Document:

Exhibit 4(g)

                                                              EXECUTION COPY

                            NOTE PURCHASE AGREEMENT

                          Dated as of August 5, 2002

                                     Among

                           NORTHWEST AIRLINES, INC.,

              STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT,
                             NATIONAL ASSOCIATION,
    as Pass Through Trustee under each of the Pass Through Trust Agreements

                     STATE STREET BANK AND TRUST COMPANY,
                            as Subordination Agent

               WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
                                as Escrow Agent

                                      and

                     STATE STREET BANK AND TRUST COMPANY,

                                as Paying Agent

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                       INDEX TO NOTE PURCHASE AGREEMENT

                                                                   Page

                               Table of Contents

Section 1.   Definitions..............................................3

Section 2.   Financing of Aircraft....................................3

Section 3.   Conditions Precedent.....................................8

Section 4.   Representations and Warranties...........................8

Section 5.   Covenants...............................................12

Section 6.   Notices.................................................14

Section 7.   Expenses................................................14

Section 8.   Further Assurances......................................15

Section 9.   Miscellaneous...........................................15

Section 10.   Indemnity..............................................16

Section 11.   Series D Equipment Notes...............................19

Section 12.   Third Party Beneficiary................................20

Section 13.   Termination............................................20

Section 14.   Governing Law..........................................20

                                   SCHEDULES

Schedule I        Aircraft and Scheduled Closing Months
Schedule II       Trust Supplements
Schedule III      Deposit Agreements
Schedule IV       Escrow and Paying Agent Agreements
Schedule V        Mandatory Document Terms
Schedule VI       Mandatory Economic Terms
Schedule VII      Aggregate Amortization Schedule

                                     ANNEX

Annex A  Definitions

                                   EXHIBITS

Exhibit A-1        Form of Leased Aircraft Participation Agreement
Exhibit A-2        Form of Lease
Exhibit A-3        Form of Leased Aircraft Indenture
Exhibit A-4(a)     Form of Aircraft Purchase Agreement Assignment
Exhibit A-4(b)     Form of Aircraft Purchase Agreement Assignment
Exhibit A-5        Form of Leased Aircraft Trust Agreement
Exhibit A-6        Form of Leased Aircraft Guarantee
Exhibit C-1(a)     Form of Owned Aircraft Participation Agreement
Exhibit C-1(b)     Form of Owned Aircraft Participation Agreement - Selected
                   Aircraft
Exhibit C-2(a)     Form of Owned Aircraft Indenture
Exhibit C-2(b)     Form of Owned Aircraft Indenture - Selected Aircraft
Exhibit C-3        Form of Owned Aircraft Guarantee

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Exhibit D          Form of Closing Notice
Exhibit E          Form of Delaware Trust Agreement
Exhibit F-1        Form of Opinion of Richards, Layton & Finger
Exhibit F-2        Form of Opinion of Simpson Thacher & Bartlett
Exhibit F-3        Form of Opinion of in-house counsel to the Company and
                   Guarantor
Exhibit F-4        Form of Opinion of Bingham Dana LLP
Exhibit G          Form of Class D Trust Supplement

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                            NOTE PURCHASE AGREEMENT

          This NOTE PURCHASE AGREEMENT, dated as of August 5, 2002, among (i)
Northwest Airlines, Inc., a Minnesota corporation (the "Company"), (ii) State
Street Bank and Trust Company of Connecticut, National Association, a national
banking association, not in its individual capacity except as otherwise
expressly provided herein, but solely as trustee (in such capacity together
with its successors in such capacity, the "Pass Through Trustee") under each
of the separate Pass Through Trust Agreements (as defined below), (iii) State
Street Bank and Trust Company, a Massachusetts trust company, as subordination
agent and trustee (in such capacity together with its successors in such
capacity, the "Subordination Agent") under the Intercreditor Agreement (as
defined below), (iv) Wells Fargo Bank Northwest, National Association, a
national banking association, as Escrow Agent (in such capacity together with
its successors in such capacity, the "Escrow Agent"), under each of the Escrow
and Paying Agent Agreements (as defined below) and (v) State Street Bank and
Trust Company, a Massachusetts trust company, as Paying Agent (in such
capacity together with its successors in such capacity, the "Paying Agent")
under each of the Escrow and Paying Agent Agreements.

                             W I T N E S S E T H:

          WHEREAS, the Company has commitments from AVSA, S.A.R.L. ("Airbus")
and The Boeing Company ("Boeing") pursuant to the respective Aircraft Purchase
Agreements for the delivery of the fifteen Airbus A319-100 aircraft, eleven
Boeing 757-300 aircraft and six Airbus A330-300 aircraft listed in Schedule I
hereto (together with any aircraft substituted therefor in accordance with an
Aircraft Purchase Agreement prior to the delivery thereof, the "Eligible
Aircraft"), and the Company wishes to finance or refinance pursuant to this
Agreement a portion of the purchase price of (i) eleven Airbus A319-100
aircraft, six Boeing 757-300 aircraft and three Airbus A330-300 aircraft
included in the Eligible Aircraft (such aircraft to be financed hereunder, the
"Aircraft");

          WHEREAS, pursuant to the Basic Pass Through Trust Agreement and each
of the Trust Supplements set forth in Schedule II hereto, and concurrently
with the execution and delivery of this Agreement, separate grantor trusts
(collectively, the "Pass Through Trusts" and, individually, a "Pass Through
Trust") have been created to facilitate certain of the transactions
contemplated hereby, including, without limitation, the issuance and sale of
pass through certificates pursuant thereto (collectively, the "Certificates")
to provide for a portion of the financing of the Aircraft;

          WHEREAS, the Company has entered into the Underwriting Agreement
dated July 29, 2002 (the "Underwriting Agreement") with the several
underwriters (the "Underwriters") named therein, which provides that the
Company will cause the Pass Through Trustee of each of the Offered Trusts to
issue and sell the Offered Certificates to the Underwriters;

          WHEREAS, concurrently with the execution and delivery of this
Agreement, the Company, the Subordination Agent, the Escrow Agent and State
Street Bank and Trust Company, as Reference Agent (the "Reference Agent"),
entered into the Reference Agency Agreement, dated the Issuance Date (the
"Reference Agency Agreement"), whereby the

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Reference Agent will determine LIBOR and calculate the interest rates payable
on the Series G-1 and Series C-1 Equipment Notes and under the Deposit
Agreements relating to the Class G-1 and Class C-1 Trust for each Interest
Period (as defined in the Reference Agency Agreement) commencing after the
Issuance Date;

          WHEREAS, concurrently with the execution and delivery of this
Agreement, (i) the Escrow Agents and the Depositaries entered into the Deposit
Agreements set forth in Schedule III hereto (the "Deposit Agreements") whereby
the applicable Escrow Agent agreed to direct the Underwriters to make certain
deposits referred to therein on the Issuance Date (the "Initial Deposits") and
to permit the applicable Pass Through Trustee to make additional deposits from
time to time thereafter (the Initial Deposits together with such additional
deposits are collectively referred to as the "Deposits") and (ii) the Pass
Through Trustees, the Underwriters, the Paying Agents and the Escrow Agents
entered into the Escrow and Paying Agent Agreements set forth in Schedule IV
hereto (the "Escrow and Paying Agent Agreements") whereby, among other things,
(a) the applicable Escrow Agents have directed the Underwriters, and the
Underwriters agreed to deliver an amount equal to the amount of the Initial
Deposits to the applicable Depositary on behalf of the applicable Escrow Agent
and (b) the applicable Escrow Agent, upon the applicable Depositary receiving
such amount, has agreed to deliver escrow receipts to be affixed to each
Certificate;

          WHEREAS, with respect to each Selected Aircraft, the Company will
determine whether to enter into a leveraged lease transaction as lessee with
respect to such Selected Aircraft or to issue secured equipment notes in order
to finance or refinance such Selected Aircraft, and with respect to an
Aircraft which is not a Selected Aircraft, the Company shall issue secured
equipment notes in order to finance or refinance such Aircraft (each Selected
Aircraft for which the Company elects to enter into a leveraged lease, a
"Leased Aircraft", and each Selected Aircraft for which the Company elects to
issue secured equipment notes and each Aircraft which is not a Selected
Aircraft, an "Owned Aircraft"), and will give to the Pass Through Trustee a
Closing Notice (as defined below) specifying its election;

          WHEREAS, upon receipt of a Closing Notice with respect to an
Aircraft, subject to the terms and conditions of this Agreement, the
applicable Pass Through Trustees will enter into the applicable Financing
Agreements relating to such Aircraft;

          WHEREAS, on the Closing Date under the applicable Financing
Agreements, the applicable Pass Through Trustee will fund its purchase of
Equipment Notes with the proceeds of one or more Deposits withdrawn by the
applicable Escrow Agent under the related Deposit Agreement bearing the same
interest rate as the Certificates issued by such Pass Through Trust;

          WHEREAS, concurrently with the execution and delivery of this
Agreement, (i) Citibank, N.A.(the "Primary Liquidity Provider"), has entered
into four (4) revolving credit agreements (each, a "Primary Liquidity
Facility"), one each for the benefit of the Certificate Holders of each of the
Offered Trusts with the Subordination Agent, as agent for the Pass Through
Trustee on behalf of each such Pass Through Trust, (ii) Credit Suisse First
Boston International ( the "Above-Cap Liquidity Provider") has entered into
the ISDA Master Agreement, the Schedules to such ISDA Master Agreement and the
Class G-1 and Class C-1 Above-Cap Liquidity Agreement Trust Confirmations that
supplement such ISDA Master

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Agreement, each with the Subordination Agent, on behalf of the Class G-1 and
the Class C-1 Trustee, respectively (each an "Above-Cap Liquidity Agreement",
and collectively, the "Above-Cap Liquidity Agreements") and (iii) each Pass
Through Trustee, the Primary Liquidity Provider, the Above-Cap Liquidity
Provider, the Policy Provider and the Subordination Agent have entered into
the Intercreditor Agreement, dated as of the date hereof (the "Intercreditor
Agreement");

          WHEREAS, MBIA Insurance Corporation, (the "Policy Provider"), the
Pass Through Trustees for the Class G-1 and Class G-2 Trusts, the Company and
the Subordination Agent have entered into an Insurance and Indemnity Agreement
dated as of August 5, 2002 (the "Policy Provider Agreement") providing for the
issuance by the Policy Provider of the Policies for the benefit of the Class
G-1 and Class G-2 Certificateholders;

          NOW, THEREFORE, in consideration of the foregoing premises and the
mutual agreements herein contained and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:

          Section 1. Definitions. Capitalized terms used but not defined
herein shall have the respective meanings set forth or
incorporated by reference in Annex A.

          Section 2. Financing of Aircraft. (a) The Company confirms that it
entered into the applicable Aircraft Purchase Agreements with Airbus and
Boeing, as the case may be, pursuant to which it has agreed to purchase, and
Airbus and Boeing have agreed to deliver, the Eligible Aircraft in the months
specified in Schedule I hereto, all on and subject to terms and conditions
specified in the applicable Aircraft Purchase Agreements. The Company agrees
to finance or refinance the Aircraft in the manner provided herein, all on and
subject to the terms and conditions hereof and of the relevant Financing
Agreements.

          (b) In furtherance of the foregoing, the Company agrees to give the
parties hereto, each applicable Depositary and each of the Rating Agencies not
less than two (2) Business Days' prior notice (a "Closing Notice") of the
scheduled closing date (the "Scheduled Closing Date") (or, in the case of a
Substitute Closing Notice under Section 2(f) or (g) hereof, one (1) Business
Day's prior notice) of a financing in respect of each Aircraft, which notice
shall:

               i. specify whether or not the Aircraft is a Selected Aircraft,
          and if the Aircraft is a Selected Aircraft, whether the Company has
          elected to treat such Selected Aircraft as a Leased Aircraft or an
          Owned Aircraft, and if the Aircraft is not a Selected Aircraft, that
          such non-Selected Aircraft shall be treated as an Owned Aircraft;

               ii. specify the Scheduled Closing Date on which the financing
          therefor in the manner provided herein shall be consummated;

               iii. instruct the applicable Pass Through Trustees to instruct
          the relevant Escrow Agents to provide Notices of Purchase Withdrawal
          to the relevant Depositary with respect to the Equipment Notes to be
          issued in connection with the financing of such Aircraft;

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               iv. instruct the applicable Pass Through Trustees to enter into
          the Participation Agreement with respect to such Aircraft in such
          form and at such a time on or before the Scheduled Closing Date
          specified in such Closing Notice and to perform its obligations
          thereunder;

               v. specify the aggregate principal amount of the series of
          Equipment Notes to be issued, and purchased by the applicable Pass
          Through Trustees, in connection with the financing of such Aircraft
          on such Scheduled Closing Date (which shall in all respects comply
          with the Mandatory Economic Terms);

               vi. in the case of any Selected Aircraft, if such Aircraft is
          to be a Leased Aircraft, certify that the related Owner Participant
          (A) is not an Affiliate of the Company and (B) based on the
          representations of such Owner Participant, is either (1) a Qualified
          Owner Participant or (2) any other person the obligations of which
          under the Owner Participant Documents (as defined in the applicable
          Participation Agreement) are guaranteed by a Qualified Owner
          Participant; and

               vii. if applicable, include the information and Rating Agency
          Notices referred to in Section 11(c).

          Notwithstanding the foregoing, in the event the Scheduled Closing
Date for any Aircraft to be financed or refinanced pursuant to the terms
hereof is on or within 3 Business Days following the date of issuance of the
Certificates, the Closing Notice therefor may be delivered to the parties
hereto on such Scheduled Closing Date.

          Notwithstanding the foregoing, if the Company elects, with respect
to any Aircraft other than a Selected Aircraft, to (i) not issue any Series D
Equipment Notes in respect of such Aircraft or (ii) issue Series D Equipment
Notes in an amount such that after the issuance of such Series D Equipment
Notes, the loan to value ratio for such Series D Equipment Notes shall be less
than the amount specified for such Aircraft in the Mandatory Economic Terms
(provided that in no event will the aggregate amount of Series D Equipment
Notes issued in respect of all Aircraft be required to exceed $75,000,000),
the Company agrees that it shall (x) at least 15 days prior to the Closing
Date for such Aircraft, provide notice of such election (a "Class D Notice")
to each party hereto, each Depositary and each Rating Agency and in such
notice (I) shall direct each Pass Through Trustee (other than the Class D Pass
Through Trustee) to instruct the applicable Escrow Agent to deliver notice of
a Series D Non-Issuance Withdrawal to the Depositary for each Offered Trust,
specifying each Deposit Account from which such a withdrawal is to be made,
the amount to be withdrawn from each Deposit Account (together with accrued
interest thereon) and applied by the Paying Agent for distribution to the
Receiptholders of the related Class pursuant to the Escrow Agreement for such
Class, and the date for payment by the Depositary of each such withdrawal
amount, which shall also be the date of distribution by the Paying Agent to
the Receiptholders pursuant to the Escrow Agreement (which date shall be the
Closing Date for such Aircraft) and (II) shall state that the Company shall
deliver on such Closing Date the written notices required by clause (y) of
this sentence and (y) on the Closing Date, deliver to each Pass Through
Trustee and the Subordination Agent copies of written confirmation from each
Rating Agency that such issuance of any Series D Equipment Notes with respect
to such Aircraft and/or distribution to the Certifcateholders of the Offered
Certificates

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from the related Deposit Accounts of the amounts specified in the preceding
clause (x) will not result in a Ratings Event. Each Pass Through Trustee
agrees that upon receipt of the notices specified in the preceding sentence,
it will promptly instruct the applicable Escrow Agent to deliver notice of a
Series D Non-Issuance Withdrawal to the Depositary for each applicable Trust
(other than the Class D Trust).

          (c) Upon receipt of a Closing Notice, the applicable Pass Through
Trustees shall, and shall cause the Subordination Agent to, enter into and
perform their obligations under the Participation Agreement specified in such
Closing Notice, provided, however, that such Participation Agreement and the
other Financing Agreements to be entered into pursuant to such Participation
Agreement shall be in the forms thereof annexed hereto in all material
respects with such changes therein as shall have been requested by the related
Owner Participant (in the case of Lease Financing Agreements), agreed to by
the Company and, if modified in any material respect, as to which prior
written consent of the Policy Provider shall have been obtained and as to
which Rating Agency Confirmation shall have been obtained from each Rating
Agency by the Company (to be delivered by the Company to the applicable Pass
Through Trustee and the Policy Provider on or before the relevant Closing
Date, it being understood that if Policy Provider consent and Rating Agency
Confirmation shall have been received with respect to any Financing Agreements
and such Financing Agreements are utilized for subsequent Aircraft (or
Substitute Aircraft) without material modifications, no additional Policy
Provider consent or Rating Agency Confirmation shall be required); provided,
however, that the relevant Financing Agreements as executed and delivered
shall not vary the Mandatory Economic Terms and shall contain the Mandatory
Document Terms (as such Mandatory Document Terms may be modified in accordance
with Schedule V hereto). Notwithstanding the foregoing, if any Financing
Agreement annexed hereto shall not have been reviewed by any Rating Agency
prior to the Issuance Date, then, prior to the use thereof in connection with
the financing of any Aircraft hereunder, the Company shall obtain written
confirmation from each Rating Agency that the use of such Financing Agreement
would not result in a Ratings Event.

