantor in similar circumstances. Nothing herein shall be deemed to prevent Grantor from taking any Aircraft out of service
for maintenance or modifications permitted hereunder or storage in accordance with applicable FAA requirements and sound practice for such storage. Grantor shall maintain and update in a timely fashion all records, logs and other documents required
by the FAA or any other Government Authority having jurisdiction to be maintained in respect of the Aircraft and such records, logs and other documents shall be kept in the English language. Grantor further agrees that the Aircraft, Airframes,
Engines, Rotors, and Rotor Blades will be maintained, used, serviced, repaired, overhauled or inspected in compliance with Applicable Law with respect to the maintenance of the Aircraft and compliance with each applicable airworthiness certificate,
license and registration relating to such Collateral issued by the FAA. Grantor shall comply with all airworthiness directives from the FAA and all mandatory service bulletins issued from any Manufacturer or Engine Manufacturer. 

(h) Replacement of Parts. 
 Except as otherwise provided in the proviso to the third sentence of Section 3.3(j) or if an Airframe or an Engine to which a Part relates has suffered an Event of Loss, Grantor, at its own cost and
expense, will promptly replace all Parts that may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, in the ordinary
course of maintenance, service, repair, overhaul or testing, Grantor, at its own cost and expense, may remove any Parts, whether or not worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for
use, provided that Grantor, at its own cost and expense, shall, except as otherwise provided in the proviso to the third sentence of Section 3.3(j), replace such Parts as promptly as practicable with replacement Parts. All replacement
Parts shall be free and clear of all Liens except for Permitted Liens and shall be in as good operating condition as, and shall have a value and utility at least equal to, the Parts replaced assuming such replaced Parts were in the condition and
repair required to be maintained by the terms hereof. 
 Except in respect of any Part that Grantor may remove from an Airframe,
an Engine, a Rotor, or a Rotor Blade as provided in the proviso to the third sentence of Section 3.3(j), all Parts at any time removed from an Airframe, an Engine, a Rotor, or a Rotor Blade shall remain the property of Grantor and subject to
this Security Agreement, no matter where located, until such time as such Parts shall be replaced by Parts that have been incorporated or installed in or attached to an Airframe, Engine, a Rotor, or a Rotor Blade and that meet the requirements for
replacement Parts specified in the first paragraph of this Section 3.3(h). Immediately upon any replacement Part becoming incorporated or installed in or attached to an Airframe, Engine, Rotor, or a Rotor Blade as provided in this
Section 3.3(h), without further act, (i) title to the replaced Part shall be free and clear of all rights of Agent and such Part shall no longer be deemed a Part hereunder; (ii) title to such replacement Part shall thereupon vest in
Grantor; and (iii) such replacement Part shall become subject to the Lien of this Security Agreement and be deemed part of such Airframe, Engine, Rotor, or Rotor Blade as the case may be, for all purposes hereof to the same extent as the Parts
originally incorporated or installed in or attached to such Airframe, Engine, Rotor, or Rotor Blade. 

  
 9 

 (i) Intentionally Omitted. 

(j) Alterations, Modifications and Additions. 
 Grantor, at its own expense, shall make (or cause to be made) alterations and modifications in and additions to any Airframe, any Engine, any Rotor, or any Rotor Blade as may be required to be made from
time to time by Applicable Law and to meet applicable standards of any airworthiness directives or any other standard of the FAA and any mandatory service bulletins of the applicable Manufacturer or the applicable Engine Manufacturer or in order to
maintain the insurance required under Section 3.3(k) regardless of upon whom such requirements are, by their terms, nominally imposed; provided that Grantor may, in good faith and by appropriate procedure, contest the validity or
application of any such standard in any reasonable manner which does not adversely affect the interests of Agent and does not involve any risk (other than a de minimis risk) of sale, forfeiture or loss of any Aircraft, any Airframe, any
Engine, any Rotor, any Rotor Blade, or the Lien of this Security Agreement thereupon, any material risk of civil penalty or any risk of criminal liability being imposed on Agent, any other member of the Lender Group, or any Bank Product Provider. In
addition, Grantor, at its own expense, may from time to time make or cause to be made such alterations and modifications in and additions to any Airframe, any Engine, any Rotor, or any Rotor Blades as Grantor may deem desirable in the proper conduct
of its business including, without limitation, removal of Parts which Grantor deems are obsolete or no longer suitable or appropriate for use in such Aircraft, such Airframe, such Engine, such Rotors, or such Rotor Blades, provided further
that no such alteration, modification or addition diminishes the value, utility, estimated residual value (with respect to the applicable Airframe only), condition, remaining useful life or airworthiness of such Airframe, such Engine, such Rotor, or
such Rotor Blade below the value, utility, estimated residual value, condition, remaining useful life or airworthiness thereof immediately prior to such alteration, modification or addition, assuming such Airframe, Engine, Rotor, or Rotor Blade was
then in the condition required to be maintained by the terms of this Security Agreement, except that the value (but not the utility, estimated residual value, condition, remaining useful life or airworthiness) of the Aircraft may be reduced by the
value of Parts which Grantor has removed as permitted above. All Parts incorporated or installed in or attached or added to any Airframe, any Engine, any Rotor, or any Rotor Blade as the result of any alteration, modification or addition effected by
Grantor shall become the property of Grantor and, without further act, subject to the Lien of this Security Agreement and shall be free and clear of any other Liens except Permitted Liens, provided that Grantor may remove any such Part from
the Airframe, any Engine, any Rotor, or any Rotor Blade if (i) such Part is in addition to, and not in replacement of or in substitution for, any Part originally incorporated or installed in or attached to such Airframe, such Engine, such
Rotor, or such Rotor Blade at the time of delivery thereof hereunder or any Part in replacement of, or in substitution for, any such original Part, (ii) such Part is not required to be incorporated or installed in or attached or added to such
Airframe or such Engine pursuant to the terms of Section 3.3(g) or the first sentence of this Section 3.3(j) or pursuant to the terms of any insurance policies required to be carried hereunder or under any Applicable Law and
(iii) such Part can be removed from such Airframe, such Engine, such Rotor, or such Rotor Blade without diminishing or impairing the value, condition, utility, estimated residual value, remaining useful life or airworthiness which such
Airframe, Engine, Rotor, or Rotor Blade would have had at the time of removal had such alteration, modification or addition not been effected by Grantor assuming such Aircraft was otherwise maintained in the condition required by this Security
Agreement. Upon the removal by Grantor of any such Part as above provided, title thereto shall, without further act, remain in Grantor, free and clear of all rights of Agent and such Part shall no longer be deemed a Part hereunder. 

(k) Insurance. 
 (i) General Requirements 

  
 10 

 Grantor shall at all times, at its own cost and expense, cause policies of insurance in such
form, of such type and with financially sound insurers satisfactory to Agent, to be procured and maintained on or in respect of each Aircraft and Engine, as follows: (1) comprehensive aircraft liability insurance complying with all applicable
regulatory requirements and covering all risks which Grantor may incur by reason of the use or operation of the Aircraft in or over any area (including, without limitation, contractual, bodily injury, passenger, public and property damage liability)
with respect to each Aircraft in an amount not less than the greater of (A) $50,000,000 per occurrence or (B) the amounts of comprehensive aviation liability insurance from time to time applicable to aircraft operated by Grantor (whether
owned or leased) of the type of such Aircraft; (2) cargo liability insurance with respect to each Aircraft; (3) all-risk ground and flight aircraft hull insurance covering each Aircraft in motion and not in motion, and fire and extended
coverage and all-risk property damage insurance covering each Engine and all other items of equipment while removed from an Airframe, in an amount not less than the lesser of $10,000,000 per item of equipment or the scheduled appraised fair market
value thereof; and (4) such other insurance against other risks as is usually carried by a Person engaged in the same business as Grantor. All such insurance shall be maintained with insurers acceptable to Agent and shall be in a form and on
terms acceptable to Agent, and Grantor shall provide evidence of compliance with the insurance requirements outlined herein in accordance with section 3.3(k)(v). 
 (ii) Additional Insureds, Etc. 
 All insurance policies required hereunder shall
(1) require 30 days’ prior written notice of cancellation, non-renewal or material change in coverage to Agent (any such cancellation, non-renewal or change, as applicable, not being effective until the thirtieth (30th) day after the
giving of such notice); (2) name the Agent and the Additional Insureds as additional insureds under the public liability policies and name Agent as loss payee under the physical damage insurance policies (and any such proceeds paid to Agent
shall be held and distributed in the manner provided in Section 3.3(k)(iv) and the other provisions hereof); (3) not require contributions from other policies held by the Additional Insureds; (4) waive any right of subrogation against
the Additional Insureds; (5) in respect of any liability of any of the Additional Insureds, except for the insurers’ salvage rights in the Event of Loss, waive the right of such insurers to set-off, to counterclaim or to any other
deduction, whether by attachment or otherwise, to the extent of any monies due the Additional Insureds under such policies; (6) not require that any of the Additional Insureds pay or be liable for any premiums with respect to such insurance
covered thereby; (7) be in full force and effect throughout any geographical areas at any time traversed by any Airframe or Engine; (8) contain a clause requiring the insurer, upon notice of the same, to name any assignee of an Additional
Insured’s interest as an additional insured and a loss payee; (9) shall provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each
Additional Insured; and (10) with respect to physical damages policies only, contain breach of warranty provisions providing that, in respect of the interests of the Additional Insureds in such policies, the insurance shall not be invalidated
by any action or inaction of Grantor or any other person (other than an Additional Insured, as to itself only) and shall insure the Additional Insureds regardless of any breach or violation of any warranty, declaration or. condition contained in
such policies by Grantor or by any other person (other than an Additional Insured, as to itself only). 
 (iii) War and Allied
Perils Insurance. 
 With respect to each Aircraft operated outside the continental United States, Grantor shall maintain, and
supply Agent proof of, war and allied perils insurance for all locations that such Aircraft travels to and through, which covers the perils of (1) war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war,
rebellion, revolution, insurrection, martial law, military or usurped power or attempts at usurpation of power, (2) strikes, riots, civil commotions or labor disturbances, (3) any act of one or more persons, whether or not agents of a
sovereign power, for political 

  
 11 

 
or terrorist purposes and whether the loss or damage resulting therefrom is accidental or intentional, (4) any malicious act or act of sabotage, (5) confiscation, nationalization,
seizure, restraint, detention, appropriation, requisition for title or use by or under the order of any government (whether civil, military or de facto) or public or local authority and (6) hijacking, or any unlawful seizure or wrongful
exercise of control of the Aircraft or crew in flight (including any attempt at such seizure or control) made by any person or persons on board the Aircraft acting without the consent of Grantor. 

