Exhibit 10.4

FOURTH AMENDMENT TO CREDIT AND GUARANTY AGREEMENT

FOURTH AMENDMENT TO CREDIT AND GUARANTY AGREEMENT (this “Fourth Amendment”),
dated as of May 24, 2016 among UNITED AIRLINES, INC. (formerly known as
Continental Airlines, Inc. and as successor by merger to United Air Lines,
Inc.), a Delaware corporation (the “Borrower”), UNITED CONTINENTAL HOLDINGS,
INC., a Delaware corporation (“UCH”), JPMORGAN CHASE BANK, N.A., as
administrative agent for the Lenders (in such capacity, together with its
successors and permitted assigns, the “Administrative Agent”), and as Issuing
Lender, and the Consenting Lenders (as defined below). Unless otherwise
indicated, all capitalized terms used herein and not otherwise defined shall
have the respective meanings provided such terms in the Loan Agreement referred
to below (as amended by this Fourth Amendment).

W I T N E S S E T H:

WHEREAS, the Borrower, UCH and certain of its subsidiaries other than the
Borrower from time to time, as guarantors, the Lenders and the Administrative
Agent are parties to a Credit and Guaranty Agreement dated as of March 27, 2013
(as amended by the First Amendment to Credit and Guaranty Agreement, dated as of
March 27, 2014, the Second Amendment to Credit and Guaranty Agreement, dated as
of July 25, 2014, and the Third Amendment to Credit and Guaranty Agreement,
dated as of September 15, 2014, and as further amended, modified and
supplemented and in effect on the date hereof, the “Loan Agreement”) comprised
of a $1,350,000,000 revolving credit facility and a $1,400,000,000 term loan
facility;

WHEREAS, the Borrower has requested (i) to amend certain terms of the Loan
Agreement as hereinafter set forth and (ii) that the Lien held by the
Administrative Agent for the benefit of the Secured Parties against the
Collateral described on Schedule I hereto (collectively, the “Released
Collateral”) be released in accordance with the terms of this Fourth Amendment;

WHEREAS, the Borrower also desires to execute and deliver Amendment No. 2 to the
Slot and Gate Security Agreement (the “Slot and Gate Security Agreement
Amendment”), in substantially the form attached as Exhibit A hereto, on the
Fourth Amendment Effective Date (as defined below) in order to effect the
release of the Released Collateral; and

WHEREAS, the Lenders executing this Amendment on the signature pages hereto (the
“Consenting Lenders”), who collectively constitute the Lenders holding more than
50% of the sum of (i) the aggregate principal amount of all Term Loans
outstanding and (ii) the Total Revolving Commitments currently in effect, desire
to consent to the amendments and releases set forth herein.

NOW, THEREFORE, in consideration of the foregoing, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

SECTION 1 – Loan Agreement Amendments. Subject to the satisfaction of the
conditions set forth in Section 2 hereof:

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(a) Amended Definition. The definition of “Defaulting Lender” in Section 1.01 of
the Loan Agreement shall be amended by inserting the words “or a Bail-in Action”
after the words “the subject of a Bankruptcy Event.”

(b) New Definitions. Section 1.01 of the Loan Agreement shall be amended by
adding thereto the following definitions in their appropriate alphabetical
order:

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by
the applicable EEA Resolution Authority in respect of any liability of an EEA
Financial Institution.

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law for such EEA Member Country from
time to time which is described in the EU Bail-In Legislation Schedule.

“EEA Financial Institution” means (a) any credit institution or investment firm
established in any EEA Member Country which is subject to the supervision of an
EEA Resolution Authority, (b) any entity established in an EEA Member Country
which is a parent of an institution described in clause (a) of this definition,
or (c) any financial institution established in an EEA Member Country which is a
subsidiary of an institution described in clauses (a) or (b) of this definition
and is subject to consolidated supervision with its parent.

“EEA Member Country” means any of the member states of the European Union,
Iceland, Liechtenstein, and Norway.

“EEA Resolution Authority” means any public administrative authority or any
person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA
Financial Institution.

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule
published by the Loan Market Association (or any successor person), as in effect
from time to time.

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority
from time to time under the Bail-In Legislation for the applicable EEA Member
Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule.

