Document:

EX-4.9

 Exhibit 4.9 
 FORM OF AMENDMENT NO. 1 TO TRUST INDENTURE AND SECURITY AGREEMENT [    ] 
 AMENDMENT NO. 1, dated as of [    ], 2013 (this “Amendment No. 1”) TO TRUST INDENTURE AND SECURITY AGREEMENT [        ]
dated as of [                    ] (the “Trust Indenture”) between US AIRWAYS, INC. (“Owner”), WILMINGTON TRUST
COMPANY, a Delaware trust company, not in its individual capacity, except as expressly stated therein, but solely as Indenture Trustee (the “Indenture Trustee”) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national association, as
Securities Intermediary (together with its successors, the “Securities Intermediary”). 
 W I T N E S S E T H:

 WHEREAS, the Owner, Indenture Trustee and the Securities Intermediary entered into the Trust Indenture and the
Trust Indenture and Security Agreement Supplement No. 1 dated [                    ], which were recorded as one instrument by the FAA on
[            ], 2010 and were assigned Conveyance No. [    ]; 
 WHEREAS, the Owner has elected to issue the Series C Equipment Notes as permitted by the Trust Indenture, and in connection with such issuance, Owner has requested certain amendments to the Trust
Indenture pursuant to Section 10.01(b)(vii) of the Trust Indenture; 
 WHEREAS, all things have been done to make
the Series C Equipment Notes, when executed by the Owner and authenticated and delivered by the Indenture Trustee under the Trust Indenture, the valid, binding and enforceable obligations of the Owner; 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1.
Definitions. Capitalized terms and phrases used and not otherwise defined herein shall for all purposes of this Amendment No. 1, including the recital of the parties and the other preceding recitals, have the respective meanings
specified therefor in the Trust Indenture. 
 Section 2. Amendment. Effective as of the date hereof, the
Trust Indenture shall be amended as follows: 
 (a) all references to “this Trust Indenture” in the Trust Indenture
shall be deemed to refer to the Trust Indenture as amended by this Amendment No. 1, and all references in the Trust Indenture or in any other Pass Through Agreement or Operative Agreement to the Trust Indenture shall be deemed to refer to the
Trust Indenture as amended by this Amendment No. 1; 
 (b) Annex A to the Trust Indenture shall be amended by adding in
alphabetic order within said Annex the following new definition: 
 ““Series C Note Purchase
Agreement” means the Note Purchase Agreement, dated as of June 6, 2013, among the Owner, the Pass Through Trustee relating to the Series C Equipment Notes, the Subordination Agent, the Escrow Agent and the Paying Agent, as amended,
supplemented or otherwise modified from time to time in accordance with its terms providing, among other things, for the purchase of the Series C Equipment Notes on such date.” 

 (c) Annex A to the Trust Indenture shall be amended further by amending and restating in
their entirety the below definitions to read as follows: 
 ““Make-Whole Spread” means (i) in the
case of Series A Equipment Notes, 0.50%, (ii) in the case of Series B Equipment Notes, 0.50% and (iii) in the case of Series C Equipment Notes, 0.50%.”; 
 ““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 or the
Series C Note Purchase Agreement (whether before or after the date of the Trust Indenture).”; 
 ““Pass
Through Agreements” means the Pass Through Trust Agreements, the Note Purchase Agreement, the Series C 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 the
Owner, unless consented to by the Owner.”; 
 ““Pass Through Trust” means each of the three separate
pass through trusts created under the Pass Through Trust Agreements.”; 
 ““Pass Through Trust
Agreement” means each of the three 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 the Owner, no amendment, modification or supplement to, or substitution or replacement of, any such agreement shall be effective unless consented to by the Owner.”; and 

““Pass Through Trustee Agreements” means the Participation Agreement, the Pass Through Trust Agreements, the Note
Purchase Agreement, the Series C Note Purchase Agreement, the Deposit Agreements, the Escrow Agreements and the Intercreditor Agreement.” 
 (d) Schedule I to the Trust Indenture is hereby amended and restated by replacing such Schedule I with the new Schedule I attached to this Amendment No. 1. 

