Document:

EX-10.4

 Exhibit 10.4 

Execution Version 

AMENDMENT No. 3, dated as of September 14, 2020 (this “Amendment”), to the Asset-Based Revolving Credit Agreement,
dated as of December 13, 2017 (as amended by Amendment No. 1, dated as of January 7, 2019, as further amended by Amendment No. 2, dated as of May 15, 2020 and as further amended, restated, supplemented or otherwise modified,
refinanced or replaced from time to time, the “Credit Agreement”), among SCA ACQUISITION, LLC, a Delaware limited liability company (“Holdings”), SUN COUNTRY, INC. (f/k/a MN Airlines, LLC), a Minnesota corporation
(d/b/a Sun Country Airlines) (the “Borrower”), the Lenders from time to time party thereto and BARCLAYS BANK PLC, as Administrative Agent and Collateral Agent (in such capacities and together with its successors and assigns, the
“Administrative Agent”). Capitalized terms used but not defined herein have the meaning provided in the Credit Agreement as amended hereby (the “Amended Credit Agreement”). 

WHEREAS, pursuant to Section 9.08(b) of the Credit Agreement, Holdings (prior to a Qualified IPO), the Borrower, the Administrative Agent
and the Required Lenders may agree to amend the Loan Documents as set forth herein; and 
 WHEREAS, the parties hereto desire to amend the
Loan Documents on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the premises and covenants contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1. Amendments. As of the Amendment No. 3 Effective Date (as defined below), the Credit Agreement shall be
amended as follows: 
 (a) The Credit Agreement shall be amended to delete the stricken text (indicated textually in the same manner as the
following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set
forth in the pages of the Credit Agreement attached as Exhibit A hereto. 
 (b) Schedule A hereto is hereby
added as a Schedule thereto. 
 Section 2. Representations and Warranties. Each Loan Party represents and warrants to the
Lenders as of the Amendment No. 3 Effective Date that: 
 (a) (i) Such Loan Party (A) is a limited liability company or
corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and (B) has the power and authority to execute and deliver this Amendment and to perform its obligations under this
Amendment and the Amended Credit Agreement, (ii) the execution and delivery of this Amendment and the performance of this Amendment and the Amended Credit Agreement has been duly authorized by all required limited liability company or corporate
action and (iii) this Amendment has been duly executed and delivered by such Loan Party and this Amendment and the Amended Credit Agreement constitute the legal, valid and 

  
 1 

 
binding obligations of such Loan Party enforceable in accordance with their terms, subject to (x) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or
other similar laws affecting creditors’ rights generally, (y) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (z) implied covenants of good faith and fair
dealing. 
 (b) None of the execution or delivery of this Amendment or the performance by such Loan Party of this Amendment and the Amended
Credit Agreement or the compliance with the terms and provisions hereof and thereof will violate (i) any provision of law, statute, rule or regulation applicable to such person, (ii) the certificate or articles of organization,
incorporation or formation or other constitutive documents (including any bylaws or limited liability company or operating agreements) of such person, (iii) any applicable order of any court or any rule, regulation or order of any Governmental
Authority or (iv) any agreement or other instrument to which such person is a party or by which any of them or any of their property is or may be bound, where any such violation, in each case, would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect. 
 (c) No action, consent or approval of, registration or filing with or any other action by
any Governmental Authority is or will be required for the execution or delivery of this Amendment or for the performance of this Amendment and the Amended Credit Agreement, except for (i) such as have been made or obtained and are in full force
and effect or (ii) such actions, consents and approvals the failure of which to be obtained or made would not reasonably be expected to have a Material Adverse Effect. 

(d) Immediately before and immediately after giving effect to this Amendment, the representations and warranties of each Loan Party set forth
in the Loan Documents are true and correct in all material respects (or in all respects to the extent already qualified by or subject to a “material adverse effect,” “material adverse change” or similar term or qualification) on
and as of the Amendment No. 3 Effective Date, with the same effect as though made on and as of such date; provided that to the extent such representations and warranties expressly relate to an earlier date, such representations and
warranties are true and correct in all material respects (or in all respects to the extent already qualified by or subject to a “material adverse effect,” “material adverse change” or similar term or qualification) as of such
earlier date. 
 (e) Immediately before and immediately after giving effect to this Amendment, no Default or Event of Default has occurred
and is continuing. 
 Section 3. Conditions to Effectiveness of Amendment. This Amendment shall become effective on the
date (the “Amendment No. 3 Effective Date”) when, and only when, each of the following conditions have been satisfied (or waived by the Administrative Agent and each Lender party hereto): 

(a) The Administrative Agent shall have received from (i) the Required Lenders, (ii) Holdings and (iii) the Borrower a duly
executed counterpart of this Amendment signed on behalf of such party (which may include facsimile or other electronic transmission of a signed signature page of this Amendment). 

  
 -2- 

 (b) The representations and warranties of each Loan Party set forth in Section 2 shall
be true and correct in all material respects (or in all respects to the extent already qualified by or subject to a “material adverse effect,” “material adverse change” or similar term or qualification) on and as of the Amendment
No. 3 Effective Date, with the same effect as though made on and as of such date; provided that to the extent such representations and warranties expressly relate to an earlier date, such representations and warranties shall be true and
correct in all material respects (or in all respects to the extent already qualified by or subject to a “material adverse effect,” “material adverse change” or similar term or qualification) as of such earlier date. 

(c) The Borrower shall have paid (i) all fees payable to any Lender, the Administrative Agent or any of their respective affiliates as
agreed between such Lender or the Administrative Agent and the Borrower and (ii) all reasonable fees, expenses and disbursements of Cahill Gordon & Reindel LLP, as counsel for the Administrative Agent, incurred in connection with the
preparation, negotiation and execution of this Amendment, in the case of clause (ii), to the extent invoiced at least three (3) Business Days prior to the date hereof. 

(d) The CARES Act Loan Agreement shall have been executed by the Borrower, and the Administrative Agent shall have received a copy of the same.

 Section 4. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto
on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this
Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. Counterparts may be in the form of docusign or any other electronic signature covered by the U.S. federal ESIGN Act of
2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

Section 5. Governing Law. THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSES OF ACTION (WHETHER IN CONTRACT OR
TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE AMENDED CREDIT AGREEMENT (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE APPLICATION OF ANY OTHER LAW. 
 Section 6.
Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 

  
 -3- 

 Section 7. Effect of Amendment. This Amendment shall not by implication
or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and, except as expressly set forth herein, shall not
alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. Each of the Loan Parties confirms and agrees that the Liens granted pursuant to the Security Documents to which it is a party shall continue without any diminution thereof and
shall remain in full force and effect on and after the date hereof. Without limiting the foregoing, by signing this Amendment, each Loan Party hereby confirms that (i) the obligations of the Loan Parties under the Credit Agreement and each
other Loan Document, as specifically amended hereby (x) are entitled to the benefits of the guarantees and the security interests set forth or created in the Security Documents and the other Loan Documents and (y) constitute Obligations
and (ii) notwithstanding the effectiveness of the terms hereof, the Security Documents and the other Loan Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects. Each Loan Party
ratifies and confirms its prior grant and the validity of all Liens granted, conveyed, or assigned to the Administrative Agent by such Person pursuant to each Loan Document to which it is a party and after giving effect to this Amendment and except
as specifically set forth in the Amended Credit Agreement, all such Liens (x) remain in full force and effect, (y) other than with respect to the Permitted CARES Act Collateral constituting Excluded Property, are not released or reduced,
and (z) continue to secure full payment and performance of the Obligations. This Amendment shall not constitute a novation of the Credit Agreement or any of the Loan Documents. The Loan Parties are hereby authorized to enter into the CARES Act
License Agreement. For the avoidance of doubt, on and after the Amendment No. 3 Effective Date, this Amendment shall for all purposes constitute a Loan Document. 

[Signatures begin on the following page] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written. 
  

			
	SCA ACQUISITION, LLC
		
	By:	 	 /s/ Jude I. Bricker

		 	Name: Jude I. Bricker
		 	Title: Chief Executive Officer
	
	SUN COUNTRY, INC.
		
	By:	 	 /s/ Jude I. Bricker

		 	Name: Jude I. Bricker
		 	Title: Chief Executive Officer

 [Sun Country – Amendment No. 3] 

 
			
	BARCLAYS BANK PLC, as Administrative Agent and as a Lender
		
	By:	 	 /s/ Joseph Jordan

		 	Name: Joseph Jordan
		 	Title: Managing Director

 [Sun Country – Amendment No. 3] 

 
			
	MORGAN STANLEY SENIOR FUNDING, INC., as a Lender
		
	By:	 	 /s/ Jack Kuhns

		 	Name: Jack Kuhns
		 	Title: Vice President

 [Sun Country – Amendment No. 3] 

 Exhibit A 

Amendments to Credit Agreement 

[see attached] 
 Exhibit A - 1

 CONFIDENTIAL 
  

 
 ASSET-BASED REVOLVING CREDIT
AGREEMENT 
 Dated as of December 13, 2017, 

Among 
 SCA ACQUISITION, LLC, 

as Holdings, 
 MN AIRLINES, LLC,

 as the Borrower (from and after the Closing Date), 

THE LENDERS PARTY HERETO, 

BARCLAYS BANK PLC, 
 as
Administrative Agent and Collateral Agent 
  

 
 BARCLAYS BANK
PLC, 
 as Lead Arranger, Bookrunner, and Syndication Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I Definitions
	  	 	1	 
	 Section 1.01
	 	Defined Terms	  	 	1	 
	 Section 1.02
	 	Terms Generally	  	 	6870	 
	 Section 1.03
	 	Exchange Rates; Currency Equivalents	  	 	6871	 
	 Section 1.04
	 	Timing of Payment or Performance	  	 	6971	 
	 Section 1.05
	 	Times of Day	  	 	6971	 
	 Section 1.06
	 	Divisions	  	 	6971	 
		
	 ARTICLE II The Credits
	  	 	6972	 
	 Section 2.01
	 	Commitments	  	 	6972	 
	 Section 2.02
	 	Loans and Borrowings	  	 	7173	 
	 Section 2.03
	 	Requests for Borrowings	  	 	7274	 
	 Section 2.04
	 	Swingline Loans	  	 	7375	 
	 Section 2.05
	 	Letters of Credit	  	 	7678	 
	 Section 2.06
	 	Funding of Borrowings	  	 	8284	 
	 Section 2.07
	 	Interest Elections	  	 	8385	 
	 Section 2.08
	 	Termination and Reduction of Commitments	  	 	8486	 
	 Section 2.09
	 	Repayment of Loans; Evidence of Debt	  	 	8587	 
	 Section 2.10
	 	Notice of Prepayment of Revolving Loans	  	 	8588	 
	 Section 2.11
	 	Prepayment of Loans	  	 	8688	 
	 Section 2.12
	 	Fees	  	 	8688	 
	 Section 2.13
	 	Interest	  	 	8790	 
	 Section 2.14
	 	Alternate Rate of Interest	  	 	8890	 
	 Section 2.15
	 	Increased Costs	  	 	8992	 
	 Section 2.16
	 	Break Funding Payments	  	 	9193	 
	 Section 2.17
	 	Taxes	  	 	9193	 
	 Section 2.18
	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	9598	 
	 Section 2.19
	 	Mitigation Obligations; Replacement of Lenders	  	 	97100	 
	 Section 2.20
	 	Illegality	  	 	99101	 
	 Section 2.21
	 	Incremental Commitments	  	 	99102	 
	 Section 2.22
	 	Defaulting Lender	  	 	102105	 
		
	 ARTICLE III Representations and Warranties
	  	 	105107	 
	 Section 3.01
	 	Organization; Powers	  	 	105107	 
	 Section 3.02
	 	Authorization	  	 	105107	 
	 Section 3.03
	 	Enforceability	  	 	106108	 
	 Section 3.04
	 	Governmental Approvals	  	 	106108	 
	 Section 3.05
	 	Financial Statements	  	 	106108	 
	 Section 3.06
	 	No Material Adverse Effect	  	 	106109	 
	 Section 3.07
	 	Title to Properties; Possession Under Leases	  	 	106109	 
	 Section 3.08
	 	Subsidiaries	  	 	107110	 
	 Section 3.09
	 	Litigation; Compliance with Laws	  	 	107110	 
	 Section 3.10
	 	Federal Reserve Regulations	  	 	108110	 
	 Section 3.11
	 	Investment Company Act	  	 	108110	 

  
 i 

							
	 Section 3.12
	 	Use of Proceeds	  	 	108110	 
	 Section 3.13
	 	Tax Returns	  	 	108110	 
	 Section 3.14
	 	No Material Misstatements	  	 	109111	 
	 Section 3.15
	 	Employee Benefit Plans	  	 	109112	 
	 Section 3.16
	 	Environmental Matters	  	 	109112	 
	 Section 3.17
	 	Security Documents	  	 	110112	 
	 Section 3.18
	 	Location of Real Property	  	 	111114	 
	 Section 3.19
	 	Solvency	  	 	112114	 
	 Section 3.20
	 	Labor Matters	  	 	112114	 
	 Section 3.21
	 	Insurance	  	 	112115	 
	 Section 3.22
	 	No Default	  	 	113115	 
	 Section 3.23
	 	Intellectual Property; Licenses, Etc.	  	 	113115	 
	 Section 3.24
	 	Senior Debt	  	 	113115	 
	 Section 3.25
	 	USA PATRIOT Act; OFAC	  	 	113115	 
	 Section 3.26
	 	Foreign Corrupt Practices Act	  	 	113116	 
		
	 ARTICLE IV Conditions of Lending
	  	 	114116	 
	 Section 4.01
	 	Conditions Precedent to Credit Events After the Closing Date	  	 	114116	 
	 Section 4.02
	 	Conditions Precedent to the Effective Date	  	 	115117	 
	 Section 4.03
	 	Conditions Precedent to the Closing Date	  	 	115118	 
		
	 ARTICLE V Affirmative Covenants
	  	 	119121	 
	 Section 5.01
	 	Existence; Business and Properties	  	 	119121	 
	 Section 5.02
	 	Insurance	  	 	119121	 
	 Section 5.03
	 	Taxes	  	 	120123	 
	 Section 5.04
	 	Financial Statements, Reports, etc.	  	 	121123	 
	 Section 5.05
	 	Litigation and Other Notices	  	 	124126	 
	 Section 5.06
	 	Compliance with Laws	  	 	124126	 
	 Section 5.07
	 	Maintaining Records; Access to Properties and Inspections; Collateral Audits; Appraisals	  	 	124126	 
	 Section 5.08
	 	Use of Proceeds	  	 	126128	 
	 Section 5.09
	 	Compliance with Environmental Laws	  	 	126128	 
	 Section 5.10
	 	Further Assurances; Additional Security	  	 	126128	 
	 Section 5.11
	 	Cash Management Systems; Application of Proceeds of Accounts	  	 	130132	 
	 Section 5.12
	 	Post-Closing	  	 	132134	 
		
	 ARTICLE VI Negative Covenants
	  	 	132134	 
	 Section 6.01
	 	Indebtedness	  	 	132135	 
	 Section 6.02
	 	Liens	  	 	136139	 
	 Section 6.03
	 	Sale and Lease-Back Transactions	  	 	141144	 
	 Section 6.04
	 	Investments, Loans and Advances	  	 	142145	 
	 Section 6.05
	 	Mergers, Consolidations, Sales of Assets and Acquisitions	  	 	147149	 
	 Section 6.06
	 	Dividends and Distributions	  	 	150152	 
	 Section 6.07
	 	Transactions with Affiliates	  	 	152155	 
	 Section 6.08
	 	Business of the Borrower and the Subsidiaries	  	 	155158	 
	 Section 6.09
	 	Limitation on Payments and Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc.	  	 	156158	 

  
 ii 

							
	 Section 6.10
	 	Minimum EBITDAR	  	 	159161	 
	 Section 6.11
	 	Fiscal Year	  	 	159161	 
			
	 ARTICLE VIA
	 	Holding Company Covenants	  	 	159161	 
		
	 ARTICLE VII Events of Default
	  	 	159162	 
	 Section 7.01
	 	Events of Default	  	 	159162	 
	 Section 7.02
	 	Right to Cure	  	 	162165	 
	 Section 7.03
	 	Treatment of Certain Payments	  	 	163165	 
		
	 ARTICLE VIII The Agents
	  	 	163166	 
	 Section 8.01
	 	Appointment	  	 	163166	 
	 Section 8.02
	 	Delegation of Duties	  	 	164167	 
	 Section 8.03
	 	Exculpatory Provisions	  	 	164167	 
	 Section 8.04
	 	Reliance by Agents	  	 	165168	 
	 Section 8.05
	 	Notice of Default	  	 	166168	 
	 Section 8.06
	 	Non-Reliance on Agents and Other Lenders	  	 	166169	 
	 Section 8.07
	 	Indemnification	  	 	166169	 
	 Section 8.08
	 	Agent in Its Individual Capacity	  	 	167170	 
	 Section 8.09
	 	Successor Administrative Agent	  	 	167170	 
	 Section 8.10
	 	Arranger and Syndication Agent	  	 	168171	 
	 Section 8.11
	 	Security Documents and Collateral Agent Under Security Documents and Guarantees	  	 	168171	 
	 Section 8.12
	 	Right to Realize on Collateral and Enforce Guarantees	  	 	169172	 
	 Section 8.13
	 	Secured Hedge Obligations	  	 	170173	 
	 Section 8.14
	 	Withholding Tax	  	 	170174	 
	 Section 8.15
	 	Certain ERISA Matters.	  	 	171174	 
		
	 ARTICLE IX Miscellaneous
	  	 	172175	 
	 Section 9.01
	 	Notices; Communications	  	 	172175	 
	 Section 9.02
	 	Survival of Agreement	  	 	173176	 
	 Section 9.03
	 	Binding Effect	  	 	174177	 
	 Section 9.04
	 	Successors and Assigns	  	 	174177	 
	 Section 9.05
	 	Expenses; Indemnity	  	 	180183	 
	 Section 9.06
	 	Right of Set-off	  	 	182185	 
	 Section 9.07
	 	Applicable Law	  	 	182185	 
	 Section 9.08
	 	Waivers; Amendment	  	 	182185	 
	 Section 9.09
	 	Interest Rate Limitation	  	 	185188	 
	 Section 9.10
	 	Entire Agreement	  	 	185189	 
	 Section 9.11
	 	WAIVER OF JURY TRIAL	  	 	186189	 
	 Section 9.12
	 	Severability	  	 	186189	 
	 Section 9.13
	 	Counterparts	  	 	186189	 
	 Section 9.14
	 	Headings	  	 	186190	 
	 Section 9.15
	 	Jurisdiction; Consent to Service of Process	  	 	186190	 
	 Section 9.16
	 	Confidentiality	  	 	187190	 
	 Section 9.17
	 	Platform; Borrower Materials	  	 	188191	 
	 Section 9.18
	 	Release of Liens and Guarantees	  	 	188192	 
	 Section 9.19
	 	Judgment Currency	  	 	190193	 

  
 iii 

							
	 Section 9.20
	 	USA PATRIOT Act Notice Etc.	  	 	191194	 
	 Section 9.21
	 	Agency of the Borrower for the Loan Parties	  	 	191194	 
	 Section 9.22
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	191194	 
	 Section 9.23
	 	Acknowledgement Regarding Any Supported QFCs	  	 	192195	 

  
 iv 

Schedule A Loyalty Program
Agreements 

  
 vi 

 “Affiliate” shall mean, when used with respect to a specified person,
another person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified. 