(c) Section 2.26(d)(ii). Clause (B) in the proviso to Section 2.26(d)(i) of the
Loan Agreement shall be amended by inserting the words “subject to
Section 10.19,” immediately before the words “such reallocation will not”.

(d) Section 5.09(a)(8). Section 5.09(a)(8) of the Loan Agreement shall be
deleted in its entirety and replaced with the words “[Intentionally Omitted].”

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(e) Section 6.04. The first sentence of Section 6.04 of the Loan Agreement shall
be amended and restated in its entirety to read as follows:

“Neither a Co-Borrower nor any Grantor shall sell or otherwise Dispose of any
Collateral (including, without limitation, by way of any Sale of a Grantor)
except that such sale or other Disposition shall be permitted (i) in the case of
a Permitted Disposition or (ii) provided that upon consummation of any such sale
or other Disposition (A) no Event of Default shall have occurred and be
continuing, and (B) the Collateral Coverage Ratio is no less than 1.67 to 1.0
after giving effect to such sale or other Disposition (including any deposit of
any Net Proceeds received upon consummation thereof in the Collateral Proceeds
Account subject to an Account Control Agreement and any concurrent pledge of
Additional Collateral, if any); provided that nothing contained in this
Section 6.04 is intended to excuse performance by either Co-Borrower or any
Guarantor of any requirement of any Collateral Document that would be applicable
to a Disposition permitted hereunder.”

(f) Section 6.09(c). Section 6.09(c) of the Loan Agreement shall be amended by
deleting the words “and Section 5.09(a)(8)” in the first sentence thereof.

(g) Section 10.02. Section 10.02 of the Loan Agreement shall be amended by
adding a new paragraph (h) at the end thereof, as follows:

“(h) Notwithstanding anything herein to the contrary, the parties hereby agree
that Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), in its
capacity as Syndication Agent and Joint Lead Arranger under this Agreement, may,
without notice to a Co-Borrower, assign its rights and obligations as
Syndication Agent and Joint Lead Arranger under this Agreement to any other
registered broker-dealer wholly-owned by Bank of America Corporation to which
all or substantially all of Bank of America Corporation’s or any of its
subsidiaries’ investment banking, commercial lending services or related
businesses may be transferred following the date of this Agreement; provided
that MLPF&S shall provide prompt notice of any such assignment to the Borrower.”

(h) Section 10.19. A new Section 10.19 shall be added to the Loan Agreement, as
follows:

“Section 10.19 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or
in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any EEA Financial
Institution arising under any Loan Document, to the extent such liability is
unsecured, may be subject to the write-down and conversion powers of an EEA
Resolution Authority and agrees and consents to, and acknowledges and agrees to
be bound by:

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(a) the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it
by any party hereto that is an EEA Financial Institution; and

(b) the effects of any Bail-in Action on any such liability, including, if
applicable:

(i) a reduction in full or in part or cancellation of any such liability;

(ii) a conversion of all, or a portion of, such liability into shares or other
instruments of ownership in such EEA Financial Institution, its parent
undertaking, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Loan Document; or

(iii) the variation of the terms of such liability in connection with the
exercise of the write-down and conversion powers of any EEA Resolution
Authority.”

SECTION 2 – Conditions to Effectiveness. This Fourth Amendment shall become
effective on the date when each of the following conditions specified below
shall have been satisfied (the “Fourth Amendment Effective Date”):

(a) Executed Amendment. The Administrative Agent shall have received signed
signature pages to this Fourth Amendment from the Borrower, Parent, JPMorgan
Chase Bank, N.A. (as Administrative Agent and Issuing Lender) and the Consenting
Lenders.

(b) Supporting Documents. The Administrative Agent shall have received in form
and substance reasonably satisfactory to the Administrative Agent:

(i) from each of the Borrower and Parent, a certificate of the Secretary of
State of the state of Delaware, dated as of a recent date, as to the good
standing of that entity and as to the charter documents on file in the office of
such Secretary of State;