Section 3. No Other Amendments. Except as expressly provided in this Amendment No. 1, all of the terms and
conditions of the Trust Indenture shall remain in full force and effect and are hereby ratified and confirmed. 

Section 4. Miscellaneous. The terms of this Amendment No. 1 shall be binding upon, inure to the benefit of, and
be enforceable by, the parties hereto and their respective successors and assigns. The terms of this Amendment No. 1 shall in all respects be governed by, 

  
 2 

 
and construed in accordance with, the law of the State of New York, including all matters of construction, validity and performance. This Amendment No. 1 may be executed in any number of
counterparts, all of which taken together shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Amendment No. 1 by signing any such counterpart. 

[signature page follows] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly
executed as of the day and year first above written. 
  

			
	US AIRWAYS, INC.
		
	By	 	  

	Name:	 	
	Title:	 	
	
	 WILMINGTON TRUST COMPANY,
 not in its individual capacity, except as expressly set forth herein but solely as Indenture Trustee

		
	By	 	  

	Name:	 	
	Title:	 	

 SCHEDULE I 

 

									
	  	  	Original Amount	 	  	Interest Rate	 
			
	 Series A:
	  	$	418,113,000	  	  	 	4.625	% 
			
	 Series B:
	  	$	128,071,000	  	  	 	6.750	% 
			
	 Series C:
	  	$	100,000,000	  	  	 	5.450	% 
			
	 Additional Series:
	  				  	 	[    	]% 
			
	 Total:
	  				  			

 Trust Indenture and Security Agreement 

Equipment Note Amortization 
  

			
	 Payment Date
	  	Percentage of Original
Amount to be
PaidEX-4.10

 Exhibit 4.10 
 EXHIBIT B TO NOTE PURCHASE AGREEMENT 
  

 
 PARTICIPATION AGREEMENT
[    ] 
 Dated as of [            ],
201[    ] 
 Among 
 US AIRWAYS, INC., 
 Owner, 

and 

WILMINGTON TRUST COMPANY, 
 Not in its individual capacity 
 except as expressly provided herein, 

but solely as Indenture Trustee, Subordination Agent 
 under the Intercreditor Agreement and Pass Through Trustee 
 under each of the
Applicable Pass Through Trust Agreements 
  

 
 One Airbus
Model A3[    ]-2[    ] 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
	  	 	2	  
			
	 SECTION 3.
	  	 GUARANTEE
	  	 	2	  
			
	 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 Indenture Trustee
	  	 	6	  
		  	    4.3	    	 Conditions Precedent to Obligations of Owner
	  	 	7	  
		  	    4.4	    	 Post-Registration Opinion
	  	 	7	  
			
	 SECTION 5.
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	8	  
		  	    5.1	    	 Owner’s Representations and Warranties
	  	 	8	  
		  	    5.2	    	 WTC’s Representations and Warranties
	  	 	11	  
			
	 SECTION 6.
	  	 COVENANTS, UNDERTAKINGS AND AGREEMENTS
	  	 	13	  
		  	    6.1	    	 Covenants of Owner
	  	 	13	  
		  	    6.2	    	 Covenants of WTC
	  	 	15	  
		  	    6.3	    	 Covenants of Note Holders
	  	 	16	  
		  	    6.4	    	 Agreements
	  	 	17	  
			
	 SECTION 7.
	  	 CONFIDENTIALITY
	  	 	20	  
			
	 SECTION 8.
	  	 INDEMNIFICATION AND EXPENSES
	  	 	20	  
		  	    8.1	    	 General Indemnity
	  	 	20	  
		  	    8.2	    	 Expenses
	  	 	25	  
		  	    8.3	    	 General Tax Indemnity
	  	 	25	  
		  	    8.4	    	 Payments
	  	 	33	  
		  	    8.5	    	 Interest
	  	 	33	  
		  	    8.6	    	 Benefit of Indemnities
	  	 	33	  
			
	 SECTION 9.
	  	 ASSIGNMENT OR TRANSFER OF INTEREST
	  	 	33	  
		  	    9.1	    	 Note Holders
	  	 	33	  
		  	    9.2	    	 Effect of Transfer
	  	 	34	  
			
