EX-4.12


 Exhibit 4.12 

EXECUTION VERSION 
  

 
 NOTE PURCHASE AGREEMENT 

Dated as of September 27, 2016 

Among 
 UNITED AIRLINES, INC.,

 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Pass Through Trustee under each of the 

Pass Through Trust Agreements 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Subordination Agent 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Escrow Agent 

and 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION, 
 as Paying Agent 
  

 






 INDEX TO NOTE PURCHASE AGREEMENT 

 

					
	 	  	Page	 
	 SECTION 1.   Financing of Aircraft
	  	 	3	  
	 SECTION 2.   Conditions Precedent
	  	 	7	  
	 SECTION 3.   Representations and Warranties
	  	 	7	  
	 SECTION 4.   Covenants
	  	 	12	  
	 SECTION 5.   Notices
	  	 	16	  
	 SECTION 6.   Expenses
	  	 	16	  
	 SECTION 7.   Further Assurances
	  	 	17	  
	 SECTION 8.   Miscellaneous
	  	 	18	  
	 SECTION 9.   Governing Law
	  	 	19	  

  

							
	 Schedules
  
	   
 

	 Schedule I
	 	        Aircraft and Scheduled Delivery Months	  			
	 Schedule II
	 	        Trust Supplements	  			
	 Schedule III
	 	        Required Terms	  			
	  
 Annex

 
	 
   



	 Annex A
	 	        Definitions	  			
	  
 Exhibits

 
	 
   



	 Exhibit A
	 	        Form of Closing Notice	  			
	 Exhibit B
	 	        Form of Participation Agreement	  			
	 Exhibit C
	 	        Form of Indenture	  			







 NOTE PURCHASE AGREEMENT 

This NOTE PURCHASE AGREEMENT, dated as of September 27, 2016, among (i) UNITED AIRLINES, INC., a Delaware corporation (the
“Company”), (ii) WILMINGTON TRUST, NATIONAL ASSOCIATION (“WTNA”), a national banking association, not in its individual capacity except as otherwise expressly provided herein, but solely as trustee (in such capacity
together with its successors in such capacity, the “Pass Through Trustee”) under each of the two separate Pass Through Trust Agreements (as defined below), (iii) WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking
association, as subordination agent and trustee (in such capacity together with its successors in such capacity, the “Subordination Agent”) under the Intercreditor Agreement (as defined below), (iv) U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as Escrow Agent (in such capacity together with its successors in such capacity, the “Escrow Agent”), under each of the Escrow and Paying Agent Agreements (as defined below) and
(v) WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as Paying Agent (in such capacity together with its successors in such capacity, the “Paying Agent”) under each of the Escrow and Paying Agent
Agreements. 
 W I T N E S S E T H: 

WHEREAS, capitalized terms used but not defined herein shall have the meanings ascribed to such terms in Annex A hereto; 

WHEREAS, the Company has obtained commitments from the Manufacturer pursuant to the applicable Aircraft Purchase Agreement for the
delivery of one Boeing 737-824 aircraft, three Boeing 737-924ER aircraft, two Boeing 787-9 aircraft, and seven Boeing 777-322ER aircraft listed in Schedule I hereto (together with any aircraft substituted therefor in accordance with the applicable
Aircraft Purchase Agreement prior to the delivery thereof, the “Aircraft”); 
 WHEREAS, pursuant to this Agreement the
Company wishes to finance each of the Aircraft hereunder; 
 WHEREAS, pursuant to the Basic Pass Through Trust Agreement and each of the
Trust Supplements set forth in Schedule II hereto, and concurrently with the execution and delivery of this Agreement, separate grantor trusts (collectively, the “Pass Through Trusts” and, individually, a “Pass Through
Trust”) have been created to facilitate certain of the transactions contemplated hereby, including, without limitation, the issuance and sale of pass through certificates pursuant thereto (collectively, the “Certificates”)
to provide for a portion of the financing of the Aircraft contemplated hereby; 






 WHEREAS, the Company has entered into the Underwriting Agreement, dated as of September 13,
2016 (the “Underwriting Agreement”) with the Underwriters named therein (the “Underwriters”), which provides that the Company will cause the Pass Through Trustee under the Class AA Pass Through Trust (the
“Class AA Pass Through Trustee”) and the Pass Through Trustee under the Class A Pass Through Trust (the “Class A Pass Through Trustee”) to issue and sell the Class AA Certificates and the Class A
Certificates, respectively, to the Underwriters on the Issuance Date; 
 WHEREAS, concurrently with the execution and delivery of this
Agreement, (i) the Escrow Agent and the Depositary have entered into two Deposit Agreements, dated as of the Issuance Date, one each relating to the Class AA and Class A Pass Through Trust (together, the “Deposit
Agreements”) whereby the Escrow Agent agreed to direct the Underwriters to make certain deposits referred to therein on the Issuance Date (the “Initial Deposits”) and to permit the applicable Pass Through Trustees to make
additional deposits from time to time thereafter (the Initial Deposits together with such additional deposits are collectively referred to as the “Deposits”) and (ii) the applicable Pass Through Trustees, Underwriters, Paying
Agents and Escrow Agents have entered into two Escrow and Paying Agent Agreements, dated as of the Issuance Date, one each relating to the Class AA and Class A Pass Through Trust (together, the “Escrow and Paying Agent
Agreements”), whereby, among other things, (a) the Underwriters agreed to deliver an amount equal to the amount of the Initial Deposits to the Depositary on behalf of the applicable Escrow Agent and (b) the applicable Escrow
Agent, upon the Depositary receiving such amount, agreed to deliver escrow receipts to be affixed to each Certificate; 
 WHEREAS, upon
receipt of a Closing Notice with respect to an Aircraft, subject to the terms and conditions of this Agreement, the applicable Pass Through Trustees will enter into the applicable Financing Agreements relating to such Aircraft; 

WHEREAS, upon the financing of each Aircraft, the Class AA and Class A Pass Through Trustees each will fund its purchase of Equipment
Notes with the proceeds of one or more Deposits withdrawn by the applicable Escrow Agent under the related Deposit Agreement bearing the same interest rate as the Certificates issued by the applicable Pass Through Trust (or, if financed on the
Issuance Date, with a portion of the proceeds from the offering of the Certificates); and 

  
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 WHEREAS, concurrently with the execution and delivery of this Agreement, (i) Commonwealth
Bank of Australia, New York Branch, (the “ Liquidity Provider”), has entered into two revolving credit agreements, one each for the benefit of the Certificateholders of the Class AA and Class A Pass Through Trusts, in each
case, with the Subordination Agent, as agent for the Pass Through Trustee on behalf of each such Pass Through Trust (each such revolving credit agreement with the Liquidity Provider, a “Liquidity Facility”) and (ii) the Pass
Through Trustees, the Liquidity Provider and the Subordination Agent have entered into the Intercreditor Agreement, dated as of the date hereof (the “Intercreditor Agreement”). 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements herein contained and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Financing of
Aircraft. (a) The Company confirms that it has entered into each Aircraft Purchase Agreement with the Manufacturer pursuant to which the Company has agreed to purchase, and the Manufacturer has agreed to deliver, the Aircraft subject
thereto in the months specified in Schedule I hereto, all on and subject to terms and conditions specified in such Aircraft Purchase Agreement. The Company agrees to finance the Aircraft in the manner provided herein, all on and subject to the terms
and conditions hereof and of the relevant Financing Agreements. 
 (b) In furtherance of the foregoing, the Company agrees to give the
parties hereto, the Depositary and each of the Rating Agencies not less than two Business Days’ prior notice substantially in the form of Exhibit A hereto (a “Closing Notice”) of the scheduled closing date (the
“Scheduled Closing Date”) (or, in the case of a substitute Closing Notice under Section 1(e) or (f) hereof, one Business Day’s prior notice) in respect of the financing of each Aircraft under this Agreement, which
notice shall: 
 (i) specify the Scheduled Closing Date of such Aircraft (which shall be a Business Day before the Cut-off Date and, except
as provided in Section 1(f) hereof, the date (the “Funding Date”) on which the financing therefor in the manner provided herein shall be consummated); 

  
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 (ii) instruct each Pass Through Trustee being requested to purchase Equipment Notes pursuant to
such Closing Notice (the “Applicable Pass Through Trustees”) to enter into the Participation Agreement included in the Financing Agreements with respect to such Aircraft in such form and at such a time on or before the Funding Date
specified in such Closing Notice and to perform its obligations thereunder; 
 (iii) instruct each of the Class AA and Class A Pass
Through Trustees to instruct the relevant Escrow Agent to provide a Notice of Purchase Withdrawal to the Depositary with respect to the Equipment Notes to be issued to such Pass Through Trustee in connection with the financing of such Aircraft
(except in the case of any such financing on the Issuance Date); and 
 (iv) specify the aggregate principal amount of each series of
Equipment Notes, if any, to be issued, and purchased by the Applicable Pass Through Trustees, in connection with the financing of such Aircraft scheduled on such Funding Date (which shall in all respects comply with the Required Terms). 

Notwithstanding the foregoing, in the case of any Aircraft to be financed hereunder on the Issuance Date, the Closing Notice therefor may be
delivered to the parties hereto on the Issuance Date. 
 (c) Upon receipt of a Closing Notice, the Applicable Pass Through Trustees shall,
and shall cause the Subordination Agent to, enter into and perform their respective obligations under the Participation Agreement specified in such Closing Notice, provided that such Participation Agreement and the Indenture to be entered
into pursuant to such Participation Agreement shall be in the forms thereof annexed hereto in all material respects and, if modified in any material respect, as to which Rating Agency Confirmation shall have been obtained from each Rating Agency by
the Company (to be delivered by the Company to the Applicable Pass Through Trustees on or before the relevant Funding Date, it being understood that if Rating Agency Confirmation shall have been received with respect to any Financing Agreements and
such Financing Agreements are utilized for subsequent Aircraft (or Substitute Aircraft) without material modifications, no additional Rating Agency Confirmation shall be required); provided, however, that the relevant Financing
Agreements as executed and delivered shall not vary 

  
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the Required Terms. Notwithstanding the foregoing, an Indenture may be modified to the extent required for the issuance of Equipment Notes pursuant to Section 4(a)(vi) of this Agreement,
subject to the terms of such Section and Section 9.1(c) or 9.1(d) of the Intercreditor Agreement, whichever may be applicable. The Company shall pay the reasonable costs and expenses of the Rating Agencies in connection with obtaining any such
Rating Agency Confirmation. With respect to each Aircraft, the Company shall cause WTNA (or such other person that meets the eligibility requirements to act as loan trustee under the Indenture) to execute as Loan Trustee the Financing Agreements
relating to such Aircraft to which such Loan Trustee is intended to be a party, and shall concurrently therewith execute such Financing Agreements to which the Company is intended to be a party and perform its respective obligations thereunder. Upon
the request of any Rating Agency, the Company shall deliver or cause to be delivered to such Rating Agency a true and complete copy of each Financing Agreement relating to the financing of each Aircraft together with a true and complete set of the
closing documentation (including legal opinions) delivered to the related Loan Trustee, Subordination Agent and Pass Through Trustee under the related Participation Agreement. 

(d) The Company agrees that all Equipment Notes issued pursuant to any Indenture shall initially be registered in the name of the
Subordination Agent on behalf of the Applicable Pass Through Trustees (or, in the case of any Additional Series Equipment Notes, on behalf of the Additional Series Pass Through Trustee with respect to the corresponding Additional Series Pass Through
Certificates). 
 (e) If after giving any Closing Notice, there shall be a delay in the delivery of the Aircraft referred to therein, or if
on the Scheduled Closing Date of the Aircraft referred to therein the financing thereof in the manner contemplated hereby shall not be consummated for whatever reason, the Company shall give the parties hereto and the Depositary prompt notice
thereof. Concurrently with the giving of such notice of postponement or subsequently, the Company shall give the parties hereto and the Depositary a substitute Closing Notice specifying the date to which the financing of such Aircraft (or of another
Aircraft of the same model in lieu thereof) shall have been re-scheduled (which shall be a Business Day before the Cut-off Date on which the Escrow Agents shall be entitled to withdraw one or more Deposits
under each of the applicable Deposit Agreements to enable each of the Class AA and Class A Pass Through Trustees to fund its purchase of the related Equipment 

  
 5 







 
Notes). Upon receipt of any such notice of postponement, each Applicable Pass Through Trustee shall comply with its obligations under Section 5.01 of each of the Trust Supplements and
thereafter the financing of such Aircraft, as specified in such substitute Closing Notice, shall take place on the re-scheduled Closing Date therefor (all on and subject to the terms and conditions of the relevant Financing Agreements) unless
further postponed as provided herein. 
 (f) Anything in this Section 1 to the contrary notwithstanding, the Company shall have the
right to accept delivery of an Aircraft under the applicable Aircraft Purchase Agreement on the Delivery Date thereof by utilization of bridge financing of such Aircraft (including cash provided by the Company) and thereafter give the parties hereto
and the Depositary a Closing Notice specifying a Funding Date not later than 90 days after the Delivery Date of such Aircraft and not later than the Cut-off Date, and otherwise complying with the provisions of Section 1(b) hereof. All other
terms and conditions of this Note Purchase Agreement shall apply to the financing of any such Aircraft on the re-scheduled Funding Date therefor except the related Financing Agreements shall be amended to reflect the original delivery of such
Aircraft to the Company. 
 (g) If the scheduled delivery date from the Manufacturer for any Aircraft is delayed more than 30 days beyond
the last day of the month set forth opposite such Aircraft under the heading “Scheduled Delivery Month” in Schedule I hereto, the Company may identify for delivery a substitute aircraft therefor meeting the following conditions (a
“Substitute Aircraft”): (i) a Substitute Aircraft must be of the same model as the Aircraft being replaced and (ii) the Company shall be obligated to obtain Rating Agency Confirmation in respect of the replacement of any
Aircraft by Substitute Aircraft. Upon the satisfaction of the conditions set forth above with respect to a Substitute Aircraft, the Aircraft to be replaced shall cease to be subject to this Agreement and all rights and obligations of the parties
hereto concerning such Aircraft shall cease, and such Substitute Aircraft shall become and thereafter be subject to the terms and conditions of this Agreement to the same extent as such Aircraft. 

(h) The Company shall have no liability for the failure of the Pass Through Trustees to purchase Equipment Notes with respect to any Aircraft
or Substitute Aircraft. 

  
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 (i) Anything herein to the contrary notwithstanding, the Company shall not have the right, and
shall not be entitled, at any time to request the issuance of Equipment Notes of any series to the Class AA or Class A Pass Through Trustee in an aggregate principal amount in excess of the amount of the Deposits then available for withdrawal
by the Escrow Agent under and in accordance with the provisions of the related Deposit Agreement. 
 SECTION 2. Conditions Precedent.
The obligation of the Applicable Pass Through Trustees to enter into, and to cause the Subordination Agent to enter into, any Participation Agreement as directed pursuant to a Closing Notice and to perform its obligations thereunder is subject to
satisfaction of the following conditions: 
 (a) no Triggering Event shall have occurred; and 

(b) the Company shall have delivered a certificate to each such Pass Through Trustee and the Liquidity Provider stating (i) that such
Participation Agreement and the other Financing Agreements to be entered into pursuant to such Participation Agreement do not vary the Required Terms and (ii) that any substantive modification of such Financing Agreements from the forms of
Financing Agreements attached to this Agreement do not materially and adversely affect the Certificateholders or the Liquidity Provider, and such certification shall be true and correct. 

Anything herein to the contrary notwithstanding, the obligation of each Pass Through Trustee to purchase Equipment Notes shall terminate on
the Cut-off Date. 
 SECTION 3. Representations and Warranties. (a) The Company represents and warrants that: 

(i) the Company is duly incorporated, validly existing and in good standing under the laws of the State of Delaware and is a
“citizen of the United States” as defined in Section 40102(a)(15) of the Act, and has the full corporate power, authority and legal right under the laws of the State of Delaware to execute and deliver this Agreement and each Financing
Agreement to which it will be a party and to carry out the obligations of the Company under this Agreement and each Financing Agreement to which it will be a party; 

  
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 (ii) the execution and delivery by the Company of this Agreement and the
performance by the Company of its obligations under this Agreement have been duly authorized by the Company and will not violate its Certificate of Incorporation or by-laws or the provisions of any indenture, mortgage, contract or other agreement to
which it is a party or by which it is bound; and 
 (iii) this Agreement constitutes the legal, valid and binding obligation
of the Company, enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by general
principles of equity, whether considered in a proceeding at law or in equity. 
 (b) WTNA represents and warrants that: 

(i) WTNA is a national banking association duly incorporated, validly existing and in good standing under the laws of the
United States and is a “citizen of the United States” as defined in Section 40102(a)(15) of the Act, and has the full corporate power, authority and legal right under the laws of the United States and of the state of the United States
in which it is located pertaining to its banking, trust and fiduciary powers to execute and deliver this Agreement and each Financing Agreement to which it will be a party and to carry out the obligations of WTNA, in its capacity as Subordination
Agent, Pass Through Trustee or Paying Agent, as the case may be, under this Agreement and each Financing Agreement to which it will be a party; 

(ii) the execution and delivery by WTNA, in its capacity as Subordination Agent, Pass Through Trustee or Paying Agent, as the
case may be, of this Agreement and the performance by WTNA, in its capacity as Subordination Agent, Pass Through Trustee or Paying Agent, as the case may be, of its obligations under this Agreement have been duly authorized by WTNA, in its capacity
as Subordination Agent, Pass Through Trustee or Paying Agent, as the case may be, and will not violate its articles of association or by-laws or the provisions of any indenture, mortgage, contract or other agreement to which it is a party or by
which it is bound; and 

  
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 (iii) this Agreement constitutes the legal, valid and binding obligations of
WTNA, in its capacity as Subordination Agent, Pass Through Trustee or Paying Agent, as the case may be, enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity. 

(c) The Pass Through Trustee hereby confirms to each of the other parties hereto that its representations and warranties set forth in
Section 7.15 of the Basic Pass Through Trust Agreement and Section 5.04 of each Trust Supplement are true and correct as of the date hereof. 

(d) The Subordination Agent represents and warrants that: 

(i) the Subordination Agent is a national banking association duly incorporated, validly existing and in good standing under
the laws of the United States, and has the full corporate power, authority and legal right under the laws of the United States and of the state of the United States in which it is located pertaining to its banking, trust and fiduciary powers to
execute and deliver this Agreement and each Financing Agreement to which it is or will be a party and to perform its obligations under this Agreement and each Financing Agreement to which it is or will be a party; 

(ii) this Agreement has been duly authorized, executed and delivered by the Subordination Agent; this Agreement constitutes the
legal, valid and binding obligations of the Subordination Agent enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
rights of creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity; 

  
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 (iii) none of the execution, delivery and performance by the Subordination Agent
of this Agreement contravenes any law, rule or regulation of the state of the United States in which it is located or any United States governmental authority or agency regulating the Subordination Agent’s banking, trust or fiduciary powers or
any judgment or order applicable to or binding on the Subordination Agent and do not contravene the Subordination Agent’s articles of association or by-laws or result in any breach of, or constitute a default under, any agreement or instrument
to which the Subordination Agent is a party or by which it or any of its properties may be bound; 
 (iv) neither the
execution and delivery by the Subordination Agent of this Agreement nor the consummation by the Subordination Agent of any of the transactions contemplated hereby requires the consent or approval of, the giving of notice to, the registration with,
or the taking of any other action with respect to, any governmental authority or agency of the state of the United States in which it is located or any federal governmental authority or agency regulating the Subordination Agent’s banking, trust
or fiduciary powers; 
 (v) there are no Taxes payable by the Subordination Agent imposed by any state of the United States
in which it is located or any political subdivision or taxing authority thereof in connection with the execution, delivery and performance by the Subordination Agent of this Agreement (other than franchise or other taxes based on or measured by any
fees or compensation received by the Subordination Agent for services rendered in connection with the transactions contemplated by the Intercreditor Agreement or any of the Liquidity Facilities), and there are no Taxes payable by the Subordination
Agent imposed by any state of the United States in which it is located or any political subdivision thereof in connection with the acquisition, possession or ownership by the Subordination Agent of any of the Equipment Notes (other than franchise or
other taxes based on or measured by any fees or compensation received by the Subordination Agent for services rendered in connection with the transactions contemplated by the Intercreditor Agreement or any of the Liquidity Facilities); and 

  
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 (vi) there are no pending or threatened actions or proceedings against the
Subordination Agent before any court or administrative agency which individually or in the aggregate, if determined adversely to it, would materially adversely affect the ability of the Subordination Agent to perform its obligations under this
Agreement. 
 (e) The Escrow Agent represents and warrants that: 

(i) the Escrow Agent is a national banking association duly incorporated, validly existing and in good standing under the laws
of the United States and has the full corporate power, authority and legal right under the laws of the United States and the state of the United States in which it is located pertaining to its banking, trust and fiduciary powers to execute and
deliver this Agreement, each Deposit Agreement and each Escrow and Paying Agent Agreement (collectively, the “Escrow Agent Agreements”) and to carry out the obligations of the Escrow Agent under each of the Escrow Agent Agreements;

 (ii) the execution and delivery by the Escrow Agent of each of the Escrow Agent Agreements and the performance by the
Escrow Agent of its obligations hereunder and thereunder have been duly authorized by the Escrow Agent and will not violate its articles of association or by-laws or the provisions of any indenture, mortgage, contract or other agreement to which it
is a party or by which it is bound; and 
 (iii) each of the Escrow Agent Agreements constitutes the legal, valid and binding
obligations of the Escrow Agent enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and
by general principles of equity, whether considered in a proceeding at law or in equity. 

  
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 (f) The Paying Agent represents and warrants that: 

(i) the Paying Agent is a national banking association duly incorporated, validly existing and in good standing under the laws
of the United States of America and has the full corporate power, authority and legal right under the laws of the United States and the state of the United States in which it is located pertaining to its banking, trust and fiduciary powers to
execute and deliver this Agreement and each Escrow and Paying Agent Agreement (collectively, the “Paying Agent Agreements”) and to carry out the obligations of the Paying Agent under each of the Paying Agent Agreements; 

(ii) the execution and delivery by the Paying Agent of each of the Paying Agent Agreements and the performance by the Paying
Agent of its obligations hereunder and thereunder have been duly authorized by the Paying Agent and will not violate its articles of association or by-laws or the provisions of any indenture, mortgage, contract or other agreement to which it is a
party or by which it is bound; and 
 (iii) each of the Paying Agent Agreements constitutes the legal, valid and binding
obligations of the Paying Agent enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and
by general principles of equity, whether considered in a proceeding at law or in equity. 
 SECTION 4. Covenants. (a) The
Company covenants with each of the other parties hereto that: 
 (i) [Intentionally Omitted]; 

(ii) subject to Section 4(a)(iv) of this Agreement, the Company shall at all times maintain its corporate existence and shall not wind
up, liquidate or dissolve or take any action, or fail to take any action, that would have the effect of any of the foregoing; 
 (iii) the
Company shall at all times remain a U.S. Air Carrier (as defined in the Financing Agreements) and shall at all times be otherwise certificated and registered to the extent necessary to entitle the Loan Trustee to the rights afforded to secured
parties of aircraft equipment under Section 1110; 

  
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 (iv) Section 4.07 of each Indenture is hereby incorporated by reference herein; 

(v) the Company agrees to provide written notice to each of the parties hereto of the occurrence of the Cut-off Date no later than one
Business Day after the date thereof, such notice to refer specifically to the Pass Through Trustee’s obligation to assign, transfer and deliver all of its right, title and interest to the Trust Property (as defined in each Pass Through Trust
Agreement) to the trustee of the Related Trust (as defined in each Pass Through Trust Agreement) in accordance with Section 7.01 of each of the Trust Supplements; 

(vi) the Company shall not repay and re-issue any Series A Equipment Notes or issue (or repay and reissue) any Additional
Series Equipment Notes pursuant to any Indenture, unless it shall have obtained written confirmation from each Rating Agency that the reissuance or issuance of such Equipment Notes, as the case may be, will not result in (1) a reduction of
the rating for any Class of Certificates then rated by such Rating Agency that will remain outstanding below the then current rating for such Class of Certificates or (2) a withdrawal or suspension of the rating of any Class of Certificates
then rated by such Rating Agency that will remain outstanding. Any reissuance of the Series A Equipment Notes and issuance (or repayment and reissuance) of Additional Series Equipment Notes shall be subject to the terms of Section 9.1(c) and
9.1(d), respectively, of the Intercreditor Agreement; and 
 (vii) If (x) the Depositary’s long-term issuer credit rating by Fitch
Ratings, Inc. or the Depositary’s short-term unsecured debt rating by Moody’s Investors Service, Inc. shall at any time fall below A- or P-1 respectively (such minimum ratings, the “Depositary Threshold Ratings”) or any
such rating has been withdrawn or suspended or (y) the Company or the Depositary, in its sole discretion, gives written notice to the other of its election that the Depositary be replaced, the Company shall, within 35 days after such event
occurring, cause the Depositary to be replaced with a depositary bank (a “Replacement Depositary”) on the following terms and preconditions: 

(A) the Replacement Depositary must meet the Depositary Threshold Ratings and the Company shall have obtained written confirmation from each
Rating Agency that such replacement will not cause a withdrawal, suspension or downgrading of any rating then in effect for any Class of Certificates by such Rating Agency (without regard to any withdrawal, suspension or downgrading of any rating of
the Depositary being replaced); 

  
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 (B) the Company shall pay all fees, expenses and other amounts then owing to the replaced
Depositary and, except as expressly provided in clause (C) below, the Company shall pay any up-front fee of the Replacement Depositary and (without limitation of the foregoing) all out-of-pocket expenses (including reasonable fees and expenses
of legal counsel) of the parties hereto (including without limitation all amounts payable to the Rating Agencies) incurred in connection with such replacement; 

(C) solely in the case of the Depositary making an election in its discretion that it be replaced (and without limitation of clause
(A) above), (x) the notice given by the Depositary to the Company shall nominate a Replacement Depositary, which shall satisfy all of terms and preconditions of this Section 4(a)(vii) (and the Company shall have the right to utilize
such nominee as the Replacement Depositary or to select another Replacement Depositary), (y) the fees, expenses, indemnities and other amounts payable to the Replacement Depositary upon its execution of the Replacement Deposit Agreement or
thereafter shall not to any extent exceed those which would have been payable to the Depositary had such replacement not occurred (it being specifically understood and agreed that any up-front fee of the Replacement Depositary shall be paid by the
replaced Depositary, provided that, if the Company selects a Replacement Depositary other than the nominee of the replaced Depositary and the upfront fee of such selection exceeds that of such nominee, the Company shall pay such excess), and
(without limitation of the foregoing) the Depositary shall pay all out-of-pocket expenses (including reasonable fees and expenses of legal counsel) of the parties hereto (including without limitation all amounts payable to the Rating Agencies)
incurred in connection with such replacement, and (z) the Replacement Depositary shall be willing to enter into a Replacement Deposit Agreement for each of the Class AA and Class A Certificates with the Escrow Agent having the same terms
and conditions (including without limitation as to the interest to be paid on the Deposits) as the Deposit Agreements to which the Depositary is a party; and 

  
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 (D) the Company or, in the case of the Depositary making an election that it be replaced (unless
the Company shall have selected such Replacement Depositary), the Depositary, shall cause the Replacement Depositary to enter into a Replacement Deposit Agreement for each of the Class AA and Class A Certificates with the Escrow Agent (and,
upon request of the Company the Escrow Agent agrees to enter into any such Replacement Deposit Agreement) and shall cause the Replacement Depositary to deliver to the Company and each Rating Agency legal opinions and other closing documentation
substantially similar in scope and substance as those that were delivered by the Depositary being replaced in connection with the execution and delivery of the Deposit Agreement being replaced. 

Upon satisfaction of the foregoing conditions, the Company shall instruct the Class AA Pass Through Trustee and the Class A Pass Through
Trustee, and each such Pass Through Trustee agrees, to execute and deliver to the Escrow Agent a duly completed Withdrawal Certificate (as defined in the Escrow and Paying Agent Agreements) together with a Notice of Replacement Withdrawal (as
defined in the Escrow and Paying Agent Agreements). 
 Each of the parties hereto agrees, at the Company’s request, to enter into any
amendments to this Agreement, the Escrow and Paying Agent Agreements and any other Operative Agreements as may be necessary or desirable to give effect to the replacement of the Depositary with the Replacement Depositary and the replacement of the
Deposit Agreements with the Replacement Deposit Agreements. 
 Upon the execution and delivery of the Replacement Deposit Agreements, the
Replacement Depositary shall be deemed to be the Depositary with all of the rights and obligations of the Depositary hereunder and under the other Operative Agreements and the Replacement Deposit Agreements shall be deemed to be the Deposit
Agreements hereunder and under the other Operative Agreements, except that the obligations of the replaced Depositary under its Deposit Agreements resulting from the delivery of any Withdrawal Notice delivered thereunder shall remain in full force
and effect notwithstanding the execution and delivery of the Replacement Deposit Agreements. 
 (viii) Promptly after the occurrence of a
Triggering Event or an Indenture Default resulting from the failure of the Company to make payments on any Equipment Note and on every Regular Distribution Date while the Triggering Event or such Indenture Default shall be continuing, the Company
will, at the Subordination Agent’s request from time to time but in any event no more frequently than once every three months, 

  
 15 







 
provide to the Subordination Agent a statement setting forth the following information with respect to each Aircraft then subject to the lien of an Indenture: (A) whether the Aircraft are
currently in service or parked in storage, (B) the maintenance status of the Aircraft and (C) the location of the Engines (as defined in the respective Indentures to which such Aircraft are subject). As used in this sentence, the terms
“Triggering Event”, “Indenture Default”, “Regular Distribution Date” shall have the respective meanings set forth in the Intercreditor Agreement as originally executed. 

(b) WTNA, in its individual capacity, covenants with each of the other parties to this Agreement that it will, immediately upon obtaining
knowledge of any facts that would cast doubt upon its continuing status as a “citizen of the United States” as defined in Section 40102(a)(15) of the Act and promptly upon public disclosure of negotiations in respect of any
transaction which would or might adversely affect such status, notify in writing all parties hereto of all relevant matters in connection therewith. Upon WTNA giving any such notice, WTNA shall, subject to Section 9.01 of any Indenture then
entered into, resign as Loan Trustee in respect of such Indenture. 
 SECTION 5. Notices. Unless otherwise specifically provided
herein, all notices required or permitted by the terms of this Agreement shall be in English and in writing, and any such notice shall become effective upon being delivered personally or, if promptly confirmed by mail, when dispatched by facsimile
or other written telecommunication, addressed to such party hereto at its address or facsimile number set forth below the signature of such party at the foot of this Agreement or to such other address or facsimile number as such party may hereafter
specify by notice to the other parties. 
 SECTION 6. Expenses. (a) The Company agrees to pay to the Subordination Agent when
due an amount or amounts equal to the fees payable to the Liquidity Provider under Section 2.03 of each Liquidity Facility and the related Fee Letter (as defined in the Intercreditor Agreement) multiplied by a fraction the numerator of which
shall be the then outstanding aggregate amount of the Deposits under the Deposit Agreements pertaining to the Class AA and Class A Pass Through Trusts and the denominator of which shall be the sum of (x) the then outstanding aggregate
principal amount of the Series AA Equipment Notes and Series A Equipment Notes under all of the Indentures and (y) the then outstanding aggregate amount of the Deposits under the Deposit Agreements pertaining to the Class AA and Class A
Pass Through Trusts. 

  
 16 







 (b) So long as no Equipment Notes have been issued in respect of any Aircraft, the Company agrees
to pay (i) to the Subordination Agent when due (A) the amount equal to interest on any Downgrade Advance (other than any Applied Downgrade Advance) payable under Section 3.07 of each Liquidity Facility minus Investment Earnings while
such Downgrade Advance shall be outstanding, (B) the amount equal to interest on any Non-Extension Advance (other than any Applied Non-Extension Advance) payable under Section 3.07 of each Liquidity Facility minus Investment Earnings while
such Non-Extension Advance shall be outstanding, (C) the amount equal to interest on any Special Termination Advance (other than any Applied Special Termination Advance) payable under Section 3.07 of each Liquidity Facility minus
Investment Earnings from such Special Termination Advance while such Special Termination Advance shall be outstanding, and (D) any other amounts owed to the Liquidity Provider by the Subordination Agent as borrower under each Liquidity Facility
(other than amounts due as repayment of advances thereunder or as interest on such advances, except to the extent payable pursuant to clause (A), (B) or (C)), (ii) all compensation and reimbursement of expenses, disbursements and advances
payable by the Company under the Pass Through Trust Agreements, (iii) all compensation and reimbursement of expenses and disbursements payable to the Subordination Agent under the Intercreditor Agreement except with respect to any income or
franchise taxes incurred by the Subordination Agent in connection with the transactions contemplated by the Intercreditor Agreement and (iv) in the event the Company requests any amendment to any Operative Agreement, all reasonable fees and
expenses (including, without limitation, fees and disbursements of counsel) of the Escrow Agent and/or the Paying Agent in connection therewith. For purposes of this Section 6(b), the terms “Applied Downgrade Advance”, “Applied
Non-Extension Advance”, “Applied Special Termination Advance”, “Downgrade Advance”, “Investment Earnings”, “Non-Extension Advance” and “Special Termination Advance” shall have the meanings
specified in each Liquidity Facility. 
 SECTION 7. Further Assurances. Each party hereto shall duly execute, acknowledge and
deliver, or shall cause to be executed, acknowledged and delivered, all such further agreements, instruments, certificates or documents, and shall do and cause to be done such further acts and things, in any case, as any other party hereto shall
reasonably request in connection with its administration of, or to carry out more effectually the purposes of, or to better assure and confirm unto it the rights and benefits to be provided under, this Agreement. 

  
 17 







 SECTION 8. Miscellaneous. (a) Provided that the transactions contemplated hereby have
been consummated, in whole or in part, and except as otherwise provided for herein, the representations, warranties and agreements herein of the Company, the Subordination Agent, the Escrow Agent, the Paying Agent and the Pass Through Trustee, and
the Company’s, the Subordination Agent’s, the Escrow Agent’s, the Paying Agent’s and the Pass Through Trustee’s obligations under any and all thereof, shall survive the expiration or other termination of this Agreement and
the other agreements referred to herein. 
 (b) This Agreement may be executed in any number of counterparts (and each of the parties hereto
shall not be required to execute the same counterpart). Each counterpart of this Agreement, including a signature page executed by each of the parties hereto, shall be an original counterpart of this Agreement, but all of such counterparts together
shall constitute one instrument. Neither this Agreement nor any of the terms hereof may be terminated, amended, supplemented, waived or modified orally, but only by an instrument in writing signed by the party against which the enforcement of the
termination, amendment, supplement, waiver or modification is sought. The index preceding this Agreement and the headings of the various Sections of this Agreement are for convenience of reference only and shall not modify, define, expand or limit
any of the terms or provisions hereof. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the Company and its successors and permitted assigns, the Pass Through Trustee and its successors as Pass Through Trustee
(and any additional trustee appointed) under any of the Pass Through Trust Agreements, the Escrow Agent and its successors as Escrow Agent under the Escrow and Paying Agent Agreements, the Paying Agent and its successors as Paying Agent under the
Escrow and Paying Agent Agreement and the Subordination Agent and its successors as Subordination Agent under the Intercreditor Agreement. 

(c) This Agreement is not intended to, and shall not, provide any person not a party hereto (other than the Underwriters, each of the
beneficiaries of Section 6 hereof and the Depositary as a beneficiary of Section 4(a)(vii)) with any rights of any nature whatsoever against any of the parties hereto, and no person not a party hereto (other than the Underwriters, each of
the beneficiaries of Section 6 hereof and 

  
 18 







 
the Depositary as a beneficiary of Section 4(a)(vii)) shall have any right, power or privilege in respect of, or have any benefit or interest arising out of, this Agreement. To the extent
that this Agreement expressly confers upon, gives or grants any right, power, privilege, benefit, interest, remedy or claim to any of the beneficiaries of Section 6 hereof (including, but not limited to rights, powers, privileges, benefits,
interests, remedies and claims under Section 6) or to the Depositary with respect to Section 4(a)(vii), each such party is hereby recognized as a third party beneficiary hereunder and may enforce any such right, power, privilege, benefit,
interest, remedy or claim. 
 SECTION 9. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. THIS AGREEMENT IS BEING DELIVERED IN THE STATE OF NEW YORK. 

  
 19 







 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	UNITED AIRLINES, INC.
		
	By 	 	/s/ Gerald Laderman
	 Name:  Gerald Laderman

	 Title:    Senior Vice President
Finance, Procurement
and
Treasurer

	  

Address:  233 S. Wacker Drive
Chicago, IL 60606
Attention: Treasurer
Facsimile:
(872) 825-0316



  

			
	WILMINGTON TRUST, NATIONAL
ASSOCIATION,
not in its individual capacity,
except as otherwise provided
herein, but solely as Pass Through
Trustee
		
	By 	 	/s/ Adam R. Vogelsong
	 Name:  Adam R. Vogelsong

	 Title:    Vice President

	  

Address:  1100 North Market Street
Wilmington, Delaware
19890-1605
Attention: Corporate
Trust
Administration
Facsimile: (302) 636-41




  
 S-1 

Signature Page to Note Purchase Agreement 16-2 







 
			
	WILMINGTON TRUST, NATIONAL
ASSOCIATION,
not in its individual capacity,
except as otherwise provided
herein, but solely as
Subordination Agent
		
	By 	 	/s/ Adam R. Vogelsong
	 Name:  Adam R. Vogelsong

	 Title:    Vice President

	  

Address:  1100 North Market Street
Wilmington, Delaware
19890-1605
Attention: Corporate
Trust
Administration
Facsimile: (302) 636-4140



  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Escrow Agent

		
	By 	 	/s/ David W. Doucette
	 Name:  David W. Doucette

	 Title:    Vice President

	  

Address:  Boston, MA Office
One Federal Street, 3rd
Floor
EX-MA-FED
Boston, MA
02110
Attention: David W.
Doucette
Facsimile: (617) 603-6672




  
 S-2 

Signature Page to Note Purchase Agreement 16-2 







 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Paying Agent

		
	By 	 	/s/ Adam R. Vogelsong
	 Name:  Adam R. Vogelsong

	 Title:    Vice President

	  

Address:  1100 North Market Street
Wilmington, Delaware
19890-1605
Attention: Corporate
Trust
Administration
Facsimile: (302) 636-4140




  
 S-3 

Signature Page to Note Purchase Agreement 16-2 







 SCHEDULE I to 

Note Purchase Agreement 

AIRCRAFT AND SCHEDULED DELIVERY MONTHS 
  

							
	 Aircraft Type
	  	 Expected
Registration Number
	  	
Expected
Manufacturer’s
Serial Number
	  	 Scheduled
Delivery Month

	 Boeing 737-824
	  	N77538	  	63694	  	December 2016
	 Boeing 737-924ER
	  	N61898	  	62815	  	December 2016
	 Boeing 737-924ER
	  	N63899	  	62816	  	December 2016
	 Boeing 737-924ER
	  	N38479	  	62817	  	December 2016
	 Boeing 787-9
	  	N29968	  	60141	  	January 2017
	 Boeing 787-9
	  	N15969	  	60142	  	February 2017
	 Boeing 777-322ER
	  	N64038	  	62647	  	March 2017
	 Boeing 777-322ER
	  	N59039	  	62651	  	April 2017
	 Boeing 777-322ER
	  	N54040	  	62650	  	April 2017
	 Boeing 777-322ER
	  	N58041	  	63721	  	May 2017
	 Boeing 777-322ER
	  	N59042	  	63722	  	May 2017
	 Boeing 777-322ER
	  	N59043	  	63723	  	June 2017
	 Boeing 777-322ER
	  	N54044	  	63724	  	June 2017







 SCHEDULE II to 

Note Purchase Agreement 

TRUST SUPPLEMENTS 
 Trust Supplement dated as of
the Issuance Date between the Company and the Pass Through Trustee in respect of United Airlines Pass Through Trust, Series 2016-2AA-O. 
 Trust Supplement
dated as of the Issuance Date between the Company and the Pass Through Trustee in respect of United Airlines Pass Through Trust, Series 2016-2A-O. 






 SCHEDULE III to 

Note Purchase Agreement 

REQUIRED TERMS 






 SCHEDULE III TO 

Note Purchase Agreement 

REQUIRED TERMS 
 Equipment Notes 

Obligor: United 
 Maximum Principal Amount: 

The initial principal amount and amortization schedule of the Series AA and A Equipment Notes issued with respect to an Aircraft shall be as set forth in the
following table for that Aircraft: 






 Boeing 737-824 

 

																	
	 	  	N77538	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	19,285,000.00	  	  	$	8,577,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	19,285,000.00	  	  	 	8,577,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	19,285,000.00	  	  	 	8,577,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	18,775,278.62	  	  	 	8,350,301.51	  	  	 	509,721.38	  	  	 	226,698.49	  
	 October 7, 2018
	  	 	18,265,557.24	  	  	 	8,123,603.02	  	  	 	509,721.38	  	  	 	226,698.49	  
	 April 7, 2019
	  	 	17,755,835.86	  	  	 	7,896,904.53	  	  	 	509,721.38	  	  	 	226,698.49	  
	 October 7, 2019
	  	 	17,246,114.48	  	  	 	7,670,206.04	  	  	 	509,721.38	  	  	 	226,698.49	  
	 April 7, 2020
	  	 	16,736,393.10	  	  	 	7,443,507.55	  	  	 	509,721.38	  	  	 	226,698.49	  
	 October 7, 2020
	  	 	16,226,671.72	  	  	 	7,216,809.06	  	  	 	509,721.38	  	  	 	226,698.49	  
	 April 7, 2021
	  	 	15,716,950.34	  	  	 	6,990,110.57	  	  	 	509,721.38	  	  	 	226,698.49	  
	 October 7, 2021
	  	 	15,207,228.96	  	  	 	6,763,412.08	  	  	 	509,721.38	  	  	 	226,698.49	  
	 April 7, 2022
	  	 	14,697,507.58	  	  	 	6,536,713.59	  	  	 	509,721.38	  	  	 	226,698.49	  
	 October 7, 2022
	  	 	14,187,786.20	  	  	 	6,310,015.10	  	  	 	509,721.38	  	  	 	226,698.49	  
	 April 7, 2023
	  	 	13,678,064.82	  	  	 	6,083,316.61	  	  	 	509,721.38	  	  	 	226,698.49	  
	 October 7, 2023
	  	 	13,265,190.50	  	  	 	5,899,690.83	  	  	 	412,874.32	  	  	 	183,625.78	  
	 April 7, 2024
	  	 	12,852,316.18	  	  	 	5,716,065.05	  	  	 	412,874.32	  	  	 	183,625.78	  
	 October 7, 2024
	  	 	12,439,441.86	  	  	 	5,532,439.27	  	  	 	412,874.32	  	  	 	183,625.78	  
	 April 7, 2025
	  	 	12,026,567.54	  	  	 	5,348,813.49	  	  	 	412,874.32	  	  	 	183,625.78	  
	 October 7, 2025
	  	 	11,613,693.22	  	  	 	5,165,187.71	  	  	 	412,874.32	  	  	 	183,625.78	  
	 April 7, 2026
	  	 	11,200,818.90	  	  	 	4,981,561.93	  	  	 	412,874.32	  	  	 	183,625.78	  
	 October 7, 2026
	  	 	10,787,944.58	  	  	 	4,797,936.15	  	  	 	412,874.32	  	  	 	183,625.78	  
	 April 7, 2027
	  	 	10,375,070.26	  	  	 	4,614,310.37	  	  	 	412,874.32	  	  	 	183,625.78	  
	 October 7, 2027
	  	 	9,962,195.94	  	  	 	4,430,684.59	  	  	 	412,874.32	  	  	 	183,625.78	  
	 April 7, 2028
	  	 	9,549,321.62	  	  	 	4,247,058.81	  	  	 	412,874.32	  	  	 	183,625.78	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	9,549,321.62	  	  	 	4,247,058.81	  

 Boeing 737-924ER 
  

																	
	 	  	N61898	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	20,320,000.00	  	  	$	9,037,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	20,320,000.00	  	  	 	9,037,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	20,320,000.00	  	  	 	9,037,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	19,782,922.56	  	  	 	8,798,143.26	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2018
	  	 	19,245,845.12	  	  	 	8,559,286.52	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2019
	  	 	18,708,767.68	  	  	 	8,320,429.78	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2019
	  	 	18,171,690.24	  	  	 	8,081,573.04	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2020
	  	 	17,634,612.80	  	  	 	7,842,716.30	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2020
	  	 	17,097,535.36	  	  	 	7,603,859.56	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2021
	  	 	16,560,457.92	  	  	 	7,365,002.82	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2021
	  	 	16,023,380.48	  	  	 	7,126,146.08	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2022
	  	 	15,486,303.04	  	  	 	6,887,289.34	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2022
	  	 	14,949,225.60	  	  	 	6,648,432.60	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2023
	  	 	14,412,148.16	  	  	 	6,409,575.86	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2023
	  	 	13,977,115.43	  	  	 	6,216,101.90	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2024
	  	 	13,542,082.70	  	  	 	6,022,627.94	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2024
	  	 	13,107,049.97	  	  	 	5,829,153.98	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2025
	  	 	12,672,017.24	  	  	 	5,635,680.02	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2025
	  	 	12,236,984.51	  	  	 	5,442,206.06	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2026
	  	 	11,801,951.78	  	  	 	5,248,732.10	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2026
	  	 	11,366,919.05	  	  	 	5,055,258.14	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2027
	  	 	10,931,886.32	  	  	 	4,861,784.18	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2027
	  	 	10,496,853.59	  	  	 	4,668,310.22	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2028
	  	 	10,061,820.86	  	  	 	4,474,836.26	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	10,061,820.86	  	  	 	4,474,836.26	  


  
 2 








																	
	 	  	N63899	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	20,320,000.00	  	  	$	9,037,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	20,320,000.00	  	  	 	9,037,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	20,320,000.00	  	  	 	9,037,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	19,782,922.56	  	  	 	8,798,143.26	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2018
	  	 	19,245,845.12	  	  	 	8,559,286.52	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2019
	  	 	18,708,767.68	  	  	 	8,320,429.78	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2019
	  	 	18,171,690.24	  	  	 	8,081,573.04	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2020
	  	 	17,634,612.80	  	  	 	7,842,716.30	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2020
	  	 	17,097,535.36	  	  	 	7,603,859.56	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2021
	  	 	16,560,457.92	  	  	 	7,365,002.82	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2021
	  	 	16,023,380.48	  	  	 	7,126,146.08	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2022
	  	 	15,486,303.04	  	  	 	6,887,289.34	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2022
	  	 	14,949,225.60	  	  	 	6,648,432.60	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2023
	  	 	14,412,148.16	  	  	 	6,409,575.86	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2023
	  	 	13,977,115.43	  	  	 	6,216,101.90	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2024
	  	 	13,542,082.70	  	  	 	6,022,627.94	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2024
	  	 	13,107,049.97	  	  	 	5,829,153.98	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2025
	  	 	12,672,017.24	  	  	 	5,635,680.02	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2025
	  	 	12,236,984.51	  	  	 	5,442,206.06	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2026
	  	 	11,801,951.78	  	  	 	5,248,732.10	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2026
	  	 	11,366,919.05	  	  	 	5,055,258.14	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2027
	  	 	10,931,886.32	  	  	 	4,861,784.18	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2027
	  	 	10,496,853.59	  	  	 	4,668,310.22	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2028
	  	 	10,061,820.86	  	  	 	4,474,836.26	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	10,061,820.86	  	  	 	4,474,836.26	  

  

																	
	 	  	N38479	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	20,320,000.00	  	  	$	9,037,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	20,320,000.00	  	  	 	9,037,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	20,320,000.00	  	  	 	9,037,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	19,782,922.56	  	  	 	8,798,143.26	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2018
	  	 	19,245,845.12	  	  	 	8,559,286.52	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2019
	  	 	18,708,767.68	  	  	 	8,320,429.78	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2019
	  	 	18,171,690.24	  	  	 	8,081,573.04	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2020
	  	 	17,634,612.80	  	  	 	7,842,716.30	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2020
	  	 	17,097,535.36	  	  	 	7,603,859.56	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2021
	  	 	16,560,457.92	  	  	 	7,365,002.82	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2021
	  	 	16,023,380.48	  	  	 	7,126,146.08	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2022
	  	 	15,486,303.04	  	  	 	6,887,289.34	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2022
	  	 	14,949,225.60	  	  	 	6,648,432.60	  	  	 	537,077.44	  	  	 	238,856.74	  
	 April 7, 2023
	  	 	14,412,148.16	  	  	 	6,409,575.86	  	  	 	537,077.44	  	  	 	238,856.74	  
	 October 7, 2023
	  	 	13,977,115.43	  	  	 	6,216,101.90	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2024
	  	 	13,542,082.70	  	  	 	6,022,627.94	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2024
	  	 	13,107,049.97	  	  	 	5,829,153.98	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2025
	  	 	12,672,017.24	  	  	 	5,635,680.02	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2025
	  	 	12,236,984.51	  	  	 	5,442,206.06	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2026
	  	 	11,801,951.78	  	  	 	5,248,732.10	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2026
	  	 	11,366,919.05	  	  	 	5,055,258.14	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2027
	  	 	10,931,886.32	  	  	 	4,861,784.18	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2027
	  	 	10,496,853.59	  	  	 	4,668,310.22	  	  	 	435,032.73	  	  	 	193,473.96	  
	 April 7, 2028
	  	 	10,061,820.86	  	  	 	4,474,836.26	  	  	 	435,032.73	  	  	 	193,473.96	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	10,061,820.86	  	  	 	4,474,836.26	  


  
 3 







 Boeing 787-9 

 

																	
	 	  	N29968	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	54,552,000.00	  	  	$	24,261,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	54,552,000.00	  	  	 	24,261,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	54,552,000.00	  	  	 	24,261,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	53,110,137.38	  	  	 	23,619,758.08	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 October 7, 2018
	  	 	51,668,274.76	  	  	 	22,978,516.16	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 April 7, 2019
	  	 	50,226,412.14	  	  	 	22,337,274.24	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 October 7, 2019
	  	 	48,784,549.52	  	  	 	21,696,032.32	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 April 7, 2020
	  	 	47,342,686.90	  	  	 	21,054,790.40	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 October 7, 2020
	  	 	45,900,824.28	  	  	 	20,413,548.48	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 April 7, 2021
	  	 	44,458,961.66	  	  	 	19,772,306.56	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 October 7, 2021
	  	 	43,017,099.04	  	  	 	19,131,064.64	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 April 7, 2022
	  	 	41,575,236.42	  	  	 	18,489,822.72	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 October 7, 2022
	  	 	40,133,373.80	  	  	 	17,848,580.80	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 April 7, 2023
	  	 	38,691,511.18	  	  	 	17,207,338.88	  	  	 	1,441,862.62	  	  	 	641,241.92	  
	 October 7, 2023
	  	 	37,523,602.46	  	  	 	16,687,932.92	  	  	 	1,167,908.72	  	  	 	519,405.96	  
	 April 7, 2024
	  	 	36,355,693.74	  	  	 	16,168,526.96	  	  	 	1,167,908.72	  	  	 	519,405.96	  
	 October 7, 2024
	  	 	35,187,785.02	  	  	 	15,649,121.00	  	  	 	1,167,908.72	  	  	 	519,405.96	  
	 April 7, 2025
	  	 	34,019,876.30	  	  	 	15,129,715.04	  	  	 	1,167,908.72	  	  	 	519,405.96	  
	 October 7, 2025
	  	 	32,851,967.58	  	  	 	14,610,309.08	  	  	 	1,167,908.72	  	  	 	519,405.96	  
	 April 7, 2026
	  	 	31,684,058.86	  	  	 	14,090,903.12	  	  	 	1,167,908.72	  	  	 	519,405.96	  
	 October 7, 2026
	  	 	30,516,150.14	  	  	 	13,571,497.16	  	  	 	1,167,908.72	  	  	 	519,405.96	  
	 April 7, 2027
	  	 	29,348,241.42	  	  	 	13,052,091.20	  	  	 	1,167,908.72	  	  	 	519,405.96	  
	 October 7, 2027
	  	 	28,180,332.70	  	  	 	12,532,685.24	  	  	 	1,167,908.72	  	  	 	519,405.96	  
	 April 7, 2028
	  	 	27,012,423.98	  	  	 	12,013,279.28	  	  	 	1,167,908.72	  	  	 	519,405.96	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	27,012,423.98	  	  	 	12,013,279.28	  

