Exhibit 4.8
  
 REVOLVING CREDIT AGREEMENT
(2011-1B)
   WILMINGTON TRUST COMPANY
  NATIXIS S.A., ACTING THROUGH ITS NEW YORK BRANCH




---



##### 



PageARTICLE I DEFINITIONS
    
    
    1Section 1.01 Certain Defined Terms
    
    
    1ARTICLE II AMOUNT AND TERMS OF THE COMMITMENT
    
    
    8Section 2.01 The Advances
    
    
    8Section 2.02 Making the Advances
    
    
    8Section 2.03 Fees
    
    
    10Section 2.04 Reductions or Termination of the Maximum Commitment
    
    
    10Section 2.05 Repayments of Interest Advances, the Special Termination Advance or the Final Advance
    
    
    11Section 2.06 Repayments of Provider Advances
    
    
    12Section 2.07 Payments to the Liquidity Provider Under the Intercreditor Agreement
    
    
    13Section 2.08 Book Entries
    
    
    13Section 2.09 Payments from Available Funds Only
    
    
    13Section 2.10 Extension of the Expiry Date; Non-Extension Advance
    
    
    13ARTICLE III OBLIGATIONS OF THE BORROWER
    
    
    14Section 3.01 Increased Costs
    
    
    14Section 3.02 Capital Adequacy
    
    
    15Section 3.03 Payments Free of Deductions
    
    
    16Section 3.04 Payments
    
    
    17Section 3.05 Computations
    
    
    17Section 3.06 Payment on Non-Business Days
    
    
    17Section 3.07 Interest
    
    
    18Section 3.08 Replacement of Borrower
    
    
    19Section 3.09 Funding Loss Indemnification
    
    
    19Section 3.10 Illegality
    
    
    20ARTICLE IV CONDITIONS PRECEDENT
    
    
    20Section 4.01 Conditions Precedent to Effectiveness of Section 2.01
    
    
    20Section 4.02 Conditions Precedent to Borrowing
    
    
    22Section 4.03 Representations and Warranties
    
    
    22ARTICLE V COVENANTS
    
    
    22Section 5.01 Affirmative Covenants of the Borrower
    
    
    22Section 5.02 Negative Covenants of the Borrower
    
    
    23ARTICLE VI LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION
    
    
    23Section 6.01 Liquidity Events of Default
    
    
    23i




---



##### 



PageSection 6.02 Special Termination
    
    
    23ARTICLE VII MISCELLANEOUS
    
    
    24Section 7.01 Amendments, Etc
    
    
    24Section 7.02 Notices, Etc
    
    
    24Section 7.03 No Waiver; Remedies
    
    
    24Section 7.04 Further Assurances
    
    
    24Section 7.05 Indemnification; Survival of Certain Provisions
    
    
    25Section 7.06 Liability of the Liquidity Provider
    
    
    25Section 7.07 Costs, Expenses and Taxes
    
    
    26Section 7.08 Binding Effect; Participations
    
    
    26Section 7.09 Severability
    
    
    27Section 7.10 GOVERNING LAW
    
    
    27Section 7.11 Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity
    
    
    27Section 7.12 Execution in Counterparts
    
    
    28Section 7.13 Entirety
    
    
    28Section 7.14 Headings
    
    
    29Section 7.15 Transfer
    
    
    29Section 7.16 LIQUIDITY PROVIDERS OBLIGATION TO MAKE ADVANCES
    
    
    29Section 7.17 Patriot Act
    
    
    29Section 7.18 Head Office Obligations
    
    
    29
 Schedule A
    
    -
    
    Certain Economic TermsSchedule B
    
    -
    
    Administration DetailsAnnex I
    
    -
    
    Interest Advance Notice of BorrowingAnnex II
    
    -
    
    Non-Extension Advance Notice of BorrowingAnnex III
    
    -
    
    Downgrade Advance Notice of BorrowingAnnex IV
    
    -
    
    Final Advance Notice of BorrowingAnnex V
    
    -
    
    Notice of TerminationAnnex VI
    
    -
    
    Notice of Replacement Subordination AgentAnnex VII
    
    -
    
    Special Termination Advance Notice of BorrowingAnnex VIII
    
    -
    
    Notice of Special Termination




---



##### 



REVOLVING CREDIT AGREEMENT (2011-1B)
 THIS REVOLVING CREDIT AGREEMENT (2011-1B) Agreement WILMINGTON TRUST COMPANY Borrower NATIXIS
S.A. societé anonyme Liquidity
Provider
 W I T N E S S E T H
 WHEREAS
 WHEREAS
 NOW, THEREFORE
 ARTICLE I
 DEFINITIONS
 Certain Defined Terms Definitions
 Additional Costs
 Advance
 Applicable Liquidity Rate
 Applicable Margin
 Applied Downgrade Advance