	 SECTION 10.
	  	 SECTION 1110
	  	 	34	  
			
	 SECTION 11.
	  	 CHANGE OF CITIZENSHIP
	  	 	34	  
		  	    11.1	    	 Generally
	  	 	34	  
		  	    11.2	    	 Indenture Trustee
	  	 	34	  

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	i

									
	 SECTION 12.
	  	 MISCELLANEOUS
	  	 	35	  
		  	    12.1	    	 Amendments
	  	 	35	  
		  	    12.2	    	 Severability
	  	 	35	  
		  	    12.3	    	 Survival
	  	 	35	  
		  	    12.4	    	 Reproduction of Documents
	  	 	35	  
		  	    12.5	    	 Counterparts
	  	 	36	  
		  	    12.6	    	 No Waiver
	  	 	36	  
		  	    12.7	    	 Notices
	  	 	36	  
		  	    12.8	    	 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE
	  	 	36	  
		  	    12.9	    	 Third-Party Beneficiary
	  	 	37	  
		  	    12.10	    	 Entire Agreement
	  	 	38	  
		  	    12.11	    	 Further Assurances
	  	 	38	  

 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 regulatory counsel to Owner
	EXHIBIT C-1 -	  	Opinion of special counsel to Indenture Trustee and to the Applicable Pass Through Trustees
	EXHIBIT C-2 -	  	Opinion of special counsel to Indenture Trustee and to the Applicable Pass Through Trustees
	EXHIBIT D -	  	Opinion of special counsel in Oklahoma City, Oklahoma
	EXHIBIT E -	  	Opinion of special French counsel

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	ii

 PARTICIPATION AGREEMENT [    ] 

PARTICIPATION AGREEMENT [            ], dated as of
[            ], 201[    ] (this “Agreement”), among (a) US AIRWAYS, INC., a Delaware corporation (“Owner”), (b) WILMINGTON TRUST COMPANY, a
Delaware trust company, not in its individual capacity, except as expressly provided herein, but solely as Indenture Trustee (in its capacity as Indenture Trustee, “Indenture Trustee” and in its individual capacity, “WTC”),
(c) WILMINGTON TRUST COMPANY, 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 COMPANY, 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 Indenture Trustee, 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
Indenture Trustee all of Owner’s right, title and interest in the Collateral to secure the Secured Obligations, including, without limitation, Owner’s obligations under the Equipment Notes. 

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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	1

 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 redeem and reissue Series B Equipment and to issue, redeem and reissue Series C Equipment Notes, subject to the terms of the Note Purchase Agreement, the Series C Note Purchase Agreement and the Intercreditor Agreement. If Series B
or Series C 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. 

 

	 	2.2	Closing 

 (a) The Closing
of the transactions contemplated hereby shall take place at the offices of [    ], 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.	GUARANTEE 

 The payment
obligations of the Owner hereunder, under the Trust Indenture and the Equipment Notes issued thereunder will be guaranteed by US Airways Group, Inc. on and subject to to the terms and conditions of the Guarantee heretofore delivered to the Pass
Through Trustees, the Subordination Agent and the Indenture Trustee. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	2

	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 Indenture Trustee for authentication and the Indenture Trustee 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; 
 (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, the Engine Consent and Agreement and the French Pledge 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); 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	3

 (ix) the Financing Statements; 

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

(A) an opinion of Latham & Watkins LLP, special counsel to Owner, substantially in the form of Exhibit A;

 (B) an opinion of Squire Sanders, regulatory counsel to Owner, substantially in the form of Exhibit B;

 (C) the opinions of Morris James LLP, special counsel to Indenture Trustee and to the Applicable Pass Through
Trustees, each substantially in the form of Exhibits C-1 and C-2; 
 (D) an opinion of Daugherty, Fowler,
Peregrin, Haught & Jenson, special counsel in Oklahoma City, Oklahoma, substantially in the form of Exhibit D; 
 (E) an opinion of Latham & Watkins, LLP, special French counsel for the Owner, with respect to the French Pledge Agreement, substantially in the form of Exhibit E; and 

(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 Financing Statements and the registration of the International Interest (or Prospective International Interest) of
the Indenture Trustee in the Airframe and each Engine with the International Registry, Indenture Trustee 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 Indenture Trustee 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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	4

	 	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. 
  

