Execution Version 
                                                            
               
                                                            
                                        LOAN AND GUARANTEE AGREEMENT 
                                                      dated as of 
                                                   October 26, 2020 
                                                        among 
                                           SUN COUNTRY, INC., as Borrower, 
                                       the Guarantors party hereto from time to time, 
                               THE UNITED STATES DEPARTMENT OF THE TREASURY, 
                                                         and 
                                         THE BANK OF NEW YORK MELLON, 
                                       as Administrative Agent and Collateral Agent 
                                                            
               
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                                               TABLE OF CONTENTS 
                                                                                                 Page 
                                                     ARTICLE I 
                                                           
                                                   DEFINITIONS 
              SECTION 1.01     Defined Terms ............................................................................................................. 1 
              SECTION 1.02     Terms Generally ........................................................................................................ 36 
              SECTION 1.03     Accounting Terms; Changes in GAAP ..................................................................... 37 
              SECTION 1.04     Rates .......................................................................................................................... 37 
              SECTION 1.05     Divisions .................................................................................................................... 37 
                                                    ARTICLE II 
                                                           
                                         COMMITMENT AND BORROWING 
              SECTION 2.01     Commitment .............................................................................................................. 37 
              SECTION 2.02     Loans and Borrowing ................................................................................................ 38 
              SECTION 2.03     Borrowing Request .................................................................................................... 38 
              SECTION 2.04     [Reserved] ................................................................................................................. 38 
              SECTION 2.05     [Reserved] ................................................................................................................. 38 
              SECTION 2.06     Prepayments .............................................................................................................. 38 
              SECTION 2.07     Reduction and Termination of Commitments ........................................................... 40 
              SECTION 2.08     Repayment of Loans .................................................................................................. 40 
              SECTION 2.09     Interest ....................................................................................................................... 40 
              SECTION 2.10     Benchmark Replacement Setting .............................................................................. 41 
              SECTION 2.11     Evidence of Debt ....................................................................................................... 42 
              SECTION 2.12     Payments Generally ................................................................................................... 43 
              SECTION 2.13     Sharing of Payments .................................................................................................. 44 
              SECTION 2.14     Compensation for Losses .......................................................................................... 44 
              SECTION 2.15     Increased Costs .......................................................................................................... 45 
              SECTION 2.16     Taxes ......................................................................................................................... 46 
              SECTION 2.17     [Reserved] ................................................................................................................. 49 
              SECTION 2.18     [Reserved] ................................................................................................................. 49 
              SECTION 2.19     Mitigation Obligations; Replacement of Lenders ..................................................... 49 
                                                    ARTICLE III 
                                                           
                                       REPRESENTATIONS AND WARRANTIES 
              SECTION 3.01     Existence, Qualification and Power .......................................................................... 50 
              SECTION 3.02     Authorization; No Contravention .............................................................................. 51 
              SECTION 3.03     Governmental Authorization; Other Consents .......................................................... 51 
              SECTION 3.04     Execution and Delivery; Binding Effect ................................................................... 51 
              SECTION 3.05     Financial Statements; No Material Adverse Change ................................................. 51 
              SECTION 3.06     Litigation ................................................................................................................... 51 
              SECTION 3.07     Contractual Obligations; No Default ......................................................................... 51 
              SECTION 3.08     Property ..................................................................................................................... 52 
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              SECTION 3.09    Taxes ......................................................................................................................... 52 
              SECTION 3.10    Disclosure .................................................................................................................. 52 
              SECTION 3.11    Compliance with Laws .............................................................................................. 53 
              SECTION 3.12    ERISA Compliance ................................................................................................... 53 
              SECTION 3.13    Environmental Matters .............................................................................................. 54 
              SECTION 3.14    Investment Company Act .......................................................................................... 54 
              SECTION 3.15    Sanctions; Export Controls; Anti-Corruption; AML Laws ....................................... 54 
              SECTION 3.16    Solvency .................................................................................................................... 54 
              SECTION 3.17    Subsidiaries ............................................................................................................... 54 
              SECTION 3.18    Senior Indebtedness ................................................................................................... 54 
              SECTION 3.19    Insurance Matters ...................................................................................................... 55 
              SECTION 3.20    Labor Matters ............................................................................................................ 55 
              SECTION 3.21    Insolvency Proceedings ............................................................................................. 55 
              SECTION 3.22    Margin Regulations ................................................................................................... 55 
              SECTION 3.23    Liens .......................................................................................................................... 55 
              SECTION 3.24    Perfected Security Interests ....................................................................................... 55 
              SECTION 3.25    US Citizenship ........................................................................................................... 56 
              SECTION 3.26    Eligible Business Status ............................................................................................ 56 
              SECTION 3.27    Cybersecurity ............................................................................................................ 56 
              SECTION 3.28    Loyalty Program Agreements ................................................................................... 56 
                                                   ARTICLE IV 
                                                          