(iv) Application of Insurance Proceeds. 
 Subject to Section 3.4(g), as between Agent and Grantor, any payments received under policies of hull or other property insurance required to be maintained by Grantor pursuant to
Section 3.3(k)(i) and any payments received in respect of any condemnation awards, shall be applied as follows: 
 (A) in respect of any property damage or loss not constituting an Event of Loss, such payments shall be paid over to and held in a deposit account for which Agent is the depository bank or that is subject
to a Control Agreement in favor of Agent, and shall be applied to pay (or to reimburse Grantor) for repairs or for replacement property effected or obtained in accordance with Sections 3.3(g) and (h), and any balance remaining after such repairs or
replacement with respect to such damage or loss shall be paid over to Agent, and applied by Agent in accordance with the priority of payments set forth in Section 2.4(b) of the Credit Agreement; 

(B) in respect of any property damage or loss constituting an Event of Loss, for which Grantor does not elect, pursuant to
Section 3.4(a)(i), to provide a Replacement Airframe (together with the same number of Replacement Engines as the number of Engines, if any, which were subject to such Event of Loss), such payments shall be paid over to Agent, and applied by
Agent in accordance with the priority of payments set forth in Section 2.4(b) of the Credit Agreement; 

(C) in respect of any property damage or loss constituting an Event of Loss, for which Grantor does elect, pursuant to
Section 3.4(a)(i), to provide a Replacement Airframe (together with the same number of Replacement Engines as the number of Engines, if any, which were subject to such Event of Loss), such payments shall be paid over to and held in a deposit
account for which Agent is the depository bank or that is subject to a Control Agreement in favor of Agent, and shall be applied to pay (or to reimburse Grantor) for such Replacement Airframe and Replacement Engines, and any remaining amounts shall
be paid over to Agent, and applied by Agent in accordance with the priority of payments set forth in Section 2.4(b) of the Credit Agreement; 
 (v) Reports, etc. 
 Grantor will furnish to Agent (A) on or prior to the date
of execution of the Security Agreement Supplement that includes hereunder the Airframe or Engine to which such insurance relates, insurance certificates describing in reasonable detail the insurance maintained by Grantor as required pursuant to this
Section 3.3(k), (B) prior to the cancellation, lapse or expiration of the insurance policies required pursuant to this Section 3.3(k), evidence of renewal of such insurance policies, and (C) on or prior to the date of execution
of the Security Agreement Supplement that includes hereunder the Airframe or Engine to which such insurance relates and on or before the renewal dates of the insurance policies carried by Grantor pursuant to this Section 3.3(k), a report signed
by a firm of aircraft insurance brokers, not affiliated with Grantor, appointed by Grantor and reasonably satisfactory to Agent, stating the opinion of such firm that all premiums in connection with the insurance then due have been paid and the
insurance 

  
 12 

 
then carried and maintained on each Aircraft complies with the terms hereof and, in the case of renewal insurance, that such renewal insurance will on and after the effective date thereof so
comply with the terms hereof. Grantor will instruct such firm to give prompt written advice to Agent (1) of such firm’s receipt of any notice of cancellation of the insurance policies, or notice of a change in the insurance policies which
would, in such firm’s judgment, adversely change the statements set forth in the insurance certificates described in clause (A) of this Section 3.3(k)(v), (2) if any premiums are not paid to such firm by Grantor as agreed between
Grantor and the applicable insurer(s), after giving effect to the procedures and/or terms that exist between such insurer(s) and such firm from time to time regarding the payment of premiums, (3) upon application by Agent, of the premium
payment situation, (4) if such firm ceases to be the insurance broker to Grantor, (5) within fourteen (14) days following such firm’s receipt of a written request from Agent not later than one month before expiration of the
insurance policies, if such firm has not received renewal instructions from Grantor, and (6) of any other act or omission on the part of Grantor of which it has knowledge and which would in such firm’s opinion invalidate or render
unenforceable, in whole or in any material part, any insurance on any Aircraft. Grantor will also instruct such firm to advise Agent in writing at least 30 days prior to the termination or cancellation of, or material adverse change in, such
insurance carried and maintained on each Aircraft pursuant to this Section 3.3(k) (or such lesser period as may be applicable in the case of war risk coverage). 
 (vi) Right to Pay Premiums. 
 Agent, as agent for and on behalf of itself and the
Additional Insureds shall have the rights but not the obligations of an additional named insured. None of Agent, any other member of the Lender Group, any Bank Product Provider or any other Additional Insureds shall have any obligation to pay any
premium, commission, assessment or call due on any such insurance (including reinsurance). Notwithstanding the foregoing, in the event of cancellation of any insurance due to the nonpayment of premiums, each of Agent, the Lenders and the other
Additional Insureds shall have the option, in its sole discretion, to pay any such premium in respect of each Aircraft that is due in respect of the coverage pursuant to this Security Agreement and to maintain such coverage, as Agent, the Lenders or
the other Additional Insureds may require, until the scheduled expiry date of such insurance and, in such event, Grantor shall, upon demand, reimburse Agent, the Lenders and the other Additional Insureds for amounts so paid by them. 

(l) Holding Out. 
 Grantor agrees that it and the other Loan Parties and their respective Subsidiaries will not at any time represent or hold out any Lender, any Bank Product Provider or Agent or any Affiliate of any of
them (and will use its commercially reasonable efforts to ensure that no Lender, no Bank Product Provider, Agent, or any Affiliate of any of them is at any time represented or held out by any other Affiliate) as being in any way connected or
associated with any operation of any Airframe, any Engine, any Rotor, any Rotor Blade, or any Part or any other operations or carriage undertaken by Grantor. 
 (m) No Pledging of Credit. 
 Grantor is not authorized to, and agrees that
it will not purport to, pledge the credit of Agent, any Lender, or any Bank Product Provider for any maintenance, service, repairs, or overhauls of, modifications to, or changes or alterations in, any Airframe, any Engine, any Rotor, any Rotor
Blade, or any Part, or for any other purpose whatsoever. 

  
 13 

 Section 3.4 Loss, Destruction, Requisition, Etc. 

(a) Event of Loss with Respect to any Airframe. 
 Upon the occurrence of an Event of Loss with respect to any Airframe, Grantor shall forthwith (and in any event within 5 Business Days after such occurrence) give Agent notice of such Event of Loss.
Grantor shall, within 60 days after such occurrence, give Agent written notice of its election to perform one of the following options (it being agreed that if Grantor shall not have given Agent such notice of such election, Grantor shall be deemed
to have elected to perform the option identified in the following clause (ii)): 
 (i) subject to the satisfaction of the
conditions contained in Section 3.4(d), on a date not more than 12 months (for any Sikorsky S64 aircraft) or 90 days (for any other aircraft) after the occurrence of the Event of Loss (or, if earlier, the Maturity Date), cause to be subjected
to the Lien of this Security Agreement a Replacement Airframe (together with the same number of Replacement Engines as the number of Engines, if any, which were subject to such Event of Loss), such Replacement Airframe and Replacement Engines to be
free and clear of all Liens except Permitted Liens and to have a remaining useful life, estimated residual value, value and utility at least equal to the Airframe and Engines, if any, so replaced (assuming such Airframe and Engines were in the
condition and repair required by the terms hereof) and to be an airframe that is the same model and same or later vintage as the Airframe to be replaced thereby, or an improved model; provided that, if Grantor shall not perform its obligation
to effect such replacement under this clause (i) during the 12-month or 90-day period of time, as applicable, provided herein (or, if earlier, the Maturity Date), it shall give Agent notice to such effect upon or before the expiration of such
period of time and shall promptly pay on the thirtieth (30th) day after the date of such notice to Agent (or, if earlier, the Maturity Date), in immediately available funds, the amount specified in clause (ii) below; or 