          (d) With respect to each Aircraft, the Company shall cause (i) State
Street Bank and Trust Company (or such other person that meets the eligibility
requirements to act as loan trustee under the Leased Aircraft Indenture or
Owned Aircraft Indenture) to execute as Loan Trustee the Financing Agreements
relating to such Aircraft to which such Loan Trustee is intended to be a party
and (ii) Northwest Airlines Corporation to execute a Guarantee, and shall
concurrently therewith execute such Financing Agreements to which the Company
is intended to be a party and perform its respective obligations thereunder.
Upon the request of the Policy Provider or any Rating Agency, the Company
shall deliver or cause to be delivered to the Policy Provider or each Rating
Agency, as the case may be, a true and complete copy of each Financing
Agreement relating to the financing of each Aircraft together with a true and
complete set of the closing documentation (including legal opinions) delivered
to the related Loan Trustee, Subordination Agent and Pass Through Trustee
under the related Participation Agreement.

          (e) If after giving any Closing Notice or Class D Notice, there
shall be a delay in the delivery of the Aircraft referred to therein, or if on
the Scheduled Closing Date of any Aircraft the financing thereof in the manner
contemplated hereby shall not be consummated for whatever reason, the Company
shall give the parties hereto and the Policy Provider prompt notice thereof.
Concurrent with the giving of such notice of postponement or subsequent
thereto,

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the Company shall give the parties hereto and the Policy Provider a substitute
Closing Notice and Class D Notice specifying the date (the "Substitute Closing
Date") to which the applicable financing of such Aircraft or of another
Eligible Aircraft of the same type in lieu thereof shall have been rescheduled
which shall be a Business Day before the Cut-Off Date on which the Escrow
Agents shall be entitled to withdraw one or more Deposits under each of the
applicable Deposit Agreements to enable each applicable Pass Through Trustee
to fund its purchase of the related Equipment Notes. Upon receipt of any such
notice of postponement, each applicable Pass Through Trustee shall comply with
its obligations under Article IV of each of the Trust Supplements and
thereafter the financing or refinancing of such Aircraft shall take place on
the Substitute Closing Date therefor (all on and subject to the terms and
conditions of the relevant Financing Agreements) unless further postponed as
provided herein.

          (f) Anything in this Section 2 to the contrary notwithstanding, the
Company shall have the right at any time on or before the Scheduled Closing
Date of any Selected Aircraft, and subsequent to its giving a Closing Notice
therefor, to postpone the Scheduled Closing Date of such Selected Aircraft so
as to enable the Company to change its election to treat such Selected
Aircraft as a Leased Aircraft or an Owned Aircraft by written notice of such
postponement to the other parties hereto. The Company shall subsequently give
the parties hereto a substitute Closing Notice and Class D Notice complying
with the provisions of Section 2(b) hereof and specifying the new Closing Date
for such postponed Selected Aircraft (which shall be a Business Day occurring
before the Cut-Off Date and on which the Escrow Agents shall be entitled to
withdraw Deposits under each of the applicable Deposit Agreements sufficient
to enable each applicable Pass Through Trustee to fund its purchase of the
related Equipment Notes). In any event, an Aircraft which is not a Selected
Aircraft shall be treated as an Owned Aircraft. In addition the Company shall
have the further right, anything in this Section 2 to the contrary
notwithstanding, to accept delivery of an Aircraft under the applicable
Aircraft Purchase Agreement on the delivery date thereof by utilization of
bridge financing of such Aircraft and thereafter give the parties hereto a
Closing Notice specifying a Closing Date no later than the Cut-Off Date and
otherwise complying with the provisions of Section 2(b) hereof. All other
terms and conditions of this Note Purchase Agreement shall apply to the
financing of any such Aircraft on the re-scheduled Closing Date therefor
except the re-scheduled Closing Date shall be deemed the Closing Date of such
Aircraft for all purposes of this Section 2.

          (g) In the case of any Selected Aircraft, anything in this Section 2
to the contrary notwithstanding, the Company shall have the right at any time
to convert an Owned Aircraft to a Leased Aircraft by entering into a
sale/leaseback transaction; provided, that, prior to, or concurrent with, such
conversion, the Company must (i) comply with the conditions set forth in the
Leased Aircraft Participation Agreement with respect to such Selected
Aircraft, (ii) deliver an opinion of counsel that holders of Certificates
related to such Selected Aircraft will not recognize income, gain or loss for
federal income tax purposes as a result of such conversion and will be subject
to federal income tax on the same amount and in the same manner and at the
same time as would have been the case if such conversion had not occurred
(other than such change in amount, manner and timing of interest that results
from any reoptimization of the Equipment Notes permitted pursuant to Section
16 of the applicable Owned Aircraft Participation Agreement in connection with
such conversion) and that the Pass Through Trusts will not be subject to
federal income tax as a result of such conversion and (iii) obtain written
confirmation from each Rating Agency that such conversion will not result in a
Ratings Event.

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          (h) If the delivery date for an Eligible Aircraft under the Aircraft
Purchase Agreements is delayed for more than 30 days beyond the month
scheduled for delivery or beyond the Cut-Off Date, the Company may identify
another Eligible Aircraft of the same model as the Eligible Aircraft for
delivery as a replacement aircraft therefor. In addition, the Company may also
identify a substitute aircraft (together with the substitute aircraft referred
to in the next sentence, a "Substitute Aircraft") (for the avoidance of doubt,
an Eligible Aircraft that replaces an Aircraft is not considered a Substitute
Aircraft) meeting the following conditions: (i) a Substitute Aircraft must be
the same model as the Eligible Aircraft for which delivery by Airbus or
Boeing, as the case may be, was delayed and must be delivered by Airbus or
Boeing, as the case may be, to the Company after the date of this Agreement,
(ii) the Substitute Aircraft must have been manufactured after the Issuance
Date and (iii) the Company shall be obligated to obtain prior written consent
of the Policy Provider and written confirmations from each Rating Agency that
the replacement of such Eligible Aircraft by such Substitute Aircraft would
not result in a Ratings Event. Upon the satisfaction of the conditions set
forth above with respect to a Substitute Aircraft or the substitution of an
Eligible Aircraft for another Eligible Aircraft as provided above, the
Eligible Aircraft to be replaced shall cease to be subject to this Agreement
and all rights and obligations of the parties hereto concerning such Eligible
Aircraft shall cease, and such Substitute Aircraft or substituted Eligible
Aircraft shall become and thereafter be subject to the terms and conditions of
this Agreement to the same extent as such replaced Eligible Aircraft. If an
Eligible Aircraft which is a Selected Aircraft is replaced pursuant to this
Section 2(h), such Substitute Aircraft or replacement Eligible Aircraft shall
be deemed a Selected Aircraft for all purposes hereof.

          (i) The Company shall have no liability for the failure of the Pass
Through Trustees to purchase Equipment Notes with respect to any Aircraft or
Substitute Aircraft, other than the Company's obligation, if any, to pay the
Deposit Make-Whole Amount or Deposit Break Amount, pursuant to Section 5(a)(i)
of this Agreement, and the Company's obligation to make capital contributions
as required by Section 11(b).

          (j) The parties agree that if, in connection with the delivery of a
Selected Aircraft (or a Substitute Aircraft or a replacement Eligible Aircraft
for such Selected Aircraft pursuant to Section 2(h)) or the conversion of an
Owned Aircraft which is a Selected Aircraft to a Leased Aircraft, any Owner
Participant who is to be a party to any Lease Financing Agreements shall not
be a "citizen of the United States" within the meaning of 49 U.S.C. ss. 40102
(a)(15), then the applicable Lease Financing Agreements shall be modified,
consistent with the Mandatory Document Terms (as such Mandatory Document Terms
may be modified in accordance with Schedule V hereto), to require such Owner
Participant to enter into a voting trust, voting powers or similar arrangement
satisfactory to the Company that (A) enables such Selected Aircraft (or
Substitute Aircraft or replacement Eligible Aircraft) to be registered in the
United States and (B) complies with the FAA regulations issued under the Act
applicable thereto.

          (k) Anything herein to the contrary notwithstanding, the Company
shall not have the right, and shall not be entitled, at any time to request
the issuance of Equipment Notes of any series (other than the Series D
Equipment Notes) to any Pass Through Trustee in an aggregate principal amount
in excess of the amount of the Deposits then available for withdrawal by the
Escrow Agent under and in accordance with the provisions of the related
Deposit Agreement.

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          (l) The Company shall notify the Rating Agencies in writing of any
lease of an Owned Aircraft pursuant to the terms of an Owned Aircraft
Indenture promptly after entering into such lease.

          Section 3. Conditions Precedent. The obligation of the applicable
Pass Through Trustee that receives a Closing Notice to enter into, and to
cause the Subordination Agent to enter into, any Participation Agreement as
directed pursuant to the Closing Notice and to perform its obligations under
such Participation Agreement is subject to satisfaction of the following
conditions:

          (a) no Triggering Event shall have occurred;

          (b) the Company shall have delivered a certificate to each such Pass
Through Trustee, the applicable Liquidity Providers and the Policy Provider
stating that (i) such Participation Agreement and the other Financing
Agreements to be entered into pursuant to such Participation Agreement do not
vary the Mandatory Economic Terms and contain the Mandatory Document Terms (as
such Mandatory Document Terms may be modified in accordance with Schedule V
hereto) and (ii) any substantive modification of such Financing Agreements
from the forms thereof attached to this Agreement do not materially and
adversely affect the applicable Liquidity Providers, the Policy Provider or
the Certificate Holders, and such certification shall be true and correct;

          (c) if required by Section 2(c) and in place of the statement in
clause (ii) of Section 3(b) above, Rating Agency Confirmation from each Rating
Agency; and

          (d) if the Aircraft relating to such Participation Agreement is not
a Selected Aircraft, the Company shall have either performed its obligations
under Section 11(a) and (b) or Section 11(c) with respect to such Aircraft.

          Anything herein to the contrary notwithstanding, the obligation of
each Pass Through Trustee to purchase Equipment Notes shall terminate on the
Cut-Off Date.

          Section 4. Representations and Warranties.

          (a) The Company represents and warrants on the date hereof and on
each Closing Date that:

               i. the Company is duly incorporated, validly existing and in
          good standing under the laws of the State of Minnesota and is a
          "citizen of the United States" as defined in 49 U.S.C. ss. 40102
          (a)(15), and has the full corporate power, authority and legal right
          under the laws of the State of Minnesota to execute and deliver this
          Agreement and each Financing Agreement to which it will be a party
          and to carry out the obligations of the Company under this Agreement
          and each Financing Agreement to which it will be a party;

               ii. the execution and delivery by the Company of this Agreement
          and the performance by the Company of its obligations under this
          Agreement have been duly authorized by the Company and will not
          violate its Certificate of Incorporation or by-

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<PAGE>

          laws or the provisions of any material indenture, mortgage, contract
          or other agreement to which it is a party or by which it is bound;

               iii. this Agreement constitutes the legal, valid and binding
          obligation of the Company, enforceable against it in accordance with
          its terms, except as the same may be limited by applicable
          bankruptcy, insolvency, reorganization, moratorium or similar laws
          affecting the rights of creditors generally and by general
          principles of equity, whether considered in a proceeding at law or
          in equity; and

               iv. the statements contained in any certificate delivered
          pursuant to Section 3(b) are true and correct.

          (b) State Street Bank and Trust Company represents and warrants on
the date hereof and on each Closing Date that:

               i. State Street Bank and Trust Company is duly incorporated,
          validly existing and in good standing under the laws of the
          Commonwealth of Massachusetts and is a "citizen of the United
          States" as defined in 49 U.S.C.ss. 40102 (a)(15), and has the full
          corporate power, authority and legal right under the laws of the
          Commonwealth of Massachusetts and the United States pertaining to
          its banking, trust and fiduciary powers to execute and deliver this
          Agreement and each Financing Agreement to which it will be a party
          and to carry out the obligations of State Street Bank and Trust
          Company, in its capacity as Subordination Agent or Paying Agent, as
          the case may be, under this Agreement and each Financing Agreement
          to which it will be a party;

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

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

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

          (d) The Subordination Agent represents and warrants that:

                                      9
<PAGE>

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

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

               iii. none of the execution, delivery and performance by the
          Subordination Agent of this Agreement contravenes any law, rule or
          regulation of the Commonwealth of Massachusetts or any United States
          governmental authority or agency regulating the Subordination
          Agent's banking, trust or fiduciary powers or any judgment or order
          applicable to or binding on the Subordination Agent and do not
          contravene the Subordination Agent's articles of association or
          by-laws or result in any breach of, or constitute a default under,
          any Agreement or instrument to which the Subordination Agent is a
          party or by which it or any of its properties may be bound;

               iv. neither the execution and delivery by the Subordination
          Agent of this Agreement nor the consummation by the Subordination
          Agent of any of the transactions contemplated hereby requires the
          consent or approval of, the giving of notice to, the registration
          with, or the taking of any other action with respect to, any
          Massachusetts governmental authority or agency or any federal
          Governmental authority or agency regulating the Subordination
          Agent's banking, trust or fiduciary powers;

               v. there are no Taxes payable by the Subordination Agent
          imposed by the Commonwealth of Massachusetts or any political
          subdivision or taxing authority thereof in connection with the
          execution, delivery and performance by the Subordination Agent of
          this Agreement (other than franchise or other taxes based on or
          measured by any fees or compensation received by the Subordination
          Agent for services rendered in connection with the transactions
          contemplated by the Intercreditor Agreement or any of the Liquidity
          Facilities), and there are no Taxes payable by the Subordination
          Agent imposed by the Commonwealth of Massachusetts or any political
          subdivision thereof in connection with the acquisition, possession
          or ownership by the Subordination Agent of any of the Equipment
          Notes (other than franchise or other taxes based on or measured by
          any fees or compensation received by the Subordination Agent for
          services rendered in connection with the transactions contemplated
          by the Intercreditor Agreement or any of the Liquidity Facilities);
          and

               vi. there are no pending or threatened actions or proceedings
          against the Subordination Agent before any court or administrative
          agency which individually or in

                                      10
<PAGE>

          the aggregate, if determined adversely to it, would materially
          adversely affect the ability of the Subordination Agent to perform
          its obligations under this Agreement.

               (e) The Escrow Agent represents and warrants that:

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

               ii. the execution and delivery by the Escrow Agent of each of
          the Escrow Agent Agreements and the performance by the Escrow Agent
          of its obligations hereunder and thereunder have been duly
          authorized by the Escrow Agent and will not violate its articles of
          association or by-laws or the provisions of any indenture, mortgage,
          contract or other agreement to which it is a party or by which it is
          bound; and

               iii. each of the Escrow Agent Agreements constitutes the legal,
          valid and binding obligations of the Escrow Agent enforceable
          against it in accordance with its terms, except as the same may be
          limited by applicable bankruptcy, insolvency, reorganization,
          moratorium or similar laws affecting the rights of creditors
          generally and by general principles of equity, whether considered in
          a proceeding at law or in equity.

          (f) The Paying Agent represents and warrants that:

               i. the Paying Agent is duly incorporated, validly existing and
          in good standing under the laws of the Commonwealth of Massachusetts
          and has the full corporate power, authority and legal right under
          the laws of the United States pertaining to its banking, trust and
          fiduciary powers to execute and deliver this Agreement and each
          Escrow and Paying Agent Agreement (collectively, the "Paying Agent
          Agreements") and to carry out the obligations of the Paying Agent
          under each of the Paying Agent Agreements;

               ii. the execution and delivery by the Paying Agent of each of
          the Paying Agent Agreements and the performance by the Paying Agent
          of its obligations hereunder and thereunder have been duly
          authorized by the Paying Agent and will not violate its articles of
          association or by-laws or the provisions of any indenture, mortgage,
          contract or other agreement to which it is a party or by which it is
          bound; and

               iii. each of the Paying Agent Agreements constitutes the legal,
          valid and binding obligations of the Paying Agent enforceable
          against it in accordance with its terms, except as the same may be
          limited by applicable bankruptcy, insolvency, reorganization,
          moratorium or similar laws affecting the rights of creditors
          generally and by general principles of equity, whether considered in
          a proceeding at law or in equity.