“Agent Advances” shall mean any Overadvances and Protective Advances. 

“Agents” shall mean the Administrative Agent and the Collateral Agent. 

“Agreement” shall have the meaning assigned to such term in the introductory paragraph of this Agreement, as amended,
restated, supplemented or otherwise modified from time to time. 
 “Agreement Currency” shall have the meaning assigned to
such term in Section 9.19. 
 “Amendment No. 2” shall mean Amendment No. 2 to this Agreement dated as of
May 15, 2020, among Holdings, the Borrower, the Administrative Agent, the Issuing Bank and the Lenders party thereto. 

“Amendment No. 2 Effective Date” shall mean May 15, 2020, the effective date of Amendment No. 2. 

“Amendment
 No. 3” shall mean Amendment No. 3 to this Agreement dated as of September 14, 2020, among Holdings, the Borrower, the Administrative Agent and the Lenders party thereto.

“Amendment
 No. 3 Effective Date” shall mean September 14, 2020, the effective date of Amendment No. 3. 

“Anti-Corruption Laws” shall have the meaning assigned to such term in Section 3.26. 

“Applicable Commitment Fee” shall mean, for any day, 0.50% per annum. 

“Applicable Margin” shall mean for any day (i) with respect to any Initial Revolving Facility Loans, 4.00% per
annum in the case of any Eurocurrency Loan and 3.00% per annum in the case of any ABR Loan and (ii) with respect to any Extended Revolving Loan, the “Applicable Margin” set forth in the Incremental Assumption Agreement relating
thereto. 
 “Appraisal Triggering Event” shall occur at any time that Availability is less than the greater of (i) 10%
of Maximum Availability and (ii) $5,000,000 for five (5) consecutive Business Days. 
 “Appraised Market Value”
shall mean the “current market value” (as defined by ISTAT) of the applicable Spare Engine as reflected on the most recent appraisal for such Spare Engine made by an Acceptable Appraiser, as adjusted for the condition, specification,

  
 3 

 
parts for such Spare Engine), 45.0% of the Net Book Value of such Spare Engine and (z) 75.0% of the Net Book Value of all other Eligible Equipment; 

provided that, notwithstanding anything herein to the contrary, the Borrowing Base shall at all times be deemed to be no less than $5,000,000.5,000,000;
provided, further, that, for the avoidance of doubt, no Permitted CARES Act Collateral shall be included in the Borrowing Base; provided, further, that during the period commencing on the CARES Act Loan Effective Date and ending on the date that a
Borrowing Base Certificate is delivered to the to the Administrative Agent in accordance with Section 5.04(j) with respect to the month ended August 31, 2020, which such Borrowing Base Certificate shall not include any Permitted CARES Act
Collateral, the Borrowing Base shall be subject to a Reserve of $500,000. 
 The
Borrowing Base shall be reduced by the then amount of all Reserves, without duplication of any items that are otherwise addressed through eligibility criteria, which the Administrative Agent deems necessary in the exercise of its Reasonable Credit
Judgment to maintain with respect to the Loan Parties. 
 The specified percentages set forth in this definition will not be reduced without
the consent of the Borrower. Any determination by the Administrative Agent in respect of the Borrowing Base shall be based on the Administrative Agent’s Reasonable Credit Judgment. The parties understand that the exclusionary criteria in the
definitions of “Eligible Accounts”, “Eligible Credit Card Accounts”, “Eligible Equipment” and “Eligible Inventory”, any Reserves that may be imposed as provided herein, any deductions or other adjustments to
determine “book value” and Net Amount of Eligible Accounts and factors considered in the calculation of Net Book Value of Eligible Equipment and Eligible Inventory have the effect of reducing the Borrowing Base, and, accordingly, whether
or not any provisions hereof so state, all of the foregoing shall be determined without duplication so as not to result in multiple reductions in the Borrowing Base for the same facts or circumstances. 

In connection with the consummation of any acquisition of a business or other assets, the Borrower may submit a calculation of the Borrowing
Base on a Pro Forma Basis with adjustments to reflect such acquisition and the inclusion of the Eligible Accounts, Eligible Credit Card Accounts, Eligible Equipment and Eligible Inventory so acquired in the Borrowing Base, and the Borrowing Base and
Availability under the Facility shall be increased accordingly; provided, that if such acquisition is a Material Increase Acquisition, the Administrative Agent shall have completed its review of such acquired assets, including receipt of new (or, if
agreed to by the Administrative Agent, recently completed) collateral audits, appraisals or updates of appraisals from one or more Acceptable Appraisers as the Administrative Agent shall require in its Reasonable Credit Judgment with respect to any
such acquired assets prior to the inclusion of such assets in the Borrowing Base; it being understood that (i) in the case of any Material Increase Acquisition, the Administrative Agent agrees to use its commercially reasonable efforts to
complete its review of such acquired assets prior to consummation of such acquisition so long as the Administrative Agent has been given the opportunity for a reasonable period (which shall not be required to be longer than twenty-eight
(28) days) to complete such review (and in any event the Administrative Agent agrees to use its commercially reasonable efforts to complete such review as soon as reasonably possible), (ii) the Borrower shall, for the avoidance of doubt,

  
 6 

 (f) the purchase price of equipment purchased during such period to the extent the
consideration therefor consists of any combination of (i) used or surplus equipment traded in at the time of such purchase and (ii) the proceeds of a concurrent sale of used or surplus equipment, in each case, in the ordinary course of
business, 
 (g) Investments in respect of a Permitted Business Acquisition, or 

(h) the purchase of property, plant or equipment made within 15 months of the sale of any asset to the extent purchased with the proceeds of
such sale (or, if not made within such period of 15 months, to the extent committed to be made during such period). 
 “Capital
Lease” shall mean, as applied to any person, any lease of any property (whether real, personal or mixed) by that person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet
of that person. 
 “Capitalized Lease Obligations” shall mean, as applied to any person, all obligations under Capital
Leases of such person or any of its subsidiaries, in each case taken at the amount thereof accounted for as liabilities in accordance with GAAP. 

“Capitalized Software Expenditures” shall mean, for any period, the aggregate of all expenditures (whether paid in cash or
accrued as liabilities) by a person during such period in respect of licensed or purchased software or internally-developed software and software enhancements that, in accordance with GAAP, are or are required to be reflected as capitalized costs on
the consolidated balance sheet of such person and its subsidiaries. 
 “CARES Act Deposit Account” shall mean, from and after the CARES Act Loan Effective Date, (x) the Collection
Account, the Payment Account, the Blocked Account and the Collateral Proceeds Account (each as defined in the CARES Act Loan Agreement as executed by the Borrower on the Amendment No. 3 Effective Date) and (y) any other segregated deposit
account that is subject to a control agreement in favor of the Appropriate Party (under and as defined in the CARES Act Loan Agreement as executed by the Borrower on the Amendment No. 3 Effective Date) solely holding the proceeds of the CARES
Act Loans and/or the identifiable proceeds of Permitted CARES Act Collateral; provided, however, that all of the foregoing accounts shall cease to constitute a CARES Act Deposit Account on the CARES Act Loan Termination Date. 

“CARES
Act Loan Effective Date” shall mean such date upon which the CARES Act Loan Agreement is made effective by The United States Department of the Treasury; provided, however, that if the CARES Act Loan Effective Date does not occur on or prior to
November 30, 2020 (or such later date as the Administrative Agent may agree in its sole discretion), the CARES Act Loan Effective Date will be deemed not to have occurred for purposes of this Agreement. 

“CARES
Act License Agreement” shall mean that certain IP License Agreement, as executed by the Borrower on the Amendment No. 3 Effective Date (or in the form furnished to the Administrative Agent on or prior to the Amendment No. 3 Effective
Date), in favor of the 

  
 9 

 
United States Department of the Treasury, as lender, contemplated
by the CARES Act Pledge and Security Agreement. 
 “CARES Act Loan Agreement” shall mean that certain Loan and Guarantee Agreement, dated as of September 14,
2020, by and among the Borrower, the United States Department of the Treasury, as lender, and The Bank of New York Mellon, as administrative agent and collateral agent, as amended or modified from time to time. 

“CARES
Act Loan Termination Date” shall have the meaning set forth in Section
5.10(i). 

“CARES
Act Loans” shall mean the loans incurred by the Borrower under the CARES Act Loan Agreement. 

“CARES
Act Pledge and Security Agreement” shall mean the Pledge and Security Agreement (as defined in the CARES Act Loan Agreement) as executed by the Borrower on the Amendment No. 3 Effective Date. 
 “Cash Collateralize” shall mean to pledge and deposit with or deliver to the
Collateral Agent, for the benefit of one or more of the Issuing Banks or Lenders, as collateral for Revolving L/C Exposure or obligations of the Lenders to fund participations in respect of Revolving L/C Exposure, cash or deposit account balances
or, if the Collateral Agent and each Issuing Bank shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Collateral Agent and each applicable Issuing
Bank. “Cash Collateral” and “Cash Collateralization” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Dominion Triggering Event” shall occur at any time that (a) Availability is less than $3,000,000 for five
(5) consecutive Business Days or (b) an Event of Default shall have occurred and be continuing. Once occurred, a Cash Dominion Triggering Event described in clause (a) shall be deemed to be continuing until such time as the
Availability is at least equal to $3,000,000 for fifteen (15) consecutive Business Days, and a Cash Dominion Triggering Event described in clause (b) shall be deemed to be continuing until no Event of Default shall be continuing. 

“Cash Interest Expense” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period,
Interest Expense for such period, less the sum of, without duplication, (a) pay-in-kind Interest Expense or other non-cash Interest Expense (including as a result of the effects of purchase accounting), (b) to the extent included in
Interest Expense, the amortization of any financing fees paid by, or on behalf of, the Borrower or any Subsidiary, including such fees paid in connection with the Transactions, and (c) the amortization of debt discounts, if any, or fees in
respect of Hedging Agreements; provided, that Cash Interest Expense shall exclude any one time financing fees, including those paid in connection with the Transactions or any amendment of this Agreement. 

  
 10 

 “Eurocurrency Loan” shall mean any Revolving Loan bearing interest at a
rate determined by reference to the Adjusted LIBOR Rate in accordance with the provisions of Article II. 
 “Event of
Default” shall have the meaning assigned to such term in Section 7.01. 
 “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended. 
 “Excluded Deposit Accounts” shall mean (x) accounts solely holding withheld income taxes, payroll taxes or
other employment-related taxes or amounts to be paid over to employee health or benefits plans and, in each case, funded in the ordinary course of business
and (y) CARES Act Deposit Accounts. 

“Excluded Property” shall have the meaning assigned to such term in Section 5.10(g). 

“Excluded Securities” shall mean any of the following: 

(a) any Equity Interests or Indebtedness with respect to which the Collateral Agent and the Borrower reasonably agree that the cost or other
consequences of pledging such Equity Interests or Indebtedness in favor of the Secured Parties under the Security Documents are likely to be excessive in relation to the value to be afforded thereby; 

(b) in the case of any pledge of voting Equity Interests of any Foreign Subsidiary (in each case, that is owned directly by the Borrower or a
Subsidiary Loan Party) to secure the Obligations, any voting Equity Interest of such Foreign Subsidiary in excess of 65% of the outstanding voting Equity Interests of such class; 

(c) in the case of any pledge of voting Equity Interests of any FSHCO (in each case, that is owned directly by the Borrower or a Subsidiary
Loan Party) to secure the Obligations, any voting Equity Interest of such FSHCO in excess of 65% of the outstanding voting Equity Interests of such class; 

(d) any Equity Interests or Indebtedness to the extent the pledge thereof would be prohibited by any Requirement of Law; 

(e) any Equity Interests of any person that is not a Wholly Owned Subsidiary of such person to the extent (A) that a pledge thereof to
secure the Obligations is prohibited by (i) any applicable organizational documents, joint venture agreement or shareholder agreement or (ii) any other contractual obligation with an unaffiliated third party not in violation of
Section 6.09(c) (other than, in this subclause (A)(ii), customary non-assignment provisions which are ineffective under Article 9 of the Uniform Commercial Code or other applicable Requirements of Law), (B) any organizational documents,
joint venture agreement or shareholder agreement (or other contractual obligation referred to in subclause (A)(ii) above) of such person prohibits such a pledge without the consent of any other party; provided, that this clause (B) shall
not apply if (1) such other party is a Loan Party or a Wholly Owned Subsidiary of a Loan Party or (2) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be 

  
 35 

 “Investment” shall have the meaning assigned to such term in
Section 6.04. 
 “Issuing Bank” shall mean (i) the Administrative Agent and (ii) each other Issuing Bank
designated pursuant to Section 2.05(l), in each case in its capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(i). An Issuing Bank may, in its discretion, arrange for one
or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. For the avoidance of doubt,
neither Barclays Bank PLC nor any of its branches, Affiliates or subsidiaries shall be required to issue any trade or commercial Letter or Credit. 

“Issuing Bank Fees” shall have the meaning assigned to such term in Section 2.12(b). 

“ISTAT” means the International Society of Transport Aircraft Trading. 

“Judgment Currency” shall have the meaning assigned to such term in Section 9.19. 

“Junior or Specified Financing” shall mean (a) any preferred Equity Interests, (b) any Disqualified Stock,
(c) any Indebtedness that is subordinated in right of payment to the Loan Obligations and, (d) Indebtedness for borrowed money secured by Liens on the
Collateral that are junior to the Liens securing the Loan Obligations or unsecured Indebtedness for borrowed money, in each case of this clause (d), incurred pursuant to Section 6.01(r) and (e) any Indebtedness incurred under the CARES Act Loan Agreement. 

“Latest Maturity Date” shall mean, at any date of determination, the latest Maturity Date with respect to Revolving
Commitments (including Revolving Commitments resulting from extending Revolving Facility Commitments in accordance with this Agreement) from time to time prior to such date. 

“L/C Disbursement” shall mean a payment or disbursement made by Issuing Bank pursuant to a Letter of Credit. 

“L/C Participation Fee” shall have the meaning assigned such term in Section 2.12(b). 

“Lender” shall mean each financial institution listed on Schedule 2.01 (other than any such person that has ceased to be a
party hereto pursuant to an Assignment and Acceptance in accordance with Section 9.04), as well as any person that becomes a “Lender” hereunder pursuant to Section 9.04 or Section 2.21. Unless the context clearly indicates
otherwise, the term “Lenders” shall include the maker of Swingline Loans. 
 “Lending Office” shall mean, as to
any Lender, the applicable branch, office or Affiliate of such Lender designated by such Lender to make Loans. 
 “Letter of
Credit” shall have the meaning assigned to such term in Section 2.05(a). 

  
 47 

 “Letter of Credit Commitment” shall mean, with respect to each Issuing
Bank, the commitment of such Issuing Bank to issue Letters of Credit pursuant to Section 2.05. 
 “Letter of Credit
Sublimit” shall mean the aggregate Letter of Credit Commitments of the Issuing Banks, in an amount not to exceed $10,000,000. 