(ii) pay or cause to be paid to Agent, in immediately available funds, on a date specified at least 30 days in advance by Grantor not
later than the earlier to occur of 90 days after the occurrence of the Event of Loss or 3 days following receipt of insurance proceeds in respect of such Event of Loss, an amount equal to the most recently determined appraised value of such
Aircraft. 
 Anything in this Section 3.4(a) to the contrary notwithstanding, any payments received under any insurance policies
shall, within 3 days of receipt thereof, be applied in accordance with Section 3.3(k)(iv). 
 (b) Effect of
Replacement. 
 Should Grantor have (i) provided a Replacement Airframe (together with the same number of Replacement
Engines as the number of Engines, if any, which were subject to the Event of Loss) as provided for in Section 3.4(a)(i), (A) this Security Agreement shall continue with respect to such Replacement Airframe (together with the same such
Replacement Engines and any remaining Engines not subject to such Event of Loss) as though no Event of Loss had occurred; (B) Agent shall, at the expense of Grantor, release from the Lien of this Security Agreement the replaced Airframe and the
replaced Engine or Engines, if any, installed on the Airframe upon the occurrence of the Event of Loss and subject thereto by executing and delivering to Grantor such documents and instruments as Grantor may reasonably request to evidence such
release (and Agent shall discharge or consent to the discharge of the registration of the International Interest in such replaced Airframe and replaced Engine or replaced Engines vested in Agent pursuant to this Security Agreement); and
(C) Grantor shall be entitled to receive all insurance proceeds and proceeds from any award in respect of condemnation, confiscation, seizure or requisition, including any investment interest thereon, to the extent not previously applied to the
purchase price of the Replacement Aircraft as provided in Sections 3.3(k)(iv)(C) and 3.4(e)(i), and (ii) paid the most recently determined appraised value of such Aircraft, Agent shall, at the expense of Grantor, release from the Lien of this
Security Agreement any Airframe and any Engine that Grantor sells, transfers, or 

  
 14 

 
otherwise assigns to a third party (including any transfer of such Airframe and any such Engines to insurers in consideration of such insurers’ payment of all or a portion of the most
recently determined appraised value of the Aircraft under policies of hull or other property insurance required to be maintained by Grantor pursuant to Section 3.3(k(i)) and that is installed on such Airframe upon the occurrence of the Event of
Loss and subject thereto by executing and delivering to Grantor such documents and instruments as Grantor may reasonably request to evidence such release (and Agent shall discharge or consent to the discharge of the registration of the International
Interest in such Airframe and Engine or Engines vested in Agent pursuant to this Security Agreement). 
 (c) Effect of
Payment. 
 In the event of the payment in full of the Secured Obligations, (i) this Security Agreement and the
obligations of Grantor hereunder shall terminate, (ii) any remaining insurance proceeds, including any investment interest thereon, shall be promptly paid over to Grantor; and (iii) Agent, at the expense of Grantor, shall release from the
Lien of this Security Agreement the Airframe or Airframes and the Engine or Engines, if any, installed on such Airframe upon the occurrence of the Event of Loss by executing and delivering to Grantor such releases and other documents and instruments
as Grantor may reasonably request to evidence such release (and Agent shall discharge or consent to the discharge of the registration of the International Interest in such Airframe and Engine or Engines vested in Agent pursuant to this Security
Agreement). 
 (d) Conditions to Airframe Replacement. 

Grantor’s right to substitute a Replacement Airframe (and Replacement Engines, if applicable) as provided in Section 3.4(a)(i)
shall be subject to the fulfillment, at Grantor’s sole cost and expense, in addition to the conditions contained in such Section 3.4(a)(i), of the following conditions precedent: 

(i) On the date when the Replacement Airframe (and Replacement Engines, if applicable) are subjected to the Lien of this Security
Agreement (such date being referred to in this Section 3.4(d) as the “Replacement Closing Date”), no Event of Default shall have occurred and be continuing and Agent shall have received an Officer’s Certificate so
certifying; 
 (ii) On the Replacement Closing Date the following documents shall have been duly authorized, executed and
delivered by the respective party or parties thereto and shall be in full force and effect, and an executed counterpart of each thereof shall have been delivered to Agent and the Lenders: 

(A) a Security Agreement Supplement covering the Replacement Airframe (and Replacement Engines, if applicable), which
shall have been duly filed for recordation or otherwise duly made of record with the FAA and the International Registry; 
 (B) such Uniform Commercial Code financing statements as are deemed necessary or desirable by counsel for Agent to perfect Agent’s interests in the Replacement Airframe (and Replacement Engines, if
applicable); and 
 (C) an Officer’s Certificate of Grantor certifying that (i) the Replacement
Airframe (and Replacement Engines, if applicable) is an aircraft of the same or a more advanced model, is in as good operating condition as, and has a value, remaining useful life, estimated residual value and utility at least equal to, the Airframe
(and Replacement Engines, if applicable) it replaces, assuming such Airframe (and Replacement Engines, if applicable) had been 

  
 15 

 
maintained in the condition required hereunder, and (ii) in the event the Event of Loss occurs after the third anniversary of the date that such Airframe becomes subject to Agent’s Lien
hereunder, the Replacement Aircraft shall have no more than 105% of the total hours of operation, as compared to the Airframe it replaces. 
 (iii) On or before the Replacement Closing Date, Agent (acting directly or by authorization to its special counsel) shall have received such documents and evidence with respect to Grantor, Agent or the
Lenders, as Agent or its special counsel may reasonably request in order to establish the consummation of the transactions contemplated by Section 3.4(a)(i) and this Section 3.4(d), the taking of all necessary corporate action in
connection therewith and compliance with the conditions set forth in this Section 3.4(d), in each case in form and substance reasonably satisfactory to Agent and the Lenders; 

(iv) Agent (acting directly or by authorization to its special counsel) shall have received satisfactory evidence as to the compliance
with Section 3.3(k) hereof with respect to the Replacement Aircraft; 
 (v) On the Replacement Closing Date, (A) the
Replacement Airframe (and Replacement Engines, if applicable) shall be duly subjected to the Lien of this Security Agreement free and clear of Liens (other than Permitted Liens) and there shall have been registered with the International Registry a
sale to Grantor of such Replacement Airframe (and Replacement Engines, if applicable) and the International Interest for the benefit of Agent under this Security Agreement and the Security Agreement Supplement referred to in clause (ii)(A) above and
(B) the Replacement Airframe (and Replacement Engines, if applicable) shall have been duly certified by the FAA as to type and airworthiness in accordance with the terms of this Security Agreement, and (C) application for registration of
the Replacement Airframe in accordance with Section 3.3(a) shall have been duly made with the FAA; 
 (vi) Agent shall have
received (A) an appraisal reasonably satisfactory to it with respect to the Replacement Airframe (and Replacement Engines, if applicable) and (B) chain of title evidence for each Replacement Engine in form satisfactory to Agent (which may
include bills of sale or, in the absence of a bill of sale, an invoice listing the serial number for such Replacement Engine, from the manufacturer of such Engine to Grantor); 
 (vii) Agent, for the benefit of the Lender Group and the Bank Product Providers, shall have received (acting directly or by authorization to its special counsel) (A) an opinion, satisfactory in form
and substance to Agent, of counsel to Grantor to the effect that (x) the Security Agreement Supplement referred to in clause (ii)(A) above constitutes an effective instrument for the subjection of the Replacement Airframe and Replacement
Engines, if any, to the Lien of this Security Agreement, all documents executed and delivered by Grantor pursuant to this Section 3.4(d) have been duly authorized, executed and delivered by Grantor and constitute legal, valid and binding
obligations of, and are enforceable against, Grantor in accordance with their respective terms; and (B) an opinion of qualified FAA counsel, with a supporting priority search certificate, as to the registration with the International Registry
referred to above and the due recordation of the Security Agreement Supplement and all other documents or instruments with the FAA, the International Registry, or such other agency or registrar, the recordation of which is necessary to perfect and
protect the rights of Agent in the Replacement Aircraft, or, in the case of counsel in another jurisdiction, the taking of all action necessary in such jurisdiction for such purposes; and 

(viii) Grantor shall reimburse Agent and the Lender Group for all reasonable out-of-pocket costs (including reasonable attorneys’
fees) incurred by them in connection with any substitution of a Replacement Aircraft pursuant to this Section 3.4. 

  
 16 

 (e) Non-Insurance Payments Received on Account of an Event of Loss. 

As between Agent and Grantor, any payments on account of an Event of Loss (other than insurance proceeds, condemnation awards, or other
payments the application of which is provided for in this Section 3.4, or elsewhere in this Security Agreement, as the case may be, or payments in respect of damage to the business or property of Grantor) with respect to any Aircraft, any
Engine, any Rotor Blade, any Rotor, or any Part received at any time by Agent or by Grantor from any governmental authority or other Person will be applied as follows: 
 (i) in respect of any property damage or loss constituting an Event of Loss, for which Grantor does not elect, pursuant to Section 3.4(a)(i), to provide a Replacement Airframe (together with the same
number of Replacement Engines as the number of Engines, if any, which were subject to such Event of Loss), such payments shall be paid over to Agent and applied by Agent in accordance with the priority of payments set forth in Section 2.4(b) of
the Credit Agreement; and 
 (ii) in respect of any property damage or loss constituting an Event of Loss, for which Grantor
does elect, pursuant to Section 3.4(a)(i), to provide a Replacement Airframe (together with the same number of Replacement Engines as the number of Engines, if any, which were subject to such Event of Loss), such payments shall be paid over to
and held in an account for which Agent is the depository bank or that is subject to a Control Agreement in favor of Agent, and shall be applied to pay (or to reimburse Grantor) for such Replacement Airframe and Replacement Engines, and any remaining
amounts shall be applied in accordance with the priority of payments set forth in Section 2.4(b) of the Credit Agreement. 

(f) Requisition for Use. 
 In the event of a requisition for use by any government of the Airframes and the Engines, if any, or engines installed on any Airframe, Grantor shall promptly notify Agent of such requisition and, if the
same does not constitute an Event of Loss, all of Grantor’s obligations under this Security Agreement shall continue to the same extent as if such requisition had not occurred except to the extent that the performance or observance of any
obligation by Grantor shall have been prevented or delayed by such requisition, provided that Grantor’s obligations for the payment of money and under Section 3.3(k) (except, in the case of Section 3.3(k), while an assumption
of liability by the Government of the United States of the scope referred to in Section 3.3(e) is in effect) shall not be reduced, delayed or affected by such requisition. Any payments received by Agent or Grantor from such government with
respect to the use of such Airframe or Engines shall be paid over to, or retained by, Grantor; provided that, if such requisition constitutes an Event of Loss, then all of such payments shall be paid over to Agent (so long as the Lien of this
Security Agreement has not been duly discharged), and held and applied as provided in Section 3.4(e). In the event of an Event of Loss of an Engine resulting from the requisition for use by a government of such Engine (but not the Airframes (or
any of them)), Grantor will replace such Engine hereunder by complying with the terms of Section 3.4(h) and any payments received by Agent or Grantor from such government with respect to such requisition shall be paid over to, or retained by,
Grantor. 
 (g) Certain Payments to be Held As Security. 