                                      11
<PAGE>

          (g) State Street Bank and Trust Company of Connecticut, National
Association represents and warrants on the date hereof and on each Closing
Date that:

               i. State Street Bank and Trust Company of Connecticut, National
          Association is a national association validly existing and in good
          standing with the Comptroller of the Currency under the laws of the
          United States and is a "citizen of the United States" as defined in
          49 U.S.C.ss. 40102 (a)(15), and has the full power, authority and
          legal right under the laws of the United States pertaining to its
          banking, trust and fiduciary powers to execute and deliver this
          Agreement and each Financing Agreement to which it will be a party
          and to carry out the obligations of State Street Bank and Trust
          Company of Connecticut, National Association, in its capacity as
          Pass Through Trustee under this Agreement and each Financing
          Agreement to which it will be a party;

               ii. the execution and delivery by State Street Bank and Trust
          Company of Connecticut, National Association, in its capacity as
          Pass Through Trustee under this Agreement and the performance by
          State Street Bank and Trust Company of Connecticut, National
          Association, in its capacity as Pass Through Trustee, of its
          obligations under this Agreement have been duly authorized by State
          Street Bank and Trust Company of Connecticut, National Association,
          in its capacity as Pass Through Trustee and will not violate its
          articles of association or by-laws or the provisions of any
          indenture, mortgage, contract or other agreement to which it is a
          party or by which it is bound; and

               iii. this Agreement constitutes the legal, valid and binding
          obligation of State Street Bank and Trust Company of Connecticut,
          National Association in its capacity as Pass Through Trustee
          enforceable against it in accordance with its terms, except as the
          same may be limited by applicable bankruptcy, insolvency,
          reorganization, moratorium or similar laws affecting the rights of
          creditors generally and by general principles of equity, whether
          considered in a proceeding at law or in equity.

          Section 5. Covenants. (a) The Company covenants with each of the
other parties hereto as follows:

i.       On the date that the Depositary is obligated to pay the amount of the
         Final Withdrawal and on each date that the Depositary is obligated to
         pay the amount of a Series D Non-Issuance Withdrawal, in each case to
         the Paying Agent pursuant to a Deposit Agreement relating to any
         Trust, the Company shall pay to the Pass Through Trustee of such
         Trust no later than 1:00 p.m. (New York time) an amount equal to the
         Deposit Break Amount (in the case of the Class G-1 and Class C-1
         Trusts) or the Deposit Make-Whole Amount (in the case of the Class
         G-2 and Class C-2 Trusts), if any, required to be paid in respect of
         such Final Withdrawal amount or Series D Non-Issuance Withdrawal
         amount, as the case may be.

ii.      Subject to Section 5(a)(iv) of this Agreement, the Company shall at
         all times maintain its corporate existence and shall not wind up,
         liquidate or dissolve or take any action, or fail to take any action,
         that would have the effect of any of the foregoing.

                                      12
<PAGE>

               iii. The Company shall at all times remain a U.S. Air Carrier
          (as defined in the Financing Agreements) and shall at all times be
          otherwise certificated and registered to the extent necessary to
          entitle (i) in the case of Leased Aircraft, the Owner Trustee (and
          the Indenture Trustee as assignee of the Owner Trustee's rights
          under each Lease) to the rights afforded to lessors of aircraft
          equipment under Section 1110 and (ii) in the case of Owned Aircraft,
          the Indenture Trustee to the rights afforded to secured parties of
          aircraft equipment under Section 1110.

               iv. Section 8(y) of each Participation Agreement is hereby
          incorporated by reference herein.

               v. The Company shall not issue any Series E Equipment Notes
          pursuant to any Indenture unless it shall have received written
          confirmation from each Rating Agency that such issuance will not
          result in a Ratings Event. Any issuance of Series E Equipment Notes
          shall be subject to the terms of Section 9.1(f) of the Intercreditor
          Agreement.

               vi. If the Depositary's short-term rating shall at any time
          fall below the Depositary Threshold Rating from any Rating Agency,
          the Company shall, within 45 days of such event occurring, cause the
          Depositary to be replaced with a depositary bank (a "Replacement
          Depositary") on the following terms and conditions:

                    (1) the Replacement Depositary must be one that either (x)
               meets the Depositary Threshold Rating or (y) with respect to
               which the Company shall have obtained written confirmation from
               each Rating Agency that such Replacement Depositary will not
               result in a Ratings Event and, in either case, the Company
               shall have obtained written confirmation from each Rating
               Agency that such replacement will not result in a Ratings Event
               and the prior written consent of the Policy Provider (which
               consent shall not be unreasonably withheld or delayed);

                    (2) the Company shall cause the Escrow Agent and the
               Replacement Depositary to enter into a Replacement Deposit
               Agreement for each Class of Offered Certificates and shall
               cause the Replacement Depositary to deliver to the Company, the
               Policy Provider (in the case of the Replacement Deposit
               Agreement for the Class G-1 and Class G-2 Certificates) and
               each Rating Agency legal opinions and other closing
               documentation substantially similar to those delivered by the
               Depositary being replaced in connection with the execution and
               delivery of the Deposit Agreements being replaced; and

                    (3) the Company shall pay all fees, expenses and other
               amounts then owing to the replaced Depositary.

         Subject to satisfaction of the foregoing conditions, the Company
         shall instruct each Pass Through Trustee, and each Pass Through
         Trustee agrees, to execute and deliver to the Escrow Agent a duly
         completed Withdrawal Certificate (as defined in the Escrow and Paying
         Agent Agreement with respect to each Class of Offered Certificates)
         together with a Notice of Replacement Withdrawal (as defined in the
         applicable Paying Agent and

                                      13
<PAGE>

          Escrow Agreement). Each of the parties hereto agrees, at the
          Company's request, to enter into any amendments to this Agreement,
          any Escrow and Paying Agent Agreement and any other Operative
          Documents as may be necessary or desirable to give effect to the
          replacement of the Depositary and the Replacement Deposit
          Agreements. Upon execution and delivery of the Replacement Deposit
          Agreements, the Replacement Depositary shall be deemed to be the
          Depositary with all of the rights and obligations of the Depositary
          hereunder and under the other Operative Documents and the
          Replacement Deposit Agreements shall be deemed to be the Deposit
          Agreements hereunder and under the other Operative Documents.

               vii. The Company shall not assume the obligations of the issuer
          under any Indenture for a Leased Aircraft unless the Company shall
          have delivered to the Loan Trustee under such Indenture a written
          confirmation from each of the Rating Agencies that such assumption
          will not result in a Ratings Event.

          (b) State Street Bank and Trust Company, in its individual capacity,
covenants with each of the other parties to this Agreement that it will,
immediately upon obtaining knowledge of any facts that would cast doubt upon
its continuing status as a "citizen of the United States" as defined in 49
U.S.C. ss. 40102(a)(15) and promptly upon public disclosure of negotiations in
respect of any transaction which would or might adversely affect such status,
notify in writing all parties hereto of all relevant matters in connection
therewith. Upon State Street Bank and Trust Company giving any such notice,
State Street Bank and Trust Company shall, subject to Section 9.01 of any
Indenture then entered into, resign as Trustee in respect of such Indenture.

          Section 6. Notices. Unless otherwise specifically provided herein,
all notices required or permitted by the terms of this Agreement shall be in
English and in writing, and any such notice shall become effective upon being
delivered personally or, if promptly confirmed by mail, when dispatched by
facsimile or other written telecommunication, addressed to such party hereto
at its address or facsimile number set forth below the signature of such party
at the foot of this Agreement. Notice shall be given to the Policy Provider at
the address specified in the Policy Provider Agreement.

          Section 7. Expenses. (a) The Company agrees to pay to the
Subordination Agent when due an amount or amounts equal to the fees payable to
the Primary Liquidity Provider under Section 2.03 of each Primary Liquidity
Facility multiplied by a fraction the numerator of which shall be the then
outstanding aggregate amount of the Deposits under the Deposit Agreements and
the denominator of which shall be the sum of (x) the then outstanding
aggregate principal amount of the Series G-1, Series G-2, Series C-1 and
Series C-2 Equipment Notes issued under all of the Indentures and (y) the then
outstanding aggregate amount of the Deposits under the Deposit Agreements.

          (b) So long as no Equipment Notes have been issued in respect of any
Aircraft, the Company agrees to pay (i) to the Subordination Agent when due
(A) the amount equal to interest on any Downgrade Advance (other than an
Applied Downgrade Advance) payable under Section 3.07 of each Primary
Liquidity Facility minus Investment Earnings while such Downgrade Advance
shall be outstanding, (B) the amount equal to interest on any Non-

                                      14
<PAGE>

Extension Advance (other than an Applied Non-Extension Advance) payable under
Section 3.07 of each Primary Liquidity Facility minus Investment Earnings
while such Non-Extension Advance shall be outstanding, (C) any other amounts
owed to the Primary Liquidity Provider by the Subordination Agent as borrower
under each Primary Liquidity Facility (other than amounts due as repayment of
advances thereunder or as interest on such advances, except to the extent
payable pursuant to clause (A) or (B)), (ii) all compensation and
reimbursement of expenses, disbursements and advances payable by the Company
under the Pass Through Trust Agreements, (iii) all compensation and
reimbursement of expenses and disbursements payable to the Subordination Agent
under the Intercreditor Agreement except with respect to any income or
franchise taxes incurred by the Subordination Agent in connection with the
transactions contemplated by the Intercreditor Agreement, (iv) in the event
the Company requests any amendment to any Operative Document or to this Note
Purchase Agreement, all reasonable fees and expenses (including, without
limitation, fees and disbursements of counsel) of the Escrow Agent and/or the
Paying Agent in connection therewith and (v) all compensation and
reimbursement of expenses and disbursements payable to the Policy Provider
under the Policy Provider Agreement (except for fees payable under Section
7(c) below). For purposes of this Section 7(b), (i) the terms "Applied
Downgrade Advance," "Applied Non-Extension Advance," "Downgrade Advance" and
"Non-Extension Advance" shall have the meanings specified in each Primary
Liquidity Facility and (ii) the term "Investment Earnings" shall have the
meaning specified in the Intercreditor Agreement.

          Section 8. Further Assurances. Each party hereto shall duly execute,
acknowledge and deliver, or shall cause to be executed, acknowledged and
delivered, all such further agreements, instruments, certificates or
documents, and shall do and cause to be done such further acts and things, in
any case, as any other party hereto shall reasonably request in connection
with its administration of, or to carry out more effectually the purposes of,
or to better assure and confirm unto it the rights and benefits to be provided
under, this Agreement.

          Section 9. Miscellaneous. (a) Provided that the transactions
contemplated hereby have been consummated, and except as otherwise provided
for herein, the representations, warranties and agreements herein of the
Company, the Subordination Agent, the Escrow Agent, the Paying Agent and the
Pass Through Trustee, and the Company's, the Subordination Agent's, the Escrow
Agent's, the Paying Agent's and the Pass Through Trustee's obligations under
any and all thereof, shall survive the expiration or other termination of this
Agreement and the other agreements referred to herein.

          (b) This Agreement may be executed in any number of counterparts
(and each of the parties hereto shall not be required to execute the same
counterpart). Each counterpart of this Agreement, including a signature page
executed by each of the parties hereto, shall be an original counterpart of
this Agreement, but all of such counterparts together shall constitute one
instrument. Neither this Agreement nor any of the terms hereof may be
terminated, amended, supplemented, waived or modified orally, but only by an
instrument in writing signed by the party against which the enforcement of the
termination, amendment, supplement, waiver or modification is sought. The
index preceding this Agreement and the headings of the various Sections of
this Agreement are for convenience of reference only and shall not modify,
define, expand or limit any of the terms or provisions hereof. The terms of
this Agreement shall be binding upon, and shall inure to the benefit of, the
Company and its successors and permitted

                                      15
<PAGE>

assigns, the Pass Through Trustee and its successors as Pass Through Trustee
(and any additional trustee appointed) under any of the Pass Through Trust
Agreements, the Escrow Agent and its successors as Escrow Agent under the
Escrow and Paying Agent Agreements, the Paying Agent and its successors as
Paying Agent under the Escrow and Paying Agent Agreement and the Subordination
Agent and its successors as Subordination Agent under the Intercreditor
Agreement.

          (c) This Agreement is not intended to, and shall not provide any
person not a party hereto (other than the Policy Provider as beneficiary of
Section 5(a)(vi) and the second paragraph of Section 10 hereof, the
Underwriters and each of the beneficiaries of Section 7 hereof) with any
rights of any nature whatsoever against any of the parties hereto, and no
person not a party hereto (other than the Underwriters, the Policy Provider
and each of the beneficiaries of Section 7 hereof) shall have any right, power
or privilege in respect of, or have any benefit or interest arising out of,
this Agreement.

          Section 10. Indemnity. The Company hereby agrees to indemnify each
Indemnitee against, and agrees to protect, defend, save and keep harmless each
thereof from any and all liabilities, obligations, losses, damages, penalties,
claims, actions, suits, out-of-pocket costs, expenses, and disbursements, of
whatsoever kind and nature (collectively called "Expenses") imposed on,
incurred by or asserted against any Indemnitee, in any way relating to or
arising out of (A) any of the Financing Agreements or any lease or sublease of
any Aircraft or the enforcement of any of the terms thereof or any amendment,
modification or waiver in respect thereof, (B) the manufacture, purchase,
acceptance or rejection of the Airframe (as defined in the Participation
Agreement) or any Engine (as defined in the Participation Agreement), (C) the
Aircraft (or any portion thereof or any Engine or engine affixed to the
Airframe) whether or not arising out of the finance, refinance, ownership,
delivery, nondelivery, storage, lease, sublease, sub-sublease, possession,
use, non-use, operation, maintenance, registration, reregistration, condition,
modification, alteration, replacement, repair, substitution, sale, return or
other disposition of the Aircraft (or any portion thereof or any Engine or
engine affixed to the Airframe) including, without limitation, latent or other
defects, whether or not discoverable, strict tort liability and any claim for
patent, trademark or copyright infringement, or (D) the offer, sale or
delivery of the Equipment Notes (the indemnity in this clause (D) to extend
also to any person who controls an Indemnitee within the meaning of Section 15
of the Securities Act of 1933, as amended); provided that the foregoing
indemnity as to any Indemnitee shall not extend to any Expense resulting from
or arising out of or which would not have occurred but for one or more of the
following: (A) any representation or warranty by such Indemnitee (or any of
its affiliates) in the Financing Agreements or in connection therewith being
incorrect in any material respect, or (B) the failure by such Indemnitee (or
any of its affiliates) to perform or observe any agreement, covenant or
condition in any of the Financing Agreements applicable to it (except to the
extent such failure was caused directly by the failure of the Company to
perform any obligation under a Financing Agreement), or (C) the willful
misconduct or the gross negligence of such Indemnitee (or any of its
affiliates) other than gross negligence imputed to such Indemnitee (or any of
its affiliates) solely by reason of its interest in the Aircraft), or (D) any
Tax, or (E) the authorization or giving or withholding of any future
amendments, supplements, waivers or consents with respect to any of the
Financing Agreements other than such as have been consented to, approved,
authorized or requested by the Company, or (F) subject to the next succeeding
paragraph, any loss of tax benefits or increase in tax liability under any tax
law

                                      16
<PAGE>

whether or not the Company is required to indemnify therefor pursuant to
this Agreement, or (G) any Expense which is specified to be for the account of
an Indemnitee pursuant to any Financing Agreement without express right of
reimbursement under any Financing Agreement. The foregoing indemnity shall not
extend to any Expense to the extent that such Expense is not caused by, or
does not arise out of, an act, omission or event which occurs prior to the
payment of all payments required to be paid by the Company under the Financing
Agreements.

          The Company further agrees to indemnify the Policy Provider from and
against and agrees to protect, save and keep harmless the Policy Provider from
any and all Expenses imposed on, incurred by or asserted against any of them
in any way related to, based on or arising from the enforcement by the Policy
Provider of its rights as a subrogee under the Class G-1 Escrow and Paying
Agent Agreement and the Class G-2 Escrow and Paying Agent Agreement; provided,
that the foregoing indemnity shall not extend to the Policy Provider with
respect to any loss, claim or expense to the extent such loss, claim or
expensed is attributable to the Policy Provider's gross negligence or willful
misconduct and provided, further, that the Policy Provider shall have no claim
against any "Collateral" or "Trust Indenture Estate" (as such terms are
defined in the Financing Agreements) for any payments under this Section 10.