“LIBOR Rate” means for any Interest Period as to any Eurocurrency Loan, (i) the rate per annum determined by the
Administrative Agent to be the offered rate which appears on the page of the Reuters Screen which displays the London interbank offered rate administered by ICE Benchmark Administration Limited (such page currently being the LIBOR01 page)
(“LIBOR”) for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of approximately 11:00 a.m. (London, England time), two Business Days prior to
the commencement of such Interest Period, or (ii) in the event the rate referenced in the preceding clause (i) does not appear on such page or service or if such page or service shall cease to be available, the rate determined by the
Administrative Agent to be the offered rate on such other page or other service which displays LIBOR for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in Dollars, determined as of
approximately 11:00 a.m. (London, England time) two Business Days prior to the commencement of such Interest Period; provided that if LIBOR is quoted under either of the preceding clauses (i) or (ii), but there is no such quotation for the
Interest Period elected, LIBOR shall be equal to the Interpolated Rate. 
 “LIBOR Successor Rate” shall have the meaning
assigned to such term in Section 2.14. 
 “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of
trust, lien, hypothecation, pledge, charge, security interest or similar monetary encumbrance in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or
any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset; provided, that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien. 

“Loan Documents” shall mean (i) this Agreement, (ii) the Guarantee Agreement, (iii) the Security Documents,
(iv) each Incremental Assumption Agreement, (v) any Permitted Intercreditor Agreement, (vi) the Letters of Credit, (vii) any Note issued under Section 2.09(e) and, (viii) solely for purposes of Sections 4.02 and 7.01 hereof, the Fee Letter., (ix) Amendment No. 2 and (x) Amendment No. 3.

 “Loan Obligations” shall mean (a) the due and punctual payment by the Borrower of (i) the unpaid
principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made to the Borrower
under this Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under this Agreement in respect of any Letter of Credit,
when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any 

  
 48 

 bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable
in such proceeding) and obligations to provide Cash Collateral and (iii) all other monetary obligations of the Borrower owed under or pursuant to this Agreement and each other Loan Document, including obligations to pay fees, expense
reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding), and (b) the due and punctual payment of all obligations of each other Loan Party under or pursuant to each of the Loan Documents. 

“Loan Parties” shall mean Holdings (prior to a Qualified IPO of the Borrower), the Borrower, and the Subsidiary Loan Parties.

 “Loans” shall mean the Revolving Loans and the Swingline Loans. 

“Local Time” shall mean New York City time (daylight or standard, as applicable). 

“Location Reserve” shall mean a reserve established by the Administrative Agent in its Reasonable Credit Judgment (not to
exceed the amount payable by any Loan Party for a period of 60 days to each person in possession or control of the premises where the relevant Equipment or Inventory is located as determined by the Administrative Agent in its Reasonable Credit
Judgment). 

“Loyalty Program
 Account Debtors” means First National Bank of Omaha and Visa U.S.A. Inc. 

“Management Group” shall mean the group consisting of the directors, executive officers and other management personnel of the
Borrower, Holdings or any Parent Entity, as the case may be, on the Closing Date together with (a) any new directors whose election by such boards of directors or whose nomination for election by the shareholders of the Borrower, Holdings or
any Parent Entity, as the case may be, was approved by a vote of a majority of the directors of the Borrower, Holdings or any Parent Entity, as the case may be, then still in office who were either directors on the Closing Date or whose election or
nomination was previously so approved and (b) executive officers and other management personnel of the Borrower, Holdings or any Parent Entity, as the case may be, hired at a time when the directors on the Closing Date together with the
directors so approved constituted a majority of the directors of the Borrower or Holdings, as the case may be. 
 “Margin
Stock” shall have the meaning assigned to such term in Regulation U. 
 “Material Adverse Effect” shall mean
(a) a material adverse effect on the business, property, operations or financial condition of the Borrower and the Subsidiaries, taken as a whole; provided that, for purposes of determining the existence of a Material Adverse Effect under this
subclause (a) at any time and from time to time during the period beginning on the Amendment No. 2 Effective Date and ending on the one year anniversary of the Amendment No. 2 Effective Date, any actual or potential impact, direct or
indirect, arising as a result of or related 

  
 49 

 “Net Income” shall mean, with respect to any person, the net income (loss)
of such person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends. 
 “New
Project” shall mean (x) each facility which is either a new facility or an expansion of an existing facility owned by the Borrower or the Subsidiaries which in fact commences operations and (y) each creation (in one or a series of
related transactions) of a business unit or product line to the extent such business unit or product line commences operations or production or each expansion (in one or a series of related transactions) of business into a new market or distribution
or sales channel; provided, that there shall be no New Project within the first six months after the Closing Date other than in connection with a Permitted Business Acquisition or an acquisition of a Similar Business. 

“Non-CARES
 Act Records” shall have the meaning assigned to such term in Section 5.07(e). 

“Non-Consenting Lender” shall have the meaning assigned to such term in Section 2.19(c). 

“Non-Defaulting Lender” shall mean, at any time, each Lender that is not a Defaulting Lender at such time. 

“Note” shall have the meaning assigned to such term in Section 2.09(e). 

“Obligations” shall mean, collectively, (a) the Loan Obligations, (b) obligations in respect of any Secured Cash
Management Agreement and (c) obligations (other than Excluded Swap Obligations) in respect of any Secured Hedge Agreement. 

“OFAC” shall mean the United States Department of the Treasury’s Office of Foreign Assets Control. 

“Other Taxes” shall mean any and all present or future stamp or documentary Taxes or any other excise, transfer, sales,
property, intangible, mortgage recording or similar Taxes arising from any payment made hereunder or under any other Loan Document or from the execution, registration, delivery or enforcement of, consummation or administration of, from the receipt
of perfection of security interest under, or otherwise with respect to, the Loan Documents (but excluding any Excluded Taxes), except any such Taxes that are imposed with respect to an assignment (other than an assignment made pursuant to
Section 2.19). 
 “Outside Date” shall mean the date that is 30 days after the End Date (as defined in the Purchase
Agreement as in effect on the date hereof and as may be extended in accordance with the terms of the Purchase Agreement as in effect on the date hereof) or, if earlier, the date on which the Purchase Agreement is terminated without the consummation
of the Acquisition. 
 “Overadvance” shall have the meaning assigned thereto in Section 2.01(b). 

“Parent Entity” shall mean any direct or indirect parent of the Borrower. 

  
 52 

 agree in its sole discretion) and (B) registered in the United States or in another jurisdiction that
is acceptable to the Administrative Agent (in its sole discretion). 
 “Permitted Business Acquisition” shall mean any
acquisition of all or substantially all the assets of, or all or substantially all the Equity Interests (other than directors’ qualifying shares) not previously held by the Borrower and the Subsidiaries in, or merger, consolidation or
amalgamation with, a person or division or line of business of a person (or any subsequent investment made in a person, division or line of business previously acquired in a Permitted Business Acquisition), if immediately after giving effect
thereto: (i) no Event of Default shall have occurred and be continuing or would result therefrom, provided, however, that with respect to a proposed acquisition pursuant to an executed acquisition agreement, at the option of the
Borrower, the determination of whether such an Event of Default shall exist shall be made solely at the time of the execution of the acquisition agreement related to such Permitted Business Acquisition; (ii) all transactions related thereto
shall be consummated in accordance with applicable laws; (iii) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness except for Indebtedness permitted by Section 6.01; (iv) to the extent required by
Section 5.10, any person acquired in such acquisition, if acquired by the Borrower or a Domestic Subsidiary, shall be merged into the Borrower or a Subsidiary Loan Party or become upon consummation of such acquisition a Subsidiary Loan Party;
and (v) the aggregate cash consideration in respect of such acquisitions and investments in assets that are not owned by the Borrower or Subsidiary Loan Parties or in Equity Interests in persons that are not Subsidiary Loan Parties or do not
become Subsidiary Loan Parties upon consummation of such acquisition shall not exceed the greater of (x) $5,000,000 and (y) 0.046 times EBITDAR calculated on a Pro Forma Basis for the then most recently ended Test Period. 

“Permitted
 CARES Act Collateral” shall mean each Loan Party’s right, title and interest in, to and under the Collateral (as defined in the CARES Act Pledge and Security Agreement as executed by the Borrower on the Amendment No. 3 Effective
Date); provided, for the avoidance of doubt, that no Excluded Assets (as defined in the CARES Act Pledge and Security Agreement as executed by the Borrower on the Amendment No. 3 Effective Date) shall constitute Permitted CARES Act
Collateral. 
  

“Permitted
 CARES Act Indebtedness” shall mean Indebtedness incurred under, or pursuant to, the CARES Act Loan Agreement to the extent that such Indebtedness (i) is in an aggregate principal amount not to exceed $46,000,000 (it being understood that
interest may be capitalized under the CARES Act Loan Agreement such that the principal thereunder may exceed $46,000,000 to the extent of such capitalized interest), and (ii) does not provide for or require any amortization or other payments
(other than payments as specified in the CARES Act Loan Agreement as executed by the Borrower on the Amendment No. 3 Effective Date) in respect of principal, in each case, prior to the Latest Maturity Date in effect at the time of
incurrence. 
 “Permitted Cure Securities” shall mean any
equity securities of the Borrower other than Disqualified Stock. 

  
 54 

 “Permitted Holder Group” shall have the meaning assigned to such term in
the definition of the term “Permitted Holders”. 
 “Permitted Holders” shall mean (i) the Co-Investors,
(ii) any person that has no material assets other than the capital stock of the Borrower and that, directly or indirectly, holds or acquires beneficial ownership of 100% on a fully diluted basis of the voting Equity Interests of the Borrower,
and of which no other person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), other than any of the other Permitted Holders specified in clause (i), beneficially owns more
than 50% (or, following a Qualified IPO, the greater of 35% and the percentage beneficially owned by the Permitted Holders specified in clause (i)) on a fully diluted basis of the voting Equity Interests thereof and (iii) any “group”
(within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date) the members of which include any of the other Permitted Holders specified in clause (i) and that, directly or indirectly, hold or acquire
beneficial ownership of the voting Equity Interests of the Borrower (a “Permitted Holder Group”), so long as (1) each member of the Permitted Holder Group has voting rights proportional to the percentage of ownership interests
held or acquired by such member and (2) no person or other “group” (other than the other Permitted Holders specified in clause (i)) beneficially owns more than 50% (or, following a Qualified IPO, the greater of 35% and the percentage
beneficially owned by the Permitted Holders specified in clause (i)) on a fully diluted basis of the voting Equity Interests held by the Permitted Holder Group. 

“Permitted Intercreditor Agreement” shall mean, with respect to any Liens on the Collateral that are intended to be junior to
the Liens thereon securing the Loan Obligations, any intercreditor agreement the terms of which are consistent with market terms governing security arrangements for the sharing of current asset collateral on a junior basis, as applicable, at the time such intercreditor agreement is proposed to
be established, as mutually determined by the Borrower in good faith and the Administrative Agent in the reasonable exercise of its judgment. 

“Permitted Investments” shall mean: 

(a) direct obligations of the United States of America or any member of the European Union or any agency thereof or obligations guaranteed by
the United States of America or any member of the European Union or any agency thereof, in each case with maturities not exceeding two years; 

(b) time deposit accounts, certificates of deposit and money market deposits maturing within 180 days of the date of acquisition thereof issued
by a bank or trust company that is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of America having capital, surplus and undivided profits in excess of $250,000,000
and whose long-term debt, or whose parent holding company’s long-term debt, is rated A (or such similar equivalent rating or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the
Securities Act)); 

  
 55 

 “Settlement” shall have the meaning assigned to such term in
Section 2.04(d)(i). 
 “Settlement Date” shall have the meaning assigned to such term in Section 2.04(d)(i). 

“Similar Business” shall mean any business, the majority of whose revenues are derived from (i) business or activities
conducted by the Borrower and the Subsidiaries on the Closing Date, (ii) any business that is a natural outgrowth or reasonable extension, development or expansion of any such business or any business similar, reasonably related, incidental,
complementary or ancillary to any of the foregoing or (iii) any business that in the Borrower’s good faith business judgment constitutes a reasonable diversification of businesses conducted by the Borrower and the Subsidiaries. 

“Spare Engines” shall mean any and all serviceable aircraft engines, of a make and model suitable for use in the
Borrower’s then in service fleet of aircraft, for which the Borrower or any Subsidiary Loan Party has a 100% ownership interest, free and clear of all security interests or liens in favor of any person other than the Collateral Agent except for
any Permitted Lien, excluding any such aircraft engines to the extent installed on any aircraft as of the Amendment No. 2 Effective Date. 

“Spare Parts” shall mean any and all appliances, parts, instruments, appurtenances, accessories, avionics, furnishings, seats
and other equipment of whatever nature which are of the type of aircraft spare parts, excluding any such spare parts to the extent installed on any aircraft or engine from time to time. 

“Special Flood Hazard Area” shall have the meaning assigned to such term in Section 5.02(c). 

“Specified
 Assets” shall mean each Loan Party’s right, title and interest in, to and under the following personal property of such Loan Party, in each case, whether now owned or existing or hereafter acquired, developed, created or arising and
wherever located (each term used in this definition but not defined in this Agreement having the meaning set forth in the CARES Act Pledge and Security Agreement or the CARES Act Loan Agreement, as applicable, in each case, as executed by the
Borrower on the Amendment No. 3 Effective Date): 
 (A) the Loyalty Program Agreements set forth on Schedule A, including all Loyalty Program Revenues paid or payable thereunder
from a Loyalty Program Account Debtor and all: 
 a. Accounts owing from a Loyalty Program Account Debtor under a Loyalty Program Agreement set forth on Schedule A; 

b.
Instruments; and 
 c. Receivables and Receivable Records 

  
 65 

in the case
of each of the foregoing clauses a., b. and c., representing such Loan Party’s rights and claims arising under or in connection with any Loyalty Program Agreements set forth on Schedule A and the Loyalty Program Revenues paid or payable
thereunder from a Loyalty Program Account Debtor; 
 (B) all Loyalty Program Data; 

(C) all
books, records, information and data with respect to any of the foregoing, and all tangible embodiments and fixations thereof (including all databases, files and media in which any of the foregoing is recorded or stored); 

(D) all CARES
Act Deposit Accounts; 
 (E) all Documents relating to assets described in the foregoing;

(F) to the
extent not otherwise included above, all Supporting Obligations relating to any of the foregoing; and 

(G) to the
extent not otherwise included above, all Proceeds, products, accessions, rents and profits of or with respect to any of the foregoing. 

“Spot Rate” shall mean, with respect to any currency, the rate determined by the Administrative Agent to be the rate quoted
by the person acting in such capacity as the spot rate for the purchase by such person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m., Local Time, on the date two Business
Days prior to the date as of which the foreign exchange computation is made or if such rate cannot be computed as of such date such other date as the Administrative Agent shall reasonably determine is appropriate under the circumstances;
provided, that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the person acting in such capacity does not have as of the date of determination a spot buying rate
for any such currency. 
 “Startup Date” shall mean the date that is ninety (90) days after the Closing Date or such
later date as the Administrative Agent may agree in its reasonable discretion. 
 “Statutory Reserves” shall mean the
aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any other banking authority, domestic or foreign, to which the Administrative
Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined in Regulation D of the Board). Eurocurrency Loans shall be deemed to constitute Eurocurrency
Liabilities (as defined in Regulation D of the Board) and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D.
Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subagent” shall have the meaning assigned to such term in Section 8.02. 

  
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 Intellectual Property, in each case prior and superior in right to the Lien of any other person, except for
Permitted Liens (it being understood that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on material registered trademarks and patents, trademark and
patent applications and registered copyrights acquired by the Loan Parties after the Closing Date). 
 (c) The Mortgages, if any, executed
and delivered on the Closing Date are, and the Mortgages executed and delivered after the Closing Date pursuant to Section 5.10 shall be, effective to create in favor of the Collateral Agent (for the benefit of the Secured Parties) legal, valid
and enforceable Liens on all of the Loan Parties’ rights, titles and interests in and to the Mortgaged Property thereunder and the proceeds thereof, and when such Mortgages are filed or recorded in the proper real estate filing or recording
offices, and all relevant mortgage taxes and recording charges are duly paid, the Collateral Agent (for the benefit of the Secured Parties) shall have valid Liens with record notice to third parties on, and security interests in, all rights, titles
and interests of the Loan Parties in such Mortgaged Property and, to the extent applicable, subject to Section 9-315 of the Uniform Commercial Code, the proceeds thereof, in each case prior and superior in right to the Lien of any other person,
except for Permitted Liens. 
 (d) Upon the execution and delivery thereof, each FAA Mortgage (i) will create a legal and valid security
interest in all the Mortgaged Collateral or analogous term (each as defined in the applicable FAA Mortgage) securing the payment and performance of the Obligations, as applicable, (ii) is in proper form for filing with the FAA, and
(iii) upon the filing of the applicable FAA Mortgage with the FAA, such security interest shall be a first priority perfected security interest in the Mortgaged Collateral or analogous term (each as defined in the applicable FAA Mortgage), to
the extent perfection can be obtained by filing FAA mortgages, in favor of the Collateral Agent for the benefit of the Secured Parties. 
 (e) The Permitted CARES Act Collateral consists entirely of the Specified Assets and does not extend to any other property or
assets of any Loan Party or any Loan Party’s right, title and interest in, to and under any such other property or assets. 

