Supplement #4 to Master Loan Agreement, dated August 16, 2019 by and between Contrail Aviation Support, LLC, Contrail Aviation Leasing, LLC and Old National Bank

DEFINITIONS.

Credit Facility. Lender shall make a term loan to the Borrowers, on the Closing Date, in an amount equal to Thirteen Million, Five Hundred Ninety-Four Dollars ($13,000,594.00) (“Term Loan C”), subject to the terms and conditions hereof and of the Master Loan Agreement. Term Loan C shall be evidenced by Term Note C, be payable in accordance with the terms of Term Note C and be made by disbursement of Loan proceeds when and as directed by Borrowers. Amounts borrowed and repaid under the Term Loan C may not be reborrowed.

Borrowing Procedures. The entire amount of Term Loan C is to be advanced in one single advance on the Closing Date.

Interest Rate. The unpaid principal balance of Term Loan C outstanding from time to time shall bear interest for the period commencing on the Closing Date of Term Loan C until such Loan is paid in full. Term Loan C shall accrue interest at a variable rate equal to the LIBOR Rate plus 3.75% per annum and such rate shall be adjusted on the 1^st day of each month.

Payments. Borrowers shall make the following payments on Term Loan C during the following periods:

Sixty (60) consecutive monthly payments of principal and interest commencing on September 1, 2019, and continuing on the 1^st day of each successive month thereafter, each in an amount necessary to fully amortize the then remaining principal balance of Term Loan C at the then applicable interest rate over the remaining balance of the Amortization Period; and

A final payment of all outstanding principal and accrued and unpaid interest together with such other amounts as shall then be due and owing from Borrowers to Lender under the Term Loan C on the Term Loan C Maturity Date.

Fees.

On or before the Closing Date, Borrowers shall pay to Lender a fee in the amount of Fifty-Two Thousand Two Dollars ($52,000.00).

Use of Loan Proceeds. Borrowers shall only use the proceeds of Term Loan C to acquire the beneficial interest in the trust described in the Beneficial Interest Pledge Agreement attached hereto as Exhibit B.

CONDITIONS FOR BORROWING.

Lender shall have received the following, all in form, detail and content satisfactory to Lender:

Term Note C duly executed by both Borrowers.

The fee due under Section 2.5 hereof.

A Beneficial Interest Pledge Agreement, in the form of Exhibit B, properly executed by CAL, together with any and all other documents or instruments Lender reasonably deems necessary to grant to Lender and perfect a first position Lien in all of CAL’s beneficial interest in that certain trust described in the Trust Agreement (Aircraft MSN 30241) dated as of August 22, 2016, between Wells Fargo Trust Company, National Association, as owner trustee (the “Owner Trustee”), and CIT Aerospace, LLC as the original Trust settlor, as amended, assigned, supplemented, restated, and modified from time to time (the “Trust Agreement”), all in form and substance reasonably satisfactory to Lender.

A Trust Aircraft Security Agreement in the form of Exhibit C (the “TASA”), properly executed by the Owner Trustee, together with any and all other documents or instruments Lender reasonably deems necessary to grant to Lender and perfect a first position Lien on the collateral described in the TASA, all in form and substance reasonably satisfactory to Lender.

A third party written legal opinion opining that:

CAL has the due power and authority to grant the lien described in Section 3.1(c) above;

Owner Trustee has due power and authority to grant the Lien described in Section 3.1(d) above; and

The Liens described in Sections 3.1(c) and 3.1(d) are valid and enforceable and neither violate any term or provision of the Trust Agreement.

Evidence in a form reasonably acceptable to Lender that, prior to or concurrently with the execution of this Supplement, CAL acquired the interest in the trust described in the Beneficial Interest Pledge Agreement and that the trust acquired the collateral described in the TASA, and in each case, such is owned free and clear of all liens, claims and encumbrances.

An Agreement to Provide Insurance in the form of Exhibit D, properly executed by the Borrowers.

AFFIRMATIVE COVENANTS.

Quarterly Rolling Cash Flow Coverage Ratio. Maintain, as of the last day of each fiscal quarter, a Quarterly Rolling Cash Flow Coverage Ratio of not less than 1.25 to 1.0. Lender may determine compliance with this Quarterly Cash Flow Coverage Ratio covenant at any time.

Tangible Net Worth. Maintain a Tangible Net Worth of at least $12,500,000.00 at all times. Lender may determine compliance with this Tangible Net Worth covenant at any time.

NEGATIVE COVENANTS.

[Intentionally Omitted].