          The Company further agrees that any payment or indemnity pursuant to
this Section 10 in respect of any Expenses shall be in an amount which, after
deduction of all Taxes required to be paid by such recipient with respect to
such payment or indemnity under the laws of any Federal, state or local
government or taxing authority in the United States, or under the laws of any
taxing authority or governmental subdivision of a foreign country, or any
territory or possession of the United States or any international authority,
shall be equal to the excess, if any, of (A) the amount of such Expense over
(B) the net reduction in Taxes required to be paid by such recipient resulting
from the accrual or payment of such Expense.

          If, by reason of any Expense payment made to or for the account of
an Indemnitee by the Company pursuant to this Section 10, such Indemnitee
subsequently realizes a tax deduction or credit (including foreign tax credit
and any reduction in Taxes) not previously taken into account in computing
such payment, such Indemnitee shall promptly pay to the Company, but only if
the Company shall have made all payments then due and owing to such Indemnitee
under the Financing Agreements, an amount equal to the sum of (I) the actual
reduction in Taxes realized by such Indemnitee which is attributable to such
deduction or credit, and (II) the actual reduction in Taxes realized by such
Indemnitee as a result of any payment made by such Indemnitee pursuant to this
sentence.

          If a claim is made against an Indemnitee involving one or more
Expenses and such Indemnitee has notice thereof, such Indemnitee shall
promptly, upon receiving such notice, give notice of such claim to the
Company; provided that the failure to provide such notice shall not release
the Company from any of its obligations to indemnify hereunder, and no payment
by the Company to an Indemnitee pursuant to this Section 10 shall be deemed to
constitute a waiver or release of any right or remedy which the Company may
have against such Indemnitee for any actual damages as a result of the failure
by such Indemnitee to give the Company such notice. The Company shall be
entitled, at its sole cost and expense, acting through counsel acceptable to
the respective Indemnitee, (A) so long as the Company has agreed in a writing
acceptable to such Indemnitee that the Company is liable to such Indemnitee
for such Expense hereunder (unless

                                      17
<PAGE>

such Expense is covered by the proviso to the first paragraph of this Section
10), in any judicial or administrative proceeding that involves solely a claim
for one or more Expenses, to assume responsibility for and control thereof,
(B) so long as the Company has agreed in a writing acceptable to such
Indemnitee that the Company is liable to such Indemnitee for such Expense
hereunder (unless such Expense is covered by the proviso to the first
paragraph of this Section 10), in any judicial or administrative proceeding
involving a claim for one or more Expenses and other claims related or
unrelated to the transactions contemplated by the Financing Agreements, to
assume responsibility for and control of such claim for Expenses to the extent
that the same may be and is severed from such other claims (and such
Indemnitee shall use its best efforts to obtain such severance), and (C) in
any other case, to be consulted by such Indemnitee with respect to judicial
proceedings subject to the control of such Indemnitee. Notwithstanding any of
the foregoing to the contrary, the Company shall not be entitled to assume
responsibility for and control of any such judicial or administrative
proceedings (A) while an event of default shall have occurred and be
continuing under any of the Financing Agreements or (B) if such proceeding
could be in the good faith opinion of such Indemnitee entail any material risk
of criminal liability or present a conflict of interest making separate
representation necessary. The affected Indemnitee may participate at its own
expense and with its own counsel in any judicial proceeding controlled by the
Company pursuant to the preceding provisions.

          The affected Indemnitee shall supply the Company with such
information reasonably requested by the Company as is necessary or advisable
for the Company to control or participate in any proceeding to the extent
permitted by this Section 10. Such Indemnitee shall not enter into a
settlement or other compromise with respect to any Expense without the prior
written consent of the Company, 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 10.

          The Company shall supply the affected Indemnitee with such
information reasonably requested by such Indemnitee as is necessary or
advisable for such Indemnitee to control or participate in any proceeding to
the extent permitted by this Section 10.

          When the Company or the insurers under a policy of insurance
maintained by the Company undertakes the defense of an Indemnitee with respect
to an Expense, no additional legal fees or expenses of such Indemnitee in
connection with the defense of such Indemnitee shall be indemnified hereunder
unless such fees or expenses were incurred at the written request of the
Company or such insurers, provided that no such defense shall be compromised
or settled on a basis that admits any gross negligence or willful misconduct
on the part of such Indemnitee without such Indemnitee's prior consent.

          In the event that the Company shall have paid an amount to an
Indemnitee pursuant to this Section 10, and such Indemnitee subsequently shall
be reimbursed in respect of such indemnified amount from any other Person,
such Indemnitee shall promptly pay to the Company an amount equal to the
amount of such reimbursement (but in no event more than such payment from the
Company) plus any net tax benefit (or minus any net tax detriment) realized by
such Indemnitee as a result of any reimbursement received and payment made by
such Indemnitee pursuant to this sentence, provided that (i) no event of
default has occurred and is continuing under any of the Financing Agreements
and (ii) such Indemnitee shall have no

                                      18
<PAGE>

obligation to reimburse the Company if the Company has not paid such
Indemnitee all amounts required pursuant to this Section 10 and any other
amounts then due to such Indemnitee from the Company under any of the
Financing Agreements.

          The Company's obligations under the indemnities provided for in this
Agreement shall be those of a primary obligor, whether or not the Person
indemnified shall also be indemnified with respect to the same matter under
the terms of any other document or instrument, and the Person seeking
indemnification from the Company pursuant to this Section 10 may proceed
directly against the Company without first seeking to enforce any other right
of indemnification.

          Section 11. Series D Equipment Notes. (a) On or prior to the first
Closing Date for an Aircraft which is not a Selected Aircraft, the Company
shall:

          i. form a Delaware business trust by entering into a trust agreement
     substantially in the form attached hereto as Exhibit E (the "Delaware
     Trust Agreement", the trust formed by such agreement being the "Delaware
     Trust");

          ii. form the Class D Trust by entering into the Class D Trust
     Supplement;

          iii. cause the Class D Pass Through Trustee to issue and sell the
     Class D Certificates to the Delaware Trust in a face amount of up to
     $75,000,000 and with an interest rate to be determined prior to such
     issuance;

          iv. deliver to the Pass Through Trustees and the Underwriters
     opinions from each of the following parties (each such opinion to be in
     form and substance satisfactory to the Class D Pass Through Trustee and
     addressed to the Underwriters, the Class D Pass Through Trustee, each
     other Pass Through Trustee and each Rating Agency): (A) Richards, Layton
     & Finger, counsel for the Delaware Trust, substantially to the effect set
     forth in Exhibit F-1 hereto, (B) Simpson Thacher & Bartlett, counsel for
     the Company and the Guarantor, substantially to the effect set forth in
     Exhibit F-2 hereto, (C) the Vice President, Law & Secretary of the
     Company and the Guarantor, substantially to the effect set forth in
     Exhibit F-3 hereto, and (D) Bingham Dana LLP, counsel to the Class D Pass
     Through Trustee, substantially to the effect set forth in Exhibit F-4
     hereto;

          v. cause the Intercreditor Agreement to be amended by written
     agreement of the parties thereto to add the Class D Pass Through Trustee
     as a party to the Intercreditor Agreement, to revise the definition of
     Stated Interest Rate to reflect the issuance of the Class D Certificates,
     and to make any other changes in the Intercreditor Agreement in
     connection with the issuance of the Class D Certificates as shall not
     materially adversely affect any Trustee; and

          vi. deliver to each party hereto written confirmation from each
     Rating Agency that the issuance of such Series D Equipment Notes will not
     result in a Ratings Event.

          (b) On or prior to each Closing Date for an Aircraft which is not a
Selected Aircraft on which Series D Equipment Notes under the Indenture
relating to such Aircraft are to

                                      19
<PAGE>

be issued and purchased by the Class D Pass Through Trustee pursuant to the
related Participation Agreement, the Company shall:

          i. notify or cause to be notified the Class D Pass Through Trustee
     of the principal amount of Series D Equipment Notes to be so purchased;
     and

          ii. make a capital contribution to the Delaware Trust in an amount
     sufficient to pay the purchase price of such Series D Equipment Notes and
     cause the Delaware Trust to transfer such amount to the Class D Pass
     Through Trustee for purchase of such Series D Equipment Notes, as
     provided in Section 2.11(b) of the Trust Agreement.

          (c) The parties hereto agree that upon execution of the Class D
Trust Supplement, the Class D Pass Through Trustee shall become a party to
this Agreement.

          Section 12. Third Party Beneficiary. The Policy Provider shall be an
express third party beneficiary with respect to enforcement of Section
5(a)(vi) and the second paragraph of Section 10 hereof.

          Section 13. Termination. This Agreement shall terminate on the
Delivery Period Termination Date or, if earlier, the date on which Equipment
Notes issued with respect to all of the Aircraft have been purchased by the
Pass Through Trustees in accordance with this Agreement; provided, that, the
provisions of Sections 7, 8, 9 and the second paragraph of Section 10 hereof
shall survive any termination of this Agreement.

          Section 14. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                      20
<PAGE>

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

                                         NORTHWEST AIRLINES, INC.

                                         By: /s/ Daniel B. Matthews
                                             ----------------------------------
                                             Name:     Daniel B. Matthews
                                             Title:    Senior Vice President &
                                                       Treasurer
                                             Address:  2700 Lane Oak Pkwy.
                                                       Eagan, MN  55121

                                            Attention: Daniel B. Matthews
                                            Facsimile: 612-726-2221

                                      21
<PAGE>

                                         WELLS FARGO BANK NORTHWEST, NATIONAL
                                         ASSOCIATION, as Escrow Agent

                                         By: /s/ Michael D. Hoggan
                                             ----------------------------------
                                            Name:      Michael D. Hoggan
                                            Title:     Assistant Vice President
                                            Address:   299 South Main Street,
                                                       12th Floor, MAC U1228-120
                                                       Salt Lake City, UT 84111
                                                       Corporate Trust Services
                                            Attention: Michael D. Hoggan
                                            Facsimile: 801-246-5053

<PAGE>

                                         STATE STREET BANK AND TRUST COMPANY
                                         OF CONNECTICUT, NATIONAL ASSOCIATION,
                                         not in its individual capacity,
                                         except as otherwise provided herein,
                                         but solely as Pass Through Trustee

                                         By: /s/ Kenneth R. Ring
                                             ----------------------------------
                                             Name:     Kenneth R. Ring
                                             Title:    Assistant Vice President
                                             Address:  2 Avenue de Lafayette
                                                       Boston, MA  02111

                                            Attention: Kenneth R. Ring
                                            Facsimile: 617-662-1465

                                         STATE STREET BANK AND TRUST COMPANY,
                                         not in its individual capacity,
                                         except as otherwise provided herein,
                                         but solely as Subordination Agent

                                         By: /s/ Kenneth R. Ring
                                             ----------------------------------
                                             Name:     Kenneth R. Ring
                                             Title:    Assistant Vice President
                                             Address:  2 Avenue de Lafayette
                                                       Boston, MA  02111

                                            Attention: Kenneth R. Ring
                                            Facsimile: 617-662-1465

                                         STATE STREET BANK AND TRUST COMPANY,
                                         as Paying Agent

                                         By: /s/ Kenneth R. Ring
                                             ----------------------------------
                                             Name:     Kenneth R. Ring
                                             Title:    Assistant Vice President
                                             Address:  2 Avenue de Lafayette
                                                       Boston, MA  02111

                                            Attention: Kenneth R. Ring
                                            Facsimile: 617-662-1465

<PAGE>

                                 SCHEDULE I TO

                            NOTE PURCHASE AGREEMENT

                ELIGIBLE AIRCRAFT AND SCHEDULED DELIVERY MONTHS

        Aircraft Type                    Scheduled Delivery Months
        -------------                    -------------------------

Airbus A319-100                                 October 2002
Airbus A319-100                                February 2003
Airbus A319-100                                  March 2003
Airbus A319-100                                   May 2003
Airbus A319-100                                   May 2003
Airbus A319-100                                  June 2003
Airbus A319-100                                  June 2003
Airbus A319-100                                  July 2003
Airbus A319-100                                 August 2003
Airbus A319-100                                September 2003
Airbus A319-100                                 October 2003
Airbus A319-100                                 October 2003
Airbus A319-100                                November 2003
Airbus A319-100                                December 2003
Airbus A319-100                                December 2003
Boeing 757-300                                 November 2002
Boeing 757-300                                 December 2002
Boeing 757-300                                 February 2003
Boeing 757-300                                   March 2003
Boeing 757-300                                   April 2003
Boeing 757-300                                    May 2003
Boeing 757-300                                   June 2003
Boeing 757-300                                   July 2003
Boeing 757-300                                  August 2003
Boeing 757-300                                 September 2003
Boeing 757-300                                  October 2003
Airbus A330-300                                  June 2003
Airbus A330-300                                  July 2003
Airbus A330-300                                 August 2003
Airbus A330-300                                September 2003
Airbus A330-300                                 October 2003
Airbus A330-300                                December 2003

                                      I-1
<PAGE>

                                SCHEDULE II TO

                            NOTE PURCHASE AGREEMENT

                               TRUST SUPPLEMENTS

          Trust Supplement, dated as of the Issuance Date, among the Company,
NWA Corp. and the Pass Through Trustee in respect of Northwest Airlines Pass
Through Trust, Series 2002-1G-1.

          Trust Supplement, dated as of the Issuance Date, among the Company,
NWA Corp. and the Pass Through Trustee in respect of Northwest Airlines Pass
Through Trust, Series 2002-1G-2.

          Trust Supplement, dated as of the Issuance Date, among the Company,
NWA Corp. and the Pass Through Trustee in respect of Northwest Airlines Pass
Through Trust, Series 2002-1C-1.

          Trust Supplement, dated as of the Issuance Date, among the Company,
NWA Corp. and the Pass Through Trustee in respect of Northwest Airlines Pass
Through Trust, Series 2002-1C-2.

                                     II-1
<PAGE>

                                SCHEDULE III TO

                            NOTE PURCHASE AGREEMENT

                              DEPOSIT AGREEMENTS

          Deposit Agreement (Class G-1), dated as of the Issuance Date,
between the Depositary and the Escrow Agent.

          Deposit Agreement (Class G-2), dated as of the Issuance Date,
between the Depositary and the Escrow Agent.

          Deposit Agreement (Class C-1), dated as of the Issuance Date,
between the Depositary and the Escrow Agent.

          Deposit Agreement (Class C-2), dated as of the Issuance Date,
between the Depositary and the Escrow Agent.

                                     III-1
<PAGE>

                                SCHEDULE IV TO

                            NOTE PURCHASE AGREEMENT

                      ESCROW AND PAYING AGENT AGREEMENTS

          Escrow and Paying Agent Agreement (Class G-1), dated as of the
Issuance Date, among the Escrow Agent, the Underwriters, the Pass Through
Trustee and the Paying Agent.

          Escrow and Paying Agent Agreement (Class G-2), dated as of the
Issuance Date, among the Escrow Agent, the Underwriters, the Pass Through
Trustee and the Paying Agent.

          Escrow and Paying Agent Agreement (Class C-1), dated as of the
Issuance Date, among the Escrow Agent, the Underwriters, the Pass Through
Trustee and the Paying Agent.

          Escrow and Paying Agent Agreement (Class C-2), dated as of the
Issuance Date, among the Escrow Agent, the Underwriters, the Pass Through
Trustee and the Paying Agent.

                                     IV-1
<PAGE>

                                 SCHEDULE V TO

                            NOTE PURCHASE AGREEMENT

                           MANDATORY DOCUMENT TERMS

          The terms "Trust Indenture Form," "Lease Form" and "Participation
Agreement Form" shall have the respective meanings specified in Schedule VI to
the Note Purchase Agreement.

          1. May not modify in any material adverse respect as regards the
interests of the Note Holders, the Subordination Agent, the Liquidity
Provider, the Policy Provider or the Indenture Trustee, the Granting Clause of
the Trust Indenture Form so as to deprive the Note Holders of a first priority
security interest in and mortgage lien on the Aircraft and, in the case of a
Leased Aircraft Indenture, the Lease or to eliminate any of the obligations
intended to be secured thereby or otherwise modify in any material adverse
respect as regards the interests of the Note Holders, the Subordination Agent,
the Liquidity Providers, the Policy Provider or the Indenture Trustee the
provisions of Article II or III or Sections 4.02, 4.03, 4.04, 5.02, 5.06, 9.01
or the first sentence of Section 10.11 of the Leased Aircraft Indenture Form
for the Leased Aircraft or Article II or III or Sections 4.01, 4.02, 5.02,
7.06(a), 7.06(b), 10.01, or the first sentence of Section 11.11 of the Owned
Aircraft Indenture Form for the Owned Aircraft.

          2. May not modify in any material adverse respect as regards the
interests of the Note Holders, the Subordination Agent, the Liquidity
Providers, the Policy Provider or the Indenture Trustee the provisions of
Section 3(d)(v), Section 3(f), Section 7(a)(I)(i), clause (6) of the final
paragraph of Section 10(a), Section 16, Section 18, the first and third
sentences of Section 20 or the penultimate sentence of Section 24 of the Lease
Form or otherwise modify the terms of the Lease Form so as to deprive the
Indenture Trustee of rights expressly granted to the "Indenture Trustee"
therein.