(f)
(e) Notwithstanding anything herein (including this Section 3.17) or in any other Loan Document to the
contrary, no Borrower or any other Loan Party makes any representation or warranty as to the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in any Equity Interests of any Foreign
Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign law. 

Section 3.18 Location of Real Property. 

(a) The Perfection Certificate lists correctly, in all material respects, as of the Closing Date all Material Real Property owned by the
Borrower and the Subsidiary Loan Parties and the addresses thereof. As of the Closing Date, the Borrower and the Subsidiary Loan Parties (if any) own in fee all the Real Property set forth as being owned by them in the Perfection Certificate except
to the extent set forth therein. 

  
 114 

 thereof of any or all of the inventory Collateral from one or more Acceptable Appraisers selected and
engaged by the Administrative Agent, and prepared in a form and on a basis reasonably satisfactory to the Administrative Agent, in which case such appraisals or updates shall be used in connection with the calculation of the Borrowing Base
hereunder. With respect to each appraisal made pursuant to this Section 5.07(c), (i) the Administrative Agent and the Loan Parties shall each be given a reasonable amount of time to review and comment on a draft form of the appraisal prior
to its finalization and (ii) any adjustments to the Borrowing Base hereunder as a result of such appraisal shall become effective upon the twentieth (20th) day following the finalization
of such appraisal (except to the extent otherwise provided in the fourth paragraph of the definition of “Borrowing Base” with respect to Material Increase Acquisitions). 

(d) Conduct asset and maintenance monitoring of all Spare Engines constituting Eligible Equipment in a manner consistent with past practices
and in accordance with the operating procedures of the Borrower or such Subsidiary Loan Party. 
 (e) Maintain a separate set of books, records, information and data (including all tangible embodiments and fixations thereof
and all databases, files and media in which any of the foregoing is recorded or stored, the “Non-CARES Act Records”) that does not contain any information or data with respect to any Permitted CARES Act Collateral. 
 Section 5.08 Use of Proceeds. Use the proceeds of the Loans made and Letters of
Credit issued in the manner contemplated by Section 3.12. 
 Section 5.09 Compliance with Environmental Laws. Comply, and
make reasonable efforts to cause all lessees and other persons occupying its properties to comply, with all Environmental Laws applicable to its operations and properties; and obtain and renew all material authorizations and permits required
pursuant to Environmental Law for its operations and properties, in each case in accordance with Environmental Laws, except, in each case with respect to this Section 5.09, to the extent the failure to do so would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. 
 Section 5.10 Further Assurances; Additional Security. 

(a) Execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the
filing and recording of financing statements, fixture filings, mortgages with the FAA with respect to Spare Engines, Mortgages and other documents and the registration of International Interests with the International Registry with respect to Spare
Engines) that the Collateral Agent may reasonably request (including, without limitation, those required by applicable law), to satisfy the Collateral and Guarantee Requirement and to cause the Collateral and Guarantee Requirement to be and remain
satisfied, all at the expense of the Loan Parties and provide to the Collateral Agent, from time to time upon reasonable request, evidence reasonably satisfactory to the Collateral Agent as to the perfection and priority of the Liens created or
intended to be created by the Security Documents. 

  
 129 

 provisions of Article 9 of the Uniform Commercial Code, (vi) those assets as to which the Collateral
Agent and the Borrower reasonably agree that the cost or other consequence of obtaining such a security interest or perfection thereof are excessive in relation to the value afforded thereby, (vii) any governmental licenses or state or local
franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or authorizations are prohibited or restricted thereby after giving effect to the applicable anti-assignment provisions of Article 9 of
the Uniform Commercial Code, (viii) any “intent-to-use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. §1051, unless and until an Amendment to Allege Use
or a Statement of Use under Section 1(c) or 1(d) of the Lanham Act has been filed with the United States Patent and Trademark Office,
(ix) 
[reserved]Permitted
CARES Act Collateral, solely to the extent and for so long as such Permitted CARES Act Collateral is pledged to secure Permitted CARES Act Indebtedness, (x) any Excluded Securities,
(xi) any Excluded Deposit Accounts, (xii) any
Third Party Funds, (xiii) any equipment or other asset that is subject to a Lien permitted by any of clauses (c), (i), (j) or (ii) of Section 6.02 or is otherwise subject to a purchase money debt or a Capitalized Lease
Obligation, in each case, as permitted by Section 6.01, if the contract or other agreement providing for such debt or Capitalized Lease Obligation prohibits or requires the consent of any person (other than the Borrower or any Guarantor) as a
condition to the creation of any other security interest on such equipment or asset and, in each case, such prohibition or requirement is permitted hereunder (after giving effect to the applicable anti-assignment provisions of Article 9 of the
Uniform Commercial Code or other applicable law), (xiv) all assets of Holdings other than, prior to a Qualified IPO, Equity Interests of the Borrower directly held by Holdings and pledged pursuant to the Holdings Guarantee and Pledge Agreement,
(xv) aircrafts and (xvi) any other exceptions mutually agreed upon between the Borrower and the Collateral Agent; provided, that the Borrower may in its sole discretion elect to exclude any property from the definition of Excluded
Property; provided, further, that no Non-CARES Act Records or asset included in the Borrowing Base shall constitute Excluded Property. Notwithstanding anything herein to the contrary, (A) the Collateral Agent may grant extensions of time or waivers of requirements for
the creation or perfection of security interests in or the obtaining of insurance (including title insurance) or surveys with respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests in the
assets of the Loan Parties on such date) where it reasonably determines, in consultation with the Borrower, that perfection or obtaining of such items cannot be accomplished by the time or times at which it would otherwise be required by this
Agreement or the other Loan Documents, (B) except as required by Section 5.11, no control, lockbox or similar agreement or arrangement shall be required with respect to any deposit accounts, securities accounts or commodities accounts,
(C) no foreign law governed security documents or registrations (other than, for the avoidance of doubt, any registration of International Interests with the International Registry with respect to Spare Engines that are to be included in
Eligible Equipment) shall be required, (D) Liens required to be granted from time to time pursuant to, or any other requirements of, the Collateral and Guarantee Requirement and the Security Documents shall be subject to exceptions and
limitations set forth in the Security Documents, (E) no notices shall be required to be sent to account debtors or other contractual third parties prior to the occurrence and during the continuance of an Event of Default, and (F) to the
extent any Mortgaged Property is located in a jurisdiction with mortgage recording or similar tax, the amount 

  
 132 

 secured by the Security Document with respect to such Mortgaged Property shall be limited to the fair market
value of such Mortgaged Property as determined in good faith by the Borrower (subject to any applicable laws in the relevant jurisdiction) or such lesser amount reasonably agreed to by the Collateral Agent. 

(h) If any person becomes a Loan Party after the Closing Date (whether by acquisition, formation or otherwise), such person shall comply with
the provisions of Section 5.11, including, within 90 days after the date on which such Subsidiary is formed or acquired or such longer period as the Collateral Agent shall agree in its reasonable discretion, by entering into Account Control
Agreements with the Collateral Agent and any bank or other financial institution with which such Loan Party maintains (i) primary concentration accounts or (ii) such other accounts that do not qualify as Exempted Accounts, in respect of
each such account; provided, that no such Account Control Agreement shall be required before the date that is 150 days after the Closing Date. 

(i) The Loan
Parties shall ensure that the Permitted CARES Act Collateral at all times consists entirely of the Specified Assets and does not extend to any other property or assets of any Loan Party or any Loan Party’s right, title and interest in, to and
under any such other property or assets. 
 (j) If after the CARES Act Loan Effective Date, the CARES Act Loan Agreement is terminated or otherwise ceases to be in
effect (such date, the “CARES Act Loan Termination Date”), the Permitted CARES Act Collateral shall cease to constitute Excluded Property and shall automatically, and without further action, be subject to the Liens under the Security
Documents and the Loan Parties shall take all actions (including executing and delivering documents and making filings) as necessary or reasonably requested by the Collateral Agent to create, confirm and perfect the Liens of the Collateral Agent in
the Permitted CARES Act Collateral, promptly, and in any event, within thirty (30) days of the CARES Act Loan Termination Date. The Borrower shall provide prompt written notice (and in any event within five (5) Business Days) to the
Administrative Agent of the occurrence of the CARES Act Loan Termination Date. 

Section 5.11 Cash Management Systems; Application of Proceeds of Accounts. 

(a) Within 150 days after the Closing Date (or such later day as the Administrative Agent may reasonably agree), each Loan Party shall enter
into a customary account control agreement, in a form reasonably satisfactory to the Administrative Agent (each, an “Account Control Agreement”) with the Collateral Agent and any bank or other financial institution with which such
Loan Party maintains (x) primary concentration accounts or (y) such other accounts that exist on the Closing Date and do not qualify as Exempted Accounts, in respect of each such account. In addition, each applicable Loan Party shall enter
into an Account Control Agreement with respect to any new account that does not qualify as, or any account that ceases to be, an Exempted Account, in each case within 90 days (or such longer period as the Administrative Agent may reasonably agree)
after such account is established or ceases to be an Exempted Account, as applicable; provided, that no such 

  
 133 

 payment of trade payables and operating expenses incurred by the Loan Parties in the ordinary course of
business (including any debt service payment due in respect of any Indebtedness of the Loan Parties otherwise permitted hereunder) and (B) up to $500,000 for such other purposes permitted hereunder as the Loan Parties may deem appropriate. 

(g) The Administrative Agent shall promptly (but in any event within one (1) Business Day of obtaining knowledge thereof)
(a) furnish written notice to each person with whom a Controlled Account is maintained of any termination of a Cash Dominion Triggering Event or (b) take such other action and execute such other documents as may be reasonably requested by
the Borrower or the applicable Loan Party in connection with any termination of a Cash Dominion Triggering Event. 
 (h) Notwithstanding
anything herein to the contrary, it is understood and agreed that no blocked account or other control agreements shall be required with respect to (a) any disbursement or payroll accounts used solely for such purposes, (b) any Excluded
Deposit Accounts, (c) the Designated Disbursement Account or (d) any other accounts (including deposit accounts) with an average monthly balance of less than $500,000 individually or $1,000,000 in the aggregate (any such excluded accounts
in this clause (g), the “Exempted Accounts”). 
 (i) Any amounts held or received in the Collateral Agent Account
(including all interest and other earnings with respect thereto, if any) (x) upon the occurrence of the Termination Date or (y) when no Cash Dominion Triggering Event exists, shall (subject in the case of subclause (x) to the
provisions of any Permitted Intercreditor Agreement, if applicable) be remitted to an account of the Borrower designated by the Borrower to the Administrative Agent. 

(j) The Loan
Parties shall ensure that the only funds paid, transferred or held in a CARES Act Deposit Account are proceeds of the CARES Act Loans and/or identifiable proceeds of Permitted CARES Act Collateral that constitute Excluded Property, and no funds in
any Controlled Account or proceeds of Collateral shall be paid to or transferred to any CARES Act Deposit Account. 

(k) After
the establishment of each CARES Act Deposit Account, the Borrower shall promptly notify the Administrative Agent of the applicable account number, type of account, and bank where such account is maintained. 
 Section 5.12 Post-Closing. Take all necessary actions to satisfy the items
described on Schedule 5.10 within the applicable period of time specified in such Schedule (or such longer period as the Administrative Agent may agree in its reasonable discretion). 

  
 135 

 (n) Indebtedness arising from agreements of the Borrower or any Subsidiary providing for
indemnification, adjustment of purchase or acquisition price or similar obligations (including earn-outs), in each case, incurred or assumed in connection with the Transactions, any Permitted Business Acquisition, other Investments or the
disposition of any business, assets or a Subsidiary not prohibited by this Agreement; 
 (o) Indebtedness in respect of letters of credit,
bank guarantees, warehouse receipts or similar instruments issued to support performance obligations and trade letters of credit (other than obligations in respect of other Indebtedness) in the ordinary course of business or consistent with past
practice or industry practices; 
 (p) Indebtedness to finance the acquisition or ownership of aircrafts and aircraft equipment (including
airframes, engines, appliances, equipment, instruments or related property), including (x) Capitalized Lease Obligations and (y) transactions through equipment trust certificates or enhanced equipment trust certificates structures; 

(q) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply
arrangements, in each case, in the ordinary course of business; 
 (r) other unsecured Indebtedness or Indebtedness secured by Liens on the
Collateral that are junior to, the Liens securing the Loan Obligations in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, together with the aggregate amount of any other Indebtedness outstanding
pursuant to this Section 6.01(r), would not exceed $10,000,000, and any Permitted Refinancing Indebtedness in respect thereof; 
 (s) [Reserved];Permitted CARES
Act Indebtedness; 
 (t) [Reserved]; 

(u) Indebtedness incurred in the ordinary course of business in respect of obligations of the Borrower or any Subsidiary to pay the deferred
purchase price of goods or services or progress payments in connection with such goods and services; provided, that such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary course
of business and not in connection with the borrowing of money or any Hedging Agreements; 
 (v) Indebtedness representing deferred
compensation to employees, consultants or independent contractors of the Borrower (or, to the extent such work is done for the Borrower or the Subsidiaries, any direct or indirect parent thereof) or any Subsidiary incurred in the ordinary course of
business; 
 (w) obligations in respect of Cash Management Agreements; 

(x) [Reserved]; 

  
 138 

 (dd) Liens securing Indebtedness or other obligation (i) of the Borrower or a
Subsidiary in favor of the Borrower or any Subsidiary Loan Party and (ii) of any Subsidiary that is not Loan Party in favor of any Subsidiary that is not a Loan Party; 

(ee) Liens on not more than $2,000,000 of deposits securing Hedging Agreements entered into for non-speculative purposes; 

(ff) Liens on goods or inventory the purchase, shipment or storage price of which is financed by a documentary letter of credit, bank
guarantee or bankers’ acceptance issued or created for the account of the Borrower or any Subsidiary in the ordinary course of business; provided, that such Lien secures only the obligations of the Borrower or such Subsidiaries in
respect of such letter of credit, bank guarantee or banker’s acceptance to the extent permitted under Section 6.01; 
 (gg) Liens
on the Collateral that are junior to the Liens thereon securing the Loan Obligations securing Indebtedness incurred under Section 6.01(r) so long as such junior Liens are subject to a Permitted Intercreditor Agreement; 

(hh) Liens imposed by applicable law on the assets of the Borrower or any Subsidiary located at an airport for the benefit of any nation or
government or national or governmental authority of any nation, state, province or other political subdivision thereof, and any agency, department, regulator, airport authority, air navigation authority or other entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government in respect of the regulation of commercial aviation or the registration, airworthiness or operation of civil aircraft and having jurisdiction over the
Borrower or such Subsidiary including, without limitation, the FAA or DOT; 
 (ii) Liens on any aircraft and aircraft equipment, including
airframes, engines, appliances, equipment, instruments or related property securing Indebtedness permitted by Section 6.01(p); 
 (jj) [Reserved];Liens on
Permitted CARES Act Collateral securing Indebtedness permitted by Section 6.01(s); 

(kk) Liens to secure any Indebtedness issued or incurred to Refinance (or successive Indebtedness issued or incurred for subsequent
Refinancings) as a whole, or in part, any Indebtedness secured by any Lien permitted by this Section 6.02; provided, however, that (x) such new Lien shall be limited to all or part of the same type of property that secured the original
Lien (plus improvements on and accessions to such property, proceeds and products thereof, customary security deposits and any other assets pursuant to after-acquired property clauses to the extent such assets secured (or would have secured) the
Indebtedness being Refinanced), (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount (or accreted value, if applicable) or, if greater, committed
amount of the applicable Indebtedness at the time the original Lien became a Lien permitted hereunder, (B) unpaid accrued interest and premium (including tender premiums) and (C) an amount necessary to pay any associated underwriting
discounts, defeasance costs, fees, commissions and expenses, and (z) on the date of the 

  
 144 

 Section 6.09 Limitation on Payments and Modifications of Indebtedness; Modifications
of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc. (a) Amend or modify in any manner materially adverse to the Lenders when taken as a whole (as determined in good faith by the Borrower), or grant any waiver or release
under or terminate in any manner (if such granting or termination shall be materially adverse to the Lenders when taken as a whole (as determined in good faith by the Borrower)), the articles or certificate of incorporation, by-laws, limited
liability company operating agreement, partnership agreement or other organizational documents of the Borrower or any of the Subsidiary Loan Parties. 