Any amount referred to in this Section 3.4 or Section 3.3(k) hereof which is payable to Grantor shall not be paid to Grantor,
or, if it has been previously paid directly to Grantor, shall not be 

  
 17 

 
retained by Grantor, if at the time of such payment a payment Default or any Event of Default shall have occurred and be continuing, but shall be paid to and held by Agent as security for the
Secured Obligations, unless and until applied by Agent to the Secured Obligations and at such time as there shall not be continuing any such payment Default or Event of Default, such amount and any gain realized as a result of Permitted Investments
required to be made pursuant to Section 3.8 shall to the extent not so applied be paid over to Grantor. 
 (h)
Substitution of Engines. 
 So long as no Event of Default shall have occurred and be continuing, Grantor shall have the
right at its option at any time, on at least 30 days’ prior notice to Agent, to subject to the Lien of this Security Agreement, and if an Event of Loss shall have occurred with respect to an Engine under circumstances in which there has not
occurred an Event of Loss with respect to any Airframe, shall within 60 days of the occurrence of such Event of Loss and on at least five (5) Business Days’ prior notice to Agent shall subject to the Lien of this Security Agreement, a
Replacement Engine for any Engine not then installed or held for use on such Airframe. In such event, immediately upon the effectiveness thereof on the date set forth in such notice and without further act, (i) the Replacement Engine shall be
subjected to the Lien of this Security Agreement free and clear of all other Liens (other than Permitted Liens), and there shall have been registered with the International Registry a sale to Grantor of such Replacement Engine and the International
Interest for the benefit of Agent under this Security Agreement and the Security Agreement Supplement referred to in clause (i)(A) below, (ii) the replaced Engine shall, at the expense and request of Grantor, be released from the Lien of this
Security Agreement and shall no longer be deemed an Engine hereunder, and (iii) such Replacement Engine shall be deemed part of the Aircraft for all purposes hereof to the same extent as the Engine originally installed on or attached to such
Airframe. Upon the substitution of a Replacement Engine, the following conditions shall be satisfied at Grantor’s sole cost and expense and the parties agree to cooperate with Grantor to the extent necessary to enable it to timely satisfy such
conditions: 
 (i) the following documents shall be duly authorized, executed and delivered by the respective party or parties
thereto, and an executed counterpart of each shall be delivered to Agent: 
 (A) a Security Agreement Supplement
covering the Replacement Engine, which shall have been duly filed for recordation with the FAA and made of record with the International Registry; 
 (B) such Uniform Commercial Code financing statements as are deemed necessary or desirable by counsel for the Agent to protect Agent’s interests in the Replacement Engine; 

(C) an Officer’s Certificate of Grantor certifying that (i) in the case of a voluntary replacement only, no
Event of Default shall have occurred and be continuing and (ii) (x) in the case of a voluntary replacement, the Replacement Engine has at least the same number of hours or cycles (whichever is applicable) of operation on such Replacement
Engine remaining until the next scheduled life limited part replacement as the Engine it replaces, assuming such Engine had been maintained in the condition required hereunder; or (y) in the case of a mandatory replacement, Grantor has not
discriminated in its selection of the Replacement Engine (based on the financed status of such Aircraft); 
 (D)
an opinion of qualified FAA counsel, with a supporting priority search certificate, as to the registrations with the International Registry referred to above and the due 

  
 18 

 
recordation of the Security Agreement Supplement and all other documents or instruments the recordation with the FAA, the International Registry, or other registrar or agency, of which is
necessary to perfect and protect the rights of Agent in the Replacement Engine; 
 (E) to the extent that an
engine warranty in respect of such Replacement Engine is available to Grantor, an engine warranty assignment covering such Replacement Engine and a consent to such engine warranty assignment in such form and substance satisfactory to Agent;

 (F) chain of title evidence for such Replacement Engine in form satisfactory to Agent (which may include bills
of sale or, in the absence of a bill of sale, an invoice listing the serial number for such Replacement Engine, from the manufacturer of such Engine to Grantor); and 

(G) evidence that the insurance requirements of Section 3.3(k) with respect to an Engine are satisfied and that the
insurance covering such Replacement Engine shall be of the type usually carried by Grantor with respect to similar engines, and covering risks of the kind customarily insured against by Grantor; and 

(ii) Grantor shall furnish (or cause to be furnished to) Agent, for the benefit of the Lender Group and the Bank Product Providers, with
an opinion, reasonably satisfactory in form and substance to Agent, of Grantor’s counsel to the effect that such documents reasonably requested by Agent or the Lenders are sufficient to subject such Replacement Engine to the Lien of this
Security Agreement. 
 Upon satisfaction of all conditions to such substitution, (x) Agent shall, at the expense of
Grantor, execute and deliver to Grantor such documents and instruments as Grantor shall reasonably request to release of the replaced Engine from the Lien of this Security Agreement (and Agent shall discharge or consent to the discharge of the
registration of the International Interest in such replaced Engine vested in Agent pursuant to this Security Agreement), and (y) Grantor shall be entitled to receive all insurance proceeds and proceeds in respect of any Event of Loss giving
rise to such replacement to the extent not previously applied to the purchase price of the Replacement Engine as provided in Sections 3.3(k)(iv)(A) and 3.4(e)(ii). 
 Section 3.5 Agreement Regarding Engines. 
 Agent hereby agrees for the
benefit of agent or secured party of any engine (other than any Engine) or of any airframe (other than any Airframe) leased to Grantor or purchased by Grantor subject to a conditional sale or other security agreement, which lease or conditional sale
or other security agreement (in the case of any such airframe) also covers an engine or engines owned by agent under such lease or subject to a security interest in favor of the secured party under such conditional sale or other security agreement,
that Agent will not acquire or claim, as against such agent or secured party, any right, title or interest in any such engine as the result of such engine being installed on any Airframe at any time while such engine is owned by such agent or is
subject to such conditional sale or other security agreement or security interest in favor of such secured party. 

Section 3.6 Quiet Enjoyment. 
 Agent, on behalf of the Lender Group and Bank Product Providers, covenants that, as long as no Event of Default has occurred and is continuing, Grantor’s possession, use and quiet enjoyment of each
Aircraft in accordance with and subject to the provisions of this Security Agreement and the Credit Agreement shall not be interrupted by Agent, the other members of the Lender Group, or any Bank Product Provider (or any Person lawfully claiming
through Agent, the other members of the Lender Group, or the Bank Product Providers). 

  
 19 

 Section 3.7 Inspection. 

At all reasonable times and intervals as Agent may designate and, so long as no Default or Event of Default has occurred and is
continuing, with reasonable prior notice to Grantor and during regular business hours, Agent or its authorized representatives may at their own expense and risk (unless an Event of Default shall have occurred and be continuing, in which event
Grantor shall bear such expense and risk) conduct a visual walk-around inspection of any Aircraft and any Engine (including a visual walk-around inspection of any Aircraft during any “C” check or other heavy maintenance) and may inspect
the books and records of Grantor relating to the operation and maintenance thereof and Grantor shall provide copies of such books and records to Agent or its authorized representatives at its or their reasonable request; provided that
(a) such representatives shall be fully insured to the reasonable satisfaction of Grantor by Agent or the Lenders with respect to any risks incurred in connection with any such inspection, (b) any such inspection shall be subject to the
safety, security and workplace rules applicable at the location where such inspection is conducted and any applicable governmental rules or regulations, and (c) in the case of an inspection during a maintenance visit, such inspection shall not
interfere with the normal conduct of such maintenance visit or extend the time required for such maintenance visit or, in any event, at any time interfere with the use or operation of any Airframe or any Engine or with the normal conduct of
Grantor’s business. 
 In addition to any inspection as provided hereunder, upon each request of Agent to Grantor made not
more than two times in a calendar year, Grantor will make available to Agent or such Lender information with respect to the cycles and hours of operation of the Airframes and Engines and the status of the time controlled components of the Engines.

 If requested by Agent, Grantor shall provide the date (if then scheduled) upon which any Airframe undergoes its next
scheduled major check and, with respect to any Engine, the next scheduled off such Airframe maintenance, and shall advise Agent and such Lender of the name and location (if then known) of the relevant maintenance performer. 

No liability or obligation will be incurred by Agent or any Lender, as the case may be, by reason of non-exercise by it of the inspection
rights referred to in this Section 3.7. Any viewing of any Aircraft by Agent, or any of its representatives, as the case may be, shall be for such Person’s information purposes only, and there shall be no inference or implication therefrom
that Grantor is in compliance with its obligations under the Credit Agreement or this Security Agreement. 
 Section 3.8
Additional Airframes and Engines. 
 So long as no Event of Default shall have occurred and be continuing, Grantor shall
have the right at its option at any time, on at least 30 days’ prior notice to Agent to, or otherwise if required by any Loan Document as and when so required, Grantor shall, subject to the Lien of this Agreement one or more additional
Airframes or Engines (“Additional Collateral”) as Collateral. In such event, immediately upon the effectiveness thereof on the date set forth in such notice or when so required, and without further act, the Additional Collateral
shall be subjected to the Lien created by this Agreement free and clear of Liens (other than Liens of Notes Collateral Agent). Upon the addition of an Additional Collateral, (a) Grantor shall satisfy at its sole cost and expense all
requirements set forth in Section 3.4(d) of this Agreement relative to such Additional Collateral as if it were Replacement Airframes and Replacement Engines to the extent applicable and excluding Section 3.4(d)(ii)(C), and
(b) Grantor shall execute and deliver to Agent such other documents and shall take such other actions as may be reasonably requested by Agent in connection with adding such Additional Collateral to the Lien of this Agreement. 