          3. May not modify in any material adverse respect as regards the
interests of the Note Holders, the Subordination Agent, the Liquidity
Provider, the Policy Provider or the Indenture Trustee the provisions of
Section 4(a)(ix)(1), 4(a)(ix)(2), 4(a)(ix)(3), 4(a)(xxiii) to the extent such
section requires special counsel for the Lessee to deliver an opinion relating
to Section 1110 of the Bankruptcy Code, Sections 8(q), 8(cc), 11(b), 12 or the
penultimate sentence of Section 15(c), 15(e) or the provisions of Sections
4(a)(xi), 4(a)(xii), 4(a)(xiii), 4(a)(xiv), 4(a)(xv) and 4(a)(xvi) of the
Participation Agreement Form so as to eliminate the requirement to deliver to
the Loan Participant or the Indenture Trustee, as the case may be, the legal
opinions to be provided to such Persons thereunder (recognizing that the
lawyers rendering such opinions may be changed) or the provisions of Section
8(f)(ii)(C) or otherwise modify the terms of the Participation Agreement Form
to deprive the Subordination Agent, the Liquidity Providers, the Policy
Provider or the Indenture Trustee of any indemnity or right of reimbursement
in its favor for Expenses or Taxes.

          4. May not modify, in any material adverse respect as regards the
interests of the Note Holders, the Subordination Agent, the Liquidity
Providers, the Policy Provider or the Indenture Trustee, the definition of
"Break Amount", "Prepayment Premium" or "Make-Whole Amount" or "Make-Whole
Premium" in the Leased Aircraft Indenture Form (with respect to

                                      V-1
<PAGE>

Equipment Notes relating to Leased Aircraft) or in Annex A to the Owned
Aircraft Indenture Form (with respect to Equipment Notes relating to Owned
Aircraft).

          Notwithstanding the foregoing, any such Mandatory Document Term may
be modified to correct or supplement any such provision which may be defective
or to cure any ambiguity or correct any mistake, provided, however, that any
such action shall not materially adversely affect the interests of the Note
Holders, the Subordination Agent, the Liquidity Providers, the Policy
Provider, the Indenture Trustee or the Certificate Holders.

                                      V-2
<PAGE>

                                SCHEDULE VI TO
                            NOTE PURCHASE AGREEMENT
                           MANDATORY ECONOMIC TERMS

                                EQUIPMENT NOTES

Obligor: Northwest Airlines, Inc. or an Owner Trust

o    The maximum principal amount of all the Equipment Notes issued with
     respect to an Eligible Aircraft shall not exceed the maximum principal
     amount of Equipment Notes indicated for each such Eligible Aircraft as
     set forth in the following table:

                                                          Maximum Principal
                                      Scheduled            Amount of Series
                                      Delivery           G-1, G-2, C-1 and C-2
Aircraft Type(1)                      Month(2)            Equipment Notes(3)
----------------                      --------           -------------------
Airbus A319-100........             October 2002           $29,987,650.00
Airbus A319-100........             February 2003           30,868,016.67
Airbus A319-100........              March 2003             30,893,683.33
Airbus A319-100........               May 2003              31,075,916.67
Airbus A319-100........               May 2003              31,075,916.67
Airbus A319-100........               June 2003             31,102,866.67
Airbus A319-100........               June 2003             31,102,866.67
Airbus A319-100........               July 2003             31,254,300.00
Airbus A319-100........              August 2003            31,279,966.67
Airbus A319-100........            September 2003           31,308,200.00
Airbus A319-100........             October 2003            31,462,200.00
Airbus A319-100........             October 2003            31,462,200.00
Airbus A319-100........             November 2003           31,490,433.33
Airbus A319-100........             December 2003           31,517,383.33
Airbus A319-100........             December 2003           31,517,383.33
Boeing 757-300.........             November 2002           46,970,000.00
Boeing 757-300.........             December 2002           46,970,000.00
Boeing 757-300.........             February 2003           47,262,600.00
Boeing 757-300.........              March 2003             47,262,600.00
Boeing 757-300.........              April 2003             47,555,200.00
Boeing 757-300.........               May 2003              47,555,200.00
Boeing 757-300.........               June 2003             47,555,200.00
Boeing 757-300.........               July 2003             47,847,800.00
Boeing 757-300.........              August 2003            47,847,800.00
Boeing 757-300.........            September 2003           47,847,800.00
Boeing 757-300.........             October 2003            48,148,100.00
Airbus A330-300........               June 2003             81,951,100.00
Airbus A330-300........               July 2003             82,443,900.00
Airbus A330-300........              August 2003            82,443,900.00
Airbus A330-300........            September 2003           82,443,900.00
Airbus A330-300........             October 2003            82,952,100.00
Airbus A330-300........             December 2003           82,952,100.00
-----------

                                     VI-1
<PAGE>

(1)      Includes all 32 Eligible Aircraft from which Northwest will
         choose the 20 Aircraft to be financed pursuant to the terms of
         the Note Purchase Agreement.

(2)      The actual principal amount issued for any Aircraft may be
         less than the amounts set forth in this table depending upon
         the circumstances of the financing of such Aircraft. The
         aggregate principal amount of all of the Equipment Notes of
         each series will not exceed the aggregate face amount of
         Certificates of the corresponding Class.

(3)      The actual principal amount issued for any Aircraft may be
         less than the amounts set forth in this table depending upon
         the circumstances of the financing of such Aircraft. The
         aggregate principal amount of all of the equipment notes of
         each series will not exceed the aggregate face amount of
         Certificates of the corresponding class. Series G-1 and/or
         Series G-2 Equipment Notes, Series C-1 and/or Series C-2
         Equipment Notes and Series D Equipment Notes will be issued
         with respect to each Owned Aircraft (other than a Selected
         Aircraft). Only Series G-2 and Series C-2 Equipment Notes
         will be issued with respect to each Selected Aircraft.

o    One Airbus A33-300 Aircraft and one Boeing 757-300 Aircraft shall be
     designated as a Selected Aircraft.

o    The loan to aircraft value ratio with respect to each Eligible Aircraft
     (computed on the basis of the Appraised Base Value of such Aircraft and
     the Depreciation Assumption) at the time of issuance of the related
     Equipment Notes and on any Regular Distribution Date thereafter shall not
     exceed the amounts set forth in the following table:

<TABLE>
<CAPTION>
                    Scheduled      Series G-1  Series G-2  Series C-1  Series C-2   Series D
                    Delivery        Equipment   Equipment   Equipment   Equipment   Equipment
Aircraft Type(1)      Month           Notes       Notes       Notes      Notes       Notes
----------------    --------          -----       -----       -----      -----       -----
<S>                <C>             <C>          <C>         <C>         <C>         <C>
Airbus A319-100    October 2002       56.5%       56.5%       68.0%       68.0%       73.7%
Airbus A319-100    February 2003      57.6%       57.6%       69.3%       69.3%       75.2%
Airbus A319-100    March 2003         57.6%       57.6%       69.5%       69.5%       75.4%
Airbus A319-100    May 2003           57.6%       57.6%       69.3%       69.3%       75.2%
Airbus A319-100    May 2003           57.6%       57.6%       69.3%       69.3%       75.2%
Airbus A319-100    June 2003          57.6%       57.6%       69.5%       69.5%       75.3%
Airbus A319-100    June 2003          57.6%       57.6%       69.5%       69.5%       75.3%
Airbus A319-100    July 2003          57.4%       57.4%       69.3%       69.3%       75.2%
Airbus A319-100    August 2003        57.6%       57.6%       69.3%       69.3%       75.1%
Airbus A319-100    September 2003     57.6%       57.6%       69.4%       69.4%       75.3%
Airbus A319-100    October 2003       57.4%       57.4%       69.3%       69.3%       75.2%
Airbus A319-100    October 2003       57.4%       57.4%       69.3%       69.3%       75.2%
Airbus A319-100    November 2003      57.4%       57.4%       69.3%       69.3%       75.2%
Airbus A319-100    December 2003      57.4%       57.4%       69.3%       69.3%       75.2%
Airbus A319-100    December 2003      57.4%       57.4%       69.3%       69.3%       75.2%
Boeing 757-300     November 2002      57.6%       57.6%       69.8%       69.8%       75.7%
Boeing 757-300     December 2002      57.5%       57.5%       69.6%       69.6%       75.5%
Boeing 757-300     February 2003      57.6%       57.6%       69.8%       69.8%       75.7%
</TABLE>

                                     VI-2
<PAGE>

<TABLE>
<CAPTION>
                    Scheduled      Series G-1  Series G-2  Series C-1  Series C-2   Series D
                    Delivery        Equipment   Equipment   Equipment   Equipment   Equipment
Aircraft Type(1)      Month           Notes       Notes       Notes      Notes       Notes
----------------    --------          -----       -----       -----      -----       -----
<S>                <C>             <C>          <C>         <C>         <C>         <C>
Boeing 757-300     March 2003         57.5%       57.5%       69.6%       69.6%       75.5%
Boeing 757-300     April 2003         57.6%       57.6%       69.9%       69.9%       75.8%
Boeing 757-300     May 2003           57.6%       57.6%       69.8%       69.8%       75.8%
Boeing 757-300     June 2003          57.6%       57.6%       69.8%       69.8%       75.8%
Boeing 757-300     July 2003          57.6%       57.6%       69.8%       69.8%       75.8%
Boeing 757-300     August 2003        57.6%       57.6%       69.8%       69.8%       75.8%
Boeing 757-300     September 2003     57.6%       57.6%       69.8%       69.8%       75.8%
Boeing 757-300     October 2003       57.6%       57.6%       69.8%       69.8%       75.8%
Airbus A330-300    June 2003          57.6%       57.6%       70.1%       70.1%       76.0%
Airbus A330-300    July 2003          57.6%       57.6%       70.2%       70.2%       76.2%
Airbus A330-300    August 2003        57.6%       57.6%       70.1%       70.1%       76.1%
Airbus A330-300    September 2003     57.6%       57.6%       70.1%       70.1%       76.1%
Airbus A330-300    October 2003       57.6%       57.6%       70.1%       70.1%       76.1%
Airbus A330-300    December 2003      57.6%       57.6%       70.1%       70.1%       76.1%
</TABLE>

-----------
(1)  Includes all 32 Eligible Aircraft from which Northwest will choose the
     20 Aircraft to be financed pursuant to the terms of the Note Purchase
     Agreement.

o    As of each Regular Distribution Date after the Delivery Period
     Termination Date, the LTV for each Class of Certificates (computed as of
     any such date on the basis of the Appraised Base Value of the Aircraft
     that have been delivered and the Depreciation Assumption) will not exceed
     56.0% for the Class G-1 Certificates, 56.0% for the Class G-2
     Certificates, 67.8% for the Class C-1 Certificates, 67.8% for the Class
     C-2 Certificates and 74.0% for the Class D Certificates.

o    The initial average life of the Series G-1 Equipment Notes, Series G-2
     Equipment Notes, the Series C-1 Equipment Notes, the Series C-2 Equipment
     Notes and the Series D Equipment Notes on any Aircraft shall not be less
     than the minimum nor more than the maximum years from the Issuance Date
     set forth in the following table:

                Series G-1   Series G-2    Series C-1    Series C-2   Series D
                Equipment    Equipment     Equipment     Equipment    Equipment
                  Notes        Notes         Notes         Notes        Notes
               -----------  -----------   -----------   -----------   --------
Minimum.......     6.5          8.5           3.0           3.5           6.0
Maximum.......     9.0         12.5           9.8           7.5          11.8

o    As of the first Regular Distribution Date following the Delivery Period
     Termination Date the average life of each Class of Certificates (computed
     without regard to the acceleration of any Equipment Notes and after
     giving effect to any special distribution on the Certificates thereafter
     required in respect of unused Deposits) shall be not less than the
     minimum nor more than the maximum years from the Issuance Date set forth
     in the following table:

                                     VI-3
<PAGE>

<TABLE>
<CAPTION>
                Class G-1        Class G-2       Class C-1        Class C-2        Class D
               Certificates    Certificates     Certificates    Certificates    Certificates
               ------------    ------------     ------------    ------------    ------------
<S>            <C>              <C>             <C>              <C>             <C>
Minimum.......     6.9              9.9             4.6              5.4             7.0
Maximum.......     7.9             10.9             5.1              5.9            11.8
</TABLE>

o    The final maturity date of the Series G-1 Equipment Notes, the Series G-2
     Equipment Notes, the Series C-1 Equipment Notes, the Series C-2 Equipment
     Notes and the Series D Equipment Notes will not extend beyond May 20,
     2014, November 20, 2021, May 20, 2012, May 20, 2012 and May 20, 2014,
     respectively.

o    At the earlier of the date on which all Aircraft have been delivered and
     all Equipment Notes issued and the Delivery Period Termination Date, the
     aggregate principal amount of each Series of Equipment Notes (other than
     the Series D Equipment Notes) shall equal the original Pool Balance of
     the related Class of Certificates without giving effect to any principal
     payments on such Equipment Notes but after giving effect to any
     reductions to the Pool Balance for such Class of Certificates from
     Deposits not used to purchase Equipment Notes on or before such date.

o    The interest rate applicable to each Series of Equipment Notes must be
     equal to the rate applicable to the Certificates issued by the
     corresponding Trust.

o    The payment dates for the Equipment Notes and basic rent under the Leases
     must be February 20, May 20, August 20 and November 20, provided that, at
     Northwest's election, basic rent may also be paid at the commencement of
     a Lease.

o    Basic rent (and supplemental rent), stipulated loss values and
     termination values under the Leases must be sufficient to pay amounts due
     with respect to the related Equipment Notes.

o    The amounts payable under the all-risk aircraft hull insurance maintained
     with respect to each Aircraft must be sufficient to pay the applicable
     stipulated loss value or, in the case of Owned Aircraft, 105% of the
     unpaid principal amount of the related Equipment Notes, subject to
     certain rights of self-insurance.

o    (a) The past due rate in the Indentures and the Leases, (b) the Break
     Amount or Make-Whole Premium payable under the Indentures, (c) the
     provisions relating to the redemption and purchase of Equipment Notes in
     the Indentures, (d) the minimum liability insurance amount on Aircraft in
     the Leases and (e) the indemnification of the Loan Trustees,
     Subordination Agent, Liquidity Providers, the Policy Provider, Trustees,
     Escrow Agents and registered holders of the Equipment Notes (in such
     capacity, the "Note Holders") with respect to certain taxes and expenses,
     in each case must be no less favorable to the Loan Trustees,
     Subordination Agent, Liquidity Providers, the Policy Provider, the
     Trustees, the Escrow Agents and the Note Holders than as set forth in the
     form of Participation Agreements (the "Participation Agreement Form") and
     Leases (the "Lease Form") and the form of Leased Aircraft Indentures and
     Owned Aircraft Indentures (the "Trust Indenture Form") (collectively, the
     "Aircraft Operative Agreements") attached as exhibits to the Note
     Purchase Agreement.

Past Due Rate: Debt Rate (as defined in each Trust Indenture Form) plus 2% per
annum.

                                     VI-4
<PAGE>

Payment Dates: February 20, May 20, August 20 and November 20, commencing with
the first such date after the applicable Equipment Notes are issued.

Lease Term: The Basic Lease Term (as defined in the Lease Form) shall expire
by its terms on or after final maturity date of the related Series G-2 and
Series C-2 Equipment Notes, as the case may be.