(b) (i) Make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of, or in respect of,
principal of or interest on any Junior or Specified Financing, or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination in respect of any Junior or Specified Financing, except for: 
 (A) Refinancings with any
Indebtedness permitted to be incurred under Section 6.01 (other than a Refinancing utilizing proceeds from Loans hereunder), 
 (B)
payments of regularly-scheduled interest and fees due thereunder, other non-principal payments thereunder, any mandatory prepayments of principal, interest and fees thereunder, scheduled payments thereon necessary to avoid the Junior or Specified
Financing from constituting “applicable high yield discount obligations” within the meaning of Section 163(i)(l) of the Code, and, to the extent this Agreement is then in effect, principal on the scheduled maturity date of any Junior
or Specified Financing, 
 (C) payments or distributions in respect of all or any portion of the Junior or Specified Financing, as
applicable, with the proceeds contributed to the Borrower by Holdings from the issuance, sale or exchange by Holdings (or any Parent Entity) of Equity Interests that are not Permitted Cure Securities applied pursuant to Section 7.02 or
Disqualified Stock made within eighteen months prior thereto, 
 (D) the conversion of any Junior or Specified Financing to Equity Interests
of Holdings or any Parent Entity, 
 (E) additional payments and distributions other than in respect of CARES Act Loans, so long as the Payment
Conditions are satisfied at the time such payments or distributions are made, 
 (F) other payments and distributions in an aggregate
amount not to exceed $5,000,000; and 

(G) any
voluntary prepayment under the CARES Act Loan Agreement, so long as such prepayment is not funded from Loan proceeds; provided that (x) at the time any such voluntary prepayment is made, the Payment 

  
 160 

Conditions are satisfied and
(y) after giving effect to any such voluntary prepayment, the sum of (1) Availability and (2) Unrestricted Cash of the Borrower and the Subsidiary Loan Parties is at least $25,000,000; or 
 (i)
Amend, waive or modify, or permit the amendment, waiver or modification of, any provision of any Junior or Specified
Financing or any Permitted Refinancing Indebtedness in respect thereof, or any agreement, document or instrument evidencing or relating to any of the foregoing, other than amendments, waivers or modifications that (A) are not materially adverse to
Lenders when taken as a whole (as determined in good faith by the Borrower) and that do not affect the subordination or payment provisions, if applicable, thereof (if any) in a manner adverse to the Lenders when taken as a whole (as determined in
good faith by the Borrower) or (B) otherwise comply with the definition of “Permitted Refinancing Indebtedness”. 

(c) Permit any Material Subsidiary to enter into any agreement or instrument that by its terms restricts (i) the payment of dividends or
distributions or the making of cash advances to the Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary or (ii) the granting of Liens by the Borrower or such Material Subsidiary that is a Loan Party pursuant to the
Security Documents, in each case other than those arising under any Loan Document, except, in each case, restrictions existing by reason of: 

(A) restrictions imposed by applicable law; 

(B) contractual encumbrances or restrictions in effect on the Closing Date under Indebtedness existing on the Closing Date and set forth on
Schedule 6.01 or any agreements related to any Permitted Refinancing Indebtedness in respect of any such Indebtedness that does not materially expand the scope of any such encumbrance or restriction (as determined in good faith by the Borrower);

 (C) any restriction on a Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the Equity Interests or
assets of a Subsidiary pending the closing of such sale or disposition; 
 (D) customary provisions in joint venture agreements and other
similar agreements applicable to joint ventures entered into in the ordinary course of business; 
 (E) any restrictions imposed by any
agreement relating to secured Indebtedness permitted by this Agreement to the extent that such restrictions apply only to the property or assets securing such Indebtedness; 

(F) any restrictions imposed by any agreement relating to Indebtedness incurred pursuant to Section 6.01(k), (l), (r), (s) or (ff)
or Permitted Refinancing Indebtedness in respect thereof; 

  
 161 

 Agent under any Loan Document (i) to the holder of any Lien on such property that is permitted by
clauses (c), (i), (j), (ii) and (ll) of Section 6.02 or Section 6.02(a) (if the Liens thereunder are of a type that is contemplated by any of the foregoing clauses) in each case to the extent the contract or agreement pursuant to
which such Lien is granted prohibits any other Liens on such property or (ii) that is or becomes Excluded Property, and the Administrative Agent and the Collateral Agent shall do so upon request of the Borrower; provided, that prior to any such
request, the Borrower shall have in each case delivered to the Administrative Agent a certificate of a Responsible Officer of the Borrower certifying (x) that such Lien is permitted under this Agreement, (y) in the case of a request
pursuant to clause (i) of this sentence, that the contract or agreement pursuant to which such Lien is granted prohibits any other Lien on such property and (z) in the case of a request pursuant to clause (ii) of this sentence, that
(A) such property is or has become Excluded Property and (B) if such property has become Excluded Property as a result of a contractual restriction, such restriction does not violate Section 6.09(c) and, if any restriction referred to
in this clause (B) relates to property other than cash, Permitted Investments or joint venture interests, such restriction either existed at the time such property was acquired (and was not created in contemplation of such acquisition) or was
permitted by Section 6.09(c)(Q). 

The Lenders
authorize the Collateral Agent to release the Liens granted to it on the Permitted CARES Act Collateral that constitutes Excluded Property and to execute such documents and take such actions as the Borrower may reasonably request to evidence that
effective as of the CARES Act Loan Effective Date, the Permitted CARES Act Collateral that constitutes Excluded Property has been released from the Liens granted to the Collateral Agent under the Loan Documents. In connection with the foregoing, the
Collateral Agent is authorized to rely, without independent investigation, on a certificate of a Responsible Officer of the Borrower, including, as to whether an asset constitutes Permitted CARES Act Collateral and Excluded Property and as to its
authority hereunder (which certificate shall be provided by the Borrower to the Collateral Agent upon its reasonable request). The Loan Parties acknowledge and agree that such release is without prejudice to the obligation of the Loan Parties
pursuant to Section 5.11(j), and that any release granted in connection with Permitted CARES Act Collateral shall be of no force and effect automatically and without further action if the CARES Act Loan Termination Date occurs. The Borrower
shall, at the time of any such release, deliver to the Administrative Agent an updated Borrowing Base Certificate that gives effect to such release. 

Section 8.12 Right to Realize on Collateral and Enforce Guarantees. In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, (i) the Administrative Agent (irrespective of whether the principal of any Obligation shall then be due and
payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise (A) to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of any or all of the Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders and the Administrative Agent and any Subagents allowed in such judicial proceeding, and (B) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and
(ii) any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such 

  
 173 

 Schedule A 

Loyalty Program Agreements 
  

	i.	 Amended and Restated Co-Brand Marketing Agreement, dated as of
October 17, 2018, between First National Bank of Omaha and MN Airlines, LLC d/b/a Sun Country Airlines, as amended by (x) Amendment No. 1 to Amended and Restated Co-Brand Marketing Agreement,
dated as of November 1, 2018, between First National Bank of Omaha and MN Airlines, LLC d/b/a Sun Country Airlines and (y) Amendment No. 1 to Amended and Restated C0-Brand Marketing Agreement,
dated as of March 25, 2019, between First National Bank of Omaha and MN Airlines, LLC d/b/a Sun Country Airlines. 

  

	ii.	 Visa U.S.A. Inc., Co-Brand Merchant Agreement between Visa U.S.A. Inc.
and MN Airlines, LLC d/b/a Sun Country Airlines dated August 21, 2013, as amended by First Amendment to Visa U.S.A. Inc. Co-Brand Merchant Agreement between Visa U.S.A. Inc. and MN Airlines, LLC d/b/a Sun
Country Airlines effective April 1, 2019.EX-10.6

 Exhibit 10.6 

Execution Version 

PLEDGE AND SECURITY AGREEMENT 

dated as of October 26, 2020 

between 
 EACH OF THE
GRANTORS PARTY HERETO 
 and 

THE BANK OF NEW YORK MELLON 

as Collateral Agent 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
		
	 Section 1. DEFINITIONS
	  	 	1	 
	 1.1
	 	 General Definitions
	  	 	1	 
	 1.2
	 	 Definitions; Interpretation
	  	 	6	 
		
	 Section 2. GRANT OF SECURITY INTERESTS
	  	 	7	 
	 2.1
	 	 Grant of Security
	  	 	7	 
		
	 Section 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE
	  	 	8	 
	 3.1
	 	 Security for Obligations
	  	 	8	 
	 3.2
	 	 Continuing Liability Under Collateral
	  	 	8	 
		
	 Section 4. REPRESENTATIONS AND WARRANTIES
	  	 	8	 
	 4.1
	 	 Generally
	  	 	8	 
		
	 Section 5. COVENANTS AND AGREEMENTS
	  	 	9	 
	 5.1
	 	 Affirmative Covenants
	  	 	9	 
	 5.2
	 	 Negative Covenants
	  	 	11	 
	 5.3
	 	 Other Actions
	  	 	12	 
		
	 Section 6. FURTHER ASSURANCES; ADDITIONAL GRANTORS
	  	 	12	 
	 6.1
	 	 Further Assurances
	  	 	12	 
	 6.2
	 	 Additional Grantors; Additional Collateral
	  	 	12	 
		
	 Section 7. COLLATERAL AGENT APPOINTED PROXY ATTORNEY-IN-FACT
	  	 	13	 
	 7.1
	 	 Power of Attorney
	  	 	13	 
	 7.2
	 	 No Duty on the Part of Collateral Agent or Secured Parties
	  	 	14	 
	 7.3
	 	 Standard of Care; Collateral Agent May Perform
	  	 	15	 
		
	 Section 8. REMEDIES
	  	 	15	 
	 8.1
	 	 Generally
	  	 	15	 
	 8.2
	 	 Application of Proceeds
	  	 	19	 
	 8.3
	 	 Sales on Credit
	  	 	19	 
		
	 Section 9. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS;
Reinstatement
	  	 	19	 
	 9.1
	 	 Continuing Security Interest; Transfer of Loans
	  	 	19	 
	 9.2
	 	 Reinstatement
	  	 	20	 
		
	 Section 10. MISCELLANEOUS
	  	 	20	 
	 10.1
	 	 Notices
	  	 	20	 
	 10.2
	 	 Waiver; Amendment
	  	 	20	 
	 10.3
	 	 Relation to Other Security Documents
	  	 	21	 
	 10.4
	 	 Collateral Agent’s Fees and Expenses; Indemnification
	  	 	21	 
	 10.5
	 	 Successors and Assigns
	  	 	22	 
	 10.6
	 	 Survival of Agreement
	  	 	22	 
	 10.7
	 	 Counterparts; Effectiveness
	  	 	22	 
	 10.8
	 	 Severability
	  	 	22	 
	 10.9
	 	 Governing Law; Jurisdiction, Etc.
	  	 	23	 
	 10.10
	 	 Headings
	  	 	23	 
	 10.11
	 	 Security Interest Absolute
	  	 	23	 

 Schedules 

Schedule 1.1 (Excluded Intellectual Property) 
 Schedule 2.1
(Certain Listed Collateral) 
 Schedule 4.1 (General Information) 

Exhibits 
 Exhibit A 

Exhibit B 
 Annexes 

Annex 1 (Loyalty Program Assets) 
 Annex 2 (Control Collateral)

 Annex 3 (Aircraft and Engine Assets) 
 Annex 4 (Slots, Gates
and Routes) 
 Annex 5 (Pledged Collateral) 
 Annex 6 (Spare
Parts Assets) 
 Annex 7 (Pledged Equipment and Pledged Tooling Inventory) 

Annex 8 (Real Property) 
  

  
 ii 

 This PLEDGE AND SECURITY AGREEMENT, dated as of October 26, 2020 (together with the Annexes
and Schedules, this “Agreement”), is entered into among each Grantor, whether as an original signatory hereto or as an Additional Grantor, and The Bank of New York Mellon, as collateral agent for the Secured Parties (in such
capacity as collateral agent, together with its successors and assigns, the “Collateral Agent”). 
 Reference is made to
that certain Loan and Guarantee Agreement, dated as of the date hereof (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), among SUN COUNTRY, INC. (the
“Borrower”), SUN COUNTRY AIRLINES HOLDINGS, INC. (the “Parent”), the Guarantors party thereto from time to time, the UNITED STATES DEPARTMENT OF THE TREASURY (“Treasury”) and THE BANK OF NEW YORK
MELLON, as Administrative Agent and Collateral Agent. 
 NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, each Grantor and the Collateral Agent agree as follows: 
 SECTION 1. DEFINITIONS 

1.1 General Definitions 

All capitalized terms used herein (including the preamble and recitals hereto) shall have the meanings assigned to such terms as set forth
below or in any Applicable Annex, in the Loan Agreement, or if not defined therein, in the UCC. 
 “Account Debtor” shall
mean any Person who is obligated on an Account. 
 “Additional Grantor” shall have the meaning assigned in
Section 6.2. 
 “Agreement” shall have the meaning set forth in the preamble. 

“Annex Remedies Section” shall mean, with respect to an Applicable Annex, the section in such Applicable Annex named
“Defaults and Remedies” (or the remedies provisions set forth in any security instrument referenced in any Applicable Annex). 

“Applicable Annex” shall mean, with respect to any Collateral and any Grantor, (i) each of Annex 1 (Loyalty Program
Assets) and Annex 2 (Control Collateral) that is applicable to such Collateral and such Grantor and any other Annexes incorporated by reference in such Annex and (ii) any other Annexes attached hereto. 

“Collateral” shall have the meaning assigned in Section 2.1. 

“Collateral Agent” shall have the meaning set forth in the preamble. 

“Control” shall mean the completion and satisfaction of those conditions and steps necessary for the secured party to
have “control” when used with respect to any (i) Certificated Security, under UCC Section 8-106(a) or (b), as applicable, (ii) Securities Account, including any Financial Asset
credited to such Securities Account and all related Security Entitlements, under UCC Section 8-106(d) and (iii) Deposit Account, under UCC
Section 9-104(a). 
 “Control Collateral” shall mean Collateral consisting of
the Deposit Accounts and Securities Accounts identified in Schedule 2.1. 

  
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 “Excluded Asset” shall mean (i) any asset of a Grantor subject to a
Permitted Lien, if, to the extent and only for so long as the grant of a Lien on such asset to secure the Secured Obligations is prohibited by, or requires additional action (that has not been taken) under, any agreement permitted under
Section 6.02 of the Loan Agreement (unless the counterparty to such agreement is an Affiliate of any Grantor), (ii) any lease, license, contract, property right or agreement to which any Grantor is a party to the extent (A) (1) any such
lease, license, contract, property right or agreement by its terms in effect on the date hereof or (2) any Applicable Law, prohibits, or requires consent (unless such consent has been received or is of an Affiliate of any Grantor) to the
granting of a Lien in the rights of such Grantor thereunder or (b) any Lien thereon would be invalid or unenforceable upon any such grant, in each case in this clause (ii), except to the extent that the UCC or any other Applicable Law
provides that such grant of Lien is effective irrespective of any prohibitions to such grant, (iii) any “intent-to-use” application for registration of a
Trademark filed with the United States Patent and Trademark Office pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. §1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an
“Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, but solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair
the validity or enforceability of any registration that issues from such “intent-to-use” application under applicable Federal law, (iv) motor vehicles
subject to certificates of title (other than to the extent a Lien thereon can be perfected by the filing of a financing statement under the UCC), (v) margin stock (within the meaning of Regulation U of the Board of Governors, as in effect from time
to time), (vi) any Deposit Account or Securities Account that is used solely as a pension fund, escrow (including any escrow accounts for the benefit of customers), trust, or similar account, in each case, for the benefit of third parties and
(vii) any Equity Interest of an Excluded Subsidiary; provided, however, that Excluded Assets shall not include any Material Loyalty Program Agreement, and licenses and property rights thereunder and, for the avoidance of doubt,
any other Loyalty Program Agreement as to which consent to the grant of the security interest hereunder has been obtained; and provided, further, that Excluded Assets shall not include any Control Collateral or Proceeds, substitutions
or replacements of any Excluded Assets referred to in clauses (i) through (vii) (unless such Proceeds, substitutions or replacements would independently constitute Excluded Assets referred to in clauses
(i) through (vii)). 
 “Grantor” shall mean each of the signatories hereto (including any
Additional Grantor) other than the Collateral Agent. 
 “Loan Agreement” shall have the meaning set forth in the recitals.

 “Insurance” shall mean (i) all insurance policies covering any or all of the Collateral (regardless of whether the
Collateral Agent is the loss payee thereof), (ii) any key man life insurance policies and (iii) in each case, all claims thereunder. 

“Perfection Certificate” shall mean a perfection certificate, executed and delivered by each of the Grantors, dated as of the
date hereof, in substantially the form of Exhibit B attached hereto (as supplemented from time to time). 
 “Perfection
Requirement” shall mean, at any time and with respect to any property, the requirement that: 
 (i) each Grantor, at its sole cost
and expense, shall have executed a grant of a security interest in such property in one or more applicable Security Documents (as specified in this Agreement) in favor of the Collateral Agent for the benefit of the Secured Parties; 

  
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 (ii) each Grantor, at its sole cost and expense, shall have prepared and duly and timely filed,
registered, recorded or made, or shall have caused to be prepared and duly and timely filed, registered, recorded or made, the Required Filings in favor of the Collateral Agent for the benefit of the Secured Parties with respect to the security
interest in such property; 
 (iii) each Grantor shall have completed and satisfied, or shall have caused to be completed and satisfied, all
conditions and steps constituting the Perfection Requirement under the terms of any Applicable Annex with respect to such property; and 

(iv) each Grantor shall have obtained all consents and approvals required to be obtained by it in connection with the execution and delivery of
this Agreement and any other Security Documents to which it is a party, the performance of its obligations thereunder and the granting by it of the Liens hereunder and thereunder and delivered such consent or approval to the Collateral Agent. 