  

																	
	 	  	N15969	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	54,596,000.00	  	  	$	24,281,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	54,596,000.00	  	  	 	24,281,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	54,596,000.00	  	  	 	24,281,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	53,152,973.94	  	  	 	23,639,229.47	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 October 7, 2018
	  	 	51,709,947.88	  	  	 	22,997,458.94	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 April 7, 2019
	  	 	50,266,921.82	  	  	 	22,355,688.41	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 October 7, 2019
	  	 	48,823,895.76	  	  	 	21,713,917.88	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 April 7, 2020
	  	 	47,380,869.70	  	  	 	21,072,147.35	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 October 7, 2020
	  	 	45,937,843.64	  	  	 	20,430,376.82	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 April 7, 2021
	  	 	44,494,817.58	  	  	 	19,788,606.29	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 October 7, 2021
	  	 	43,051,791.52	  	  	 	19,146,835.76	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 April 7, 2022
	  	 	41,608,765.46	  	  	 	18,505,065.23	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 October 7, 2022
	  	 	40,165,739.40	  	  	 	17,863,294.70	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 April 7, 2023
	  	 	38,722,713.34	  	  	 	17,221,524.17	  	  	 	1,443,026.06	  	  	 	641,770.53	  
	 October 7, 2023
	  	 	37,553,862.23	  	  	 	16,701,690.04	  	  	 	1,168,851.11	  	  	 	519,834.13	  
	 April 7, 2024
	  	 	36,385,011.12	  	  	 	16,181,855.91	  	  	 	1,168,851.11	  	  	 	519,834.13	  
	 October 7, 2024
	  	 	35,216,160.01	  	  	 	15,662,021.78	  	  	 	1,168,851.11	  	  	 	519,834.13	  
	 April 7, 2025
	  	 	34,047,308.90	  	  	 	15,142,187.65	  	  	 	1,168,851.11	  	  	 	519,834.13	  
	 October 7, 2025
	  	 	32,878,457.79	  	  	 	14,622,353.52	  	  	 	1,168,851.11	  	  	 	519,834.13	  
	 April 7, 2026
	  	 	31,709,606.68	  	  	 	14,102,519.39	  	  	 	1,168,851.11	  	  	 	519,834.13	  
	 October 7, 2026
	  	 	30,540,755.57	  	  	 	13,582,685.26	  	  	 	1,168,851.11	  	  	 	519,834.13	  
	 April 7, 2027
	  	 	29,371,904.46	  	  	 	13,062,851.13	  	  	 	1,168,851.11	  	  	 	519,834.13	  
	 October 7, 2027
	  	 	28,203,053.35	  	  	 	12,543,017.00	  	  	 	1,168,851.11	  	  	 	519,834.13	  
	 April 7, 2028
	  	 	27,034,202.24	  	  	 	12,023,182.87	  	  	 	1,168,851.11	  	  	 	519,834.13	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	27,034,202.24	  	  	 	12,023,182.87	  


  
 4 







 Boeing 777-322ER 

 

																	
	 	  	N64038	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	63,783,000.00	  	  	$	28,367,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	63,783,000.00	  	  	 	28,367,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	63,783,000.00	  	  	 	28,367,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	62,097,153.03	  	  	 	27,617,232.49	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 October 7, 2018
	  	 	60,411,306.06	  	  	 	26,867,464.98	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 April 7, 2019
	  	 	58,725,459.09	  	  	 	26,117,697.47	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 October 7, 2019
	  	 	57,039,612.12	  	  	 	25,367,929.96	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 April 7, 2020
	  	 	55,353,765.15	  	  	 	24,618,162.45	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 October 7, 2020
	  	 	53,667,918.18	  	  	 	23,868,394.94	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 April 7, 2021
	  	 	51,982,071.21	  	  	 	23,118,627.43	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 October 7, 2021
	  	 	50,296,224.24	  	  	 	22,368,859.92	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 April 7, 2022
	  	 	48,610,377.27	  	  	 	21,619,092.41	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 October 7, 2022
	  	 	46,924,530.30	  	  	 	20,869,324.90	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 April 7, 2023
	  	 	45,238,683.33	  	  	 	20,119,557.39	  	  	 	1,685,846.97	  	  	 	749,767.51	  
	 October 7, 2023
	  	 	43,873,147.28	  	  	 	19,512,245.71	  	  	 	1,365,536.05	  	  	 	607,311.68	  
	 April 7, 2024
	  	 	42,507,611.23	  	  	 	18,904,934.03	  	  	 	1,365,536.05	  	  	 	607,311.68	  
	 October 7, 2024
	  	 	41,142,075.18	  	  	 	18,297,622.35	  	  	 	1,365,536.05	  	  	 	607,311.68	  
	 April 7, 2025
	  	 	39,776,539.13	  	  	 	17,690,310.67	  	  	 	1,365,536.05	  	  	 	607,311.68	  
	 October 7, 2025
	  	 	38,411,003.08	  	  	 	17,082,998.99	  	  	 	1,365,536.05	  	  	 	607,311.68	  
	 April 7, 2026
	  	 	37,045,467.03	  	  	 	16,475,687.31	  	  	 	1,365,536.05	  	  	 	607,311.68	  
	 October 7, 2026
	  	 	35,679,930.98	  	  	 	15,868,375.63	  	  	 	1,365,536.05	  	  	 	607,311.68	  
	 April 7, 2027
	  	 	34,314,394.93	  	  	 	15,261,063.95	  	  	 	1,365,536.05	  	  	 	607,311.68	  
	 October 7, 2027
	  	 	32,948,858.88	  	  	 	14,653,752.27	  	  	 	1,365,536.05	  	  	 	607,311.68	  
	 April 7, 2028
	  	 	31,583,322.83	  	  	 	14,046,440.59	  	  	 	1,365,536.05	  	  	 	607,311.68	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	31,583,322.83	  	  	 	14,046,440.59	  

  

																	
	 	  	N59039	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	63,836,000.00	  	  	$	28,390,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	63,836,000.00	  	  	 	28,390,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	63,836,000.00	  	  	 	28,390,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	62,148,752.19	  	  	 	27,639,624.58	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2018
	  	 	60,461,504.38	  	  	 	26,889,249.16	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 April 7, 2019
	  	 	58,774,256.57	  	  	 	26,138,873.74	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2019
	  	 	57,087,008.76	  	  	 	25,388,498.32	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 April 7, 2020
	  	 	55,399,760.95	  	  	 	24,638,122.90	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2020
	  	 	53,712,513.14	  	  	 	23,887,747.48	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 April 7, 2021
	  	 	52,025,265.33	  	  	 	23,137,372.06	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2021
	  	 	50,338,017.52	  	  	 	22,386,996.64	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 April 7, 2022
	  	 	48,650,769.71	  	  	 	21,636,621.22	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2022
	  	 	46,963,521.90	  	  	 	20,886,245.80	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 April 7, 2023
	  	 	45,276,274.09	  	  	 	20,135,870.38	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2023
	  	 	43,909,603.36	  	  	 	19,528,066.29	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 April 7, 2024
	  	 	42,542,932.63	  	  	 	18,920,262.20	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 October 7, 2024
	  	 	41,176,261.90	  	  	 	18,312,458.11	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 April 7, 2025
	  	 	39,809,591.17	  	  	 	17,704,654.02	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 October 7, 2025
	  	 	38,442,920.44	  	  	 	17,096,849.93	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 April 7, 2026
	  	 	37,076,249.71	  	  	 	16,489,045.84	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 October 7, 2026
	  	 	35,709,578.98	  	  	 	15,881,241.75	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 April 7, 2027
	  	 	34,342,908.25	  	  	 	15,273,437.66	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 October 7, 2027
	  	 	32,976,237.52	  	  	 	14,665,633.57	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 April 7, 2028
	  	 	31,609,566.79	  	  	 	14,057,829.48	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	31,609,566.79	  	  	 	14,057,829.48	  


  
 5 








																	
	 	  	N54040	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	63,836,000.00	  	  	$	28,390,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	63,836,000.00	  	  	 	28,390,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	63,836,000.00	  	  	 	28,390,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	62,148,752.19	  	  	 	27,639,624.58	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2018
	  	 	60,461,504.38	  	  	 	26,889,249.16	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 April 7, 2019
	  	 	58,774,256.57	  	  	 	26,138,873.74	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2019
	  	 	57,087,008.76	  	  	 	25,388,498.32	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 April 7, 2020
	  	 	55,399,760.95	  	  	 	24,638,122.90	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2020
	  	 	53,712,513.14	  	  	 	23,887,747.48	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 April 7, 2021
	  	 	52,025,265.33	  	  	 	23,137,372.06	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2021
	  	 	50,338,017.52	  	  	 	22,386,996.64	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 April 7, 2022
	  	 	48,650,769.71	  	  	 	21,636,621.22	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2022
	  	 	46,963,521.90	  	  	 	20,886,245.80	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 April 7, 2023
	  	 	45,276,274.09	  	  	 	20,135,870.38	  	  	 	1,687,247.81	  	  	 	750,375.42	  
	 October 7, 2023
	  	 	43,909,603.36	  	  	 	19,528,066.29	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 April 7, 2024
	  	 	42,542,932.63	  	  	 	18,920,262.20	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 October 7, 2024
	  	 	41,176,261.90	  	  	 	18,312,458.11	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 April 7, 2025
	  	 	39,809,591.17	  	  	 	17,704,654.02	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 October 7, 2025
	  	 	38,442,920.44	  	  	 	17,096,849.93	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 April 7, 2026
	  	 	37,076,249.71	  	  	 	16,489,045.84	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 October 7, 2026
	  	 	35,709,578.98	  	  	 	15,881,241.75	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 April 7, 2027
	  	 	34,342,908.25	  	  	 	15,273,437.66	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 October 7, 2027
	  	 	32,976,237.52	  	  	 	14,665,633.57	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 April 7, 2028
	  	 	31,609,566.79	  	  	 	14,057,829.48	  	  	 	1,366,670.73	  	  	 	607,804.09	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	31,609,566.79	  	  	 	14,057,829.48	  

  

																	
	 	  	N58041	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	63,889,000.00	  	  	$	28,414,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	63,889,000.00	  	  	 	28,414,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	63,889,000.00	  	  	 	28,414,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	62,200,351.35	  	  	 	27,662,990.24	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 October 7, 2018
	  	 	60,511,702.70	  	  	 	26,911,980.48	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 April 7, 2019
	  	 	58,823,054.05	  	  	 	26,160,970.72	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 October 7, 2019
	  	 	57,134,405.40	  	  	 	25,409,960.96	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 April 7, 2020
	  	 	55,445,756.75	  	  	 	24,658,951.20	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 October 7, 2020
	  	 	53,757,108.10	  	  	 	23,907,941.44	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 April 7, 2021
	  	 	52,068,459.45	  	  	 	23,156,931.68	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 October 7, 2021
	  	 	50,379,810.80	  	  	 	22,405,921.92	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 April 7, 2022
	  	 	48,691,162.15	  	  	 	21,654,912.16	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 October 7, 2022
	  	 	47,002,513.50	  	  	 	20,903,902.40	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 April 7, 2023
	  	 	45,313,864.85	  	  	 	20,152,892.64	  	  	 	1,688,648.65	  	  	 	751,009.76	  
	 October 7, 2023
	  	 	43,946,059.44	  	  	 	19,544,574.73	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 April 7, 2024
	  	 	42,578,254.03	  	  	 	18,936,256.82	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 October 7, 2024
	  	 	41,210,448.62	  	  	 	18,327,938.91	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 April 7, 2025
	  	 	39,842,643.21	  	  	 	17,719,621.00	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 October 7, 2025
	  	 	38,474,837.80	  	  	 	17,111,303.09	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 April 7, 2026
	  	 	37,107,032.39	  	  	 	16,502,985.18	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 October 7, 2026
	  	 	35,739,226.98	  	  	 	15,894,667.27	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 April 7, 2027
	  	 	34,371,421.57	  	  	 	15,286,349.36	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 October 7, 2027
	  	 	33,003,616.16	  	  	 	14,678,031.45	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 April 7, 2028
	  	 	31,635,810.75	  	  	 	14,069,713.54	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	31,635,810.75	  	  	 	14,069,713.54	  

  

  
 6 








																	
	 	  	N59042	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	63,889,000.00	  	  	$	28,414,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	63,889,000.00	  	  	 	28,414,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	63,889,000.00	  	  	 	28,414,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	62,200,351.35	  	  	 	27,662,990.23	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 October 7, 2018
	  	 	60,511,702.70	  	  	 	26,911,980.46	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 April 7, 2019
	  	 	58,823,054.05	  	  	 	26,160,970.69	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 October 7, 2019
	  	 	57,134,405.40	  	  	 	25,409,960.92	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 April 7, 2020
	  	 	55,445,756.75	  	  	 	24,658,951.15	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 October 7, 2020
	  	 	53,757,108.10	  	  	 	23,907,941.38	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 April 7, 2021
	  	 	52,068,459.45	  	  	 	23,156,931.61	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 October 7, 2021
	  	 	50,379,810.80	  	  	 	22,405,921.84	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 April 7, 2022
	  	 	48,691,162.15	  	  	 	21,654,912.07	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 October 7, 2022
	  	 	47,002,513.50	  	  	 	20,903,902.30	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 April 7, 2023
	  	 	45,313,864.85	  	  	 	20,152,892.53	  	  	 	1,688,648.65	  	  	 	751,009.77	  
	 October 7, 2023
	  	 	43,946,059.44	  	  	 	19,544,574.62	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 April 7, 2024
	  	 	42,578,254.03	  	  	 	18,936,256.71	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 October 7, 2024
	  	 	41,210,448.62	  	  	 	18,327,938.80	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 April 7, 2025
	  	 	39,842,643.21	  	  	 	17,719,620.89	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 October 7, 2025
	  	 	38,474,837.80	  	  	 	17,111,302.98	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 April 7, 2026
	  	 	37,107,032.39	  	  	 	16,502,985.07	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 October 7, 2026
	  	 	35,739,226.98	  	  	 	15,894,667.16	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 April 7, 2027
	  	 	34,371,421.57	  	  	 	15,286,349.25	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 October 7, 2027
	  	 	33,003,616.16	  	  	 	14,678,031.34	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 April 7, 2028
	  	 	31,635,810.75	  	  	 	14,069,713.43	  	  	 	1,367,805.41	  	  	 	608,317.91	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	31,635,810.75	  	  	 	14,069,713.43	  

  

																	
	 	  	N59043	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	63,943,000.00	  	  	$	28,438,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	63,943,000.00	  	  	 	28,438,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	63,943,000.00	  	  	 	28,438,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	62,252,924.08	  	  	 	27,686,355.89	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 October 7, 2018
	  	 	60,562,848.16	  	  	 	26,934,711.78	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 April 7, 2019
	  	 	58,872,772.24	  	  	 	26,183,067.67	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 October 7, 2019
	  	 	57,182,696.32	  	  	 	25,431,423.56	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 April 7, 2020
	  	 	55,492,620.40	  	  	 	24,679,779.45	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 October 7, 2020
	  	 	53,802,544.48	  	  	 	23,928,135.34	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 April 7, 2021
	  	 	52,112,468.56	  	  	 	23,176,491.23	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 October 7, 2021
	  	 	50,422,392.64	  	  	 	22,424,847.12	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 April 7, 2022
	  	 	48,732,316.72	  	  	 	21,673,203.01	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 October 7, 2022
	  	 	47,042,240.80	  	  	 	20,921,558.90	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 April 7, 2023
	  	 	45,352,164.88	  	  	 	20,169,914.79	  	  	 	1,690,075.92	  	  	 	751,644.11	  
	 October 7, 2023
	  	 	43,983,203.38	  	  	 	19,561,083.06	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 April 7, 2024
	  	 	42,614,241.88	  	  	 	18,952,251.33	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 October 7, 2024
	  	 	41,245,280.38	  	  	 	18,343,419.60	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 April 7, 2025
	  	 	39,876,318.88	  	  	 	17,734,587.87	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 October 7, 2025
	  	 	38,507,357.38	  	  	 	17,125,756.14	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 April 7, 2026
	  	 	37,138,395.88	  	  	 	16,516,924.41	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 October 7, 2026
	  	 	35,769,434.38	  	  	 	15,908,092.68	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 April 7, 2027
	  	 	34,400,472.88	  	  	 	15,299,260.95	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 October 7, 2027
	  	 	33,031,511.38	  	  	 	14,690,429.22	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 April 7, 2028
	  	 	31,662,549.88	  	  	 	14,081,597.49	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	31,662,549.88	  	  	 	14,081,597.49	  

  

  
 7 








																	
	 	  	N54044	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	63,943,000.00	  	  	$	28,438,000.00	  	  	$	0.00	  	  	$	0.00	  
	 April 7, 2017
	  	 	63,943,000.00	  	  	 	28,438,000.00	  	  	 	0.00	  	  	 	0.00	  
	 October 7, 2017
	  	 	63,943,000.00	  	  	 	28,438,000.00	  	  	 	0.00	  	  	 	0.00	  
	 April 7, 2018
	  	 	62,252,924.07	  	  	 	27,686,355.89	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 October 7, 2018
	  	 	60,562,848.14	  	  	 	26,934,711.78	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 April 7, 2019
	  	 	58,872,772.21	  	  	 	26,183,067.67	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 October 7, 2019
	  	 	57,182,696.28	  	  	 	25,431,423.56	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 April 7, 2020
	  	 	55,492,620.35	  	  	 	24,679,779.45	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 October 7, 2020
	  	 	53,802,544.42	  	  	 	23,928,135.34	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 April 7, 2021
	  	 	52,112,468.49	  	  	 	23,176,491.23	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 October 7, 2021
	  	 	50,422,392.56	  	  	 	22,424,847.12	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 April 7, 2022
	  	 	48,732,316.63	  	  	 	21,673,203.01	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 October 7, 2022
	  	 	47,042,240.70	  	  	 	20,921,558.90	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 April 7, 2023
	  	 	45,352,164.77	  	  	 	20,169,914.79	  	  	 	1,690,075.93	  	  	 	751,644.11	  
	 October 7, 2023
	  	 	43,983,203.27	  	  	 	19,561,083.06	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 April 7, 2024
	  	 	42,614,241.77	  	  	 	18,952,251.33	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 October 7, 2024
	  	 	41,245,280.27	  	  	 	18,343,419.60	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 April 7, 2025
	  	 	39,876,318.77	  	  	 	17,734,587.87	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 October 7, 2025
	  	 	38,507,357.27	  	  	 	17,125,756.14	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 April 7, 2026
	  	 	37,138,395.77	  	  	 	16,516,924.41	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 October 7, 2026
	  	 	35,769,434.27	  	  	 	15,908,092.68	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 April 7, 2027
	  	 	34,400,472.77	  	  	 	15,299,260.95	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 October 7, 2027
	  	 	33,031,511.27	  	  	 	14,690,429.22	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 April 7, 2028
	  	 	31,662,549.77	  	  	 	14,081,597.49	  	  	 	1,368,961.50	  	  	 	608,831.73	  
	 October 7, 2028
	  	 	0.00	  	  	 	0.00	  	  	 	31,662,549.77	  	  	 	14,081,597.49	  

 Indenture 
 Debt Rate (as
such term is defined in Annex A of the form of Indenture marked as Exhibit C of the Note Purchase Agreement (the “Indenture Form”)) for Series AA (computed on the basis of a 360-day year consisting of twelve 30-day months, payable
semi-annually in arrears): 2.875% 
 Debt Rate (as such term is defined in Annex A of the Indenture Form) for Series A (computed on the basis of a 360-day
year consisting of twelve 30 day months, payable semi-annually in arrears): 3.100% 
  

			
	 Payment Due Rate:
	  	Debt Rate plus 2% per annum
		
	 Payment Dates:
	  	April 7 and October 7 (after October 7, 2016)


  
 8 








			
	 Make-Whole Premiums:
	  	As provided in Article II of the Indenture Form
		
	 Redemption:
	  	As provided in Article II of the Indenture Form
		
	 All-risk hull insurance:
	  	Not less than the unpaid principal amount of the Equipment Notes relating to an Aircraft, together with six months of interest accrued thereon, subject to United’s right to self-insure on terms no more favorable to United in
any material respect than those set forth in Section G of Annex B to the Indenture Form.

 Participation Agreement 

Mortgagee, Subordination Agent, Liquidity Providers, Pass Through Trustees, Escrow Agents and Note Holders indemnified against Expenses and Taxes to the extent
set forth in Section 8 of the form of the Participation Agreement marked as Exhibit B to the Note Purchase Agreement. 
 Prohibited Modifications

  

	1.	May not modify in any material adverse respect the Granting Clause of the Indenture so as to deprive the Note Holders or the Related Note Holders (as defined in the Indenture) of a first priority security interest in
and mortgage lien on the Aircraft or, to the extent assigned thereunder, United’s rights under the Purchase Agreement (as defined in the Indenture) or to eliminate any of the obligations intended to be secured thereby or otherwise modify in any
material adverse respect as regards the interests of the Note Holders, the Related Note Holder of a Related Series AA Equipment Note, the Related Note Holder of a Related Series A Equipment Note, the Subordination Agent, the Liquidity Providers or
the Mortgagee the provisions of Article II or III or Section 4.05(c), 5.01, 5.02, 6.02, 10.01(a), 10.01(b)(vii), 11.01, 11.04, 11.11, 11.12 or 11.13 of the Indenture or the definition of “Make-Whole Amount” in Annex A to the
Indenture. 

  

	2.	 May not modify in any material adverse respect as regards the interests of the Note Holders, the Subordination
Agent, the Liquidity Providers or the Mortgagee the provisions of Section 4.1.3, 4.1.8, 4.1.9, 4.1.10, 4.1.11, 6.1.3(b), 6.3, 



  
 9 








	 	
10, 12.8(a) or 12.9 of the Participation Agreement, of the provisions of Section 4.1.2(x) of the Participation Agreement so as to eliminate the requirement to deliver to the Subordination
Agent or the Mortgagee, as the case may be, the legal opinions to be provided to such Persons thereunder (recognizing that the lawyers rendering such opinions may be changed) or of the provisions of Section 6.4.5(a)(ii) of the Participation
Agreement as regards the rights of the Mortgagee thereunder or otherwise modify the terms of the Participation Agreement to deprive the Trustees, the Subordination Agent, the Liquidity Providers or the Mortgagee of any indemnity or right of
reimbursement in its favor for Expenses or Taxes. 

 Notwithstanding the foregoing, any form of Financing Agreement may be modified to correct
or supplement any such provision which may be defective or to cure any ambiguity or correct any mistake, provided that any such action shall not materially adversely affect the interests of the Note Holders, the Related Note Holder of a
Related Series AA Equipment Note, the Related Note Holder of a Related Series A Equipment Note, the Subordination Agent, the Liquidity Providers, the Mortgagee or the Certificateholders. 

  
 10 







 ANNEX A to 

Note Purchase Agreement 

DEFINITIONS 






 ANNEX A to 

Note Purchase Agreement 

DEFINITIONS 
 “Act” means 49
U.S.C. §§ 40101-46507. 
 “Additional Series Equipment Notes” means Equipment Notes of each series issued under an Indenture and
designated other than as “Series AA” or “Series A” issued thereunder, if any. 
 “Additional Series Pass Through
Certificates” means the pass through certificates issued pursuant to any Additional Series Pass Through Trust Agreement. 
 “Additional
Series Pass Through Trust” means a grantor trust created to facilitate the issuance and sale of pass through certificates in connection with the issuance of any Additional Series Equipment Notes. 

“Additional Series Pass Through Trust Agreement” means a Trust Supplement entered into in connection with the creation of an Additional
Series Pass Through Trust, together with the Basic Pass Through Trust Agreement. 
 “Additional Series Pass Through Trustee” means the
trustee under an Additional Series Pass Through Trust Agreement. 
 “Aircraft” has the meaning set forth in the second recital to the Note
Purchase Agreement. 
 “Aircraft Purchase Agreement” means, (a) with respect to any Boeing 737-824 aircraft, the Purchase Agreement
No. 1951, dated July 23, 1996, as amended, between the Company and The Boeing Company, (b) with respect to any Boeing 737-924ER aircraft, the Purchase Agreement No. PA-03784, dated as of July 12, 2012 (which incorporates and
amends the terms and conditions of the Aircraft General Terms Agreement AGTA-UAL, dated as of February 19, 2010, between the Company and The Boeing Company), as amended, between the Company and The Boeing Company, (c) with respect to any
Boeing 787-9 aircraft, the Purchase Agreement No. 2484, dated as of December 29, 2004, as amended, between the Company and The Boeing Company and (d) with respect to any Boeing 777-322ER aircraft, the Purchase Agreement
No. 04308, dated January 14, 2015 (which incorporates the terms and conditions (except as specifically set forth in such Purchase Agreement) of the Aircraft General Terms Agreement, dated as of October 11, 2010, between the Company
and The Boeing Company), as amended, between the Company and The Boeing Company, (in each case under clauses (a), (b), (c) and (d) including all exhibits thereto, together with all letter agreements entered into that by their terms
constitute part of such Purchase Agreement). 






 “Applicable Pass Through Trustee” has the meaning provided in Section 1(b)(ii) of the Note
Purchase Agreement. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq. 

“Basic Pass Through Trust Agreement” means the Pass Through Trust Agreement, dated October 3, 2012, between the Company and Pass Through
Trustee, as such agreement may be supplemented, amended or modified, but does not include any Trust Supplement. 
 “Business Day” means any
day, other than a Saturday, Sunday or other day on which commercial banks are authorized or required by law to close in New York, New York, Chicago, Illinois, Wilmington, Delaware or Boston, Massachusetts. 

“Certificates” has the meaning set forth in the fourth recital to the Note Purchase Agreement. 

“Certificateholder” means the Person in whose name a Certificate is registered in the Register. 

“Class” means the class of Certificates issued by each Pass Through Trust. 

“Class A Certificates” means Certificates issued by the Class A Pass Through Trust. 

“Class A Pass Through Trustee” has the meaning set forth in the fifth recital to the Note Purchase Agreement. 

“Class AA Certificates” means Certificates issued by the Class AA Pass Through Trust. 

“Class AA Pass Through Trustee” has the meaning set forth in the fifth recital to the Note Purchase Agreement. 

“Closing Notice” has the meaning set forth in Section 1(b) of the Note Purchase Agreement. 

“Company” means United Airlines, Inc., a Delaware corporation. 

  
 2 







 “Cut-off Date” means the earlier of (a) the day after the Delivery Period Termination Date
and (b) the date on which a Triggering Event occurs. 
 “Delivery Date” means the Business Day on which an Aircraft is delivered to
and accepted by the Company. 
 “Delivery Period Termination Date” means the earlier of (a) September 30, 2017, (provided that, if a
labor strike occurs or continues at the Manufacturer after the Issuance Date and on or prior to such date referred to in this clause (a), such date shall be extended by adding thereto the number of days that such strike continued in effect after the
Issuance Date, but not more than 60 days (such extended number of days, the “Strike Period”)) and (b) the date on which Equipment Notes issued with respect to all of the Aircraft (including any Substitute Aircraft in lieu of
any Aircraft) have been purchased by the Pass Through Trustees in accordance with the Note Purchase Agreement. 
 “Deposits” has the
meaning set forth in the sixth recital to the Note Purchase Agreement. 
 “Deposit Agreements” has the meaning set forth in the sixth
recital to the Note Purchase Agreement. 
 “Depositary” means Natixis, acting through its New York Branch. 

“Depositary Threshold Ratings” has the meaning set forth in Section 4(a)(vii) of the Note Purchase Agreement. 

“Equipment Notes” means and includes any equipment notes issued under any Indenture in the form specified in Section 2.01 thereof (as
such form may be varied pursuant to the terms of such Indenture) and any Equipment Note issued under any Indenture in exchange for or replacement of any other Equipment Note. 

“Escrow Agent” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 

“Escrow Agent Agreements” has the meaning set forth in Section 3(e)(i) of the Note Purchase Agreement. 

“Escrow and Paying Agent Agreements” has the meaning set forth in the sixth recital to the Note Purchase Agreement. 

  
 3 







 “FAA” means the Federal Aviation Administration of the United States. 

“Financing Agreements” means, collectively, the Participation Agreement, the Indenture and the Equipment Notes issued thereunder. 

“Funding Date” has the meaning set forth in Section 1(b)(i) of the Note Purchase Agreement. 

“Government Entity” means (a) any federal, state, provincial or similar government, and any body, board, department, commission, court,
tribunal, authority, agency or other instrumentality of any such government or otherwise exercising any executive, legislative, judicial, administrative or regulatory functions of such government or (b) any other government entity having
jurisdiction over any matter contemplated by the Operative Agreements or relating to the observance or performance of the obligations of any of the parties to the Operative Agreements. 

“Indenture” means the Trust Indenture and Mortgage substantially in the form of Exhibit C to the Note Purchase Agreement. 

“Initial Deposits” has the meaning set forth in the sixth recital to the Note Purchase Agreement. 

“Intercreditor Agreement” has the meaning set forth in the ninth recital to the Note Purchase Agreement. 

“Issuance Date” means the date of the original issuance of the Certificates. 

“Law” means (a) any constitution, treaty, statute, law, decree, regulation, order, rule or directive of any Government Entity, and
(b) any judicial or administrative interpretation or application of, or decision under, any of the foregoing. 
 “Liquidity Facility”
has the meaning set forth in the ninth recital to the Note Purchase Agreement. 
 “Liquidity Provider” has the meaning set forth in the
ninth recital to the Note Purchase Agreement. 
 “Loan Trustee” means the “Mortgagee” as defined in the Financing Agreements.

 “Manufacturer” means The Boeing Company, a Delaware corporation, solely in its capacity as manufacturer or seller of the Aircraft under
the applicable Aircraft Purchase Agreement to which it is a party. 

  
 4 







 “Note Purchase Agreement” means the Note Purchase Agreement to which this Annex A is attached.

 “Notice of Purchase Withdrawal” with respect to each Deposit Agreement, has the meaning set forth in Section 2.3 thereof. 

“Operative Agreements” means, collectively, the Pass Through Trust Agreements, the Escrow and Paying Agent Agreements, the Deposit
Agreements, the Liquidity Facilities, the Intercreditor Agreement, the Equipment Notes, the Certificates and the Financing Agreements. 

“Participation Agreement” means the Participation Agreement substantially in the form of Exhibit B to the Note Purchase Agreement. 

“Paying Agent Agreements” has the meaning set forth in Section 3(f)(i) of the Note Purchase Agreement. 

“Pass Through Trust” has the meaning set forth in the fourth recital to the Note Purchase Agreement. 

“Pass Through Trust Agreement” means each of the two separate Trust Supplements referred to in the fourth recital to the Note Purchase
Agreement, together in each case with the Basic Pass Through Trust Agreement, each dated as of the Issuance Date, by and between the Company and Pass Through Trustee. 

“Pass Through Trustee” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 

“Paying Agent” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 

“Person” means any individual, firm, partnership, joint venture, trust, trustee, Government Entity, organization, association, corporation,
limited liability company, government agency, committee, department, authority and other body, corporate or incorporate, whether having distinct legal status or not, or any member of any of the same. 

“Rating Agencies” means, collectively, at any time, each nationally recognized rating agency which shall have been requested to rate the
Certificates and which shall then be rating the Certificates. The initial Rating Agencies will be Fitch Ratings, Inc. and Moody’s Investors Service, Inc. 

  
 5 







 “Rating Agency Confirmation” means, with respect to (1) any Financing Agreement that has
been modified in any material respect from the forms thereof attached to the Note Purchase Agreement or (2) a Substitute Aircraft, a written confirmation from each of the Rating Agencies that (1) the use of such Financing Agreement with
such modifications or (2) the substituting of such Substitute Aircraft for an Aircraft, whichever of the foregoing shall in a particular case require Rating Agency Confirmation, would not result in (i) a reduction of the rating for any
Class of Certificates then rated by such Rating Agency below the then current rating for such Class of Certificates or (ii) a withdrawal or suspension of the rating of any Class of Certificates then rated by such Rating Agency. 

“Register” means the register maintained pursuant to Sections 3.04 and 7.12 of the Basic Pass Through Trust Agreement with respect to each
Pass Through Trust. 
 “Replacement Deposit Agreement” means, for each Class of Certificates, a deposit agreement substantially in the form
of the replaced Deposit Agreement for such Class of Certificates as shall permit each Rating Agency to confirm in writing that the replacement of the Depositary will not cause a withdrawal, suspension or downgrading of the rating then in effect for
such Class of Certificates by such Rating Agency (without regard to any withdrawal, suspension or downgrading of the Depositary being replaced.) 

“Replacement Depositary” has the meaning set forth in Section 4(a)(vii) of the Note Purchase Agreement. 

“Required Terms” means the terms set forth on Schedule III to the Note Purchase Agreement. 

“Scheduled Closing Date” has the meaning set forth in Section 1(b) of the Note Purchase Agreement. 

“Section 1110” means 11 U.S.C. § 1110 of the Bankruptcy Code or any successor or analogous Section of the federal bankruptcy Law in
effect from time to time. 
 “Series A Equipment Notes” means the “Series A Equipment Notes” as defined in each Indenture entered
into pursuant to the Note Purchase Agreement. 

  
 6 







 “Series AA Equipment Notes” means the “Series AA Equipment Notes” as defined in each
Indenture entered into pursuant to the Note Purchase Agreement. 
 “Subordination Agent” has the meaning set forth in the first paragraph
of the Note Purchase Agreement. 
 “Substitute Aircraft” has the meaning set forth in Section 1(g) of the Note Purchase Agreement.

 “Taxes” means all license, recording, documentary, registration and other similar fees and all taxes, levies, imposts, duties, charges,
assessments or withholdings of any nature whatsoever imposed by any Taxing Authority, together with any penalties, additions to tax, fines or interest thereon or additions thereto. 

“Taxing Authority” means any federal, state or local government or other taxing authority in the United States, any foreign government or any
political subdivision or taxing authority thereof, any international taxing authority or any territory or possession of the United States or any taxing authority thereof. 

“Triggering Event” has the meaning assigned to such term in the Intercreditor Agreement. 

“Trust Supplement” means an agreement supplemental to the Basic Pass Through Trust Agreement pursuant to which (i) a separate trust is
created for the benefit of the holders of the pass through certificates of a class, (ii) the issuance of the pass through certificates of such class representing fractional undivided interests in such trust is authorized and (iii) the
terms of the pass through certificates of such class are established. 
 “Underwriters” has the meaning set forth in the fifth recital to
the Note Purchase Agreement. 
 “Underwriting Agreement” has the meaning set forth in the fifth recital to the Note Purchase Agreement.

 “WTNA” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 

  
 7 







 EXHIBIT A to 

Note Purchase Agreement 

FORM OF CLOSING NOTICE 






 EXHIBIT A 

TO 
 NOTE PURCHASE AGREEMENT 

CLOSING NOTICE 
 Dated as
of [                    ] 
 To each of the
addressees listed 
             in Schedule A hereto 

 

	 	Re:	Closing Notice in accordance with Note Purchase Agreement referred to below 

 Ladies and Gentlemen: 

Reference is made to the Note Purchase Agreement, dated as of September 27, 2016, among United Airlines, Inc. (the
“Company”), Wilmington Trust, National Association, as Pass Through Trustee under each of the Pass Through Trust Agreements (as defined therein) (the “Pass Through Trustee”), Wilmington Trust, National Association,
as Subordination Agent (the “Subordination Agent”), U.S. Bank National Association, as Escrow Agent (the “Escrow Agent”), and Wilmington Trust, National Association, as Paying Agent (the “Paying
Agent”) (as in effect from time to time, the “Note Purchase Agreement”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreement or, to the extent not
defined therein, the Intercreditor Agreement. 
 Pursuant to Section 1(b) of the Note Purchase Agreement, the undersigned hereby
notifies you, in respect of the Boeing Model [            ] aircraft with manufacturer’s serial number
[            ] (the “Aircraft”), of the following: 
  

	(1)	The Scheduled Closing Date of the Aircraft is [            ]; 

  

	(2)	The Funding Date for the Aircraft shall be [            ]; and 

  

	(3)	The aggregate amount of each series of Equipment Notes to be issued, and purchased by the respective Pass Through Trustees referred to below (each, an “Applicable Pass Through Trustee”), on the Funding
Date, in connection with the financing of such Aircraft is as follows: 

  

	 	(a)	the Class AA Pass Through Trustee shall purchase Series AA Equipment Notes in the amount of $[            ]; and 


 

	 	(b)	the Class A Pass Through Trustee shall purchase Series A Equipment Notes in the amount of $[            ]. 







 The Company hereby instructs the Class AA Pass Through Trustee to (i) execute a Withdrawal
Certificate in the form of Annex A hereto dated as of [            ] and attach thereto a Notice of Purchase Withdrawal dated such date completed as set forth on Exhibit A hereto and
(ii) deliver such Withdrawal Certificate and Notice of Purchase Withdrawal to the applicable Escrow Agent. 
 The Company hereby
instructs the Class A Pass Through Trustee to (i) execute a Withdrawal Certificate in the form of Annex A hereto dated as of [            ] and attach thereto a Notice of
Purchase Withdrawal dated such date completed as set forth on Exhibit B hereto and (ii) deliver such Withdrawal Certificate and Notice of Purchase Withdrawal to the applicable Escrow Agent. 

The Company hereby instructs each Applicable Pass Through Trustee to (i) purchase Equipment Notes of a series and in an amount set forth
opposite such Pass Through Trustee in clause (3) above with a portion of the proceeds of the withdrawals of Deposits referred to in the applicable Notice of Purchase Withdrawal referred to above and (ii) re-deposit with the Depositary the
excess, if any, of the amount so withdrawn over the purchase price of such Equipment Notes. 
 The Company hereby instructs each
Applicable Pass Through Trustee to (a) enter into the Participation Agreement [            ] dated as of
[            ] among the Company, as Owner, and Wilmington Trust, National Association, as Mortgagee, Subordination Agent and Pass Through Trustee, (b) perform its obligations
thereunder and (c) deliver such certificates, documents and legal opinions relating to such Pass Through Trustee as required thereby. 

  
 -2- 







 
			
	 Yours faithfully,
  

United Airlines, Inc.

		
	By: 	 	 
		 	Name:
		 	Title:



  
 -3- 







 SCHEDULE A 

Wilmington Trust, National Association, as 

    Pass Through Trustee, Subordination 

    Agent and Paying Agent 
 1100 North Market
Street 
 Wilmington, Delaware 19890-1605 
 Attention: Corporate
Trust Administration 
 Facsimile: (302) 636-4140 
 U.S.
Bank National Association, 
     as Escrow Agent 

Boston, MA Office 
 One Federal Street, 3rd Floor 

EX-MA-FED 
 Boston, MA 02110 

Attention: David W. Doucette 
 Facsimile: (617) 603-6672 

Natixis 
     acting through its New York
Branch, 
 1251 Avenue of the Americas 
 New York, NY 10020 

Attention: Jocelyn Noel 
 Telecopier: (646) 282-2339 






 Moody’s Investors Service, Inc. 

7 World Trade Center at 250 Greenwich Street 
 New York, New York
10007 
 Attention: Jonathan Root 
 Facsimile: 212-553-4661 

Fitch Ratings, Inc. 
 1 State Street 

New York, New York 10004 
 Attention: Joe Rohlena 

Facsimile: (212) 558-2564 






 Annex A 

WITHDRAWAL CERTIFICATE 
 (Class
        ) 
 U.S. Bank National Association, 

as Escrow Agent 
 Ladies and Gentlemen: 

Reference is made to the Escrow and Paying Agent Agreement, dated as of September 27, 2016 (the “Agreement”). We hereby certify to you that the
conditions to the obligations of the undersigned to execute a Participation Agreement pursuant to the Note Purchase Agreement have been satisfied. Pursuant to Section 1.02(c) of the Agreement, please execute the attached Notice of Purchase
Withdrawal and immediately transmit by facsimile to the Depositary, at (646) 282-2339 (Attention: Jocelyn Noel). 
 Capitalized terms
used herein but not defined herein shall have the meanings set forth in the Agreement. 
  

			
	 Very truly yours,
  

WILMINGTON TRUST, NATIONAL
ASSOCIATION,
not in its individual capacity but solely as Pass
Through Trustee

		
	By: 	 	 
		 	Name:
		 	Title:


 Dated: As of
[                    ] 






 NOTICE OF PURCHASE WITHDRAWAL 

Natixis 
     acting through its New York
Branch, 
 1251 Avenue of the Americas 
 New York, NY 10020 

Attention: Jocelyn Noel 
 Telecopier: (646) 282-2339 

Ladies and Gentlemen: 
 Reference is made to the
Deposit Agreement (Class AA) dated as of September 27, 2016 (the “Deposit Agreement”) between U.S. Bank National Association, as Escrow Agent, and Natixis, acting through its New York Branch, as Depositary (the
“Depositary”). 
 In accordance with Section 2.3(a) of the Deposit Agreement, the undersigned hereby requests the
withdrawal of the entire amount of the Deposit, $[            ], Account No. [        ]. 

The undersigned hereby directs the Depositary to pay the entire amount of the Deposit to Wilmington Trust, National Association, Account No.
[        ], Reference: [            ] on [            ]. 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
    as Escrow Agent
		
	By 	 	 
		 	Name:
		 	Title:


 Dated: As of
[                    ] 






 NOTICE OF PURCHASE WITHDRAWAL 

Natixis 
     acting through its New York
Branch, 
 1251 Avenue of the Americas 
 New York, NY 10020 

Attention: Jocelyn Noel 
 Telecopier: (646) 282-2339 

Ladies and Gentlemen: 
 Reference is made to the
Deposit Agreement (Class A) dated as of September 27, 2016 (the “Deposit Agreement”) between U.S. Bank National Association, as Escrow Agent, and Natixis, acting through its New York Branch, as Depositary (the
“Depositary”). 
 In accordance with Section 2.3(a) of the Deposit Agreement, the undersigned hereby requests the
withdrawal of the entire amount of the Deposit, $[            ], Account No. [        ]. 

The undersigned hereby directs the Depositary to pay the entire amount of the Deposit to Wilmington Trust, National Association, Account No.
[        ], Reference: [            ] on [            ]. 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
    as Escrow Agent
		
	By 	 	 
		 	Name:
		 	Title:


 Dated: As of
[                    ] 






 EXHIBIT B to 

Note Purchase Agreement 

FORM OF PARTICIPATION AGREEMENT 






 EXHIBIT B TO NOTE PURCHASE AGREEMENT 

CONFIDENTIAL: Subject to Restrictions on 

Dissemination 
 Set Forth
in Section 7 of this Agreement 
  
  

 
 PARTICIPATION AGREEMENT
[            ] 
 Dated as of
[            ] 
 Among 

UNITED AIRLINES, INC., 

Owner, 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

Not in its individual capacity 

except as expressly provided herein, 

but solely as Mortgagee, Subordination Agent 

under the Intercreditor Agreement and Pass Through Trustee 

under each of the Applicable Pass Through Trust Agreements 
  

 
 One Boeing
Model [            ] Aircraft 
 Bearing Manufacturer’s Serial
No.[            ] 
 and U.S. Registration No.
N[            ] 
  

 
  






 CONTENTS 
  

									
	 SECTION 1.
	 	DEFINITIONS AND CONSTRUCTION	  	 	2	  
			
	 SECTION 2.
	 	SECURED LOANS; CLOSING	  	 	2	  
		 	2.1	  	Making of Loans and Issuance of Equipment Notes	  	 	2	  
		 	2.2	  	Closing	  	 	3	  
			
	 SECTION 3.
	 	[Intentionally omitted]	  	 	3	  
			
	 SECTION 4.
	 	CONDITIONS PRECEDENT	  	 	3	  
		 	4.1	  	Conditions Precedent to the Obligations of the Pass Through Trustees	  	 	3	  
		 	4.2	  	Conditions Precedent to Obligations of Mortgagee	  	 	7	  
		 	4.3	  	Conditions Precedent to Obligations of Owner	  	 	8	  
		 	4.4	  	Post-Registration Opinion	  	 	9	  
			
	 SECTION 5.
	 	REPRESENTATIONS AND WARRANTIES	  	 	9	  
		 	5.1	  	Owner’s Representations and Warranties	  	 	9	  
		 	5.2	  	WTNA’s Representations and Warranties	  	 	13	  
			
	 SECTION 6.
	 	COVENANTS, UNDERTAKINGS AND AGREEMENTS	  	 	17	  
		 	6.1	  	Covenants of Owner	  	 	17	  
		 	6.2	  	Covenants of WTNA	  	 	19	  
		 	6.3	  	Covenants of Note Holders	  	 	20	  
		 	6.4	  	Agreements	  	 	21	  
			
	 SECTION 7.
	 	CONFIDENTIALITY	  	 	25	  
			
	 SECTION 8.
	 	INDEMNIFICATION AND EXPENSES	  	 	25	  
		 	8.1	  	General Indemnity	  	 	25	  
		 	8.2	  	Expenses	  	 	32	  
		 	8.3	  	General Tax Indemnity	  	 	32	  
		 	8.4	  	Payments	  	 	43	  
		 	8.5	  	Interest	  	 	43	  
		 	8.6	  	Benefit of Indemnities	  	 	43	  
			
	 SECTION 9.
	 	ASSIGNMENT OR TRANSFER OF INTEREST	  	 	44	  
		 	9.1	  	Note Holders	  	 	44	  
		 	9.2	  	Effect of Transfer	  	 	44	  


  
 PAGE i 








									
	 SECTION 10.
	 	SECTION 1110	  	 	45	  
			
	 SECTION 11.
	 	CHANGE OF CITIZENSHIP	  	 	45	  
		 	11.1	  	Generally	  	 	45	  
		 	11.2	  	Mortgagee	  	 	45	  
			
	 SECTION 12.
	 	MISCELLANEOUS	  	 	45	  
		 	12.1	  	Amendments	  	 	45	  
		 	12.2	  	Severability	  	 	46	  
		 	12.3	  	Survival	  	 	46	  
		 	12.4	  	Reproduction of Documents	  	 	46	  
		 	12.5	  	Counterparts	  	 	47	  
		 	12.6	  	No Waiver	  	 	47	  
		 	12.7	  	Notices	  	 	47	  
		 	12.8	  	GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE	  	 	48	  
		 	12.9	  	Third-Party Beneficiary	  	 	49	  
		 	12.10	  	Entire Agreement	  	 	49	  
		 	12.11	  	Further Assurances	  	 	49	  

 SCHEDULES AND EXHIBITS 
  

			
	 SCHEDULE 1   –
	  	Accounts; Addresses
	 SCHEDULE 2   –
	  	Commitments
	 SCHEDULE 3   –
	  	Certain Terms
	 SCHEDULE 4   –
	  	Permitted Countries


			
		
	 EXHIBIT A   –
	  	Opinion of special counsel to Owner
	 EXHIBIT B   –
	  	Opinion of corporate counsel to Owner
	 EXHIBIT C   –
	  	Opinion of special counsel to Mortgagee and to the Applicable Pass Through Trustees
	 EXHIBIT D   –
	  	Opinion of special counsel in Oklahoma City, Oklahoma


  
 PAGE ii 







 PARTICIPATION AGREEMENT
[            ] 
 PARTICIPATION AGREEMENT
[            ], dated as of [            ] (this “Agreement”), among (a) UNITED AIRLINES, INC., a
Delaware corporation (“Owner”), (b) WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity, except as expressly provided herein, but solely as Mortgagee (in its capacity as Mortgagee,
“Mortgagee” and in its individual capacity, “WTNA”), (c) WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, except as expressly provided herein, but solely as Pass Through Trustee under each of the
Applicable Pass Through Trust Agreements (each, an “Applicable Pass Through Trustee”) and (d) WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, except as expressly provided herein, but solely as Subordination
Agent under the Intercreditor Agreement (“Subordination Agent”). 
 RECITALS 

A. Owner and Airframe Manufacturer have entered into the Purchase Agreement, pursuant to which, among other things, Airframe Manufacturer has
agreed to manufacture and sell to Owner and Owner has agreed to purchase from Airframe Manufacturer, certain aircraft, including the Aircraft. 

B. Pursuant to each of the Pass Through Trust Agreements, the Pass Through Trusts were created and the Pass Through Certificates were issued
and sold. 
 C. Each Applicable Pass Through Trustee has agreed to use a portion of the proceeds from the issuance and sale of the Pass
Through Certificates issued by each Applicable Pass Through Trust to purchase from Owner, on behalf of the related Applicable Pass Through Trust, the Equipment Note bearing the same interest rate as the Pass Through Certificates issued by such Pass
Through Trust. 
 D. Owner and Mortgagee, concurrently with the execution and delivery hereof, have entered into the Trust Indenture for the
benefit of the Note Holders, pursuant to which, among other things, Owner agrees (1) to issue Equipment Notes, in the amounts and otherwise as provided in the Trust Indenture, and (2) to mortgage, pledge and assign to Mortgagee all of
Owner’s right, title and interest in the Collateral pursuant to the terms and conditions of the Indenture to secure the Secured Obligations, including, without limitation, Owner’s obligations under the Equipment Notes. 

  
 PAGE 1 







 E. The parties hereto wish to set forth in this Agreement the terms and conditions upon and
subject to which the aforesaid transactions shall be effected. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	SECTION 1.	DEFINITIONS AND CONSTRUCTION 

 Capitalized terms used but not defined herein (including
in the initial paragraph and Recitals above) shall have the respective meanings set forth or incorporated by reference, and shall be construed and interpreted in the manner described, in Annex A to the Trust Indenture. 

 

	SECTION 2.	SECURED LOANS; CLOSING 

  

	 	2.1	Making of Loans and Issuance of Equipment Notes 

 Subject to the terms and conditions of
this Agreement, on the date hereof or on such other date agreed to by the parties hereto (the “Closing Date”): 
  

	 	(a)	Each Applicable Pass Through Trustee listed on Schedule 2 shall make a secured loan to the Owner in the amount in Dollars opposite such Trustee’s name on Schedule 2; and 


 

	 	(b)	The Owner shall issue, pursuant to and in accordance with the provisions of Article II of the Trust Indenture, to the Subordination Agent as the registered holder on behalf of each such Applicable Pass Through Trustee,
one or more Equipment Notes, dated the Closing Date, of the Series set forth opposite such Trustee’s name on Schedule 2, in an aggregate principal amount equal to the amount of the secured loan made by each such Applicable Pass Through Trustee.


 In addition, the Owner shall have the option after the Closing Date to repay and reissue Series A Equipment Notes and to
issue (and repay and reissue) from time to time Additional Series Equipment Notes, subject to the terms of the Note Purchase Agreement and the Intercreditor Agreement. If Series A or Additional Series Equipment Notes are so reissued or issued after
the Closing Date, the Note Holder of such Equipment Notes shall be entitled to execute a counterpart to this Agreement and become a party hereto. 

  
 PAGE 2 








	 	2.2	Closing 

 (a) The Closing of the transactions contemplated hereby shall take place at
the offices of Hughes Hubbard & Reed LLP, One Battery Park Plaza, New York, New York 10004, or at such other place as the parties shall agree. 

(b) All payments pursuant to this Section 2 shall be made in immediately available funds to such accounts set forth in Schedule 1 hereto.

  

	SECTION 3.	[Intentionally omitted] 

  

	SECTION 4.	CONDITIONS PRECEDENT 

  

	 	4.1	Conditions Precedent to the Obligations of the Pass Through Trustees 

 The obligation of
each Applicable Pass Through Trustee listed on Schedule 2 to make the secured loan described in Section 2.1(a) and to participate in the transactions contemplated by this Agreement on the Closing Date is subject to the fulfillment, prior to or
on the Closing Date, of the following conditions precedent: 
  

	 	4.1.1	Equipment Notes 

 The Owner shall have tendered the Equipment Notes to be issued to such
Applicable Pass Through Trustees to the Mortgagee for authentication and the Mortgagee shall have authenticated such Equipment Notes to be issued to such Applicable Pass Through Trustees and shall have tendered the Equipment Notes to the
Subordination Agent on behalf of such Pass Through Trustee, against receipt of the loan proceeds, in accordance with Section 2.1. 
  