  
 20 

 Section 3.9 Permitted Foreign Transfers. Notwithstanding anything to the
contrary contained herein or in any other Loan Document, any Aircraft may be operated by Grantor in and located in foreign jurisdictions from time to time and, in connection therewith upon Grantor’s written request, made not less than 10 days
in advance, so long as no Default or Event of Default shall have occurred and be continuing (i) Agent shall permit the deregistration of such Aircraft to the extent the applicable foreign registration requirements prohibit registration in the
United States and (ii) Agent will, at Grantor’s expense, make or cause to be made any filings at the request of Grantor to cause Agent’s Lien in such Aircraft to be removed from the FAA registry so long as, immediately after giving
effect to consummation of the actions described in the foregoing clauses (i) and (ii) (the “Determination Date”), the ratio of (a) the Appraised Value of all Aircraft owned by the Loan Parties as of the Determination
Date and subject to a first priority perfected security interest in favor of Agent to secure the Secured Obligations to (b) the Appraised Value of all Aircraft owned by the Loan Parties as of the Determination Date would be at least 0.85 to
1.00. For the purposes of this Section 3.9, “Appraised Value” shall mean, as of any Determination Date, with respect to any Aircraft owned by the Loan Parties as of such Determination Date, the current market value of such
Aircraft as determined in an “extended desktop” appraisal conducted by a firm reasonably satisfactory to Agent, that is maintenance adjusted, that was completed not more than 1 year prior to such Determination Date. For the avoidance of
doubt, such appraisal shall be conducted in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) or in accordance with other procedures acceptable to Agent. 

SECTION 4. REMEDIES OF AGENT UPON AN EVENT OF DEFAULT 
 Section 4.1 Remedies with Respect to Collateral. (a) Remedies Available. Upon the occurrence of any Event of Default and at any time thereafter so long as the same shall be
continuing, this Security Agreement shall be in default, and Agent may, and upon the instruction of the Required Lenders shall, do one or more of the following but without any duty to account to Grantor with respect to such action or inaction:
(A) demand in writing that Grantor, at Grantor’s expense, deliver promptly, and Grantor shall deliver promptly, all or such part of any Airframe or any Engine or any other Collateral to Agent or its designee or, Agent, at its option, may
enter upon the premises where all or any part of any Airframe or any Engine or any other Collateral are located or are supposed to be located, search for Collateral and take immediate possession of and remove the same by summary proceedings or
otherwise, and without demand or notice or liability of any kind whatsoever; and/or (B) if at the time such action may be lawful and always subject to compliance with any mandatory legal requirements, either with or without taking possession,
and either before or after taking possession and without instituting any legal proceedings whatsoever, and having first given notice of such sale in accordance with the Guaranty and Security Agreement to Grantor at least 10 days prior to the date of
such sale, and any other notice which may be required by Law, sell and dispose of the Collateral, or any part thereof, or interest therein, free and clear of any rights or claims of Grantor, at public auction or private sale, in one lot as an
entirety or in separate lots, and either for cash or on credit and on such terms as Agent may determine, and at any place (whether or not it be the location of the Collateral or any part thereof) and time designated in the notice above referred to.
Any such sale may be adjourned from time to time by announcement at the time and place appointed for such sale, or for any such adjourned sale, without further notice, and Agent or a Lender may bid and become the purchaser at any such sale and each
Lender shall be entitled at any sale to credit against any purchase price bid at such sale by such Lender all or any part of any unpaid Secured Obligation owing to such Lender secured by the Lien of this Security Agreement; (C) hold, use,
operate, lease to others or keep idle all or any part of such Airframe or such Engine as Agent, in its sole discretion, may determine, all free and clear of any rights or claims of Grantor; and/or (D) exercise any or all of other rights and
powers and pursue any and all other remedies accorded to a secured party under Applicable 

  
 21 

 
Law or the Cape Town Convention, including to recover judgment in its own name as Agent against the Collateral and to take possession of all or any part of the Collateral, to exclude Grantor and
all Persons claiming under it wholly or partly therefrom, and including to exercise any other remedy of a secured party under the UCC (whether or not in effect in the jurisdiction in which enforcement is sought). 

If an Event of Default shall have occurred and be continuing, Agent may, in its sole discretion, from time to time, at the expense of
Grantor, make all such expenditures for maintenance, insurance, repairs, replacements, alterations, additions and improvements to and of the Collateral, as it may deem proper. In each such case, Agent shall have the right to maintain, use, operate,
store, lease, control or manage the Collateral and to exercise all rights and powers of Grantor relating to the Collateral in connection therewith, as Agent shall deem appropriate, including the right to enter into any and all such agreements with
respect to the maintenance, insurance, use, operation, storage, leasing, control, management or disposition of the Collateral or any part thereof as Agent may determine; and Agent shall be entitled to collect and receive directly all tolls, rents,
revenues, issues, income, products and profits of the Collateral and every part thereof. Such tolls, rents, revenues, issues, income, products and profits shall be applied to pay the expenses of use, operation, storage, leasing, control, management
or disposition of the Collateral, and of all maintenance, repairs, replacements, alterations, additions and improvements, and to make all payments which Agent may be required or may elect, to make, if any, for Taxes, insurance or other proper
charges assessed against or otherwise imposed upon the Collateral or any part thereof (including the employment of engineers and accountants to examine, inspect and make reports upon the properties and books and records of Grantor at the employment
of one or more Persons to remarket the Collateral for sale or lease or to otherwise manage the Collateral), and all other payments which Agent may be required or authorized to make under any provision of this Security Agreement, as well as just and
reasonable compensation for the services of Agent, and of all Persons engaged or employed by Agent. 
 If an Event of Default
shall have occurred and be continuing, at the request of Agent, Grantor shall promptly execute and deliver to Agent such instruments of title and other documents as Agent may deem necessary or advisable to enable Agent or an agent or representative
designated by Agent, at such time or times and place or places as Agent may specify, to obtain possession of all or any part of the Collateral to which Agent shall at the time be entitled hereunder, to change the registration of any Aircraft, to
deregister any Aircraft or otherwise to facilitate the exercise of the above-mentioned rights and remedies. Without limiting the foregoing, upon Agent’s request, Grantor shall execute and deliver to Agent an Irrevocable De-Registration and
Export Request Authorization (“IDERA”), the form of which is attached hereto as Exhibit B, for any Aircraft, and Agent may use or otherwise file, record, and/or register such IDERA as it may elect during the existence of
an Event of Default, provided that Agent shall give 3 days written notice to Grantor prior to using or otherwise filing, recording, and/or registering such IDERA. If Grantor shall for any reason fail to execute and deliver such instruments and
documents after such request by Agent, Agent may obtain a judgment conferring on Agent the right to immediate possession and requiring Grantor to execute and deliver such instruments and documents to Agent, to the entry of which judgment Grantor
hereby specifically consents to the fullest extent it may lawfully do so. 
 Nothing in the foregoing shall affect the right of
Agent, any other member of the Lender Group or any Bank Product Provider to receive all amounts owing to such Lender as and when the same may be due. 
 (b) Agent may proceed to protect and enforce this Security Agreement by suit or suits or proceedings in equity, at law or in bankruptcy, and whether for the specific performance of any covenant or
agreement herein contained or in execution or aid of any power herein granted; or for foreclosure hereunder, or for the appointment of a receiver or receivers for the Collateral or any part 

  
 22 

 
thereof, or for the recovery of judgment for the indebtedness secured by the Lien created under this Security Agreement or for the enforcement of any other proper, legal or equitable remedy
available under applicable law. 
 (c) Any proceeds received by Agent after the occurrence of an Event of Default shall be
applied by Agent in accordance with the priority of payments set forth in Section 2.4(b) of the Credit Agreement 

Section 4.2 Remedies Cumulative. To the maximum extent permitted by applicable law, each and every right, power and remedy
herein specifically given to Agent or otherwise in this Security Agreement shall be cumulative and shall be in addition to every other right, power and remedy herein specifically given or now or hereafter existing at law, in equity, by statute or by
the Loan Documents, and each and every right, power and remedy whether specifically herein given or otherwise existing may be exercised from time to time and as often and in such order as may be deemed expedient by Agent, and the exercise or the
beginning of the exercise of any power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other right, power or remedy. No delay or omission by Agent in the exercise of any right, remedy or
power or in the pursuit of any remedy shall, to the extent permitted by applicable law, impair any such right, power or remedy or be construed to be a waiver of any default on the part of Grantor or to be an acquiescence therein. 

Section 4.3 Discontinuance of Proceedings. In case Agent shall have instituted any proceeding to enforce any right, power or
remedy under this Security Agreement by foreclosure, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely to Agent, then and in every such case Grantor and Agent
shall, subject to any determination in such proceedings, be restored to their former positions and rights hereunder with respect to the Collateral, and all rights, remedies and powers of Agent shall continue, as if no such proceedings had been
undertaken (but otherwise without prejudice). 
 Section 4.4 Intentionally Omitted. 