                                                   CONDITIONS 
              SECTION 4.01    Closing Date Conditions ........................................................................................... 56 
              SECTION 4.02    Additional Borrowing Conditions ............................................................................. 59 
                                                    ARTICLE V 
                                                          
                                            AFFIRMATIVE COVENANTS 
              SECTION 5.01    Financial Statements.................................................................................................. 60 
              SECTION 5.02    Certificates; Other Information ................................................................................. 61 
              SECTION 5.03    Notices ....................................................................................................................... 62 
              SECTION 5.04    Preservation of Existence, Etc. .................................................................................. 63 
              SECTION 5.05    Maintenance of Properties ......................................................................................... 63 
              SECTION 5.06    Maintenance of Insurance ......................................................................................... 63 
              SECTION 5.07    Payment of Obligations ............................................................................................. 63 
              SECTION 5.08    Compliance with Laws .............................................................................................. 63 
              SECTION 5.09    Environmental Matters .............................................................................................. 63 
              SECTION 5.10    Books and Records .................................................................................................... 64 
              SECTION 5.11    Inspection Rights ....................................................................................................... 64 
              SECTION 5.12    Sanctions; Export Controls; Anti-Corruption Laws and AML Laws ........................ 64 
              SECTION 5.13    Guarantors; Additional Collateral ............................................................................. 64 
              SECTION 5.14    Post-Closing Matters ................................................................................................. 65 
              SECTION 5.15    Further Assurances .................................................................................................... 65 
              SECTION 5.16    Delivery of Appraisals............................................................................................... 66 
              SECTION 5.17    Ratings ....................................................................................................................... 66 
              SECTION 5.18    Regulatory Matters .................................................................................................... 66 
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              SECTION 5.19    Eligible Receivables .................................................................................................. 66 
              SECTION 5.20    Loyalty Programs; Loyalty Program Agreements. .................................................... 67 
              SECTION 5.21    Collections; Accounts; Payments .............................................................................. 67 
                                                   ARTICLE VI 
                                                          
                                             NEGATIVE COVENANTS 
              SECTION 6.01    [Reserved] ................................................................................................................. 68 
              SECTION 6.02    Liens .......................................................................................................................... 68 
              SECTION 6.03    Fundamental Changes ............................................................................................... 68 
              SECTION 6.04    Dispositions ............................................................................................................... 69 
              SECTION 6.05    Restricted Payments .................................................................................................. 71 
              SECTION 6.06    Investments ................................................................................................................ 72 
              SECTION 6.07    Transactions with Affiliates ...................................................................................... 73 
              SECTION 6.08    [Reserved] ................................................................................................................. 74 
              SECTION 6.09    [Reserved] ................................................................................................................. 74 
              SECTION 6.10    Changes in Nature of Business .................................................................................. 74 
              SECTION 6.11    Sanctions; AML Laws ............................................................................................... 74 
              SECTION 6.12    Amendments to Organizational Documents .............................................................. 74 
              SECTION 6.13    [Reserved] ................................................................................................................. 74 
              SECTION 6.14    Prepayments of Junior Indebtedness ......................................................................... 74 
              SECTION 6.15    Lobbying ................................................................................................................... 74 
              SECTION 6.16    Use of Proceeds ......................................................................................................... 74 
              SECTION 6.17    Financial Covenants .................................................................................................. 75 
                                                   ARTICLE VII 
                                                          
                                               EVENTS OF DEFAULT 
              SECTION 7.01    Events of Default ....................................................................................................... 76 
              SECTION 7.02    Application of Payments ........................................................................................... 79 
                                                   ARTICLE VIII 
                                                          
                                                     AGENCY 
              SECTION 8.01    Appointment and Authority ....................................................................................... 80 
              SECTION 8.02    Collateral Matters ...................................................................................................... 80 
              SECTION 8.03    Removal or Resignation of Administrative Agent .................................................... 80 
              SECTION 8.04    Exculpatory Provisions.............................................................................................. 81 
              SECTION 8.05    Reliance by Agents .................................................................................................... 83 
              SECTION 8.06    Delegation of Duties .................................................................................................. 83 
              SECTION 8.07    Non-Reliance on Agents and Other Lenders ............................................................. 83 
              SECTION 8.08    Administrative Agent May File Proofs of Claim ...................................................... 83 
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