(ii) from the Borrower and Parent, a certificate of the Secretary or an
Assistant Secretary (or similar officer), of such entity dated the Fourth
Amendment Effective Date and certifying (A) that attached thereto is a true and
complete copy of the certificate of incorporation and the by-laws of that entity
as in effect on the date of such certification, (B) that attached thereto is a
true and complete copy of resolutions adopted by the board of directors of that
entity authorizing the execution, delivery and performance by it of this Fourth
Amendment, (C) that the certificate of incorporation of that entity has not been
amended since the date of the last amendment thereto indicated on the
certificate of the Secretary of State furnished pursuant to clause (i) above,
and (D) as to the incumbency and specimen signature of each officer of that
entity executing this Fourth Amendment and the Slot and Gate Security Agreement
Amendment or any other document delivered by it in connection herewith or
therewith (in each case to the extent such entity is a party to such document)
(such certificate to contain a certification by another officer of that entity
as to the incumbency and signature of the officer signing the certificate
referred to in this clause (ii)); and

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(iii) from the Borrower and Parent, an Officer’s Certificate certifying (A) as
to the truth in all material respects of the representations and warranties set
forth in Section 3 of this Fourth Amendment as though made by it on the Fourth
Amendment Effective Date, except to the extent that any such representation or
warranty relates to a specified date, in which case as of such date (provided
that any representation or warranty that is qualified by materiality, “Material
Adverse Change” or “Material Adverse Effect” shall be true and correct in all
respects as of the applicable date, before and after giving effect to this
Fourth Amendment) and (B) as to the absence of any event occurring and
continuing, or resulting from the transactions contemplated hereby to occur on
the Fourth Amendment Effective Date, that constitutes an Event of Default.

(c) Slot and Gate Security Agreement. The Borrower shall have duly executed and
delivered to the Administrative Agent (x) the Slot and Gate Security Agreement
Amendment and (y) a Partial Collateral Release Request with respect to the
Released Collateral, in substantially the form attached as Exhibit B hereto.

(d) Opinions of Counsel. The Administrative Agent shall have received:

(i) a written opinion of David Olaussen, Managing Counsel – Finance, Fleet &
Loyalty, for the Borrower, dated the Fourth Amendment Effective Date, in form
and substance reasonably satisfactory to the Administrative Agent; and

(ii) a written opinion of Hughes Hubbard & Reed LLP, special New York counsel to
the Borrower and Parent, dated the Fourth Amendment Effective Date, in form and
substance reasonably satisfactory to the Administrative Agent.

(e) Payment of Expenses. The Borrower shall have paid all reasonable and
documented out-of-pocket expenses of the Administrative Agent (including
reasonable attorneys’ fees of Milbank, Tweed, Hadley & McCloy LLP) for which
invoices have been presented at least one Business Day prior to the Fourth
Amendment Effective Date.

(f) Representations and Warranties. All representations and warranties of the
Borrower set forth in Section 3 of this Fourth Amendment shall be true and
correct in all material respects on and as of the Fourth Amendment Effective
Date, before and after giving effect to the transactions contemplated hereby to
occur on the Fourth Amendment Effective Date, as though made on and as of such
date (except to the extent any such representation or warranty by its terms is
made as of a different specified date, in which case as of such specified date);
provided that any representation or warranty that is qualified by materiality,
“Material Adverse Change” or “Material Adverse Effect” shall be true and correct
in all respects, as though made on and as of the applicable date, before and
after giving effect to the transactions contemplated hereby to occur on the
Fourth Amendment Effective Date.

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(g) No Event of Default. Before and after giving effect to the transactions
contemplated hereby to occur on the Fourth Amendment Effective Date, no Event of
Default shall have occurred and be continuing on the Fourth Amendment Effective
Date.

The Administrative Agent shall promptly notify the parties hereto and the other
Lenders of the occurrence of the Fourth Amendment Effective Date.

SECTION 3 – Representations and Warranties. In order to induce the other parties
hereto (excluding the Borrower or Parent, as the case may be) to enter into this
Fourth Amendment, each of the Borrower and Parent jointly and severally
represents and warrants to each of such other parties that on and as of the date
hereof after giving effect to this Fourth Amendment:

(a) no Event of Default has occurred and is continuing or would result from
giving effect to the Fourth Amendment; and

(b) the representations and warranties contained in the Loan Agreement and the
other Loan Documents (other than the representations and warranties set forth in
Sections 3.05(b), 3.06 and 3.09(a) of the Loan Agreement), are true and correct
in all material respects on and as of the date hereof with the same effect as if
made on and as of the date hereof except to the extent that such representations
and warranties expressly relate to an earlier date and in such case as of such
date; provided that any representation or warranty that is qualified by
materiality, “Material Adverse Change” or “Material Adverse Effect” shall be
true and correct in all respects, as though made on and as of the applicable
date, before and after giving effect to the Fourth Amendment.