	 	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 

Indenture Trustee 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 Indenture Trustee 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 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	5

 
with respect to the Airframe or either Engine on the International Registry with a priority over the International Interest of the Indenture Trustee 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 Indenture Trustee 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 Indenture Trustee 

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

	 	4.2.1	Documents 

 Executed
originals of the agreements, instruments, certificates or documents described in Section 4.1.2 shall have been received by Indenture Trustee, 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 Indenture Trustee. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	6

	 	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 Indenture Trustee. 
  

	 	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 WTC as to the person or persons authorized to execute and deliver the Operative Agreements on behalf of WTC 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 WTC, certified as of the Closing Date by the Secretary or Assistant or Attesting
Secretary of WTC, which authorize the execution, delivery and performance by WTC of the Operative Agreements to which it is a party; and 
 (ii) an Officer’s Certificate of WTC, dated as of the Closing Date, stating that its representations and warranties in its individual capacity or as Indenture Trustee, 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
Daugherty, Fowler, Peregrin, Haught & Jenson, special counsel in Oklahoma City, Oklahoma, to deliver to Owner, each Pass Through Trustee and Indenture Trustee a favorable opinion or opinions addressed to each of them with respect to such
registration and recordation. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	7

	SECTION 5.	REPRESENTATIONS AND WARRANTIES 

  

	 	5.1	Owner’s Representations and Warranties 

 Owner represents and warrants to each Pass Through Trustee, Subordination Agent and Indenture Trustee 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.

  

	 	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 or
(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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	8

	 	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 Indenture Trustee’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. 
  

	 	5.1.9	Compliance With Laws 

 (a)
Owner is a Citizen of the United States and a U.S. Air Carrier. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	9

 (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 

Indenture Trustee 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. 

 

	 	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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	10

	 	5.2	WTC’s Representations and Warranties 

 WTC 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. 

 WTC
is a Delaware trust company duly organized, validly existing and in good standing under the Laws of the State of Delaware, holding a valid certificate to do business as a Delaware trust company with trust 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 

WTC has taken, or caused to be taken, all necessary trust 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 WTC, in its individual capacity or as Indenture Trustee, 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. 
  

	 	5.2.3	No Violation 

 The
execution and delivery by WTC, in its individual capacity or as Indenture Trustee, 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 WTC, in its individual capacity or as Indenture Trustee, 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 WTC, (b) violate any Law applicable to or binding on WTC, in its individual capacity or (except in the case of any Law relating to any
Plan) as Indenture Trustee, 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 WTC, in its individual capacity
or Indenture Trustee, 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 WTC, in its individual capacity or as Indenture Trustee, a Pass Through
Trustee or Subordination Agent, or any of WTC’s subsidiaries under, any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, lease, loan or other agreement, instrument or document to which WTC, in its individual
capacity or as Indenture Trustee, a Pass Through Trustee or Subordination Agent, is a party or by which WTC, in its individual capacity or as Indenture Trustee, a Pass Through Trustee or Subordination Agent, or any of their respective properties is
bound. 
  

	 	5.2.4	Approvals 

 The execution
and delivery by WTC, in its individual capacity or as Indenture Trustee, 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 WTC, in its individual capacity or as Indenture Trustee, a Pass Through Trustee or Subordination Agent, as the case may be, of its obligations thereunder and the consummation on the Closing Date by WTC, in its individual capacity or as Indenture
Trustee, a Pass Through Trustee or Subordination 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	11

 
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 WTC or (b) any Government Entity, other than the filing of the FAA Filed Documents and the
Financing Statements. 
  

	 	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 WTC and, assuming the due authorization, execution and delivery
by the other party or parties thereto, constitute the legal, valid and binding obligations of WTC, in its individual capacity or as Indenture Trustee, a Pass Through Trustee or Subordination Agent, as the case may be, and are enforceable against
WTC, in its individual capacity or as Indenture Trustee, 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 

 WTC is a
Citizen of the United States. 
  