Section 4.5 Further Assurances. Grantor, at its own cost and expense, shall take all such actions as Agent from time to time
may request in its reasonable discretion, so as to ensure that Agent has or obtains the fullest benefit, protection, and advantages under the Cape Town Convention. The parties hereto agree with respect to such matters, as follows: 

(a) In this Security Agreement, the Convention and the Aircraft Protocol shall be read and interpreted together as a single instrument as
required by Article 6(1) of the Cape Town Convention. In this Section 4.5 the following expressions have the respective meanings set forth in Article 1 of the Convention: 

(i) aircraft engines, 
 (ii) airframe, 
 (iii) creditor, 

(iv) international interest or International Interest, 
 (v) prospective international interest, 
 (vi) registry authority, 

  
 23 

 (vii) security agreement, 

(viii) State of registry, 
 (b) Grantor, as grantor, and Agent, for the benefit of the Lender Group and the Bank Product Providers, as secured party, agree that: 

(i) each Airframe of each Aircraft is an airframe and, accordingly, an aircraft object, and each Engine is an aircraft engine and,
accordingly, an aircraft object, to which this Security Agreement relates for the purposes of the Cape Town Convention, and each Aircraft has the model, manufacturer’s serial number, and, as of the date hereof, U.S. registration mark specified
on Annex A for such Aircraft; 
 (ii) the International Interest of Agent, for the benefit of the Lender Group and the Bank
Product Providers, as secured party, as a creditor and chargee under a security agreement, in each of the Airframes and the Engines, shall promptly following the execution and delivery of this Agreement (and thereafter, promptly following the
execution and delivery of a Security Agreement Supplement) be registered, with the consent of Grantor, as grantor, and of Agent, for the benefit of the Lender Group and the Bank Product Providers, as secured party, as an International Interest under
the Cape Town Convention in each of the Airframes and the Engines and each such registration may be amended or extended prior to its expiry by Agent, for the benefit of the Lender Group and the Bank Product Providers, as secured party, alone,
consent of Grantor being deemed given hereby; 
 (iii) for the purposes of Article 17(1) of the Convention each of the events
which constitutes an Event of Default is an event that constitute a default or otherwise give rise to the rights and remedies specified in Articles 12 to 15 and 20 of the Convention; 

(iv) Agent, for the benefit of the Lender Group and the Bank Product Providers, as secured party, shall have the remedies referred to in
Articles 15(1) and 20(1) of the Convention; 
 (v) for the purposes of Article 54 of the Convention and other provisions of the
Cape Town Convention which relate back to such Article, the courts sitting in the County of New York, New York or in Dublin, Ireland shall have exclusive jurisdiction in respect of any claims brought under the Cape Town Convention in accordance with
the provisions of Section 5.12 of this Security Agreement; 
 (vi) Agent may exercise, in addition to the remedies
under the Loan Documents, any other right or remedy which may be available to it as secured party under Applicable Law or under the Cape Town Convention, including, without limitation, all rights and remedies under Chapter III of the Convention and
Chapter II of the Aircraft Protocol. To the extent permitted by Applicable Law, Grantor and Agent hereby agree that Agent shall not be required to provide notice to Grantor as set forth in Article IX(6) of the Aircraft Protocol in connection with a
proposal to procure the de-registration and export of any Aircraft without a court order. Grantor expressly agrees to permit Agent to obtain from any applicable court, pending final determination of any claim resulting from an Event of Default
hereunder, speedy relief in the form of any of the orders specified in Article 13 of the Convention and Article X of the Aircraft Protocol as Agent shall determine in its sole and absolute discretion, subject to any procedural requirements
prescribed by Applicable Laws. 
 (vii) Grantor shall cooperate with Agent, as secured party, at Grantor’s expense with
respect to effecting registration pursuant to the Cape Town Convention of any agreement related to the ranking of priority between the various International Interests and/or the interests of Grantor, as grantor, Agent, as secured party, save that
the Lien of Agent ranks prior to all other interests. 

  
 24 

 (c) Except to the extent expressly provided herein, any terms of this Security Agreement or
the other Loan Documents which expressly incorporate any provisions of the Cape Town Convention shall prevail in the case of any conflict with any other provision contained herein. Each of the parties hereto acknowledges and agrees that for purposes
of the Cape Town Convention (to the extent applicable hereto) separate rights may exist with respect to the Airframe and the Engines. 
 (d) Grantor hereby consents to the exercise by Agent of the remedies granted herein and in the other Loan Documents and in the Cape Town Convention (in accordance with the terms of the Cape Town
Convention). Grantor acknowledges and agrees that Agent may exercise such of the remedies as set forth in Section 4.1 or in the other Loan Documents as it shall determine in its sole discretion and none of the remedies as set forth in
Section 4.1 or in the other Loan Documents is manifestly unreasonable. To the extent permitted by Applicable Law, Grantor and Agent hereby agree that paragraph 2 of Article 13 of the Convention shall not apply to this Agreement or to the
exercise of any remedy by Agent under this Agreement or in the other Loan Documents or under the Cape Town Convention. Following the occurrence of an Event of Default, Grantor agrees that Agent may immediately discharge any registration made with
the International Registry in Grantor’s favor. 
 SECTION 5. MISCELLANEOUS 

Section 5.1 Termination of Security Agreement. Upon payment in full of the Secured Obligations, or upon permitted
de-registration of any Collateral hereunder in accordance with Section 3.9, Agent shall, upon the written request of Grantor, execute and deliver to, or as directed in writing by, and at the expense of, Grantor an appropriate instrument or
instruments (in due form for recording and in the form provided by Grantor and reasonably approved by Agent) reasonably required to release, without recourse, representation or warranty, all Aircrafts and the balance of the Collateral (or, in the
case of de-registration under Section 3.9, solely the applicable de-registered Aircraft and the other Collateral in respect thereof) from the Lien of this Security Agreement and, in the case of payment in full of the Secured Obligations, this
Security Agreement shall terminate; provided, however, that this Security Agreement shall earlier terminate upon any sale or other final disposition by Agent of all property constituting the Collateral and the final distribution by Agent of
all monies or other property or proceeds constituting the Collateral in accordance with the terms of the Credit Agreement. In addition, in connection with the release of the Lien of this Security Agreement, Agent shall discharge or consent to the
discharge of the registration of the International Interests in favor of Agent vested in Agent pursuant to this Security Agreement. Except as otherwise provided above, this Security Agreement and the Liens in respect of the Collateral created hereby
shall continue in full force and effect in accordance with the terms hereof. 
 Section 5.2 No Legal Title to Collateral
in Agent, Any Other Member of the Lender Group, or Any Bank Product Provider. None of Agent, the other members of the Lender Group, and the Bank Product Providers shall have legal title to any part of the Collateral. No transfer, by operation of
law or otherwise, of any right, title and interest of Agent, any other member of the Lender Group, or any Bank Product Provider in and to the Collateral or this Security Agreement shall operate to terminate this Security Agreement or the trusts
hereunder or entitle any successor or transferee of Agent, any other member of the Lender Group, or any Bank Product Provider to an accounting or to the transfer to it of legal title to any part of the Collateral. 

Section 5.3 Sale of Aircraft by Agent is Binding. Any sale or other conveyance of any Aircraft, Airframe, Engine, or any
interest therein by Agent made pursuant to the terms of this 

  
 25 

 
Security Agreement shall bind the Lender Group, the Bank Product Providers, and Grantor, and shall be effective to transfer or convey all right, title and interest of Agent, the Lender Group, the
Bank Product Providers, and Grantor in and to such Aircraft, Airframe, Engine, or interest therein. No purchaser or other grantee shall be required to inquire as to the authorization, necessity, expediency or regularity of such sale or conveyance or
as to the application of any sale or other proceeds with respect thereto by any Lender. 
 Section 5.4 Benefit of
Security Agreement. Nothing in this Security Agreement, whether express or implied, shall be construed to give to any Person other than Grantor, Agent, the Lender Group, and the Bank Product Providers, any legal or equitable right, remedy or
claim under or in respect of this Security Agreement. 
 Section 5.5 Intentionally Omitted. 

Section 5.6 Intentionally Omitted. 
 Section 5.7 Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices required or permitted under the terms and provisions hereof shall be given in accordance
with Section 11 of the Credit Agreement. 
 Section 5.8 Severability of Provisions. Each provision of this
Security Agreement shall be severable from every other provision of this Security Agreement for the purpose of determining the legal enforceability of any specific provision. 
 Section 5.9 Counterparts; Electronic Execution. This Security Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when
executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Security Agreement. 
 Section 5.10 Successors and Assigns. All covenants and agreements contained herein and in the other Loan Documents shall be binding upon, and inure to the benefit of, Grantor and its
successors and permitted assigns, provided, however, that Grantor may not assign this Agreement or any rights, obligation or duties hereunder without Agent’s prior written consent and any prohibited assignment shall be absolutely void ab
initio, and Agent and its successors and permitted assigns, and each Lender and its successors and permitted assigns, all as provided herein or in the other Loan Documents. Any request, notice, direction, consent, waiver or other instrument or
action by any Lender (unless withdrawn by such Lender or its successor prior to it being acted upon by Agent) shall bind the successors of such Lender. 
 Section 5.11 Section Headings. Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained in each Section
applies equally to this entire Security Agreement. 
 Section 5.12 CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL
REFERENCE PROVISION. 
 (a) THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS
OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK. 

  
 26 

 (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS
SECURITY AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK STATE OF NEW YORK; PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY
COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. GRANTOR AND AGENT WAIVE, TO THE EXTENT PERMITTED
UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 5.12(b). 