SECTION 4 – Reference to and Effect on the Loan Agreement; Ratification. At and
after the effectiveness of this Fourth Amendment, each reference in the Loan
Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import
referring to the Loan Agreement, shall mean and be a reference to the Loan
Agreement, as amended by this Fourth Amendment. The Loan Agreement and each of
the other Loan Documents, as specifically amended by this Fourth Amendment, and
the obligations of the Borrower and UCH hereunder and thereunder, are and shall
continue to be in full force and effect and are hereby in all respects ratified
and confirmed. The parties hereto confirm and agree that the guaranty under
Section 9 of the Loan Agreement shall continue in full force and effect after
giving effect to this Fourth Amendment, and the term “Obligations” as used in
the Loan Agreement shall include all obligations of the Borrower under the Loan
Agreement, as amended by this Fourth Amendment. This Fourth Amendment shall be
deemed to be a “Loan Document” for all purposes of the Loan Agreement and the
other Loan Documents. The execution, delivery and effectiveness of this Fourth
Amendment shall not, except as expressly provided herein, operate as an
amendment or waiver of any right, power or remedy of any Lender or the
Administrative Agent under any of the Loan Documents, nor constitute an
amendment or waiver of any provision of any of the Loan Documents.

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SECTION 5 – Execution in Counterparts. This Fourth Amendment may be executed in
counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Fourth Amendment shall become effective
as set forth in Section 2, and from and after the Fourth Amendment Effective
Date shall be binding upon and inure to the benefit of the parties hereto and
their respective successors, permitted transferees and permitted assigns.
Delivery of an executed counterpart of a signature page of this Fourth Amendment
by facsimile or electronic .pdf copy shall be effective as delivery of a
manually executed counterpart of this Fourth Amendment.

SECTION 6 – Governing Law. THIS FOURTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES UNDER THIS FOURTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

[REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY]

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IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be
duly executed and delivered as of the day and year above written.

 

JPMORGAN CHASE BANK, N.A., as Administrative Agent, Lender and Issuing Lender
By:   /s/ Robert P. Kellas   Name:   Robert P. Kellas   Title:   Executive
Director UNITED AIRLINES, INC. By:   /s/ Gerald Laderman   Name:   Gerald
Laderman   Title:   Senior Vice President Finance and acting Chief Financial
Officer UNITED CONTINENTAL HOLDINGS, INC. By:   /s/ Gerald Laderman   Name:  
Gerald Laderman   Title:   Senior Vice President Finance and acting Chief
Financial Officer

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BANK OF AMERICA, N.A. By:   /s/ Christopher Wozniak   Name:   Christopher
Wozniak   Title:   Director

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BARCLAYS BANK PLC By:   /s/ Mathew Cybul   Name:   Mathew Cybul   Title:  
Assistant Vice President

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BNP PARIBAS By:   /s/ Eric Chilton   Name:   Eric Chilton   Title:   Managing
Director BNP PARIBAS By:   /s/ Robert Papas   Name:   Robert Papas   Title:  
Director Transportation Group-Aviation Finance

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CITIBANK, N.A. By:   /s/ Joseph Shanahan   Name:   Joseph Shanahan   Title:  
Vice President

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CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK By:   /s/ Brian Bolotin   Name:  
Brian Bolotin   Title:   Managing Director By:   /s/ Elisa Lajonchere   Name:  
Elisa Lajonchere   Title:   Managing Director

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CREDIT SUISSE AG CAYMAN ISLANDS BRANCH By:   /s/ Vipul Dhadda   Name:   Vipul
Dhadda   Title:   Authorized Signatory By:   /s/ D. Andrew Maletta   Name:   D.
Andrew Maletta   Title:   Authorized Signatory

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DEUTSCHE BANK AG NEW YORK BRANCH By:   /s/ Michael Shannon   Name:   Michael
Shannon   Title:   Vice President By:   /s/ Benjamin Souh   Name:   Benjamin
Souh   Title:   Vice President

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GOLDMAN SACHS BANK USA By:   /s/ Jerry Li   Name:   Jerry Li   Title:  
Authorized Signatory