                                     VI-5
<PAGE>

                                SCHEDULE VII TO
                            NOTE PURCHASE AGREEMENT

                        AGGREGATE AMORTIZATION SCHEDULE

<TABLE>
<CAPTION>
                           2002-1G-1 Trust     2002-1G-2 Trust     2002-1C-1 Trust                           2002-1D Trust
                           Equipment Notes     Equipment Notes     Equipment Notes      2002-1C-2 Trust     Equipment Notes
                              Scheduled           Scheduled           Scheduled         Equipment Notes        Scheduled
                             Payments of         Payments of         Payments of      Scheduled Payments      Payments of
                              Principal           Principal           Principal          of Principal          Principal

          Date                Class G-1           Class G-2           Class C-1            Class C-2            Class D
          ----                ---------           ---------           ---------            ---------            -------
<S>                        <C>                 <C>                 <C>                 <C>                  <C>
Closing                                0.00                0.00                0.00                0.00                 0.00
August 20, 2002                        0.00                0.00                0.00                0.00                 0.00
November 20, 2002                      0.00                0.00                0.00                0.00                 0.00
February 20, 2003                      0.00                0.00                0.00                0.00                 0.00
May 20, 2003                           0.00                0.00                0.00                0.00                 0.00
August 20, 2003                        0.00                0.00                0.00          257,974.99                 0.00
November 20, 2003              3,234,525.47                0.00                0.00        1,079,643.12           187,459.62
February 20, 2004              7,046,032.20        1,189,548.99        2,310,032.92        1,775,329.62           640,602.42
May 20, 2004                   4,959,363.95          731,304.62          622,268.72        1,611,383.85         1,082,149.51
August 20, 2004                5,275,568.76        2,179,058.12          966,329.19        2,468,394.82         1,258,643.06
November 20, 2004              2,064,039.96        2,057,962.20                0.00                0.00         1,294,514.38
February 20, 2005              6,143,461.28        2,417,911.84       11,990,378.87        3,170,525.42         1,331,408.04
May 20, 2005                   3,548,530.94                0.00                0.00                0.00         1,369,353.17
August 20, 2005                6,709,087.28        1,323,547.31        3,255,248.35        4,972,931.38         1,408,379.74
November 20, 2005              2,618,818.85        2,057,962.20                0.00                0.00         1,448,518.56
February 20, 2006              9,149,991.91        2,405,130.94       11,270,736.33        4,477,963.31         1,489,801.34
May 20, 2006                   4,971,834.48                0.00                0.00                0.00         1,532,260.68
August 20, 2006               11,358,323.81        1,188,092.60        2,091,835.04        4,096,118.59         1,575,930.11
November 20, 2006              4,519,939.66        2,057,962.20                0.00                0.00         1,620,844.12
February 20, 2007             12,065,409.03        2,267,035.06        6,283,265.96        4,046,327.12         1,667,038.17
May 20, 2007                  13,387,901.54                0.00                0.00                0.00         1,714,548.76
August 20, 2007               10,294,450.06        1,048,148.41        1,311,145.33        1,448,185.28         1,763,413.40
November 20, 2007              7,005,941.11        2,057,962.20                0.00                0.00         1,813,670.68
February 20, 2008             15,177,955.13        2,124,399.43          884,448.46        3,424,274.24         1,865,360.30
May 20, 2008                  19,486,933.48                0.00                0.00                0.00         1,918,523.07
August 20, 2008                9,802,084.60          903,621.99                0.00          441,842.02         1,973,200.97
November 20, 2008              8,911,725.38        2,057,962.20                0.00                0.00         2,029,437.20
February 20, 2009             19,409,230.86        2,103,532.75                0.00        1,304,187.32         2,087,276.16
May 20, 2009                  28,481,484.82                0.00                0.00                0.00         2,146,763.53
August 20, 2009                5,169,354.00          924,426.42                0.00          452,014.71         2,207,946.29
November 20, 2009              4,667,852.00        2,057,962.20                0.00                0.00         2,270,872.76
February 20, 2010              9,540,917.00        5,301,516.55                0.00          407,220.87         2,335,592.64
May 20, 2010                  14,544,146.00                0.00                0.00                0.00         2,402,157.03
August 20, 2010                6,934,111.00          808,190.62                0.00          395,179.09         2,470,618.50
November 20, 2010              6,341,867.67        1,964,090.24                0.00                0.00         2,541,031.13
February 20, 2011             15,182,085.67        1,984,595.79                0.00          412,346.55         2,613,450.52
May 20, 2011                  21,087,762.17                0.00                0.00                0.00         2,687,933.86
August 20, 2011                5,667,754.50          861,590.19                0.00          421,289.82         2,764,539.97
November 20, 2011              5,164,140.00        1,964,090.24                0.00                0.00         2,843,329.36
February 20, 2012             12,101,259.00        2,064,791.28                0.00          451,559.56         2,924,364.25
May 20, 2012                  16,538,296.96        1,755,754.07       15,014,310.84       18,885,308.33         2,646,325.00
August 20, 2012                5,233,595.00        3,825,666.09                0.00                0.00         1,752,288.54
November 20, 2012              5,154,167.33        1,816,061.38                0.00                0.00           820,958.89
February 20, 2013             12,601,588.33        4,826,254.05                0.00                0.00           155,799.65
</TABLE>

                                     VII-1
<PAGE>

<TABLE>
<CAPTION>
                           2002-1G-1 Trust     2002-1G-2 Trust     2002-1C-1 Trust                           2002-1D Trust
                           Equipment Notes     Equipment Notes     Equipment Notes      2002-1C-2 Trust     Equipment Notes
                              Scheduled           Scheduled           Scheduled         Equipment Notes        Scheduled
                             Payments of         Payments of         Payments of      Scheduled Payments      Payments of
                              Principal           Principal           Principal          of Principal          Principal

          Date                Class G-1           Class G-2           Class C-1            Class C-2            Class D
          ----                ---------           ---------           ---------            ---------            -------
<S>                        <C>                 <C>                 <C>                 <C>                  <C>
May 20, 2013                  15,776,287.00          165,190.63                0.00                0.00                 0.00
August 20, 2013                4,495,120.00        3,471,048.96                0.00                0.00                 0.00
November 20, 2013              4,415,238.00        2,575,708.81                0.00                0.00                 0.00
February 20, 2014             10,846,492.50        6,884,025.09                0.00                0.00                 0.00
May 20, 2014                  90,046,331.31       30,983,071.08                0.00                0.00         6,343,694.61
August 20, 2014                        0.00                0.00                0.00                0.00                 0.00
November 20, 2014                      0.00        1,548,887.34                0.00                0.00                 0.00
February 20, 2015                      0.00        2,762,220.03                0.00                0.00                 0.00
May 20, 2015                           0.00                0.00                0.00                0.00                 0.00
August 20, 2015                        0.00                0.00                0.00                0.00                 0.00
November 20, 2015                      0.00        1,548,887.34                0.00                0.00                 0.00
February 20, 2016                      0.00        4,158,119.13                0.00                0.00                 0.00
May 20, 2016                           0.00                0.00                0.00                0.00                 0.00
August 20, 2016                        0.00                0.00                0.00                0.00                 0.00
November 20, 2016                      0.00        1,548,887.34                0.00                0.00                 0.00
February 20, 2017                      0.00        9,958,142.32                0.00                0.00                 0.00
May 20, 2017                           0.00                0.00                0.00                0.00                 0.00
August 20, 2017                        0.00                0.00                0.00                0.00                 0.00
November 20, 2017                      0.00          198,672.72                0.00                0.00                 0.00
February 20, 2018                      0.00          285,323.92                0.00                0.00                 0.00
May 20, 2018                           0.00                0.00                0.00                0.00                 0.00
August 20, 2018                        0.00                0.00                0.00                0.00                 0.00
November 20, 2018                      0.00        1,198,672.72                0.00                0.00                 0.00
February 20, 2019                      0.00        6,113,031.12                0.00                0.00                 0.00
May 20, 2019                           0.00                0.00                0.00                0.00                 0.00
August 20, 2019                        0.00                0.00                0.00                0.00                 0.00
November 20, 2019                      0.00          794,301.20                0.00                0.00                 0.00
February 20, 2020                      0.00        7,894,199.04                0.00                0.00                 0.00
May 20, 2020                           0.00                0.00                0.00                0.00                 0.00
August 20, 2020                        0.00                0.00                0.00                0.00                 0.00
November 20, 2020                      0.00          491,022.56                0.00                0.00                 0.00
February 20, 2021                      0.00                0.00                0.00                0.00                 0.00
May 20, 2021                           0.00                0.00                0.00                0.00                 0.00
August 20, 2021                        0.00                0.00                0.00                0.00                 0.00
November 20, 2021                      0.00        6,094,456.48                0.00                0.00                 0.00
</TABLE>

                                     VII-2
<PAGE>

                                  ANNEX A TO

                            NOTE PURCHASE AGREEMENT

                                  DEFINITIONS

          "Above-Cap Liquidity Agreements" has the meaning set forth in the
recitals to the Note Purchase Agreement.

          "Above-Cap Liquidity Provider" has the meaning set forth in the
recitals to the Note Purchase Agreement.

          "Act" means 49 U.S.C. ss.ss. 40101-46507.

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

          "Airbus" means AVSA, S.A.R.L.

          "Aircraft" has the meaning set forth in the recitals to the Note
Purchase Agreement.

          "Aircraft Purchase Agreement" means in the case of the Airbus
A319-100 aircraft, the A319 Purchase Agreement dated as of September 19, 1997
between Airbus and the Company, in the case of the Boeing 757-300 aircraft,
the Purchase Agreement No. 2159 between Boeing and the Company dated January
16, 2001, and in the case of the Airbus A330-300 aircraft, the A330 Purchase
Agreement dated as of December 21, 2000 between Airbus and the Company
(including, in each case, all exhibits thereto, together with all letter
agreements entered into that by their terms constitute part of any such
Purchase Agreement); and "Aircraft Purchase Agreements" means all such
agreements.

          "Aircraft Purchase Agreement Assignment" means, in the case of an
Airbus A319-100 aircraft or Airbus A330-300 aircraft, a Purchase Agreement
Assignment substantially in the form of Exhibit A-4(a) to the Note Purchase
Agreement, and in the case of a Boeing 757-300 aircraft, a Purchase Agreement
Assignment substantially in the form of Exhibit A-4(b) to the Note Purchase
Agreement.

          "Assumed Amortization Schedule" means Schedule VII to the Note
Purchase Agreement.

          "Average Life Date" means, for any Equipment Note, the date which
follows the time of determination by a period equal to the Remaining Weighted
Average Life of such Equipment Note.

                                   Annex A-1
<PAGE>

          "Bankruptcy Code" means the United States Bankruptcy Code, 11 U.S.C.
ss.ss. 101 et seq.

          "Basic Pass Through Trust Agreement" means the Pass Through Trust
Agreement, dated as of June 3, 1999, among the Company, Northwest Airlines
Corporation and the Pass Through Trustee, as amended, supplemented or
modified, but does not include any Trust Supplement.

          "Boeing" means The Boeing Company, a Delaware corporation.

          "Business Day" means any day, other than a Saturday, Sunday or other
day on which commercial banks are authorized or required by law to close in
New York, New York, Minneapolis, Minnesota, Hartford, Connecticut, Boston,
Massachusetts or Salt Lake City, Utah.

          "Certificate" has the meaning set forth in the recitals to the Note
Purchase Agreement.

          "Certificate Holder" means the Person in whose name a Certificate is
registered in the Register.

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

          "Class C-1 Certificates" means the Class C-1 Certificates issued by
the Northwest Airlines Pass Through Trust, Class 2002-1C-1.

          "Class C-1 Trust" means the Northwest Airlines Pass Through Trust,
Class 2002-1C-1 formed pursuant to the Basic Pass Through Trust Agreement and
Class C-1 Trust Supplement.

          "Class C-1 Trust Supplement" means Trust Supplement No. 2002-1 C-1,
dated as of the Issuance Date, by and among the Guarantor, the Company and the
Pass Through Trustee, as amended, supplemented or modified, to the Basic Pass
Through Trust Agreement.

          "Class C-2 Certificates" means the Class C-2 Certificates issued by
the Northwest Airlines Pass Through Trust, Class 2002-1C-2.

          "Class C-2 Trust" means the Northwest Airlines Pass Through Trust,
Class 2002-1C-2 formed pursuant to the Basic Pass Through Trust Agreement and
Class C-2 Trust Supplement.

          "Class C-2 Trust Supplement" means Trust Supplement No. 2002-1C-2,
dated as of the Issuance Date, by and among the Guarantor, the Company and the
Pass Through Trustee, as amended, supplemented or modified, to the Basic Pass
Through Trust Agreement.

          "Class D Certificates" means the Class D Certificates, if any,
issued by the Northwest Airlines Pass Through Trust, Class 2002-1D.

                                  Annex A-2
<PAGE>

          "Class D Notice" has the meaning set forth in Section 2(b) of the
Note Purchase Agreement.

          "Class D Pass Through Trustee" means the trustee under the Class D
Trust Supplement.

          "Class D Trust" means the Northwest Airlines Pass Through Trust,
Class 2002-1D to be formed upon execution of the Class D Trust Supplement to
the Basic Pass Through Trust Agreement.

          "Class D Trust Supplement" means the Trust Supplement No. 2002-1D
substantially in the form of Exhibit G to the Note Purchase Agreement.

          "Class G-1 Certificates" means the Class G-1 Certificates issued by
the Northwest Airlines Pass Through Trust, Class 2002-1G-1.

          "Class G-1 Trust" means the Northwest Airlines Pass Through Trust,
Class 2002-1G1 formed pursuant to the Basic Pass Through Trust Agreement and
Class G-1 Trust Supplement.

          "Class G-1 Trust Supplement" means Trust Supplement No. 2002-1G-1,
dated as of the Issuance Date, by and among the Guarantor, the Company and the
Pass Through Trustee, as amended, supplemented or modified, to the Basic Pass
Through Trust Agreement.

          "Class G-2 Certificates" means the Class G-2 Certificates issued by
the Northwest Airlines Pass Through Trust, Class 2002-1G-2.

          "Class G-2 Trust" means the Northwest Airlines Pass Through Trust,
Class 2002-1G2 formed pursuant to the Basic Pass Through Trust Agreement and
Class G-2 Trust Supplement.

          "Class G-2 Trust Supplement" means Trust Supplement No. 2002-1G-2,
dated as of the Issuance Date, by and among the Guarantor, the Company and the
Pass Through Trustee, as amended, supplemented or modified, to the Basic Pass
Through Trust Agreement.

          "Closing Date" means the Business Day on which a closing occurs
under the Financing Agreements.

          "Closing Notice" has the meaning set forth in Section 2(b) of the
Note Purchase Agreement.

          "Company" means Northwest Airlines, Inc., a Minnesota corporation.

          "Cut-Off Date" means the earlier of (a) the day after the Delivery
Period Termination Date and (b) the date on which a Triggering Event occurs.

          "Delivery Period Termination Date" means March 31, 2004.

                                  Annex A-3
<PAGE>

          "Deposit" has the meaning set forth in the recitals to the Note
Purchase Agreement.

          "Deposit Account" means with respect to any Trust (other than the
Class D Trust) an account established under Section 1.2 of the Deposit
Agreement relating to such Trust.

          "Deposit Agreement" has the meaning set forth in the recitals to the
Note Purchase Agreement.

          "Deposit Break Amount" means, with respect to the distribution to
holders of Class G-1 and Class C-1 Certificates of any Deposits held for them
that are not used to purchase Equipment Notes, as of the date the Depositary
is obligated to pay the amount of such unused Deposits to the Paying Agent for
purposes of such distribution (the "Applicable Date"), an amount determined by
the Reference Agent on the date that is two Business Days prior to the
Applicable Date pursuant to the formula set forth below, provided, however,
that no Deposit Break Amount will be payable (x) if the Deposit Break Amount,
as calculated pursuant to the formula set forth below, is equal to or less
than zero or (y) on or in respect of any Applicable Date that is a Regular
Distribution Date.

          Deposit Break Amount = Z-Y

          Where:

               X  =     with respect to any applicable Interest
                        Period, the sum of (i) the amount of such
                        unused Deposits plus (ii) interest payable
                        thereon during such entire Interest Period
                        at the effective LIBOR.
               Y  =     X, discounted to present value from the
                        last day of the then applicable Interest
                        Period to the Applicable Date, using then
                        effective LIBOR as the discount rate.
               Z  =     X, discounted to present value from the
                        last day of the then applicable Interest
                        Period to the Applicable Date, using a
                        rate equal to the applicable London
                        interbank offered rate for a period
                        commencing on the Applicable Date and
                        ending on the last day of the then
                        applicable Interest Period, determined by
                        the Reference Agent as of two Business
                        Days prior to the Applicable Date as the
                        discount rate.