	 	4.1.2	Delivery of Documents 

 The Subordination Agent on behalf of each such Applicable Pass
Through Trustee shall have received executed counterparts or conformed copies of the following documents: 
 (i) this
Agreement; 
 (ii) the Trust Indenture; 

  
 PAGE 3 







 (iii) the initial Trust Indenture Supplement; 

(iv) the broker’s report and insurance certificates required by Section 4.06 of the Trust Indenture; 

(v) the Consent and Agreement and the Engine Consent and Agreement; 

(vi) the Bills of Sale; 

(vii) (A) a copy of the Certificate of Incorporation and By-Laws of Owner and resolutions of the board of directors of
Owner and/or the executive committee thereof, in each case certified as of the Closing Date, by the Secretary or an Assistant Secretary of Owner, duly authorizing the execution, delivery and performance by Owner of the Operative Agreements to which
it is party required to be executed and delivered by Owner on or prior to the Closing Date in accordance with the provisions hereof and thereof; and (B) an incumbency certificate of Owner as to the person or persons authorized to execute and
deliver the Operative Agreements on behalf of Owner; 
 (viii) an Officer’s Certificate of Owner, dated as of the
Closing Date, stating that its representations and warranties set forth in this Agreement are true and correct as of the Closing Date (or, to the extent that any such representation and warranty expressly relates to an earlier date, true and correct
as of such earlier date); 
 (ix) the Financing Statements; 

(x) the following opinions of counsel, in each case dated the Closing Date: 

(A) an opinion of Hughes Hubbard & Reed LLP, special counsel to Owner, substantially in the form of Exhibit A;

 (B) an opinion of Owner’s Legal Department, substantially in the form of Exhibit B; 

(C) an opinion of Morris James LLP, special counsel to Mortgagee and to the Applicable Pass Through Trustees, substantially in
the form of Exhibit C; 
 (D) an opinion of Lytle Soulé & Curlee, special counsel in Oklahoma City,
Oklahoma, substantially in the form of Exhibit D; and 

  
 PAGE 4 







 (xi) a copy of a current, valid Standard Certificate of Airworthiness for the
Aircraft duly issued by the FAA together with a copy of a duly executed application for registration of the Aircraft with the FAA in the name of the Owner. 
  

	 	4.1.3	Perfected Security Interest 

 On the Closing Date, after giving effect to the filing of
the FAA Filed Documents, the filing of the Financing Statements and the registration of the International Interest (or Prospective International Interest) of the Mortgagee in the Airframe and each Engine with the International Registry, Mortgagee
shall have received a duly perfected first priority security interest in all of Owner’s right, title and interest in the Aircraft, subject only to Permitted Liens. 
  

	 	4.1.4	Violation of Law 

 No change shall have occurred after the date of this Agreement in any
applicable Law that makes it a violation of Law for (a) Owner, any Applicable Pass Through Trustee, Subordination Agent or Mortgagee to execute, deliver and perform the Operative Agreements to which any of them is a party or (b) any
Applicable Pass Through Trustee to make the loan contemplated by Section 2.1, to acquire an Equipment Note or to realize the benefits of the security afforded by the Trust Indenture. 

 

	 	4.1.5	Representations, Warranties and Covenants 

 The representations and warranties of each
other party to this Agreement made, in each case, in this Agreement and in any other Operative Agreement to which it is a party, shall be true and accurate in all material respects as of the Closing Date (unless any such representation and warranty
shall have been made with reference to a specified date, in which case such representation and warranty shall be true and accurate as of such specified date) and each other party to this Agreement shall have performed and observed, in all material
respects, all of its covenants, obligations and agreements in this Agreement and in any other Operative Agreement to which it is a party to be observed or performed by it as of the Closing Date. 

  
 PAGE 5 








	 	4.1.6	No Event of Default 

 On the Closing Date, no event shall have occurred and be
continuing, or would result from the mortgage of the Aircraft, which constitutes a Default or an Event of Default. 
  

	 	4.1.7	No Event of Loss 

 No Event of Loss with respect to the Airframe or any Engine shall have
occurred and no circumstance, condition, act or event that, with the giving of notice or lapse of time or both, would give rise to or constitute an Event of Loss with respect to the Airframe or any Engine shall have occurred. 

 

	 	4.1.8	Title 

 Owner shall have good title (subject to filing and recordation of the FAA Bill of
Sale with the FAA) to the Aircraft, free and clear of all Liens, except Permitted Liens. 
  

	 	4.1.9	Certification 

 The Aircraft shall have been duly certificated by the FAA as to type and
airworthiness in accordance with the terms of the Purchase Agreement. 
  

	 	4.1.10	Section 1110 

 Mortgagee shall be entitled to the benefits of Section 1110 (as
currently in effect) with respect to the right to take possession of the Airframe and Engines and to enforce any of its other rights or remedies as provided in the Trust Indenture in the event of a case under Chapter 11 of the Bankruptcy Code
in which Owner is a debtor. 
  

	 	4.1.11	Filing 

 On the Closing Date (a) the FAA Filed Documents shall have been duly filed
for recordation (or shall be in the process of being so duly filed for recordation) with the FAA in accordance with the Act, (b) the sale of the Airframe and Engines to the Owner and the International Interest (or Prospective International
Interest) of the Mortgagee in the Airframe and Engines granted (or to be granted) under the Trust Indenture shall have been registered with the International Registry and there shall exist no registered International Interest with respect to the
Airframe or either Engine on the International Registry with a priority over the International Interest of the 

  
 PAGE 6 







 
Mortgagee therein, (c) each Financing Statement shall have been duly filed (or shall be in the process of being so duly filed) in the appropriate jurisdiction and (d) the Subordination
Agent, on behalf of each Applicable Pass Through Trustee, shall have received a printout of the “priority search certificate” from the International Registry relating to the Airframe and each Engine showing no International Interest with a
priority over the International Interest of the Mortgagee therein. 
  

	 	4.1.12	No Proceedings 

 No action or proceeding shall have been instituted, nor shall any action
be threatened in writing, before any Government Entity, nor shall any order, judgment or decree have been issued or proposed to be issued by any Government Entity, to set aside, restrain, enjoin or prevent the completion and consummation of this
Agreement or any other Operative Agreement or the transactions contemplated hereby or thereby. 
  

	 	4.1.13	Governmental Action 

 All appropriate action required to have been taken prior to the
Closing Date by the FAA, or any governmental or political agency, subdivision or instrumentality of the United States, in connection with the transactions contemplated by this Agreement shall have been taken, and all orders, permits, waivers,
authorizations, exemptions and approvals of such entities required to be in effect on the Closing Date in connection with the transactions contemplated by this Agreement shall have been issued. 

 

	 	4.1.14	Note Purchase Agreement 

 The conditions precedent to the obligations of the Applicable
Pass Through Trustees and the other requirements relating to the Aircraft and the Equipment Notes set forth in the Note Purchase Agreement shall have been satisfied. 
  

	 	4.2	Conditions Precedent to Obligations of Mortgagee 

 The obligation of Mortgagee to
authenticate the Equipment Notes on the Closing Date is subject to the satisfaction or waiver by Mortgagee, on or prior to the Closing Date, of the conditions precedent set forth below in this Section 4.2. 

  
 PAGE 7 








	 	4.2.1	Documents 

 Executed originals of the agreements, instruments, certificates or documents
described in Section 4.1.2 shall have been received by Mortgagee, except as specifically provided therein, unless the failure to receive any such agreement, instrument, certificate or document is the result of any action or inaction by
Mortgagee. 
  

	 	4.2.2	Other Conditions Precedent 

 Each of the conditions set forth in Sections 4.1.4,
4.1.5, 4.1.6 and 4.1.10 shall have been satisfied unless the failure of any such condition to be satisfied is the result of any action or inaction by Mortgagee. 
  

	 	4.3	Conditions Precedent to Obligations of Owner 

 The obligation of Owner to participate in
the transaction contemplated hereby on the Closing Date is subject to the satisfaction or waiver by Owner, on or prior to the Closing Date, of the conditions precedent set forth below in this Section 4.3. 

 

	 	4.3.1	Documents 

 Executed originals of the agreements, instruments, certificates or documents
described in Section 4.1.2 shall have been received by Owner, except as specifically provided therein, and shall be satisfactory to Owner, unless the failure to receive any such agreement, instrument, certificate or document is the result of
any action or inaction by Owner. In addition, the Owner shall have received the following: 
 (i) (A) an incumbency
certificate of WTNA as to the person or persons authorized to execute and deliver the Operative Agreements on behalf of WTNA and (B) a copy of the Certificate of Incorporation and By-Laws and general authorizing resolution of the board of
directors (or executive committee) or other satisfactory evidence of authorization of WTNA, certified as of the Closing Date by the Secretary or Assistant or Attesting Secretary of WTNA, which authorize the execution, delivery and performance by
WTNA of the Operative Agreements to which it is a party; and 

  
 PAGE 8 







 (ii) an Officer’s Certificate of WTNA, dated as of the Closing Date, stating
that its representations and warranties in its individual capacity or as Mortgagee, an Applicable Pass Through Trustee or Subordination Agent, as the case may be, set forth in this Agreement are true and correct as of the Closing Date (or, to the
extent that any such representation and warranty expressly relates to an earlier date, true and correct as of such earlier date). 
  

	 	4.3.2	Other Conditions Precedent 

 Each of the conditions set forth in Sections 4.1.4,
4.1.5, 4.1.6, 4.1.7, 4.1.8, 4.1.9, 4.1.10, 4.1.11, 4.1.12 and 4.1.13 shall have been satisfied or waived by Owner, unless the failure of any such condition to be satisfied is the result of any action or inaction by Owner. 

 

	 	4.4	Post-Registration Opinion 

 Promptly upon the registration of the Aircraft and the
recordation of the FAA Filed Documents pursuant to the Act, Owner will cause Lytle Soulé & Curlee, special counsel in Oklahoma City, Oklahoma, to deliver to Owner, each Pass Through Trustee and Mortgagee a favorable opinion or
opinions addressed to each of them with respect to such registration and recordation. 
  

	SECTION 5.	REPRESENTATIONS AND WARRANTIES 

  

	 	5.1	Owner’s Representations and Warranties 

 Owner represents and warrants to each Pass
Through Trustee, Subordination Agent and Mortgagee that: 
  

	 	5.1.1	Organization; Qualification 

 Owner is a corporation duly incorporated, validly existing
and in good standing under the Laws of the State of Delaware and has the corporate power and authority to conduct the business in which it is currently engaged and to own or hold under lease its properties and to enter into and perform its
obligations under the Operative Agreements to which it is party. Owner is duly qualified to do business as a foreign corporation in good standing in each jurisdiction in which the nature and extent of the business conducted by it, or the ownership
of its properties, requires such qualification, except where the failure to be so qualified would not give rise to a Material Adverse Change to Owner. 

  
 PAGE 9 








	 	5.1.2	Corporate Authorization 

 Owner has taken, or caused to be taken, all necessary corporate
action (including, without limitation, the obtaining of any consent or approval of stockholders required by its Certificate of Incorporation or By-Laws) to authorize the execution and delivery of each of the Operative Agreements to which it is
party, and the performance of its obligations thereunder. 
  

	 	5.1.3	No Violation 

 The execution and delivery by Owner of the Operative Agreements to which
it is party, the performance by Owner of its obligations thereunder and the consummation by Owner on the Closing Date of the transactions contemplated thereby, do not and will not (a) violate any provision of the Certificate of Incorporation or
By-Laws of Owner, (b) violate any Law applicable to or binding on Owner or (c) violate or constitute any default under (other than any violation or default that would not result in a Material Adverse Change to Owner), or result in the
creation of any Lien (other than as permitted under the Trust Indenture) upon the Aircraft under, any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, lease, loan or other material agreement, instrument or document
to which Owner is a party or by which Owner or any of its properties is bound. 
  

	 	5.1.4	Approvals 

 The execution and delivery by Owner of the Operative Agreements to which
Owner is a party, the performance by Owner of its obligations thereunder and the consummation by Owner on the Closing Date of the transactions contemplated thereby do not and will not require the consent or approval of, or the giving of notice to,
or the registration with, or the recording or filing of any documents with, or the taking of any other action in respect of, (a) any trustee or other holder of any Debt of Owner and (b) any Government Entity, other than (x) the
filings, registrations and recordations referred to in Section 5.1.6 and (y) filings, recordings, notices or other ministerial actions pursuant to any routine recording, contractual or regulatory requirements applicable to it. 

  
 PAGE 10 








	 	5.1.5	Valid and Binding Agreements 

 The Operative Agreements to which Owner is a party have
been duly authorized, executed and delivered by Owner and, assuming the due authorization, execution and delivery thereof by the other party or parties thereto, constitute the legal, valid and binding obligations of Owner and are enforceable against
Owner in accordance with the respective terms thereof, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium and other similar Laws affecting the rights of creditors generally and general
principles of equity, whether considered in a proceeding at law or in equity. 
  

	 	5.1.6	Registration and Recordation 

 Except for (a) the registration of the Aircraft with
the FAA pursuant to the Act in the name of Owner (and the periodic renewal of such registration with the FAA prior to its expiration), (b) the filing with the FAA of the AC Forms 8050-135 with respect to the sale of the Airframe and Engines to
Owner and the International Interests (or Prospective International Interests) granted under the Trust Indenture thereon and the filing with the FAA for recordation (and recordation) of the FAA Filed Documents, (c) the registration of the
International Interest (or Prospective International Interest) in, and the sale to the Owner of, the Airframe and Engines with the International Registry, (d) the filing of the Financing Statements (and continuation statements relating thereto
at periodic intervals), and (e) the affixation of the nameplates referred to in Section 4.02(f) of the Trust Indenture, no further action, including any filing or recording of any document (including any financing statement in respect
thereof under Article 9 of the UCC) is necessary in order to establish and perfect Mortgagee’s security interest in the Aircraft as against Owner and any other Person, in each case, in any applicable jurisdictions in the United States. 

 

	 	5.1.7	Owner’s Location 

 The Owner’s location (as such term is used in
Section 9-307 of the UCC) is Delaware. The full and correct legal name and mailing address of Owner are correctly set forth in Schedule 1 hereto in the column “Address for Notices”. 

 

	 	5.1.8	No Event of Loss 

 No Event of Loss has occurred with respect to the Airframe or any
Engine, and, to the Actual Knowledge of Owner, no circumstance, condition, act or event has occurred that, with the giving of notice or lapse of time or both gives rise to or constitutes an Event of Loss with respect to the Airframe or any Engine.


  
 PAGE 11 








	 	5.1.9	Compliance With Laws 

 (a) Owner is a Citizen of the United States and a U.S. Air
Carrier. 
 (b) Owner holds all licenses, permits and franchises from the appropriate Government Entities necessary to authorize Owner to
lawfully engage in air transportation and to carry on scheduled commercial passenger service as currently conducted, except where the failure to so hold any such license, permit or franchise would not give rise to a Material Adverse Change to Owner.

 (c) Owner is not an “investment company” or a company controlled by an “investment company” within the meaning of the
Investment Company Act of 1940, as amended. 
  

	 	5.1.10	Securities Laws 

 Neither Owner nor any person authorized to act on its behalf has
directly or indirectly offered any beneficial interest or Security relating to the ownership of the Aircraft, or any of the Equipment Notes or any other interest in or security under the Trust Indenture, for sale to, or solicited any offer to
acquire any such interest or security from, or has sold any such interest or security to, any person in violation of the Securities Act. 
  

	 	5.1.11	Broker’s Fees 

 No Person acting on behalf of Owner is or will be entitled to any
broker’s fee, commission or finder’s fee in connection with the Transactions, other than the fees and expenses payable by Owner in connection with the sale of the Pass Through Certificates. 

 

	 	5.1.12	Section 1110 

 Mortgagee is entitled to the benefits of Section 1110 (as
currently in effect) with respect to the right to take possession of the Airframe and Engines and to enforce any of its other rights or remedies as provided in the Trust Indenture in the event of a case under Chapter 11 of the Bankruptcy Code in
which Owner is a debtor. 

  
 PAGE 12 








	 	5.1.13	Cape Town 

 The Owner is a Transacting User Entity (as defined in the regulations of the
International Registry); is “situated”, for the purposes of the Cape Town Treaty, in the United States; and has the power to “dispose” (as such term is used in the Cape Town Treaty) of the Airframe and each Engine. The Bills of
Sale for the Airframe and Engines constitute a “contract of sale” (as defined in the Cape Town Treaty), and the Trust Indenture, as supplemented by the Trust Indenture Supplement in which such Airframe and Engines are listed, creates an
International Interest in such Airframe and Engines. The Airframe and each Engine are “aircraft objects” (as defined in the Cape Town Treaty); and the United States is a Contracting State under the Cape Town Treaty. 

 

	 	5.2	WTNA’s Representations and Warranties 

 WTNA represents and warrants (with respect
to Section 5.2.10, solely in its capacity as Subordination Agent) to Owner that: 
  

	 	5.2.1	Organization, Etc. 

 WTNA is a national banking association duly organized, validly
existing and in good standing under the Laws of the United States of America, holding a valid certificate to do business as a national banking association with corporate and banking authority to execute and deliver, and perform its obligations
under, the Applicable Pass Through Trustee Agreements and the Operative Agreements to which it is a party. 
  

	 	5.2.2	Corporate Authorization 

 WTNA has taken, or caused to be taken, all necessary corporate
action (including, without limitation, the obtaining of any consent or approval of stockholders required by Law or by its Certificate of Incorporation or By-Laws) to authorize the execution and delivery by WTNA, in its individual capacity or as
Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, of the Pass Through Trustee Agreements and the Operative Agreements to which it is a party and the performance of its obligations thereunder. 

  
 PAGE 13 








	 	5.2.3	No Violation 

 The execution and delivery by WTNA, in its individual capacity or as
Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, of the Pass Through Trustee Agreements and the Operative Agreements to which it is a party, the performance by WTNA, in its individual capacity or as Mortgagee, a Pass
Through Trustee or Subordination Agent, as the case may be, of its obligations thereunder and the consummation on the Closing Date of the transactions contemplated thereby, do not and will not (a) violate any provision of the Certificate of
Incorporation or By-Laws of WTNA, (b) violate any Law applicable to or binding on WTNA, in its individual capacity or (except in the case of any Law relating to any Plan) as Mortgagee, a Pass Through Trustee or Subordination Agent, or
(c) violate or constitute any default under (other than any violation or default that would not result in a Material Adverse Change to WTNA, in its individual capacity or Mortgagee, a Pass Through Trustee or Subordination Agent), or result in
the creation of any Lien (other than the Lien of the Trust Indenture) upon any property of WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, or any of WTNA’s subsidiaries under, any indenture,
mortgage, chattel mortgage, deed of trust, conditional sales contract, lease, loan or other agreement, instrument or document to which WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, is a party or by
which WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, or any of their respective properties is bound. 
  

	 	5.2.4	Approvals 

 The execution and delivery by WTNA, in its individual capacity or as
Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, of the Pass Through Trustee Agreements and the Operative Agreements to which it is a party, the performance by WTNA, in its individual capacity or as Mortgagee, a Pass
Through Trustee or Subordination Agent, as the case may be, of its obligations thereunder and the consummation on the Closing Date by WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may
be, of the transactions contemplated thereby do not and will not require the consent, approval or authorization of, or the giving of notice to, or the registration with, or the recording or filing of any documents with, or the taking of any other
action in respect of, (a) any trustee or other holder of any Debt of WTNA or (b) any Government Entity, other than the filing of the FAA Filed Documents and the Financing Statements. 

  
 PAGE 14 








	 	5.2.5	Valid and Binding Agreements 

 The Pass Through Trustee Agreements and the Operative
Agreements to which it is a party have been duly authorized, executed and delivered by WTNA and, assuming the due authorization, execution and delivery by the other party or parties thereto, constitute the legal, valid and binding obligations of
WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, and are enforceable against WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, as the
case may be, in accordance with the respective terms thereof, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other similar Laws affecting the rights of creditors generally and
general principles of equity, whether considered in a proceeding at law or in equity. 
  

	 	5.2.6	Citizenship 

 WTNA is a Citizen of the United States. 

 

	 	5.2.7	No Liens 

 On the Closing Date, there are no Liens attributable to WTNA in respect of all
or any part of the Collateral. 
  

	 	5.2.8	Litigation 

 There are no pending or, to the Actual Knowledge of WTNA, threatened actions
or proceedings against WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, before any court, administrative agency or tribunal which, if determined adversely to WTNA, in its individual capacity or as
Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, would materially adversely affect the ability of WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, to
perform its obligations under any of the Mortgagee Agreements, the Pass Through Trustee Agreements or the Subordination Agent Agreements. 
  

	 	5.2.9	Securities Laws 

 Neither WTNA nor any person authorized to act on its behalf has
directly or indirectly offered any beneficial interest or Security relating to the ownership of the Aircraft or any interest in the Collateral or any of the Equipment Notes or any other interest in or security under the Collateral for sale to, or
solicited any offer to acquire any such interest or security from, or has sold any such interest or security to, any Person other than the Subordination Agent and the Pass Through Trustees, except for the offering and sale of the Pass Through
Certificates. 

  
 PAGE 15 








	 	5.2.10	Investment 

 The Equipment Notes to be acquired by the Subordination Agent are being
acquired by it for the account of the Applicable Pass Through Trustees, for investment and not with a view to any resale or distribution thereof, except that, subject to the restrictions on transfer set forth in Section 9, the disposition by it
of its Equipment Notes shall at all times be within its control. 
  

	 	5.2.11	Taxes 

 There are no Taxes payable by any Applicable Pass Through Trustee or WTNA, as the
case may be, imposed by the State of Delaware or any political subdivision or taxing authority thereof in connection with the execution, delivery and performance by such Pass Through Trustee or WTNA, as the case may be, of this Agreement or any of
the Pass Through Trustee Agreements (other than franchise or other taxes based on or measured by any fees or compensation received by any such Pass Through Trustee or WTNA, as the case may be, for services rendered in connection with the
transactions contemplated by any of the Pass Through Trust Agreements), and there are no Taxes payable by any Applicable Pass Through Trustee or WTNA, as the case may be, imposed by the State of Delaware or any political subdivision thereof in
connection with the acquisition, possession or ownership by any such Pass Through Trustee of any of the Equipment Notes (other than franchise or other taxes based on or measured by any fees or compensation received by any such Pass Through Trustee
or WTNA, as the case may be, for services rendered in connection with the transactions contemplated by any of the Pass Through Trust Agreements), and, assuming that the trusts created by the Pass Through Trust Agreements will not be taxable as
corporations, but, rather, each will be characterized as a grantor trust under subpart E, Part I of Subchapter J of the Code or as a partnership under Subchapter K of the Code, such trusts will not be subject to any Taxes imposed by the State of
Delaware or any political subdivision thereof. 

  
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	 	5.2.12	Broker’s Fees 

 No Person acting on behalf of WTNA, in its individual capacity or as
Mortgagee, any Applicable Pass Through Trustee or Subordination Agent, is or will be entitled to any broker’s fee, commission or finder’s fee in connection with the Transactions. 

 

	SECTION 6.	COVENANTS, UNDERTAKINGS AND AGREEMENTS 

  

	 	6.1	Covenants of Owner 

 Owner covenants and agrees, at its own cost and expense, with Note
Holder and Mortgagee as follows: 
  

	 	6.1.1	Corporate Existence; U.S. Air Carrier 

 Owner shall at all times maintain its corporate
existence, except as permitted by Section 4.07 of the Trust Indenture, and shall at all times remain a U.S. Air Carrier. 
  

	 	6.1.2	Notice of Change of Location 

 Owner will give Mortgagee timely written notice (but in
any event within 30 days prior to the expiration of the period of time specified under applicable Law to prevent lapse of perfection) of any change in its location (as such term is used in Section 9-307 of the UCC) or legal name and will
promptly take any action required by Section 6.1.3(c) as a result of such relocation. 
  

	 	6.1.3	Certain Assurances 

 (a) Owner shall duly execute, acknowledge and deliver, or shall
cause to be executed, acknowledged and delivered, all such further agreements, instruments, certificates or documents, and shall do and cause to be done such further acts and things, in any case, as Mortgagee shall reasonably request for
accomplishing the purposes of this Agreement and the other Operative Agreements, provided that any instrument or other document so executed by Owner will not expand any obligations or limit any rights of Owner in respect of the
transactions contemplated by any Operative Agreement. 
 (b) Owner shall promptly take such action with respect to the recording, filing,
re-recording and refiling of the Trust Indenture and any supplements thereto, including, without limitation, the initial Trust Indenture Supplement, as shall be necessary to continue the perfection and priority of the Lien created by the Trust
Indenture. 

  
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 (c) Owner, at its sole cost and expense, will cause the FAA Filed Documents, the Financing
Statements and all continuation statements (and any amendments necessitated by any combination, consolidation or merger of the Owner, or any relocation of its chief executive office) in respect of the Financing Statements to be prepared and, subject
only to the execution and delivery thereof by Mortgagee, duly and timely filed and recorded, or filed for recordation, to the extent permitted under the Act (with respect to the FAA Filed Documents) or the UCC or similar law of any other applicable
jurisdiction (with respect to such other documents). Mortgagee, and not Owner, shall be responsible for any amendments to the foregoing documents and filings, recordings and registrations thereof necessitated in any such case by any combination,
consolidation or merger of Mortgagee or change in the Mortgagee’s name, status, jurisdiction of organization or address. 
 (d) If the
Aircraft has been registered in a country other than the United States pursuant to Section 4.02(e) of the Trust Indenture, Owner will furnish to Mortgagee annually after such registration, commencing with the calendar year after such
registration is effected, an opinion of special counsel reasonably satisfactory to Mortgagee stating that, in the opinion of such counsel, either that (i) such action has been taken with respect to the recording, filing, rerecording and
refiling of the Operative Agreements and any supplements and amendments thereto as is necessary to establish, perfect and protect the Lien created by the Trust Indenture, reciting the details of such actions, or (ii) no such action is necessary
to maintain the perfection of such Lien. 
  

	 	6.1.4	Securities Laws 

 Neither Owner nor any person authorized to act on its behalf will
directly or indirectly offer any beneficial interest or Security relating to the ownership of the Aircraft or any interest in any of the Equipment Notes or any other interest in or security under the Trust Indenture, for sale to, or solicit any
offer to acquire any such interest or security from, or sell any such interest or security to, any person in violation of the Securities Act or applicable state or foreign securities Laws. 

  
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	 	6.2	Covenants of WTNA 

 WTNA in its individual capacity or as Mortgagee, each Applicable Pass
Through Trustee or Subordination Agent, as the case may be, covenants and agrees with Owner as follows: 
  

	 	6.2.1	Liens 

 WTNA (a) will not directly or indirectly create, incur, assume or suffer to
exist any Lien attributable to it on or with respect to all or any part of the Collateral or the Aircraft, (b) will, at its own cost and expense, promptly take such action as may be necessary to discharge any Lien attributable to WTNA on all or
any part of the Collateral or the Aircraft and (c) will personally hold harmless and indemnify Owner, each Note Holder, each of their respective Affiliates, successors and permitted assigns, and the Collateral from and against (i) any and
all Expenses, (ii) any reduction in the amount payable out of the Collateral, and (iii) any interference with the possession, operation or other use of all or any part of the Aircraft, imposed on, incurred by or asserted against any of the
foregoing as a consequence of any such Lien. 
  

	 	6.2.2	Securities Act 

 WTNA in its individual capacity or as Mortgagee, an Applicable Pass
Through Trustee or Subordination Agent, will not offer any beneficial interest or Security relating to the ownership of the Aircraft or any interest in the Collateral, or any of the Equipment Notes or any other interest in or security under the
Trust Indenture for sale to, or solicit any offer to acquire any such interest or security from, or sell any such interest or security to, any Person in violation of the Securities Act or applicable state or foreign securities Laws, provided that
the foregoing shall not be deemed to impose on WTNA any responsibility with respect to any such offer, sale or solicitation by any other party hereto. 
  

	 	6.2.3	Performance of Agreements 

 WTNA, in its individual capacity and as Mortgagee, an
Applicable Pass Through Trustee or Subordination Agent, as the case may be, shall perform its obligations under the Pass Through Trustee Agreements and the Operative Agreements in accordance with the terms thereof. 

  
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	 	6.2.4	Withholding Taxes 

 WTNA shall indemnify (on an after-tax basis) and hold harmless Owner
against any United States withholding taxes (and related interest, penalties and additions to tax) as a result of the failure by WTNA to withhold on payments to any Note Holder if such Note Holder failed to provide to Mortgagee necessary
certificates or forms to substantiate the right to exemption from such withholding tax. 
  

	 	6.3	Covenants of Note Holders 

 Each Note Holder (including Subordination Agent) as to itself
only covenants and agrees with Owner and Mortgagee as follows: 
  

	 	6.3.1	Withholding Taxes 

 Such Note Holder (if it is a Non-U.S. Person) agrees to indemnify (on
an after-tax basis) and hold harmless Owner and Mortgagee against any United States withholding taxes (and related interest, penalties and additions to tax) as a result of the inaccuracy or invalidity of any certificate or form provided by such Note
Holder to Mortgagee in connection with such withholding taxes. Any amount payable hereunder shall be paid within 30 days after receipt by a Note Holder of a written demand therefor. 

 

	 	6.3.2	Transfer; Compliance 

 (a) Such Note Holder will (i) not transfer any Equipment Note
or interest therein in violation of the Securities Act or applicable state or foreign securities Law; provided, that the foregoing provisions of this section shall not be deemed to impose on such Note Holder any responsibility with respect to
any such offer, sale or solicitation by any other party hereto, and (ii) perform and comply with the obligations specified to be imposed on it (as a Note Holder) under each of the Trust Indenture and the form of Equipment Note set forth in the
Trust Indenture. 
 (b) Except for the transfer of the interests of each Applicable Pass Through Trustee in the Equipment Notes to the
trustee of the Related Trust (as defined in each Applicable Pass Through Trust Agreement) in accordance with the related Applicable Pass Through Trust Agreement, each Note Holder will not sell, assign, convey, exchange or otherwise transfer any
Equipment Note or any interest in, or represented by, any 

  
 PAGE 20 







 
Equipment Note (it being understood that this provision is not applicable to the Pass Through Certificates) unless the proposed transferee thereof first provides Owner with both of the following:

 (i) a written representation and covenant that either (a) no portion of the funds it uses to purchase, acquire and
hold such Equipment Note or interest directly or indirectly constitutes, or may be deemed under the Code or ERISA or any rulings, regulations or court decisions thereunder to constitute, the assets of any Plan or (b) the transfer, and
subsequent holding, of such Equipment Note or interest shall not involve or give rise to a transaction that constitutes a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975(c)(1) of the Code involving Owner,
a Pass Through Trustee, the Subordination Agent or the proposed transferee (other than a transaction that is exempted from the prohibitions of such sections by applicable provisions of ERISA or the Code or administrative exemptions or regulations
issued thereunder); and 
 (ii) a written covenant that it will not transfer any Equipment Note or any interest in, or
represented by, any Equipment Note unless the subsequent transferee also makes the representation described in clause (i) above and agrees to comply with this clause (ii). 

 

	 	6.4	Agreements 

  

	 	6.4.1	Quiet Enjoyment 

 Each Applicable Pass Through Trustee, Subordination Agent, each Note
Holder and Mortgagee each agrees as to itself with Owner that, so long as no Event of Default shall have occurred and be continuing, such Person shall not (and shall not permit any Affiliate or other Person claiming by, through or under it to)
interfere with Owner’s rights in accordance with the Indenture to the quiet enjoyment, possession and use of the Aircraft. 
  

	 	6.4.2	Consents 

 Each Pass Through Trustee, Subordination Agent and Mortgagee each covenants
and agrees, for the benefit of Owner, that it shall not unreasonably withhold its consent to any consent or approval requested of it under the terms of any of the Operative Agreements which by its terms is not to be unreasonably withheld. 

  
 PAGE 21 








	 	6.4.3	Insurance 

 Each Pass Through Trustee, Subordination Agent, Mortgagee and each Note
Holder each agrees not to obtain or maintain insurance for its own account as permitted by Section 4.06 of the Trust Indenture if such insurance would limit or otherwise adversely affect the coverage of any insurance required to be obtained or
maintained by Owner pursuant to Section 4.06 of the Trust Indenture. 
  

	 	6.4.4	Extent of Interest of Note Holders 

 A Note Holder shall not, as such, have any further
interest in, or other right with respect to, the Collateral when and if the principal and Make-Whole Amount, if any, of and interest on the Equipment Note held by such Holder, and all other sums, then due and payable to such Holder hereunder and
under any other Operative Agreement, shall have been paid in full. The preceding sentence shall not limit the rights of the Related Note Holders with respect to Related Secured Obligations under the Trust Indenture, provided that a Related
Note Holder shall not, as such, have any further interest in, or other right with respect to, the Collateral when and if the Related Secured Obligations attributable to the Related Equipment Note held by such Holder shall have been paid in full.

  

	 	6.4.5	Foreign Registration 

 Each Note Holder and Mortgagee hereby agree, for the benefit of
Owner but subject to the provisions of Section 4.02(b) of the Trust Indenture: 
 (a) that Owner shall be entitled to register the
Aircraft or cause the Aircraft to be registered in a country other than the United States subject to compliance with the following: 
  

	 	(i)	each of the following requirements is satisfied: 

  

	 	(A)	no Special Default or Event of Default shall have occurred and be continuing at the time of such registration; 

  

	 	(B)	such proposed change of registration is made in connection with a Permitted Lease to a Permitted Air Carrier; and 


  
 PAGE 22 








	 	(C)	such country is a country with which the United States then maintains normal diplomatic relations or, if such country is Taiwan, the United States then maintains diplomatic relations at least as good as those in effect
on the Closing Date; and 

 (ii) the Mortgagee shall have received an opinion of counsel (subject to customary
exceptions) reasonably satisfactory to the Mortgagee addressed to Mortgagee to the effect that: 
 (A) such country would
recognize the Owner’s ownership interest in the Aircraft; 
 (B) after giving effect to such change in registration, the
Lien of the Trust Indenture on the Owner’s right, title and interest in and to the Aircraft shall continue as a valid and duly perfected first priority security interest and International Interest and all filing, recording or other action
necessary to protect the same shall have been accomplished (or, if such opinion cannot be given at the time of such proposed change in registration because such change in registration is not yet effective, (1) the opinion shall detail what
filing, recording or other action is necessary and (2) the Mortgagee shall have received a certificate from Owner that all possible preparations to accomplish such filing, recording and other action shall have been done, and such filing,
recording and other action shall be accomplished and a supplemental opinion to that effect shall be delivered to the Mortgagee on or prior to the effective date of such change in registration); 

(C) unless Owner or the Permitted Air Carrier shall have agreed to provide insurance covering the risk of requisition of use of
the Aircraft by the government of such country (so long as the Aircraft is registered under the laws of such country), the laws of such country require fair compensation by the government of such country payable in currency freely convertible into
Dollars and freely removable from such country (without license or permit, unless Owner prior to such proposed reregistration has obtained such license or permit) for the taking or requisition by such government of such use; and 

(D) it is not necessary, solely as a consequence of such change in registration and without giving effect to any other activity
of the Mortgagee (or any Affiliate of the Mortgagee), for the Mortgagee to qualify to do business in such jurisdiction as a result of such reregistration in order to exercise any rights or remedies with respect to the Aircraft. 

  
 PAGE 23 







 (b) In addition, as a condition precedent to any change in registration Owner shall have given to
Mortgagee assurances reasonably satisfactory to Mortgagee: 
  

	 	(i)	to the effect that the provisions of Section 4.06 of the Trust Indenture have been complied with after giving effect to such change of registration; 


 

	 	(ii)	of the payment by Owner of all reasonable out-of-pocket expenses of each Note Holder and Mortgagee in connection with such change of registry, including, without limitation (1) the reasonable fees and disbursements
of counsel to Mortgagee, (2) any filing or recording fees, Taxes or similar payments incurred in connection with the change of registration of the Aircraft and the creation and perfection of the security interest therein in favor of Mortgagee
for the benefit of Note Holders, and (3) all costs and expenses incurred in connection with any filings necessary to continue in the United States the perfection of the security interest in the Aircraft in favor of Mortgagee for the benefit of
Note Holders; and 

  

	 	(iii)	to the effect that the tax and other indemnities in favor of each person named as an indemnitee under any other Operative Agreement afford each such person substantially the same protection as provided prior to such
change of registration (or Owner shall have agreed upon additional indemnities that, together with such original indemnities, in the reasonable judgment of Mortgagee, afford such protection). 


 

	 	6.4.6	Interest in Certain Engines 

 Each Note Holder and Mortgagee agree, for the benefit of
each of the lessor, conditional seller, mortgagee or secured party of any airframe or engine leased to, or purchased by, Owner or any Permitted Lessee subject to a lease, conditional sale, trust indenture or other security agreement that it will not
acquire or claim, as against such lessor, conditional seller, mortgagee or secured party, any right, title or interest in any engine as the result of such engine being installed on the Airframe at any time while such engine is subject to such lease,
conditional sale, trust indenture or other security agreement and owned by such lessor or conditional seller or subject to a trust indenture or security interest in favor of such mortgagee or secured party. 

  
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	SECTION 7.	CONFIDENTIALITY 

 Owner, Note Holders and Mortgagee shall keep the Participation
Agreement and Annex B to the Trust Indenture confidential and shall not disclose, or cause to be disclosed, the same to any Person, except (A) to prospective and permitted transferees of Owner’s, a Note Holder’s, the Liquidity
Provider’s, Mortgagee’s or other Indenture Indemnitee’s interest or their respective counsel or special counsel, independent insurance brokers, auditors, or other agents who agree to hold such information confidential, (B) to
Owner’s, a Note Holder’s, the Liquidity Provider’s, a Pass Through Trustee’s, Mortgagee’s or other Indenture Indemnitee’s counsel or special counsel, independent insurance brokers, auditors, or other agents, Affiliates
or investors who agree to hold such information confidential, (C) as may be required by any statute, court or administrative order or decree, legal process or governmental ruling or regulation, including those of any applicable insurance
regulatory bodies (including, without limitation, the National Association of Insurance Commissioners), federal or state banking examiners, Internal Revenue Service auditors or any stock exchange, (D) with respect to a Note Holder or any Pass
Through Trustee, to a nationally recognized rating agency for the purpose of obtaining a rating on the Equipment Notes or the Pass Through Certificates or to support an NAIC rating for the Equipment Notes or (E) such other Persons as are
reasonably deemed necessary by the disclosing party in order to protect the interests of such party or for the purposes of enforcing such documents by such party; provided, that any and all disclosures permitted by clauses (C), (D), or
(E) above shall be made only to the extent necessary to meet the specific requirements or needs of the Persons making such disclosures. 
  

	SECTION 8.	INDEMNIFICATION AND EXPENSES 

  

	 	8.1	General Indemnity 

  

	 	8.1.1	Indemnity 

 Whether or not any of the transactions contemplated hereby are consummated,
Owner shall indemnify, protect, defend and hold harmless each Indemnitee from, against and in respect of, and shall pay on a net after-tax basis, any and all Expenses of any kind or nature whatsoever that may be imposed on, incurred by or asserted
against any Indemnitee, relating to, resulting from, or arising out of or in connection with, any one or more of the following: 
 (a) The
Operative Agreements, the Pass Through Agreements, or the enforcement of any of the terms of any of the Operative Agreements or the Pass Through Agreements; 

  
 PAGE 25 







 (b) The Aircraft, the Airframe, any Engine or any Part, including, without limitation, with
respect thereto, (i) the manufacture, design, purchase, acceptance, nonacceptance or rejection, ownership, registration, reregistration, deregistration, delivery, nondelivery, lease, sublease, assignment, possession, use or non-use, operation,
maintenance, testing, repair, overhaul, condition, alteration, modification, addition, improvement, storage, airworthiness, replacement, repair, sale, substitution, return, abandonment, redelivery or other disposition of the Aircraft, any Engine or
any Part, (ii) any claim or penalty arising out of violations of applicable Laws by Owner (or any Permitted Lessee), (iii) tort liability, whether or not arising out of the negligence of any Indemnitee (whether active, passive or imputed),
(iv) death or property damage of passengers, shippers or others, (v) environmental control, noise or pollution and (vi) any Liens in respect of the Aircraft, any Engine or any Part; 

(c) The offer, sale, or delivery of any Equipment Notes, Pass Through Certificates or any interest therein or represented thereby; and 

(d) Any breach of or failure to perform or observe, or any other noncompliance with, any covenant or agreement or other obligation to be
performed by Owner under any Operative Agreement to which it is party or any Pass Through Agreement or the falsity of any representation or warranty of Owner in any Operative Agreement to which it is party or any Pass Through Agreement. 

 

	 	8.1.2	Exceptions 

 Notwithstanding anything contained in Section 8.1.1, Owner shall not be
required to indemnify, protect, defend and hold harmless any Indemnitee pursuant to Section 8.1.1 in respect of any Expense of such Indemnitee: 

(a) For any Taxes or a loss of Tax benefit, whether or not Owner is required to indemnify therefor pursuant to Section 8.3; 

  
 PAGE 26 







 (b) Except to the extent attributable to acts or events occurring prior thereto, acts or events
(other than acts or events related to the performance by Owner of its obligations pursuant to the terms of the Operative Agreements) that occur after the Trust Indenture is required to be terminated in accordance with Section 11.01 of the Trust
Indenture; provided, that nothing in this clause (b) shall be deemed to exclude or limit any claim that any Indemnitee may have under applicable Law by reason of an Event of Default or for damages from Owner for breach of Owner’s
covenants contained in the Operative Agreements or to release Owner from any of its obligations under the Operative Agreements that expressly provide for performance after termination of the Trust Indenture; 

(c) To the extent attributable to any Transfer (voluntary or involuntary) by or on behalf of such Indemnitee of any Equipment Note or interest
therein, except for out-of-pocket costs and expenses incurred as a result of any such Transfer pursuant to the exercise of remedies under any Operative Agreement; 

(d) [Intentionally Omitted] 

(e) To the extent attributable to the gross negligence or willful misconduct of such Indemnitee or any related Indemnitee (as defined below)
(other than gross negligence or willful misconduct imputed to such person by reason of its interest in the Aircraft or any Operative Agreement); 

(f) [Intentionally Omitted] 

(g) To the extent attributable to the incorrectness or breach of any representation or warranty of such Indemnitee or any related Indemnitee
contained in or made pursuant to any Operative Agreement or any Pass Through Agreement; 
 (h) To the extent attributable to the failure by
such Indemnitee or any related Indemnitee to perform or observe any agreement, covenant or condition on its part to be performed or observed in any Operative Agreement or any Pass Through Agreement; 

(i) To the extent attributable to the offer or sale by such Indemnitee or any related Indemnitee of any interest in the Aircraft, the
Equipment Notes, the Pass Through Certificates, or any similar interest, in violation of the Securities Act or other applicable federal, state or foreign securities Laws (other than any thereof caused by acts or omissions of Owner); 

  
 PAGE 27 







 (j) (i) With respect to any Indemnitee (other than Mortgagee), to the extent attributable to
the failure of the Mortgagee to distribute funds received and distributable by it in accordance with the Trust Indenture, (ii) with respect to any Indemnitee (other than the Subordination Agent), to the extent attributable to the failure of the
Subordination Agent to distribute funds received and distributable by it in accordance with the Intercreditor Agreement, (iii) with respect to any Indemnitee (other than the Pass Through Trustees), to the extent attributable to the failure of a
Pass Through Trustee to distribute funds received and distributable by it in accordance with the Pass Through Trust Agreements, (iv) with respect to any Indemnitee (other than the Escrow Agent), to the extent attributable to the failure of the
Escrow Agent to pay funds received and payable by it in accordance with any Escrow Agreement, (v) with respect to any Indemnitee (other than the Paying Agent), to the extent attributable to the failure of the Paying Agent to distribute funds
received and distributable by it in accordance with any Escrow Agreement, (vi) to the extent attributable to the failure of the Depositary to pay funds payable by it in accordance with any Deposit Agreement, (vii) with respect to
Mortgagee, to the extent attributable to the negligence or willful misconduct of Mortgagee in the distribution of funds received and distributable by it in accordance with the Trust Indenture, (viii) with respect to the Subordination Agent, to
the extent attributable to the negligence or willful misconduct of the Subordination Agent in the distribution of funds received and distributable by it in accordance with the Intercreditor Agreement, (ix) with respect to the Pass Through
Trustees, to the extent attributable to the negligence or willful misconduct of a Pass Through Trustee in the distribution of funds received and distributable by it in accordance with the Pass Through Trust Agreements, (x) with respect to the
Escrow Agent, to the extent attributable to the negligence or willful misconduct of the Escrow Agent in the payment of funds received and payable by it in accordance with any Escrow Agreement and (xi) with respect to the Paying Agent, to the
extent attributable to the negligence or willful misconduct of the Paying Agent in the distribution of funds received and distributable by it in accordance with any Escrow Agreement; 

  
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 (k) Other than during the continuation of an Event of Default, to the extent attributable to the
authorization or giving or withholding of any future amendments, supplements, waivers or consents with respect to any Operative Agreement or Pass Through Agreement other than such as have been requested by Owner or as are required by or made
pursuant to the terms of the Operative Agreements or Pass Through Agreements (unless such requirement results from the actions of an Indemnitee not required by or made pursuant to the Operative Agreements or the Pass Through Agreements); 

(l) To the extent attributable to any amount which any Indemnitee expressly agrees to pay or such Indemnitee expressly agrees shall not be
paid by or be reimbursed by Owner; 
 (m) To the extent that it is an ordinary and usual operating or overhead expense; 

(n) [Intentionally Omitted] 

(o) For any Lien attributable to such Indemnitee or any related Indemnitee; 

(p) If another provision of an Operative Agreement or a Pass Through Agreement specifies the extent of Owner’s responsibility or
obligation with respect to such Expense, to the extent arising from other than failure of Owner to comply with such specified responsibility or obligation; or 

(q) To the extent incurred by or asserted against an Indemnitee as a result of any “prohibited transaction”, within the meaning of
Section 406 of ERISA or Section 4975(c)(1) of the Code. 
 For purposes of this Section 8.1, a Person shall be considered a
“related” Indemnitee with respect to an Indemnitee if such Person is an Affiliate or employer of such Indemnitee, a director, officer, employee, agent, or servant of such Indemnitee or any such Affiliate or a successor or permitted
assignee of any of the foregoing. 
  

	 	8.1.3	Separate Agreement 

 This Agreement constitutes a separate agreement with respect to each
Indemnitee and is enforceable directly by each such Indemnitee. 

  
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	 	8.1.4	Notice 

 If a claim for any Expense that an Indemnitee shall be indemnified against under
this Section 8.1 is made, such Indemnitee shall give prompt written notice thereof to Owner. Notwithstanding the foregoing, the failure of any Indemnitee to notify Owner as provided in this Section 8.1.4, or in Section 8.1.5, shall
not release Owner from any of its obligations to indemnify such Indemnitee hereunder, except to the extent that such failure results in an additional Expense to Owner (in which event Owner shall not be responsible for such additional expense) or
materially impairs Owner’s ability to contest such claim. 
  

	 	8.1.5	Notice of Proceedings; Defense of Claims; Limitations 

 (a) In case any action, suit or
proceeding shall be brought against any Indemnitee for which Owner is responsible under this Section 8.1, such Indemnitee shall notify Owner of the commencement thereof and Owner may, at its expense, participate in and to the extent that it
shall wish (subject to the provisions of the following paragraph), assume and control the defense thereof and, subject to Section 8.1.5(c), settle or compromise the same. 

(b) Owner or its insurer(s) shall have the right, at its or their expense, to investigate or, if Owner or its insurer(s) shall agree not to
dispute liability to the Indemnitee giving notice of such action, suit or proceeding under this Section 8.1.5 for indemnification hereunder or under any insurance policies pursuant to which coverage is sought, control the defense of, any
action, suit or proceeding, relating to any Expense for which indemnification is sought pursuant to this Section 8.1, and each Indemnitee shall cooperate with Owner or its insurer(s) with respect thereto; provided, that Owner shall not
be entitled to control the defense of any such action, suit, proceeding or compromise any such Expense during the continuance of any Event of Default. In connection with any such action, suit or proceeding being controlled by Owner, such Indemnitee
shall have the right to participate therein, at its sole cost and expense, with counsel reasonably satisfactory to Owner; provided, that such Indemnitee’s participation does not, in the reasonable opinion of the independent counsel
appointed by the Owner or its insurers to conduct such proceedings, interfere with the defense of such case. 

  
 PAGE 30 







 (c) In no event shall any Indemnitee enter into a settlement or other compromise with respect to
any Expense without the prior written consent of Owner, which consent shall not be unreasonably withheld or delayed, unless such Indemnitee waives its right to be indemnified with respect to such Expense under this Section 8.1. 

(d) In the case of any Expense indemnified by the Owner hereunder which is covered by a policy of insurance maintained by Owner pursuant to
Section 4.06 of the Indenture, at Owner’s expense, each Indemnitee agrees to cooperate with the insurers in the exercise of their rights to investigate, defend or compromise such Expense as may be required to retain the benefits of such
insurance with respect to such Expense. 
 (e) If an Indemnitee is not a party to this Agreement, Owner may require such Indemnitee to agree
in writing to the terms of this Section 8 and Section 12.8 prior to making any payment to such Indemnitee under this Section 8. 

(f) Nothing contained in this Section 8.1.5 shall be deemed to require an Indemnitee to contest any Expense or to assume responsibility
for or control of any judicial proceeding with respect thereto. 
  

	 	8.1.6	Information 

 Owner will provide the relevant Indemnitee with such information not within
the control of such Indemnitee, as is in Owner’s control or is reasonably available to Owner, which such Indemnitee may reasonably request and will otherwise cooperate with such Indemnitee so as to enable such Indemnitee to fulfill its
obligations under Section 8.1.5. The Indemnitee shall supply Owner with such information not within the control of Owner, as is in such Indemnitee’s control or is reasonably available to such Indemnitee, which Owner may reasonably request
to control or participate in any proceeding to the extent permitted by Section 8.1.5. 
  

	 	8.1.7	Effect of Other Indemnities; Subrogation; Further Assurances 

 Upon the payment in full
by Owner of any indemnity provided for under this Agreement, Owner, without any further action and to the full extent permitted by Law, will be subrogated to all rights and remedies of the person indemnified (other than with respect to any of such
Indemnitee’s insurance policies or in connection with any indemnity claim such Indemnitee may have 

  
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under Section 6.03 or 8.01 of the Trust Indenture) in respect of the matter as to which such indemnity was paid. Each Indemnitee will give such further assurances or agreements and cooperate
with Owner to permit Owner to pursue such claims, if any, to the extent reasonably requested by Owner and at Owner’s expense. 
  

	 	8.1.8	Refunds 

 If an Indemnitee receives any refund, in whole or in part, with respect to any
Expense paid by Owner hereunder, it will promptly pay the amount refunded (but not an amount in excess of the amount Owner or any of its insurers has paid in respect of such Expense) over to Owner unless an Event of Default shall have occurred and
be continuing, in which case such amounts shall be paid over to Mortgagee to hold as security for Owner’s obligations under the Operative Agreements or, if requested by Owner, applied to satisfy such obligations. 

 

	 	8.2	Expenses 

  

	 	8.2.1	Invoices and Payment 

 The Mortgagee, the Applicable Pass Through Trustees and the
Subordination Agent shall promptly submit to Owner for its prompt approval (which shall not be unreasonably withheld) copies of invoices in reasonable detail of the Transaction Expenses for which it is responsible for providing information as they
are received (but in no event later than the 90th day after the Closing Date). If so submitted and approved, the Owner agrees promptly, but in any event no later than the 105th day after the Closing Date, to pay Transaction Expenses. 

 

	 	8.2.2	Payment of Other Expenses 

 Owner shall pay (i) the ongoing fees and expenses of
Mortgagee, and (ii) all reasonable out-of-pocket costs and expenses (including the reasonable fees and disbursements of counsel) incurred by Mortgagee or any Note Holder attributable to any waiver, amendment or modification of any Operative
Agreement to the extent requested by Owner. 
  

