Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 65

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 65
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 has or have given such direction.

Unless and until it is exchanged
in whole or in part for certificated debt securities, no global security may be transferred except as a whole by DTC to a nominee of
DTC or by a nominee of DTC to DTC or another nominee of DTC. Transfers between participants in DTC will be effected in the ordinary way
in accordance with DTC rules and will be settled in same-day funds.

The indenture provides that
the global securities will be exchanged for debt securities in certificated form of like tenor and of an equal principal amount, in authorized
denominations in the following limited circumstances:

| · | DTC                                                                                      
 notifies us that it is unwilling or unable to continue as depository or if DTC ceases to 
 be a clearing agency registered under the Exchange Act and we do not appoint a successor 
 depository within 90 days after we receive notice or become aware of such event;         |

| · | we                                                                                        
 execute and deliver to the trustee written instructions that such debt securities will be 
 so exchangeable; or                                                                       |

| · | an                                                                                         
 event of default with respect to the debt securities will have occurred and be continuing. |

These certificated debt
securities will be registered in such name or names as DTC will instruct the trustee. It is expected that such instructions may be based
upon directions received by DTC from participants with respect to ownership of beneficial interests in global securities.

Euroclear and Clearstream

If the depositary for a
global security is DTC, you may hold interests in the global security through Euroclear Bank SA/NV, as operator of the Euroclear System
(“Euroclear”), or Clearstream Banking, société anonyme (“Clearstream”), in each case, as a participant
in DTC. Euroclear and Clearstream will hold interests, in each case, on behalf of their participants through customers’ securities
accounts in the names of Euroclear and Clearstream on the books of their respective depositaries, which in turn will hold such interests
in customers’ securities in the depositaries’ names on DTC’s books.

Euroclear and Clearstream
are securities clearance systems in Europe. Euroclear and Clearstream hold securities for their respective participating organizations
and facilitate the clearance and settlement of securities transactions between those participants through electronic book-entry changes
in their accounts, thereby eliminating the need for physical movement of certificates. Payments, deliveries, transfers, exchanges, notices
and other