EXHIBIT 10.3 AIRCRAFT LEASE

EXHIBIT 10.3

AIRCRAFT LEASE
Between
Ventures Acquisition Company, LLC
3850 Three Mile Lane, McMinnville OR 97128
And
Evergreen International Airlines, Inc.,
3850 Three Mile Lane, McMinnville OR 97128

Terms and Conditions of Lease

1.     Lease: Lessor hereby leases to Lessee, and Lessee hereby hires from Lessor, the aircraft described above with all replacement parts, repairs, additions and accessories incorporated therein and/or affixed thereto, all referred to herein as "the Aircraft". Each of Lessor and Lessee expressly acknowledges and agrees that this lease is and shall be subject and subordinate to all the terms of the Loan Agreement dated as of July 11, 2005 (the "Loan Agreement") between Lessor, Evergreen Holdings, Inc., as Guarantor, and Landsbanki Íslands hf., as lender (the "Lender"), and the Mortgage and Security Agreement executed in connection therewith, in each case as in effect from time to time, and Lender's right to repossess the Aircraft and void this lease upon such repossession. In addition to Lessee's agreements hereunder with respect to insurance, maintenance, operation, and possession of the Aircraft, Lessee agrees to comply with Sections 7.07, 7.10, 7.11, 8.03, 8.04, 8.05 and 8.06 of the Loan Agreement (as in effect from time to time) as if each of such provisions were set forth herein in their entirety as obligations of the Lessee. Lessee acknowledges that it has received a copy of, and is familiar with the terms of, the Loan Agreement and the Mortgage and Security Agreement.

2.     Term: This lease is for the original period of time shown above beginning on July 11, 2005 and terminating on July 10, 2008. This Lease shall automatically continue in effect on the terms and conditions set forth herein month to month unless