	 	5.2.7	No Liens 

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

	 	5.2.8	Litigation 

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

 

	 	5.2.9	Securities Laws 

 Neither
WTC 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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	12

	 	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 WTC, 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 WTC, 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 WTC, 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 WTC, 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 WTC, 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. 
  

	 	5.2.12	Broker’s Fees 

 No
Person acting on behalf of WTC, in its individual capacity or as Indenture Trustee, 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 Indenture Trustee 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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	13

	 	6.1.2	Notice of Change of Location 

 Owner will give Indenture Trustee 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 Indenture Trustee 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. 
 (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 Indenture Trustee, 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). Indenture Trustee, 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 Indenture Trustee or change in the Indenture Trustee’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 Indenture Trustee annually after such registration, commencing with the calendar year after such registration is effected, an opinion of special counsel reasonably satisfactory to Indenture Trustee 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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	14

	 	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.

  

	 	6.1.5.	Notice of Lease 

 Owner
shall give to Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, a copy of any notice regarding a lease of the Aircraft required to be given to the Indenture Trustee pursuant to
clause (w) of the first sentence of the third to last paragraph of Section 4.02(b) of the Trust Indenture, at the time such notice is given to Indenture Trustee, if at such time Standard & Poor’s is then rating the Pass
Through Certificates. 
  

	 	6.2	Covenants of WTC 

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

 

	 	6.2.1	Liens 

 WTC (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 WTC 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 

 WTC in
its individual capacity or as Indenture Trustee, 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 WTC any responsibility with respect to any such offer, sale or solicitation by any other party hereto. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	15

	 	6.2.3	Performance of Agreements 

WTC, in its individual capacity and as Indenture Trustee, 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. 
  

	 	6.2.4	Withholding Taxes 

 WTC
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 WTC to withhold on payments to any Note Holder if such
Note Holder failed to provide to Indenture Trustee 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 Indenture Trustee 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 Indenture Trustee 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 Indenture Trustee 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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	16

 (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 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 Indenture Trustee 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 Indenture Trustee 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. 
  

	 	6.4.3	Insurance 

 Each Pass
Through Trustee, Subordination Agent, Indenture Trustee 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 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	17

 
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 Indenture Trustee 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 

 

	 	(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
Indenture Trustee shall have received an opinion of counsel (subject to customary exceptions) reasonably satisfactory to the Indenture Trustee addressed to Indenture Trustee 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
Indenture Trustee 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 Indenture Trustee on or prior to the effective date of such change in registration); 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	18

 (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 Indenture Trustee (or any Affiliate of the Indenture Trustee), for the Indenture Trustee 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. 
 (b) In addition, as a condition precedent to any change in
registration Owner shall have given to Indenture Trustee assurances reasonably satisfactory to Indenture Trustee: 
  

	 	(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 Indenture Trustee in connection with such change of registry, including,
without limitation (1) the reasonable fees and disbursements of counsel to Indenture Trustee, (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 Indenture Trustee 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 Indenture Trustee 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 Indenture Trustee, afford such
protection). 

  

	 	6.4.6	Interest in Certain Engines 

 Each Note Holder and Indenture Trustee 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, 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	19

 
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. 

 

	SECTION 7.	CONFIDENTIALITY 

 Owner,
Note Holders and Indenture Trustee 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, Indenture Trustee’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, Indenture Trustee’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; 
 (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, 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	20

 
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; 
 (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) 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); 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	21

 (e) 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; 
 (f) 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; 
 (g) 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); 
 (h) (i) With respect to any Indemnitee (other than Indenture Trustee), to
the extent attributable to the failure of the Indenture Trustee 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 Indenture Trustee, to the extent attributable to the negligence or willful misconduct of Indenture Trustee 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,
(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, (xii) with
respect to any Indemnitee (other than the Securities Intermediary), to the extent attributable to the failure of the Securities Intermediary to distribute funds received and distributable by it in accordance with the Trust Indenture and
(xiii) with respect to Securities Intermediary, to the extent attributable to the negligence or willful misconduct of Securities Intermediary in the distribution of funds received and distributable by it in accordance with the Trust Indenture;

 (i) 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, 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	22

 
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); 

(j) 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; 
 (k) To the extent that it is an ordinary and usual operating or overhead expense;

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

(m) 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 
 (n) 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. 
  