	 	8.3	General Tax Indemnity 

  

	 	8.3.1	General 

 Except as provided in Section 8.3.2, Owner agrees that each payment paid
by Owner under the Equipment Notes, and any other payment or indemnity paid by Owner to a Tax Indemnitee under any 

  
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Operative Agreement, shall be free of all withholdings or deductions with respect to Taxes of any nature (other than U.S. federal, state or local withholding taxes on, based on or measured by
gross or net income, including, without limitation, any such taxes imposed under FATCA), and in the event that Owner shall be required by applicable law to make any such withholding or deduction for any such payment (x) Owner shall make all
such withholdings or deductions, (y) the amount payable by Owner shall be increased so that after making all required withholdings or deductions such Tax Indemnitee receives the same amount that it would have received had no such withholdings
or deductions been made, and (z) Owner shall pay the full amount withheld or deducted to the relevant Taxing Authority in accordance with applicable law. Except as provided in Section 8.3.2 and whether or not any of the transactions
contemplated hereby are consummated, Owner shall pay, indemnify, protect, defend and hold each Tax Indemnitee harmless from all Taxes imposed by any Taxing Authority that may from time to time be imposed on or asserted against any Tax Indemnitee or
the Aircraft, the Airframe, any Engine or any Part or any interest in any of the foregoing (whether or not indemnified against by any other Person), upon or with respect to the Operative Agreements or the transactions or payments contemplated
thereby, including but not limited to any Tax imposed upon or with respect to (x) the Aircraft, the Airframe, any Engine, any Part, any Operative Agreement (including without limitation any Equipment Notes) or any data or any other thing
delivered or to be delivered under an Operative Agreement, (y) the purchase, manufacture, acceptance, rejection, sale, transfer of title, return, ownership, mortgaging, delivery, transport, charter, rental, lease, re-lease, sublease,
assignment, possession, repossession, presence, use, condition, storage, preparation, maintenance, modification, alteration, improvement, operation, registration, transfer or change of registration, reregistration, repair, replacement, overhaul,
location, control, the imposition of any Lien, financing, refinancing requested by the Owner, abandonment or other disposition of the Aircraft, the Airframe, any Engine, any Part, any data or any other thing delivered or to be delivered under an
Operative Agreement or (z) interest, fees or any other income, proceeds, receipts or earnings, whether actual or deemed, arising upon, in connection with, or in respect of, any of the Operative Agreements (including the property or income or
other proceeds with respect to property held as part of the Collateral) or the transactions contemplated thereby. 

  
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	 	8.3.2	Certain Exceptions 

 The provisions of Section 8.3.1 shall not apply to, and Owner
shall have no liability hereunder for, Taxes: 
 (a) imposed on a Tax Indemnitee by the federal government of the United States or any Taxing
Authority or governmental subdivision of the United States or therein (including any state or local Taxing Authority) (i) on, based on, or measured by, gross or net income or gross or net receipts, including capital gains taxes, excess profits
taxes, minimum taxes from tax preferences, alternative minimum taxes, branch profits taxes, accumulated earnings taxes, personal holding company taxes, succession taxes and estate taxes, and any withholding taxes on, based on or measured by gross or
net income or receipts, including, without limitation, any such taxes imposed under FATCA or (ii) on, or with respect to, or measured by, capital or net worth or in the nature of a franchise tax or a tax for the privilege of doing business
(other than, in the case of clause (i) or (ii), sales, use, license or property Taxes); 
 (b) imposed on a Tax Indemnitee by any
Taxing Authority or governmental subdivision thereof or therein outside of the United States (including any Taxing Authority in or of a territory, possession or commonwealth of the United States) (i) on, based on, or measured by, gross or net
income or gross or net receipts, including capital gains taxes, excess profits taxes, minimum taxes from tax preferences, alternative minimum taxes, branch profits taxes, accumulated earnings taxes, personal holding company taxes, succession taxes
and estate taxes, and any withholding taxes on, based on or measured by gross or net income or receipts or (ii) on, or with respect to, or measured by, capital or net worth or in the nature of a franchise tax or a tax for the privilege of doing
business (other than, in the case of clause (i) or (ii), (A) sales, use, license or property Taxes, or (B) any Taxes imposed by any Taxing Authority (other than a Taxing Authority within whose jurisdiction such Tax Indemnitee is
incorporated or organized or maintains its principal place of business) if such Tax Indemnitee would not have been subject to Taxes of such type by such jurisdiction but for (I) the location, use or operation of the Aircraft, the Airframe, any
Engine or any Part thereof by an Owner Person within the jurisdiction of the Taxing Authority imposing such Tax, or (II) the activities of any Owner Person in such jurisdiction, including, but not limited to, use of any other aircraft by Owner in
such jurisdiction, (III) the status of any Owner Person as a foreign entity or as an entity owned in whole or in part by foreign persons, (IV) Owner having made (or 

  
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having been deemed to have made) payments to such Tax Indemnitee from the relevant jurisdiction or (V) in the case of the Pass Through Trustees, the Note Holders or any related Tax
Indemnitee, the Owner being incorporated or organized or maintaining a place of business or conducting activities in such jurisdiction); 

(c) on, or with respect to, or measured by, any trustee fees, commissions or compensation received by the Pass Through Trustee, Subordination
Agent or Mortgagee; 
 (d) that are being contested as provided in Section 8.3.4 hereof; 

(e) imposed on any Tax Indemnitee to the extent that such Taxes result from the gross negligence or willful misconduct of such Tax Indemnitee
or any Affiliate thereof; 
 (f) imposed on or with respect to a Tax Indemnitee (including the transferee in those cases in which the Tax on
transfer is imposed on, or is collected from, the transferee) as a result of a transfer or other disposition (including a deemed transfer or disposition) by such Tax Indemnitee or a related Tax Indemnitee of any interest in the Aircraft, the
Airframe, any Engine or any Part, any interest arising under the Operative Agreements or any Equipment Note or as a result of a transfer or disposition (including a deemed transfer or disposition) of any interest in a Tax Indemnitee (other than
(A) a substitution or replacement of the Aircraft, the Airframe, any Engine or any Part by an Owner Person that is treated for Tax purposes as a transfer or disposition, or (B) a transfer pursuant to an exercise of remedies upon an Event
of Default that shall have occurred and have been continuing); 
 (g) Taxes in excess of those that would have been imposed had there not
been a transfer or other disposition by or to such Tax Indemnitee or a related Tax Indemnitee described in paragraph (f) above; 
 (h)
consisting of any interest, penalties or additions to tax imposed on a Tax Indemnitee as a result of (in whole or in part) failure of such Tax Indemnitee or a related Tax Indemnitee to file any return properly and timely, unless such failure shall
be caused by the failure of Owner to fulfill its obligations, if any, under Section 8.3.6 with respect to such return; 

  
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 (i) resulting from, or that would not have been imposed but for, any Liens arising as a result of
claims against, or acts or omissions of, or otherwise attributable to such Tax Indemnitee or a related Tax Indemnitee that the Owner is not obligated to discharge under the Operative Agreements; 

(j) imposed on any Tax Indemnitee as a result of the breach by such Tax Indemnitee or a related Tax Indemnitee of any covenant of such Tax
Indemnitee or any Affiliate thereof contained in any Operative Agreement or the inaccuracy of any representation or warranty by such Tax Indemnitee or any Affiliate thereof in any Operative Agreement; 

(k) in the nature of an intangible or similar Tax (i) upon or with respect to the value or principal amount of the interest of any Note
Holder in any Equipment Note or the loan evidenced thereby but only if such Taxes are in the nature of franchise Taxes or result from the Tax Indemnitee doing business in the taxing jurisdiction and are imposed because of the place of incorporation
or the activities unrelated to the transactions contemplated by the Operative Agreements in the taxing jurisdiction of such Tax Indemnitee; 

(l) imposed on a Tax Indemnitee by a Taxing Authority of a jurisdiction outside the United States to the extent that such Taxes would not have
been imposed but for a connection between the Tax Indemnitee or a related Tax Indemnitee and such jurisdiction imposing such Tax unrelated to the transactions contemplated by the Operative Agreements; or 

(m) Taxes relating to ERISA or Section 4975 of the Code. 

For purposes hereof, a Tax Indemnitee and any other Tax Indemnitees that are successors, assigns, agents, servants or Affiliates of such Tax
Indemnitee shall be related Tax Indemnitees. 
  

	 	8.3.3	Payment 

 (a) Owner’s indemnity obligation to a Tax Indemnitee under this
Section 8.3 shall equal the amount which, after taking into account any Tax imposed upon the receipt or accrual of the amounts payable under this Section 8.3 and any tax benefits actually recognized by such Tax Indemnitee as a result of
the indemnifiable Tax (including, without limitation, any benefits recognized as a result of an indemnifiable Tax being utilized by such Tax Indemnitee as a credit against Taxes not indemnifiable under this Section 8.3), shall equal the amount
of the Tax indemnifiable under this Section 8.3. 

  
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 (b) At Owner’s request, the computation of the amount of any indemnity payment owed by Owner
or any amount owed by a Tax Indemnitee to Owner pursuant to this Section 8.3 shall be verified and certified by an independent public accounting firm selected by such Tax Indemnitee and reasonably satisfactory to Owner. Such verification shall
be binding. The costs of such verification (including the fee of such public accounting firm) shall be borne by Owner unless such verification shall result in an adjustment in Owner’s favor of 5% or more of the net present value of the payment
as computed by such Tax Indemnitee, in which case the costs shall be paid by such Tax Indemnitee. 
 (c) Each Tax Indemnitee shall provide
Owner with such certifications, information and documentation as shall be in such Tax Indemnitee’s possession and as shall be reasonably requested by Owner to minimize any indemnity payment pursuant to this Section 8.3; provided, that
notwithstanding anything to the contrary contained herein, no Tax Indemnitee shall be required to provide Owner with any Tax returns. 
 (d)
Each Tax Indemnitee shall promptly forward to Owner any written notice, bill or advice received by it from any Taxing Authority concerning any Tax for which it seeks indemnification under this Section 8.3. Owner shall pay any amount for which
it is liable pursuant to this Section 8.3 directly to the appropriate Taxing Authority if legally permissible or upon demand of a Tax Indemnitee, to such Tax Indemnitee within 30 days of such demand (or, if a contest occurs in accordance with
Section 8.3.4, within 30 days after a Final Determination (as defined below)), but in no event more than one Business Day prior to the date the Tax to which such amount payable hereunder relates is due. If requested by a Tax Indemnitee in
writing, Owner shall furnish to the appropriate Tax Indemnitee the original or a certified copy of a receipt for Owner’s payment of any Tax paid by Owner or such other evidence of payment of such Tax as is acceptable to such Tax Indemnitee.
Owner shall also furnish promptly upon written request such data as any Tax Indemnitee may reasonably require to enable such Tax Indemnitee to comply with the requirements of any taxing jurisdiction unless such data is not reasonably available to
Owner or, unless such data is specifically requested by a Taxing Authority, is not customarily furnished by domestic air carriers under similar circumstances. For purposes of this Section 8.3, a “Final Determination” shall mean
(i) a decision, judgment, decree or other order by any court of competent jurisdiction 

  
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that occurs pursuant to the provisions of Section 8.3.4, which decision, judgment, decree or other order has become final and unappealable, (ii) a closing agreement or settlement
agreement entered into in accordance with Section 8.3.4 that has become binding and is not subject to further review or appeal (absent fraud, misrepresentation, etc.), or (iii) the termination of administrative proceedings and the
expiration of the time for instituting a claim in a court proceeding. 
 (e) If any Tax Indemnitee shall actually realize a tax savings by
reason of any Tax paid or indemnified by Owner pursuant to this Section 8.3 (whether such tax savings shall be by means of a foreign tax credit, depreciation or cost recovery deduction or otherwise) and such savings is not otherwise taken into
account in computing such payment or indemnity such Tax Indemnitee shall pay to Owner an amount equal to the lesser of (i) the amount of such tax savings, plus any additional tax savings recognized as the result of any payment made pursuant to
this sentence, when, as, if, and to the extent, realized or (ii) the amount of all payments pursuant to this Section 8.3 by Owner to such Tax Indemnitee (less any payments previously made by such Tax Indemnitee to Owner pursuant to this
Section 8.3.3 (e)) (and the excess, if any, of the amount described in clause (i) over the amount described in clause (ii) shall be carried forward and applied to reduce pro tanto any subsequent obligations of Owner to make payments
to such Tax Indemnitee pursuant to this Section 8.3); provided, that such Tax Indemnitee shall not be required to make any payment pursuant to this sentence so long as a Lease Event of Default of a monetary nature has occurred and is
continuing. If a tax benefit is later disallowed or denied, the disallowance or denial shall be treated as a Tax indemnifiable under Section 8.3.1 without regard to the provisions of Section 8.3.2 (other than Section 8.3.2 (f)). Each
such Tax Indemnitee shall in good faith use reasonable efforts in filing its tax returns and in dealing with Taxing Authorities to seek and claim any such tax benefit. 
  

	 	8.3.4	Contest 

 (a) If a written claim is made against a Tax Indemnitee for Taxes with respect
to which Owner could be liable for payment or indemnity hereunder, or if a Tax Indemnitee makes a determination that a Tax is due for which Owner could have an indemnity obligation hereunder, such Tax Indemnitee shall promptly give Owner notice in
writing of such claim (provided, that failure to so notify Owner shall not relieve Owner of its indemnity obligations hereunder unless such failure to notify effectively forecloses Owner’s rights to require a contest of


  
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such claim) and shall take no action with respect to such claim without the prior written consent of Owner for 30 days following the receipt of such notice by Owner; provided, that, in the case
of a claim made against a Tax Indemnitee, if such Tax Indemnitee shall be required by law to take action prior to the end of such 30-day period, such Tax Indemnitee shall, in such notice to Owner, so inform Owner, and such Tax Indemnitee shall take
no action for as long as it is legally able to do so (it being understood that a Tax Indemnitee shall be entitled to pay the Tax claimed and sue for a refund prior to the end of such 30-day period if (i)(A) the failure to so pay the Tax would
result in substantial penalties (unless immediately reimbursed by Owner) and the act of paying the Tax would not materially prejudice the right to contest or (B) the failure to so pay would result in criminal penalties and (ii) such Tax
Indemnitee shall take any action so required in connection with so paying the Tax in a manner that is the least prejudicial to the pursuit of the contest). In addition, such Tax Indemnitee shall (provided, that Owner shall have agreed to keep such
information confidential other than to the extent necessary in order to contest the claim) furnish Owner with copies of any requests for information from any Taxing Authority relating to such Taxes with respect to which Owner may be required to
indemnify hereunder. If requested by Owner in writing within 30 days after its receipt of such notice, such Tax Indemnitee shall, at the expense of Owner (including, without limitation, all reasonable costs, expenses and reasonable attorneys’
and accountants’ fees and disbursements), in good faith contest (or, if permitted by applicable law, allow Owner to contest) through appropriate administrative and judicial proceedings the validity, applicability or amount of such Taxes by
(I) resisting payment thereof, (II) not paying the same except under protest if protest is necessary and proper or (III) if the payment is made, using reasonable efforts to obtain a refund thereof in an appropriate administrative and/or
judicial proceeding. If requested to do so by Owner, the Tax Indemnitee shall appeal any adverse administrative or judicial decision, except that the Tax Indemnitee shall not be required to pursue any appeals to the United States Supreme Court. If
and to the extent the Tax Indemnitee is able to separate the contested issue or issues from other issues arising in the same administrative or judicial proceeding that are unrelated to the transactions contemplated by the Operative Agreements
without, in the good faith judgment of such Tax Indemnitee, adversely affecting such Tax Indemnitee, such Tax Indemnitee shall permit Owner to control the conduct of any such proceeding and shall provide to Owner (at Owner’s cost and expense)
with such information or data that is in such Tax 

  
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Indemnitee’s control or possession that is reasonably necessary to conduct such contest. In the case of a contest controlled by a Tax Indemnitee, such Tax Indemnitee shall consult with Owner
in good faith regarding the manner of contesting such claim and shall keep Owner reasonably informed regarding the progress of such contest. A Tax Indemnitee shall not fail to take any action expressly required by this Section 8.3.4 (including,
without limitation, any action regarding any appeal of an adverse determination with respect to any claim) or settle or compromise any claim without the prior written consent of the Owner (except as contemplated by Section 8.3.4(b) or (c)).

 (b) Notwithstanding the foregoing, in no event shall a Tax Indemnitee be required to pursue any contest (or to permit Owner to pursue any
contest) unless (i) Owner shall have agreed to pay such Tax Indemnitee on demand all reasonable costs and expenses incurred by such Tax Indemnitee in connection with contesting such Taxes, including, without limitation, all reasonable out of
pocket costs and expenses and reasonable attorneys’ and accountants’ fees and disbursements, (ii) if such contest shall involve the payment of the claim, Owner shall advance the amount thereof (to the extent indemnified hereunder)
plus interest, penalties and additions to tax with respect thereto that are required to be paid prior to the commencement of such contest on an interest-free after-Tax basis to such Tax Indemnitee (and such Tax Indemnitee shall promptly pay to the
Owner any net realized tax benefits resulting from such advance including any tax benefits resulting from making such payment), (iii) such Tax Indemnitee shall have reasonably determined that the action to be taken will not result in any
material risk of forfeiture, sale or loss of the Aircraft (unless Owner shall have made provisions to protect the interests of any such Tax Indemnitee in a manner reasonably satisfactory to such Tax Indemnitee) (provided, that such Tax Indemnitee
agrees to notify Owner in writing promptly after it becomes aware of any such risk), (iv) no Lease Event of Default shall have occurred and be continuing unless Owner has provided security for its obligations hereunder by advancing to such Tax
Indemnitee before proceeding or continuing with such contest, the amount of the Tax being contested, plus any interest and penalties and an amount estimated in good faith by such Tax Indemnitee for expenses, and (v) prior to commencing any
judicial action controlled by Owner, Owner shall have acknowledged its liability for such claim hereunder, provided that Owner shall not be bound by its acknowledgment if the Final Determination articulates conclusions of law and fact that
demonstrate that Owner has no liability for the contested amounts hereunder. Notwithstanding 

  
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the foregoing, if any Tax Indemnitee shall release, waive, compromise or settle any claim which may be indemnifiable by Owner pursuant to this Section 8.3 without the written permission of
Owner, Owner’s obligation to indemnify such Tax Indemnitee with respect to such claim (and all directly related claims and claims based on the outcome of such claim) shall terminate, subject to Section 8.3.4(c), and subject to
Section 8.3.4(c), such Tax Indemnitee shall repay to Owner any amount previously paid or advanced to such Tax Indemnitee with respect to such claim, plus interest at the rate that would have been payable by the relevant Taxing Authority with
respect to a refund of such Tax. 
 (c) Notwithstanding anything contained in this Section 8.3, a Tax Indemnitee will not be required
to contest the imposition of any Tax and shall be permitted to settle or compromise any claim without Owner’s consent if such Tax Indemnitee (i) shall waive its right to indemnity under this Section 8.3 with respect to such Tax (and
any directly related claim and any claim the outcome of which is determined based upon the outcome of such claim), (ii) shall pay to Owner any amount previously paid or advanced by Owner pursuant to this Section 8.3 with respect to such
Tax, plus interest at the rate that would have been payable by the relevant Taxing Authority with respect to a refund of such Tax, and (iii) shall agree to discuss with Owner the views or positions of any relevant Taxing Authority with respect
to the imposition of such Tax. 
  

	 	8.3.5	Refund 

 If any Tax Indemnitee shall receive a refund of, or be entitled to a credit
against other liability for, all or any part of any Taxes paid, reimbursed or advanced by Owner, such Tax Indemnitee shall pay to Owner within 30 days of such receipt an amount equal to the lesser of (a) the amount of such refund or credit plus
any net tax benefit (taking into account any Taxes incurred by such Tax Indemnitee by reason of the receipt of such refund or realization of such credit) actually realized by such Tax Indemnitee as a result of any payment by such Tax Indemnitee made
pursuant to this sentence (including this clause (a)) and (b) such tax payment, reimbursement or advance by Owner to such Tax Indemnitee theretofore made pursuant to this Section 8.3 (and the excess, if any, of the amount described in
clause (a) over the amount described in clause (b) shall be carried forward and applied to reduce pro tanto any subsequent obligation of Owner to make payments to such Tax Indemnitee pursuant to this Section 8.3). If, in addition to
such refund or credit, such Tax Indemnitee shall receive (or be credited 

  
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with) an amount representing interest on the amount of such refund or credit, such Tax Indemnitee shall pay to Owner within 30 days of such receipt or realization of such credit that proportion
of such interest that shall be fairly attributable to Taxes paid, reimbursed or advanced by Owner prior to the receipt of such refund or realization of such credit. 
  

	 	8.3.6	Tax Filing 

 If any report, return or statement is required to be filed with respect to
any Tax which is subject to indemnification under this Section 8.3, Owner shall timely file the same (except for any such report, return or statement which a Tax Indemnitee has timely notified the Owner in writing that such Tax Indemnitee
intends to file, or for which such Tax Indemnitee is required by law to file, in its own name); provided, that the relevant Tax Indemnitee shall furnish Owner with any information in such Tax Indemnitee’s possession or control that is
reasonably necessary to file any such return, report or statement and is reasonably requested in writing by Owner (it being understood that the Tax Indemnitee shall not be required to furnish copies of its actual tax returns, although it may be
required to furnish relevant information contained therein). Owner shall either file such report, return or statement and send a copy of such report, return or statement to such Tax Indemnitee, or, where Owner is not permitted to file such report,
return or statement, it shall notify such Tax Indemnitee of such requirement and prepare and deliver such report, return or statement to such Tax Indemnitee in a manner satisfactory to such Tax Indemnitee within a reasonable time prior to the time
such report, return or statement is to be filed. 
  

	 	8.3.7	Forms 

 Each Tax Indemnitee agrees to furnish from time to time to Owner or Mortgagee or
to such other person as Owner or Mortgagee may designate, at Owner’s or Mortgagee’s request, such duly executed and properly completed forms as may be necessary or appropriate in order to claim any reduction of or exemption from any
withholding or other Tax imposed by any Taxing Authority, if (x) such reduction or exemption is available to such Tax Indemnitee and (y) Owner has provided such Tax Indemnitee with any information necessary to complete such form not
otherwise reasonably available to such Tax Indemnitee. 

  
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	 	8.3.8	Non-Parties 

 If a Tax Indemnitee is not a party to this Agreement, Owner may require the
Tax Indemnitee to agree in writing, in a form reasonably acceptable to Owner, to the terms of this Section 8.3 and Section 15.8 prior to making any payment to such Tax Indemnitee under this Section 8.3. 

 

	 	8.3.9	Subrogation 

 Upon payment of any Tax by Owner pursuant to this Section 8.3 to or on
behalf of a Tax Indemnitee, Owner, without any further action, shall be subrogated to any claims that such Tax Indemnitee may have relating thereto. Such Tax Indemnitee shall cooperate with Owner (to the extent such cooperation does not result in
any unreimbursed cost, expense or liability to such Tax Indemnitee) to permit Owner to pursue such claims. 
  

	 	8.4	Payments 

 Any payments made pursuant to Section 8.1 or 8.3 shall be due on the 60th
day after demand therefor and shall be made directly to the relevant Indemnitee or Tax Indemnitee or to Owner, in immediately available funds at such bank or to such account as specified by such Indemnitee or Tax Indemnitee or Owner, as the case may
be, in written directives to the payor, or, if no such direction shall have been given, by check of the payor payable to the order of, and mailed to, such Indemnitee or Tax Indemnitee or Owner, as the case may be, by certified mail, postage prepaid,
at its address as set forth in this Agreement. 
  

	 	8.5	Interest 

 If any amount, payable by Owner, any Indemnitee or any Tax Indemnitee under
Section 8.1 or 8.3 is not paid when due, the person obligated to make such payment shall pay on demand, to the extent permitted by Law, to the person entitled thereto, interest on any such amount for the period from and including the due date
for such amount to but excluding the date the same is paid, at the Payment Due Rate. Such interest shall be paid in the same manner as the unpaid amount in respect of which such interest is due. 

 

	 	8.6	Benefit of Indemnities 

 The obligations of Owner in respect of all indemnities,
obligations, adjustments and payments in Section 8.1 or 8.3 are expressly made for the benefit of, and shall be enforceable by, the Indemnitee or Tax Indemnitee entitled thereto, notwithstanding any provision of the Trust Indenture. 

  
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	SECTION 9.	ASSIGNMENT OR TRANSFER OF INTEREST 

  

	 	9.1	Note Holders 

 Subject to Section 6.3.2 hereof and Section 2.07 of the Trust
Indenture, any Note Holder may, at any time and from time to time, Transfer or grant participations in all or any portion of the Equipment Notes and/or all or any portion of its beneficial interest in its Equipment Notes to any person (it being
understood that the sale or issuance of Pass Through Certificates by a Pass Through Trustee shall not be considered a Transfer or participation); provided, that any participant in any such participations shall not have any direct rights under
the Operative Agreements or any Lien on all or any part of the Aircraft or the Collateral and Owner shall not have any increased liability or obligations as a result of any such participation. In the case of any such Transfer, the Transferee, by
acceptance of Equipment Notes in connection with such Transfer, shall be deemed to be bound by (i) all of the covenants of Note Holders contained in the Operative Agreements and (ii) certain terms of the Intercreditor Agreement as
specified in such Equipment Notes and/or Section 2.07 of the Trust Indenture. 
  

	 	9.2	Effect of Transfer 

 Upon any Transfer in accordance with Section 9.1 (other than
any Transfer by any Note Holder, to the extent it only grants participations in Equipment Notes or in its beneficial interest therein), Transferee shall be deemed a “Note Holder,” for all purposes of this Agreement and the other Operative
Agreements, and the transferring Note Holder shall be released from all of its liabilities and obligations under this Agreement and any other Operative Agreements to the extent such liabilities and obligations arise after such Transfer and, in each
case, to the extent such liabilities and obligations are assumed by the Transferee; provided, that such transferring Note Holder (and its respective Affiliates, successors, assigns, agents, servants, representatives, directors and officers)
will continue to have the benefit of any rights or indemnities under any Operative Agreement vested or relating to circumstances, conditions, acts or events prior to such Transfer. 

  
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	SECTION 10.	SECTION 1110 

 It is the intention of each of the Owner, the Note Holders (such intention
being evidenced by each of their acceptance of an Equipment Note), and Mortgagee that Mortgagee shall be entitled to the benefits of Section 1110 in the event of a case under Chapter 11 of the Bankruptcy Code in which Owner is a debtor. 

 

	SECTION 11.	CHANGE OF CITIZENSHIP 

  

	 	11.1	Generally 

 Without prejudice to the representations, warranties or covenants regarding
the status of any party hereto as a Citizen of the United States, each of Owner, WTNA and Mortgagee agrees that it will, immediately upon obtaining knowledge of any facts that would cast doubt upon its continuing status as a Citizen of the United
States and promptly upon public disclosure of negotiations in respect of any transaction which would or might adversely affect such status, notify in writing all parties hereto of all relevant matters in connection therewith. 

 

	 	11.2	Mortgagee 

 Upon WTNA giving any notice in accordance with Section 11.1, Mortgagee
shall (if and so long as such citizenship is necessary under the Act as in effect at such time or, if it is not necessary, if and so long as Mortgagee’s citizenship could have any adverse effect on Owner, or any Note Holder), subject to
Section 9.02 of the Trust Indenture, resign as Mortgagee promptly upon its ceasing to be such a citizen. 
  

	SECTION 12.	MISCELLANEOUS 

  

	 	12.1	Amendments 

 No provision of this Agreement may be amended, supplemented, waived,
modified, discharged, terminated or otherwise varied orally, but only by an instrument in writing that specifically identifies the provision of this Agreement that it purports to amend, supplement, waive, modify, discharge, terminate or otherwise
vary and is signed by the party against which the enforcement of the amendment, supplement, waiver, modification, discharge, termination or variance is sought. Each such amendment, supplement, waiver, modification, discharge, termination or variance
shall be effective only in the specific instance and for the specific purpose for which it 

  
 PAGE 45 







 
is given. No provision of this Agreement shall be varied or contradicted by oral communication, course of dealing or performance or other manner not set forth in an agreement, document or
instrument in writing and signed by the party against which enforcement of the same is sought. 
  

	 	12.2	Severability 

 If any provision hereof shall be held invalid, illegal or unenforceable in
any respect in any jurisdiction, then, to the extent permitted by Law, (a) all other provisions hereof shall remain in full force and effect in such jurisdiction and (b) such invalidity, illegality or unenforceability shall not affect the
validity, legality or enforceability of such provision in any other jurisdiction. If, however, any Law pursuant to which such provisions are held invalid, illegal or unenforceable may be waived, such Law is hereby waived by the parties hereto to the
full extent permitted, to the end that this Agreement shall be deemed to be a valid and binding agreement in all respects, enforceable in accordance with its terms. 
  

	 	12.3	Survival 

 The indemnities set forth herein shall survive the delivery or return of the
Aircraft, the Transfer of any interest by any Note Holder of its Equipment Note and the expiration or other termination of this Agreement or any other Operative Agreement. 
  

	 	12.4	Reproduction of Documents 

 This Agreement, all schedules and exhibits hereto and all
agreements, instruments and documents relating hereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed and (b) financial statements, certificates and other information previously or
hereafter furnished to any party hereto, may be reproduced by such party by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process, and such party may destroy any original documents so reproduced. Any
such reproduction shall be as admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such party in the regular course
of business) and any enlargement, facsimile or further reproduction of such reproduction likewise is admissible in evidence. 

  
 PAGE 46 








	 	12.5	Counterparts 

 This Agreement and any amendments, waivers, consents or supplements hereto
may be executed in any number of counterparts (or upon separate signature pages bound together into one or more counterparts), each of which when so executed shall be deemed to be an original, and all of which counterparts, taken together, shall
constitute one and the same instrument. 
  

	 	12.6	No Waiver 

 No failure on the part of any party hereto to exercise, and no delay by any
party hereto in exercising, any of its respective rights, powers, remedies or privileges under this Agreement or provided at Law, in equity or otherwise shall impair, prejudice or constitute a waiver of any such right, power, remedy or privilege or
be construed as a waiver of any breach hereof or default hereunder or as an acquiescence therein nor shall any single or partial exercise of any such right, power, remedy or privilege preclude any other or further exercise thereof by it or the
exercise of any other right, power, remedy or privilege by it. No notice to or demand on any party hereto in any case shall, unless otherwise required under this Agreement, entitle such party to any other or further notice or demand in similar or
other circumstances or constitute a waiver of the rights of any party hereto to any other or further action in any circumstances without notice or demand. 
  

	 	12.7	Notices 

 Unless otherwise expressly permitted by the terms hereof, all notices,
requests, demands, authorizations, directions, consents, waivers and other communications required or permitted to be made, given, furnished or filed hereunder shall be in writing (it being understood that the specification of a writing in certain
instances and not in others does not imply an intention that a writing is not required as to the latter), shall refer specifically to this Agreement or other applicable Operative Agreement, and shall be personally delivered, sent by facsimile or
telecommunication transmission (which in either case provides written confirmation to the sender of its delivery), sent by registered mail or certified mail, return receipt requested, postage prepaid, or sent by overnight courier service, in each
case to the respective address, or facsimile number set forth for such party in Schedule 1, or to such other address, facsimile or other number as each party hereto may hereafter specify by notice to the other parties hereto. Each such notice,
request, demand, authorization, direction, consent, 

  
 PAGE 47 







 
waiver or other communication shall be effective when received or, if made, given, furnished or filed (a) by facsimile or telecommunication transmission, when confirmed, or (b) by
registered or certified mail, three Business Days after being deposited, properly addressed, with the U.S. Postal Service. 
  

	 	12.8	GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE 

 (a) THIS AGREEMENT SHALL IN ALL
RESPECTS BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. THIS AGREEMENT IS BEING DELIVERED IN THE STATE OF NEW YORK. 

(b) EACH PARTY HERETO HEREBY IRREVOCABLY AGREES, ACCEPTS AND SUBMITS ITSELF TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF
NEW YORK IN THE CITY AND COUNTY OF NEW YORK AND OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN CONNECTION WITH ANY LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTER RELATING TO OR ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT. 
 (c) EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS AND AGREES TO THE SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS,
NOTICES AND DOCUMENTS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE MADE BY MAILING COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, AT THE ADDRESS SET FORTH PURSUANT TO SECTION 12.7. EACH
PARTY HERETO HEREBY AGREES THAT SERVICE UPON IT, OR ANY OF ITS AGENTS, IN EACH CASE IN ACCORDANCE WITH THIS SECTION 12.8(c), SHALL CONSTITUTE VALID AND EFFECTIVE PERSONAL SERVICE UPON SUCH PARTY, AND EACH PARTY HERETO HEREBY AGREES THAT THE FAILURE
OF ANY OF ITS AGENTS TO GIVE ANY NOTICE OF SUCH SERVICE TO ANY SUCH PARTY SHALL NOT IMPAIR OR AFFECT IN ANY WAY THE VALIDITY OF SUCH SERVICE ON SUCH PARTY OR ANY JUDGMENT RENDERED IN ANY ACTION OR PROCEEDING BASED THEREON. 

(d) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, AND AGREES NOT TO ASSERT, BY WAY OF MOTION, AS
A DEFENSE, OR OTHERWISE, IN ANY LEGAL ACTION OR PROCEEDING BROUGHT HEREUNDER IN ANY OF THE ABOVE-NAMED COURTS, THAT SUCH ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT VENUE FOR THE ACTION OR PROCEEDING IS IMPROPER OR THAT THIS
AGREEMENT OR ANY OTHER OPERATIVE AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS. 
 (e) EACH PARTY HERETO HEREBY WAIVES ITS
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN ANY COURT IN ANY JURISDICTION BASED UPON OR ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

  
 PAGE 48 








	 	12.9	Third-Party Beneficiary 

 This Agreement is not
intended to, and shall not, provide any person not a party hereto (other than the Indenture Indemnitees (including the Related Note Holders), each of which is an intended third party beneficiary with respect to the provisions of Section 8.1
(and, in the case of the Tax Indemnitees, Section 8.3) and the persons referred to in Section 6.4.6, which are intended third party beneficiaries with respect to such Section) with any rights of any nature whatsoever against any of the
parties hereto and no person not a party hereto (other than the Indenture Indemnitees (including the Related Note Holders), with respect to the provisions of Section 8.1 (and, in the case of the Tax Indemnitees, Section 8.3), and the
persons referred to in Section 6.4.6 with respect to the provisions of such Section) shall have any right, power or privilege in respect of any party hereto, or have any benefit or interest, arising out of this Agreement. 

 

	 	12.10	Entire Agreement 

 This Agreement, together with the other Operative Agreements, on and
as of the date hereof, constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and all prior or contemporaneous understandings or agreements, whether written or oral, among any of the parties hereto with
respect to such subject matter are hereby superseded in their entireties. 
  

	 	12.11	Further Assurances 

 Each party hereto shall execute, acknowledge and deliver or shall
cause to be executed, acknowledged and delivered, all such further agreements, instruments, certificates or documents, and shall do and cause to be done such further acts and things, in any case, as any other party hereto shall reasonably request in
connection with the administration of, or to carry out more effectually the purposes of, or to better assure and confirm into such other party the rights and benefits to be provided under this Agreement and the other Operative Agreements. 

[This space intentionally left blank] 

  
 PAGE 49 







 IN WITNESS WHEREOF, each of the parties has caused this Participation Agreement to be duly
executed and delivered as of the day and year first above written. 
  

			
	UNITED AIRLINES, INC.,
		 	Owner
		
	By	 	 
		 	Name:
		 	Title:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 	not in its individual capacity, except as expressly provided herein, but solely as Mortgagee
		
	By	 	 
		 	Name:
		 	Title:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 	 not in its individual capacity, except as expressly provided herein, but solely as Pass Through Trustee under the Pass Through Trust
Agreement for the United Airlines Pass Through Trust,
 2016-2AA-O

		
	By	 	 
		 	Name:
		 	Title:



  
 SIGNATURE PAGE 







 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 	 not in its individual capacity, except as expressly provided herein, but solely as Pass Through Trustee under the Pass Through Trust
Agreement for the United Airlines Pass Through Trust,
 2016-2A-O

		
	By	 	 
		 	Name:
		 	Title:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 	not in its individual capacity, except as expressly provided herein, but solely as Subordination Agent
		
	By	 	 
		 	Name:
		 	Title:



  
 SIGNATURE PAGE 







 
	
	 SCHEDULE 1 - ACCOUNTS;
ADDRESSES

PARTICIPATION AGREEMENT [        ]



 ACCOUNTS; ADDRESSES 
  

					
	 	  	 Account for Payments
	  	 Address for Notices

	United Airlines, Inc.	  	 JPMorgan Chase
 New York, NY 10005

Account No.: 51-67795
 ABA#: 021000021

Attention: Joe Miller
 Voice: (313) 256-0323

Facsimile: (313) 263-3814
 Reference: United [___]
	  	 United Airlines, Inc.
 233 S. Wacker Drive

Chicago, Illinois 60606
 Attention: Treasurer

Facsimile: (872) 825-0316

			
	Wilmington Trust, National Association, Mortgagee	  	 Wilmington Trust, National Association

Wilmington, Delaware 19890-1605
 Account No.: [___]

ABA#: 031-100092
 Attention: Corporate Trust Administration

Reference: United [___]
	  	 Wilmington Trust, National Association
 1100
North Market Street
 Wilmington, Delaware 19890-1605

Attention: Corporate Trust Administration
 Facsimile: (302)
636-4140

			
	Wilmington Trust, National Association, as Subordination Agent	  	 Wilmington Trust, National Association

Wilmington, Delaware 19890-1605
 Account No.: 118012-000

ABA#: 031-100092
 Attention: Corporate Trust Administration

Reference: United [__]
	  	 Wilmington Trust, National Association
 1100
North Market Street
 Wilmington, Delaware 19890-1605

Attention: Corporate Trust Administration
 Facsimile: (302)
636-4140

			
	Wilmington Trust, National Association, as Pass Through Trustee for the 2016-2AA Pass Through Trust	  	 Wilmington Trust, National Association

Wilmington, Delaware 19890-1605
 Account No.: 118009-000

ABA#: 031-100092
 Attention: Corporate Trust Administration

Reference: United [___]
	  	 Wilmington Trust, National Association
 1100
North Market Street
 Wilmington, Delaware 19890-1605

Attention: Corporate Trust Administration
 Facsimile: (302)
636-4140



  
 PAGE 1 







 
	
	 SCHEDULE 1 - ACCOUNTS;

ADDRESSES

PARTICIPATION AGREEMENT [        ]



  

					
	 	  	 Account for Payments
	  	 Address for Notices

	Wilmington Trust, National Association, as Pass Through Trustee for the 2016-2A Pass Through Trust	  	 Wilmington Trust, National Association

Wilmington, Delaware 19890-1605
 Account No.: 118008-000

ABA#: 031-100092
 Attention: Corporate Trust Administration

Reference: United [___]
	  	 Wilmington Trust, National Association
 1100
North Market Street
 Wilmington, Delaware 19890-1605

Attention: Corporate Trust Administration
 Facsimile: (302)
636-4140



  
 PAGE 2 







 
	
	 SCHEDULE 2 - COMMITMENTS

PARTICIPATION AGREEMENT [        ]



 COMMITMENTS 
  

					
	 Pass Through

Trustee
	  	Series of
Equipment Notes	  	Dollar Amount
of Loan
	 2016-2AA
	  	Series AA	  	[_________]
	 2016-2A
	  	Series A	  	[_________]


  
 PAGE 1 







 
	
	 SCHEDULE 3 - CERTAIN TERMS

PARTICIPATION AGREEMENT [        ]



 CERTAIN TERMS 
  

					
	 Defined Term
	  	Definition	 
	 Minimum Liability Insurance Amount
	  	$	[                    	]1 
	 Threshold Amount
	  	$	[                    	]2 

  

	1.	Insert $350,000,000 for 737-824 and 737-924ER, $550,000,000 for 787-9 and 777-322ER. 


	2.	Insert $8,000,000 for 737-824 and 737-924ER, $18,000,000 for 787-9 and 777-322ER. 


  
 PAGE 1 







 
	
	 SCHEDULE 4 - PERMITTED COUNTRIES

PARTICIPATION AGREEMENT [        ]



 PERMITTED COUNTRIES 
  

			
	Argentina	  	Luxembourg
	Australia	  	Malaysia
	Austria	  	Malta
	Bahamas	  	Mexico
	Belgium	  	Morocco
	Bolivia	  	Netherlands
	Brazil	  	Netherlands Antilles
	Canada	  	New Zealand
	Chile	  	Norway
	Colombia	  	Panama
	Czech Republic	  	People’s Republic of China
	Denmark	  	Peru
	Egypt	  	Philippines
	Ecuador	  	Poland
	Finland	  	Portugal
	France	  	Republic of China (Taiwan)
	Germany	  	Russia
	Greece	  	Singapore
	Guatemala	  	South Africa
	Hungary	  	South Korea
	Iceland	  	Spain
	India	  	Sweden
	Indonesia	  	Switzerland
	Ireland	  	Thailand
	Italy	  	Trinidad and Tobago
	Jamaica	  	Turkey
	Japan	  	United Kingdom
	Jordan	  	Uruguay
	Kuwait	  	Venezuela


  
 PAGE 1 







 EXHIBIT C to 

Note Purchase Agreement 

FORM OF INDENTURE 






 EXHIBIT C TO NOTE PURCHASE AGREEMENT 

 
  

TRUST INDENTURE AND MORTGAGE [            ] 

Dated as of [            ] 

between 
 UNITED AIRLINES, INC.,

 Owner, 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

not in its individual capacity, 

except as expressly stated herein, 

but solely as Mortgagee, 

Mortgagee 
  

 
 EQUIPMENT NOTES COVERING 

ONE BOEING [            ] AIRCRAFT 

BEARING U.S. REGISTRATION MARK N[            ] 

AND MANUFACTURER’S SERIAL NO. [            ] 

 
  






 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 GRANTING CLAUSE
	  	 	1	  
		
	 ARTICLE I DEFINITIONS
	  	 	4	  
		
	 ARTICLE II THE EQUIPMENT NOTES
	  	 	4	  
			
	         SECTION 2.01.
	  	 Form of Equipment Notes
	  	 	4	  
	         SECTION 2.02.
	  	 Issuance and Terms of Equipment Notes
	  	 	10	  
	         SECTION 2.03.
	  	 [Intentionally Omitted]
	  	 	12	  
	         SECTION 2.04.
	  	 Method of Payment
	  	 	12	  
	         SECTION 2.05.
	  	 Application of Payments
	  	 	14	  
	         SECTION 2.06.
	  	 Termination of Interest in Collateral
	  	 	15	  
	         SECTION 2.07.
	  	 Registration Transfer and Exchange of Equipment Notes
	  	 	15	  
	         SECTION 2.08.
	  	 Mutilated, Destroyed, Lost or Stolen Equipment Notes
	  	 	16	  
	         SECTION 2.09.
	  	 Payment of Expenses on Transfer; Cancellation
	  	 	17	  
	         SECTION 2.10.
	  	 Mandatory Redemptions of Equipment Notes
	  	 	17	  
	         SECTION 2.11.
	  	 Voluntary Redemptions of Equipment Notes
	  	 	17	  
	         SECTION 2.12.
	  	 Redemptions; Notice of Redemption
	  	 	18	  
	         SECTION 2.13.
	  	 Subordination
	  	 	19	  
		
	 ARTICLE III RECEIPT, DISTRIBUTION AND APPLICATION OF PAYMENTS
	  	 	20	  
			
	         SECTION 3.01.
	  	 Basic Distributions
	  	 	20	  
	         SECTION 3.02.
	  	 Event of Loss; Replacement; Optional Redemption
	  	 	20	  
	         SECTION 3.03.
	  	 Payments After Event of Default
	  	 	22	  
	         SECTION 3.04.
	  	 Certain Payments
	  	 	24	  
	         SECTION 3.05.
	  	 Other Payments
	  	 	25	  
	         SECTION 3.06.
	  	 Cooperation
	  	 	25	  
	         SECTION 3.07.
	  	 Securities Account
	  	 	25	  
		
	 ARTICLE IV COVENANTS OF THE OWNER
	  	 	26	  
			
	         SECTION 4.01.
	  	 Liens
	  	 	26	  
	         SECTION 4.02.
	  	 Possession, Operation and Use, Maintenance, Registration and Markings
	  	 	26	  
	         SECTION 4.03.
	  	 Inspection
	  	 	31	  
	         SECTION 4.04.
	  	 Replacement and Pooling of Parts, Alterations, Modifications and Additions; Substitution
Rights
	  	 	32	  
	         SECTION 4.05.
	  	 Loss, Destruction or Requisition
	  	 	36	  
	         SECTION 4.06.
	  	 Insurance
	  	 	40	  
	         SECTION 4.07.
	  	 Merger of Owner
	  	 	41	  
		
	 ARTICLE V EVENTS OF DEFAULT; REMEDIES OF MORTGAGEE
	  	 	41	  
			
	         SECTION 5.01.
	  	 Event of Default
	  	 	41	  
	         SECTION 5.02.
	  	 Remedies
	  	 	43	  








 TABLE OF CONTENTS 

(continued) 
  


							
	 	  	 	  	Page	 
	         SECTION 5.03.
	  	 Return of Aircraft, Etc.
	  	 	44	  
	         SECTION 5.04.
	  	 Remedies Cumulative
	  	 	45	  
	         SECTION 5.05.
	  	 Discontinuance of Proceedings
	  	 	45	  
	         SECTION 5.06.
	  	 Waiver of Past Defaults
	  	 	46	  
	         SECTION 5.07.
	  	 Appointment of Receiver
	  	 	46	  
	         SECTION 5.08.
	  	 Mortgagee Authorized to Execute Bills of Sale, Etc.
	  	 	46	  
	         SECTION 5.09.
	  	 Rights of Note Holders to Receive Payment
	  	 	47	  
		
	 ARTICLE VI DUTIES OF THE MORTGAGEE
	  	 	47	  
			
	         SECTION 6.01.
	  	 Notice of Event of Default
	  	 	47	  
	         SECTION 6.02.
	  	 Action Upon Instructions; Certain Rights and Limitations
	  	 	47	  
	         SECTION 6.03.
	  	 Indemnification
	  	 	48	  
	         SECTION 6.04.
	  	 No Duties Except as Specified in Trust Indenture or Instructions
	  	 	48	  
	         SECTION 6.05.
	  	 No Action Except Under Trust Indenture or Instructions
	  	 	49	  
	         SECTION 6.06.
	  	 Investment of Amounts Held by Mortgagee
	  	 	49	  
		
	 ARTICLE VII THE MORTGAGEE
	  	 	49	  
			
	         SECTION 7.01.
	  	 Acceptance of Trusts and Duties
	  	 	49	  
	         SECTION 7.02.
	  	 Absence of Duties
	  	 	50	  
	         SECTION 7.03.
	  	 No Representations or Warranties as to Aircraft or Documents
	  	 	50	  
	         SECTION 7.04.
	  	 No Segregation of Monies; No Interest
	  	 	50	  
	         SECTION 7.05.
	  	 Reliance; Agreements; Advice of Counsel
	  	 	51	  
	         SECTION 7.06.
	  	 Compensation
	  	 	51	  
	         SECTION 7.07.
	  	 Instructions from Note Holders
	  	 	51	  
		
	 ARTICLE VIII INDEMNIFICATION
	  	 	52	  
			
	         SECTION 8.01.
	  	 Scope of Indemnification
	  	 	52	  
		
	 ARTICLE IX SUCCESSOR AND SEPARATE TRUSTEES
	  	 	52	  
			
	         SECTION 9.01.
	  	 Resignation of Mortgagee; Appointment of Successor
	  	 	52	  
	         SECTION 9.02.
	  	 Appointment of Additional and Separate Trustees
	  	 	53	  
		
	 ARTICLE X SUPPLEMENTS AND AMENDMENTS TO THIS TRUST INDENTURE AND OTHER
DOCUMENTS
	  	 	55	  
			
	         SECTION 10.01.
	  	 Instructions of Majority; Limitations
	  	 	55	  
	         SECTION 10.02.
	  	 Mortgagee Protected
	  	 	56	  
	         SECTION 10.03.
	  	 Documents Mailed to Note Holders
	  	 	56	  
	         SECTION 10.04.
	  	 No Request Necessary for Trust Indenture Supplement
	  	 	56	  


  
 ii 








 TABLE OF CONTENTS 

(continued) 
  


							
	 	  	 	  	Page	 
	 ARTICLE XI MISCELLANEOUS
	  	 	57	  
			
	         SECTION 11.01.
	  	 Termination of Trust Indenture
	  	 	57	  
	         SECTION 11.02.
	  	 No Legal Title to Collateral in Note Holders
	  	 	57	  
	         SECTION 11.03.
	  	 Sale of Aircraft by Mortgagee Is Binding
	  	 	57	  
	         SECTION 11.04.
	  	 Trust Indenture for Benefit of Owner, Mortgagee, Note Holders and the other Indenture
Indemnitees
	  	 	57	  
	         SECTION 11.05.
	  	 Notices
	  	 	58	  
	         SECTION 11.06.
	  	 Severability
	  	 	58	  
	         SECTION 11.07.
	  	 No Oral Modification or Continuing Waivers
	  	 	58	  
	         SECTION 11.08.
	  	 Successors and Assigns
	  	 	58	  
	         SECTION 11.09.
	  	 Headings
	  	 	59	  
	         SECTION 11.10.
	  	 Normal Commercial Relations
	  	 	59	  
	         SECTION 11.11.
	  	 Governing Law; Counterpart Form
	  	 	59	  
	         SECTION 11.12.
	  	 Voting By Note Holders
	  	 	59	  
	         SECTION 11.13.
	  	 Bankruptcy
	  	 	59	  

  

			
	ANNEX A	  	Definitions
	ANNEX B	  	Insurance
	EXHIBIT A	  	Form of Trust Indenture and Mortgage Supplement
	SCHEDULE I    	  	Equipment Notes Amortization and Interest Rates


  
 iii 







 TRUST INDENTURE AND MORTGAGE
[            ] 
 TRUST INDENTURE AND MORTGAGE
[            ], dated as of [            ] (this “Trust Indenture”), between UNITED AIRLINES, INC., a
Delaware corporation (“Owner”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity, except as expressly stated herein, but solely as Mortgagee hereunder (together with its successors
hereunder, the “Mortgagee”). 
 W I T N E S S E T H

 WHEREAS, all capitalized terms used herein shall have the respective meanings set forth or referred to in Article I hereof; 

WHEREAS, the parties hereto desire by this Trust Indenture, among other things, (i) to provide for the issuance by the Owner of the
Series of Equipment Notes specified on Schedule I hereto, and the possible issuance of Additional Series, and (ii) to provide for the assignment, mortgage and pledge by the Owner to the Mortgagee, as part of the Collateral hereunder, among
other things, of all of the Owner’s right, title and interest in and to the Aircraft and, except as hereinafter expressly provided, all payments and other amounts received hereunder in accordance with the terms hereof, as security for, among
other things, the Owner’s obligations to the Note Holders and the Indenture Indemnitees; 
 WHEREAS, all things have been done to make
the Equipment Notes of the Series listed on Schedule I hereto, when executed by the Owner and authenticated and delivered by the Mortgagee hereunder, the valid, binding and enforceable obligations of the Owner; and 

WHEREAS, all things necessary to make this Trust Indenture the valid, binding and legal obligation of the Owner for the uses and purposes
herein set forth, in accordance with its terms, have been done and performed and have happened; 
 GRANTING CLAUSE 

NOW, THEREFORE, THIS TRUST INDENTURE AND MORTGAGE WITNESSETH, that, to secure the prompt payment of the Original Amount of, interest on,
Make-Whole Amount, if any, and all other amounts due with respect to, all Equipment Notes from time to time outstanding hereunder according to their tenor and effect and to secure the performance and observance by the Owner of all the agreements,
covenants and provisions contained herein and in the Participation Agreement and in the Equipment Notes and to secure the Related Secured Obligations and the performance and observance by the Owner of all agreements, covenants and provisions
contained in the Related Equipment Notes, for the benefit of the Note Holders and each of the Indenture Indemnitees, and in consideration of the premises and of the covenants herein contained, and of the acceptance of the Equipment Notes and the
Related Equipment Notes by the holders thereof, and for other good and valuable consideration the receipt and adequacy whereof are hereby acknowledged, the Owner has granted, bargained, sold, assigned, transferred, conveyed, mortgaged, pledged and
confirmed, and does hereby grant, bargain, sell, assign, transfer, convey, mortgage, pledge and confirm, unto the Mortgagee, its successors in trust and assigns, for the security and benefit of, the Note Holders and each of the







 
Indenture Indemnitees, a first priority security interest and, in the case of the Airframe and Engines, an International Interest in and mortgage lien on all right, title and interest of the
Owner in, to and under the following described property, rights and privileges, whether now or hereafter acquired (which, collectively, together with all property hereafter specifically subject to the Lien of this Trust Indenture by the terms hereof
or any supplement hereto, are included within, and are referred to as, the “Collateral”), to wit: 
 (1) The Airframe which is one
Boeing [            ] aircraft with the FAA Registration number of N[            ] and the manufacturer’s
serial number of [            ] and two Engines, each of which Engines is a
[                                    ] jet propulsion aircraft
engine with at least 1750 lb. of thrust, with the manufacturer’s serial numbers of [            ] and
[            ] (such Airframe and Engines more particularly described in the Trust Indenture Supplement executed and delivered as provided herein) as the same is now and will
hereafter be constituted, whether now owned by the Owner or hereafter acquired, and in the case of such Engines, whether or not any such Engine shall be installed in or attached to the Airframe or any other airframe, together with (a) all Parts
of whatever nature, which are from time to time included within the definitions of “Airframe” or “Engines”, whether now owned or hereafter acquired, including all substitutions, renewals and replacements of and additions,
improvements, accessions and accumulations to the Airframe and Engines (other than additions, improvements, accessions and accumulations which constitute appliances, parts, instruments, appurtenances, accessories, furnishings or other equipment
excluded from the definition of Parts) and (b) all Aircraft Documents; 
 (2) The Purchase Agreement and the Bills of Sale to the
extent the same relate to continuing rights of the Owner in respect of any warranty, indemnity or agreement, express or implied, as to title, materials, workmanship, design or patent infringement or related matters with respect to the Airframe or
the Engines (reserving to the Owner, however, all of the Owner’s other rights and interest in and to the Purchase Agreement) together with all rights, powers, privileges, options and other benefits of the Owner thereunder (subject to such
reservation) with respect to the Airframe or the Engines, including, without limitation, the right to make all waivers and agreements, to give and receive all notices and other instruments or communications, to take such action upon the occurrence
of a default thereunder, including the commencement, conduct and consummation of legal, administrative or other proceedings, as shall be permitted thereby or by law, and to do any and all other things which the Owner is or may be entitled to do
thereunder (subject to such reservation), subject, with respect to the Purchase Agreement, to the terms and conditions of the Consent and Agreement and the Engine Consent and Agreement; 

(3) All proceeds with respect to the requisition of title to or use of the Aircraft or any Engine by any Government Entity or from the sale or
other disposition of the Aircraft, the Airframe, any Engine or other property described in any of these Granting Clauses by the Mortgagee pursuant to the terms of this Trust Indenture, and all insurance proceeds with respect to the Aircraft, the
Airframe, any Engine or any part thereof, but excluding any insurance maintained by the Owner and not required under Section 4.06; 

  
 2 







 (4) All rents, revenues and other proceeds collected by the Mortgagee pursuant to paragraph
(iv) of clause “Third” of Section 3.03 and Section 5.03(b) and all monies and securities from time to time deposited or required to be deposited with the Mortgagee by or for the account of the Owner pursuant to any terms of
this Trust Indenture held or required to be held by the Mortgagee hereunder, including the Securities Account and all monies and securities deposited into the Securities Account; and 

(5) All proceeds of the foregoing. 