(c) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR AND AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF
ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON
LAW OR STATUTORY CLAIMS (EACH A “CLAIM”). GRANTOR AND AGENT REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF
LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (d) GRANTOR HEREBY
IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK AND THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. 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 SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST GRANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(e) IN THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF NEW YORK (THE “COURT”) BY OR AGAINST ANY PARTY
HERETO IN CONNECTION WITH ANY CLAIM AND THE WAIVER SET FORTH IN SECTION 5.12(c) ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING, THE PARTIES HERETO AGREE AS FOLLOWS: 
 (i) WITH THE EXCEPTION OF THE MATTERS SPECIFIED IN SUBCLAUSE (ii) BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING IN ACCORDANCE WITH THE PROVISIONS OF NEW YORK CODE OF CIVIL
PROCEDURE. THE PARTIES INTEND THIS GENERAL REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE. VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE COUNTY OF NEW YORK, NEW YORK. 

  
 27 

 (ii) THE FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING:
(A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL OR PERSONAL PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER, AND (D) TEMPORARY, PROVISIONAL, OR
ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS, OR PRELIMINARY INJUNCTIONS). THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED IN
CLAUSES (A) - (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE IN A REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER. 

(iii) UPON THE WRITTEN REQUEST OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE. IF THE
PARTIES DO NOT AGREE UPON A REFEREE WITHIN 10 DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO APPOINT A REFEREE PURSUANT TO NEW YORK CODE OF CIVIL PROCEDURE. THE REFEREE SHALL BE APPOINTED TO SIT WITH ALL
OF THE POWERS PROVIDED BY LAW. PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL REMEDIES. 
 (iv) EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED INCLUDING THE TIME AND PLACE OF HEARINGS, THE ORDER OF
PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE OF THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT A COURT REPORTER, EXCEPT
WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER SHALL BE USED AND THE REFEREE SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND
PAY THE COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE. 

(v) THE REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES. THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL
OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF NEW YORK. 

(vi) THE REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF NEW YORK AND SHALL DETERMINE ALL
ISSUES IN ACCORDANCE WITH NEW YORK SUBSTANTIVE AND PROCEDURAL LAW. THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING MOTIONS FOR DEFAULT JUDGMENT OR
SUMMARY JUDGMENT. THE REFEREE SHALL REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW. THE REFEREE SHALL ISSUE A DECISION AND PURSUANT TO NEW YORK CODE OF CIVIL PROCEDURE, THE REFEREE’S DECISION
SHALL BE ENTERED BY THE COURT AS A JUDGMENT IN THE SAME MANNER 

  
 28 

 
AS IF THE ACTION HAD BEEN TRIED BY THE COURT. THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE
COURT. 
 (vii) THE PARTIES RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL
BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY HERETO KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION
SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT ARISES OUT OF OR IS RELATED TO THIS AGREEMENT. 
 Section 5.13
Amendments. This Security Agreement may be amended, supplemented or otherwise modified only in accordance with the provisions of the Credit Agreement. 
 Section 5.14 Limitation on Agent’s, the Other Members of the Lender Group’s, and the Bank Product Providers’ Duty in Respect of Collateral. Agent, the other members of the
Lender Group, and the Bank Product Providers shall use reasonable care with respect to the Collateral in its possession or under its control. None of Agent, the other members of the Lender Group, and the Bank Product Providers shall have any other
duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of Agent, such other member of the Lender Group, or such Bank Product Provider, or any income thereon or as to the preservation of rights
against prior or any other parties or any other rights pertaining thereto. 
 Section 5.15 Revival and Reinstatement of
Obligations. If the incurrence or payment of the Obligations by Grantor or any Guarantor or the transfer to Agent, any other member of the Lender Group, or any Bank Product Provider of any property should for any reason subsequently be declared
to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of
property (each, a “Voidable Transfer”), and if Agent, any other member of the Lender Group, or any Bank Product Provider is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the
reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that Agent, any other member of the Lender Group or any Bank Product Provider is required or elects to repay or restore, and as to all reasonable costs,
expenses, and attorneys fees of Agent, any other member of the Lender Group, or any Bank Product Provider related thereto, the liability of Grantor and each Guarantor automatically shall be revived, reinstated, and restored and shall exist as though
such Voidable Transfer had never been made. 
 Section 5.16 Concerning Agent. Agent acts hereunder solely as agent
as in the Credit Agreement provided on behalf of the Lender Group and Bank Product Providers and not in its individual capacity. Each reference herein to any right granted to, benefit conferred upon or power exercisable by the “Agent”
shall be a reference to Agent, for the benefit of each member of the Lender Group and each Bank Product Provider. 

Section 5.17 Additional Cape Town Convention Provisions. 

(a) Grantor agrees and acknowledges this Security Agreement creates and constitutes an International Interest in the Collateral. Grantor
hereby undertakes to perform all of its obligations hereunder and under any contracts or agreements constituting part of the Collateral. Grantor shall establish a valid and existing account with the International Registry, appoint an Administrator
and/or a Professional User acceptable to Agent to make registration in regards to the Collateral. On, or 

  
 29 

 
within a reasonable time after the date hereof, Grantor’s applicable Contracts of Sale shall be registered and searchable in the International Registry, but subordinate to the registration
of the International Interest created by this Security Agreement. Grantor shall not register any prospective or current International Interest or Contract of Sale (or any amendment, modification, supplement, subordination of subrogation thereof)
with the International Registry (other than with respect to the Senior Note Indebtedness) except as permitted by this Security Agreement or any other Loan Document, Grantor shall not execute or deliver any IDERA to any party other than Agent unless
Agent agrees in writing or as otherwise permitted by this Security Agreement or any other Loan Document. Grantor further represents and confirms it is situated in a Contracting State (as that term is used in the Convention) as contemplated under the
Cape Town Convention, and Grantor has the power to dispose of the Collateral, as contemplated by the Cape Town Convention. 

(b) The parties hereto agree that for the purposes of the definition of Prospective International Interest in the Cape Town Convention,
the making of any extensions of credit under the Credit Agreement shall constitute the stated event upon which Grantor has created or provided for an International Interest in the Aircraft Objects (as such term is defined in the Cape Town
Convention). In addition, without limiting any other provision of this Security Agreement, Grantor agrees that a Prospective International Interest registration shall be made on the International Registry with respect to each Engine, regardless
of whether it is installed on an Airframe. 
 Section 5.18 Credit Agreement. The provisions of this Security
Agreement are supplemental to the provisions of the Credit Agreement. In the event of any actual, irreconcilable conflict that cannot be resolved between the Eligible Aircraft and Eligible Inventory provisions of the Credit Agreement and this
Security Agreement, the Credit Agreement shall control and govern. For the avoidance of doubt, in the event of any actual, irreconcilable conflict that cannot be resolved between Section 3.9 hereof and the provisions of the Credit Agreement,
Section 3.9 shall control and govern. 

  
 30 

 IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be duly
executed by their respective officers, as the case may be, thereunto duly authorized, as of the day and year first above written. 
  

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 2 

 Schedule I 
 to Security Agreement 
 DEFINITIONS RELATING SECURITY AGREEMENT

 “Accessories”: means water tanks, pond snorkels, water cannons, and other equipment and attachments for
aircranes that are used by a Person for the purpose of firefighting, logging, and construction. 
 “Additional
Collateral”: has the meaning ascribed thereto in Section 3.8 of the Security Agreement. 
 “Additional
Insureds”: means each member of the Lender Group and the Bank Product Providers, and their respective officers, directors, employees, agents, and other representatives. 

“Administrator”: has the meaning ascribed thereto in the Cape Town Convention. 

“Aeronautical Authority”: means the FAA. 
 “After-Tax Basis”: with respect to any payment to be received or accrued by any Person, the amount of such payment adjusted, if necessary, so that such payment, after taking into account
all Taxes payable to any taxing authority as a result of the receipt or accrual of such payments and any savings in Taxes with respect to the indemnified Taxes or other liability in respect of which such payment is due, shall be equal to the payment
that would have been received or accrued in the absence of such Taxes and any savings in Taxes. 
 “Agent”: has
the meaning set forth in the introductory paragraph of the Security Agreement. 
 “Aircraft”: means,
collectively, the Airframes, Engines, Rotors, and Rotor Blades, whether or not any of such initial or substituted Engines, Rotors, or Rotor Blades may from time to time be installed on each Airframe. 

“Aircraft Documents”: means all technical data, manuals and log books, and all inspection, modification and overhaul
records and other service, repair, maintenance and technical records that are required by the FAA or the Maintenance Program to be maintained with respect to Aircraft, Airframes, Engines, Rotors, Rotor Blades, or Parts; and such term shall include
all additions, renewals, revisions and replacements of any such materials from time to time made, or required to be made, by the FARs or the Maintenance Program, and in each case in whatever form and by whatever means or medium (including, without
limitation, microfiche, microfilm, paper, web based or other electronic storage, or computer disk or any software) such materials may be maintained or retained by or on behalf of Grantor; provided that all such materials shall be maintained
in the English language. 
 “Aircraft Protocol” means the official English language text of the Protocol to the
Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, adopted on 16 November 2001 at a diplomatic conference held in Cape Town, South Africa as the same may be amended or modified from time to
time. 
 “Airframe”: means (a) the aircraft (except the Engines, engines, Rotors, or Rotor Blades from
time to time installed thereon) listed by manufacturer’s serial numbers and US Registration numbers on Annex A attached hereto; and (b) any and all Parts so long as the same shall be incorporated or

  
 1 

 
installed in or attached to such aircraft, or so long as the same shall be subject to the Lien of the Security Agreement in accordance with the terms of Section 3.3(h), (i) or
(j) thereof, removed from such aircraft. Each Airframe is of a type certified to transport at least eight persons including crew, or goods in excess of 2750 kilograms. The term “Airframe” shall include any Replacement Airframe
which may from time to time be substituted pursuant to Section 3.4 of the Security Agreement. At such time as a Replacement Airframe shall be so substituted and the Airframe for which the substitution is made shall be released from the Lien of
the Security Agreement, such replaced Airframe shall cease to be the Airframe under the Security Agreement. The term “Airframe” shall also include any aircraft added to the Lien of this Agreement as Collateral as an Additional Airframe and
Engines pursuant to Section 3.5 of the Security Agreement and related Parts as described above. 
 “Applicable
Law”: means any Laws applicable to Grantor. 
 “Bills of Sale”: means the warranty bills of sale
covering each Aircraft. 
 “Borrower” and “Borrowers”: have the respective meanings ascribed
thereto in the recitals to the Security Agreement. 
 “Cape Town Convention” means, collectively, the Aircraft
Protocol, the Convention, the International Registry Procedures, and the International Registry Regulations. 
 “Citizen
of the United States”: means a citizen of the United States as defined in § 40102(a)(15) of the Transportation Code, or any analogous part of any successor or substituted legislation or regulation at the time in effect.