          "Deposit Make-Whole Amount" means, (a) with respect to the
distribution of unused Deposits to holders of any Class G-2 or Class C-2
Certificates, as of any date of determination, an amount equal to the excess,
if any, of (i) the present value of the excess of (x) the scheduled payment of
principal and interest to maturity of the related Series of Equipment Notes,
in a principal amount equal to the maximum principal amount thereof (the
"Maximum Amount") minus the Non-Premium Amount, on each remaining Regular
Distribution Date for such Class under the Assumed Amortization Schedule over
(y) the scheduled payment of principal and interest to maturity of the
Equipment Notes actually acquired by the Trustee for such Class on each such
Regular Distribution Date, such present value computed by discounting such
excess on a quarterly basis on each Regular Distribution Date (assuming a
360-day year of

                                  Annex A-4
<PAGE>

twelve 30-day months) using a discount rate equal to the Treasury Yield plus
175 basis points in the case of the Class G-2 Certificates, and 526.5 basis
points in the case of the Class C-2 Certificates, over (ii) the amount of such
unused Deposits to be distributed to the holders of such Certificates, minus
the Non-Premium Amount plus accrued and unpaid interest on such net amount to
but excluding the date of determination from and including the preceding
Regular Distribution Date (or if such date of determination precedes the first
Regular Distribution Date, the Issuance Date) and (b) with respect to the
distribution of unused Deposits to holders of the Class G-2 or Class C-2
Certificates resulting from the non-issuance of a Series D Equipment Note for
an Aircraft other than a Selected Aircraft, an amount equal to the excess, if
any, of (i) the present value of the scheduled payments of principal and
interest to maturity of the related Series of Equipment Notes in a principal
amount equal to the amount of such unused Deposits for such Class under
(assuming (x) the principal payments in respect of such Equipment Notes will
be made based upon the Assumed Amoritization Schedule applies proportionately
to such Equipment Notes and (y) such present value will otherwise be computed
on the basis set forth in clause (a) above) using a discount rate equal to the
Treasury Yield over (ii) the amount of such unused Deposits to be distributed
to the holders of such Certificates plus accrued and unpaid interest on such
amount to but excluding the date of determination from and including the
preceding Regular Distribution Date (or if such date of determination precedes
the first Regular Distribution Date, the Issuance Date).

          "Depositary" means Credit Suisse First Boston, New York Branch.

          "Depositary Threshold Rating" means, with respect to the Depositary
or any Replacement Depositary, short-term corporate credit rating of A-1+ from
Standard & Poor's and short-term unsecured debt ratings of P-1 from Moody's
and F-1+ from Fitch.

          "Distribution Date" means a Regular Distribution Date or a Special
Distribution Date.

          "Eligible Aircraft" has the meaning set forth in the recitals to the
Note Purchase Agreement.

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

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

          "Escrow and Paying Agent Agreement" has the meaning set forth in the
recitals to the Note Purchase Agreement.

          "FAA" means the Federal Aviation Administration of the United
States.

          "Fee Letter" means the Fee Letter dated as of the date of the Note
Purchase Agreement among the Primary Liquidity Provider, the Subordination
Agent and Northwest with respect to the Primary Liquidity Facilities.

                                  Annex A-5
<PAGE>

          "Final Withdrawal" with respect to each Escrow and Paying Agent
Agreement, has the meaning set forth in Section 1.2 thereof.

          "Financing Agreements" means, collectively, the Lease Financing
Agreements and the Owner Financing Agreements.

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

          "Guarantee" means a Guarantee whereby Northwest Airlines Corporation
guarantees (i) the Company's obligations under a Lease (in the case of a
Leased Aircraft) or (ii) the Company's obligations under an Owned Aircraft
Indenture (in the case of an Owned Aircraft).

          "Guarantor" means Northwest Airlines Corporation, a Delaware
corporation, and its successors and assigns.

          "H.15(519)" means the weekly statistical release designated as such,
or any successor publication, published by the Board of Governors of the
Federal Reserve System.

          "Indemnitee" means the Escrow Agent and the Paying Agent.

          "Indentures" means, collectively, the Leased Aircraft Indentures and
the Owned Aircraft Indentures.

          "Initial Deposits" has the meaning set forth in the recitals to the
Note Purchase Agreement.

          "Intercreditor Agreement" has the meaning set forth in the recitals
to the Note Purchase Agreement.

          "Issuance Date" means the date of the original issuance of the
Certificates.

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

          "Lease" means a Lease Agreement substantially in the form of Exhibit
A-2 to the Note Purchase Agreement.

          "Lease Financing Agreements" means, collectively, the Aircraft
Purchase Agreement Assignment, the Leased Aircraft Participation Agreement,
the Lease, the Leased

                                  Annex A-6
<PAGE>

Aircraft Indenture, the Equipment Notes issued under the Leased Aircraft
Indenture, the Guarantee and the Trust Agreement relating to the financing of
a Leased Aircraft.

          "Lease Period" has the meaning set forth in the Participation
Agreement.

          "Leased Aircraft" means a Selected Aircraft subject to a Lease.

          "Leased Aircraft Indenture" means a Trust Indenture and Security
Agreement substantially in the form of Exhibit A-3 to the Note Purchase
Agreement.

          "Leased Aircraft Participation Agreement" means a Participation
Agreement substantially in the form of Exhibit A-1 to the Note Purchase
Agreement.

          "LIBOR" has the meaning set forth in the Reference Agency Agreement.

          "Liquidity Facility" has the meaning set forth in the Intercreditor
Agreement.

          "Liquidity Providers" means the Primary Liquidity Provider and the
Above-Cap Liquidity Provider.

          "Loan Trustee" means the "Indenture Trustee" as defined in the
Financing Agreements.

          "Mandatory Document Terms" means the terms set forth on Schedule V
to the Note Purchase Agreement.

          "Mandatory Economic Terms" means the terms set forth on Schedule VI
to the Note Purchase Agreement.

          "Non-Premium Amount" means the amount equal to the sum of (i) the
amount of Deposits relating to any Aircraft not delivered prior to the
Delivery Period Termination Date due to any reason not occasioned by the
Company's fault or negligence and (ii) in the case of Class C-2 Certificates,
$5.6 million.

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

          "Notice of Purchase Withdrawal" with respect to each Deposit
Agreement, has the meaning set forth in Section 2.3 or 2.4 thereof.

          "NWA Corp." means Northwest Airlines Corporation, a Delaware
corporation.

          "Offered Certificates" means, collectively, the Class G-1
Certificates, the Class G-2 Certificates, the Class C-1 Certificates and the
Class C-2 Certificates.

          "Offered Trusts" means, collectively, the Class G-1 Trust, the Class
G-2 Trust, the Class C-1 Trust and the Class C-2 Trust.

                                  Annex A-7
<PAGE>

          "Operative Documents" means, collectively, the Pass Through Trust
Agreements, the Escrow and Paying Agent Agreements, the Deposit Agreements,
the Primary Liquidity Facilities, the Above-Cap Liquidity Agreements, the
Intercreditor Agreement, the Certificates and the Financing Agreements, the
Policy Provider Agreement, the Reference Agency Agreement and the Policies.

          "Owned Aircraft" means an Aircraft subject to an Owned Aircraft
Indenture.

          "Owned Aircraft Indenture" means, in the case of an Aircraft other
than a Selected Aircraft, a Trust Indenture and Security Agreement
substantially in the form of Exhibit C-2(a) to the Note Purchase Agreement,
and in the case of a Selected Aircraft, a Trust Indenture and Security
Agreement substantially in the form of Exhibit C-2(b) to the Note Purchase
Agreement.

          "Owned Aircraft Participation Agreement" means, in the case of an
Aircraft other than a Selected Aircraft, a Participation Agreement
substantially in the form of Exhibit C-1(a) to the Note Purchase Agreement and
in the case of a Selected Aircraft, a Participation Agreement substantially in
the form of Exhibit C-1(b) to the Note Purchase Agreement.

          "Owner Financing Agreements" means, collectively, the Owned Aircraft
Participation Agreement, the Guarantee, the Owned Aircraft Indenture and the
Equipment Notes issued thereunder.

          "Owner Participant" means, with respect to any Leased Aircraft, the
Person named as the Owner Participant in the Participation Agreement with
respect to such Leased Aircraft.

          "Owner Trust" means with respect to any Leased Aircraft, the trust
created by the "Trust Agreement" referred to in the Leased Aircraft Indenture
related thereto.

          "Owner Trustee" means with respect to any Leased Aircraft, the
"Owner Trustee" party to the "Trust Agreement" referred to in the Leased
Aircraft Indenture related thereto.

          "Participation Agreements" means, collectively, the Leased Aircraft
Participation Agreements and the Owned Aircraft Participation Agreements.

          "Pass Through Trust" has the meaning set forth in the recitals to
the Note Purchase Agreement.

          "Pass Through Trust Agreement" means each of the four (or five, upon
execution of the Class D Trust Supplement) separate Trust Supplements,
together in each case with the Basic Pass Through Trust Agreement, each dated
as of the Issuance Date (except the Class D Trust Supplement) by and among the
Company, the Guarantor and Pass Through Trustee.

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

                                  Annex A-8
<PAGE>

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

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

          "Policy" means the Financial Guaranty Insurance Policy No. 38687 or
the Financial Guaranty Insurance Policy No. 38688, as applicable, issued as of
the Closing Date, by the Policy Provider in favor of the Subordination Agent,
for the benefit of the Class G-1 and Class G-2 Certificateholders,
respectively, as amended, supplemented or otherwise modified from time to time
in accordance with their terms.

          "Policy Fee Letter" means the fee letter, dated as of August 5, 2002
from the Policy Provider to Northwest and the Subordination Agent setting
forth the Policy premium and certain other amounts payable in respect of the
Policy.

          "Policy Provider" means MBIA Insurance Corporation, or any successor
thereto, as issuer of the Policy.

          "Policy Provider Agreement" means the Insurance and Indemnity
Agreement, dated as of the date of initial issuance of the Offered
Certificates, among the Subordination Agent, the Class G-1 Trustee, Class G-2
Trustee, Northwest and the Policy Provider pursuant to which, among other
things, the Subordination Agent agrees to reimburse the Policy Provider for
amounts paid pursuant to claims made under the Policy.

          "Policy Premium" has the meaning specified in the Policy Fee Letter.

          "Primary Liquidity Facility" has the meaning set forth in the
recitals to the Note Purchase Agreement.

          "Primary Liquidity Provider" has the meaning set forth in the
recitals to the Note Purchase Agreement.

          "Qualified Owner Participant" means a Person which has a tangible
net worth (exclusive of goodwill) greater than $50,000,000 in the case of a
Boeing 757-300 Aircraft and $75,000,000 in the case of a Airbus A330-300.

          "Rating Agencies" means, collectively, at any time, each nationally
recognized rating agency which shall have been requested to rate the
Certificates and which shall then be rating the Certificates. The initial
Rating Agencies will be Fitch Ratings, Moody's Investors Service, Inc. and
Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc.

          "Rating Agency Confirmation" means, with respect to any Financing
Agreement that has been modified in any material respect from the forms
thereof attached to the Note Purchase Agreement, a written confirmation from
each of the Rating Agencies that the use of

                                  Annex A-9
<PAGE>

such Financing Agreement with such modifications would not result in (i) a
reduction of the rating for any Class of Certificates below the then current
rating for such Class of Certificates (without regard to any Policy) or (ii) a
withdrawal or suspension of the rating of any Class of Certificates (without
regard to any Policy).

          "Ratings Event" with respect to each Rating Agency means (i) a
reduction of its rating for any Class of Certificates below its then current
rating for such Class of Certificates (without regard to any Policy) or (ii) a
withdrawal or suspension of its rating of any Class of Certificates (without
regard to any Policy).

          "Reference Agent" means State Street Bank and Trust Company, or any
successor thereto, as reference agent under the Reference Agency Agreement.

          "Reference Agency Agreement" means the Reference Agency Agreement,
dated as of the date of initial issuance of the Offered Certificates, among
Northwest, the Reference Agent, the Subordination Agent, the Loan Trustee and
the Escrow Agent.

          "Register" means the register maintained pursuant to Sections 3.04
and 7.11 of the Basic Pass Through Trust Agreement with respect to each Pass
Through Trust.

          "Regular Distribution Dates" shall mean February 20, May 20, August
20 or November 20 of each year, commencing August 20, 2002.

          "Remaining Weighted Average Life" means, with respect to any
Equipment Note, at the redemption date of such Equipment Note, the number of
days equal to the quotient obtained by dividing (a) the sum of each of the
products obtained by multiplying (i) the amount of each then remaining
installment of principal of such Equipment Note, including the payment due on
the maturity date of such Equipment Note by (ii) the number of days from and
including the redemption date to but excluding the schedule payment date of
such principal installment, by (b) the then unpaid principal amount of such
Equipment Note.

          "Replacement Depositary" has the meaning set forth in Section
5(a)(vi) of the Note Purchase Agreement.

          "Replacement Deposit Agreement" means, for any Class of
Certificates, a deposit agreement substantially in the form of the replaced
Deposit Agreement for any Class of Certificates as shall permit the Rating
Agencies to confirm in writing, and the Rating Agencies shall have confirmed
in writing, their respective ratings then in effect for such Class of
Certificates (before the downgrading of such ratings, if any, as a result of
the downgrading of the Depositary and without regard to any Policies).

          "Scheduled Closing Date" has the meaning set forth in Section 2(b)
hereof.

          "Section 1110" means 11 U.S.C. ss. 1110 of the Bankruptcy Code or
any successor or analogous Section of the federal bankruptcy law in effect
from time to time.

                                  Annex A-10
<PAGE>

          "Selected Aircraft" means the one Boeing 757-300 aircraft and one
Airbus A330-300 aircraft that Northwest may either elect to be a Leased
Aircraft or to convert from an Owned Aircraft to a Leased Aircraft.

          "Series C-1 Equipment Notes" means Equipment Notes issued under an
Indenture and designated as "Series C-1" thereunder.

          "Series C-2 Equipment Notes" means Equipment Notes issued under an
Indenture and designated as "Series C-2" thereunder.

          "Series D Equipment Notes" means Equipment Notes issued under an
Indenture and designated as "Series D" thereunder.

          "Series D Non-Issuance Withdrawal", with respect to each Escrow and
Paying Agent Agreement, has the meaning set forth in Section 1.2 thereof.

          "Series G-1 Equipment Notes" means Equipment Notes issued under an
Indenture and designated as "Series G-1" thereunder.

          "Series G-2 Equipment Notes" means Equipment Notes issued under an
Indenture and designated as "Series G-2" thereunder.

          "Subordination Agent" has the meaning set forth in the first
paragraph of the Note Purchase Agreement.

          "Substitute Aircraft" has the meaning set forth in Section 2(g) of
the Note Purchase Agreement.

          "Substitute Closing Date" has the meaning set forth in Section 2(e)
of the Note Purchase Agreement.

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

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

          "Treasury Yield" means, at the time of determination with respect to
any Equipment Note, the interest rate (expressed as a semiannual equivalent
and as a decimal and, in the case of United States Treasury bills, converted
to a bond equivalent yield) determined to be the per annum rate equal to the
quarterly yield to maturity for United States Treasury securities maturing on
the Average Life Date of such Equipment Note and trading in the public
securities markets either as determined by interpolation between the most
recent weekly average yield to maturity for two series of United States
Treasury securities, trading in the public securities

                                  Annex A-11
<PAGE>

markets, (A) one maturing as close as possible to, but earlier than, the
Average Life Date of such Equipment Note and (B) the other maturing as close
as possible to, but later than, the Average Life Date of such Equipment Note,
in each case as published in the most recent H.15(519) or, if a weekly average
yield to maturity for United States Treasury securities maturing on the
Average Life Date of such Equipment Note is reported in the most recent
H.15(519), such weekly average yield to maturity as published in such
H.15(519). The "most recent H.15(519)" means the H.15(519) published prior to
the close of business on the third business day prior to the applicable
payment or redemption date.

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

          "Trust" means the Class G-1 Trust, the Class G-2 Trust, the Class
C-1 Trust, the Class C-2 Trust or, upon its formation, the Class D Trust.

          "Trust Agreement" means a Trust Agreement substantially in the form
of Exhibit A-5 to the Note Purchase Agreement.

          "Trust Supplement" means an agreement supplemental to the Basic Pass
Through Trust Agreement pursuant to which (i) a separate trust is created for
the benefit of the holders of the Certificates of a class, (ii) the issuance
of the Certificates of such class representing fractional undivided interests
in such trust is authorized and (iii) the terms of the Certificates of such
Class are established.

          "Underwriters" has the meaning set forth in the recitals to the Note
Purchase Agreement.

          "Underwriting Agreement" has the meaning set forth in the recitals
to the Note Purchase Agreement.

                                  Annex A-12Prepared by R.R. Donnelley Financial -- Acknowledgement and Consent for HCPI/Utah

 EXHIBIT 4.7 
  
 ACKNOWLEDGMENT AND CONSENT 
  
 THIS ACKNOWLEDGMENT AND CONSENT (this “Agreement”)
dated as of June 12, 2002 is by and among Merrill Lynch Private Finance Inc., a Delaware corporation (“Lender”), The Boyer Company, L.C., a Utah limited liability company (“Borrower”), HCPI/Utah, LLC, a Delaware limited liability
company (the “Down REIT Sub”), each of the entities that is affiliated with Borrower and that is a signatory hereto under the designation “Pledgor” (individually and collectively, as the context requires, “Pledgor”),
and Health Care Property Investors, Inc., a Maryland corporation (“HCPI”). 
  
