Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 62

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 62
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 debt securities, to replace temporary or mutilated,
destroyed, lost or stolen debt securities, to maintain an office or agency with respect to the debt securities and to hold moneys for
payment in trust) (“legal defeasance”) or (2) to be released from our obligations to comply with the restrictive covenants
under the indenture, and any omission to comply with such obligations will not constitute a default or an event of default with respect
to the debt securities of a series and clauses (3) and (5) under “—Events of Default” will no longer
be applied (“covenant defeasance”). Legal defeasance or covenant defeasance, as the case may be, will be conditioned upon,
among other things, the irrevocable deposit by us with the trustee, in trust, of an amount in U.S. dollars, or U.S. government obligations,
or both, applicable to the debt securities of that series which through the scheduled payment of principal and interest in accordance
with their terms will provide money in an amount sufficient to pay the principal or premium, if any, and interest on the debt securities
on the scheduled due dates therefor.

If we effect covenant defeasance
with respect to the debt securities of any series, the amount in U.S. dollars, or U.S. government obligations, or both, on deposit with
the trustee will be sufficient, in the opinion of a nationally recognized firm of independent accountants, to pay amounts due on the
debt securities of that series at the time of the stated maturity but may not be sufficient to pay amounts due on the debt securities
of that series at the time of acceleration. However, we would remain liable to make payment of such amounts due at the time of acceleration.

We will be required to deliver
to the trustee an opinion of counsel that the deposit and related defeasance will not cause the holders and beneficial owners of the
debt securities of that series to recognize income, gain or loss for federal income tax purposes. If we elect legal defeasance, that
opinion of counsel must be based upon a ruling from the U.S. Internal Revenue Service or a change in law to that effect.

We may exercise our legal
defeasance option notwithstanding our prior exercise of our covenant defeasance option.

Same-Day Settlement and Payment

Unless otherwise provided
in the applicable prospectus supplement or free writing prospectus, the debt securities will trade in the same-day funds settlement system