 “Code”: has the meaning given such term in the Guaranty and Security Agreement. 

“Collateral”: has the meaning set forth in Section 2.1 of the Security Agreement. 

“Convention” means the official English language text of the Convention on International Interests in Mobile Equipment
on Matters Specific to Aircraft Equipment, adopted November 16, 2001 at a diplomatic conference held in Cape Town, South Africa as the same may be amended or modified from time to time. 

“Contract of Sale”: has the meaning ascribed thereto in the Cape Town Convention. 

“Credit Agreement”: has the meaning set forth in the recitals to the Security Agreement. 

“Engine”: means (a) the engines bearing manufacturer’s serial numbers on Annex A attached hereto, whether or
not from time to time installed on the Airframe or installed on any other airframe or on any other aircraft; and (b) any Replacement Engine that may from time to time be substituted for an Engine pursuant to Section 3.4 of the Security
Agreement; together, in each case, with any and all Parts so long as the same shall be incorporated or installed in or attached thereto or, so long as the same shall be subject to the Lien of the Security Agreement in accordance with the terms of
Section 3.3 (g), (h) or (i) thereof, removed from any such engine. The term “Engine” shall also include any aircraft added to the Lien of this Agreement as Collateral as an Additional Airframe and Engines pursuant to
Section 3.5 of the Security Agreement and related Parts as described above. 
 “Engine Manufacturer”:
means the manufacturer of an Engine as specified on Annex A attached hereto. 

  
 2 

 “Event of Loss”: means any of the following events with respect to any
Aircraft, any Airframe, or any Engine: 
 (i) any theft, hijacking or disappearance of such property for a period of 90
consecutive days or more or, if earlier for a period that extends beyond the Maturity Date; 
 (ii) destruction, damage beyond
economic repair or rendition of such property permanently unfit for normal use for any reason whatsoever; 
 (iii) any event
which results in an insurance settlement with respect to such property on the basis of an actual, constructive or compromised total loss; 
 (iv) condemnation, confiscation or seizure of, or requisition of title to or use of such property by any foreign government or purported government (or in the case of any such requisition of title, by the
Government) or any agency or instrumentality thereof, for a period in excess of in the case of any requisition of use, 60 consecutive days or, in any case in this clause (iv), such shorter period ending on the Maturity Date; 

(v) condemnation, confiscation or seizure of, or requisition of use of such property by the Government for a period extending beyond the
Maturity Date; 
 (vi) as a result of any law, rule, regulation, order or other action by the Aeronautical Authority, the use of
any Aircraft or any Airframe in the normal course of air transportation shall have been prohibited by virtue of a condition affecting all aircraft of the same make and model as the Aircraft equipped with engines of the same make and model as the
Engines for a period of 180 consecutive days (or beyond the end of the Maturity Date), unless Grantor, prior to the expiration of such 180-day period, shall be diligently carrying forward all necessary and desirable steps to permit normal use of
such Aircraft and shall within 12 months have conformed at least one aircraft in Grantor’s fleet of the same generic model as the applicable Aircraft or Airframe (but not necessarily the applicable Aircraft) to the requirements of any such law,
rule, regulation, order or action, and shall be diligently pursuing conformance of the applicable Aircraft in a non-discriminatory manner provided that, notwithstanding the foregoing, if such normal use of such property shall be prohibited, or if
such normal use of such property shall be prohibited for a period of 12 consecutive months, an Event of Loss shall be deemed to have occurred; 
 (vii) the basing of such Aircraft, while under requisition for use by any government (other than the Government while an indemnity of the type and scope described in Section 3.3(e) of the Security
Agreement) is in full force and effect in any area excluded from coverage by any required insurance policy; and 
 (viii) with
respect to an Engine only, the requisition or taking of use thereof by any government, and any divestiture of title or ownership deemed to be an Event of Loss with respect to an Engine under Section 3.2(c) or 3.2(f) of the Security Agreement.

 The date of such Event of Loss shall be the date the applicable event occurs. An Event of Loss with respect to any Aircraft
shall be deemed to have occurred if any Event of Loss occurs with respect to the Airframe associated with such Aircraft. 

“Federal Aviation Code”: means the sections of Title 49 of the United States Code relating to aviation, as amended from
time to time, or any similar legislation of the United States enacted in substitution or replacement therefor. 

  
 3 

 “Government”: means the United States of America or an agency or
instrumentality thereof the obligations of which bear the full faith and credit of the United States of America. 

“IDERA” shall have the meaning ascribed to it in Section 4.1(a) hereof. 

“International Interest”: has the meaning ascribed thereto in the Cape Town Convention. 

“International Registry” means the International Registry of Mobile Assets located in Dublin, Ireland and established
pursuant to the Cape Town Convention, along with any successor registry thereto. 
 “International Registry
Procedures” means the official English language text of the procedures for the International Registry issued by the supervisory authority thereof pursuant to the Convention and the Aircraft Protocol, as the same may be amended or modified
from time to time. 
 “International Registry Regulations” means the official English language text of the
regulations for the International Registry issued by the supervisory authority thereof pursuant to the Convention and the Aircraft Protocol, as the same may be amended or modified from time to time. 

“Law”: means (a) any constitution, treaty, statute, law, decree, regulation, order, rule or directive of any
Governmental Authority and (b) any judicial or administrative interpretation or application of, or decision under, any of the foregoing. 
 “Lender” and “Lenders” have the respective meanings ascribed thereto in the recitals of the Security Agreement. 

“Lien”: means with respect to any asset, (a) any mortgage, deed of trust, lien (statutory or otherwise), pledge,
hypothecation, lease, sublease, encumbrance of any kind, charge or security interest in, on or of such asset, or any other type of preferential treatment, (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, and (c) any registration, International Interest, or prospective International Interest
with the International Registry that has not been discharged. 
 “Manufacturer”: means the manufacturer of an
Airframe as specified on Annex A attached hereto. 
 “Obligations”: has the meaning specified therefor in the
Credit Agreement. 
 “Officer’s Certificate” shall mean a certificate signed by an authorized officer of
Grantor and delivered to Agent. 
 “Parts”: means any and all appliances, parts, components, avionics, landing
gear, instruments, appurtenances, accessories, furnishings, seats and other equipment of whatever nature (other than (a) Engines or engines, Rotors, or Rotor Blades and (b) any parts leased by Grantor from a third party), that may from
time to time be installed or incorporated in or attached or appurtenant to any Airframe or any Engine. 
 “Professional
User”: has the meaning ascribed thereto in the Cape Town Convention. 
 “Replacement Aircraft”: means
the Aircraft of which a Replacement Airframe is part. 

  
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 “Replacement Airframe”: means an airframe that shall have been subjected to
the Lien of the Security Agreement pursuant to Section 3.4 thereof. 
 “Replacement Closing Date” has the
meaning set forth in 3.4(d)(i) of the Security Agreement. 
 “Replacement Engine”: means an engine which shall
have been subjected to the Lien of the Security Agreement pursuant to Section 3.4 thereof. 
 “Rotor”:
means any helicopter rotor now or hereafter owned by Grantor. 
 “Rotor Blade”: means any rotor blade now or
hereafter owned by Grantor. 
 “Secured Obligations”: means (a) all of the present and future obligations
of Grantor arising from, owing under or pursuant to this Security Agreement, the Credit Agreement, or any of the other Loan Documents (including the Guaranty and Security Agreement), (b) all Bank Product Obligations, and (c) all other
Obligations of Grantor (including, in the case of each of clauses (a), (b) and (c), reasonable attorneys fees and expenses and any interest, fees, or expenses that accrue after the filing of an Insolvency Proceeding, regardless of whether
allowed or allowable i:n whole or in part as a claim in any Insolvency Proceeding). 
 “Security Agreement
Supplement”: means a Security Agreement Supplement with respect to an applicable Airframe and/or Engine(s) substantially in the form of Exhibit A to the Agreement. 

“Transportation Code”: means Subtitle VII of Title 49 of the United States Code, as amended and recodified from time to
time. 
 “United States” and “U.S.”: each means the United States of America. 

“U.S. Government”: means the federal government of the United States, or any instrumentality or agency thereof the
obligations of which are guaranteed by the full faith and credit of the United States. 
 “Wet Lease”: means
any arrangement, whether or not referred to as a “lease”, a “charter” or otherwise, whereby Grantor agrees to furnish any Aircraft or any Airframe to a third party, or agrees to provide the services of any Aircraft or Airframe
for the benefit of a third party, pursuant to which such Aircraft or such Airframe shall at all times be in the operational control of a Grantor and shall be maintained, insured and otherwise operated in accordance with the provisions hereof,
provided that Grantor’s obligations under the Loan Documents shall continue in full force and effect notwithstanding any such arrangement. 

  
 5

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