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MORGAN STANLEY BANK, N.A. By:   /s/ Emanual Ma   Name:   Emanual Ma   Title:  
Authorized Signatory

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EXHIBIT A

[Attached]

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AMENDMENT NO. 2 TO PRIORITY LIEN SLOT AND GATE SECURITY AGREEMENT

THIS AMENDMENT NO. 2 TO PRIORITY LIEN SLOT AND GATE SECURITY AGREEMENT, dated as
of May 24, 2016 (this “Amendment”), is entered into by and between United
Airlines, Inc. (formerly known as Continental Airlines, Inc. and as successor to
United Air Lines, Inc.), a Delaware corporation (“United”), and JPMorgan Chase
Bank, N.A., as Administrative Agent (the “Administrative Agent”) under the
Credit Agreement (as defined below). Unless otherwise indicated, all capitalized
terms used herein and not otherwise defined shall have the respective meanings
provided such terms in or pursuant to the Security Agreement referred to below.

WHEREAS, United and the Administrative Agent are parties to that certain Credit
and Guaranty Agreement, dated as of March 27, 2013 (as amended, modified and
supplemented and in effect on the date hereof, the “Credit Agreement”), by and
among United, United Continental Holdings, Inc. and its other subsidiaries party
thereto, as guarantors, the Lenders party thereto, and the Administrative Agent;

WHEREAS, United and Administrative Agent are parties to a Priority Lien Slot and
Gate Security Agreement, dated as of March 27, 2013 (as amended, modified and
supplemented and in effect on the date hereof, the “Security Agreement”),
pursuant to which United has granted to the Administrative Agent a security
interest in the Collateral to secure the Obligations; and

WHEREAS, United has requested to amend certain terms of the Security Agreement
as hereinafter set forth.

NOW, THEREFORE, in consideration of the premises and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

Section 1. Amendments to the Security Agreement.

 

  (a) Schedule II to the Security Agreement is hereby deleted in its entirety.

 

  (b) Section 4(a)(vi) of the Security Agreement is hereby amended and restated
in its entirety to read as follows:

“Set forth on Schedule I is a true, correct and complete list of the Grantors’
FAA Slots at LaGuardia Airport and Ronald Reagan Washington National Airport
that are included in the Collateral as Pledged Slots as of the Closing Date. The
Grantors collectively hold the Pledged Slots pursuant to authority granted by
the applicable Governmental Authorities, and there exists no material violation
of the terms, conditions or limitations of any rule, regulation or order of the
applicable Governmental Authorities regarding such Pledged Slots or any
provisions of law applicable to such Pledged Slots that gives any applicable
Governmental Authority the right to terminate, cancel, withdraw or modify the
rights of the Grantors in any such Pledged Slots.”

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(c) Section 6(iv)(a) of the Security Agreement is hereby deleted in its entirety
and replaced with the words “[Intentionally Omitted]”.

(d) The definitions of “Pledged Historical Rights” and “Pledged Slots” contained
in Section 15 of the Security Agreement are each hereby amended by deleting the
words “Newark Liberty International Airport,”.

Section 2. Construction. All references in the Security Agreement to the
“Agreement”, and in the other Loan Documents to the “Slot and Gate Security
Agreement”, shall be deemed to refer to the Security Agreement as amended by
this Amendment, and the parties hereto confirm their respective obligations
under the Security Agreement. Except as otherwise specified in this Amendment,
the Security Agreement is hereby ratified by the parties hereto and shall remain
in all respects unchanged and in full force and effect.

Section 3. Governing Law. This Amendment shall be construed in accordance with
and governed by the law of the State of New York.

Section 4. Counterparts. This Amendment may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the
same instrument.

[Remainder of this page is blank.]

 

2

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IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly
executed by one of its officers thereunto duly authorized, as of the date and
year first above written.

 

UNITED AIRLINES, INC., By       Name:   Title:

JPMORGAN CHASE BANK, N.A., By       Name:   Title:

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EXHIBIT B

[Attached]

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PARTIAL COLLATERAL RELEASE REQUEST

This Partial Collateral Release Request (this “Release”) is delivered as of
May 24, 2016 by UNITED AIRLINES, INC., (“Borrower”) to JPMORGAN CHASE BANK,
N.A., as administrative agent (in such capacity, the “Administrative Agent”) for
the Secured Parties under the Loan Agreement and the Security Agreement, as
those terms are hereinafter defined.