	 	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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	23

 (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. 
 (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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	24

	 	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 in connection with any indemnity claim such Indemnitee may have 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 Indenture Trustee 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
Indenture Trustee, 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 Indenture Trustee and Securities Intermediary, and (ii) all reasonable
out-of-pocket costs and expenses (including the reasonable fees and disbursements of counsel) incurred by Indenture Trustee, Securities Intermediary 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 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 and any Taxes imposed under FATCA), and in the event

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	25

 
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. 
  

	 	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, any withholding taxes on, based on or measured by gross or net income or receipts, and any 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 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	26

 
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
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 Indenture Trustee; 

(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; 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	27

 (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. 
 (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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	28

 (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 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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	29

	 	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 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 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)).

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	30

 (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 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 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	31

 
(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 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 Indenture Trustee or to such other person as Owner or Indenture Trustee may designate, at Owner’s or Indenture Trustee’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. 
  

	 	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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	32

	 	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. 
  

	SECTION 9.	ASSIGNMENT OR TRANSFER OF INTEREST 

  

	 	9.1	Note Holders 

 Subject to
Section 6.3.2 hereof and Section 2.06 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 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	33

 
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 2.06 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. 
  

	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 Indenture Trustee that Indenture Trustee 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, WTC and Indenture Trustee 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	Indenture Trustee 

 Upon
WTC giving any notice in accordance with Section 11.1, Indenture Trustee 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 Indenture Trustee’s
citizenship could have any adverse effect on Owner, or any Note Holder), subject to Section 9.02 of the Trust Indenture, resign as Indenture Trustee promptly upon its ceasing to be such a citizen. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	34

	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 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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	35

	 	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, 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 LAW 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 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	36

 
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. 

 

	 	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. 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	37

	 	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] 

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	38

 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. 
  

			
	 US AIRWAYS, INC.,
Owner

		
	By	 	  

		 	Name:
		 	Title:
	
	 WILMINGTON TRUST COMPANY,
not in its individual capacity, except as expressly provided herein, but solely as
Indenture Trustee

		
	By	 	  

		 	Name:
		 	Title:

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	SIGNATURE PAGE

 
			
	 WILMINGTON TRUST COMPANY,
not in its individual capacity, except as expressly provided herein, but solely as Pass
Through Trustee under the Pass Through Trust Agreement for the US Airways Pass Through Trust, 2012-2A-O

		
	By	 	  

		 	Name:
		 	Title:
	
	 WILMINGTON TRUST COMPANY,
not in its individual capacity, except as expressly provided herein, but solely as Pass
Through Trustee under the Pass Through Trust Agreement for the US Airways Pass Through Trust, 2012-2B-O

		
	By	 	  

		 	Name:
		 	Title:
	
	 WILMINGTON TRUST COMPANY,
not in its individual capacity, except as expressly provided herein, but solely as Pass
Through Trustee under the Pass Through Trust Agreement for the US Airways Pass Through Trust, 2012-2C-O

		
	By	 	  

		 	Name:
		 	Title:

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	SIGNATURE PAGE

 
			
	 WILMINGTON TRUST COMPANY,
not in its individual capacity, except as expressly provided herein, but solely as
Subordination Agent

		
	By	 	  

		 	Name:
		 	Title:

  

			
	PARTICIPATION AGREEMENT (2012-2)	  	SIGNATURE PAGE

					
		 		 	 SCHEDULE 1 - ACCOUNTS;
 ADDRESSES
 PARTICIPATION AGREEMENT [    ]

 ACCOUNTS; ADDRESSES 

 

					
	 	  	 Account for Payments
	  	 Address for Notices

			
	US Airways, Inc.	  	 US Airways, Inc.
 JP Morgan
Chase- New York, NY
 Account No.: 708038021
 ABA#: 021-000-021
 Attention: Simon Little