PROVIDED, HOWEVER, that notwithstanding any of the foregoing provisions, so long as no Event of Default shall have occurred and be continuing,
(a) the Mortgagee shall not take or cause to be taken any action contrary to the Owner’s right hereunder to quiet enjoyment of the Airframe and Engines, and to possess, use, retain and control the Airframe and Engines and all revenues,
income and profits derived therefrom, and (b) the Owner shall have the right, to the exclusion of the Mortgagee, with respect to the Indenture Agreements, to exercise in the Owner’s name all rights and powers of the Owner under the
Indenture Agreements (other than to amend, modify or waive any of the warranties or indemnities contained therein, except in the exercise of the Owner’s reasonable business judgment) and to retain any recovery or benefit resulting from the
enforcement of any warranty or indemnity under the Indenture Agreements; and provided further that, notwithstanding the occurrence or continuation of an Event of Default, the Mortgagee shall not enter into any amendment of any Indenture
Agreement which would increase the obligations of the Owner thereunder. 
 TO HAVE AND TO HOLD all and singular the aforesaid property unto
the Mortgagee, and its successors and assigns, in trust for the equal and proportionate benefit and security of the Note Holders and the Indenture Indemnitees, except as provided in Section 2.13 and Article III hereof, without any preference,
distinction or priority of any one Equipment Note over any other, or any Related Equipment Note over any other, by reason of priority of time of issue, sale, negotiation, date of maturity thereof or otherwise for any reason whatsoever, and for the
uses and purposes and in all cases and as to all property specified in clauses (1) through (5) inclusive above, subject to the terms and provisions set forth in this Trust Indenture. 

It is expressly agreed that anything herein contained to the contrary notwithstanding, the Owner shall remain liable under the Indenture
Agreements to perform all of the obligations assumed by it thereunder, except to the extent prohibited or excluded from doing so pursuant to the terms and provisions thereof, and the Mortgagee, the Note Holders and the Indenture Indemnitees shall
have no obligation or liability under the Indenture Agreements by reason of or arising out of the assignment hereunder, nor shall the Mortgagee, the Note Holders or the Indenture Indemnitees be required or obligated in any manner to perform or
fulfill any obligations of the Owner under or pursuant to the Indenture Agreements, or, except as herein expressly provided, to make any payment, or to make any inquiry as to the nature or sufficiency of any payment received by it, or present or
file any claim, or take any action to collect or enforce the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

  
 3 







 The Owner does hereby constitute the Mortgagee the true and lawful attorney of the Owner,
irrevocably, granted for good and valuable consideration and coupled with an interest and with full power of substitution, and with full power (in the name of the Owner or otherwise) to ask for, require, demand, receive, compound and give
acquittance for any and all monies and claims for monies (in each case including insurance and requisition proceeds) due and to become due under or arising out of the Indenture Agreements, and all other property which now or hereafter constitutes
part of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file any claims or to take any action or to institute any proceedings which the Mortgagee may deem to be necessary or advisable in the
premises; provided that the Mortgagee shall not exercise any such rights except upon the occurrence and during the continuance of an Event of Default hereunder. 

The Owner agrees that at any time and from time to time, upon the written request of the Mortgagee, the Owner will promptly and duly execute
and deliver or cause to be duly executed and delivered any and all such further instruments and documents (including without limitation UCC continuation statements) as the Mortgagee may reasonably deem necessary to perfect, preserve or protect the
mortgage, security interests, International Interests and assignments created or intended to be created hereby or to obtain for the Mortgagee the full benefits of the assignment hereunder and of the rights and powers herein granted. 

IT IS HEREBY COVENANTED AND AGREED by and between the parties hereto as follows: 

ARTICLE I 
 DEFINITIONS

 Capitalized terms used but not defined herein shall have the respective meanings set forth or incorporated by reference, and shall be
construed in the manner described, in Annex A hereto. 
 ARTICLE II 

THE EQUIPMENT NOTES 

SECTION 2.01. Form of Equipment Notes 

The Equipment Notes shall be substantially in the form set forth below: 

THIS EQUIPMENT NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR PURSUANT TO THE
SECURITIES LAWS OF ANY STATE. ACCORDINGLY, THIS EQUIPMENT NOTE MAY NOT BE SOLD UNLESS EITHER REGISTERED UNDER THE ACT AND SUCH APPLICABLE STATE LAWS OR AN EXEMPTION FROM SUCH REGISTRATIONS IS AVAILABLE. 

  
 4 







 UNITED AIRLINES, INC. 

SERIES [            ] EQUIPMENT NOTE DUE
[            ] ISSUED IN CONNECTION WITH THE BOEING MODEL [            ] AIRCRAFT BEARING UNITED STATES
REGISTRATION NUMBER N[            ] 
  

			
	No.             	  	Date: [                    ,             ]
		
	 _____________________________
  

INTEREST RATE
	  	  
 MATURITY DATE

		
	[                        ]	  	[                        ]

 UNITED AIRLINES, INC., a Delaware corporation (“Owner”), hereby promises to pay to
                    , or the registered assignee thereof, the principal sum of
$             (the “Original Amount”), together with interest on the amount of the Original Amount remaining unpaid from time to time (calculated on the basis of a year of
360 days comprised of twelve 30-day months) from the date hereof until paid in full at a rate per annum equal to the Debt Rate. The Original Amount of this Equipment Note shall be due and payable in installments on the dates set forth in Schedule I
hereto equal to the corresponding percentage of the Original Amount of this Equipment Note set forth in Schedule I hereto. Accrued but unpaid interest shall be due and payable in semi-annual installments commencing on
[            ]1 and thereafter on [April 7 and October 7]2 of each
year, to and including [                    ]. Notwithstanding the foregoing, the final payment made on this Equipment Note shall be in an
amount sufficient to discharge in full the unpaid Original Amount and all accrued and unpaid interest on, and any other amounts due under, this Equipment Note. Notwithstanding anything to the contrary contained herein, if any date on which a payment
under this Equipment Note becomes due and payable is not a Business Day, then such payment shall not be made on such scheduled date but shall be made on the next succeeding Business Day and if such payment is made on such next succeeding Business
Day, no interest shall accrue on the amount of such payment during such extension. 
 For purposes hereof, the term “Trust
Indenture” means the Trust Indenture and Mortgage [            ] dated as of [            ], between the Owner
and Wilmington Trust, National Association (the “Mortgagee”), as the same may be amended or supplemented from time to time. All other capitalized terms used in this Equipment Note and not defined herein shall have the respective meanings
assigned in the Trust Indenture. 
  

	1.	Insert first April 7 or October 7 after the Closing Date, excluding October 7, 2016. 


	2.	Correct order, if necessary. 


  
 5 







 This Equipment Note shall bear interest, payable on demand, at the Payment Due Rate (calculated
on the basis of a year of 360 days comprised of twelve 30-day months) on any overdue Original Amount, any overdue Make-Whole Amount, if any, and (to the extent permitted by applicable Law) any overdue interest and any other amounts payable hereunder
which are overdue, in each case for the period the same is overdue. Amounts shall be overdue if not paid when due (whether at stated maturity, by acceleration or otherwise). 

There shall be maintained an Equipment Note Register for the purpose of registering transfers and exchanges of Equipment Notes at the
Corporate Trust Office of the Mortgagee or at the office of any successor in the manner provided in Section 2.07 of the Trust Indenture. 

The Original Amount and interest and other amounts due hereunder shall be payable in Dollars in immediately available funds at the Corporate
Trust Office of the Mortgagee, or as otherwise provided in the Trust Indenture. Each such payment shall be made on the date such payment is due and without any presentment or surrender of this Equipment Note, except that in the case of any final
payment with respect to this Equipment Note, the Equipment Note shall be surrendered promptly thereafter to the Mortgagee for cancellation. 

The holder hereof, by its acceptance of this Equipment Note, agrees that, except as provided in the Trust Indenture, each payment of the
Original Amount, Make-Whole Amount, if any, and interest received by it hereunder shall be applied, first, to the payment of Make-Whole Amount, if any, and any other amount (other than as covered by any of the following clauses) due hereunder
or under the Trust Indenture, second, to the payment of accrued interest on this Equipment Note (as well as any interest on any overdue Original Amount, any overdue Make-Whole Amount, if any, or, to the extent permitted by Law, any overdue
interest and other amounts hereunder) to the date of such payment, third, to the payment of the Original Amount of this Equipment Note then due, and fourth, the balance, if any, remaining thereafter, to the payment of installments of
the Original Amount of this Equipment Note remaining unpaid in the inverse order of their maturity. 
 This Equipment Note is one of the
Equipment Notes referred to in the Trust Indenture which have been or are to be issued by the Owner pursuant to the terms of the Trust Indenture. The Collateral is held by the Mortgagee as security, in part, for the Equipment Notes. The provisions
of this Equipment Note are subject to the Trust Indenture and the Related Indentures. Reference is hereby made to the Trust Indenture and the Related Indentures for a complete statement of the rights and obligations of the holder of, and the nature
and extent of the security for, this Equipment Note (including as a “Related Equipment Note” under each of the Related Indentures) and the rights and obligations of the holders of, and the nature and extent of the security for, any other
Equipment Notes executed and delivered under the Trust Indenture, as well as for a statement of the terms and conditions of the Trust created by the Trust Indenture, to all of which terms and conditions in the Trust Indenture each holder hereof
agrees by its acceptance of this Equipment Note. 

  
 6 







 As provided in the Trust Indenture and subject to certain limitations therein set forth, this
Equipment Note is exchangeable for a like aggregate Original Amount of Equipment Notes of different authorized denominations, as requested by the holder surrendering the same. 

Prior to due presentment for registration of transfer of this Equipment Note, the Owner and the Mortgagee shall treat the person in whose name
this Equipment Note is registered as the owner hereof for all purposes, whether or not this Equipment Note be overdue, and neither the Owner nor the Mortgagee shall be affected by notice to the contrary. 

This Equipment Note is subject to redemption as provided in Sections 2.10, 2.11 and 2.12 of the Trust Indenture but not otherwise. In
addition, this Equipment Note may be accelerated as provided in Section 5.02 of the Trust Indenture. 
 This Equipment Note is subject
to certain restrictions set forth in Sections 4.1(a)(i) and 4.1(a)(iii) of the Intercreditor Agreement, as further specified in Section 2.07 of the Trust Indenture, to all of which terms and conditions in the Intercreditor Agreement each holder
hereof agrees by its acceptance of this Equipment Note. 
 [The indebtedness evidenced by this Equipment Note is, to the extent and in the
manner provided in the Trust Indenture, subordinate and subject in right of payment to the prior payment in full of the Secured Obligations (as defined in the Trust Indenture) in respect of [Series AA Equipment Notes and Related Series AA Equipment
Notes]3 [Series AA Equipment Notes, Series A Equipment Notes, Related Series AA Equipment Notes and Related Series A Equipment Notes]4, and
certain other Secured Obligations, and this Equipment Note is issued subject to such provisions. The Note Holder of this Equipment Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs
the Mortgagee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in the Trust Indenture and (c) appoints the Mortgagee his attorney-in-fact for such purpose.]5 
 Unless the certificate of authentication hereon has been executed by or on behalf of
the Mortgagee by manual signature, this Equipment Note shall not be entitled to any benefit under the Trust Indenture or be valid or obligatory for any purpose. 

THIS EQUIPMENT NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

*    *    * 

 

	3.	To be inserted in the case of a Series A Equipment Note. 


	4.	To be inserted in the case of an Additional Series Equipment Note. 


	5.	To be inserted for each Equipment Note other than any Series AA Equipment Note. 


  
 7 







 IN WITNESS WHEREOF, the Owner has caused this Equipment Note to be executed in its corporate name
by its officer thereunto duly authorized on the date hereof. 
  

			
	UNITED AIRLINES, INC.
		
	By: 	 	 
		 	Name:
		 	 Title:




  
 8 







 MORTGAGEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Equipment Notes referred to in the within-mentioned Trust Indenture. 

 

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION, as Mortgagee

		
	By: 	 	 
		 	Name:
		 	 Title:



 SCHEDULE I 

EQUIPMENT NOTE AMORTIZATION 
  

			
	 Payment Date
	  	 Percentage of Original Amount to Be Paid



[SEE SCHEDULE I TO TRUST INDENTURE 

WHICH IS INSERTED UPON ISSUANCE] 

*    *    * 

  
 9 







 SECTION 2.02. Issuance and Terms of Equipment Notes 

The Equipment Notes (other than the Additional Series Equipment Notes) shall be dated the Closing Date, shall be issued in two separate series
consisting of Series AA and Series A and in the maturities and principal amounts and shall bear interest as specified in Schedule I hereto. On the Closing Date, each Series specified in Schedule I shall be issued to the Subordination Agent on behalf
of the Applicable Pass Through Trustee under the Applicable Pass Through Trust Agreement. In addition to the foregoing, Owner shall have the option to issue one or more separate series of Additional Series Equipment Notes at any time and from
time to time at or after the Issuance Date, subject to the terms of Section 4(a)(vi) of the Note Purchase Agreement and Section 9.1(d) of the Intercreditor Agreement. If more than one series of Additional Series Equipment Notes are so
issued, each such series shall have a different designation such as, for example, “Series B” and “Series C”, shall be dated the date of original issuance thereof and shall have such maturities, principal amounts and interest
rates as specified in an amendment to this Trust Indenture. The Equipment Notes shall be issued in registered form only. The Equipment Notes shall be issued in denominations of $1,000 and integral multiples thereof, except that one Equipment Note of
each Series may be in an amount that is not an integral multiple of $1,000. Without limitation of the foregoing, new Series A Equipment Notes may be issued pursuant to the provisions of Section 2.11(b). 

Each Equipment Note shall bear interest at the applicable Debt Rate (calculated on the basis of a year of 360 days comprised of twelve 30-day
months) on the unpaid Original Amount thereof from time to time outstanding. Accrued interest shall be payable in arrears on
[                    ], 20[__]6, and on each [April 7 and October 7]7 thereafter until maturity. The Original Amount of each Equipment Note shall be payable on the dates and in the installments equal to the corresponding percentage of the Original Amount as set forth
in Schedule I hereto for the applicable Series (as amended, in the case of any Additional Series, at the time of original issuance of such Additional Series) which shall be attached as Schedule I to such Equipment Notes. Notwithstanding the
foregoing, the final payment made under each Equipment Note shall be in an amount sufficient to discharge in full the unpaid Original Amount and all accrued and unpaid interest on, and any other amounts due under, such Equipment Note. Each Equipment
Note shall bear interest, payable on demand, at the Payment Due Rate (calculated on the basis of a year of 360 days comprised of twelve 30-day months) on any part of the Original Amount, Make-Whole Amount, if any, and, to the extent permitted by
applicable Law, interest and any other amounts payable thereunder not paid when due for any period during which the same shall be overdue, in each case for the period the same is overdue. Amounts under any Equipment Note shall be overdue if not paid
when due (whether at stated maturity, by acceleration or otherwise). Notwithstanding anything to the contrary contained herein, if any date on which a payment under any Equipment Note becomes due and payable is not a Business Day then such payment
shall not be made on such scheduled date but shall be made on the next succeeding Business Day and if such payment is made on such next succeeding Business Day, no interest shall accrue on the amount of such payment during such extension. 

 

	6.	Insert first April 7 or October 7 after the Closing Date, excluding October 7, 2016. 


	7.	Correct order, if necessary. 


  
 10 







 The Owner agrees to pay to the Mortgagee for distribution in accordance with Section 3.04
hereof: (a)(i) to the extent not payable (whether or not in fact paid) under Section 6(a) of the Note Purchase Agreement, an amount equal to the fees payable to the Liquidity Provider under Section 2.03 of each Liquidity Facility and the
related Fee Letter (as defined in the Intercreditor Agreement) multiplied by a fraction the numerator of which shall be the then outstanding aggregate principal amount of the Series AA Equipment Notes and Series A Equipment Notes and the denominator
of which shall be the then outstanding aggregate principal amount of all “Series AA Equipment Notes” and “Series A Equipment Notes” (each as defined in the Note Purchase Agreement); (ii) (x) the amount equal to interest
on any Downgrade Advance (other than any Applied Downgrade Advance) payable under Section 3.07 of each Liquidity Facility minus Investment Earnings from such Downgrade Advance multiplied by (y) the fraction specified in the foregoing
clause (i); (iii) (x) the amount equal to interest on any Non-Extension Advance (other than any Applied Non-Extension Advance) payable under Section 3.07 of each Liquidity Facility minus Investment Earnings from such Non-Extension
Advance multiplied by (y) the fraction specified in the foregoing clause (i); (iv) (x) the amount equal to interest on any Special Termination Advance (other than any Applied Special Termination Advance) payable under
Section 3.07 of each Liquidity Facility minus Investment Earnings from such Special Termination Advance multiplied by (y) the fraction specified in the foregoing clause (i); (v) if any payment default shall have occurred and be
continuing with respect to interest on any “Series AA Equipment Notes” or “Series A Equipment Notes” (each as defined in the Note Purchase Agreement), (x) the excess, if any, of (1) an amount equal to interest on any
Unpaid Advance, Applied Downgrade Advance, Applied Non-Extension Advance or Applied Special Termination Advance payable under Section 3.07 of each Liquidity Facility over (2) the sum of Investment
Earnings from any Final Advance plus any amount of interest at the Payment Due Rate actually payable (whether or not in fact paid) by Owner on the overdue scheduled interest on the “Equipment Notes” (as defined in the Note Purchase
Agreement) in respect of which such Unpaid Advance, Applied Downgrade Advance, Applied Non-Extension Advance or Applied Special Termination Advance was made by the Liquidity Provider multiplied by (y) a fraction the numerator of which shall be
the then aggregate overdue amounts of interest on the Series AA Equipment Notes and Series A Equipment Notes (other than interest becoming due and payable solely as a result of acceleration of any such Equipment Notes) and the denominator of which
shall be the then aggregate overdue amounts of interest on all “Series AA Equipment Notes” and “Series A Equipment Notes” (each as defined in the Note Purchase Agreement) (other than interest becoming due and payable solely as a
result of acceleration of any such “Equipment Notes”); and (vi) any other amounts owed to the Liquidity Provider by the Subordination Agent as borrower under each Liquidity Facility other than amounts due as repayment of advances
thereunder or as interest on such advances, except to the extent payable pursuant to clause (ii), (iii), (iv) or (v) above, multiplied by the fraction specified in the foregoing clause (i), (b) Owner’s pro rata share of all
compensation and reimbursement of expenses, disbursements and advances payable by Owner under the Pass Through Trust Agreements, (c) Owner’s pro rata share of all compensation and reimbursement of expenses and disbursements payable to the
Subordination Agent under the Intercreditor Agreement except with respect to any income or franchise taxes incurred by the Subordination Agent in connection 

  
 11 







 
with the transactions contemplated by the Intercreditor Agreement and (d) in the event Owner requests any amendment to any Operative Agreement or Pass Through Agreement, Owner’s pro
rata share of all reasonable fees and expenses (including, without limitation, fees and disbursements of counsel) of the Escrow Agents and the Paying Agents in connection therewith payable by the Pass Through Trustees under the Escrow Agreements. As
used herein, “Owner’s pro rata share” means as of any time a fraction, the numerator of which is the principal balance then outstanding of Equipment Notes and the denominator of which is the aggregate principal balance then
outstanding of all “Equipment Notes” (as each such term is defined in each of the Operative Indentures). For purposes of this paragraph, the terms “Applied Downgrade Advance”, “Applied Non-Extension Advance”,
“Applied Special Termination Advance”, “Cash Collateral Account”, “Downgrade Advance”, “Final Advance”, “Investment Earnings”, “Non-Extension Advance”, “Special Termination
Advance” and “Unpaid Advance” shall have the meanings specified in each Liquidity Facility. 
 The Equipment Notes shall be
executed on behalf of the Owner by one of its authorized officers. Equipment Notes bearing the signatures of individuals who were at any time the proper officers of the Owner shall bind the Owner, notwithstanding that such individuals or any of them
have ceased to hold such offices prior to the authentication and delivery of such Equipment Notes or did not hold such offices at the respective dates of such Equipment Notes. The Owner may from time to time execute and deliver Equipment Notes with
respect to the Aircraft to the Mortgagee for authentication upon original issue and such Equipment Notes shall thereupon be authenticated and delivered by the Mortgagee upon the written request of the Owner signed by an authorized officer of the
Owner. No Equipment Note shall be secured by or entitled to any benefit under this Trust Indenture or be valid or obligatory for any purposes, unless there appears on such Equipment Note a certificate of authentication in the form provided for
herein executed by the Mortgagee by the manual signature of one of its authorized officers and such certificate upon any Equipment Notes be conclusive evidence, and the only evidence, that such Equipment Note has been duly authenticated and
delivered hereunder. 
 The aggregate Original Amount of any Series of Equipment Notes issued hereunder shall not exceed the amount set
forth as the maximum therefor on Schedule I hereto (as amended, in the case of any Additional Series, at the time of original issuance of such Additional Series). 

SECTION 2.03. [Intentionally Omitted] 

SECTION 2.04. Method of Payment 

(a) The Original Amount of, interest on, Make-Whole Amount, if any, and other amounts due under each Equipment Note or hereunder will be
payable in Dollars by wire transfer of immediately available funds not later than 12:30 PM, New York time, on the due date of payment to the Mortgagee at the Corporate Trust Office for distribution among the Note Holders in the manner provided
herein, and payment of such amount by the Owner to the Mortgagee shall be deemed to satisfy the Owner’s obligation to make such payment. The Owner shall not have any responsibility for the distribution of such payment to any Note Holder.
Notwithstanding the foregoing or any provision in any Equipment Note to the contrary, the 

  
 12 







 
Mortgagee will use reasonable efforts to pay or cause to be paid, if so directed in writing by any Note Holder (with a copy to the Owner), all amounts paid by the Owner hereunder and under such
holder’s Equipment Note or Equipment Notes to such holder or a nominee therefor (including all amounts distributed pursuant to Article III of this Trust Indenture) by transferring, or causing to be transferred, by wire transfer of immediately
available funds in Dollars, prior to 2:00 p.m., New York City time, on the due date of payment, to an account maintained by such holder with a bank located in the continental United States the amount to be distributed to such holder, for credit to
the account of such holder maintained at such bank. If the Mortgagee shall fail to make any such payment as provided in the immediately foregoing sentence after its receipt of funds at the place and prior to the time specified above, the Mortgagee,
in its individual capacity and not as trustee, agrees to compensate such holders for loss of use of funds at Debt Rate until such payment is made and the Mortgagee shall be entitled to any interest earned on such funds until such payment is made.
Any payment made hereunder shall be made without any presentment or surrender of any Equipment Note, except that, in the case of the final payment in respect of any Equipment Note, such Equipment Note shall be surrendered to the Mortgagee for
cancellation promptly after such payment. Notwithstanding any other provision of this Trust Indenture to the contrary, the Mortgagee shall not be required to make, or cause to be made, wire transfers as aforesaid prior to the first Business Day on
which it is practicable for the Mortgagee to do so in view of the time of day when the funds to be so transferred were received by it if such funds were received after 12:30 PM, New York time, at the place of payment. Prior to the due
presentment for registration of transfer of any Equipment Note, the Owner and the Mortgagee shall deem and treat the Person in whose name any Equipment Note is registered on the Equipment Note Register as the absolute owner and holder of such
Equipment Note for the purpose of receiving payment of all amounts payable with respect to such Equipment Note and for all other purposes, and none of the Owner or the Mortgagee shall be affected by any notice to the contrary. So long as any
signatory to the Participation Agreement or nominee thereof shall be a registered Note Holder, all payments to it shall be made to the account of such Note Holder specified in Schedule 1 thereto and otherwise in the manner provided in or pursuant to
the Participation Agreement unless it shall have specified some other account or manner of payment by notice to the Mortgagee consistent with this Section 2.04. 

(b) The Mortgagee, as agent for the Owner, shall exclude and withhold at the appropriate rate from each payment of Original Amount of,
interest on, Make-Whole Amount, if any, and other amounts due hereunder or under each Equipment Note (and such exclusion and withholding shall constitute payment in respect of such Equipment Note) any and all United States withholding taxes,
including, without limitation, any such withholding taxes imposed under FATCA applicable thereto as required by Law. The Mortgagee agrees to act as such withholding agent and, in connection therewith, whenever any present or future United States
taxes or similar charges are required to be withheld with respect to any amounts payable hereunder or in respect of the Equipment Notes, to withhold such amounts and timely pay the same to the appropriate authority in the name of and on behalf of
the Note Holders, that it will file any necessary United States withholding tax returns or statements when due, and that as promptly as possible after the payment thereof it will deliver to each Note Holder (with a copy to the Owner) appropriate
receipts showing the payment thereof, together with such additional documentary evidence as any such Note Holder may reasonably request from time to time. 

  
 13 







 If a Note Holder which is a Non-U.S. Person has furnished to the Mortgagee a properly completed,
accurate and currently effective U.S. Internal Revenue Service Form W-8BEN or W-8ECI (or such successor form or forms as may be required by the United States Treasury Department) during the calendar year in which the payment hereunder or under the
Equipment Note(s) held by such holder is made (but prior to the making of such payment), or in either of the two preceding calendar years, and has not notified the Mortgagee of the withdrawal or inaccuracy of such form prior to the date of such
payment (and the Mortgagee has no reason to believe that any information set forth in such form is inaccurate), the Mortgagee shall withhold only the amount, if any, required by Law (after taking into account any applicable exemptions properly
claimed by the Note Holder) to be withheld from payments hereunder or under the Equipment Notes held by such holder in respect of United States federal income tax, including any amounts required to be withheld under FATCA. If a Note Holder
(x) which is a Non-U.S. Person has furnished to the Mortgagee a properly completed, accurate and currently effective U.S. Internal Revenue Service Form W-8ECI in duplicate (or such successor certificate, form or forms as may be required by the
United States Treasury Department as necessary in order to properly avoid withholding of United States federal income tax), for each calendar year in which a payment is made (but prior to the making of any payment for such year), and has not
notified the Mortgagee of the withdrawal or inaccuracy of such certificate or form prior to the date of such payment (and the Mortgagee has no reason to believe that any information set forth in such form is inaccurate) or (y) which is a U.S.
Person has furnished to the Mortgagee a properly completed, accurate and currently effective U.S. Internal Revenue Service Form W-9, if applicable, prior to a payment hereunder or under the Equipment Notes held by such holder, no amount shall be
withheld from payments in respect of United States federal income tax. If any Note Holder has notified the Mortgagee that any of the foregoing forms or certificates is withdrawn or inaccurate, or if such holder has not filed a form claiming an
exemption from United States withholding tax or if the Code or the regulations thereunder or the administrative interpretation thereof is at any time after the date hereof amended to require such withholding of United States federal income taxes
from payments under the Equipment Notes held by such holder, the Mortgagee agrees to withhold from each payment due to the relevant Note Holder withholding taxes at the appropriate rate under Law and will, on a timely basis as more fully provided
above, deposit such amounts with an authorized depository and make such returns, statements, receipts and other documentary evidence in connection therewith as required by Law. 

Owner shall not have any liability for the failure of the Mortgagee to withhold taxes in the manner provided for herein or for any false,
inaccurate or untrue evidence provided by any Note Holder hereunder. 
 SECTION 2.05. Application of Payments 

In the case of each Equipment Note, each payment of Original Amount, Make-Whole Amount, if any, and interest due thereon shall be applied: 

First: to the payment of Make-Whole Amount, if any, with respect to such Equipment Note and any other amount (other than as
covered by any of the following clauses) due hereunder or under such Equipment Note; 

  
 14 







 Second: to the payment of accrued interest on such Equipment Note (as well as any
interest on any overdue Original Amount, any overdue Make-Whole Amount, if any, and to the extent permitted by Law, any overdue interest and any other overdue amounts thereunder) to the date of such payment; 

Third: to the payment of the Original Amount of such Equipment Note (or a portion thereof) then due thereunder; and 

Fourth: the balance, if any, remaining thereafter, to the payment of the Original Amount of such Equipment Note remaining
unpaid (provided that such Equipment Note shall not be subject to redemption except as provided in Sections 2.10, 2.11 and 2.12 hereof). 
 The amounts paid
pursuant to clause “Fourth” above shall be applied to the installments of Original Amount of such Equipment Note in the inverse order of their scheduled maturity. 

SECTION 2.06. Termination of Interest in Collateral 

No Note Holder nor any other Indenture Indemnitee shall, as such, have any further interest in, or other right with respect to, the Collateral
when and if the Original Amount of, Make-Whole Amount, if any, and interest on and other amounts due under all Equipment Notes held by such Note Holder and all other sums then due and payable to such Note Holder, such Indenture Indemnitee or the
Mortgagee hereunder (including, without limitation, under the third paragraph of Section 2.02 hereof) and under the other Operative Agreements by the Owner and all Related Secured Obligations (collectively, the “Secured Obligations”)
shall have been paid in full. 
 SECTION 2.07. Registration Transfer and Exchange of Equipment Notes 

The Mortgagee shall keep a register (the “Equipment Note Register”) in which the Mortgagee shall provide for the registration of
Equipment Notes and the registration of transfers of Equipment Notes. No such transfer shall be given effect unless and until registration hereunder shall have occurred. The Equipment Note Register shall be kept at the Corporate Trust Office of the
Mortgagee. The Mortgagee is hereby appointed “Equipment Note Registrar” for the purpose of registering Equipment Notes and transfers of Equipment Notes as herein provided. A holder of any Equipment Note intending to exchange such Equipment
Note shall surrender such Equipment Note to the Mortgagee at the Corporate Trust Office, together with a written request from the registered holder thereof for the issuance of a new Equipment Note, specifying, in the case of a surrender for
transfer, the name and address of the new holder or holders. Upon surrender for registration of transfer of any Equipment Note, the Owner shall execute, and the Mortgagee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Equipment Notes of a like aggregate Original Amount and of the same Series. At the option of the Note Holder, Equipment Notes may be exchanged for other Equipment Notes of any authorized denominations of a like aggregate
Original Amount, upon surrender of the Equipment Notes to be exchanged to the Mortgagee at the Corporate Trust Office. Whenever any Equipment Notes are so surrendered for exchange, the Owner shall execute, and the Mortgagee shall authenticate and
deliver, the Equipment Notes 

  
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which the Note Holder making the exchange is entitled to receive. All Equipment Notes issued upon any registration of transfer or exchange of Equipment Notes (whether under this Section 2.07
or under Section 2.08 hereof or otherwise under this Trust Indenture) shall be the valid obligations of the Owner evidencing the same respective obligations, and entitled to the same security and benefits under this Trust Indenture, as the
Equipment Notes surrendered upon such registration of transfer or exchange. Every Equipment Note presented or surrendered for registration of transfer, shall (if so required by the Mortgagee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Mortgagee duly executed by the Note Holder or such holder’s attorney duly authorized in writing, and the Mortgagee shall require evidence satisfactory to it as to the compliance of any such
transfer with the Securities Act, and the securities Laws of any applicable state. The Mortgagee shall make a notation on each new Equipment Note of the amount of all payments of Original Amount previously made on the old Equipment Note or Equipment
Notes with respect to which such new Equipment Note is issued and the date to which interest on such old Equipment Note or Equipment Notes has been paid. Interest shall be deemed to have been paid on such new Equipment Note to the date on which
interest shall have been paid on such old Equipment Note, and all payments of the Original Amount marked on such new Equipment Note, as provided above, shall be deemed to have been made thereon. The Owner shall not be required to exchange any
surrendered Equipment Notes as provided above during the ten-day period preceding the due date of any payment on such Equipment Note. The Owner shall in all cases deem the Person in whose name any Equipment Note shall have been issued and registered
as the absolute owner and holder of such Equipment Note for the purpose of receiving payment of all amounts payable by the Owner with respect to such Equipment Note and for all purposes until a notice stating otherwise is received from the Mortgagee
and such change is reflected on the Equipment Note Register. The Mortgagee will promptly notify the Owner of each registration of a transfer of an Equipment Note. Any such transferee of an Equipment Note, by its acceptance of an Equipment Note,
(i) agrees to the provisions of this Trust Indenture and the Participation Agreement applicable to Note Holders, including Sections 6.3, 6.4 and 9.1 thereof, and shall be deemed to have covenanted to the parties to the Participation Agreement
as to the matters covenanted by the original Note Holder in the Participation Agreement and (ii) agrees to the restrictions set forth in Sections 4.1(a)(i) and 4.1(a)(iii) of the Intercreditor Agreement, and shall be deemed to have covenanted
to the parties to the Intercreditor Agreement not to give any direction, or otherwise authorize, the Mortgagee to take any action that would violate Sections 4.1(a)(i) or 4.1(a)(iii) of the Intercreditor Agreement. Subject to compliance by the Note
Holder and its transferee (if any) of the requirements set forth in this Section 2.07, Mortgagee and Owner shall use all reasonable efforts to issue new Equipment Notes upon transfer or exchange within 10 Business Days of the date an Equipment
Note is surrendered for transfer or exchange. 
 SECTION 2.08. Mutilated, Destroyed, Lost or Stolen Equipment Notes 

If any Equipment Note shall become mutilated, destroyed, lost or stolen, the Owner shall, upon the written request of the holder of such
Equipment Note, execute and the Mortgagee shall authenticate and deliver in replacement thereof a new Equipment Note, payable in the same Original Amount dated the same date and captioned as issued in connection with the Aircraft. If the Equipment
Note being replaced has become mutilated, such Equipment Note shall be surrendered to the Mortgagee and a photocopy thereof shall be furnished to the Owner. 

  
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If the Equipment Note being replaced has been destroyed, lost or stolen, the holder of such Equipment Note shall furnish to the Owner and the Mortgagee such security or indemnity as may be
required by them to save the Owner and the Mortgagee harmless and evidence satisfactory to the Owner and the Mortgagee of the destruction, loss or theft of such Equipment Note and of the ownership thereof. If a “qualified institutional
buyer” of the type referred to in paragraph (a)(1)(i)(A), (B), (D) or (E) of Rule 144A under the Securities Act (a “QIB”) is the holder of any such destroyed, lost or stolen Equipment Note, then the written indemnity of such
QIB, signed by an authorized officer thereof, in favor of, delivered to and in form reasonably satisfactory Owner shall be accepted as satisfactory indemnity and security and no further indemnity or security shall be required as a condition to the
execution and delivery of such new Equipment Note. Subject to compliance by the Note Holder with the requirements set forth in this Section 2.08, Mortgagee and Owner shall use all reasonable efforts to issue new Equipment Notes within 10
Business Days of the date of the written request therefor from the Note Holder. 
 SECTION 2.09. Payment of Expenses on Transfer;
Cancellation 
 (a) No service charge shall be made to a Note Holder for any registration of transfer or exchange of Equipment Notes,
but the Mortgagee, as Equipment Note Registrar, may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Equipment Notes. 

(b) The Mortgagee shall cancel all Equipment Notes surrendered for replacement, redemption, transfer, exchange, payment or cancellation and
shall destroy the canceled Equipment Notes. 
 SECTION 2.10. Mandatory Redemptions of Equipment Notes 

On the date on which the Owner is required pursuant to Section 4.05 hereof to make payment for an Event of Loss with respect to the
Airframe, all of the Equipment Notes shall be redeemed in whole at a redemption price equal to 100% of the unpaid Original Amount thereof, together with all accrued interest thereon to the date of redemption and all other Secured Obligations (other
than Related Secured Obligations) owed or then due and payable to the Note Holders but without Make-Whole Amount. 
 SECTION
2.11. Voluntary Redemptions of Equipment Notes 
 (a) All (but not less than all) of the Equipment Notes may be redeemed by the
Owner upon at least 30 days’ revocable prior written notice to the Mortgagee and the Note Holders, and such Equipment Notes shall be redeemed in whole at a redemption price equal to 100% of the unpaid Original Amount thereof, together with
accrued interest thereon to the date of redemption and all other Secured Obligations (other than Related Secured Obligations) owed or then due and payable to the Note Holders plus Make-Whole Amount, if any, provided that no redemption shall
be permitted under this Section 2.11(a) unless simultaneously with such redemption all Related Series AA Equipment Notes and Related Series A Equipment Notes shall also be redeemed. 

  
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 (b) All (but not less than all) of the Series A Equipment Notes may be redeemed by the Owner
upon at least 30 days’ revocable prior written notice to the Mortgagee and the Note Holders of such Series, and such Equipment Notes shall be redeemed in whole at a redemption price equal to 100% of the unpaid Original Amount thereof, together
with accrued interest thereon to the date of redemption and all other Secured Obligations (other than Related Secured Obligations) owed or then due and payable to the Note Holders of such Series plus Make-Whole Amount, if any; provided that
no redemption shall be permitted under this Section 2.11(b) unless the following conditions have been satisfied: (1) simultaneously with such redemption, the Related Series A Equipment Notes shall also be redeemed; and
(2) simultaneously with such redemption, new Series A Equipment Notes shall be reissued in accordance with Section 4(a)(vi) of the Note Purchase Agreement and Section 9.1(c) of the Intercreditor Agreement. 

SECTION 2.12. Redemptions; Notice of Redemption 

(a) No redemption of any Equipment Note may be made except to the extent and in the manner expressly permitted by this Trust Indenture. No
purchase of any Equipment Note may be made by the Mortgagee. 
 (b) Notice of redemption with respect to the Equipment Notes shall be given
by the Mortgagee by first-class mail, postage prepaid, mailed not less than 20 nor more than 60 days prior to the applicable redemption date, to each Note Holder of such Equipment Notes to be redeemed, at such Note Holder’s address appearing in
the Equipment Note Register; provided that such notice shall be revocable by written notice from the Owner to Mortgagee given not later than three days prior to the redemption date. All notices of redemption shall state: (1) the redemption
date, (2) the applicable basis for determining the redemption price, (3) that on the redemption date, the redemption price will become due and payable upon each such Equipment Note, and that, if any such Equipment Notes are then
outstanding, interest on such Equipment Notes shall cease to accrue on and after such redemption date, and (4) the place or places where such Equipment Notes are to be surrendered for payment of the redemption price. 

(c) On or before the redemption date, the Owner (or any person on behalf of the Owner) shall, to the extent an amount equal to the redemption
price for the Equipment Notes to be redeemed on the redemption date shall not then be held by the Mortgagee, deposit or cause to be deposited with the Mortgagee by 12:30 PM New York time on the redemption date in immediately available funds the
redemption price of the Equipment Notes to be redeemed. 
 (d) Notice of redemption having been given as aforesaid, the Equipment Notes to
be redeemed shall, on the redemption date, become due and payable at the Corporate Trust Office of the Mortgagee or at any office or agency maintained for such purposes pursuant to Section 2.07, and from and after such redemption date (unless
there shall be a default in the payment of the redemption price) any such Equipment Notes then outstanding shall cease to bear interest. Upon surrender of any such Equipment Note for redemption in accordance with said notice, such Equipment Note
shall be redeemed at the redemption price. If any Equipment Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal amount thereof shall, until paid, continue to bear interest from the applicable
redemption date at the interest rate in effect for such Equipment Note as of such redemption date. 

  
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 SECTION 2.13. Subordination 

(a) The Owner, each Note Holder (by acceptance of its Equipment Notes of any Series) and each Related Note Holder (by acceptance of its
Related Equipment Note), hereby agree that no payment or distribution shall be made on or in respect of the Secured Obligations owed to such Note Holder of such Series or owed to such Related Note Holder, including any payment or distribution of
cash, property or securities after the commencement of a proceeding of the type referred to in Section 5.01(v), (vi) or (vii) hereof, except as expressly provided in Article III hereof. 

(b) By the acceptance of its Equipment Notes of any Series (other than Series AA), each Note Holder of such Series agrees that in the event
that such Note Holder, in its capacity as a Note Holder, shall receive any payment or distribution on any Secured Obligations in respect of such Series which it is not entitled to receive under this Section 2.13 or Article III hereof, it will
hold any amount so received in trust for the Senior Holder (as defined in Section 2.13(c) hereof) and will forthwith turn over such payment to the Mortgagee in the form received to be applied as provided in Article III hereof. By the acceptance
of its Related Equipment Notes (other than Related Series AA Equipment Notes), each Related Note Holder agrees that in the event that such Related Note Holder, in its capacity as a Related Note Holder, shall receive any payment or distribution
pursuant to this Trust Indenture on any Related Secured Obligations which it is not entitled to receive under this Section 2.13 or Article III hereof, it will hold any amount so received in trust for the Senior Holder (as defined in
Section 2.13(c) hereof) and will forthwith turn over such payment to the Mortgagee in the form received to be applied as provided in Article III hereof. 

(c) As used in this Section 2.13, the term “Senior Holder” shall mean (i) the Note Holders of Series AA Equipment Notes
and Related Note Holders of the Related Series AA Equipment Notes until the Secured Obligations in respect of Series AA Equipment Notes and Related Series AA Equipment Notes have been paid in full, (ii) after the Secured Obligations in respect
of Series AA Equipment Notes and Related Series AA Equipment Notes have been paid in full, the Note Holders of Series A Equipment Notes and Related Note Holders of the Related Series A Equipment Notes until the Secured Obligations in respect of
Series A Equipment Notes and Related Series A Equipment Notes have been paid in full and (iii) after the Secured Obligations in respect of Series A Equipment Notes and Related Series A Equipment Notes have been paid in full, (and except as
otherwise provided in an amendment to this Trust Indenture pursuant to Section 10.01(b) hereof), the Note Holders of the Additional Series Equipment Notes, if issued, and Related Note Holders of the Related Additional Series Equipment Notes, if
issued, until the Secured Obligations in respect of the Additional Series Equipment Notes and Related Additional Series Equipment Notes have been paid in full. 

  
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 ARTICLE III 

RECEIPT, DISTRIBUTION AND APPLICATION OF PAYMENTS 

SECTION 3.01. Basic Distributions 

Except as otherwise provided in Sections 3.02 and 3.03 hereof, each periodic payment of principal or interest on the Equipment Notes received
by the Mortgagee shall be promptly distributed in the following order of priority: 
  

	 	(i)	so much of such payment as shall be required to pay in full the aggregate amount of the payment or payments of Original Amount and interest (as well as any interest on any overdue Original Amount and, to the extent
permitted by Law, on any overdue interest) then due under all Series AA Equipment Notes shall be distributed to the Note Holders of Series AA ratably, without priority of one over the other, in the proportion that the amount of such payment or
payments then due under each Series AA Equipment Note bears to the aggregate amount of the payments then due under all Series AA Equipment Notes; 

  

	 	(ii)	after giving effect to paragraph (i) above, so much of such payment remaining as shall be required to pay in full the aggregate amount of the payment or payments of Original Amount and interest (as well as any
interest on any overdue Original Amount and, to the extent permitted by Law, on any overdue interest) then due under all Series A Equipment Notes shall be distributed to the Note Holders of Series A ratably, without priority of one over the other,
in the proportion that the amount of such payment or payments then due under each Series A Equipment Note bears to the aggregate amount of the payments then due under all Series A Equipment Notes; and 


 

	 	(iii)	after giving effect to paragraph (ii) above (and except as otherwise provided in an amendment to this Trust Indenture pursuant to Section 10.01(b) hereof), so much of such payment remaining as shall be
required to pay in full the aggregate amount of the payment or payments of Original Amount and interest (as well as any interest on any overdue Original Amount and, to the extent permitted by Law, on any overdue interest) then due under all
Additional Series Equipment Notes shall be distributed to the Note Holders of Additional Series ratably, without priority of one over the other, in the proportion that the amount of such payment or payments then due under each Additional Series
Equipment Note bears to the aggregate amount of the payments then due under all Additional Series Equipment Notes. 


SECTION 3.02. Event of Loss; Replacement; Optional Redemption 

Except as otherwise provided in Section 3.03 hereof, any payments received by the Mortgagee (i) with respect to the Airframe or the
Airframe and one or more Engines as the result of an Event of Loss pursuant to Section 2.10 or (ii) pursuant to an optional redemption of the Equipment Notes pursuant to Section 2.11 hereof shall be applied to redemption of the


  
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Equipment Notes and to all other Secured Obligations then due by applying such funds in the following order of priority: 
  

					
	 First,
	  		  	(a) to reimburse the Mortgagee and the Note Holders for any reasonable costs or expenses incurred in connection with such redemption for which they are entitled to reimbursement, or indemnity by Owner, under the Operative
Agreements and then (b) to pay any other Secured Obligations then due (except as provided in clauses “Second” and “Third” below) to the Mortgagee, the Note Holders and the other Indenture Indemnitees under this Trust Indenture,
the Participation Agreement or the Equipment Notes (other than amounts specified in clauses “Second” and “Third” below);
			
	 Second,
	  	(i)	  	to pay the amounts specified in paragraph (i) of clause “Third” of Section 3.03 hereof plus Make-Whole Amount, if any, then due and payable in respect of the Series AA Equipment Notes, but excluding distributions
of amounts of Related Secured Obligations to Related Note Holders;
			
		  	(ii)	  	after giving effect to paragraph (i) above, to pay the amounts specified in paragraph (ii) of clause “Third” of Section 3.03 hereof plus Make-Whole Amount, if any, then due and payable in respect of the Series A
Equipment Notes, but excluding distributions of amounts of Related Secured Obligations to Related Note Holders;
			
		  	(iii)	  	after giving effect to paragraph (ii) above, to pay the amounts specified in paragraph (iii) of clause “Third” of Section 3.03 hereof then due and payable in respect of the Additional Series Equipment Notes, but
excluding distributions of amounts of Related Secured Obligations to Related Note Holders;
			
	 Third,
	  	(i)	  	to pay the amounts specified in paragraph (i) of clause “Third” of Section 3.03 hereof then due and payable in respect of the Related Series AA Equipment Notes;
			
		  	(ii)	  	after giving effect to paragraph (i) above, to pay the amounts specified in paragraph (ii) of clause “Third” of Section 3.03 hereof then due and payable in respect of the Related Series A Equipment Notes;
			
		  	(iii)	  	after giving effect to paragraph (ii) above, to pay the amounts specified in paragraph (iii) of clause “Third” of Section 3.03 then due and payable in respect of the Related Additional Series Equipment Notes;
and
			
	 Fourth,
	  		  	as provided in clause “Fourth” of Section 3.03 hereof;

 provided, however, that if a Replacement Airframe or Replacement Engine shall be substituted for the Airframe or
Engine subject to such Event of Loss as provided in Section 4.05 hereof, any insurance, condemnation or similar proceeds which result from such Event of Loss and are paid over to the Mortgagee shall be held by the Mortgagee as permitted by
Section 7.04 hereof (provided that such moneys shall be invested as provided in Section 6.06 hereof) as additional 

  
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security for the obligations of Owner under Operative Agreements and such proceeds (and such investment earnings), to the extent not theretofore applied as provided herein, shall be released to
the Owner at the Owner’s written request upon the release of such Airframe or Engine and the replacement thereof as provided herein; provided, further, however, in the case of a redemption of Equipment Notes pursuant to
Section 2.11(b), if a particular Series is not being redeemed pursuant thereto, no application of funds shall be made pursuant to the paragraph in clause “Second” above that refers to such Series in connection with such redemption. No
Make-Whole Amount shall be due and payable on the Equipment Notes as a consequence of the redemption of the Equipment Notes as a result of an Event of Loss with respect to the Airframe or the Airframe and one or more Engines. 