“Pledge Supplement” shall mean any supplement to this Agreement in substantially the form of Exhibit A attached
hereto. 
 “Pledged Tooling Inventory” means all Qualified Tooling Inventory set forth on Schedule 2.1. 

“Qualified Tooling Inventory” means all of the Inventory and Equipment owned by a Grantor and used for the maintenance,
repair and overhaul of aircraft that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below: 

(i) it is not solely owned by a Grantor, or is leased by or is on consignment to a Grantor, or a Grantor does not have title thereto; 

(ii) it is Inventory or Equipment on which the Collateral Agent, on behalf of the Secured Parties, does not have a first priority perfected
Lien, or which is subject to any other Lien (other than a Permitted Lien); 
 (iii) (A) it is stored at a location not owned by a
Grantor unless (x) the Required Lenders have given their prior consent thereto (which, for the avoidance of doubt, shall include any location specified on Schedule 2.1) or (y) a collateral access agreement reasonably satisfactory to the
Required Lenders has been delivered to the Collateral Agent or (B) it is stored with a bailee or warehouseman unless either (x) the Required Lenders have given their prior consent thereto (which, for the avoidance of doubt, shall include
any location specified on Schedule 2.1) or (y) an acknowledged bailee waiver letter reasonably satisfactory to the Required Lenders has been received by the Collateral Agent; 

(iv) (A) it is placed on consignment, unless a valid consignment agreement which is reasonably satisfactory to the Required Lenders is in
place with respect to such Inventory, (B) it is in transit, unless such Inventory or Equipment (x) is purchased under documentary letter of credit and is in transit (1) from any location in the United States for receipt by a
Grantor within fifteen (15) days of the date of determination or (2) from any location outside of the United States for receipt by a Grantor within 60 days of the date of determination, and the document of title, to the extent applicable,
reflects a Grantor as consignee (along with delivery to such Grantor of the documents of title, to the extent applicable, with respect thereto), and further as to which the Collateral Agent has control over the documents of title, to the
extent applicable, which evidence ownership of the subject Inventory or Equipment, or (y) is in transit between locations in the United States that are leased, owned or occupied by a Grantor, or (C) it is not located within the United
States (except as otherwise permitted under subclause (B)(2) above); 

  
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 (v) it is covered by a negotiable document of title, unless such document has been delivered to
the Collateral Agent with all necessary endorsements, free and clear of all Liens except Liens in favor of landlords, carriers, bailees and warehousemen if clause (ii) has been complied with; 

(vi) it is not in new and salable condition, or is shopworn, seconds, damaged, defective or otherwise unfit for sale; 

(vii) it consists of work-in-process inventory; 

(viii) it is slow-moving, obsolete, unmerchantable, or constitutes returned or repossessed goods; 

(ix) it does not meet all standards imposed by a Governmental Authority; 

(x) it is not of a type held for sale in the ordinary course of the applicable Grantor’s business; 

(xi) except as otherwise agreed by the Required Lenders, it does not conform in all material respects to the representations or warranties
pertaining to Inventory or Equipment, as applicable, set forth in the Loan Documents; 
 (xii) it is subject to any licensing arrangement or
any other trademark or other proprietary rights of any Person, the effect of which would be to limit the ability of the Collateral Agent, or any Person selling the Inventory or Equipment on behalf of the Collateral Agent, to sell such Inventory or
Equipment in enforcement of the Collateral Agent’s Liens without further consent or payment to the licensor or such other Person (unless such consent has then been obtained); provided that the removal of private labels from finished goods and
the placement of new labels thereon shall not be deemed to constitute such a limitation under this clause (xii); 
 (xiii) it is not covered
by casualty insurance maintained as required by Section 5.06 of the Loan Agreement; or 
 (xiv) in the case of Equipment, is not in good
operating condition. 
 “Qualified Receivables” shall mean those Accounts created by a Grantor in the ordinary course of
its business that arise out of its sale of goods or rendition of services that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below: 

(i) Accounts (other than those set forth in the parenthetical of clause (g) below) that are unpaid more than the earlier of ninety
(90) days after the invoice date or forty-five (45) days after the due date of the original invoice for them; 
 (ii) Accounts owed
by an Account Debtor where fifty percent (50%) or more of all Accounts owed by that Account Debtor and its Affiliates are deemed ineligible under clause (a) above; 

(iii) Accounts with respect to which the Account Debtor is an Affiliate of any Credit Party or an employee or agent of any Credit Party or any
Affiliate of any Credit Party; 
 (iv) Accounts arising in a transaction wherein goods are placed on consignment or are sold pursuant to a
guaranteed sale, a sale or return, a sale on approval, a bill and hold, or any other terms by reason of which the payment by the Account Debtor may be conditional (it being understood that the right of an Account Debtor to return goods to a Credit
Party in the ordinary course of such Credit Party’s business consistent with past practices shall not constitute conditional payment); 

  
 4 

 (v) Accounts that are not payable in Dollars; 

(vi) Accounts with respect to which the Account Debtor either (i) does not maintain its chief executive office in the United States, or
(ii) is not organized under the laws of the United States or any state thereof, or (iii) is the government of any foreign country or sovereign state, or of any state, province, municipality, or other political subdivision thereof, or of
any department, agency, public corporation, or other instrumentality thereof, unless (A) the Account is supported by an irrevocable letter of credit satisfactory to the Appropriate Party (as to form, substance, and issuer or domestic confirming
bank) that has been delivered to the Appropriate Party and is directly drawable by the Collateral Agent, (B) the Account is covered by credit insurance in form, substance, and amount, and by an insurer, satisfactory to the Appropriate Party, or
(C) such Account is otherwise acceptable in all respects to the Appropriate Party; 
 (vii) Accounts with respect to which the Account
Debtor is either (i) the United States or any department, agency, or instrumentality of the United States or (ii) any state of the United States; 

(viii) Accounts with respect to which the Account Debtor is a creditor of any Credit Party and has or has asserted a right of recoupment or
setoff, or has disputed its obligation to pay all or any portion of the Account, to the extent of such claim, right of recoupment or setoff, or dispute; 

(ix) Accounts with respect to an Account Debtor and its Affiliates whose total obligations owing to the Credit Parties exceed twenty percent
(20%) of the Appraised Value of all Qualified Receivables, to the extent of the obligations owing by such Account Debtor and its Affiliates in excess of such percentage; 

(x) Accounts with respect to which the Account Debtor is subject to a proceeding under any Debtor Relief Laws, is not Solvent, has gone out of
business, or as to which any Credit Party has received notice of an imminent proceeding under any Debtor Relief Law or a material impairment of the financial condition of such Account Debtor; 

(xi) Accounts, the collection of which the Appropriate Party believes to be doubtful, including by reason of the Account Debtor’s
financial condition; 
 (xii) Accounts with respect to which (i) the goods giving rise to such Account have not been shipped and billed
to the Account Debtor, or (ii) the services giving rise to such Account have not been performed and billed to the Account Debtor; 

(xiii) Accounts with respect to which the Account Debtor is a Sanctioned Person or Sanctioned Country; or 

(xiv) Accounts that (i) represent the right to receive progress payments or other advance billings that are due prior to the completion
of performance by the applicable Grantor of the subject contract for goods or services, or (ii) represent credit card sales. 

“Receivables” shall mean all rights to payment, whether or not earned by performance, for goods or other property sold,
leased, licensed, assigned or otherwise Disposed of, or services rendered or to be rendered, including, but not limited to, all such rights constituting or evidenced by any Account, Chattel Paper, Instrument or General Intangible, together with all
of Grantor’s rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and all Receivables Records. 

  
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 “Receivables Records” shall mean all original copies of all documents,
instruments or other writings or electronic records or other Records evidencing the Receivable, relating thereto or obtained or maintained in connection therewith. 

“Required Filing” shall mean (i) each UCC financing statement (including any fixture filing, as applicable) in favor of
the Collateral Agent for the benefit of the Secured Parties required to perfect the security interest in the Collateral the security interest in which may be perfected by the filing of UCC financing statements, constituted hereby (based upon the
information provided to the Collateral Agent in the Perfection Certificate and for filing in each governmental, municipal or other office specified in Schedule 5 to the Perfection Certificate) and (ii) any Required Filing under each
Applicable Annex in favor of the Collateral Agent for the benefit of the Secured Parties (including, without limitation, the recordation of any mortgages, deeds of trust or deeds to secure debt referenced in Annex 4 with respect to any Collateral
constituting Real Estate Assets). 
 “Secured Obligations” shall have the meaning assigned in Section 3.1. 

“Secured Parties” shall mean the Lenders (including the Treasury as the Initial Lender), the Administrative Agent and the
Collateral Agent. 
 “Title 14” shall mean Title 14 of the United States Code, as amended from time to time. 

“Title 49” shall mean Title 49 of the United States Code, as amended from time to time. 

“Treasury” shall have the meaning set forth in the recitals. 

“UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York or, when the context
implies, the Uniform Commercial Code as in effect from time to time in any other applicable jurisdiction. 
 1.2 Definitions;
Interpretation 
 References to “Annexes,” “Sections,” “Exhibits” and “Schedules” shall be to
Annexes, Sections, Exhibits and Schedules, as the case may be, of this Agreement unless otherwise specifically provided. References to “Schedules” shall be as supplemented from time to time. References to this “Agreement” shall
include all Annexes, Exhibits and Schedules hereto. Section, Annex, Exhibit and Schedule headings and the Table of Contents in this Agreement are included herein for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement. Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. The use herein of the
word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to
similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other
items or matters that fall within the broadest possible scope of such general statement, term or matter. The word “or” is not exclusive. The words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. If any conflict or inconsistency exists between this Agreement and the Loan Agreement, the Loan Agreement
shall govern. All references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any Article of the UCC. 

  
 6 

 SECTION 2. GRANT OF SECURITY INTERESTS. 

2.1 Grant of Security 
 (a)
As security for the payment and performance in full of all Secured Obligations, each Grantor hereby grants to the Collateral Agent for the benefit of the Secured Parties a security interest in and continuing lien on all of such Grantor’s right,
title and interest in, to and under the following assets of such Grantor, in each case, whether now owned or existing or hereafter acquired, developed, created or arising and wherever located (all of which being hereinafter collectively referred to
as the “Collateral”): 
  

	 	(i)	 all Loyalty Program Assets (including the Loyalty Program Assets described on Schedule 2.1);

  

	 	(ii)	 the Deposit Accounts and Securities Accounts described on Schedule 2.1 (which shall
include the Collateral Accounts) and all cash deposited or held therein and financial assets credited thereto, as applicable; 

  

	 	(iii)	 all Documents (including the Documents described on Schedule 2.1) relating to assets described in the
foregoing; 

  

	 	(iv)	 all Accounts (including the Accounts described on Schedule 2.1) relating to assets described in the
foregoing; 

  

	 	(v)	 to the extent not otherwise included above, all books and records and Supporting Obligations relating to any of
the foregoing; and 

  

	 	(vi)	 to the extent not otherwise included above, all Proceeds, products, accessions, rents and profits of or with
respect to any of the foregoing. 

 (b) Notwithstanding anything herein to the contrary, in no event shall the Collateral
include, or the security interest granted under this Section 2.1 attach to, any Excluded Asset. 
 (c) Each Grantor shall file and make
all Required Filings and also hereby authorizes the Collateral Agent to file and make all Required Filings, including any financing or continuation statements, and amendments thereto, in any jurisdictions and with any filing offices as the
Collateral Agent may determine, in its sole discretion, are necessary or advisable to perfect the security interest granted to the Collateral Agent herein. Such Required Filings may describe the Collateral in the same manner as described herein or
may contain an indication or description of collateral that describes such property in any other manner as the Collateral Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the security
interest in all of the Collateral granted to the Collateral Agent herein. Each Grantor shall furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the Collateral and such other reports in
connection with the Collateral as the Appropriate Party may request, all in such detail as the Appropriate Party may require. 
 (d) If any
Collateral (or any portion thereof) constitutes a type of asset covered by an Applicable Annex, the Applicable Annex (and any security instrument referenced in any Applicable Annex) for such type of asset shall apply and be deemed to have been
incorporated in its entirety into this Agreement as if such Applicable Annex (and/or the security instrument(s) referenced in any Applicable Annex) constituted a part of this Agreement. 

  
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 SECTION 3. SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE. 

3.1 Security for Obligations 

This Agreement secures, and the Collateral is collateral security for, the prompt and complete payment and performance in full when due,
whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under any Debtor Relief Law), of all Obligations and Guaranteed
Obligations of the Borrower and each Grantor (collectively, the “Secured Obligations”). 
 3.2 Continuing Liability
Under Collateral 
 Notwithstanding anything herein to the contrary: 

(a) nothing contained herein is intended or shall be a delegation of duties to any Secured Party; 

(b) each Grantor shall remain liable under each agreement included in or relating to the Collateral and observe and perform all of the
obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof, and neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under any of such agreements by
reason of or arising out of this Agreement or any other document related thereto nor shall the Collateral Agent nor any other Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have
any obligation to take any action to collect or enforce any rights under any agreement included in or relating to the Collateral; and 
 (c)
the exercise by the Collateral Agent of any of its rights or remedies hereunder, any other Security Document or the Loan Agreement, shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in
the Collateral. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES. 

4.1 Generally. 
 Each
Grantor hereby represents and warrants, on the Closing Date and on the date of each Borrowing (and, in the case of an Additional Grantor or Additional Collateral, on the date of such Grantor’s execution and delivery of a Pledge Supplement, or
the date such Additional Collateral becomes subject to the security interest created hereby, as applicable; provided that if Additional Collateral becomes subject to the security interest created hereby without the execution and delivery of a Pledge
Supplement, the following representations and warranties are repeated only with respect to such Additional Collateral): 
 (a) It owns and
has good and valid rights in all Collateral free and clear of any Lien except for Permitted Liens. 
 (b) Subject to applicable Privacy Laws,
it has the full corporate power, authority and right to pledge, grant a security interest in, sell, assign or transfer the Collateral pursuant to, and as provided in, this Agreement. 

  
 8 

 (c) All information supplied by the Grantors with respect to Collateral, including Schedules
2.1 and 4.1, is true, correct and complete in all material respects; provided that the Grantors may, to the extent applicable, deliver to the Collateral Agent certified supplements to (or restated versions of) Schedules 2.1
and 4.1 and the Perfection Certificate in advance of any making of this representation. 
 (d) The Perfection Certificate has been
duly prepared, completed and executed and the information set forth therein is true, correct and complete. 
 (e) This Agreement grants to
the Collateral Agent for the benefit of the Secured Parties a legal, valid and enforceable security interest in all of the Collateral and, upon the filing, recording or registration of the applicable UCC financing statements and any other Required
Filing, the security interest granted hereunder constitute a perfected first priority security interest in all of the Collateral, subject to no Liens other than Permitted Liens. 

(f) The applicable UCC financing statements and the other Required Filings are all the financing statements, filings, recordings and
registrations that are necessary to publish notice of, protect the validity of, and establish a legal, valid and perfected first priority security interest in favor of the Collateral Agent for the benefit of the Secured Parties with respect to, all
Collateral, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration nor any other step or action is necessary in any jurisdiction in connection with the grant, perfection or first priority status of the
security interest of the Collateral Agent in any Collateral, except as provided (x) under Applicable Law with respect to the filing of continuation statements and (y) expressly (by reference to this Section 4.1(f)) in any Applicable
Annex. 
 (g) Other than the financing statements, filings, recordings or registrations filed or to be filed in favor of the Collateral Agent
for the benefit of the Secured Parties, no financing statement, filing, recording, registration or other document similar in effect under any Applicable Law covering or purporting to cover any security interest in Collateral is on file or of record
in any filing or recording office except for (x) financing statements for which proper termination statements have been properly filed and (y) financing statements filed in connection with Permitted Liens. 