---



##### 



Applied Non-Extension Advance
 Applied Provider Advance
 Applied Special Termination Advance
 Assignment and Assumption Agreement
 Base Rate Federal Funds Rate 1 4
 Base Rate Advance
 Basel III
 Borrower
 Borrowing
 Business Day
 Deposit Agreement
 Depositary
 2




---



##### 



Deposits
 Downgrade Advance
 Effective Date
 Excluded Taxes
 Excluded Withholding Taxes
 Expenses
 Expiry Date
 Facility Office
 3




---



##### 



FATCA
 Federal Funds Rate
 Final Advance
 GAAP
 Head Office
 Indemnified Tax
 Intercreditor Agreement
 Interest Advance
 Interest Period
   4




---



##### 



LIBOR Advance
 LIBOR Business Day
 LIBOR Rate
    Liquidity Event of Default
 Liquidity Indemnitee
 Liquidity Provider
 5




---



##### 



Market Disruption Base Rate 1 2
 Maximum Available Commitment
 Maximum Commitment
 Natixis
 Non-Extension Advance
 Notice Date
 Notice of Borrowing
 Notice of Replacement Subordination Agent
 Performing Note Deficiency
 Prospectus Supplement
 Provider Advance
 Rate Determination Notice
 Regulatory Change
 Replenishment Amount
 Required Amount
 6




---



##### 



Special Termination Advance
 Special Termination Notice
 Successor Trust
 Termination Date
 Termination Notice
 Transferee
 Unapplied Downgrade Advance
 Unapplied Non-Extension Advance
 Unapplied Provider Advance
 Unapplied Special Termination Advance
 Unpaid Advance
 Terms Defined in the Intercreditor Agreement
 7




---



##### 



Acceleration Certificate Class A Certificates Class B Cash Collateral Account Class B Certificates Class B
Trust Class B Trust Agreement Class B Trustee Class C
Certificates Closing Date Corporate Trust Office Delivery
Period Expiry Date , Downgraded Facility Downgrade Event Equipment Notes Fee Letter Final Legal Distribution Date Financing Agreement Indenture Trustee Investment Earnings Liquidity Facility Liquidity Obligations Non-Extended
Facility Note Purchase Agreement Operative Agreements Participation Agreement Performing Equipment Note Person Pool Balance Regular Distribution Date Replacement Liquidity
Facility Responsible Officer Scheduled Payment Special
Payment Stated Interest Rate Subordination Agent Taxes Transfer Trust Agreement Trustee Underwriters Underwriting Agreement US Airways US
Airways Bankruptcy Event
 ARTICLE II
 AMOUNT AND TERMS OF THE COMMITMENT
 The Advances
 Making the Advances
  8




---



##### 



Notice of Borrowing
 9




---



##### 



provided provided further
  Fees
 Reductions or Termination of the Maximum Commitment
 Automatic Reduction
 10




---



##### 



Termination
 Repayments of Interest Advances, the Special Termination Advance or the Final
Advance Unpaid Advance Applied Special Termination Advance
 11




---



##### 



Repayments of Provider Advances provided, however Applied Downgrade Advance Applied
Non-Extension Advance Applied
Provider Advance
 fourth Replenishment Amount
  12




---



##### 



Payments to the Liquidity Provider Under the Intercreditor Agreement
 Book Entries
 Payments from Available Funds Only
 Extension of the Expiry Date; Non-Extension Advance Notice Date
 13




---



##### 



ARTICLE III
 OBLIGATIONS OF THE BORROWER
 Increased Costs Additional Costs Regulatory Change Basel
III
  14




---



##### 



Capital Adequacy
  15




---



##### 



Payments Free of Deductions
  16




---



##### 



Payments
 Computations
 Payment on Non-Business Days
 17




---



##### 



Interest provided however
     18




---



##### 



Rate Determination Notice
 Applicable Liquidity Rate
 Replacement of Borrower Notice of Replacement Subordination Agent
 Funding Loss Indemnification
    19




---



##### 



Illegality
 ARTICLE IV
 CONDITIONS PRECEDENT
 Conditions Precedent to Effectiveness of Section 2.01 Effective Date
      20