SECTION 3.03. Payments After Event of Default 

Except as otherwise provided in Section 3.04 hereof, all payments received and amounts held or realized by the Mortgagee (including any
amounts realized by the Mortgagee from the exercise of any remedies pursuant to Article V hereof) after an Event of Default shall have occurred and be continuing, as well as all payments or amounts then held by the Mortgagee as part of the
Collateral, shall be promptly distributed by the Mortgagee in the following order of priority: 
  

			
	First,	  	so much of such payments or amounts as shall be required to (i) reimburse the Mortgagee or WTNA for any tax (except to the extent resulting from a failure of the Mortgagee to withhold taxes pursuant to Section 2.04(b)
hereof), expense or other loss (including, without limitation, all amounts to be expended at the expense of, or charged upon the rents, revenues, issues, products and profits of, the property included in the Collateral (all such property being
herein called the “Mortgaged Property”) pursuant to Section 5.03(b) hereof) incurred by the Mortgagee or WTNA (to the extent not previously reimbursed), the expenses of any sale, or other proceeding, reasonable attorneys’ fees
and expenses, court costs, and any other expenditures incurred or expenditures or advances made by the Mortgagee, WTNA or the Note Holders in the protection, exercise or enforcement of any right, power or remedy or any damages sustained by the
Mortgagee, WTNA or any Note Holder, liquidated or otherwise, upon such Event of Default shall be applied by the Mortgagee as between itself, WTNA and the Note Holders in reimbursement of such expenses and any other expenses for which the Mortgagee,
WTNA or the Note Holders are entitled to reimbursement under any Operative Agreement and (ii) pay all Secured Obligations payable to the other Indenture Indemnitees hereunder and under the Participation Agreement (other than amounts specified
in clauses Second and Third below); and in the case the aggregate amount to be so distributed is insufficient to pay as aforesaid in clauses (i) and (ii), then ratably, without priority of one over the other, in proportion to the amounts owed each
hereunder;
		
	Second,	  	so much of such payments or amounts remaining as shall be required to reimburse the then existing or prior Note Holders for payments made pursuant to Section 6.03 hereof (to the extent not previously reimbursed) shall be
distributed to such then existing or prior Note Holders ratably, without priority of one over the other, in accordance with the amount of the payment or payments made by each such then existing or prior Note Holder pursuant to said Section 6.03
hereof;


  
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	Third,	  	(i)	  	so much of such payments or amounts remaining as shall be required to pay in full the aggregate unpaid Original Amount of all Series AA Equipment Notes, and the accrued but unpaid interest and other amounts due thereon and all other
Secured Obligations in respect of the Series AA Equipment Notes to the date of distribution and all other Related Secured Obligations in respect of Related Series AA Equipment Notes then due, shall be distributed to the Note Holders of Series AA and
Related Note Holders of the Related Series AA Equipment Notes, and in case the aggregate amount so to be distributed shall be insufficient to pay in full as aforesaid, then ratably, without priority of one over the other, to each Note Holder and
Related Note Holder in the proportion that the aggregate unpaid Original Amount of all Series AA Equipment Notes held by such holder plus the accrued but unpaid interest and other amounts due hereunder or thereunder to the date of distribution and
all other Related Secured Obligations then due in respect of the Related Series AA Equipment Notes held by such holder, bears to the aggregate unpaid Original Amount of all Series AA Equipment Notes plus the accrued but unpaid interest and other
amounts due thereon to the date of distribution and all other Related Secured Obligations in respect of the Related Series AA Equipment Notes then due;
			
		  	(ii)	  	after giving effect to paragraph (i) above, so much of such payments or amounts remaining as shall be required to pay in full the aggregate unpaid Original Amount of all Series A Equipment Notes, and the accrued but unpaid interest
and other amounts due thereon and all other Secured Obligations in respect of the Series A Equipment Notes to the date of distribution and all other Related Secured Obligations in respect of Related Series A Equipment Notes then due, shall be
distributed to the Note Holders of Series A and Related Note Holders of the Related Series A Equipment Notes, and in case the aggregate amount so to be distributed shall be insufficient to pay in full as aforesaid, then ratably, without priority of
one over the other, to each Note Holder and Related Note Holder in the proportion that the aggregate unpaid Original Amount of all Series A Equipment Notes held by such holder plus the accrued but unpaid interest and other amounts due hereunder or
thereunder to the date of distribution and all other Related Secured Obligations then due in respect of the Related Series A Equipment Notes held by such holder, bears to the aggregate unpaid Original Amount of all Series A Equipment Notes plus the
accrued but unpaid interest and other amounts due thereon to the date of distribution and all other Related Secured Obligations in respect of the Related Series A Equipment Notes then due;


  
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		 	(iii)	  	after giving effect to paragraph (ii) above (and except as otherwise provided in an amendment to this Trust Indenture pursuant to Section 10.01(b) hereof), so much of such payments or amounts remaining as shall be required to
pay in full the aggregate unpaid Original Amount of all Additional Series Equipment Notes, and the accrued but unpaid interest and other amounts due thereon and all other Secured Obligations in respect of the Additional Series Equipment Notes to the
date of distribution and all other Related Secured Obligations in respect of the Related Additional Series Equipment Notes then due, shall be distributed to the Note Holders of Additional Series and Related Note Holders of the Related Additional
Series Equipment Notes, and in case the aggregate amount so to be distributed shall be insufficient to pay in full as aforesaid, then ratably, without priority of one over the other, in the proportion that the aggregate unpaid Original Amount of all
Additional Series Equipment Notes held by each holder plus the accrued but unpaid interest and other amounts due hereunder or thereunder to the date of distribution and all other Related Secured Obligations then due in respect of Related Additional
Series Equipment Notes held by such holder, bears to the aggregate unpaid Original Amount of all Additional Series Equipment Notes held by all such holders plus the accrued but unpaid interest and other amounts due thereon to the date of
distribution and all other Related Secured Obligations in respect of Related Additional Series Equipment Notes then due; and
			
		 	(iv)	  	after giving effect to paragraph (iii) above, if any Related Equipment Note is outstanding, any of such payments or amounts remaining and any invested Cash Equivalents shall be held by the Mortgagee in an Eligible Account in
accordance with the provisions of Section 3.07 (and invested as provided in Section 6.06 hereof) as additional security for the Related Secured Obligations, and such amounts (and any investment earnings thereon) shall be distributed from
time to time in accordance with the foregoing provisions of this clause “Third” as and to the extent any Related Secured Obligation shall at any time and from time to time become due and remain unpaid after the giving of any required
notice and the expiration of any applicable grace period; and, upon the payment in full of all Related Secured Obligations the balance, if any, of any such remaining amounts and investment earnings thereon shall be applied as provided in clause
Fourth of this Section 3.03; and
			
	Fourth,	 		  	the balance, if any, of such payments or amounts remaining thereafter shall be distributed to the Owner.

 No Make-Whole Amount shall be due and payable on the Equipment Notes as a consequence of the acceleration of
the Equipment Notes as a result of an Event of Default. 
 SECTION 3.04. Certain Payments 

(a) Any payments received by the Mortgagee for which no provision as to the application thereof is made in this Trust Indenture and for which
such provision is made in any other Operative Agreement shall be applied forthwith to the purpose for which such payment was made in accordance with the terms of such other Operative Agreement, as the case may be. 

  
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 (b) Notwithstanding anything to the contrary contained in this Article III, the Mortgagee will
distribute promptly upon receipt any indemnity payment received by it from the Owner in respect of the Mortgagee in its individual capacity, any Note Holder or any other Indenture Indemnitee, in each case whether or not pursuant to Section 8 of
the Participation Agreement, directly to the Person entitled thereto. Any payment received by the Mortgagee under the third paragraph of Section 2.02 shall be distributed to the Subordination Agent in its capacity as Note Holder to be
distributed in accordance with the terms of the Intercreditor Agreement. 
 (c) For the avoidance of doubt, no amount will be distributed
pursuant to this Article III to any holder of a note issued under a Related Indenture that is not a Related Note Holder (as such). 

SECTION 3.05. Other Payments 

Any payments received by the Mortgagee for which no provision as to the application thereof is made elsewhere in this Trust Indenture or in any
other Operative Agreement shall be distributed by the Mortgagee to the extent received or realized at any time, in the order of priority specified in Section 3.01 hereof, and after payment in full of all amounts then due in accordance with
Section 3.01 in the manner provided in clause “Fourth” of Section 3.03 hereof. 
 SECTION 3.06. Cooperation

 Prior to making any distribution under this Article III, the Mortgagee shall consult with the Related Mortgagees to determine amounts
payable with respect to the Related Secured Obligations. The Mortgagee shall cooperate with the Related Mortgagees and shall provide such information as shall be reasonably requested by each Related Mortgagee to enable such Related Mortgagee to
determine amounts distributable under Article III of its Related Indenture. 
 SECTION 3.07. Securities Account 

In furtherance of the provisions of Section 3.03 of this Trust Indenture, WTNA agrees to act as an Eligible Institution under this Trust
Indenture in accordance with the provisions of this Trust Indenture. Except as otherwise expressly provided in this Trust Indenture, WTNA waives any claim or lien against any Eligible Account it may have, by operation of law or otherwise, for any
amount owed to it by Owner. The Mortgagee hereby agrees that, notwithstanding anything to the contrary in this Trust Indenture, (i) any amounts to be held by the Mortgagee pursuant to paragraph (iv) of clause “Third” of
Section 3.03 and any investment earnings thereon or other Cash Equivalents will be credited to an Eligible Account (the “Securities Account”) for which it is a “securities intermediary” (as defined in
Section 8-102(a)(14) of the NY UCC) and the Mortgagee is the “entitlement holder” (as defined in Section 8-102(a)(7) of the NY UCC) of the “securities entitlement” (as defined in Section 8-102(a)(17) of the NY UCC)
with respect to each “financial asset” (as defined in Section 8-102(a)(9) of the NY UCC) credited to such Eligible Account, (ii) all such amounts, Cash Equivalents and all other property acquired with cash credited to the
Securities Account will be credited to the Securities Account, (iii) all items of property (whether cash, investment property, 

  
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Cash Equivalents, other investments, securities, instruments or other property) credited to the Securities Account will be treated as a “financial asset” under Article 8 of the NY UCC,
(iv) its “securities intermediary’s jurisdiction” (as defined in Section 8-110(e) of the NY UCC) with respect to the Securities Account is the State of New York, and (v) all securities, instruments and other property in
order or registered from and credited to the Securities Account shall be payable to or to the order of, or registered in the name of, the Mortgagee or shall be indorsed to the Mortgagee or in blank, and in no case whatsoever shall any financial
asset credited to the Securities Account be registered in the name of the Owner, payable to or to the order of the Owner or specially indorsed to the Owner except to the extent the foregoing have been specially endorsed by the Owner to the Mortgagee
or in blank. The Mortgagee agrees that it will hold (and will indicate clearly in its books and records that it holds) its “securities entitlement” to the “financial assets” credited to the Securities Account in trust for the
benefit of the Note Holders and each of the Indenture Indemnitees as set forth in this Trust Indenture. The Owner acknowledges that, by reason of the Mortgagee being the “entitlement holder” in respect of the Securities Account as provided
above, the Mortgagee shall have the sole right and discretion, subject only to the terms of this Trust Indenture, to give all “entitlement orders” (as defined in Section 8-102(a)(8) of the NY UCC) with respect to the Securities
Account and any and all financial assets and other property credited thereto to the exclusion of the Owner. 
 ARTICLE IV 

COVENANTS OF THE OWNER 

SECTION 4.01. Liens 

The Owner will not directly or indirectly create, incur, assume or suffer to exist any Lien on or with respect to the Airframe or any Engine,
title to any of the foregoing or any interest of Owner therein, except Permitted Liens. The Owner shall promptly, at its own expense, take such action as may be necessary to duly discharge (by bonding or otherwise) any Lien other than a Permitted
Lien arising at any time. 
 SECTION 4.02. Possession, Operation and Use, Maintenance, Registration and Markings 

(a) General. Except as otherwise expressly provided herein, the Owner shall be entitled to operate, use, locate, employ or otherwise
utilize or not utilize the Airframe, any Engine or any Parts in any lawful manner or place in accordance with the Owner’s business judgment. 

(b) Possession. The Owner, without the prior consent of Mortgagee, shall not lease or otherwise in any manner deliver, transfer or
relinquish possession of the Aircraft, the Airframe or any Engine or install any Engine, or permit any Engine to be installed, on any airframe other than the Airframe; except that the Owner may, without such prior written consent of Mortgagee: 

  
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 (i) Subject or permit any Permitted Lessee to subject (i) the Airframe to normal
interchange agreements or (ii) any Engine to normal interchange, pooling, borrowing or similar arrangements, in each case customary in the commercial airline industry and entered into by Owner or such Permitted Lessee, as the case may be, in
the ordinary course of business; provided, however, that if Owner’s title to any such Engine is divested under any such agreement or arrangement, then such Engine shall be deemed to have suffered an Event of Loss as of the date of
such divestiture, and Owner shall comply with Section 4.04(e) in respect thereof; 
 (ii) Deliver or permit any Permitted Lessee to
deliver possession of the Aircraft, Airframe, any Engine or any Part (x) to the manufacturer thereof or to any third-party maintenance provider for testing, service, repair, maintenance or overhaul work on the Aircraft, Airframe, any Engine or
any Part, or, to the extent required or permitted by Section 4.04, for alterations or modifications in or additions to the Aircraft, Airframe or any Engine or (y) to any Person for the purpose of transport to a Person referred to in the
preceding clause (x); 
 (iii) Install or permit any Permitted Lessee to install an Engine on an airframe owned by Owner or such Permitted
Lessee, as the case may be, free and clear of all Liens, except (x) Permitted Liens and those that do not apply to the Engines, and (y) the rights of third parties under normal interchange or pooling agreements and arrangements of the type
that would be permitted under Section 4.02(b)(i); 
 (iv) Install or permit any Permitted Lessee to install an Engine on an airframe
leased to Owner or such Permitted Lessee, or purchased by Owner or such Permitted Lessee subject to a mortgage, security agreement, conditional sale or other secured financing arrangement, but only if (x) such airframe is free and clear of all
Liens, except (A) the rights of the parties to such lease, or any such secured financing arrangement, covering such airframe and (B) Liens of the type permitted by clause (iii) above and (y) Owner or Permitted Lessee, as the case
may be, shall have received from the lessor, mortgagee, secured party or conditional seller, in respect of such airframe, a written agreement (which may be a copy of the lease, mortgage, security agreement, conditional sale or other agreement
covering such airframe), whereby such Person agrees that it will not acquire or claim any right, title or interest in, or Lien on, such Engine by reason of such Engine being installed on such airframe at any time while such Engine is subject to the
Lien of this Trust Indenture; 
 (v) Install or permit any Permitted Lessee to install an Engine on an airframe owned by Owner or such
Permitted Lessee, leased to Owner or such Permitted Lessee, or purchased by Owner or such Permitted Lessee subject to a conditional sale or other security agreement under circumstances where neither clause (iii) or (iv) above is
applicable; provided, however, that any such installation shall be deemed an Event of Loss with respect to such Engine, and Owner shall comply with Section 4.04(e) hereof in respect thereof; 

  
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 (vi) Transfer or permit any Permitted Lessee to transfer possession of the Aircraft, Airframe or
any Engine to the U.S. Government, in which event Owner shall promptly notify Mortgagee in writing of any such transfer of possession and, in the case of any transfer pursuant to CRAF, in such notification shall identify by name, address and
telephone numbers the Contracting Office Representative or Representatives for the Military Airlift Command of the United States Air Force to whom notices must be given and to whom requests or claims must be made to the extent applicable under CRAF;

 (vii) Enter into a charter or Wet Lease or other similar arrangement with respect to the Aircraft or any other aircraft on which any
Engine may be installed (which shall not be considered a transfer of possession hereunder); provided that the Owner’s obligations hereunder shall continue in full force and effect notwithstanding any such charter or Wet Lease or
other similar arrangement; 
 (viii) So long as no Event of Default shall have occurred and be continuing, and subject to the provisions of
the immediately following paragraph, enter into a lease with respect to the Aircraft, Airframe or any Engine to any Permitted Air Carrier that is not then subject to any bankruptcy, insolvency, liquidation, reorganization, dissolution or similar
proceeding and shall not have substantially all of its property in the possession of any liquidator, trustee, receiver or similar person; provided that, in the case only of a lease to a Permitted Foreign Air Carrier, (A) the
United States maintains diplomatic relations with the country of domicile of such Permitted Foreign Air Carrier (or, in the case of Taiwan, diplomatic relations at least as good as those in effect on the Closing Date) and (B) Owner shall have
furnished Mortgagee a favorable opinion of counsel, reasonably satisfactory to Mortgagee, in the country of domicile of such Permitted Foreign Air Carrier, that (v) the terms of such lease are the legal, valid and binding obligations of the
parties thereto enforceable under the laws of such jurisdiction, (w) it is not necessary for Mortgagee to register or qualify to do business in such jurisdiction, if not already so registered or qualified, as a result, in whole or in part, of
the proposed lease, (x) Mortgagee’s Lien in respect of, the Aircraft, Airframe and Engines will be recognized in such jurisdiction, (y) the Laws of such jurisdiction of domicile require fair compensation by the government of such
jurisdiction, payable in a currency freely convertible into Dollars, for the loss of title to the Aircraft, Airframe or Engines in the event of the requisition by such government of such title (unless Owner shall provide insurance in the amounts
required with respect to hull insurance under this Trust Indenture covering the requisition of title to the Aircraft, Airframe or Engines by the government of such jurisdiction so long as the Aircraft, Airframe or Engines are subject to such lease)
and (z) the agreement of such Permitted Air Carrier that its rights under the lease are subject and subordinate to all the terms of this Trust Indenture is enforceable against such Permitted Air Carrier under applicable law; 

provided that (1) the rights of any transferee who receives possession by reason of a transfer permitted by any of clauses (i) through
(viii) of this Section 4.02(b) (other than by a transfer of an Engine which is deemed an Event of Loss) shall be subject and subordinate to all the terms of this Trust Indenture, (2) the Owner shall remain primarily liable for the
performance of all of the terms of this Trust Indenture and all the terms and conditions of this Trust Indenture and the other Operative Agreements shall remain in effect and (3) no lease or transfer of possession otherwise in compliance with
this Section 4.02(b) shall (x) result in any registration or re-registration of an Aircraft, except to the extent permitted by Section 4.02(e) or the maintenance, operation or use thereof except in compliance with Sections 4.02(c) and
4.02(d) or (y) permit any action not permitted to the Owner hereunder. 

  
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 In the case of any lease permitted under this Section 4.02(b), the Owner will include in
such lease appropriate provisions which (t) make such lease expressly subject and subordinate to all of the terms of this Trust Indenture, including the rights of the Mortgagee to avoid such lease in the exercise of its rights to repossession
of the Airframe and Engines hereunder; (u) require the Permitted Lessee to comply with the terms of Section 4.06; and (v) require that the Airframe or any Engine subject thereto be used in accordance with the limitations applicable to
the Owner’s possession and use provided in this Trust Indenture. No lease permitted under this Section 4.02(b) shall be entered into unless (w) Owner shall provide written notice to Mortgagee (such notice in the event of a lease to a
U.S. Air Carrier to be given promptly after entering into any such lease or, in the case of a lease to any other Permitted Air Carrier, 10 days in advance of entering into such lease); (x) Owner shall furnish to Mortgagee evidence reasonably
satisfactory to Mortgagee that the insurance required by Section 4.06 remains in effect; (y) all necessary documents shall have been duly filed, registered or recorded in such public offices as may be required fully to preserve the first
priority security interest and International Interest (subject to Permitted Liens) of Mortgagee in the Aircraft, Airframe and Engines; and (z) Owner shall reimburse Mortgagee for all of its reasonable out-of-pocket fees and expenses, including,
without limitation, reasonable fees and disbursements of counsel, incurred by Mortgagee in connection with any such lease. Except as otherwise provided herein and without in any way relieving the Owner from its primary obligation for the performance
of its obligations under this Trust Indenture, the Owner may in its sole discretion permit a lessee to exercise any or all rights which the Owner would be entitled to exercise under Sections 4.02 and 4.04, and may cause a lessee to perform any or
all of the Owner’s obligations under Article IV, and the Mortgagee agrees to accept actual and full performance thereof by a lessee in lieu of performance by the Owner. 

Mortgagee hereby agrees, and each Note Holder and Related Note Holder by acceptance of an Equipment Note and a Related Equipment Note,
respectively, agrees, for the benefit of each lessor, conditional seller, indenture trustee or secured party of any engine leased to, or purchased by, Owner or any Permitted Lessee subject to a lease, conditional sale, trust indenture or other
security agreement that Mortgagee, each Note Holder and Related Note Holder and their respective successors and assigns will not acquire or claim, as against such lessor, conditional seller, indenture trustee or secured party, any right, title or
interest in any engine as the result of such engine being installed on the Airframe at any time while such engine is subject to such lease, conditional sale, trust indenture or other security agreement and owned by such lessor or conditional seller
or subject to a trust indenture or security interest in favor of such indenture trustee or secured party. 
 (c) Operation and Use.
So long as the Aircraft, Airframe or any Engine is subject to the Lien of this Trust Indenture, the Owner shall not operate, use or locate the Aircraft, Airframe or any Engine, or allow the Aircraft, Airframe or any Engine to be operated, used or
located, (i) in any area excluded from coverage by any insurance required by the terms of Section 4.06, except in the case of a requisition by the U.S. Government where the Owner obtains indemnity in lieu of such insurance from the U.S.
Government, or insurance from the U.S. Government, against substantially the same risks and for at least the amounts of the insurance required by Section 4.06 covering such area, or (ii) in any recognized area of hostilities unless covered
in accordance with Section 4.06 by war risk insurance, or in either case unless the 

  
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Aircraft, the Airframe or any Engine is only temporarily operated, used or located in such area as a result of an emergency, equipment malfunction, navigational error, hijacking, weather
condition or other similar unforeseen circumstance, so long as Owner diligently and in good faith proceeds to remove the Aircraft from such area. So long as the Aircraft, the Airframe or any Engine is subject to the Lien of this Trust Indenture, the
Owner shall not permit such Aircraft, Airframe or any Engine, as the case may be, to be used, operated, maintained, serviced, repaired or overhauled (x) in violation of any Law binding on or applicable to such Aircraft, Airframe or Engine or
(y) in violation of any airworthiness certificate, license or registration of any Government Entity relating to the Aircraft, the Airframe or any Engine, except (i) immaterial or non-recurring violations with respect to which corrective
measures are taken promptly by Owner or Permitted Lessee, as the case may be, upon discovery thereof, or (ii) to the extent the validity or application of any such Law or requirement relating to any such certificate, license or registration is
being contested in good faith by Owner or Permitted Lessee in any reasonable manner which does not involve any material risk of the sale, forfeiture or loss of the Aircraft, Airframe or any Engine, any material risk of criminal liability or material
civil penalty against Mortgagee or impair the Mortgagee’s security interest or International Interest in the Aircraft, Airframe or any Engine. 

(d) Maintenance and Repair. So long as the Aircraft, Airframe or any Engine is subject to the Lien of this Trust Indenture, the Owner
shall cause the Aircraft, Airframe and each Engine to be maintained, serviced, repaired and overhauled in accordance with (i) maintenance standards required by or substantially equivalent to those required by the FAA, the EASA or the central
aviation authority of Canada or Japan for the Aircraft, Airframe and Engines, so as to (A) keep the Aircraft, the Airframe and each Engine in as good operating condition as on the Closing Date, ordinary wear and tear excepted, (B) keep the
Aircraft in such operating condition as may be necessary to enable the applicable airworthiness certification of such Aircraft to be maintained under the regulations of the FAA or other Aviation Authority then having jurisdiction over the operation
of the Aircraft, except during (x) temporary periods of storage in accordance with applicable regulations, (y) maintenance and modification permitted hereunder or (z) periods when the FAA or such other Aviation Authority has revoked
or suspended the airworthiness certificates for Similar Aircraft; and (ii) except during periods when a Permitted Lease is in effect, the same standards as Owner uses with respect to similar aircraft of similar size in its fleet operated by
Owner in similar circumstances and, during any period in which a Permitted Lease is in effect, the same standards used by the Permitted Lessee with respect to similar aircraft of similar size in its fleet and operated by the Permitted Lessee in
similar circumstances (it being understood that this clause (ii) shall not limit Owner’s obligations under the preceding clause (i)). Owner further agrees that the Aircraft, Airframe and Engines will be maintained, used, serviced,
repaired, overhauled or inspected in compliance with applicable Laws with respect to the maintenance of the Aircraft and in compliance with each applicable airworthiness certificate, license and registration relating to the Aircraft, Airframe or any
Engine issued by the Aviation Authority, other than minor or nonrecurring violations with respect to which corrective measures are taken upon discovery thereof and except to the extent Owner or Permitted Lessee is contesting in good faith the
validity or application of any such Law or requirement relating to any such certificate, license or registration in any reasonable manner which does not create a material risk of sale, loss or forfeiture of the Aircraft, the Airframe or any Engine
or the interest of Mortgagee therein, or any material risk of criminal liability or material civil penalty against Mortgagee. The Owner shall maintain or cause to be maintained the Aircraft Documents in the English language. 

  
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 (e) Registration. The Owner on or prior to the date of the Closing shall cause the
Aircraft to be duly registered in its name under the Act and except as otherwise permitted by this Section 4.02(e) at all times thereafter shall cause the Aircraft to remain so registered. So long as no Special Default or Event of Default shall
have occurred and be continuing, Owner may, by written notice to Mortgagee, request to change the country of registration of the Aircraft. Any such change in registration shall be effected only in compliance with, and subject to all of the
conditions set forth in, Section 6.4.5 of the Participation Agreement. Unless this Trust Indenture has been discharged, Owner shall also cause this Trust Indenture to be duly recorded and at all times maintained of record as a first-priority
perfected mortgage (subject to Permitted Liens) on the Aircraft, the Airframe and each of the Engines (except to the extent such perfection or priority cannot be maintained solely as a result of the failure by Mortgagee to execute and deliver any
necessary documents). Unless the Lien of this Indenture has been discharged, Owner shall cause the International Interest granted under this Indenture in favor of the Mortgagee in each Airframe and Engine to be registered on the International
Registry as an International Interest on such Airframe and Engine, subject to the Mortgagee providing its consent to the International Registry with respect thereto, and shall cause the sale to Owner of the Airframe and each Engine on the Delivery
Date to be registered on the International Registry. 
 (f) Markings. If permitted by applicable Law, on or reasonably promptly after
the Closing Date, Owner will cause to be affixed to, and maintained in, the cockpit of the Airframe and on each Engine, in each case, in a clearly visible location, a placard of a reasonable size and shape bearing the legend: “Subject to a
security interest in favor of Wilmington Trust, National Association, not in its individual capacity but solely as Mortgagee.” Such placards may be removed temporarily, if necessary, in the course of maintenance of the Airframe or Engines. If
any such placard is damaged or becomes illegible, Owner shall promptly replace it with a placard complying with the requirements of this Section. 

SECTION 4.03. Inspection 

(a) At all reasonable times, so long as the Aircraft is subject to the Lien of this Trust Indenture, Mortgagee and its authorized
representatives (the “Inspecting Parties”) may (not more than once every 12 months unless an Event of Default has occurred and is continuing then such inspection right shall not be so limited) inspect the Aircraft, Airframe and Engines
(including without limitation, the Aircraft Documents) and any such Inspecting Party may make copies of such Aircraft Documents not reasonably deemed confidential by Owner or such Permitted Lessee. 

(b) Any inspection of the Aircraft hereunder shall be limited to a visual, walk-around inspection and shall not include the opening of any
panels, bays or other components of the Aircraft, and no such inspection shall interfere with Owner’s or any Permitted Lessee’s maintenance and operation of the Aircraft, Airframe and Engines. 

  
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 (c) With respect to such rights of inspection, Mortgagee shall not have any duty or liability to
make, or any duty or liability by reason of not making, any such visit, inspection or survey. 
 (d) Each Inspecting Party shall bear its
own expenses in connection with any such inspection (including the cost of any copies made in accordance with Section 4.03(a)). 

SECTION 4.04. Replacement and Pooling of Parts, Alterations, Modifications and Additions; Substitution Rights 

(a) Replacement of Parts. Except as otherwise provided herein, so long as the Airframe or Engine is subject to the Lien of this
Indenture, Owner, at its own cost and expense, will, or will cause a Permitted Lessee to, at its own cost and expense, promptly replace (or cause to be replaced) all Parts which may from time to time be incorporated or installed in or attached to
the Aircraft, Airframe or any Engine and which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, Owner may, at its
own cost and expense, or may permit a Permitted Lessee at its own cost and expense to, remove (or cause to be removed) in the ordinary course of maintenance, service, repair, overhaul or testing any Parts, whether or not worn out, lost, stolen,
destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided, however, that Owner, except as otherwise provided herein, at its own cost and expense, will, or will cause a Permitted Lessee at its
own cost and expense to, replace such Parts as promptly as practicable. All replacement parts shall be free and clear of all Liens, except for Permitted Liens and pooling arrangements to the extent permitted by Section 4.04(c) below (and except
in the case of replacement property temporarily installed on an emergency basis) and shall be in good operating condition and have a value and utility not less than the value and utility of the Parts replaced (assuming such replaced Parts were in
the condition required hereunder). 
 (b) Parts. Except as otherwise provided herein, any Part at any time removed from the Airframe
or any Engine shall remain subject to the Lien of this Trust Indenture, no matter where located, until such time as such Part shall be replaced by a part that has been incorporated or installed in or attached to such Airframe or any Engine and that
meets the requirements for replacement parts specified above. Immediately upon any replacement part becoming incorporated or installed in or attached to such Airframe or any Engine as provided in Section 4.04(a), without further act,
(i) the replaced Part shall thereupon be free and clear of all rights of the Mortgagee and shall no longer be deemed a Part hereunder, and (ii) such replacement part shall become a Part subject to this Trust Indenture and be deemed part of
such Airframe or any Engine, as the case may be, for all purposes hereof to the same extent as the Parts originally incorporated or installed in or attached to such Airframe or any Engine. 

(c) Pooling of Parts. Any Part removed from the Aircraft, Airframe or an Engine may be subjected by the Owner or a Permitted Lessee to
a normal pooling arrangement customary in the airline industry and entered into in the ordinary course of business of Owner or Permitted Lessee, provided that the part replacing such removed Part shall be


  
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incorporated or installed in or attached to such Airframe or any Engine in accordance with Sections 4.04(a) and 4.04(b) as promptly as practicable after the removal of such removed Part. In
addition, any replacement part when incorporated or installed in or attached to the Airframe or any Engine may be owned by any third party, subject to a normal pooling arrangement, so long as the Owner or a Permitted Lessee, at its own cost and
expense, as promptly thereafter as reasonably possible, either (i) causes such replacement part to become subject to the Lien of this Trust Indenture, free and clear of all Liens except Permitted Liens, at which time such replacement part shall
become a Part or (ii) replaces (or causes to be replaced) such replacement part by incorporating or installing in or attaching to the Aircraft, Airframe or any Engine a further replacement part owned by the Owner free and clear of all Liens
except Permitted Liens and which shall become subject to the Lien of this Trust Indenture in accordance with Section 4.04(b). 
 (d)
Alterations, Modifications and Additions. The Owner shall, or shall cause a Permitted Lessee to, make (or cause to be made) alterations and modifications in and additions to the Aircraft, Airframe and each Engine as may be required to be made
from time to time to meet the applicable standards of the FAA or other Aviation Authority having jurisdiction over the operation of the Aircraft, to the extent made mandatory in respect of the Aircraft (a “Mandatory Modification”);
provided however, that the Owner or a Permitted Lessee may, in good faith and by appropriate procedure, contest the validity or application of any law, rule, regulation or order in any reasonable manner which does not materially
adversely affect Mortgagee’s interest in the Aircraft, does not impair the Mortgagee’s security interest or International Interest in the Aircraft and does not involve any material risk of sale, forfeiture or loss of the Aircraft or the
interest of Mortgagee therein, or any material risk of material civil penalty or any material risk of criminal liability being imposed on Mortgagee or the holder of any Equipment Note. In addition, the Owner, at its own expense, may, or may permit a
Permitted Lessee at its own cost and expense to, from time to time make or cause to be made such alterations and modifications in and additions to the Airframe or any Engine (each an “Optional Modification”) as the Owner or such Permitted
Lessee may deem desirable in the proper conduct of its business including, without limitation, removal of Parts which Owner deems are obsolete or no longer suitable or appropriate for use in the Aircraft, Airframe or such Engine; provided,
however, that no such Optional Modification shall (i) materially diminish the fair market value, utility, or useful life of the Aircraft or any Engine below its fair market value, utility or useful life immediately prior to such Optional
Modification (assuming the Aircraft or such Engine was in the condition required by this Trust Indenture immediately prior to such Optional Modification) or (ii) cause the Aircraft to cease to have the applicable standard certificate of
airworthiness except that such certificate of airworthiness temporarily may be replaced by an experimental certificate during the process of implementing and testing such Optional Modification and securing related FAA re-certification of the
Aircraft. All Parts incorporated or installed in or attached to any Airframe or any Engine as the result of any alteration, modification or addition effected by the Owner shall be free and clear of any Liens except Permitted Liens and become subject
to the Lien of this Trust Indenture; provided that the Owner or any Permitted Lessee may, at any time so long as the Airframe or any Engine is subject to the Lien of this Trust Indenture, remove any such Part (such Part being referred to
herein as a “Removable Part”) from such Airframe or an Engine if (i) such Part is in addition to, and not in replacement of or in substitution for, any Part originally incorporated or installed in or


  
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attached to such Airframe or any Engine at the time of delivery thereof hereunder or any Part in replacement of, or in substitution for, any such original Part, (ii) such Part is not
required to be incorporated or installed in or attached or added to such Airframe or any Engine pursuant to the terms of Section 4.02(d) or the first sentence of this Section 4.04(d) and (iii) such Part can be removed from such
Airframe or any Engine without materially diminishing the fair market value, utility or remaining useful life which such Airframe or any Engine would have had at the time of removal had such removal not been effected by the Owner, assuming the
Aircraft was otherwise maintained in the condition required by this Trust Indenture and such Removable Part had not been incorporated or installed in or attached to the Aircraft, Airframe or such Engine. Upon the removal by the Owner of any such
Part as above provided in this Section 4.04(d), title thereto shall, without further act, be free and clear of all rights of the Mortgagee and such Part shall no longer be deemed a Part hereunder. Removable Parts may be leased from or financed
by third parties other than Mortgagee. 
 (e) Substitution of Engines. Upon the occurrence of an Event of Loss with respect to an
Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, Owner shall promptly (and in any event within 15 days after such occurrence) give the Mortgagee written notice of such Event of Loss. The Owner shall
have the right at its option at any time, on at least 5 Business Days’ prior notice to the Mortgagee, to substitute, and if an Event of Loss shall have occurred with respect to an Engine under circumstances in which an Event of Loss with
respect to the Airframe has not occurred, shall within 60 days of the occurrence of such Event of Loss substitute, a Replacement Engine for any Engine. In such event, immediately upon the effectiveness of such substitution and without further act,
(i) the replaced Engine shall thereupon be free and clear of all rights of the Mortgagee and the Lien of this Trust Indenture and shall no longer be deemed an Engine hereunder and (ii) such Replacement Engine shall become subject to this
Trust Indenture and be deemed part of the Aircraft for all purposes hereof to the same extent as the replaced Engine. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced
thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a value, utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine to be
replaced thereby (assuming that such Engine had been maintained in accordance with this Trust Indenture). The Owner’s right to make a replacement hereunder shall be subject to the fulfillment (which may be simultaneous with such replacement) of
the following conditions precedent at the Owner’s sole cost and expense, and the Mortgagee agrees to cooperate with the Owner to the extent necessary to enable it to timely satisfy such conditions: 

(i) an executed counterpart of each of the following documents shall be delivered to the Mortgagee: 

(A) a Trust Indenture Supplement covering the Replacement Engine, which shall have been duly filed for recordation pursuant to
the Act or such other applicable law of the jurisdiction other than the United States in which the Aircraft of which such Engine is a part is registered in accordance with Section 4.02(e), as the case may be; 

  
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 (B) a full warranty bill of sale (as to title), covering the Replacement Engine,
executed by the former owner thereof in favor of the Owner (or, at the Owner’s option, other evidence of the Owner’s ownership of such Replacement Engine, reasonably satisfactory to the Mortgagee); and 

(C) UCC financing statements covering the security interests created by this Trust Indenture (or any similar statements or
other documents required to be filed or delivered pursuant to the laws of the jurisdiction in which such Aircraft may be registered) as are deemed necessary or desirable by counsel for the Mortgagee to protect the security interests of the Mortgagee
in the Replacement Engine; 
 (ii) the Owner shall cause to be delivered to the Mortgagee an opinion of counsel to the effect that the Lien
of this Trust Indenture continues to be in full force and effect with respect to the Replacement Engine and such evidence of compliance with the insurance provisions of Section 4.06 with respect to such Replacement Engine as Mortgagee shall
reasonably request; 
 (iii) the Owner shall have furnished to Mortgagee an opinion of Owner’s aviation law counsel reasonably
satisfactory to Mortgagee and addressed to Mortgagee as to the due filing for recordation of the Trust Indenture Supplement with respect to such Replacement Engine under the Act or such other applicable law of the jurisdiction other than the United
States in which the Aircraft is registered in accordance with Section 4.02(e), as the case may be, and the registration (which Owner shall have caused to be effected) with the International Registry of the sale to Owner of such Replacement
Engine (if occurring after February 28, 2006) and the International Interest granted under such Trust Indenture Supplement with respect to such Replacement Engine; and 

(iv) the Owner shall have furnished to Mortgagee a certificate of a qualified aircraft engineer (who may be an employee of Owner) certifying
that such Replacement Engine has a value and utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine so replaced (assuming that such Engine had been maintained in accordance with
this Trust Indenture). 
 Upon satisfaction of all conditions to such substitution, (x) the Mortgagee shall execute and deliver to the Owner such
documents and instruments, prepared at the Owner’s expense, as the Owner shall reasonably request to evidence the release of such replaced Engine from the Lien of this Trust Indenture, (y) the Mortgagee shall assign to the Owner all claims
it may have against any other Person relating to any Event of Loss giving rise to such substitution and (z) the Owner shall receive all insurance proceeds (other than those reserved to others under Section 4.06(b)) and proceeds in respect
of any Event of Loss giving rise to such replacement to the extent not previously applied to the purchase price of the Replacement Engine as provided in Section 4.05(d). 

  
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 SECTION 4.05. Loss, Destruction or Requisition 

(a) Event of Loss With Respect to the Airframe. Upon the occurrence of an Event of Loss with respect to the Airframe, the Owner shall
promptly (and in any event within 15 days after such occurrence) give the Mortgagee written notice of such Event of Loss. The Owner shall, within 45 days after such occurrence, give the Mortgagee written notice of Owner’s election to either
replace the Airframe as provided under Section 4.05(a)(i) or to make payment in respect of such Event of Loss as provided under Section 4.05(a)(ii) (it being agreed that if Owner shall not have given the Mortgagee such notice of such
election within the above specified time period, the Owner shall be deemed to have elected to make payment in respect of such Event of Loss as provided under Section 4.05(a)(ii)): 

(i) if Owner elects to replace the Airframe, Owner shall, subject to the satisfaction of the conditions contained in Section 4.05(c), as
promptly as possible and in any event within 120 days after the occurrence of such Event of Loss, cause to be subjected to the Lien of this Trust Indenture, in replacement of the Airframe with respect to which the Event of Loss occurred, a
Replacement Airframe and, if any Engine shall have been installed on the Airframe when it suffered the Event of Loss, a Replacement Engine therefor, such Replacement Airframe and Replacement Engines to be free and clear of all Liens except Permitted
Liens and to have a value, utility and remaining useful life (without regard to hours or cycles remaining until the next regular maintenance check) at least equal to the Airframe or Engine, as the case may be, to be replaced thereby (assuming that
such Airframe or Engine had been maintained in accordance with this Trust Indenture); provided that if the Owner shall not perform its obligation to effect such replacement under this clause (i) during the 120-day period of time
provided herein, it shall pay the amounts required to be paid pursuant to and within the time frame specified in clause (ii) below; or 

(ii) if Owner elects to make a payment in respect of such Event of Loss of the Airframe, Owner shall make a payment to the Mortgagee for
purposes of redeeming Equipment Notes in accordance with Section 2.10 hereof on a date on or before the Business Day next following the earlier of (x) the 120th day following the date of the occurrence of such Event of Loss, and
(y) the fourth Business Day following the receipt of insurance proceeds with respect to such Event of Loss (but in any event not earlier than the date of Owner’s election under Section 4.05(a) to make payment under this
Section 4.05 (a)(ii)); and upon such payment and payment of all other Secured Obligations then due and payable, the Mortgagee shall, at the cost and expense of the Owner, release from the Lien of this Trust Indenture the Airframe and the
Engines, by executing and delivering to the Owner all documents and instruments as the Owner may reasonably request to evidence such release. 

(b) Effect of Replacement. Should the Owner have provided a Replacement Airframe and Replacement Engines, if any, as provided for in
Section 4.05(a)(i), (i) the Lien of this Trust Indenture shall continue with respect to such Replacement Airframe and Replacement Engines, if any, as though no Event of Loss had occurred; (ii) the Mortgagee shall, at the cost and
expense of the Owner, release from the Lien of this Trust Indenture the replaced Airframe and Engines, if any, by executing and delivering to the Owner such documents and instruments as the Owner may reasonably request to evidence such release; and
(iii) in the case 

  
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of a replacement upon an Event of Loss, the Mortgagee shall assign to the Owner all claims the Mortgagee may have against any other Person arising from the Event of Loss and the Owner shall
receive all insurance proceeds (other than those reserved to others under Section 4.06(b)) and proceeds from any award in respect of condemnation, confiscation, seizure or requisition, including any investment interest thereon, to the extent
not previously applied to the purchase price of the Replacement Airframe and Replacement Engines, if any, as provided in Section 4.05(d). 

(c) Conditions to Airframe and Engine Replacement. The Owner’s right to substitute a Replacement Airframe and Replacement
Engines, if any, as provided in Section 4.05(a)(i) shall be subject to the fulfillment, at the Owner’s sole cost and expense, in addition to the conditions contained in such Section 4.05(a)(i), of the following conditions precedent:

 (i) on the date when the Replacement Airframe and Replacement Engines, if any, is subjected to the Lien of this Trust Indenture (such
date being referred to in this Section 4.05 as the “Replacement Closing Date”), an executed counterpart of each of the following documents (or, in the case of the FAA Bill of Sale and full warranty bill of sale referred to below, a
photocopy thereof) shall have been delivered to the Mortgagee: 
 (A) a Trust Indenture Supplement covering the Replacement
Airframe and Replacement Engines, if any, which shall have been duly filed for recordation pursuant to the Act or such other applicable law of such jurisdiction other than the United States in which the Replacement Airframe and Replacement Engines,
if any, are to be registered in accordance with Section 4.02(e), as the case may be; 
 (B) an FAA Bill of Sale (or a
comparable document, if any, of another Aviation Authority, if applicable) covering the Replacement Airframe, executed by the former owner thereof in favor of the Owner; 

(C) a full warranty (as to title) bill of sale, covering the Replacement Airframe and Replacement Engines, if any, executed by
the former owner thereof in favor of the Owner (or, at the Owner’s option, other evidence of the Owner’s ownership of such Replacement Airframe and Replacement Engines, if any, reasonably satisfactory to the Mortgagee); and 

(D) UCC financing statements (or any similar statements or other documents required to be filed or delivered pursuant to the
laws of the jurisdiction in which the Replacement Airframe may be registered in accordance with Section 4.02(e)) as are deemed necessary or desirable by counsel for the Mortgagee to protect the security interests of the Mortgagee in the
Replacement Airframe and Replacement Engines, if any; 
 (ii) the Replacement Airframe and Replacement Engines, if any, shall be of the
same model as the Airframe or Engines, as the case may be, or an improved model of such aircraft or engines of the manufacturer thereof, shall have a value and utility (without regard to hours or cycles remaining until the next regular maintenance
check) at least equal to, and be in as good operating condition and repair as, the Airframe and any Engines replaced (assuming such Airframe and Engines had been maintained in accordance with this Trust Indenture); 

  
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 (iii) the Mortgagee (acting directly or by authorization to its special counsel) shall have
received satisfactory evidence as to the compliance with Section 4.06 with respect to the Replacement Airframe and Replacement Engines, if any; 

(iv) on the Replacement Closing Date, (A) the Owner shall cause the Replacement Airframe and Replacement Engines, if any, to be subject
to the Lien of this Trust Indenture free and clear of Liens (other than Permitted Liens), (B) the Replacement Airframe shall have been duly certified by the FAA as to type and airworthiness in accordance with the terms of this Trust Indenture,
(C) application for registration of the Replacement Airframe in accordance with Section 4.02(e) shall have been duly made with the FAA or other applicable Aviation Authority and the Owner shall have authority to operate the Replacement
Airframe and (D) the Owner shall have caused the sale of such Replacement Airframe and Replacement Engine(s), if any, to the Owner (if occurring after February 28, 2006) and the International Interest granted under the Trust Indenture
Supplement in favor of the Mortgagee with respect to such Replacement Airframe and Replacement Engine(s), if any, each to be registered on the International Registry as a sale or an International Interest, respectively; 

(v) the Mortgagee, at the expense of the Owner, shall have received (acting directly or by authorization to its special counsel) (A) an
opinion of counsel, addressed to the Mortgagee, to the effect that the Replacement Airframe and Replacement Engine, if any, has or have duly been made subject to the Lien of this Trust Indenture, and Mortgagee will be entitled to the benefits of
Section 1110 with respect to the Replacement Airframe, provided that such opinion with respect to Section 1110 need not be delivered to the extent that immediately prior to such replacement the benefits of Section 1110 were not,
solely by reason of a change in law or court interpretation thereof, available to Mortgagee, and (B) an opinion of Owner’s aviation law counsel reasonably satisfactory to and addressed to Mortgagee as to the due registration of any such
Replacement Airframe and the due filing for recordation of each Trust Indenture Supplement with respect to such Replacement Airframe or Replacement Engine under the Act or such other applicable law of the jurisdiction other than the
United States in which the Replacement Airframe is to be registered in accordance with Section 4.02(e), as the case may be, and the registration with the International Registry of the sale of such Replacement Airframe and Replacement
Engine(s), if any, to the Owner (if occurring after February 28, 2006) and of the International Interest granted under the Trust Indenture Supplement with respect to such Replacement Aircraft and Replacement Engine(s), if any; and 

(vi) the Owner shall have furnished to the Mortgagee a certificate of a qualified aircraft engineer (who may be an employee of Owner)
certifying that the Replacement Airframe and Replacement Engines, if any, have a value and utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Airframe and any Engines so replaced
(assuming that such Airframe and Engines had been maintained in accordance with this Trust Indenture). 

  
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 (d) Non-Insurance Payments Received on Account of an Event of Loss. Any amounts, other
than insurance proceeds in respect of damage or loss not constituting an Event of Loss (the application of which is provided for in Annex B), received at any time by Mortgagee or Owner from any Government Entity or any other Person in respect
of any Event of Loss will be applied as follows: 
 (i) If such amounts are received with respect to the Airframe, and any
Engine installed thereon at the time of such Event of Loss, upon compliance by Owner with the applicable terms of Section 4.05(c) with respect to the Event of Loss for which such amounts are received, such amounts shall be paid over to, or
retained by, Owner; 
 (ii) If such amounts are received with respect to an Engine (other than an Engine installed on the
Airframe at the time such Airframe suffers an Event of Loss), upon compliance by Owner with the applicable terms of Section 4.04(e) with respect to the Event of Loss for which such amounts are received, such amounts shall be paid over to, or
retained by, Owner; 
 (iii) If such amounts are received, in whole or in part, with respect to the Airframe, and Owner
makes, has made or is deemed to have made the election set forth in Section 4.05(a)(ii), such amounts shall be applied as follows: 

        first, if the sum described in Section 4.05(a)(ii) has not then
been paid in full by Owner, such amounts shall be paid to Mortgagee to the extent necessary to pay in full such sum; and 

        second, the remainder, if any, shall be paid to Owner. 

(e) Requisition for Use. In the event of a requisition for use by any Government Entity of the Airframe and the Engines, if any, or
engines installed on such Airframe while such Airframe is subject to the Lien of this Trust Indenture, the Owner shall promptly notify the Mortgagee of such requisition and all of the Owner’s obligations under this Trust Indenture shall
continue to the same extent as if such requisition had not occurred except to the extent that the performance or observance of any obligation by the Owner shall have been prevented or delayed by such requisition; provided that the
Owner’s obligations under this Section 4.05 with respect to the occurrence of an Event of Loss for the payment of money and under Section 4.06 (except while an assumption of liability by the U.S. Government of the scope referred to in
Section 4.02(c) is in effect) shall not be reduced or delayed by such requisition. Any payments received by the Mortgagee or the Owner or Permitted Lessee from such Government Entity with respect to such requisition of use shall be paid over
to, or retained by, the Owner. In the event of an Event of Loss of an Engine resulting from the requisition for use by a Government Entity of such Engine (but not the Airframe), the Owner will replace such Engine hereunder by complying with the
terms of Section 4.04(e) and any payments received by the Mortgagee or the Owner from such Government Entity with respect to such requisition shall be paid over to, or retained by, the Owner. 

  
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 (f) Certain Payments to be Held As Security. Any amount referred to in this
Section 4.05 or Section 4.06 which is payable or creditable to, or retainable by, the Owner shall not be paid or credited to, or retained by the Owner if at the time of such payment, credit or retention a Special Default or an Event of
Default shall have occurred and be continuing, but shall be paid to and held by the Mortgagee as security for the obligations of the Owner under this Trust Indenture and the Operative Agreements, and at such time as there shall not be continuing any
such Special Default or Event of Default such amount and any gain realized as a result of investments required to be made pursuant to Section 6.06 shall to the extent not theretofore applied as provided herein, be paid over to the Owner. 

SECTION 4.06. Insurance 

(a) Owner’s Obligation to Insure. Owner shall comply with, or cause to be complied with, each of the provisions of Annex B,
which provisions are hereby incorporated by this reference as if set forth in full herein. 
 (b) Insurance for Own Account. Nothing
in Section 4.06 shall limit or prohibit (a) Owner from maintaining the policies of insurance required under Annex B with higher limits than those specified in Annex B, or (b) Mortgagee from obtaining insurance for its own account (and
any proceeds payable under such separate insurance shall be payable as provided in the policy relating thereto); provided, however, that no insurance may be obtained or maintained that would limit or otherwise adversely affect the
coverage of any insurance required to be obtained or maintained by Owner pursuant to this Section 4.06 and Annex B. 
 (c)
Indemnification by Government in Lieu of Insurance. Mortgagee agrees to accept, in lieu of insurance against any risk with respect to the Aircraft described in Annex B, indemnification from, or insurance provided by, the U.S. Government, or
upon the written consent of Mortgagee, other Government Entity, against such risk in an amount that, when added to the amount of insurance (including permitted self-insurance), if any, against such risk that Owner (or any Permitted Lessee) may
continue to maintain, in accordance with this Section 4.06, during the period of such requisition or transfer, shall be at least equal to the amount of insurance against such risk otherwise required by this Section 4.06; provided
that the provisions of Section D of Annex B shall not apply to an indemnity or insurance provided by the U.S. Government in lieu of insurance required by Section C of Annex B, except to the extent the U.S. Government makes such provisions generally
available to covered airlines. 
 (d) Application of Insurance Proceeds. As between Owner and Mortgagee, all insurance proceeds
received as a result of the occurrence of an Event of Loss with respect to the Aircraft or any Engine under policies required to be maintained by Owner pursuant to this Section 4.06 will be applied in accordance with Section 4.05(d). All
proceeds of insurance required to be maintained by Owner, in accordance with Section 4.06 and Section B of Annex B, in respect of any property damage or loss not constituting an Event of Loss with respect to the Aircraft, Airframe or
any Engine will be applied in payment (or to reimburse Owner) for repairs or for replacement property, and any balance remaining after such repairs or replacement with respect to such damage or loss shall be paid over to, or retained by, Owner. 


  
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 SECTION 4.07. Merger of Owner 

(a) In General. Owner shall not consolidate with or merge into any other person under circumstances in which Owner is not the surviving
corporation, or convey, transfer or lease in one or more transactions all or substantially all of its assets to any other person, unless: 

(i) such person is organized, existing and in good standing under the Laws of the United States, any State of the United States or the
District of Columbia and, upon consummation of such transaction, such person will be a U.S. Air Carrier; 
 (ii) such person executes and
delivers to Mortgagee a duly authorized, legal, valid, binding and enforceable agreement, reasonably satisfactory in form and substance to Mortgagee, containing an effective assumption by such person of the due and punctual performance and
observance of each covenant, agreement and condition in the Operative Agreements to be performed or observed by Owner; 
 (iii) if the
Aircraft is, at the time, registered with the FAA, such person makes such filings and recordings with the FAA pursuant to the Act or if the Aircraft is, at the time, not registered with FAA, such person makes such filings and recordings with the
applicable Aviation Authority as shall be necessary to evidence such consolidation or merger; 
 (iv) such person makes such registrations
with the International Registry as shall be permitted to evidence such consolidation or merger; and 
 (v) immediately after giving effect
to such consolidation or merger no Event of Default shall have occurred and be continuing. 
 (b) Effect of Merger. Upon any such
consolidation or merger of Owner with or into, or the conveyance, transfer or lease by Owner of all or substantially all of its assets to, any Person in accordance with this Section 4.07, such Person will succeed to, and be substituted for, and
may exercise every right and power of, Owner under the Operative Agreements with the same effect as if such person had been named as “Owner” therein. No such consolidation or merger, or conveyance, transfer or lease, shall have the effect
of releasing Owner or such Person from any of the obligations, liabilities, covenants or undertakings of Owner under this Trust Indenture. 