1. Reference is made to (i) that certain Credit and Guaranty Agreement, dated as
of March 27, 2013, by and among Borrower, United Continental Holdings, Inc. and
its other subsidiaries party thereto as guarantors, the several lenders from
time to time party thereto (the “Lenders”) and the Administrative Agent (as
amended, restated, supplemented or otherwise modified from time to time, the
“Loan Agreement”) and (ii) the Priority Lien Slot and Gate Security Agreement,
dated as of March 27, 2013, among Borrower, the other grantors from time to time
party thereto and the Administrative Agent (as amended, restated, supplemented
or otherwise modified from time to time, the “Security Agreement”). Capitalized
terms used and not otherwise defined herein shall have the meanings assigned to
them in the Loan Agreement.

2. Pursuant to Section 14(c)(ii) and Section 14(d) of the Security Agreement,
the undersigned Borrower does hereby request that the Administrative Agent
release the Lien held by the Administrative Agent for the benefit of the Secured
Parties against the Collateral described on Schedule I hereto (collectively, the
“Released Collateral”). Borrower hereby represents and warrants to the
Administrative Agent that (a) the release of the Released Collateral is
permitted under Section 6.09(c) of the Loan Agreement, (b) no Event of Default
has occurred and is continuing and (c) the Collateral Coverage Ratio is not less
than 1.67 to 1.0 after giving effect to such release. Set forth on Schedule II
attached hereto is a calculation demonstrating compliance by the Borrower with
clause (c) of the preceding sentence.

3. The Administrative Agent by its signature hereto (i) agrees that the Lien and
security interest held by the Administrative Agent for the benefit of the
Secured Parties with respect to the Released Collateral is hereby released, that
the Released Collateral is hereafter free and clear of any security interest
granted pursuant to the Security Agreement or any other Loan Document and that
the Released Collateral no longer constitutes Collateral under the Security
Agreement, (ii) reassigns all right, title and interest of the Administrative
Agent in the Released Collateral to Borrower, (iii) hereby authorizes the
Borrower to file the UCC-3 financing statement amendments attached hereto as
Exhibit I and (iv) agrees to execute and deliver or file such documents and to
perform such other actions as Borrower may reasonably request to release or
evidence the release of such Lien and security interest.

4. This Release and the rights and obligations of the parties hereto shall be
governed by, and construed and interpreted in accordance with, the laws of the
State of New York.

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IN WITNESS WHEREOF, the parties have caused this Partial Collateral Release
Request to be executed and delivered by their respective officers thereunto duly
authorized, as of the date first above written.

 

UNITED AIRLINES, INC., as Borrower By:       Name:   Title:

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JPMORGAN CHASE BANK, N.A., as Administrative Agent By:       Name:  

Title:

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SCHEDULE I

All of the right, title and interest of Borrower in, to and under all Pledged
Slots at Newark Liberty International Airport, together with (i) all Pledged
Historical Rights and Pledged Gate Leaseholds relating thereto and (ii) all of
the right, title and interest of Borrower in, to and under all Proceeds (as
defined in the Slot and Gate Security Agreement) of any and all of the foregoing
Collateral (including, without limitation, all Proceeds (of any kind) received
or to be received by Borrower upon the transfer or other such disposition of
such Collateral notwithstanding whether the pledge and grant of the security
interest in such Collateral is legally effective under applicable law).

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SCHEDULE II

Calculation Showing Compliance with Collateral Coverage Ratio

[See Attached]

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EXHIBIT I

[See Attached]

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SCHEDULE I

All of the right, title and interest of the Borrower in, to and under all
Pledged Slots at Newark Liberty International Airport, together with (i) all
Pledged Historical Rights and Pledged Gate Leaseholds relating thereto and
(ii) all of the right, title and interest of Borrower in, to and under all
Proceeds (as defined in the Slot and Gate Security Agreement) of any and all of
the foregoing Collateral (including, without limitation, all Proceeds (of any
kind) received or to be received by Borrower upon the transfer or other such
disposition of such Collateral notwithstanding whether the pledge and grant of
the security interest in such Collateral is legally effective under applicable
law).