---



##### 



21




---



##### 



Conditions Precedent to Borrowing
 Representations and Warranties
 ARTICLE V
 COVENANTS
 Affirmative Covenants of the Borrower
 Performance of this and Other Agreements
 22




---



##### 



Reporting Requirements
 Certain Operative Agreements
 Negative Covenants of the Borrower
 ARTICLE VI
 LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION
 Liquidity Events of Default
 Special Termination
 23




---



##### 



ARTICLE VII
 MISCELLANEOUS
 Amendments, Etc
 Notices, Etc provided
 No Waiver; Remedies
 Further Assurances
 24




---



##### 



Indemnification; Survival of Certain Provisions provided however
 Liability of the Liquidity Provider provided however
  25




---



##### 



Costs, Expenses and Taxes
 Binding Effect; Participations
 26




---



##### 



Transferee
  Severability
 GOVERNING LAW
 Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity
   27




---



##### 



Execution in Counterparts
 Entirety
 28




---



##### 



Headings
 Transfer
 LIQUIDITY PROVIDERS OBLIGATION TO MAKE ADVANCES
 Patriot Act
 Head Office Obligations Natixis Head Office
 29




---



##### 



IN WITNESS WHEREOF
 WILMINGTON TRUST COMPANY, not 
in its individual capacity but solely as
Subordination Agent, as agent and trustee 
for the Class B Trust,
as BorrowerBy:
    /s/ Adam VogelsongName:
    Adam VogelsongTitle:
    Senior Financial Services OfficerNATIXIS S.A., ACTING THROUGH 
ITS NEW YORK BRANCH,
as Liquidity ProviderBy:
    /s/ Jerome Le JamtelName:
    Jerome Le JamtelTitle:
    Managing DirectorBy:
    /s/ Olivier DelayName:
    Olivier DelayTitle:
    Managing Director 30




---



##### 



SCHEDULE A
TO
REVOLVING CREDIT AGREEMENT
 CERTAIN ECONOMIC TERMS




---



##### 



SCHEDULE B
TO
REVOLVING CREDIT AGREEMENT
 ADMINISTRATION DETAILS
 Borrower:
    
    WILMINGTON TRUST COMPANYAddress:
    
    Rodney Square North1100 North Market SquareWilmington, DE 19890-1605Attention:  Corporate Capital Market ServicesTelephone:  (302) 636-6296Telecopy: (302) 636-4140Liquidity Provider:
    
    NATIXIS S.A., ACTING THROUGH ITS NEW YORK BRANCHAddress:
    
    Attention: Lily Cheung9 West 57th Street, 35th FloorNew York, NY 10019Telephone: (212) 891-1948Telecopy: (212) 891-1900Email: EETC_reports@us.natixis.comandAttention: Martha Sealy1251 Avenue of the AmericasNew York, NY 10020Tel:  (212) 872-5031Fax: (347) 402-3031Account Details:
    
    JP MORGAN CHASE BANK, New York, NYABA No. 021-000-021For Account of Natixis, NY BranchAccount #: 544-7-75330Reference to: US Airways EETC 2011-1Attn:  Loan Services Unit




---



##### 



ANNEX I
TO
REVOLVING CREDIT AGREEMENT
 INTEREST ADVANCE NOTICE OF BORROWING
 Borrower Liquidity Provider Liquidity
Agreement
  Distribution Date 1
   
 1
    
    If a Notice of Borrowing will be delivered
prior to 1:00 p.m. (New York City time) on a Business Day, insert the date of
the Notice of Borrowing. If a Notice of Borrowing will be delivered after 1:00
p.m. (New York City time) on a Business Day or on a day that is not a Business
Day, insert the first Business Day after the date of the Notice of Borrowing.




---



##### 








---



##### 



IN WITNESS WHEREOF
 WILMINGTON TRUST COMPANY, not 
in its individual capacity but solely as
Subordination Agent, as BorrowerBy:Name:Title:




---



##### 



SCHEDULE I
TO
INTEREST ADVANCE NOTICE OF BORROWING




---



##### 



ANNEX II
TO
REVOLVING CREDIT AGREEMENT
 NON-EXTENSION ADVANCE NOTICE OF BORROWING
 Borrower Liquidity Provider Liquidity
Agreement
  2
   
 2
    
    If a Notice of Borrowing will be delivered
prior to 1:00 p.m. (New York City time) on a Business Day, insert the date of
the Notice of Borrowing. If a Notice of Borrowing will be delivered after 1:00
p.m. (New York City time) on a Business Day or on a day that is not a Business
Day, insert the first Business Day after the date of the Notice of Borrowing.