ARTICLE V 
 EVENTS OF
DEFAULT; REMEDIES OF MORTGAGEE 
 SECTION 5.01. Event of Default 

“Event of Default” means any of the following events (whatever the reason for such Event of Default and whether such event shall be
voluntary or involuntary or come about or be effected by operation of Law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

  
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 (i) the failure of the Owner to pay (i) principal of, interest on or Make-Whole Amount, if
any, under any Equipment Note when due, and such failure shall continue unremedied for a period of 10 Business Days, or (ii) any other amount payable by it to the Note Holders under this Trust Indenture or the Participation Agreement when due,
and such failure shall continue for a period in excess of 10 Business Days after Owner has received written notice from Mortgagee of the failure to make such payment when due; 

(ii) Owner shall fail to carry and maintain, or cause to be carried and maintained, insurance on and in respect of the Aircraft, Airframe and
Engines in accordance with the provisions of Section 4.06; 
 (iii) Owner shall fail to observe or perform (or caused to be observed
and performed) in any material respect any other covenant, agreement or obligation set forth herein or in any other Operative Agreement to which Owner is a party and such failure shall continue unremedied for a period of 30 days from and after the
date of written notice thereof to Owner from Mortgagee, unless such failure is capable of being corrected and Owner shall be diligently proceeding to correct such failure, in which case there shall be no Event of Default unless and until such
failure shall continue unremedied for a period of 270 days after receipt of such notice; 
 (iv) any representation or warranty made
by Owner herein, in the Participation Agreement or in any other Operative Agreement to which Owner is a party (a) shall prove to have been untrue or inaccurate in any material respect as of the date made, (b) such untrue or inaccurate
representation or warranty is material at the time in question, (c) and the same shall remain uncured (to the extent of the adverse impact of such incorrectness on the interest of the Mortgagee) for a period in excess of 30 days from and after
the date of written notice thereof from Mortgagee to Owner; 
 (v) the Owner shall consent to the appointment of or taking possession by a
receiver, trustee or liquidator of itself or of a substantial part of its property, or the Owner shall admit in writing its inability to pay its debts generally as they come due or shall make a general assignment for the benefit of its creditors, or
the Owner shall file a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief under any bankruptcy laws or insolvency laws (as in effect at such time), or an answer admitting the
material allegations of a petition filed against it in any such case, or the Owner shall seek relief by voluntary petition, answer or consent, under the provisions of any other bankruptcy or similar law providing for the reorganization or winding-up
of corporations (as in effect at such time), or the Owner shall seek an agreement, composition, extension or adjustment with its creditors under such laws or the Owner’s board of directors shall adopt a resolution authorizing corporate action
in furtherance of any of the foregoing; 
 (vi) an order, judgment or decree shall be entered by any court of competent jurisdiction
appointing, without the consent of the Owner, a receiver, trustee or liquidator of the Owner or of any substantial part of its property, or any substantial part of the property of the Owner shall be sequestered, or granting any other relief in
respect of the Owner as a debtor under any bankruptcy laws or other insolvency laws (as in effect at such time), and any such order, judgment, decree, or decree of appointment or sequestration shall remain in force undismissed, unstayed or unvacated
for a period of 90 days after the date of entry thereof; 

  
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 (vii) a petition against the Owner in a proceeding under any bankruptcy laws or other insolvency
laws (as in effect at such time) is filed and not withdrawn or dismissed within 90 days thereafter, or if, under the provisions of any law providing for reorganization or winding-up of corporations which may apply to the Owner, any court of
competent jurisdiction shall assume jurisdiction, custody or control of the Owner of any substantial part of its property and such jurisdiction, custody or control shall remain in force unrelinquished, unstayed or unterminated for a period of 90
days; or 
 (viii) the occurrence of a Related Indenture Event of Default. 

SECTION 5.02. Remedies 

(a) If an Event of Default shall have occurred and be continuing and so long as the same shall continue unremedied, then and in every such
case the Mortgagee may exercise any or all of the rights and powers and pursue any and all of the remedies pursuant to this Article V and shall have and may exercise all of the rights and remedies of a secured party under the Uniform Commercial Code
or of a chargee under the Cape Town Treaty and may take possession of all or any part of the properties covered or intended to be covered by the Lien created hereby or pursuant hereto and may exclude the Owner and all persons claiming under it
wholly or partly therefrom; provided, that the Mortgagee shall give the Owner twenty days’ prior written notice of its intention to sell the Aircraft. Without limiting any of the foregoing, it is understood and agreed that the Mortgagee
may exercise any right of sale of the Aircraft available to it, even though it shall not have taken possession of the Aircraft and shall not have possession thereof at the time of such sale. 

(b) If an Event of Default shall have occurred and be continuing, then and in every such case the Mortgagee may (and shall, upon receipt of a
written demand therefor from a Majority in Interest of Note Holders), at any time, by delivery of written notice or notices to the Owner, declare all the Equipment Notes to be due and payable, whereupon the unpaid Original Amount of all Equipment
Notes then outstanding, together with accrued but unpaid interest thereon (without Make-Whole Amount) and other amounts due thereunder or otherwise payable hereunder, shall immediately become due and payable without presentment, demand, protest or
notice, all of which are hereby waived; provided that if an Event of Default referred to in clause (v), (vi) or (vii) of Section 5.01 hereof shall have occurred, then and in every such case the unpaid Original Amount then outstanding,
together with accrued but unpaid interest (without Make-Whole Amount) and all other amounts due hereunder and under the Equipment Notes shall immediately and without further act become due and payable without presentment, demand, protest or notice,
all of which are hereby waived. 
 This Section 5.02(b), however, is subject to the condition that, if at any time after the Original
Amount of the Equipment Notes shall have become so due and payable, and before any judgment or decree for the payment of the money so due, or any thereof, shall be entered, all overdue payments of interest upon the Equipment Notes and all other
amounts payable 

  
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hereunder or under the Equipment Notes (except the Original Amount of the Equipment Notes and any Make-Whole Amount which by such declaration shall have become payable) shall have been duly paid,
and every other Default and Event of Default with respect to any covenant or provision of this Trust Indenture shall have been cured, then and in every such case a Majority in Interest of Note Holders may (but shall not be obligated to), by written
instrument filed with the Mortgagee, rescind and annul the Mortgagee’s declaration (or such automatic acceleration) and its consequences; but no such rescission or annulment shall extend to or affect any subsequent Default or Event of Default
or impair any right consequent thereon. 
 (c) The Note Holders shall be entitled, at any sale pursuant to this Section 5.02, to
credit against any purchase price bid at such sale by such holder all or any part of the unpaid obligations owing to such Note Holder and secured by the Lien of this Trust Indenture (only to the extent that such purchase price would have been paid
to such Note Holder pursuant to Article III hereof if such purchase price were paid in cash and the foregoing provisions of this subsection (c) were not given effect). 

(d) In the event of any sale of the Collateral, or any part thereof, pursuant to any judgment or decree of any court or otherwise in
connection with the enforcement of any of the terms of this Trust Indenture, the unpaid Original Amount of all Equipment Notes then outstanding, together with accrued interest thereon (without Make-Whole Amount), and other amounts due thereunder,
shall immediately become due and payable without presentment, demand, protest or notice, all of which are hereby waived. 
 (e)
Notwithstanding anything contained herein, so long as the Pass Through Trustee under any Pass Through Trust Agreement (or its designee) is a Note Holder, the Mortgagee will not be authorized or empowered to acquire title to any Collateral or take
any action with respect to any Collateral so acquired by it if such acquisition or action would cause any Trust to fail to qualify as a “grantor trust” for federal income tax purposes. 

SECTION 5.03. Return of Aircraft, Etc. 

(a) If an Event of Default shall have occurred and be continuing and the Equipment Notes have been accelerated, at the request of the
Mortgagee, the Owner shall promptly execute and deliver to the Mortgagee such instruments of title and other documents as the Mortgagee may deem necessary or advisable to enable the Mortgagee or an agent or representative designated by the
Mortgagee, at such time or times and place or places as the Mortgagee may specify, to obtain possession of all or any part of the Collateral to which the Mortgagee shall at the time be entitled hereunder. If the Owner shall for any reason fail to
execute and deliver such instruments and documents after such request by the Mortgagee, the Mortgagee may (i) obtain a judgment conferring on the Mortgagee the right to immediate possession and requiring the Owner to execute and deliver such
instruments and documents to the Mortgagee, to the entry of which judgment the Owner hereby specifically consents to the fullest extent permitted by Law, and (ii) pursue all or part of such Collateral wherever it may be found and may enter any
of the premises of Owner wherever such Collateral may be or be supposed to be and search for such Collateral and take possession of and remove such Collateral. All expenses of obtaining such judgment or of pursuing, searching for and taking such
property shall, until paid, be secured by the Lien of this Trust Indenture. 

  
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 (b) Upon every such taking of possession, the Mortgagee may, from time to time, at the expense
of the Collateral, make all such expenditures for maintenance, use, operation, storage, insurance, leasing, control, management, disposition, modifications or alterations to and of the Collateral, as it may deem proper. In each such case, the
Mortgagee shall have the right to maintain, use, operate, store, insure, lease, control, manage, dispose of, modify or alter the Collateral and to exercise all rights and powers of the Owner relating to the Collateral, as the Mortgagee shall deem
best, including the right to enter into any and all such agreements with respect to the maintenance, use, operation, storage, insurance, leasing, control, management, disposition, modification or alteration of the Collateral or any part thereof as
the Mortgagee may determine, and the Mortgagee shall be entitled to collect and receive directly all rents, revenues and other proceeds of the Collateral and every part thereof, without prejudice, however, to the right of the Mortgagee under any
provision of this Trust Indenture to collect and receive all cash held by, or required to be deposited with, the Mortgagee hereunder. Such rents, revenues and other proceeds shall be applied to pay the expenses of the maintenance, use, operation,
storage, insurance, leasing, control, management, disposition, improvement, modification or alteration of the Collateral and of conducting the business thereof, and to make all payments which the Mortgagee may be required or may elect to make, if
any, for taxes, assessments, insurance or other proper charges upon the Collateral or any part thereof (including the employment of engineers and accountants to examine, inspect and make reports upon the properties and books and records of the
Owner), and all other payments which the Mortgagee may be required or authorized to make under any provision of this Trust Indenture, as well as just and reasonable compensation for the services of the Mortgagee, and of all persons properly engaged
and employed by the Mortgagee with respect hereto. 
 SECTION 5.04. Remedies Cumulative 

Each and every right, power and remedy given to the Mortgagee specifically or otherwise in this Trust Indenture shall be cumulative and shall
be in addition to every other right, power and remedy herein specifically given or now or hereafter existing at Law, in equity or by statute, and each and every right, power and remedy whether specifically herein given or otherwise existing may be
exercised from time to time and as often and in such order as may be deemed expedient by the Mortgagee, and the exercise or the beginning of the exercise of any power or remedy shall not be construed to be a waiver of the right to exercise at the
same time or thereafter any other right, power or remedy. No delay or omission by the Mortgagee in the exercise of any right, remedy or power or in the pursuance of any remedy shall impair any such right, power or remedy or be construed to be a
waiver of any default on the part of the Owner or to be an acquiescence therein. 
 SECTION 5.05. Discontinuance of Proceedings

 In case the Mortgagee shall have instituted any proceeding to enforce any right, power or remedy under this Trust Indenture by
foreclosure, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been 

  
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determined adversely to the Mortgagee, then and in every such case the Owner and the Mortgagee shall, subject to any determination in such proceedings, be restored to their former positions and
rights hereunder with respect to the Collateral, and all rights, remedies and powers of the Owner or the Mortgagee shall continue as if no such proceedings had been instituted. 

SECTION 5.06. Waiver of Past Defaults 

Upon written instruction from a Majority in Interest of Note Holders, the Mortgagee shall waive any past Default hereunder and its consequences
and upon any such waiver such Default shall cease to exist and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Trust Indenture, but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon; provided, that in the absence of written instructions from all the Note Holders, the Mortgagee shall not waive any Default (i) in the payment of the Original Amount, Make-Whole Amount, if any, and interest
and other amounts due under any Equipment Note then outstanding, or (ii) in respect of a covenant or provision hereof which, under Article X hereof, cannot be modified or amended without the consent of each Note Holder. 

SECTION 5.07. Appointment of Receiver 

The Mortgagee shall, as a matter of right, be entitled to the appointment of a receiver (who may be the Mortgagee or any successor or nominee
thereof) for all or any part of the Collateral, whether such receivership be incidental to a proposed sale of the Collateral or the taking of possession thereof or otherwise, and the Owner hereby consents to the appointment of such a receiver and
will not oppose any such appointment. Any receiver appointed for all or any part of the Collateral shall be entitled to exercise all the rights and powers of the Mortgagee with respect to the Collateral. 

SECTION 5.08. Mortgagee Authorized to Execute Bills of Sale, Etc. 

The Owner irrevocably appoints, while an Event of Default has occurred and is continuing, the Mortgagee the true and lawful attorney-in-fact of
the Owner (which appointment is coupled with an interest) in its name and stead and on its behalf, for the purpose of effectuating any sale, assignment, transfer or delivery for the enforcement of the Lien of this Trust Indenture, whether pursuant
to foreclosure or power of sale, assignments and other instruments as may be necessary or appropriate, with full power of substitution, the Owner hereby ratifying and confirming all that such attorney or any substitute shall do by virtue hereof in
accordance with applicable law. Nevertheless, if so requested by the Mortgagee or any purchaser, the Owner shall ratify and confirm any such sale, assignment, transfer or delivery, by executing and delivering to the Mortgagee or such purchaser all
bills of sale, assignments, releases and other proper instruments to effect such ratification and confirmation as may be designated in any such request. 

  
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 SECTION 5.09. Rights of Note Holders to Receive Payment 

Notwithstanding any other provision of this Trust Indenture, the right of any Note Holder to receive payment of principal of, and premium, if
any, and interest on an Equipment Note on or after the respective due dates expressed in such Equipment Note, or to bring suit for the enforcement of any such payment on or after such respective dates in accordance with the terms hereof, shall not
be impaired or affected without the consent of such Note Holder. 
 ARTICLE VI 

DUTIES OF THE MORTGAGEE 

SECTION 6.01. Notice of Event of Default 

If the Mortgagee shall have Actual Knowledge of an Event of Default or of a Default arising from a failure to pay any installment of principal
and interest on any Equipment Note, the Mortgagee shall give prompt written notice thereof to each Note Holder. Subject to the terms of Sections 5.06, 6.02 and 6.03 hereof, the Mortgagee shall take such action, or refrain from taking such action,
with respect to such Event of Default or Default (including with respect to the exercise of any rights or remedies hereunder) as the Mortgagee shall be instructed in writing by a Majority in Interest of Note Holders. Subject to the provisions of
Section 6.03, if the Mortgagee shall not have received instructions as above provided within 20 days after mailing notice of such Event of Default to the Note Holders, the Mortgagee may, subject to instructions thereafter received pursuant to
the preceding provisions of this Section 6.01, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default or Default as it shall determine
advisable in the best interests of the Note Holders; provided, however, that the Mortgagee may not sell the Aircraft or any Engine without the consent of a Majority in Interest of Note Holders. For all purposes of this Trust Indenture,
in the absence of Actual Knowledge on the part of the Mortgagee, the Mortgagee shall not be deemed to have knowledge of a Default or an Event of Default (except, the failure of Owner to pay any installment of principal or interest within one
Business Day after the same shall become due, which failure shall constitute knowledge of a Default) unless notified in writing by the Owner or one or more Note Holders. 

SECTION 6.02. Action Upon Instructions; Certain Rights and Limitations 

Subject to the terms of Sections 5.02(a), 5.06, 6.01 and 6.03 hereof, upon the written instructions at any time and from time to time of a
Majority in Interest of Note Holders, the Mortgagee shall, subject to the terms of this Section 6.02, take such of the following actions as may be specified in such instructions: (i) give such notice or direction or exercise such right,
remedy or power hereunder as shall be specified in such instructions and (ii) give such notice or direction or exercise such right, remedy or power hereunder with respect to any part of the Collateral as shall be specified in such instructions;
it being understood that without the written instructions of a Majority in Interest of Note Holders, the Mortgagee shall not, except as provided in Section 6.01, approve any such matter as satisfactory to the Mortgagee. 

The Mortgagee will execute and the Owner will file such continuation statements with respect to financing statements relating to the security
interest created hereunder in the Collateral as may be specified from time to time in written instructions of a Majority in Interest of Note Holders (which instructions shall be accompanied by the form of such continuation statement so to be filed).
The Mortgagee will furnish to each Note Holder, promptly upon receipt thereof, duplicates or copies of all reports, notices, requests, demands, certificates and other instruments furnished to the Mortgagee hereunder. 

  
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 SECTION 6.03. Indemnification 

The Mortgagee shall not be required to take any action or refrain from taking any action under Section 6.01 (other than the first sentence
thereof), 6.02 or Article V hereof unless the Mortgagee shall have been indemnified to its reasonable satisfaction against any liability, cost or expense (including counsel fees) which may be incurred in connection therewith pursuant to a written
agreement with one or more Note Holders. The Mortgagee agrees that it shall look solely to the Note Holders for the satisfaction of any indemnity (except expenses for foreclosure of the type referred to in clause “First” of
Section 3.03 hereof) owed to it pursuant to this Section 6.03. The Mortgagee shall not be under any obligation to take any action under this Trust Indenture or any other Operative Agreement and nothing herein or therein shall require the
Mortgagee to expend or risk its own funds or otherwise incur the risk of any financial liability in the performance of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it (the written indemnity of any Note Holder who is a QIB, signed by an authorized officer thereof, in favor of, delivered to and in form reasonably satisfactory to the Mortgagee shall be
accepted as reasonable assurance of adequate indemnity). The Mortgagee shall not be required to take any action under Section 6.01 (other than the first sentence thereof) or 6.02 or Article V hereof, nor shall any other provision of this Trust
Indenture or any other Operative Agreement be deemed to impose a duty on the Mortgagee to take any action, if the Mortgagee shall have been advised by counsel that such action is contrary to the terms hereof or is otherwise contrary to Law. 

SECTION 6.04. No Duties Except as Specified in Trust Indenture or Instructions 

The Mortgagee shall not have any duty or obligation to use, operate, store, lease, control, manage, sell, dispose of or otherwise deal with the
Aircraft or any other part of the Collateral, or to otherwise take or refrain from taking any action under, or in connection with, this Trust Indenture or any part of the Collateral, except as expressly provided by the terms of this Trust Indenture
or as expressly provided in written instructions from Note Holders as provided in this Trust Indenture; and no implied duties or obligations shall be read into this Trust Indenture against the Mortgagee. The Mortgagee agrees that it will in its
individual capacity and at its own cost and expense (but without any right of indemnity in respect of any such cost or expense under Section 8.01 hereof), promptly take such action as may be necessary duly to discharge all liens and
encumbrances on any part of the Collateral which result from claims against it in its individual capacity not related to the administration of the Collateral or any other transaction pursuant to this Trust Indenture or any document included in the
Collateral. 

  
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 SECTION 6.05. No Action Except Under Trust Indenture or Instructions 

The Mortgagee will not use, operate, store, lease, control, manage, sell, dispose of or otherwise deal with the Aircraft or any other part of
the Collateral except in accordance with the powers granted to, or the authority conferred upon the Mortgagee pursuant to this Trust Indenture and in accordance with the express terms hereof. 

SECTION 6.06. Investment of Amounts Held by Mortgagee 

Any amounts held by the Mortgagee pursuant to Section 3.02, 3.03 or 3.07 or pursuant to any provision of any other Operative Agreement
providing for amounts to be held by the Mortgagee which are not distributed pursuant to the other provisions of Article III hereof shall be invested by the Mortgagee from time to time in Cash Equivalents as directed by the Owner so long as the
Mortgagee may acquire the same using its best efforts. All Cash Equivalents held by the Mortgagee pursuant to this Section 6.06 shall either be (a) registered in the name of, payable to the order of, or specially endorsed to, the
Mortgagee, or (b) held in an Eligible Account. Unless otherwise expressly provided in this Trust Indenture, any income realized as a result of any such investment, net of the Mortgagee’s reasonable fees and expenses in making such
investment, shall be held and applied by the Mortgagee, in the same manner as the principal amount of such investment is to be applied and any losses, net of earnings and such reasonable fees and expenses, shall be charged against the principal
amount invested. The Mortgagee shall not be liable for any loss resulting from any investment required to be made by it under this Trust Indenture other than by reason of its willful misconduct or gross negligence or negligence in the handling of
funds, and any such investment may be sold (without regard to its maturity) by the Mortgagee without instructions whenever such sale is necessary to make a distribution required by this Trust Indenture. 

ARTICLE VII 
 THE
MORTGAGEE 
 SECTION 7.01. Acceptance of Trusts and Duties 

The Mortgagee accepts the duties hereby created and applicable to it and agrees to perform the same but only upon the terms of this Trust
Indenture and agrees to receive and disburse all monies constituting part of the Collateral in accordance with the terms hereof. The Mortgagee, in its individual capacity, shall not be answerable or accountable under any circumstances, except
(i) for its own willful misconduct or gross negligence (other than for the handling of funds, for which the standard of accountability shall be willful misconduct or negligence), (ii) as provided in the fourth sentence of
Section 2.04(a) hereof and the last sentence of Section 6.04 hereof, and (iii) from the inaccuracy of any representation or warranty of the Mortgagee (in its individual capacity) in the Participation Agreement or expressly made
hereunder. 

  
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 SECTION 7.02. Absence of Duties 

Except in accordance with written instructions furnished pursuant to Section 6.01 or 6.02 hereof, and except as provided in, and without
limiting the generality of, Sections 6.03, 6.04 and 7.07 hereof the Mortgagee shall have no duty (i) to see to any registration of the Aircraft or any recording or filing of this Trust Indenture or any other document, or to see to the
maintenance of any such registration, recording or filing, (ii) to see to any insurance on the Aircraft or to effect or maintain any such insurance, whether or not Owner shall be in default with respect thereto, (iii) to see to the payment
or discharge of any lien or encumbrance of any kind against any part of the Collateral, (iv) to confirm, verify or inquire into the failure to receive any financial statements from Owner, or (v) to inspect the Aircraft at any time or
ascertain or inquire as to the performance or observance of any of Owner’s covenants herein or any Permitted Lessee’s covenants under any assigned Permitted Lease with respect to the Aircraft. 

SECTION 7.03. No Representations or Warranties as to Aircraft or Documents 

THE MORTGAGEE IN ITS INDIVIDUAL OR TRUST CAPACITY DOES NOT MAKE AND SHALL NOT BE DEEMED TO HAVE MADE AND HEREBY EXPRESSLY DISCLAIMS ANY
REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, AIRWORTHINESS, VALUE, COMPLIANCE WITH SPECIFICATIONS, CONDITION, DESIGN, QUALITY, DURABILITY, OPERATION, MERCHANTABILITY OR FITNESS FOR USE FOR A PARTICULAR PURPOSE OF THE AIRCRAFT OR
ANY ENGINE, AS TO THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT, AS TO THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN TORT OR ANY OTHER
REPRESENTATION OR WARRANTY WHATSOEVER. The Mortgagee, in its individual or trust capacities, does not make or shall not be deemed to have made any representation or warranty as to the validity, legality or enforceability of this Trust Indenture, the
Participation Agreement, the Equipment Notes, or the Purchase Agreement, or as to the correctness of any statement contained in any thereof, except for the representations and warranties of the Owner made in its individual capacity and the
representations and warranties of the Mortgagee in its individual capacity, in each case expressly made in this Trust Indenture or in the Participation Agreement. The Note Holders make no representation or warranty hereunder whatsoever. 

SECTION 7.04. No Segregation of Monies; No Interest 

Except as otherwise provided in Section 3.07 hereof, any monies paid to or retained by the Mortgagee pursuant to any provision hereof and
not then required to be distributed to the Note Holders, or the Owner as provided in Article III hereof need not be segregated in any manner except to the extent required by Law or Section 6.06 hereof, and may be deposited under such general
conditions as may be prescribed by Law, and the Mortgagee shall not be liable for any interest thereon (except that the Mortgagee shall invest all monies held as directed by Owner so long as no Event of Default has occurred and is continuing (or in
the absence of such direction, by the Majority In Interest of Note Holders) in Cash Equivalents); provided, however, that any payments received, or applied hereunder, by the Mortgagee shall be accounted for by the Mortgagee so that any
portion thereof paid or applied pursuant hereto shall be identifiable as to the source thereof. 

  
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 SECTION 7.05. Reliance; Agreements; Advice of Counsel 

The Mortgagee shall not incur any liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Mortgagee may accept a copy of a resolution of the Board of Directors (or Executive
Committee thereof) of the Owner, certified by the Secretary or an Assistant Secretary thereof as duly adopted and in full force and effect, as conclusive evidence that such resolution has been duly adopted and that the same is in full force and
effect. As to the aggregate unpaid Original Amount of Equipment Notes outstanding as of any date, the Owner may for all purposes hereof rely on a certificate signed by any Vice President or other authorized corporate trust officer of the Mortgagee.
As to any fact or matter relating to the Owner the manner of the ascertainment of which is not specifically described herein, the Mortgagee may for all purposes hereof rely on a certificate, signed by a duly authorized officer of the Owner, as to
such fact or matter, and such certificate shall constitute full protection to the Mortgagee for any action taken or omitted to be taken by it in good faith in reliance thereon. In the administration of the trusts hereunder, the Mortgagee may execute
any of the trusts or powers hereof and perform its powers and duties hereunder directly or through agents or attorneys and may, at the expense of the Collateral, advise with counsel, accountants and other skilled persons to be selected and retained
by it, and the Mortgagee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written advice or written opinion of any such counsel, accountants or other skilled persons. 

SECTION 7.06. Compensation 

The Mortgagee shall be entitled to reasonable compensation, including expenses and disbursements (including the reasonable fees and expenses of
counsel), for all services rendered hereunder and shall, on and subsequent to an Event of Default hereunder, have a priority claim on the Collateral for the payment of such compensation, to the extent that such compensation shall not be paid by
Owner, and shall have the right, on and subsequent to an Event of Default hereunder, to use or apply any monies held by it hereunder in the Collateral toward such payments. The Mortgagee agrees that it shall have no right against the Note Holders
for any fee as compensation for its services as trustee under this Trust Indenture. 
 SECTION 7.07. Instructions from Note
Holders 
 In the administration of the trusts created hereunder, the Mortgagee shall have the right to seek instructions from a Majority
in Interest of Note Holders should any provision of this Trust Indenture appear to conflict with any other provision herein or should the Mortgagee’s duties or obligations hereunder be unclear, and the Mortgagee shall incur no liability in
refraining from acting until it receives such instructions. The Mortgagee shall be fully protected for acting in accordance with any instructions received under this Section 7.07. 

  
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 ARTICLE VIII 

INDEMNIFICATION 

SECTION 8.01. Scope of Indemnification 

The Mortgagee shall be indemnified by the Owner to the extent and in the manner provided in Section 8 of the Participation Agreement. 

ARTICLE IX 
 SUCCESSOR
AND SEPARATE TRUSTEES 
 SECTION 9.01. Resignation of Mortgagee; Appointment of Successor 

(a) The Mortgagee or any successor thereto may resign at any time without cause by giving at least 30 days’ prior written notice to the
Owner and each Note Holder, such resignation to be effective upon the acceptance of the trusteeship by a successor Mortgagee. In addition, a Majority in Interest of Note Holders may at any time (but only with the consent of Owner, which consent
shall not be unreasonably withheld, except that such consent shall not be necessary if an Event of Default is continuing) remove the Mortgagee without cause by an instrument in writing delivered to the Owner and the Mortgagee, and the Mortgagee
shall promptly notify each Note Holder thereof in writing, such removal to be effective upon the acceptance of the trusteeship by a successor Mortgagee. In the case of the resignation or removal of the Mortgagee, a Majority in Interest of Note
Holders may appoint a successor Mortgagee by an instrument signed by such holders, which successor, so long as no Event of Default shall have occurred and be continuing, shall be subject to Owner’s reasonable approval. If a successor Mortgagee
shall not have been appointed within 30 days after such notice of resignation or removal, the Mortgagee, the Owner or any Note Holder may apply to any court of competent jurisdiction to appoint a successor Mortgagee to act until such time, if any,
as a successor shall have been appointed as above provided. The successor Mortgagee so appointed by such court shall immediately and without further act be superseded by any successor Mortgagee appointed as above provided. 

(b) Any successor Mortgagee, however appointed, shall execute and deliver to the Owner and the predecessor Mortgagee an instrument accepting
such appointment and assuming the obligations of the Mortgagee arising from and after the time of such appointment, and thereupon such successor Mortgagee, without further act, shall become vested with all the estates, properties, rights, powers and
duties of the predecessor Mortgagee hereunder in the trust hereunder applicable to it with like effect as if originally named the Mortgagee herein; but nevertheless upon the written request of such successor Mortgagee, such predecessor Mortgagee
shall execute and deliver an instrument transferring to such successor Mortgagee, upon the trusts herein expressed applicable to it, all the estates, properties, rights and powers of such predecessor Mortgagee, and such predecessor Mortgagee shall
duly assign, transfer, deliver and pay over to such successor Mortgagee all monies or other property then held by such predecessor Mortgagee hereunder. 

  
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 (c) Any successor Mortgagee, however appointed, shall be a bank or trust company having its
principal place of business in the Borough of Manhattan, City and State of New York; Chicago, Illinois; Hartford, Connecticut; Wilmington, Delaware; or Boston, Massachusetts and having (or whose obligations under the Operative Agreements are
guaranteed by an affiliated entity having) a combined capital and surplus of at least $100,000,000, if there be such an institution willing, able and legally qualified to perform the duties of the Mortgagee hereunder upon reasonable or customary
terms. 
 (d) Any corporation into which the Mortgagee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Mortgagee shall be a party, or any corporation to which substantially all the corporate trust business of the Mortgagee may be transferred, shall, subject to the terms of paragraph
(c) of this Section 9.01, be a successor Mortgagee and the Mortgagee under this Trust Indenture without further act. 
 (e) The
Owner consents to any change in the identity of the Mortgagee on the International Registry occasioned by provisions of this Section 9.01, and if required by the International Registry to reflect such change, will provide its consent thereto.

 SECTION 9.02. Appointment of Additional and Separate Trustees 

(a) Whenever (i) the Mortgagee shall deem it necessary or desirable in order to conform to any Law of any jurisdiction in which all or
any part of the Collateral shall be situated or to make any claim or bring any suit with respect to or in connection with the Collateral, this Trust Indenture, any other Indenture Agreement, the Equipment Notes or any of the transactions
contemplated by the Participation Agreement, (ii) the Mortgagee shall be advised by counsel satisfactory to it that it is so necessary or prudent in the interests of the Note Holders (and the Mortgagee shall so advise the Owner), or
(iii) the Mortgagee shall have been requested to do so by a Majority in Interest of Note Holders, then in any such case, the Mortgagee and, upon the written request of the Mortgagee, the Owner, shall execute and deliver an indenture
supplemental hereto and such other instruments as may from time to time be necessary or advisable either (1) to constitute one or more bank or trust companies or one or more persons approved by the Mortgagee, either to act jointly with the
Mortgagee as additional trustee or trustees of all or any part of the Collateral, or to act as separate trustee or trustees of all or any part of the Collateral, in each case with such rights, powers, duties and obligations consistent with this
Trust Indenture as may be provided in such supplemental indenture or other instruments as the Mortgagee or a Majority in Interest of Note Holders may deem necessary or advisable, or (2) to clarify, add to or subtract from the rights, powers,
duties and obligations theretofore granted any such additional or separate trustee, subject in each case to the remaining provisions of this Section 9.02. If the Owner shall not have taken any action requested of it under this
Section 9.02(a) that is permitted or required by its terms within 15 days after the receipt of a written request from the Mortgagee so to do, or if an Event of Default shall have occurred and be continuing, the Mortgagee may act under the
foregoing provisions of this Section 9.02(a) without the concurrence of the Owner, and the Owner hereby irrevocably appoints (which appointment is coupled with an interest) the Mortgagee, its agent and attorney-in-fact to act for it under the
foregoing provisions of this Section 9.02(a) in either of such contingencies. The Mortgagee 

  
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may, in such capacity, execute, deliver and perform any such supplemental indenture, or any such instrument, as may be required for the appointment of any such additional or separate trustee or
for the clarification of, addition to or subtraction from the rights, powers, duties or obligations theretofore granted to any such additional or separate trustee. In case any additional or separate trustee appointed under this Section 9.02(a)
shall die, become incapable of acting, resign or be moved, all the assets, property, rights, powers, trusts, duties and obligations of such additional or separate trustee shall revert to the Mortgagee until a successor additional or separate trustee
is appointed as provided in this Section 9.02(a). 
 (b) No additional or separate trustee shall be entitled to exercise any of the
rights, powers, duties and obligations conferred upon the Mortgagee in respect of the custody, investment and payment of monies and all monies received by any such additional or separate trustee from or constituting part of the Collateral or
otherwise payable under any Operative Agreement to the Mortgagee shall be promptly paid over by it to the Mortgagee. All other rights, powers, duties and obligations conferred or imposed upon any additional or separate trustee shall be exercised or
performed by the Mortgagee and such additional or separate trustee jointly except to the extent that applicable Law of any jurisdiction in which any particular act is to be performed renders the Mortgagee incompetent or unqualified to perform such
act, in which event such rights, powers, duties and obligations (including the holding of title to all or part of the Collateral in any such jurisdiction) shall be exercised and performed by such additional or separate trustee. No additional or
separate trustee shall take any discretionary action except on the instructions of the Mortgagee or a Majority in Interest of Note Holders. No trustee hereunder shall be personally liable by reason of any act or omission of any other trustee
hereunder, except that the Mortgagee shall be liable for the consequences of its lack of reasonable care in selecting, and the Mortgagee’s own actions in acting with, any additional or separate trustee. Each additional or separate trustee
appointed pursuant to this Section 9.02 shall be subject to, and shall have the benefit of Articles V through IX and Article XI hereof insofar as they apply to the Mortgagee. The powers of any additional or separate trustee appointed pursuant
to this Section 9.02 shall not in any case exceed those of the Mortgagee hereunder. 
 (c) If at any time the Mortgagee shall deem it
no longer necessary or in order to conform to any such Law or take any such action or shall be advised by such counsel that it is no longer so necessary or desirable in the interest of the Note Holders, or in the event that the Mortgagee shall have
been requested to do so in writing by a Majority in Interest of Note Holders, the Mortgagee and, upon the written request of the Mortgagee, the Owner, shall execute and deliver an indenture supplemental hereto and all other instruments and
agreements necessary or proper to remove any additional or separate trustee. The Mortgagee may act on behalf of the Owner under this Section 9.02(c) when and to the extent it could so act under Section 9.02(a) hereof. 

  
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 ARTICLE X 

SUPPLEMENTS AND AMENDMENTS TO THIS TRUST INDENTURE 

AND OTHER DOCUMENTS 

SECTION 10.01. Instructions of Majority; Limitations 

(a) The Mortgagee agrees with the Note Holders that it shall not enter into any amendment, waiver or modification of, supplement or consent to
this Trust Indenture, or any other Operative Agreement to which it is a party, unless such supplement, amendment, waiver, modification or consent is consented to in writing by a Majority in Interest of Note Holders, but upon the written request of a
Majority in Interest of Note Holders, the Mortgagee shall from time to time enter into any such supplement or amendment, or execute and deliver any such waiver, modification or consent, as may be specified in such request and as may be (in the case
of any such amendment, supplement or modification), to the extent such agreement is required, agreed to by the Owner and, as may be appropriate, the Airframe Manufacturer or the Engine Manufacturer; provided, however, that, without the
consent of each holder of an affected Equipment Note then outstanding and the Liquidity Providers, no such amendment, waiver or modification of the terms of, or consent under, any thereof, shall (i) modify any of the provisions of this
Section 10.01, or of Article II or III or Section 5.01, 5.02(c), 5.02(d), or 6.02 hereof, the definitions of “Event of Default,” “Default,” “Majority in Interest of Note Holders,” “Make-Whole Amount”
or “Note Holder,” or the percentage of Note Holders required to take or approve any action hereunder, (ii) reduce the amount, or change the time of payment or method of calculation of any amount, of Original Amount, Make-Whole Amount,
if any, or interest with respect to any Equipment Note, (iii) reduce, modify or amend any indemnities in favor of the Mortgagee or the Note Holders (except that the Mortgagee may consent to any waiver or reduction of an indemnity payable to
it), or the other Indenture Indemnitees or (iv) permit the creation of any Lien on the Trust Indenture Estate or any part thereof other than Permitted Liens or deprive any Note Holder of the benefit of the Lien of this Trust Indenture on the
Collateral, except as provided in connection with the exercise of remedies under Article V hereof; provided, further, that without the consent of each holder of an affected Related Equipment Note then outstanding, no such amendment,
waiver or modification of terms of, or consent under, any thereof shall modify Section 3.03 or deprive any Related Note Holder of the benefit of the Lien of this Trust Indenture on the Collateral, except as provided in connection with the
exercise of remedies under Article V hereof. Notwithstanding the foregoing, without the consent of the affected Liquidity Provider neither the Owner nor the Mortgagee shall enter into any amendment, waiver or modification of, supplement or consent
to this Trust Indenture or the other Operative Agreements which shall reduce, modify or amend any indemnities in favor of such Liquidity Provider. 

(b) The Owner and the Mortgagee may enter into one or more agreements supplemental hereto without the consent of any Note Holder for any of
the following purposes: (i) (a) to cure any defect or inconsistency herein or in the Equipment Notes, or to make any change not inconsistent with the provisions hereof (provided that such change does not adversely affect the
interests of any Note Holder in its capacity solely as Note Holder) or (b) to cure any ambiguity or correct any mistake; (ii) to evidence the succession of another party as the 

  
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Owner in accordance with the terms hereof or to evidence the succession of a new trustee hereunder pursuant hereto, the removal of the trustee hereunder or the appointment of any co-trustee or co-trustees or any separate or additional trustee or trustees; (iii) to convey, transfer, assign, mortgage or pledge any property to or with the Mortgagee or to make any other provisions with
respect to matters or questions arising hereunder so long as such action shall not adversely affect the interests of the Note Holders in its capacity solely as Note Holder; (iv) to correct or amplify the description of any property at any time
subject to the Lien of this Trust Indenture or better to assure, convey and confirm unto the Mortgagee any property subject or required to be subject to the Lien of this Trust Indenture, the Airframe or Engines or any Replacement Airframe or
Replacement Engine; (v) to add to the covenants of the Owner for the benefit of the Note Holders, or to surrender any rights or power herein conferred upon the Owner; (vi) to add to the rights of the Note Holders; (vii) to provide for
the reissuance of Series A Equipment Notes (and Related Series A Equipment Notes) or the issuance (and payment and reissuance) from time to time of one or more separate series of Additional Series Equipment Notes (and any Related Additional Series
Equipment Notes) and for pass through certificates issued by any pass through trust that acquires any such Equipment Notes and to make changes relating to any of the foregoing (including without limitation to provide for the relative priority of
different series of Additional Series Equipment Notes as between such series) and to provide for any credit support for any such reissued Equipment Notes or Related Equipment Notes (including without limitation to secure claims for fees, interest,
expenses, reimbursement of advances and other obligations arising from such credit support (including without limitation to specify such credit support as a “Liquidity Facility” and the provider of any such credit support as a
“Liquidity Provider”)), provided that such Equipment Notes are issued in accordance with the Note Purchase Agreement and Section 9.1 of the Intercreditor Agreement; and (viii) to include on the Equipment Notes any legend as may
be required by Law. 
 SECTION 10.02. Mortgagee Protected 

If, in the opinion of the institution acting as Mortgagee hereunder, any document required to be executed by it pursuant to the terms of
Section 10.01 hereof affects any right, duty, immunity or indemnity with respect to such institution under this Trust Indenture, such institution may in its discretion decline to execute such document. 

SECTION 10.03. Documents Mailed to Note Holders 

Promptly after the execution by the Owner or the Mortgagee of any document entered into pursuant to Section 10.01 hereof, the Mortgagee
shall mail, by first class mail, postage prepaid, a copy thereof to Owner (if not a party thereto) and to each Note Holder at its address last set forth in the Equipment Note Register, but the failure of the Mortgagee to mail such copies shall not
impair or affect the validity of such document. 
 SECTION 10.04. No Request Necessary for Trust Indenture Supplement 

No written request or consent of the Note Holders pursuant to Section 10.01 hereof shall be required to enable the Mortgagee to execute
and deliver a Trust Indenture Supplement specifically required by the terms hereof. 

  
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 ARTICLE XI 

MISCELLANEOUS 
 SECTION
11.01. Termination of Trust Indenture 
 Upon (or at any time after) payment in full of the Original Amount of, Make-Whole Amount,
if any, and interest on and all other amounts due under all Equipment Notes and provided that there shall then be no other Secured Obligations due to the Indenture Indemnitees, the Note Holders and the Mortgagee hereunder or under the Participation
Agreement, any other Operative Agreement, any Related Equipment Note or any Related Indenture, the Owner shall direct the Mortgagee to execute and deliver to or as directed in writing by the Owner an appropriate instrument releasing the Aircraft and
the Engines and (subject to paragraph (iv) of clause “Third” of Section 3.03 hereof, if applicable) all other Collateral from the Lien of this Trust Indenture and the Mortgagee shall execute and deliver such instrument as
aforesaid; provided, however, that this Trust Indenture and the trusts created hereby shall earlier terminate and this Trust Indenture shall be of no further force or effect upon any sale or other final disposition by the Mortgagee of
all property constituting part of the Collateral and the final distribution by the Mortgagee of all monies or other property or proceeds constituting part of the Collateral in accordance with the terms hereof. Except as aforesaid otherwise provided,
this Trust Indenture and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof. 

SECTION 11.02. No Legal Title to Collateral in Note Holders 

No holder of an Equipment Note or a Related Equipment Note shall have legal title to any part of the Collateral. No transfer, by operation of
law or otherwise, of any Equipment Note or Related Equipment Note or other right, title and interest of any Note Holder or holder of a Related Equipment Note in and to the Collateral or hereunder shall operate to terminate this Trust Indenture or
entitle such holder or any successor or transferee of such holder to an accounting or to the transfer to it of any legal title to any part of the Collateral. 

SECTION 11.03. Sale of Aircraft by Mortgagee Is Binding 

Any sale or other conveyance of the Collateral, or any part thereof (including any part thereof or interest therein), by the Mortgagee made
pursuant to the terms of this Trust Indenture shall bind the Note Holders and shall be effective to transfer or convey all right, title and interest of the Mortgagee, the Owner and such holders in and to such Collateral or part thereof. No purchaser
or other grantee shall be required to inquire as to the authorization, necessity, expediency or regularity of such sale or conveyance or as to the application of any sale or other proceeds with respect thereto by the Mortgagee. 

SECTION 11.04. Trust Indenture for Benefit of Owner, Mortgagee, Note Holders and the other Indenture Indemnitees 

Nothing in this Trust Indenture, whether express or implied, shall be construed to give any person other than the Owner, the Mortgagee, the
Related Mortgagees, the Note Holders, the Related Note Holders and the other Indenture Indemnitees, any legal or equitable right, remedy or claim under or in respect of this Trust Indenture, except that the persons referred to in the last paragraph
of Section 4.02(b) shall be third party beneficiaries of such paragraph. 

  
 57 







 SECTION 11.05. Notices 

Unless otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents,
waivers or documents provided or permitted by this Trust Indenture to be made, given, furnished or filed shall be in writing, personally delivered or mailed by certified mail, postage prepaid, or by facsimile or confirmed telex, and (i) if to
the Owner, addressed to it at 233 S. Wacker Drive, Chicago, Illinois 60606, Attention: Treasurer, facsimile number (872) 825-0316, (ii) if to Mortgagee, addressed to it at its office at 1100 North Market Street, Wilmington, Delaware 19890,
Attention: Corporate Trust Administration, facsimile number (302) 636-4140, or (iii) if to any Note Holder or any Indenture Indemnitee, addressed to such party at such address as such party shall have furnished by notice to the Owner and
the Mortgagee, or, until an address is so furnished, addressed to the address of such party (if any) set forth on Schedule 1 to the Participation Agreement or in the Equipment Note Register. Whenever any notice in writing is required to be
given by the Owner, the Mortgagee or any Note Holder to any of the other of them, such notice shall be deemed given and such requirement satisfied when such notice is received, or if such notice is mailed by certified mail, postage prepaid, three
Business Days after being mailed, addressed as provided above. Any party hereto may change the address to which notices to such party will be sent by giving notice of such change to the other parties to this Trust Indenture. 

SECTION 11.06. Severability 

Any provision of this Trust Indenture which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any such prohibition or unenforceability in any particular jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. 
 SECTION 11.07. No Oral Modification or Continuing Waivers 

No term or provision of this Trust Indenture or the Equipment Notes may be changed, waived, discharged or terminated orally, but only by an
instrument in writing signed by the Owner and the Mortgagee, in compliance with Section 10.01 hereof. Any waiver of the terms hereof or of any Equipment Note shall be effective only in the specific instance and for the specific purpose given.

 SECTION 11.08. Successors and Assigns 

All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the parties hereto and the permitted
successors and assigns of each, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by any Note Holder shall bind the successors and assigns of such holder. Each Note Holder by its acceptance of an
Equipment Note agrees to be bound by this Trust Indenture and all provisions of the Operative Agreements applicable to a Note Holder. 

  
 58 







 SECTION 11.09. Headings 

The headings of the various Articles and sections herein and in the table of contents hereto are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 SECTION 11.10. Normal Commercial Relations 

Anything contained in this Trust Indenture to the contrary notwithstanding. Owner and Mortgagee may conduct any banking or other financial
transactions, and have banking or other commercial relationships, with Owner, fully to the same extent as if this Trust Indenture were not in effect, including without limitation the making of loans or other extensions of credit to Owner for any
purpose whatsoever, whether related to any of the transactions contemplated hereby or otherwise. 
 SECTION 11.11. Governing Law;
Counterpart Form 
 THIS TRUST INDENTURE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. THIS TRUST INDENTURE IS BEING DELIVERED IN THE STATE OF NEW YORK. This Trust Indenture may be executed by the parties hereto in separate counterparts (or upon separate
signature pages bound together into one or more 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. 

SECTION 11.12. Voting By Note Holders 

All votes of the Note Holders shall be governed by a vote of a Majority in Interest of Note Holders, except as otherwise provided herein. 

SECTION 11.13. Bankruptcy 

It is the intention of the parties that the Mortgagee shall be entitled to the benefits of Section 1110 with respect to the right to take
possession of the Aircraft, Airframe, Engines and Parts and to enforce any of its other rights or remedies as provided herein in the event of a case under Chapter 11 of the Bankruptcy Code in which Owner is a debtor, and in any instance where more
than one construction is possible of the terms and conditions hereof or any other pertinent Operative Agreement, each such party agrees that a construction which would preserve such benefits shall control over any construction which would not
preserve such benefits. 

  
 59 







 IN WITNESS WHEREOF, the parties hereto have caused this Trust Indenture and Mortgage to be duly
executed by their respective officers thereof duly authorized as of the day and year first above written. 
  

			
	 UNITED AIRLINES, INC.

		
	 By:
	 	 
		 	 Name:

		 	 Title:

	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Mortgagee

		
	 By:
	 	 
		 	 Name:

		 	 Title:




  
 60 







 ANNEX A 

DEFINITIONS 
 GENERAL
PROVISIONS 
 (a) In each Operative Agreement, unless otherwise expressly provided, a reference to: 

 

	 	(i)	each of “Owner,” “Mortgagee,” “Note Holder” or any other person includes, without prejudice to the provisions of any Operative Agreement, any successor in interest to it and any permitted
transferee, permitted purchaser or permitted assignee of it; 

  

	 	(ii)	words importing the plural include the singular and words importing the singular include the plural; 

  

	 	(iii)	any agreement, instrument or document, or any annex, schedule or exhibit thereto, or any other part thereof, includes, without prejudice to the provisions of any Operative Agreement, that agreement, instrument or
document, or annex, schedule or exhibit, or part, respectively, as amended, modified or supplemented from time to time in accordance with its terms and in accordance with the Operative Agreements, and any agreement, instrument or document entered
into in substitution or replacement therefor (including, without limitation, in the case of each Pass Through Trust Agreement, the “Related Pass Through Trust Agreement” as defined therein); 


 

	 	(iv)	any provision of any Law includes any such provision as amended, modified, supplemented, substituted, reissued or reenacted prior to the Closing Date, and thereafter from time to time; 


 

	 	(v)	the words “Agreement,” “this Agreement,” “hereby,” “herein,” “hereto,” “hereof” and “hereunder” and words of similar import when used in any
Operative Agreement refer to such Operative Agreement as a whole and not to any particular provision of such Operative Agreement; 

  

	 	(vi)	the words “including,” “including, without limitation,” “including, but not limited to,” and terms or phrases of similar import when used in any Operative Agreement, with respect to any
matter or thing, mean including, without limitation, such matter or thing; and 

  

	 	(vii)	a “Section,” an “Exhibit,” an “Annex” or a “Schedule” in any Operative Agreement, or in any annex thereto, is a reference to a section of, or an exhibit, an annex or a schedule
to, such Operative Agreement or such annex, respectively. 

 (b) Each exhibit, annex and schedule to each Operative Agreement
is incorporated in, and shall be deemed to be a part of, such Operative Agreement. 






 (c) Unless otherwise defined or specified in any Operative Agreement, all accounting terms
therein shall be construed and all accounting determinations thereunder shall be made in accordance with GAAP. 
 (d) Headings used in any
Operative Agreement are for convenience only and shall not in any way affect the construction of, or be taken into consideration in interpreting, such Operative Agreement. 

(e) For purposes of each Operative Agreement, the occurrence and continuance of a Default or Event of Default referred to in
Section 5.01(v),(vi) or (vii) shall not be deemed to prohibit the Owner from taking any action or exercising any right that is conditioned on no Special Default, Default or Event of Default having occurred and be continuing if such Special
Default, Default or Event of Default consists of the institution of reorganization proceedings with respect to Owner under Chapter 11 of the Bankruptcy Code and the trustee or debtor-in-possession in such proceedings shall have agreed to perform its
obligations under the Trust Indenture with the approval of the applicable court and thereafter shall have continued to perform such obligations in accordance with Section 1110. 

DEFINED TERMS 

“Act” means part A of subtitle VII of title 49, United States Code. 

“Actual Knowledge” means (a) as it applies to Mortgagee, actual knowledge of a responsible officer in the Corporate
Trust Office, and (b) as it applies to Owner, actual knowledge of a Vice President or more senior officer of Owner or any other officer of Owner having responsibility for the transactions contemplated by the Operative Agreements;
provided that each of Owner and Mortgagee shall be deemed to have “Actual Knowledge” of any matter as to which it has received notice from Owner, any Note Holder or Mortgagee, such notice having been given pursuant to
Section 11.05 of the Trust Indenture. 
 “Additional Series” or “Additional Series Equipment Notes”
means Equipment Notes issued under the Trust Indenture and designated as a series (other than “Series AA” or “Series A”) thereunder, in the Original Amount and maturities and bearing interest as specified in Schedule I to the
Trust Indenture (as amended, in the case of any Additional Series issued after the date of the Trust Indenture, at the time of original issuance of such Additional Series) under the heading for such series. 

“Affiliate” means, with respect to any person, any other person directly or indirectly controlling, controlled by or under
common control with such person. For purposes of this definition, “control” means the power, directly or indirectly, to direct or cause the direction of the management and policies of such person, whether through the ownership of voting
securities or by contract or otherwise and “controlling,” “controlled by” and “under common control with” have correlative meanings. 

“Aircraft” means, collectively, the Airframe and Engines. 

  
 2 







 “Aircraft Bill of Sale” means the full warranty bill of sale covering the
Aircraft delivered by Airframe Manufacturer to Owner. 
 “Aircraft Documents” means all technical data, manuals and log
books, and all inspection, modification and overhaul records and other service, repair, maintenance and technical records that are required by the FAA (or the relevant Aviation Authority), to be maintained with respect to the Aircraft, Airframe,
Engines or Parts, and such term shall include all additions, renewals, revisions and replacements of any such materials from time to time made, or required to be made, by the FAA (or other Aviation Authority) regulations, and in each case in
whatever form and by whatever means or medium (including, without limitation, microfiche, microfilm, paper or computer disk) such materials may be maintained or retained by or on behalf of Owner (provided, that all such materials shall be
maintained in the English language). 
 “Airframe” means (a) the aircraft (excluding Engines or engines from time to
time installed thereon) manufactured by Airframe Manufacturer and identified by Airframe Manufacturer’s model number, United States registration number and Airframe Manufacturer’s serial number set forth in the initial Trust Indenture
Supplement and any Replacement Airframe and (b) any and all Parts incorporated or installed in or attached or appurtenant to such airframe, and any and all Parts removed from such airframe, unless the Lien of the Trust Indenture shall not be
applicable to such Parts in accordance with Section 4.04 of the Trust Indenture. Upon substitution of a Replacement Airframe under and in accordance with the Trust Indenture, such Replacement Airframe shall become subject to the Trust Indenture
and shall be the “Airframe” for all purposes of the Trust Indenture and the other Operative Agreements and thereupon the Airframe for which the substitution is made shall no longer be subject to the Trust Indenture, and such replaced
Airframe shall cease to be the “Airframe.” 
 “Airframe Manufacturer” means The Boeing Company, a Delaware
corporation. 
 “Applicable Pass Through Trust” means each of the separate pass through trusts created under the Applicable
Pass Through Trust Agreements. 
 “Applicable Pass Through Trust Agreement” means each of the separate Pass Through Trust
Agreements by and between the Owner and an Applicable Pass Through Trustee. 
 “Applicable Pass Through Trustee” means each
Pass Through Trustee that is a party to the Participation Agreement. 
 “Average Life Date” for any Equipment Note shall be
the date which follows the time of determination by a period equal to the Remaining Weighted Average Life of such Equipment Note. “Remaining Weighted Average Life” on a given date with respect to any Equipment Note shall be the number of
days equal to the quotient obtained by dividing (a) the sum of each of the products obtained by multiplying (i) the amount of each then remaining scheduled payment of principal of such Equipment Note by (ii) the number of days from
and including such determination date to but excluding the date on which such payment of principal is scheduled to be made, by (b) the then outstanding principal amount of such Equipment Note. 