Voice: 480-693-2822
 Facsimile:
480-693-8953
 Reference: US Airways 2012-2 EETC
	  	 US Airways, Inc.
 111 West Rio
Salado Parkway
 Tempe, Arizona 85281

Attention: Vice President and Treasurer

Facsimile: (480) 693-5886
  
 with a copy to: Deputy General Counsel

                         
Facsimile: (480) 693-5932

			
	Wilmington Trust Company, Indenture Trustee	  	 Wilmington Trust Company

Wilmington, Delaware 19890
 Account No.:
[    ]
 ABA#: 031100092
 Attention: Corporate Trust Administration
 Reference: US Airways 2012-2
	  	 Wilmington Trust Company
 1100
North Market Street
 Wilmington, Delaware 19890-1605
 Attention: Corporate Trust Administration
 Facsimile: (302) 636-4140

			
	Wilmington Trust Company, as Subordination Agent	  	 Wilmington Trust Company

Wilmington, Delaware 19890
 Account No.:
[    ]
 ABA#: 031100092
 Attention: Corporate Trust Administration
 Reference: US Airways 2012-2
	  	 Wilmington Trust Company
 1100
North Market Street
 Wilmington, Delaware 19890-1605
 Attention: Corporate Trust Administration
 Facsimile: (302) 636-4140

			
	Wilmington Trust Company, as Pass Through Trustee for the 2012-2A Pass Through Trust	  	 Wilmington Trust Company

Wilmington, Delaware 19890
 Account No.:
[    ]
 ABA#: 031100092
 Attention: Corporate Trust Administration
 Reference: US Airways 2012-2
	  	 Wilmington Trust Company
 1100
North Market Street
 Wilmington, Delaware 19890-1605
 Attention: Corporate Trust Administration
 Facsimile: (302) 636-4140

			
	Wilmington Trust Company, as Pass Through Trustee for the 2012-2B Pass Through Trust	  	 Wilmington Trust Company

Wilmington, Delaware 19890
 Account No.:
[    ]
 ABA#: 031100092
 Attention: Corporate Trust Administration
 Reference: US Airways 2012-2
	  	 Wilmington Trust Company
 1100
North Market Street
 Wilmington, Delaware 19890-1605
 Attention: Corporate Trust Administration
 Facsimile: (302) 636-4140

  

			
	SCHEDULE 1 TO PARTICIPATION AGREEMENT (2012-2)	  	1

					
		 		  	 SCHEDULE 2 - COMMITMENTS
 PARTICIPATION AGREEMENT [    ]

  
  

					
	 	  	 Account For Payments
	  	 Address for Notices

			
	Wilmington Trust Company, as Pass Through Trustee for the 2012-2C Pass Through Trust	  	 Wilmington Trust Company

Wilmington, Delaware 19890
 Account No.:
[    ]
 ABA#: 031100092
 Attention: Corporate Trust Administration
 Reference: US Airways 2012-2
	  	 Wilmington Trust Company
 1100
North Market Square
 Wilmington, Delaware 19890
 Attention: Corporate Trust Administration
 Facsimile: (302) 636-4140

 COMMITMENTS 
  

					
	 Pass Through Trustee
	  	 Series of

Equipment Notes
	  	Dollar Amount
of Loan
			
	2012-2A	  	 Series A
	  	
			
	2012-2B	  	 Series B
	  	
			
	2012-2C	  	 Series C
	  	

  

			
	SCHEDULE 2 TO PARTICIPATION AGREEMENT (2012-2)	  	1

					
		  		  	 SCHEDULE 3 - CERTAIN TERMS
 PARTICIPATION AGREEMENT [    ]

 CERTAIN TERMS 
  

					
	 Defined Term
	  	Definition	 
		
	 Minimum Liability Insurance Amount
	  	$	500,000,000	  
		
	 Threshold Amount
	  	$	5,000,000	  

  

			
	SCHEDULE 3 TO PARTICIPATION AGREEMENT (2012-2)	  	1

 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

  

			
	SCHEDULE 4 TO PARTICIPATION AGREEMENT (2012-2)	  	1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]