(h) No authorization, approval, consent or other action by, and no notice to or filing with, any Person, Governmental Authority or regulatory
body is required for either (A) the pledge or grant by any Grantor of the security interest purported to be created hereunder to be legal, valid and enforceable or (B) the exercise by the Collateral Agent of any rights or remedies with
respect to any Collateral (whether specifically granted or created hereunder or created or provided for by Applicable Law), except (w) such as have been obtained, (x) the filing of UCC financing statements and filing or recordation
of any other Required Filings, in each case, in favor of the Collateral Agent for the benefit of the Secured Parties, (y) any required continuation statements and (z) with respect to clause (B), to the extent expressly specified (by
reference to this Section 4.1(h)) in any Applicable Annex. 
 SECTION 5. COVENANTS AND AGREEMENTS 

5.1 Affirmative Covenants. 

Each Grantor hereby covenants and agrees that: 

(a) It shall have satisfied the Perfection Requirement (i) with respect to the Collateral now owned or existing, on or prior to the
Closing Date or, in the case of an Additional Grantor or Additional Collateral, on the date of execution and delivery of a Pledge Supplement or the date such Additional Collateral becomes subject to the security interest created hereby, as
applicable, (except that 

  
 9 

 
the Perfection Requirement with respect to UCC financing statements and any FAA or International Registry filings may be satisfied by filing thereof by such Grantor on the Closing Date or such
date of execution and delivery of a Pledge Supplement, or the date such Additional Collateral becomes subject to the security interest created hereby, as applicable, or, in each case, within one (1) Business Day thereafter) and (ii) with
respect to any Collateral acquired or arising after the Closing Date requiring satisfaction of any Perfection Requirement that has not already been undertaken, as promptly as practicable after the date on which such Collateral was acquired or arose
(in any event, unless any other timeframe is specifically provided, within thirty (30) days). 
 (b) On the Closing Date and at any time
at which an additional Perfection Requirement is required to be satisfied with respect to any Collateral of any Grantor, such Grantor shall deliver opinions of counsel that are acceptable to the Appropriate Party, addressed to the Secured Parties
and dated the Closing Date or the date at which such Perfection Requirement is required to be satisfied, as applicable, in form and substance satisfactory to the Appropriate Party with respect to the creation, validity and perfection of the Lien
granted hereunder and under the other Security Documents in the applicable item(s) of Collateral, fulfillment of all Perfection Requirements, no governmental or third-party consents that have not been obtained, U.S. Bankruptcy Code Section 1110
treatment for any Aircraft and Engine Assets or Spare Parts, in each case, constituting Collateral, no contravention of agreements and such other matters relating to the Collateral as the Appropriate Party requests. 

(c) Concurrently with the Appraisals and any Valuation Certificate required to be delivered under Section 5.16 of the Loan Agreement, it
shall provide to the Collateral Agent: 
  

	 	(i)	 a certificate of a Responsible Officer of the applicable Grantor confirming that Schedules 2.1 and
4.1 (after giving effect to the supplements and restatements in clause (ii) below) remain true, correct and complete in all material respects; and 

 

	 	(ii)	 to the extent applicable, supplements to (or restated versions of) Schedules 2.1 and 4.1 and the
Perfection Certificate (which supplements in connection with any Additional Collateral shall, for the avoidance of doubt, be approved by the Required Lenders). 

(d) At the expense of such Grantor, it shall maintain the security interest created by this Agreement as a perfected first-priority security
interest and shall defend such security interest against claims and demands of all Persons at any time claiming any interest therein and the priority of such security interest against any Lien (other than Permitted Liens). Without limiting the
foregoing, the applicable Grantor, at its sole cost and expense, will cause the Required Filings to be prepared, duly authorized and executed (if applicable) and duly and timely filed and recorded. 

(e) It shall provide to the Collateral Agent statements and schedules (or supplements thereto) further identifying and describing in detail the
assets and property of such Grantor constituting Collateral and such other reports therewith as the Appropriate Party may request from time to time. 

(f) Concurrently with any supplementing or changing of the Schedules to this Agreement or the Schedules to the Perfection Certificate, it
shall, at its expense, cause to be delivered to the Collateral Agent, at the request of the Appropriate Party, (i) an opinion of counsel, in form and substance satisfactory to the Appropriate Party, to the effect that all Perfection
Requirements have been satisfied, including that all Required Filings and any amendments or supplements thereto or continuation statements in respect thereof (except any continuation statements specified in such opinion of counsel that are to be
filed more than six (6) months after the date thereof), have been filed or recorded in each office necessary to create and perfect the Liens of the Secured Parties and (ii) a certificate of a Responsible Officer as to any additional
matters set forth in any Applicable Annex. 

  
 10 

 (g) Each Grantor shall remain liable, as between such Grantor and the relevant counterparty under
each contract, agreement or instrument relating to the Collateral, to observe and perform all the conditions and obligations to be observed and performed by it under such contract, agreement or instrument, all in accordance with the terms and
conditions thereof, and each Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the other Secured Parties from and against any and all liability for such performance. 

5.2 Negative Covenants. 

Each Grantor hereby covenants and agrees that: 

(a) It shall not change the information provided in Schedule 2.1, Schedule 4.1 or the Perfection Certificate delivered to the
Collateral Agent or the Lenders at any time unless (i) prior to such change or within the time period specified herein, it shall have satisfied all conditions and taken all actions, if not already satisfied and taken, necessary or advisable to
maintain the continuous legality, validity, enforceability, perfection and the first priority (subject to Permitted Liens) of the Collateral Agent’s security interest (for the benefit of the Secured Parties) in the Collateral (including making
any and all filings under the UCC or any other Applicable Law that are required to have a valid, legal, perfected first-priority (subject to Permitted Liens) security interest in the Collateral and satisfying any applicable Perfection Requirement,
any other action required under any Applicable Annex and any other actions requested by the Collateral Agent or an Appropriate Party in connection therewith) and (ii) in connection with a change at any time to remove any Collateral identified
at that time on Schedule 2.1, Schedule 4.1 or the Perfection Certificate, such change shall have been made in connection with a release or disposition permitted under, and made in accordance with, Section 6.17(b)(iii) of the Loan Agreement or
otherwise in accordance with the applicable Loan Documents. 
 (b) It shall not authorize the filing of any financing statements or other
registrations, recordations or filings naming it as debtor covering all or any portion of the Collateral, except to cover security interests created hereunder or other Permitted Liens. 

(c) It shall not move any Pledged Equipment or Pledged Tooling Inventory (other than Equipment or Inventory sold in the ordinary course of
business) to any location (i) other than any location that is listed in Schedule 2.1, or to such other location designated by a Grantor in the supplements delivered pursuant to Section 5.1(c)(ii) and approved by the Required Lenders and
(ii) unless, to the extent applicable with respect to such new location, such Grantor shall have complied, upon the request of the Required Lenders, with Section 5.3(a); provided that Pledged Equipment or Pledged Tooling Inventory may from
time to time be temporarily relocated to other locations in order to perform maintenance, repair and overhaul of aircraft and engines, provided that such Pledged Equipment or Pledged Tooling Inventory must promptly be restored to one of the
locations listed on Schedule 2.1 following such temporary relocation; provided, further that in no event shall any Pledged Equipment or Pledged Tooling Inventory be moved to any location outside of the United States. The supplement to the
Perfection Certificate delivered pursuant to Section 5.1(c)(ii) shall include a description in reasonable detail of any Pledged Tooling Inventory (including the book value and current location thereof) that has been acquired, sold or otherwise
disposed of, or moved from the location at which it was located, in each case since the date of the immediately preceding supplement (or the date of the Perfection Certificate, in the case of the first such supplement). 

  
 11 

 5.3 Other Actions. 

In order to further ensure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Security
Interest, each Grantor agrees, in each case at such Grantor’s own expense, to take the following actions with respect to the following Collateral: 

(a) Each Grantor shall obtain, upon the request of the Required Lenders, with respect to each location where such Grantor maintains Spare Parts
Assets, Pledged Equipment or Pledged Tooling Inventory, a collateral access agreement reasonably satisfactory to the Required Lenders or an acknowledged bailee waiver letter reasonably satisfactory to the Required Lenders, in each case in favor of
the Collateral Agent. 
 SECTION 6. FURTHER ASSURANCES; ADDITIONAL GRANTORS. 

6.1 Further Assurances. 

(a) Each Grantor shall from time to time, at the sole expense of such Grantor, promptly execute and deliver, or cause to be executed and
delivered, all further instruments and documents, and take or cause to be taken all further action, that may be necessary or advisable, or that the Appropriate Party or the Collateral Agent may request, in order to create or maintain the validity,
perfection or priority of and protect any security interest granted hereby or to enable the Collateral Agent to obtain, preserve, exercise and enforce its rights and remedies hereunder with respect to any Collateral (including the satisfaction and
completion of all conditions and steps constituting any applicable Perfection Requirement and any other steps required under any Applicable Annex). Without limiting the generality of the foregoing, each Grantor shall file or deliver to the
Collateral Agent such Required Filings, or continuation statements or amendments thereto, and execute and deliver, or cause to be executed and delivered, such other agreements, instruments, endorsements, powers of attorney or notices, as may be
necessary or advisable, or as the Appropriate Party may request, in order to perfect and preserve the security interests granted or purported to be granted hereby. 

(b) Each Grantor shall provide any information on the Collateral that the Appropriate Party or the Collateral Agent may request in order to
ensure the Collateral Agent’s security interest in all of the Collateral is perfected and is first priority. 
 (c) Notwithstanding
anything herein to the contrary, with respect to pledges of, or grants of security interests in, assets acquired by a Grantor after the Closing Date or that cease to be an Excluded Asset and thereby become an item of Collateral after the Closing
Date, unless any other timeframe is specifically provided, within thirty (30) days after the date of such acquisition (or after the date such assets cease to be Excluded Asset), the applicable Grantor shall satisfy the requirements of clause
(a) above (including the satisfaction and completion of all conditions and steps constituting any applicable Perfection Requirement and any other action required under any Applicable Annex). 

6.2 Additional Grantors; Additional Collateral 

From time to time after the Closing Date, additional Persons may become parties hereto as additional Grantors (each, an “Additional
Grantor”) or assets eligible to be Additional Collateral may be added to the Collateral, in each case, by an Additional Grantor or applicable Grantor, as relevant, by executing a Pledge Supplement and, as applicable, satisfying the
Perfection Requirements. Upon delivery of such Pledge Supplement to the Collateral Agent, notice of which is hereby waived by the Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto as if such Additional Grantor
were an original signatory hereto as a Grantor. Each Grantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Grantor hereunder, nor by any election of Collateral
Agent (acting at the direction of the Required Lenders) not to 

  
 12 

 
cause any Subsidiary of the Parent or any Grantor to become an Additional Grantor hereunder. This Agreement shall be fully effective as to any Grantor that is or becomes a party hereto regardless
of whether any other Person becomes or fails to become or ceases to be a Grantor hereunder. 
 SECTION 7. COLLATERAL AGENT APPOINTED PROXY ATTORNEY-IN-FACT. 
 7.1 Power of Attorney 

Each Grantor hereby irrevocably appoints the Collateral Agent (such appointment being coupled with an interest and terminable only upon the
payment in full of the Secured Obligations (other than contingent indemnification or reimbursement obligations not yet accrued and payable) as such Grantor’s proxy and
attorney-in-fact) with full authority in the place and stead of such Grantor and in the name of such Grantor, the Collateral Agent or otherwise, from time to time in the
Collateral Agent’s discretion to take any action and to execute any instrument that the Appropriate Party may deem necessary or advisable to accomplish the purposes of this Agreement, all of which shall be at the Grantors’ expense and
constitute Secured Obligations, including, the following: 
 (a) to prepare and file any UCC financing statements and any other Required
Filing against such Grantor as debtor; 
 (b) to prepare, sign and file any documents with the United States Patent and Trademark Office, the
United States Copyright Office or any Governmental Authority in any jurisdiction that the Collateral Agent deems appropriate in connection with the perfection, protection, priority or enforcement of the security interest on the Collateral, and to
remove any ineffective filings; 
 (c) upon the occurrence and during the continuance of any Event of Default: 

 

	 	(i)	 to take any actions set forth in any Applicable Annex (or in any security instrument referenced in any
Applicable Annex); 

  

	 	(ii)	 to do, at the Collateral Agent’s option, at any time or from time to time, all acts and things that the
Appropriate Party deems necessary or advisable to protect, preserve, perfect, establish the first priority of or realize upon the Collateral and the Collateral Agent’s security interest therein in order to effect the intent of this Agreement,
all as fully and effectively as such Grantor might do, including any access to pay or discharge Taxes or Liens levied or placed upon or threatened against the Collateral, the legality or validity thereof and the amounts necessary to discharge the
same to be determined by the Collateral Agent (acting at the direction of the Required Lenders), any such payments made by the Collateral Agent to become obligations of such Grantor to the Collateral Agent, due and payable immediately without
demand; 

  

	 	(iii)	 to exercise control in respect of any Deposit Account or Securities Account that is part of the Collateral, and
issue instructions and entitlement orders to any bank or securities intermediary in respect thereof; 

  

	 	(iv)	 to obtain and adjust insurance required to be maintained by such Grantor or paid to the Collateral Agent
pursuant to the Loan Agreement; 

  
 13 

	 	(v)	 to ask for, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys
due and to become due under or with respect to any of the Collateral; 

  

	 	(vi)	 to receive, endorse and collect any drafts or other instruments, documents and chattel paper;

  

	 	(vii)	 to file any claims or take any action or institute any proceedings that the Required Lenders may deem necessary
or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the Collateral; 

  

	 	(viii)	 to use information relating to the Collateral for purposes of Disposing or collecting the Collateral;
provided that with respect to any information granted to a Grantor by a third party, the Collateral Agent shall comply with any of such Grantor’s existing contractual obligations and restrictions that, in each case, such Grantor places
the Collateral Agent on written notice of (in reasonable detail); 

  

	 	(ix)	 to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral;

  

	 	(x)	 to send verifications of Accounts Receivable to any Account Debtor; 

 

	 	(xi)	 to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the Collateral
Agent; and 

  

	 	(xii)	 to Dispose, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully
and completely as though the Collateral Agent were the absolute owner thereof for all purposes, including to file any documents necessary or advisable to implement, effectuate or reflect the Disposition. 

None of the rights granted in this Section 7.1 shall be construed as duties, and the Collateral Agent shall have no liability for omitting to take such
actions. 
 7.2 No Duty on the Part of Collateral Agent or Secured Parties. 

(a) The powers conferred on the Collateral Agent hereunder are solely to protect the interests of the Secured Parties in the Collateral and
shall not impose any duty upon the Collateral Agent or any Secured Party to exercise any such powers. The Collateral Agent and the other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of
such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. The failure to act in
the absence of any duty to act shall not be deemed an act of gross negligence or willful misconduct. 
 (b) The Collateral Agent has been
appointed to act as Collateral Agent hereunder by the Lenders and, by their acceptance of the benefits hereof, the other Secured Parties. The Collateral Agent shall be obligated, and shall have the right hereunder, to make demands, to give notices,
to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including any release or substitution of Collateral), solely in accordance with this Agreement and the Loan Agreement. 

  
 14 

 (c) Notwithstanding any rights granted to the Collateral Agent hereunder to file or make filings
to perfect the security interest granted to the Collateral Agent herein, the Collateral Agent shall not be responsible for the existence, genuineness or value of any of the Collateral; for filing any financing or continuation statements or recording
any documents or instruments in any public office or otherwise perfecting or maintaining the perfection of any security interest in the Collateral (all of which shall be each Grantor’s responsibility); for the validity, perfection, priority or
enforceability of the Liens in any of the Collateral; for the validity or sufficiency of the Collateral or any agreement or assignment contained therein; for the validity of the title of any grantor to the Collateral; for insuring the Collateral; or
for the payment of taxes, charges or assessments on the Collateral. 
 7.3 Standard of Care; Collateral Agent May Perform. 

(a) Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Collateral Agent shall have no duty as to any Collateral or any income therefrom or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. 

(b) The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession if
such Collateral is accorded treatment substantially equal to that which the Collateral Agent accords its own property. 
 (c) The Collateral
Agent shall not be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of any act or omission of any sub-agent or bailee selected by the
Collateral Agent in good faith, except to the extent that such liability arises from the Collateral Agent’s gross negligence or willful misconduct. 

(d) Neither the Collateral Agent nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or
realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise Dispose of any Collateral upon the request of any Grantor or otherwise. 

(e) If any Grantor fails to perform any agreement contained herein, the Collateral Agent may itself (but shall have no obligation to) perform,
or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by each Grantor in a manner consistent with Section 11.03 of the Loan Agreement. 

(f) The Collateral Agent has been appointed by the Lenders under the Loan Agreement and has the benefit of the rights and protections set forth
therein, including that, notwithstanding any discretion given to it in any Loan Document, the Collateral Agent need not exercise discretion, but shall act as directed by the Required Lenders. 