  
 3 







 “Aviation Authority” means the FAA or, if the Aircraft is permitted to be, and
is, registered with any other Government Entity under and in accordance with Section 4.02(e) of the Trust Indenture and Section 6.4.5 of the Participation Agreement, such other Government Entity. 

“Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Sections 101 et seq. 

“Basic Pass Through Trust Agreement” means the Pass Through Trust Agreement, dated October 3, 2012, between Owner and
Pass Through Trustee, but does not include any Trust Supplement. 
 “Bills of Sale” means the FAA Bill of Sale and the
Aircraft Bill of Sale. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks
are authorized or required by law to close in New York, New York, Chicago, Illinois, or Wilmington, Delaware. 
 “Cape Town
Treaty” means the Cape Town Convention on International Interests in Mobile Equipment and the related Aircraft Equipment Protocol, as in effect in the United States. 

“Cash Equivalents” means the following securities (which shall mature within 90 days of the date of purchase thereof):
(a) direct obligations of the U.S. Government; (b) obligations fully guaranteed by the U.S. Government; (c) certificates of deposit issued by, or bankers’ acceptances of, or time deposits or a deposit account with, Mortgagee or
any bank, trust company or national banking association incorporated or doing business under the laws of the United States or any state thereof having a combined capital and surplus and retained earnings of at least $500,000,000 and having a rating
of Aa or better by Moody’s Investors Service, Inc. or AA or better by Fitch Ratings, Inc.; or (d) commercial paper of any issuer doing business under the laws of the United States or one of the states thereof and in each case having a
rating assigned to such commercial paper by Fitch Ratings, Inc. or Moody’s Investors Service, Inc. equal to A1 (or higher) or P-1, respectively. 

“Certificate Owner” is defined in the Pass Through Trust Agreements. 

“Citizen of the United States” is defined in 49 U.S.C. § 40102(a)(15). 

“Class AA Pass Through Trust” means the United Airlines Pass Through Trust 2016-2AA. 

“Class A Pass Through Trust” means the United Airlines Pass Through Trust 2016-2A. 

“Closing” means the closing of the transactions contemplated by the Participation Agreement. 

“Closing Date” means the date on which the Closing occurs. 

  
 4 







 “Code” means the Internal Revenue Code of 1986, as amended; provided that, when
used in relation to a Plan, “Code” shall mean the Internal Revenue Code of 1986 and any regulations and rulings issued thereunder, all as amended and in effect from time to time. 

“Collateral” is defined in the Granting Clause of the Trust Indenture. 

“Consent and Agreement” means the Manufacturer Consent and Agreement
[            ], dated as of even date with the Participation Agreement, of Airframe Manufacturer. 

“Corporate Trust Office” means the principal office of Mortgagee located at Mortgagee’s address for notices under the
Participation Agreement or such other office at which Mortgagee’s corporate trust business shall be administered which Mortgagee shall have specified by notice in writing to Owner and each Note Holder. 

“CRAF” means the Civil Reserve Air Fleet Program established pursuant to 10 U.S.C. Section 9511-13 or any similar
substitute program. 
 “Debt Rate” means, with respect to (i) any Series of Equipment Notes, the rate per annum
specified for such Series under the heading “Interest Rate” in Schedule I to the Trust Indenture (as amended, in the case of any Additional Series, at the time of original issuance of such Additional Series), and (ii) any other
purpose, with respect to any period, the weighted average interest rate per annum during such period borne by the outstanding Equipment Notes, excluding any interest payable at the Payment Due Rate. 

“Default” means any event or condition that with the giving of notice or the lapse of time or both would become an Event of
Default. 
 “Delivery Date” means the date on which the Aircraft is delivered by the Airframe Manufacturer to, and accepted
by, the Company. 
 “Deposit Agreement” means each of the two Deposit Agreements between the Escrow Agent and the
Depositary, dated as of the Issuance Date, which relate to the Class AA or Class A Pass Through Trust, provided that, for purposes of any obligation of Owner, no amendment, modification or supplement to, or substitution or replacement
of, any such Deposit Agreement shall be effective unless consented to by Owner. 
 “Depositary” means Natixis, acting
through its New York Branch, as Depositary under each Deposit Agreement. 
 “Dollars,” “United States
Dollars” or “$” means the lawful currency of the United States. 
 “DOT” means the Department of
Transportation of the United States or any Government Entity succeeding to the functions of such Department of Transportation. 

“EASA” means the European Aviation Safety Agency or any Government Entity succeeding to the functions of the European
Aviation Safety Agency. 

  
 5 







 “Eligible Account” means an account established by and with an Eligible
Institution at the request of the Mortgagee, which institution agrees, for all purposes of the UCC including Article 8 thereof, that (a) such account shall be a “securities account” (as defined in Section 8-501(a) of the UCC),
(b) all property (other than cash) credited to such account shall be treated as a “financial asset” (as defined in Section 8-102(a)(9) of the UCC), (c) the Mortgagee shall be the “entitlement holder” (as defined in
Section 8-102(a)(7) of the UCC) in respect of such account, (d) it will comply with all entitlement orders issued by the Mortgagee to the exclusion of the Owner, and (e) the “securities intermediary jurisdiction” (under
Section 8-110(e) of the UCC) shall be the State of New York. 
 “Eligible Institution” means the corporate trust
department of (a) WTNA, acting solely in its capacity as a “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC), or (b) a depository institution organized under the laws of the United States of America
or any one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), which has a long-term unsecured debt rating from Moody’s Investors Service, Inc. and Fitch Ratings, Inc. of at least A-3 or its equivalent.

 “Engine” means (a) each of the engines manufactured by Engine Manufacturer and identified by Engine
Manufacturer’s model number and Engine Manufacturer’s serial number set forth in the initial Trust Indenture Supplement and originally installed on the Airframe on the Delivery Date, and any Replacement Engine, in any case whether or not
from time to time installed on such Airframe or installed on any other airframe or aircraft, and (b) any and all Parts incorporated or installed in or attached or appurtenant to such engine, and any and all Parts removed from such engine,
unless the Lien of the Trust Indenture shall not apply to such Parts in accordance with Section 4.04 of the Trust Indenture. Upon substitution of a Replacement Engine under and in accordance with the Trust Indenture, such Replacement Engine
shall become subject to the Trust Indenture and shall be an “Engine” for all purposes of the Trust Indenture and the other Operative Agreements and thereupon the Engine for which the substitution is made shall no longer be subject to the
Trust Indenture, and such replaced Engine shall cease to be an “Engine.” 
 “Engine Consent and Agreement” means
the Engine Manufacturer Consent and Agreement [            ], dated as of even date with the Participation Agreement, of Engine Manufacturer. 

“Engine Manufacturer” means
[                    ] a corporation organized under the laws of
[                    ]. 

“Equipment Note Register” is defined in Section 2.07 of the Trust Indenture. 

“Equipment Notes” means and includes any equipment notes issued under the Trust Indenture in the form specified in
Section 2.01 thereof (as such form may be varied pursuant to the terms of the Trust Indenture) and any Equipment Note issued under the Trust Indenture in exchange for or replacement of any Equipment Note. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and any regulations and rulings issued thereunder all as
amended and in effect from time to time. 

  
 6 







 “Escrow Agent” means U.S. Bank National Association, as Escrow Agent under each
of the Escrow Agreements. 
 “Escrow Agreement” means each of the two Escrow and Paying Agent Agreements, among the Escrow
Agent, the Paying Agent, certain initial purchasers of the Pass Through Certificates named therein and one of the Pass Through Trustees, dated as of the Issuance Date, which relate to the Class AA or Class A Pass Through Trust, provided
that, for purposes of any obligation of Owner, no amendment, modification or supplement to, or substitution or replacement of, any such Escrow Agreement shall be effective unless consented to by Owner. 

“Event of Default” is defined in Section 5.01 of the Trust Indenture. 

“Event of Loss” means, with respect to the Aircraft, Airframe or any Engine, any of the following circumstances, conditions
or events with respect to such property, for any reason whatsoever: 
 (a) the destruction of such property, damage to such property beyond
economic repair or rendition of such property permanently unfit for normal use by Owner; 
 (b) the actual or constructive total loss of
such property or any damage to such property, or requisition of title or use of such property, which results in an insurance settlement with respect to such property on the basis of a total loss or constructive or compromised total loss; 

(c) any theft, hijacking or disappearance of such property for a period of 180 consecutive days or more; 

(d) any seizure, condemnation, confiscation, taking or requisition (including loss of title) of such property by any Government Entity or
purported Government Entity (other than a requisition of use by the U.S. Government) for a period exceeding 180 consecutive days; 
 (e) as
a result of any law, rule, regulation, order or other action by the Aviation Authority or by any Government Entity of the government of registry of the Aircraft or by any Government Entity otherwise having jurisdiction over the operation or use of
the Aircraft, the use of such property in the normal course of Owner’s business of passenger air transportation is prohibited for a period of 180 consecutive days unless Owner, prior to the expiration of such 180-day period, shall have
undertaken and shall be diligently carrying forward such steps as may be necessary or desirable to permit the normal use of such property by Owner, but in any event if such use shall have been prohibited for a period of two consecutive years,
provided that no Event of Loss shall be deemed to have occurred if such prohibition has been applicable to Owner’s entire U.S. fleet of such property and Owner, prior to the expiration of such two-year period, shall have conformed at least one
unit of such property in its fleet to the requirements of any such law, rule, regulation, order or other action and commenced regular commercial use of the same in such jurisdiction and shall be diligently carrying forward, in a manner which does
not discriminate against such property in so conforming such property, steps which are necessary or desirable to permit the normal use of the Aircraft by Owner, but in any event if such use shall have been prohibited for a period of three years.


  
 7 







 “Expenses” means any and all liabilities, obligations, losses, damages,
settlements, penalties, claims, actions, suits, costs, expenses and disbursements (including, without limitation, reasonable fees and disbursements of legal counsel, accountants, appraisers, inspectors or other professionals, and costs of
investigation). 
 “FAA” means the Federal Aviation Administration of the United States or any Government Entity succeeding
to the functions of such Federal Aviation Administration. 
 “FAA Bill of Sale” means a bill of sale for the Aircraft on AC
Form 8050-2 (or such other form as may be approved by the FAA) delivered to Owner by Airframe Manufacturer. 
 “FAA Filed
Documents” means the FAA Bill of Sale, an application for registration of the Aircraft with the FAA in the name of Owner, the Trust Indenture and the initial Trust Indenture Supplement. 

“FAA Regulations” means the Federal Aviation Regulations issued or promulgated pursuant to the Act from time to time. 

“FATCA” means the provisions of Sections 1471 through 1474 of the Code and any current or future regulations or rules
promulgated thereunder, or any successor or similar provisions. 
 “Financing Statements” means, collectively, UCC
financing statements covering the Collateral, by Owner, as debtor, showing Mortgagee as secured party, for filing in Delaware and each other jurisdiction that, in the opinion of Mortgagee, is necessary to perfect its Lien on the Collateral. 

“GAAP” means generally accepted accounting principles as set forth in the statements of financial accounting standards issued
by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants, as such principles may at any time or from time to time be varied by any applicable financial accounting rules or regulations issued by the SEC
and, with respect to any person, shall mean such principles applied on a basis consistent with prior periods except as may be disclosed in such person’s financial statements. 

“Government Entity” means (a) any federal, state, provincial or similar government, and any body, board, department,
commission, court, tribunal, authority, agency or other instrumentality of any such government or otherwise exercising any executive, legislative, judicial, administrative or regulatory functions of such government or (b) any other government
entity having jurisdiction over any matter contemplated by the Operative Agreements or relating to the observance or performance of the obligations of any of the parties to the Operative Agreements. 

  
 8 







 “GTA” means [the General Terms Agreement
No. 1-2728690849 dated July 12, 2012, between the Engine Manufacturer and Owner]8 [the General Terms Agreement No. GE-1-172575605, dated as of September 30, 2005, between Engine Manufacturer, GE Engine Services Distribution, LLC and Owner,]9 [the General
Terms Agreement No. GE-1-172575605, dated as of September 30, 2005, between Engine Manufacturer, GE Engine Services Distribution, LLC and Owner, as modified
and made applicable to the Engines by the Letter Agreement GE GE90-115, dated April 14, 2015, among Engine Manufacturer, GE Engine Services Distribution, LLC and Owner],10 as amended. 

“Indemnitee” means (i) WTNA and Mortgagee, (ii) each separate or additional trustee appointed pursuant to the Trust
Indenture, (iii) the Subordination Agent, the Paying Agent and the Escrow Agent, (iv) the Liquidity Providers, (v) the Pass Through Trustees and each Related Note Holder, (vi) each Affiliate of the persons described in clauses
(i) and (ii), (vii) each Affiliate of the persons described in clauses (iii), (iv) and (v), (viii) the respective directors, officers, employees, agents and servants of each of the persons described in clauses (i),
(ii) and (vi), (ix) the respective directors, officers, employees, agents and servants of each of the persons described in clauses (iii), (iv), (v) and (vii), (x) the successors and permitted assigns of the persons described in
clauses (i), (ii) and (viii), and (xi) the successors and permitted assigns of the persons described in clauses (iii), (iv), (v) and (ix); provided that the persons described in clauses (iii), (iv), (v), (vii), (ix) and
(xi) are Indemnitees only for purposes of Section 8.1 of the Participation Agreement. If any Indemnitee is Airframe Manufacturer or Engine Manufacturer or any subcontractor or supplier of either thereof, such Person shall be an Indemnitee
only in its capacity as Note Holder. 
 “Indenture Agreements” means the Purchase Agreement and the Bills of Sale, to the
extent included in Granting Clause (2) of the Trust Indenture, and any other contract, agreement or instrument from time to time assigned or pledged under the Trust Indenture. 

“Indenture Default” means any condition, circumstance, act or event that, with the giving of notice, the lapse of time or
both, would constitute an Indenture Event of Default. 
 “Indenture Event of Default” means any one or more of the
conditions, circumstances, acts or events set forth in Section 5.01 of the Trust Indenture. 
 “Indenture Indemnitee”
means (i) WTNA and the Mortgagee, (ii) each separate or additional trustee appointed pursuant to the Trust Indenture, (iii) the Subordination Agent, (iv) each Liquidity Provider, (v) each Pass Through Trustee and each
Related Note Holder, (vi) the Paying Agent, (vii) the Escrow Agent and (viii) each of the respective directors, officers, employees, agents and servants of each of the persons described in clauses (i) through (vii) inclusive
above. 
  

	8.	Insert for Boeing 737-824 Aircraft and 737-924ER Aircraft. 


	9.	Insert for Boeing 787-9 Aircraft. 


	10.	Insert for Boeing 777-322ER Aircraft. 


  
 9 







 “Intercreditor Agreement” means that certain Intercreditor Agreement among the
Pass Through Trustees, the Liquidity Providers and the Subordination Agent, dated as of the Issuance Date, provided that for purposes of any obligation of Owner, no amendment, modification or supplement to, or substitution or replacement of, such
Intercreditor Agreement shall be effective unless consented to by Owner. 
 “International Interest” is defined in the Cape
Town Treaty. 
 “International Registry” is defined in the Cape Town Treaty. 

“IRS” means the Internal Revenue Service of the United States or any Government Entity succeeding to the functions of such
Internal Revenue Service. 
 “Issuance Date” means September 27, 2016. 

“Law” means (a) any constitution, treaty, statute, law, decree, regulation, order, rule or directive of any Government
Entity, and (b) any judicial or administrative interpretation or application of, or decision under, any of the foregoing. 

“Lien” means any mortgage, pledge, lien, charge, claim, encumbrance, lease or security interest affecting the title to or any
interest in property. 
 “Liquidity Facilities” means the two Revolving Credit Agreements (consisting of one Revolving
Credit Agreement with the Liquidity Provider with respect to the Class AA Pass Through Trust and a second Revolving Credit Agreement with the Liquidity Provider with respect to the Class A Pass Through Trust) between the Subordination Agent, as
borrower, and the Liquidity Provider, each dated as of the Issuance Date, provided that, for purposes of any obligation of Owner, no amendment, modification or supplement to, or substitution or replacement of, any such Liquidity Facility
shall be effective unless consented to by Owner. 
 “Liquidity Provider” means Commonwealth Bank of Australia, New York
Branch, as “Class AA Liquidity Provider” and “Class A Liquidity Provider” (as such terms are defined in the Intercreditor Agreement). 

“Majority in Interest of Note Holders” means as of a particular date of determination, the holders of a majority in aggregate
unpaid Original Amount of all Equipment Notes outstanding as of such date (excluding any Equipment Notes held by Owner or any of its Affiliates (unless all Equipment Notes then outstanding shall be held by Owner or any Affiliate of Owner);
provided that for the purposes of directing any action or casting any vote or giving any consent, waiver or instruction hereunder, any Note Holder of an Equipment Note or Equipment Notes may allocate, in such Note Holder’s sole
discretion, any fractional portion of the principal amount of such Equipment Note or Equipment Notes in favor of or in opposition to any such action, vote, consent, waiver or instruction. 

  
 10 







 “Make-Whole Amount” means, with respect to any Equipment Note, an amount (as
determined by an independent investment bank of national standing) equal to the excess, if any, of (a) the present value of the remaining scheduled payments of principal and interest to maturity of such Equipment Note computed by discounting
such payments on a semiannual basis on each Payment Date (assuming a 360-day year of twelve 30-day months) using a discount rate equal to the Treasury Yield plus the Make-Whole Spread, over (b) the outstanding principal amount of such
Equipment Note plus accrued interest to the date of determination. For purposes of determining the Make-Whole Amount, “Treasury Yield” means, at the date of determination with respect to any Equipment Note, the interest rate (expressed as
a decimal and, in the case of United States Treasury bills, converted to a bond equivalent yield) determined to be the per annum rate equal to the semiannual yield to maturity for United States Treasury securities maturing on the Average Life Date
of such Equipment Note and trading in the public securities markets either as determined by interpolation between the most recent weekly average yield to maturity for two series of United States Treasury securities, trading in the public securities
markets, (A) one maturing as close as possible to, but earlier than, the Average Life Date of such Equipment Note and (B) the other maturing as close as possible to, but later than, the Average Life Date of such Equipment Note, in each
case as published in the most recent H.15(519) or, if a weekly average yield to maturity for United States Treasury securities maturing on the Average Life Date of such Equipment Note is reported in the most recent H.15(519), such weekly average
yield to maturity as published in such H.15(519). “H.15(519)” means the weekly statistical release designated as such, or any successor publication, published by the Board of Governors of the Federal Reserve System. The date of
determination of a Make-Whole Amount shall be the third Business Day prior to the applicable payment or redemption date and the “most recent H.15(519)” means the H.15(519) published prior to the close of business on the third Business Day
prior to the applicable payment or redemption date. 
 “Make-Whole Spread” means (i) in the case of Series AA
Equipment Notes, 0.20%, (ii) in the case of Series A Equipment Notes, 0.25% and (iii) in the case of any Additional Series, the percentage specified in Schedule I hereto (as amended at the time of original issuance of such Additional
Series) as the “Make-Whole Spread” for such Additional Series. 
 “Material Adverse Change” means, with respect
to any person, any event, condition or circumstance that materially and adversely affects such person’s business or consolidated financial condition, or its ability to observe or perform its obligations, liabilities and agreements under the
Operative Agreements. 
 “Minimum Liability Insurance Amount” is defined in Schedule 3 to the Participation Agreement. 

“Mortgaged Property” is defined in Section 3.03 of the Trust Indenture. 

“Mortgagee” means Wilmington Trust, National Association, a national banking association, not in its individual capacity but
solely as mortgagee under the Trust Indenture. 
 “Non-U.S. Person” means any Person other than a United States person, as
defined in Section 7701(a)(30) of the Code. 
 “Note Holder” means at any time each registered holder of one or more
Equipment Notes. 

  
 11 







 “Note Purchase Agreement” means the Note Purchase Agreement, dated as of the
Issuance Date, among United Airlines, Inc., the Subordination Agent, the Escrow Agent, the Paying Agent and the Pass Through Trustee under each Pass Through Trust Agreement providing for, among other things, the issuance and sale of certain
equipment notes. 
 “NY UCC” means the UCC as in effect on the date of determination in the State of New York. 

“Officer’s Certificate” means, in respect of any Person, a certificate signed by the Chairman, the President, any Vice
President (including those with varying ranks such as Executive, Senior, Assistant or Staff Vice President), the Treasurer or the Secretary of such Person. 

“Operative Agreements” means, collectively, the Participation Agreement, the Trust Indenture, the initial Trust Indenture
Supplement, the Bills of Sale, and the Equipment Notes. 
 “Operative Indentures” means each of the indentures under which
notes have been issued and purchased by the Pass Through Trustees pursuant to the Note Purchase Agreement (whether before or after the date of this Trust Indenture). 

“Original Amount,” with respect to an Equipment Note, means the stated original principal amount of such Equipment Note and,
with respect to all Equipment Notes, means the aggregate stated original principal amounts of all Equipment Notes. 
 “Owner
Person” means Owner, any lessee, assignee, successor or other user or person in possession of the Aircraft, Airframe or an Engine with or without color of right, or any Affiliate of any of the foregoing (excluding any Tax Indemnitee or any
related Tax Indemnitee with respect thereto, or any person using or claiming any rights with respect to the Aircraft, Airframe or an Engine directly by or through any of the persons in this parenthetical). 

“Participation Agreement” means the Participation Agreement
[            ], dated as of [            ], among Owner, the Applicable Pass Through Trustees, the Subordination
Agent and Mortgagee. 
 “Parts” means all appliances, parts, components, instruments, appurtenances, accessories,
furnishings, seats and other equipment of whatever nature (other than (a) Engines or engines, and (b) any Removable Part leased by Owner from a third party or subject to a security interest granted to a third party), that may from time to
time be installed or incorporated in or attached or appurtenant to the Airframe or any Engine or removed therefrom unless the Lien of the Trust Indenture shall not be applicable thereto in accordance with Section 4.04 of the Trust Indenture.

 “Pass Through Agreements” means the Pass Through Trust Agreements, the Note Purchase Agreement, the Deposit Agreements,
the Escrow Agreements, the Intercreditor Agreement, the Liquidity Facilities and the Fee Letter referred to in Section 2.03 of each of the Liquidity Facilities, provided that no amendment, modification or supplement to, or substitution or
replacement of, any such Fee Letter shall be effective for purposes of any obligation of Owner, unless consented to by Owner. 

  
 12 







 “Pass Through Certificates” means the pass through certificates issued by the
Pass Through Trusts (and any other pass through certificates for which such pass through certificates may be exchanged). 
 “Pass
Through Trust” means each of the two separate pass through trusts created under the Pass Through Trust Agreements. 
 “Pass
Through Trust Agreement” means each of the two separate Trust Supplements, together in each case with the Basic Pass Through Trust Agreement, each dated as of the Issuance Date by and between the Owner and a Pass Through Trustee, provided,
that, for purposes of any obligation of Owner, no amendment, modification or supplement to, or substitution or replacement of, any such Agreement shall be effective unless consented to by Owner. 

“Pass Through Trustee” means Wilmington Trust, National Association, a national banking association, in its capacity as
trustee under each Pass Through Trust Agreement. 
 “Pass Through Trustee Agreements” means the Participation Agreement,
the Pass Through Trust Agreements, the Note Purchase Agreement, the Deposit Agreements, the Escrow Agreements, and the Intercreditor Agreement. 

“Paying Agent” means Wilmington Trust, National Association, as paying agent under each of the Escrow Agreements. 

“Payment Date” means each April 7 and October 7, commencing on
[            ].11 

“Payment Due Rate” means (a) with respect to (i) any payment made to a Note Holder under any Series of Equipment
Notes, the Debt Rate applicable to such Series plus 2% and (ii) any other payment made under any Operative Agreement to any other Person, the Debt Rate applicable to such payment plus 2% or, if less, (b) the maximum rate permitted by
applicable law. 
 “Permitted Air Carrier” means (i) any manufacturer of airframes or aircraft engines, or any
Affiliate of a manufacturer of airframes or aircraft engines, (ii) any Permitted Foreign Air Carrier, (iii) any person approved in writing by Mortgagee or (iv) any U.S. Air Carrier. 

“Permitted Country” means any country listed on Schedule 4 to the Participation Agreement. 

 

	11.	Insert first April 7 or October 7 after the Closing Date, excluding October 7, 2016. 


  
 13 







 “Permitted Foreign Air Carrier” means any air carrier with its principal
executive offices in any Permitted Country and which is authorized to conduct commercial airline operations and to operate jet aircraft similar to the Aircraft under the applicable Laws of such Permitted Country. 

“Permitted Government Entity” means (i) the U.S. Government or (ii) any Government Entity if the Aircraft is then
registered under the laws of the country of such Government Entity. 
 “Permitted Lien” means (a) the rights of
Mortgagee under the Operative Agreements, or of any Permitted Lessee under any Permitted Lease; (b) Liens attributable to Mortgagee (both in its capacity as trustee under the Trust Indenture and in its individual capacity); (c) the rights
of others under agreements or arrangements to the extent expressly permitted by the terms of Section 4.02(b) or 4.04 of the Trust Indenture; (d) Liens for Taxes of Owner (and its U.S. federal tax law consolidated group), or Liens for Taxes
of any Tax Indemnitee (and its U.S. federal tax law consolidated group) for which Owner is obligated to indemnify such Tax Indemnitee under any of the Operative Agreements, in any such case either not yet due or being contested in good faith by
appropriate proceedings so long as such Liens and such proceedings do not involve any material risk of the sale, forfeiture or loss of the Aircraft, the Airframe, or any Engine or the interest of Mortgagee therein or impair the Lien of the Trust
Indenture; (e) materialmen’s, mechanics’, workers’, repairers’, employees’ or other like Liens arising in the ordinary course of business for amounts the payment of which is either not yet delinquent for more than 60
days or is being contested in good faith by appropriate proceedings, so long as such Liens and such proceedings do not involve any material risk of the sale, forfeiture or loss of the Aircraft, the Airframe, or any Engine or the interest of
Mortgagee therein or impair the Lien of the Trust Indenture; (f) Liens arising out of any judgment or award against Owner (or any Permitted Lessee), so long as such judgment shall, within 60 days after the entry thereof, have been discharged or
vacated, or execution thereof stayed pending appeal or shall have been discharged, vacated or reversed within 60 days after the expiration of such stay, and so long as during any such 60 day period there is not, or any such judgment or award does
not involve, any material risk of the sale, forfeiture or loss of the Aircraft, the Airframe, or any Engine or the interest of Mortgagee therein or impair the Lien of the Trust Indenture; (g) any other Lien with respect to which Owner (or any
Permitted Lessee) shall have provided a bond, cash collateral or other security adequate in the reasonable opinion of Mortgagee. 

“Permitted Lease” means a lease permitted under Section 4.02(b) of the Trust Indenture. 

“Permitted Lessee” means the lessee under a Permitted Lease. 

“Persons” or “persons” means individuals, firms, partnerships, joint ventures, trusts, trustees, Government
Entities, organizations, associations, corporations, limited liability companies, government agencies, committees, departments, authorities and other bodies, corporate or incorporate, whether having distinct legal status or not, or any member of any
of the same. 

  
 14 







 “Plan” means any employee benefit plan within the meaning of Section 3(3)
of ERISA, or any plan within the meaning of Section 4975(e)(1) of the Code. 
 “Prospective International Interest” is
defined in the Cape Town Treaty. 
 “Purchase Agreement” means [the Purchase Agreement No. 1951, dated as of
July 23, 1996, between the Airframe Manufacturer and Owner]12 [the Purchase Agreement No. PA-03784, dated as of July 12, 2012 (which incorporates and amends the terms and conditions of
the Aircraft General Terms Agreement AGTA-UAL, dated as of February 19, 2010, between the Airframe Manufacturer and Owner)]13 [the Purchase Agreement No. 2484, dated as of
December 29, 2004 between the Airframe Manufacturer and Owner]14 [the Purchase Agreement No. 04308 dated January 14, 2015 between the Airframe Manufacturer and Owner (which
incorporates the terms and conditions (except as specifically set forth in such Purchase Agreement) of the Aircraft General Terms Agreement, dated as of October 11, 2010 between the Airframe Manufacturer and Owner)]15, as amended (including all exhibits thereto, together with all letter agreements entered into that by their terms constitute part of such Purchase Agreement) and the GTA, in each case to the extent
included in the Granting Clause (2) of the Trust Indenture. 
 “QIB” is defined in Section 2.08 of the Trust
Indenture. 
 “Related Additional Series Equipment Note” means, with respect to any particular series of Additional Series
Equipment Notes and as of any date, an “Additional Series Equipment Note”, as defined in each Related Indenture, having the same designation as such series of Additional Series Equipment Notes, but only if as of such date it is held by the
“Subordination Agent” under the “Intercreditor Agreement”, as such terms are defined in such Related Indenture. 

“Related Equipment Note” means, as of any date, an “Equipment Note” as defined in each Related Indenture, but only
if as of such date it is held by the “Subordination Agent” under the “Intercreditor Agreement”, as such terms are defined in such Related Indenture. 

“Related Indenture” means each Operative Indenture (other than the Trust Indenture). 

“Related Indenture Event of Default” means any “Indenture Event of Default” under any Related Indenture. 

 

	12.	Insert for Boeing 737-824 Aircraft. 


	13.	Insert for Boeing 737-924ER Aircraft. 


	14.	Insert for Boeing 787-9 Aircraft. 


	15.	Insert for Boeing 777-322ER Aircraft. 


  
 15 







 “Related Make-Whole Amount” means the “Make-Whole Amount”, as defined
in each Related Indenture. 
 “Related Mortgagee” means the “Mortgagee” as defined in each Related Indenture.

 “Related Note Holder” means a registered holder of a Related Equipment Note. 

“Related Secured Obligations” means, as of any date, the outstanding “Original Amount”, as defined in each Related
Indenture, of the Related Equipment Notes issued under such Related Indenture, the accrued and unpaid interest due thereon in accordance with such Related Indenture as of such date, the Related Make-Whole Amount, if any, due with respect thereto and
all other amounts due with respect thereto in accordance with such Related Indenture. 
 “Related Series AA Equipment Note”
means, as of any date, a “Series AA Equipment Note”, as defined in each Related Indenture, but only if as of such date it is held by the “Subordination Agent” under the “Intercreditor Agreement”, as such terms are
defined in such Related Indenture. 
 “Related Series A Equipment Note” means, as of any date, a “Series A Equipment
Note”, as defined in each Related Indenture, but only if as of such date it is held by the “Subordination Agent” under the “Intercreditor Agreement”, as such terms are defined in such Related Indenture. 

“Removable Part” is defined in Section 4.04(d) of the Trust Indenture. 

“Replacement Airframe” means any airframe substituted for the Airframe pursuant to Article IV of the Trust Indenture. 

“Replacement Engine” means an engine substituted for an Engine pursuant to Article IV of the Trust Indenture. 

“SEC” means the Securities and Exchange Commission of the United States, or any Government Entity succeeding to the functions
of such Securities and Exchange Commission. 
 “Section 1110” means 11 U.S.C. Section 1110 of the Bankruptcy Code
or any successor or analogous section of the federal bankruptcy law in effect from time to time. 
 “Secured Obligations”
is defined in Section 2.06 of the Trust Indenture. 
 “Securities Account” is defined in Section 3.07 of the
Trust Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Security” means a “security” as defined in Section 2(l) of the Securities Act. 

  
 16 







 “Senior Holder” is defined in Section 2.13(c) of the Trust Indenture. 

“Series” means any of Series AA, Series A or any Additional Series. 

“Series AA” or “Series AA Equipment Notes” means Equipment Notes issued under the Trust Indenture and
designated as “Series AA” thereunder, in the Original Amount and maturities and bearing interest as specified in Schedule I to the Trust Indenture under the heading “Series AA.” 

“Series A” or “Series A Equipment Notes” means Equipment Notes issued under the Trust Indenture and
designated as “Series A” thereunder, in the Original Amount and maturities and bearing interest as specified in Schedule I to the Trust Indenture under the heading “Series A”. 

“Similar Aircraft” means a Boeing Model [insert model reference the same as the Aircraft] aircraft. 

“Special Default” means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note
when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii). 

“Subordination Agent” means Wilmington Trust, National Association, as subordination agent under the Intercreditor Agreement,
or any successor thereto. 
 “Tax Indemnitee” means (a) WTNA and Mortgagee, (b) each separate or additional
trustee appointed pursuant to the Trust Indenture, (c) each Note Holder and (d) the respective successors, assigns, agents and servants of the foregoing. 

“Taxes” means all license, recording, documentary, registration and other similar fees and all taxes, levies, imposts,
duties, charges, assessments or withholdings of any nature whatsoever imposed by any Taxing Authority, together with any penalties, additions to tax, fines or interest thereon or additions thereto. 

“Taxing Authority” means any federal, state or local government or other taxing authority in the United States, any foreign
government or any political subdivision or taxing authority thereof, any international taxing authority or any territory or possession of the United States or any taxing authority thereof. 

“Threshold Amount” is defined in Schedule 3 to the Participation Agreement. 

“Transaction Expenses” means all costs and expenses incurred by Mortgagee in connection with (a) the preparation,
execution and delivery of the Operative Agreements and the recording or filing of any documents, certificates or instruments in accordance with any Operative Agreement, including, without limitation, the FAA Filed Documents and the Financing
Statements, (b) the initial fee of Mortgagee under the Trust Indenture and (c) the reasonable fees and disbursements of counsel for each Mortgagee and special counsel in Oklahoma City, Oklahoma, in each case, in connection with the
Closing. 

  
 17 







 “Transactions” means the transactions contemplated by the Participation
Agreement. 
 “Transfer” means the transfer, sale, assignment or other conveyance of all or any interest in any property,
right or interest. 
 “Transferee” means a person to which any Note Holder purports or intends to Transfer any or all of
its right, title or interest in the Equipment Note, as described in Section 9 of the Participation Agreement. 
 “Trust
Indenture” means the Trust Indenture and Mortgage [            ], dated as of the date of the Participation Agreement between Owner and Mortgagee. 

“Trust Indenture Supplement” means a Trust Indenture and Mortgage Supplement, substantially in the form of Exhibit A to the
Trust Indenture, with appropriate modifications to reflect the purpose for which it is being used. 
 “Trust Supplement”
means an agreement supplemental to the Basic Pass Through Trust Agreement pursuant to which (i) a separate trust is created for the benefit of the holders of the Pass Through Certificates of a class, (ii) the issuance of the Pass Through
Certificates of such class representing fractional undivided interests in such trust is authorized and (iii) the terms of the Pass Through Certificates of such class are established. 

“UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction. 

“United States” or “U.S.” means the United States of America; provided that for geographic purposes,
“United States” means, in aggregate, the 50 states and the District of Columbia of the United States of America. 
 “U.S.
Air Carrier” means any United States air carrier that is a Citizen of the United States holding an air carrier operating certificate issued pursuant to chapter 447 of title 49 of the United States Code for aircraft capable of carrying 10 or
more individuals or 6000 pounds or more of cargo, and as to which there is in force an air carrier operating certificate issued pursuant to Part 121 of the FAA Regulations, or which may operate as an air carrier by certification or otherwise under
any successor or substitute provisions therefor or in the absence thereof. 
 “U.S. Government” means the federal
government of the United States, or any instrumentality or agency thereof the obligations of which are guaranteed by the full faith and credit of the federal government of the United States. 

“U.S. Person” means any Person described in Section 7701 (a)(30) of the Code. 

“Weighted Average Life to Maturity” means, with respect to any specified Debt, at the time of the determination thereof the
number of years obtained by dividing the then Remaining Dollar-years of such Debt by the then outstanding principal amount of such Debt. 

  
 18 







 
The term “Remaining Dollar-years” shall mean the amount obtained by (1) multiplying the amount of each then-remaining principal payment on such Debt by the number of years
(calculated at the nearest one-twelfth) that will elapse between the date of determination of the Weighted Average Life to Maturity of such Debt and the date of that required payment and (2) totaling all the products obtained in clause
(1) above. 
 “Wet Lease” means any arrangement whereby Owner or a Permitted Lessee agrees to furnish the Aircraft,
Airframe or any Engine to a third party pursuant to which the Aircraft, Airframe or Engine shall at all times be in the operational control of Owner or a Permitted Lessee, provided that Owner’s obligations under the Trust Indenture shall
continue in full force and effect notwithstanding any such arrangement. 
 “WTNA” means Wilmington Trust, National
Association, a national banking association, not in its capacity as Mortgagee under the Trust Indenture, but in its individual capacity. 

  
 19 








							
		  		  		  	 ANNEX B - INSURANCE 


TRUST INDENTURE [        ]


 ANNEX B 

INSURANCE 
 Capitalized
terms used but not defined herein shall have the respective meanings set forth or incorporated by reference in Annex A to the Trust Indenture. 
  

	A.	Liability Insurance 

 1. Except as provided in Section A.2 below, Owner (or
Permitted Lessee) will carry or cause to be carried at all times, at no expense to Mortgagee, commercial airline legal liability (including, but not limited to passenger liability, property damage, baggage liability, cargo and mail liability,
hangarkeeper’s liability and contractual liability insurance) with respect to the Aircraft, the Airframe and the Engines, which is (i) in an amount not less than the greater of (x) the amount of commercial airline legal liability
insurance from time to time applicable to aircraft owned or leased and operated by Owner (or Permitted Lessee) of the same type and operating on similar routes as the Aircraft and (y) the Minimum Liability Insurance Amount per occurrence;
(ii) of the type and covering the same risks as from time to time applicable to aircraft operated by Owner (or Permitted Lessee) of the same type as the Aircraft; and (iii) maintained in effect with insurers of nationally or
internationally recognized responsibility (such insurers being referred to herein as “Approved Insurers”). Owner (or Permitted Lessee) need not maintain cargo liability insurance with respect to the Aircraft, or may maintain such insurance
in an amount less than the Minimum Liability Insurance Amount, as long as the amount of the cargo liability insurance, if any, maintained with respect to such Aircraft is not less than the amount of such coverage which is maintained by Owner (or
Permitted Lessee) for other aircraft owned or leased by Owner (or Permitted Lessee) that are similar in type to such Aircraft and operated by Owner (or Permitted Lessee) on the same or similar routes. 

2. During any period that the Aircraft is on the ground and not in operation, Owner (or Permitted Lessee) may carry or cause to be carried, in
lieu of the insurance required by Section A.1 above, insurance otherwise conforming with the provisions of said Section A.1 except that (i) the amounts of coverage shall not be required to exceed the amounts of public liability and
property damage insurance from time to time applicable to aircraft owned or operated by Owner (or Permitted Lessee) of the same type as the Aircraft which are on the ground and not in operation and (ii) the scope of the risks covered and the
type of insurance shall be the same as from time to time shall be applicable to aircraft owned or operated by Owner (or Permitted Lessee) of the same type which are on the ground and not in operation. 

 

	B.	Hull Insurance 

 1. Except as provided in Section B.2 below, Owner (or Permitted
Lessee) will carry or cause to be carried at all times, at no expense to Mortgagee, with Approved Insurers “all-risk” ground and flight aircraft hull insurance covering the Aircraft (including the Engines when they are installed on the
Airframe or any other airframe) which is of the type as from time to time applicable to aircraft owned by Owner (or Permitted Lessee) of the same type as the Aircraft for an amount denominated in United States Dollars not less than the unpaid
Original Amount together with six months of interest accrued thereon (collectively, the “Debt Balance”). 






 Any policies of insurance carried in accordance with this Section B.1 or Section C
covering the Aircraft and any policies taken out in substitution or replacement for any such policies (i) shall name Mortgagee as exclusive loss payee for any proceeds to be paid under such policies up to an amount equal to the Debt Balance and
(ii) shall provide that (A) in the event of a loss involving proceeds in excess of the Threshold Amount, the proceeds in respect of such loss up to an amount equal to the Debt Balance shall be payable to the Mortgagee, except in the case
of a loss with respect to an Engine installed on an airframe other than the Airframe, in which case Owner (or any Permitted Lessee) shall endeavor to arrange for any payment of insurance proceeds in respect of such loss to be held for the account of
the Mortgagee whether such payment is made to Owner (or any Permitted Lessee) or any third party, it being understood and agreed that in the case of any payment to Mortgagee otherwise than in respect of an Event of Loss, the Mortgagee shall, upon
receipt of evidence satisfactory to it that the damage giving rise to such payment shall have been repaired or that such payment shall then be required to pay for repairs then being made, pay the amount of such payment to Owner or its order, and
(B) the entire amount of any loss involving proceeds of the Threshold Amount or less or the amount of any proceeds of any loss in excess of the Debt Balance shall be paid to Owner or its order unless an Event of Default shall have occurred and
be continuing and the insurers have been notified thereof by the Mortgagee. In the case of a loss with respect to an engine (other than an Engine) installed on the Airframe, Mortgagee shall hold any payment to it of any insurance proceeds in respect
of such loss for the account of Owner or any other third party that is entitled to receive such proceeds. 
 2. During any period that the
Aircraft is on the ground and not in operation, Owner (or Permitted Lessee) may carry or cause to be carried, in lieu of the insurance required by Section B.1 above, insurance otherwise conforming with the provisions of said Section B.1
except that the scope of the risks and the type of insurance shall be the same as from time to time applicable to aircraft owned by Owner (or Permitted Lessee) of the same type similarly on the ground and not in operation, provided that Owner
(or Permitted Lessee) shall maintain insurance against risk of loss or damage to the Aircraft in an amount equal to the Debt Balance during such period that the Aircraft is on the ground and not in operation. 

 

	C.	War-Risk, Hijacking and Allied Perils Insurance 

 If Owner (or any Permitted Lessee)
shall at any time operate or propose to operate the Aircraft, Airframe or any Engine (i) in any area of recognized hostilities or (ii) on international routes and war-risk, hijacking or allied perils insurance is maintained by Owner (or
any Permitted Lessee) with respect to other aircraft owned or operated by Owner (or any Permitted Lessee) on such routes or in such areas, Owner (or Permitted Lessee) shall maintain or cause to be maintained war-risk, hijacking and related perils
insurance of substantially the same type carried by major United States commercial air carriers operating the same or comparable models of aircraft on similar routes or in such areas and in no event in an amount less than the unpaid Original Amount.


  
 2 








	D.	General Provisions 

 Any policies of insurance carried in accordance with
Sections A, B and C, including any policies taken out in substitution or replacement for such policies: 
 (i) in the
case of Section A, shall name Mortgagee, each Note Holder, each Related Mortgagee, each Related Note Holder and each Liquidity Provider as an additional insured (collectively, the “Additional Insureds”), as its interests may appear;

 (ii) shall apply worldwide and have no territorial restrictions or limitations (except only in the case of war, hijacking
and related perils insurance required under Section C, which shall apply to the fullest extent available in the international insurance market); 

(iii) shall provide that, in respect of the interests of the Additional Insureds in such policies, the insurance shall not be
invalidated or impaired by any act or omission (including misrepresentation and nondisclosure) by Owner (or any Permitted Lessee) or any other Person (including, without limitation, use for illegal purposes of the Aircraft or any Engine) and shall
insure the Additional Insureds regardless of any breach or violation of any representation, warranty, declaration, term or condition contained in such policies by Owner (or any Permitted Lessee); 

(iv) shall provide that, if the insurers cancel such insurance for any reason whatsoever, or if the same is allowed to lapse
for nonpayment of premium, or if any material change is made in the insurance which adversely affects the interest of any of the Additional Insureds, such cancellation, lapse or change shall not be effective as to the Additional Insureds for thirty
(30) days (seven (7) days in the case of war risk, hijacking and allied perils insurance and ten (10) days in case of nonpayment of premium) after receipt by the Additional Insureds of written notice by such insurers of such
cancellation, lapse or change, provided that if any notice period specified above is not reasonably obtainable, such policies shall provide for as long a period of prior notice as shall then be reasonably obtainable; 

(v) shall waive any rights of setoff (including for unpaid premiums), recoupment, counterclaim or other deduction, whether by
attachment or otherwise, against each Additional Insured; 
 (vi) shall waive any right of subrogation against any Additional
Insured; 
 (vii) shall be primary without right of contribution from any other insurance that may be available to any
Additional Insured; 
 (viii) shall provide that all of the liability insurance provisions thereof, except the limits of
liability, shall operate in all respects as if a separate policy had been issued covering each party insured thereunder; 

  
 3 







 (ix) shall provide that none of the Additional Insureds shall be liable for any
insurance premium; and 
 (x) shall contain a 50/50% Clause per Lloyd’s Aviation Underwriters’ Association Standard
Policy Form AVS 103 or US market equivalent. 
  

	E.	Reports and Certificates; Other Information 

 On or prior to the Closing Date and on or
prior to each renewal date of the insurance policies required hereunder, Owner (or Permitted Lessee) will furnish or cause to be furnished to Mortgagee insurance certificates describing in reasonable detail the insurance maintained by Owner (or
Permitted Lessee) hereunder and a report, signed by Owner’s (or Permitted Lessee’s) regularly retained independent insurance broker (the “Insurance Broker”), stating the opinion of such Insurance Broker that (a) all premiums
in connection with such insurance then due have been paid and (b) such insurance complies with the terms of this Annex B, except that such opinion shall not be required with respect to war risk insurance or indemnity provided by the U.S.
Government. To the extent such agreement is reasonably obtainable Owner (or Permitted Lessee) will also cause the Insurance Broker to agree to advise Mortgagee in writing of any default in the payment of any premium and of any other act or omission
on the part of Owner (or Permitted Lessee) of which it has knowledge and which might invalidate or render unenforceable, in whole or in part, any insurance on the Aircraft or Engines required hereunder or cause the cancellation or termination of
such insurance, and to advise Mortgagee in writing at least thirty (30) days (seven (7) days in the case of war-risk and allied perils coverage and ten (10) days in the case of nonpayment of premium, or such shorter period as may be
available in the international insurance market, as the case may be) prior to the cancellation, lapse or material adverse change of any insurance maintained pursuant to this Annex B. 

 

	F.	Right to Pay Premiums 

 The Additional Insureds shall have the rights but not the
obligations of an additional named insured with respect to paying premiums. None of Mortgagee and the other Additional Insured shall have any obligation to pay any premium, commission, assessment or call due on any such insurance (including
reinsurance). Notwithstanding the foregoing, in the event of cancellation of any insurance due to the nonpayment of premiums, Mortgagee shall have the option, in its sole discretion, to pay any such premium in respect of the Aircraft that is due in
respect of the coverage pursuant to this Trust Indenture and to maintain such coverage, as Mortgagee may require, until the scheduled expiry date of such insurance and, in such event, Owner shall, upon demand, reimburse Mortgagee for amounts so paid
by them. 
  

	G.	Deductibles; Self-insurance 

 Owner (or Permitted Lessee) may self-insure by way of
deductible, premium adjustment or franchise provisions or otherwise (including, with respect to insurance maintained pursuant to Section B, insuring for a maximum amount which is less than the Debt Balance) in the insurance covering the risks
required to be insured against pursuant to Section 4.06 and this Annex B under a program applicable to all aircraft in Owner’s (or Permitted Lessee’s) fleet, but in no case shall the aggregate amount of self-insurance in regard
to Section 11 and this Annex B exceed during 

  
 4 







 
any policy year, with respect to all of the aircraft in Owner’s (or Permitted Lessee’s) fleet (including, without limitation, the Aircraft), the lesser of (a) 100% of the largest
replacement value of any single aircraft in Owner’s fleet and (b) 1-1/2% of the average aggregate insurable value (during the preceding policy year) of all aircraft (including, without limitation, the Aircraft) on which Owner carries
insurance, unless an insurance broker of national standing shall certify that the standard among all other major U.S. airlines is a higher level of self-insurance, in which case Owner may self-insure to such higher level. In addition, Owner (and any
Permitted Lessee) may self-insure to the extent of any applicable deductible per aircraft that does not exceed industry standards for major U.S. airlines. 

  
 5 







 EXHIBIT A 

TO 
 TRUST INDENTURE AND MORTGAGE 

TRUST INDENTURE AND MORTGAGE SUPPLEMENT 

This TRUST INDENTURE AND MORTGAGE SUPPLEMENT NO. __, dated
[                             ,
            ] (herein called this “Trust Indenture Supplement”) of UNITED AIRLINES, INC., as Owner (the “Owner”). 

W I T N E S S E T H: 

WHEREAS, the Trust Indenture and Mortgage [            ], dated as of
[            ] (as amended and supplemented, the “Trust Indenture”), between the Owner and Wilmington Trust, National Association, as Mortgagee (the “Mortgagee”),
provides for the execution and delivery of a supplement thereto substantially in the form hereof, which shall particularly describe the Aircraft, and shall specifically mortgage such Aircraft to the Mortgagee; and 

WHEREAS, the Trust Indenture relates to the Airframe and Engines described below, and a counterpart of the Trust Indenture is attached hereto
and made a part hereof and this Trust Indenture Supplement, together with such counterpart of the Trust Indenture, is being filed for recordation on the date hereof with the FAA as one document; 

NOW, THEREFORE, this Trust Indenture Supplement WITNESSETH that the Owner hereby confirms that the Lien of the Trust Indenture on the
Collateral covers all of Owner’s right, title and interest in and to the following described property and that it hereby grants to the Security Trustee an “International Interest” (as defined in the Cape Town Convention on
International Interests in Mobile Equipment and related Aircraft Equipment Protocol, as in effect in the United States) in the following airframe and engines: 

AIRFRAME 
 One airframe identified as
follows: 
  

							
	 Manufacturer
	  	 
Model
	  	 FAA Registration

Number
	  	 Manufacturer’s

Serial Number

	  
 The Boeing Company
	  		  		  	

 AIRCRAFT ENGINES 

Two aircraft engines, each such engine being a jet propulsion aircraft engine with at least 1750 lb of thrust or its equivalent,
identified as follows: 
  

					
	 Manufacturer
	  	 Manufacturer’s Model
	  	 Serial Number








 Together with all of Owner’s right, title and interest in and to (a) all Parts of
whatever nature, which from time to time are included within the definition of “Airframe” or “Engine”, whether now owned or hereafter acquired, including all substitutions, renewals and replacements of and additions,
improvements, accessions and accumulations to the Airframe and Engines (other than additions, improvements, accessions and accumulations which constitute appliances, parts, instruments, appurtenances, accessories, furnishings or other equipment
excluded from the definition of Parts) and (b) all Aircraft Documents. 
 TO HAVE AND TO HOLD all and singular the aforesaid property
unto the Mortgagee, its successors and assigns, in trust for the equal and proportionate benefit and security of the Note Holders and the Indenture Indemnitees, except as provided in Section 2.13 and Article III of the Trust Indenture without
any preference, distinction or priority of any one Equipment Note over any other by reason of priority of time of issue, sale, negotiation, date of maturity thereof or otherwise for any reason whatsoever, and for the uses and purposes and subject to
the terms and provisions set forth in the Trust Indenture. 
 This Trust Indenture Supplement shall be construed as supplemental to the
Trust Indenture and shall form a part thereof. The Trust Indenture is each hereby incorporated by reference herein and is hereby ratified, approved and confirmed. 

AND, FURTHER, the Owner hereby acknowledges that the Aircraft referred to in this Trust Indenture Supplement has been delivered to the Owner
and is included in the property of the Owner subject to the pledge and mortgage thereof under the Trust Indenture. 

*    *    * 

IN WITNESS WHEREOF, the Owner has caused this Trust Indenture Supplement to be duly executed by one of its officers, thereunto duly
authorized, on the day and year first above written. 
  

			
	 UNITED AIRLINES, INC.

		
	 By:
	 	 
		 	 Name:

		 	 Title:




  
 2 







 SCHEDULE I 
  

									
	 	  	Original Amount	 	 	Interest Rate	 
	 Series AA:
	  	 	[___]	  	 	 	[___]	  
	 Series A:
	  	 	[___]	  	 	 	[___]	  
	 Total:
	  				 			

 Trust Indenture and Mortgage 

Equipment Note Amortization 
  

			
	 
Payment Date
	  	 Percentage of Original

Amount to be Paid

		  	


  
 [Attached on following
pages.]