---



##### 








---



##### 



IN WITNESS WHEREOF
 WILMINGTON TRUST COMPANY, not in its individual capacity but solely as
Subordination Agent, as BorrowerBy:Name:Title:




---



##### 



SCHEDULE I
TO
NON-EXTENSION ADVANCE NOTICE OF BORROWING




---



##### 



ANNEX III
TO
REVOLVING CREDIT AGREEMENT
 DOWNGRADE ADVANCE NOTICE OF BORROWING
 Borrower Liquidity Provider Liquidity
Agreement
  3
   
 3
    
    If a Notice of Borrowing will be delivered
prior to 1:00 p.m. (New York City time) on a Business Day, insert the date of
the Notice of Borrowing. If a Notice of Borrowing will be delivered after 1:00
p.m. (New York City time) on a Business Day or on a day that is not a Business
Day, insert the first Business Day after the date of the Notice of Borrowing.




---



##### 








---



##### 



IN WITNESS WHEREOF
 WILMINGTON TRUST COMPANY, not 
in its individual capacity but solely as
Subordination Agent, as BorrowerBy:Name:Title:




---



##### 



SCHEDULE I
TO
DOWNGRADE ADVANCE NOTICE OF BORROWING




---



##### 



ANNEX IV
TO
REVOLVING CREDIT AGREEMENT
 FINAL ADVANCE NOTICE OF BORROWING
 Borrower Liquidity Provider Liquidity
Agreement
  4
   
 4
    
    If a Notice of Borrowing will be delivered
prior to 1:00 p.m. (New York City time) on a Business Day, insert the date of
the Notice of Borrowing. If a Notice of Borrowing will be delivered after 1:00
p.m. (New York City time) on a Business Day or on a day that is not a Business
Day, insert the first Business Day after the date of the Notice of Borrowing.




---



##### 








---



##### 



IN WITNESS WHEREOF
 WILMINGTON TRUST COMPANY, not 
in its individual capacity but solely as
Subordination Agent, as BorrowerBy:Name:Title:




---



##### 



SCHEDULE I
TO
FINAL ADVANCE NOTICE OF BORROWING




---



##### 



ANNEX V
TO
REVOLVING CREDIT AGREEMENT
 NOTICE OF TERMINATION
  
  Liquidity Agreement




---



##### 



Very truly yours,NATIXIS S.A., ACTING THROUGH 
ITS NEW YORK BRANCH,
as Liquidity ProviderBy:Name:Title:By:Name:Title: cc:
    
    Wilmington Trust Company,
as Class B Trustee




---



##### 



ANNEX VI
TO
REVOLVING CREDIT AGREEMENT
 NOTICE OF REPLACEMENT SUBORDINATION AGENT
 
 Liquidity Agreement
   
 
    WILMINGTON TRUST COMPANY, not 
in its individual capacity but solely as
Subordination Agent, as BorrowerBy:Name:Title:




---



##### 



ANNEX VII
TO
REVOLVING CREDIT AGREEMENT
 SPECIAL TERMINATION ADVANCE NOTICE OF BORROWING
 Borrower Liquidity Provider Liquidity
Agreement
  5
   
 5
    
    If a Notice of Borrowing will be delivered
prior to 1:00 p.m. (New York City time) on a Business Day, insert the date of
the Notice of Borrowing. If a Notice of Borrowing will be delivered after 1:00
p.m. (New York City time) on a Business Day or on a day that is not a Business
Day, insert the first Business Day after the date of the Notice of Borrowing.




---



##### 








---



##### 



IN WITNESS WHEREOF
 WILMINGTON TRUST COMPANY, not 
in its individual capacity but solely as
Subordination Agent, as BorrowerBy:Name:Title:




---



##### 



SCHEDULE I
TO
SPECIAL TERMINATION ADVANCE NOTICE OF BORROWING




---



##### 



ANNEX VIII
TO
REVOLVING CREDIT AGREEMENT
 NOTICE OF SPECIAL TERMINATION
 
  Liquidity Agreement




---



##### 



Very truly yours,
NATIXIS S.A., ACTING THROUGH ITS 
NEW YORK BRANCH, 
as Liquidity ProviderBy:Name:Title: cc:
    
    Wilmington Trust Company,
as Class B Trustee