SECTION 8. REMEDIES. 
 8.1
Generally. 
 (a) If any Event of Default shall have occurred and be continuing, the Collateral Agent may exercise (at the direction of
the Required Lenders) with respect to the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it at law or in equity, all the 

  
 15 

 
rights and remedies that the Collateral Agent may have or that are afforded to a secured party under the UCC or any other Applicable Law to collect, enforce or satisfy any Secured Obligations
then owing, whether by acceleration or otherwise, and also may pursue any of the following separately, successively or simultaneously, subject to Applicable Laws, including applicable Privacy Laws: 

 

	 	(i)	 require any Grantor to, and each Grantor hereby agrees that it shall, at its expense and promptly upon request
of the Appropriate Party or the Collateral Agent forthwith, (A) provide to the Appropriate Party or the Collateral Agent additional information concerning the Collateral and (B) assemble all or part of the Collateral as directed by the
Appropriate Party or the Collateral Agent and make it available to the Collateral Agent at a place to be designated by the Collateral Agent; 

  

	 	(ii)	 enter onto the property where any Collateral is located, if applicable and take possession thereof with or
without judicial process (to the extent possession is not otherwise granted to the Collateral Agent by the applicable Grantors), with or without prior notice or demand for performance and without liability for trespass to enter any premises where
any Collateral may be located for the purposes of taking possession of or removing any Collateral; provided that the Collateral Agent shall take commercially reasonable measures to protect the confidentiality of any Trade Secrets and other
confidential information contained thereon; 

  

	 	(iii)	 prior to the Disposition of the Collateral, store, process, repair or recondition the Collateral or otherwise
prepare the Collateral for Disposition in any manner to the extent the Collateral Agent deems appropriate; 

  

	 	(iv)	 give notice of exclusive control or any other instruction under any control agreement, collateral access
agreement or other similar agreement and take any action provided therein with respect to the applicable Collateral; 

  

	 	(v)	 seek the appointment of a receiver, keeper or any agent to take possession of the Collateral and enforce any of
the Collateral Agent’s remedies (for the benefit of the Collateral Agent and the Secured Parties) with respect to such appointment without prior notice or hearing as to such appointment; 

 

	 	(vi)	 subject to compliance with the terms of Section 8.1(f), without notice except as specified below or under
the UCC, sell, assign, lease, license (on an exclusive or non-exclusive basis), sublicense or otherwise Dispose of the Collateral or any part thereof in one or more parcels at public or private sale or on any
securities exchange, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as the Collateral Agent may deem appropriate
(provided that such direct licenses or sublicenses survive even when the Event of Default no longer exists); 

  
 16 

	 	(vii)	 require any applicable Grantor, and each applicable Grantor hereby agrees that it shall, in connection with any
foreclosure, collection, sale or other enforcement of the Liens granted hereunder: (1) to cooperate with the Collateral Agent to obtain all regulatory licenses, consents and other governmental approvals necessary or advisable to conduct all
aviation operations with respect to the Collateral, as applicable, (2) to continue to operate and manage the Collateral and maintain all applicable licenses until the Collateral Agent or its designee does so and (3) to cooperate with the
transition of the operations to a new operator; and 

  

	 	(viii)	 take any other actions specified in any Applicable Annex (or in any security instrument referenced in any
Applicable Annex). 

 (b) The Collateral Agent, the Administrative Agent or any other Secured Party may be the purchaser of
any or all of the Collateral at any public or private (to the extent the portion of the Collateral being privately sold is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations) sale
in accordance with the UCC, and the Collateral Agent, as collateral agent for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of
the Collateral sold at any such sale made in accordance with the UCC, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Collateral Agent at such sale. Each purchaser at any
such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by Applicable Law) all rights of redemption, stay or appraisal which it now has or may
at any time in the future have under any rule of Law now existing or hereafter enacted. Each Grantor agrees that, to the extent notice of sale shall be required by Law, at least ten (10) days’ notice to such 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. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The
Collateral Agent may adjourn any public or private 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 it would not be commercially unreasonable for the Collateral Agent to Dispose of the Collateral or any portion thereof by using Internet sites that provide for the auction of assets of the types included in the Collateral or that have
the reasonable capability of doing so, or that match buyers and sellers of assets. Each Grantor hereby waives any claims against the Collateral Agent arising by reason of the fact that the price at which any Collateral may have been sold at such a
private sale was less than the price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree. If the proceeds of any Disposition of
the Collateral are insufficient to pay all the Secured Obligations, the Grantors shall be liable for the deficiency and the fees of any attorneys employed by the Collateral Agent to collect such deficiency. Each Grantor further agrees that a breach
of any of its covenants contained in this Section will cause irreparable injury to the Secured Parties, that the Secured Parties have no adequate remedy at law with respect to such breach and, as a consequence, that each and every covenant contained
in this Section shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no default has
occurred giving rise to the Secured Obligations becoming due and payable prior to their stated maturities. Nothing in this Section shall in any way alter the rights of the Secured Parties hereunder. 

(c) The Collateral Agent may sell the Collateral without giving any warranties as to the Collateral. The Collateral Agent may specifically
disclaim or modify any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

  
 17 

 (d) To the maximum extent permitted by the Applicable Law, each Grantor absolutely and
irrevocably waives (which waiver may not be withdrawn without the written consent of the Collateral Agent acting at the direction of the Required Lenders): 
  

	 	(i)	 all claims, damages, and demands against the Collateral Agent or any other Secured Party arising out of the
repossession, retention or Disposition of the Collateral (after the occurrence of and during the continuance of an Event of Default), except such as arise out of the gross negligence or willful misconduct of the Collateral Agent or such Secured
Party as finally determined by a court of competent jurisdiction; and 

  

	 	(ii)	 the benefit and advantage of, and covenants not to assert against the Collateral Agent or any other Secured
Party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any
Collateral (after the occurrence of and during the continuance of an Event of Default), made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise.

 (e) The Collateral Agent shall have no obligation to marshal any of the Collateral. 

(f) Each Grantor hereby grants each Secured Party a non-exclusive, irrevocable, worldwide, transferable
license (or sublicense) to use, license, sublicense and otherwise exercise such Grantor’s rights in or to any Intellectual Property and any data (in each case, (i) whether or not included in the Collateral, (ii) subject to Applicable
Laws, including applicable Privacy Laws and (iii) to the extent not in conflict with such Grantor’s contractual obligations (not otherwise overridden by the UCC or Applicable Law) that exist as of the Closing Date with third parties),
without payment of royalty or other compensation to such Grantor, solely to enable the Collateral Agent to exercise its rights and remedies under Section 8 of this Agreement and under the Annex Remedies Section of any Applicable Annex (or in
any security instrument referenced in any Applicable Annex) after the occurrence, and solely during the continuance, of an Event of Default. This license is in addition to the Secured Parties’ other rights with respect to the Collateral and is
subject to the following: 
  

	 	(i)	 to the extent that this license is a sublicense of such Grantor’s rights as a licensee under any license,
this license is subject to any limitations in the primary license; 

  

	 	(ii)	 without limiting the foregoing, this license does not include Intellectual Property if the primary license for
such Intellectual Property by its terms or as a matter of law prohibits sublicenses, requires the licensor’s consent or entails additional consideration; 

 

	 	(iii)	 for licensed Trademarks, this license is subject to such Grantor’s standards of quality control and
inspection, as necessary to avoid the risk of invalidation of the Trademarks; 

  
 18 

	 	(iv)	 the Collateral Agent shall take commercially reasonable measures to protect the confidentiality of any Trade
Secrets and other confidential information licensed pursuant to this Section 8.1(f); and 

  

	 	(v)	 the termination or expiration of the license granted pursuant to this Section 8.1(f) shall not terminate
the rights of the sublicensees of any sublicenses granted by the Collateral Agent or its assignee in connection with and in accordance with this Section 8.1(f). 

(g) Solely to the extent required to exploit or exercise the license rights granted in Section 8.1(f) and solely to the extent not already
in the possession of the Collateral Agent, each Grantor shall provide to the Collateral Agent any Intellectual Property and data, including any embodiments thereof, licensed pursuant to Section 8.1(f) that are in the possession or control of
such Grantor, and shall not interfere with the rights provided in Section 8.1(f) to such Intellectual Property (including such embodiments) including any right to obtain such Intellectual Property (or such embodiments) from another entity, in
each case subject to Applicable Laws, including applicable Privacy Laws. 
 8.2 Application of Proceeds 

Upon the occurrence of an Event of Default, all proceeds received by the Collateral Agent with respect to any sale, any collection from, or
other realization upon all or any part of the Collateral shall be applied in full or in part by the Collateral Agent against the Secured Obligations in accordance with Section 7.02 of the Loan Agreement. 

8.3 Sales on Credit 
 If
the Collateral Agent sells any of the Collateral upon credit, the Collateral Agent may retain such Collateral until the sale price is paid by the purchaser thereof, and the Grantor will be credited only with payments actually made by the purchaser
and received by the Collateral Agent and applied to indebtedness of such purchaser. In the event such purchaser fails to pay for the Collateral, neither the Collateral Agent nor any other Secured Party shall incur any liability, and such Collateral
may be sold again upon like notice, and the Collateral Agent may resell the Collateral and Grantor shall be credited with proceeds of the sale. 

SECTION 9. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS; REINSTATEMENT. 

9.1 Continuing Security Interest; Transfer of Loans 

This Agreement shall create a continuing security interest in all of the Collateral and shall remain in full force and effect until the payment
in full of all Secured Obligations (other than contingent indemnification or reimbursement obligations not yet accrued and payable) and the Lenders no longer have a commitment to make any Loan to the Borrower, be binding upon each Grantor, its
successors and assigns, and inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and its successors, transferees and assigns. Without limiting the generality of the foregoing, but
subject to the terms of the Loan Agreement, each Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits with respect thereto granted to such Lender
herein or otherwise. Upon the payment in full of all Secured Obligations (other than contingent indemnification or reimbursement obligations not yet accrued and payable) and the Lenders no longer having a commitment to make any Loan to the Borrower,
the security interest granted hereby shall automatically terminate hereunder and of record and all rights to 

  
 19 

 
the Collateral shall revert to Grantors. Upon any such termination, the Collateral Agent shall, at the Grantors’ expense, execute and deliver or otherwise authorize the filing of such
documents as Grantors shall reasonably request (including financing statement amendments to evidence such release) and return to the applicable Grantors any possessory Collateral held by the Collateral Agent. Upon any Disposition of property
expressly permitted by the Loan Agreement, the security interest granted herein with respect to such property shall be deemed to be automatically released and such property shall automatically revert to the applicable Grantor with no further action
on the part of any Person. Upon any such termination or Disposition or any release of Collateral pursuant to the provisions of any Applicable Annex (or in any security instrument referenced in any Applicable Annex), or otherwise expressly permitted
by the Loan Agreement, the Collateral Agent shall, at the Grantors’ expense, execute and deliver or otherwise authorize the filing of such documents as Grantors shall reasonably request (including financing statement amendments to evidence such
release) and return to the applicable Grantors any corresponding possessory Collateral held by the Collateral Agent. Releases of the Collateral may also be made in accordance with the express terms of any Applicable Annex (or of any security
instrument referenced in any Applicable Annex). 
 9.2 Reinstatement 

This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Credit Party,
any Grantor or any Affiliates thereof for liquidation or reorganization, should any Credit Party or any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all
or any significant part of the Borrower’s or such Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is,
pursuant to Applicable Law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as
though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so
rescinded, reduced, restored or returned. 
 SECTION 10. MISCELLANEOUS. 

10.1 Notices. 
 All notices
and other communications provided hereunder shall be given in a manner consistent with Section 11.01 of the Loan Agreement (i) if to any Grantor, as it applies to a Credit Party and (ii) if to the Collateral Agent, as it applies to
the Collateral Agent. 
 10.2 Waiver; Amendment. 

(a) No failure or delay by the Collateral Agent in exercising any right, remedy, power or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege, or any abandonment or discontinuance of steps to enforce such a right remedy, power or privilege, preclude any other or further exercise thereof or the
exercise of any other right remedy, power or privilege. The rights, remedies, powers and privileges of the Collateral Agent hereunder are cumulative and are not exclusive of any rights, remedies, powers or privileges that any such Person would
otherwise have. 
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Collateral Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, 

  
 20 

 
and subject, in each case, to any restrictions set forth in the Loan Agreement. This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended,
modified, supplemented, waived or released with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

10.3 Relation to Other Security Documents. 

The provisions of this Agreement supplement the provisions of any Security Document or any other mortgage granted by any Grantor, which secure
the payment or performance of any of the Secured Obligations. Nothing contained in any such Security Document or mortgage shall derogate from any of the rights or remedies of the Secured Parties hereunder. In the case of a conflict between this
Agreement and any mortgage with respect to the creation, perfection, priority or enforcement of a lien or security interest in any Collateral consisting of real property or Fixtures, such mortgage shall govern. In all other conflicts between this
Agreement and any other Security Document, this Agreement shall govern. 
 10.4 Collateral Agent’s Fees and Expenses;
Indemnification. 
 (a) The Grantors jointly and severally agree to reimburse the Collateral Agent for its fees and expenses incurred
hereunder as provided in Section 11.03(a) of the Loan Agreement; provided that each reference therein to the “Borrower” shall be deemed to include a reference to the Grantors. 

(b) The Grantors jointly and severally agree to indemnify the Collateral Agent and the other Indemnitees as provided in Section 11.03(b)
of the Loan Agreement mutatis mutandis; provided that each reference therein to the “Borrower” shall be deemed to be a reference to “each Grantor”. 

(c) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Security Documents.

 (d) To the fullest extent permitted by applicable law, no Grantor shall assert, and each Grantor hereby waives, any claim against any
Indemnitee (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or other information transmission systems (including the Internet), provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such damages are determined by a court of competent jurisdiction by final, non-appealable judgment to have resulted from the gross
negligence or willful misconduct of, or a material breach of the Loan Documents by, such Indemnitee or its Related Parties, or (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of, in connection with, or as a result of, any Loan Document or any agreement or instrument contemplated thereby, any Loan or the use of the proceeds thereof. 

(e) The provisions of this Section 10.4 shall remain operative and in full force and effect regardless of the termination of this
Agreement or any other Loan Document, the consummation of the transactions contemplated hereby or thereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other
Loan Document, or any investigation made by or on behalf of any Secured Party. All amounts due under this Section shall be payable not later than 10 days after written demand therefor; provided, however, any Indemnitee shall promptly
refund an indemnification payment received hereunder to the extent that there is a final judicial determination that such Indemnitee was not entitled to indemnification with respect to such payment pursuant to this Section 10.4. Any such
amounts payable as provided hereunder shall be additional Secured Obligations. 

  
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 10.5 Successors and Assigns. 

Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and
assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or the Collateral Agent that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. 

10.6 Survival of Agreement. 

All covenants, agreements, representations and warranties made by any Grantor herein and in any Loan Document or other documents delivered in
connection herewith or therewith or pursuant hereto or thereto shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery hereof and thereof and the making of the Loan hereunder, regardless
of any investigation made by any such other party or on its behalf and notwithstanding that the Secured Parties may have had notice or knowledge of any Default at the time of the Loan, and shall continue in full force and effect as long as any Loan
or any other Secured Obligation hereunder shall remain unpaid or unsatisfied. The provisions of this Section 10.6 shall survive and remain in full force and effect regardless of the termination of this Agreement or any other Loan Document, the
consummation of the transactions contemplated hereby or thereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document or any investigation made by
or on behalf of the Collateral Agent or any other Secured Party. 
 10.7 Counterparts; Effectiveness. 

(a) This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective when it shall have been executed by the Collateral Agent and when the Collateral Agent shall have received
counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (e.g., “pdf” or
“tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. 
 (b) The words
“execution,” “signed,” “signature,” and words of like import shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Notwithstanding anything herein to the contrary, delivery of an executed counterpart of a
signature page of this Agreement by telecopy or other electronic means, or confirmation of the execution of this Agreement on behalf of a party by an email from an authorized signatory of such party shall be effective as delivery of a manually
executed counterpart of this Agreement. 
 10.8 Severability. 

If any provision of this Agreement is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 22 

 10.9 Governing Law; Jurisdiction, Etc. 

(a) This Agreement will be governed by and construed in accordance with the law of the State of New York. 

(b) Each of the parties hereto agrees to submit to the exclusive jurisdiction and venue of the United States District Court for the District of
Columbia for any civil action, suit or proceeding arising out of or relating to this Agreement, the Loan Documents, or the transactions contemplated hereby or thereby. 

(c) To the extent permitted by Applicable Law, each parties hereto hereby unconditionally waives trial by jury in any civil legal action or
proceeding relating to this Agreement or the transactions contemplated hereby. 
 (d) The Collateral Agent hereby notifies the Borrower and
the Lenders that pursuant to the requirements of The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, it is required to obtain, verify and record information that identifies
the Borrower and the Lenders, which information includes the name and address of the Borrower and the Lenders and other information that will allow the Collateral Agent to identify the Borrower and the Lenders, in accordance with The Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. 
 10.10 Headings.

 Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
 10.11 Security
Interest Absolute. 
 All rights of the Collateral Agent hereunder, the Security Interest and all obligations of each Grantor hereunder
shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Loan Agreement, any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument
relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Loan
Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent
under or departure from any guarantee securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured
Obligations or this Agreement. 
 [Signature Pages Follow] 

  
 23 

 IN WITNESS WHEREOF, each Grantor and the Collateral Agent have caused this Agreement to be duly
executed and delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	SUN COUNTRY, INC., as Grantor
		
	By:	 	 /s/ Jude I. Bricker

		 	Name: Jude I. Bricker
		 	Title: Chief Executive Officer
	
	 SUN COUNTRY AIRLINES HOLDINGS, INC.,

as Grantor

		
	By:	 	 /s/ Jude I. Bricker

		 	Name: Jude I. Bricker
		 	Title: Chief Executive Officer
	
	 SCA ACQUISITION INTERMEDIATE, LLC,

as Grantor

		
	By:	 	 /s/ Jude I. Bricker

		 	Name: Jude I. Bricker
		 	Title: Chief Executive Officer
	
	SCA ACQUISITION, LLC, as Grantor
		
	By:	 	 /s/ Jude I. Bricker

		 	Name: Jude I. Bricker
		 	Title: Chief Executive Officer
	
	 THE BANK OF NEW YORK MELLON,

as Collateral Agent

		
	By:	 	 /s/ Bret S. Derman

		 	Name: Bret S. Derman
		 	Title: Vice President

 [Signature Page to the Pledge and Security Agreement]

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