 RECITALS: 

 
 1.    Each Pledgor is a Non-Managing Member of the Down REIT Sub pursuant to that certain Amended and
Restated Limited Liability Company Agreement of HCPI/Utah, LLC, dated as of January 20, 1999, as amended by Amendment Nos. 1, 2, 3, 4, 5, 6, 7, 8 and 9 dated as of June 30, 1999, November 12, 1999, January 12, 2000, March 1, 2000, December 1, 2000,
March 16, 2001, March 30, 2001, October 1, 2001 and October 30, 2001, respectively (the “LLC Agreement”). Further, each Pledgor is the record owner of the number of Non-Managing Member Units, as set forth opposite such Pledgor’s name
on Exhibit A attached hereto (collectively, the “Pledged Units”). As of the date of this Agreement, the Pledged Units are evidenced by the LLC Unit Certificates referred to on Exhibit A (collectively, the “Certificates”). All
references herein to the Pledged Units shall include all additional or substituted Non-Managing Member Units, from time to time pledged to Lender pursuant to the Loan Agreement, as defined below, and all references herein to the Certificates shall
include the Certificates related to such additional or substituted Non-Managing Member Units. 
  
 2.    Lender is a party to that certain Loan and Collateral Account Agreement (Demand Loan), dated as of the date hereof, by and among Borrower, Pledgor, Lender and Merrill Lynch, Pierce, Fenner & Smith
Incorporated (as such agreement has been or may hereafter be amended, supplemented or otherwise modified from time to time, the “Loan Agreement”), whereby Lender has agreed to lend to Borrower from time to time, on a revolving basis, an
amount not to exceed $20,000,000 as presently established. 
  
 3.    Pursuant to the Loan
Agreement, the loan contemplated therein is secured by, inter alia, (i) all of Pledgor’s right, title and interest in the Pledged Units, and (ii) all of Pledgor’s right, title and interest in the Registration Rights Agreement dated as of
June 30, 1999 among Boyer-BPMA Holdings, L.C., a Utah limited liability company (“Boyer-BPMA”), Spring Creek Medical Building, L.L.C., a Utah limited liability company, and HCPI, as amended, and those certain Registration Rights Agreements
between each Pledgor (other than Boyer-BPMA) and HCPI, as amended with respect to certain of the Pledged Units (individually and collectively, referred to herein as the “Registration Rights Agreement”). The loan contemplated in the Loan
Agreement is also secured, pursuant to the Loan Agreement, by similar collateral security pertaining to HCPI/Utah II, LLC, a Delaware limited liability company (“HCPI/Utah II, LLC”) as confirmed in the Acknowledgment and Consent, dated as
of the date hereof (the “Utah II Acknowledgment and Consent”), among Lender, Borrower, HCPI, HCPI/Utah II, LLC and certain other pledgors specified therein. 
 

 1 

  
 4.    The parties hereto desire to enter into this Agreement
for the purpose of setting forth certain agreements among Lender, Borrower, Pledgor, HCPI and the Down REIT Sub with respect to the Collateral. 
  
 5.    Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the LLC Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  

	1.
	 
	Definitions.    As used in this Agreement, the following terms shall have the meanings hereinafter set forth unless the context shall
otherwise require. 
 

  

	 	a.
	 
	“Collateral” shall mean, collectively, the Pledged Units, the Pledged Shares and any and all securities issued or issuable on the conversion or
redemption of the Pledged Units or Pledged Shares, or cash or other distributions of every kind in respect of any of the foregoing. 
 

  

	 	b.
	 
	“Commission” shall mean the Securities and Exchange Commission. 
 

  

	 	c.
	 
	“Default” shall mean a Remedy Event as defined in the Loan Agreement or a demand under Section 8.3 of the Loan Agreement. 

  

	 	d.
	 
	“Material Adverse Effect” shall mean (i) an adverse condition or event material to, (ii) a material adverse effect on, or (iii) a material adverse
change in, as the case may be, any one or more of the following: (A) the business, assets, results of operations, financial condition or prospects of HCPI or the Down REIT Sub, as the case may be, or (B) the ability of HCPI or the Down REIT Sub, as
the case may be, to perform its obligations under any material contract to which it is a party. 
 

  

	 	e.
	 
	“Pledged Shares” shall mean REIT Shares which are exchanged by HCPI for any Pledged Units which are tendered to HCPI, as the Managing Member of the
Down REIT Sub, pursuant to the exchange provisions set forth in Section 8.6 of the LLC Agreement, as the same are amended as provided in Section 7.b.i below. 
 

  

	 	f.
	 
	“Registration Rights” shall mean a Pledgor’s rights under the Registration Rights Agreement, as supplemented and modified in Section 7.b below.

 

  

	 	g.
	 
	“S-3 Expiration Date” means the date on which Form S-3 (or a similar successor form of registration statement) is not available to HCPI for the
registration of REIT Shares pursuant to the Securities Act. 
 

  

	 	h.
	 
	“Securities Act” shall mean the Securities Act of 1933, as amended. 
 

 

 2 

  

	2.
	 
	Acknowledgment of Pledge, etc. 
 

  

	 	a.
	 
	HCPI and the Down REIT Sub hereby agree, acknowledge and approve, as being subject to, but complying with Section 11.3 of the LLC Agreement, (i) the grant by
Pledgor to Lender of a security interest in the Collateral pursuant to the Loan Agreement, and (ii) subject to Section 7.a below, the Transfer, to Lender or other purchaser at foreclosure, of the Pledged Units upon foreclosure (or transfer in lieu
of foreclosure, with each reference herein to foreclosure to include such a transfer) thereon by Lender under or pursuant to the Loan Agreement; provided, however, that such acknowledgement and approval of the Down REIT Sub is not, and shall not be
construed to be, the consent to or approval of any other Transfer in the event Lender or other purchaser at foreclosure becomes the owner of any of the Pledged Units. HCPI agrees to note in its and the Down REIT Sub’s books and records that the
undersigned Pledgors have granted to Lender security interests in the Collateral and agrees that upon delivery to HCPI by Lender of the Certificates evidencing ownership of the Pledged Units, together with original unit powers duly executed by
Pledgor in blank in the form attached hereto as Exhibit B, if requested by Lender, HCPI will register in its books and records, or the books and records of the Down REIT Sub, ownership of such Pledged Units in the name of Lender or its nominee. HCPI
agrees that it will not register the Pledged Units (or any entitlement to any dividend, distribution or other proceeds thereof) into the name of any person other than the Pledgor listed as the owner thereof on Exhibit A attached hereto, or recognize
any person other than such Pledgor as the owner of such Pledged Units, without the prior written consent of Lender. 
 

  

	 	b.
	 
	HCPI and the Down REIT Sub agree that notwithstanding Section 11.3.D of the LLC Agreement, they will not require an opinion of counsel in order for the Down
REIT Sub and HCPI to recognize the Pledgor’s pledge of the Pledged Units and the grant of a security interest to Lender in the Collateral. 
 

  

	 	c.
	 
	HCPI and the Down REIT Sub hereby acknowledge receipt of copies of the Instructions to Register Security Interest attached hereto as Exhibit C (the
“Instructions”) and the notice of Lender’s security interest contained therein and agree to comply with the terms of the Instructions. 
 

  

	 	d.
	 
	HCPI and the Down REIT Sub hereby agree that by virtue of Lender holding a security interest in the Pledged Units (i) Lender does not and shall not become a
Substituted Member under Section 11.4 of the LLC Agreement unless and until Lender forecloses on the Pledged Units and (ii) Lender does not and shall not undertake any obligations or liabilities of Pledgor of any nature whatsoever pertaining to the
Pledged Units or under the LLC Agreement, both before or after any foreclosure by Lender on the Pledged Units. 
 

  

	 	e.
	 
	HCPI and the Down REIT Sub acknowledge and agree that upon the execution and delivery to Lender by the Pledgors of this Agreement, the Loan Agreement and all
schedules hereto and thereto to which the Pledgors are parties, and the 
 

 

 3 

 Certificates, the Pledgors will not be required to sign any other documents or take any other action with respect to the
Transfer of the Pledged Units to Lender in connection with the exercise of Lender’s rights under this Agreement. 
  

	 	f.
	 
	The parties acknowledge and agree that Lender and Borrower may from time to time further modify the Loan Agreement, including by way of adding additional
entities as Pledgors thereunder and/or by adding additional Non-Managing Member Units as Pledged Units. Any such additional entities added as Pledgors and/or any existing Pledgors who pledge additional Pledged Units shall concurrently acknowledge
their status as parties to this Agreement on such terms and with the same force and effect as if each such entity had originally executed and delivered same. Lender shall give written notice thereof to the Down REIT Sub, HCPI and each Pledgor
contemporaneously with any such modification of the Loan Agreement; no written consent or other acknowledgement shall be required from any entity to which such notice is sent as a condition to the effectiveness of the foregoing. Such notice shall
include such further amendment and restatement of Exhibit A and Exhibit C to this Agreement as necessary in order to reflect the additional Pledged Units of each such entity added as an additional Pledgor and/or the additional Pledged Units of each
such existing Pledgor. Following such notification from Lender, each reference to “Pledgor” in this Agreement shall be understood to include for all purposes any such entity so added to the Loan Agreement. 
 

 

	3.
	 
	Notices.    Unless and until HCPI has received written notice from Lender to the effect that Lender no longer claims any interest in
the Collateral, (a) HCPI shall send to Lender a copy of each notice sent to holders of LLC Units by HCPI under the LLC Agreement as and when it delivers such notice to Pledgor, including any notice of Reduction pursuant to Section 8.6.D of the LLC
Agreement, and (b) at the written request of Lender, HCPI shall send to Lender a copy of each other communication, report or other information from time to time sent to Pledgor as holder of the Pledged Units or Pledged Shares. 

  

	4.
	 
	Amendments to Registration Rights Agreement and the LLC Agreement.    Unless and until HCPI has received written notice from Lender
to the effect that Lender no longer claims any interest in the Collateral, (a) no amendment of, termination of, or supplement to, the Registration Rights Agreement shall be effective without the prior written consent of Lender, and (b) no amendment
of, termination of or supplement to the LLC Agreement for which the consent of any Pledgor is required shall be effective without the prior written consent of Lender, which consent shall not be unreasonably withheld; provided that if written
disapproval is not received from Lender within 10 Business Days following receipt by Lender of a written request to approve such amendment (which request shall specifically reference the time limitation imposed by this Section 4), then Lender’s
approval of such amendment shall be deemed to have been given. 
 

  

	5.
	 
	Distributions, etc. 
 

  

	 	a.
	 
	Following receipt by the Down REIT Sub of written notice (which notice shall specifically reference this Section 5 of this Agreement) from Lender that a

 

 

 4 

 Default has occurred and is continuing (a “Default Notice”): (i) upon the written instruction of Lender and
until instructions to the contrary are received from Lender, the Down REIT Sub shall remit to Lender all cash distributions otherwise payable to Pledgor in respect of the Pledged Units, and HCPI shall remit to Lender all cash dividends otherwise
payable to Pledgor in respect of the Pledged Shares, of any nature, and (ii) upon the written instruction of Lender and until instructions to the contrary are received from Lender, all rights of Pledgor to exercise the voting or other consensual
rights that Pledgor would otherwise be entitled to exercise in respect of the Collateral shall cease, and all such rights (and any other rights Pledgor may have in respect of the Collateral) shall thereupon become vested in Lender, which shall have
the sole right to exercise such rights, until further notice from Lender. With respect to cash distributions payable during such time as no event of Default is occurring, each Pledgor hereby directs the Down REIT Sub and/or HCPI, as the case may be,
and the Down REIT Sub and/or HCPI, as the case may be, agrees to deposit any and all such dividends and distributions in the following account as set forth in Section 3.1. of the Loan Agreement: 43JO7293. Any amounts paid to the Lender or its
designee as contemplated by the terms of the foregoing shall be treated as amounts paid or distributed to Pledgor for all purposes of the LLC Agreement, or other agreement pursuant to which the payment or distribution is made or is required to be
made and shall be deemed to satisfy the obligations of the Down REIT Sub or HCPI to make such payment thereunder. Each Pledgor hereby agrees that neither the Down REIT Sub nor HCPI shall be deemed to be in breach of its obligations under, or in
violation of the provisions of, any such agreement by virtue of having made such payments in the foregoing manner. 
  

	 	b.
	 
	From and after the date of this Agreement, and whether or not a Default has occurred and is continuing, if Pledgor shall become entitled to receive, in
connection with any of the Collateral, any: 
 

  

	 	i.
	 
	LLC Units or stock certificates (including, without limitation, stock certificates relating to the Pledged Shares), including, without limitation, any
certificates (1) issued in respect of additional properties contributed by such Pledgor to the Down REIT Sub, or (2) representing a dividend or distribution or issued in connection with any increase or reduction of capital, reclassification, merger,
consolidation, sale of assets, combination of shares or partnership units, stock or partnership units split, spin-off, or split-off; 
 

  

	 	ii.
	 
	Options, warrants, rights or other securities or instruments, whether as an addition to, or in substitution or in exchange for, any of the Collateral, or
otherwise; 
 

  

	 	iii.
	 
	Dividends or distributions payable in property other than cash, including securities issued by other than the issuer of any of the Collateral; or 

  

	 	iv.
	 
	Any sums paid in redemption of any of the Collateral, 
 

 

 5 

 then HCPI shall deliver the same to Lender, to be held by Lender as part of the Collateral. Any amounts paid to the
Lender or its designee as contemplated by the terms of the foregoing shall be treated as amounts paid or distributed to Pledgor for all purposes of the LLC Agreement, or other agreement pursuant to which the payment or distribution is made or is
required to be made and shall be deemed to satisfy the obligations of the Down REIT Sub or HCPI to make such payment thereunder. Each Pledgor hereby agrees that neither the Down REIT Sub nor HCPI shall be deemed to be in breach of its obligations
under, or in violation of the provisions of, any such agreement by virtue of having made such payments in the foregoing manner. 
  

	6.
	 
	Registration Rights and Registration Statements. 
 

  

	 	a.
	 
	Shelf Registration Statement.    HCPI hereby represents and warrants to Lender that it has filed pursuant to the Securities Act, and
has kept continuously effective, a registration statement on Form S-3, dated January 27, 2000 (such registration statement, including all amendments (including post-effective amendments) and all exhibits thereto and materials incorporated by
reference therein, the “Shelf Registration Statement”) that relates to the offer and sale of certain REIT Shares issued or to be issued by the Down REIT Sub upon exchange of those Pledged Units described on Exhibit D attached hereto (the
“Registered Pledged Units”). HCPI hereby agrees, if not so amended prior to the date of this Agreement, to amend and supplement the Shelf Registration Statement within 10 Business Days after the date of this Agreement and to file such
amendment and supplement with the Commission as required by Rule 424 or similar rule that may be adopted under the Securities Act to include Lender as a “Selling Shareholder” thereunder. 
 

  

	 	b.
	 
	Registration Rights.    In addition to the specific registration rights set forth in this Agreement, in the name of and on behalf of
Pledgor, Lender shall have the right to exercise Pledgor’s Registration Rights with respect to any Pledged Units then owned by Pledgor and held by Lender, including without limitation (i) subject to the terms and conditions of the Registration
Rights Agreement, the right to enforce the applicable provisions of the Registration Rights Agreement pertaining to HCPI’s obligation to file with the commission a registration statement on Form S-3 (the “Issuance Registration
Statement”) covering, among other things, the issuance to Lender of REIT Shares issued or to be issued by the Down REIT Sub upon exchange of those Pledged Units described on Exhibit E attached hereto and naming Lender as a “Selling
Shareholder” thereunder and (ii) the right to request, at the times and in the manner set forth in the Registration Rights Agreement, HCPI to register for sale under the Securities Act any Pledged Shares issuable or issued upon exchange of
Pledged Units; provided, however, that, in the case of a Demand Registration pursuant to Section 3.1(a) of the Registration Rights Agreement, the Down REIT Sub agrees that Lender shall not be subject to the once-every-twelve-months limitation set
forth in clause (i) thereof (provided that if at any time Lender has exercised a Demand Registration right in the previous twelve month period, for which the Down REIT Sub or HCPI has paid the expenses thereof, as provided in Section 3.4 of the
Registration Rights 
 

 

 6 

 Agreement, Lender shall pay the expenses described in Section 3.4 of the Registration Rights Agreement in connection with
the filing of such Demand Registration), nor shall Lender be subject to the $1,000,000 minimum requirement referred to in clause (ii) thereof if Lender is exercising Demand Registration Rights with respect to all of the Pledged Shares it owns or has
the right to acquire upon an Exchange. Pledgor hereby irrevocably appoints Lender as his attorney-in-fact to exercise any such Registration Rights, and irrevocably instructs HCPI to honor any such exercise by Lender of Pledgor’s Registration
Rights. 
  

	7.
	 
	Rights upon Remedy Events. 
 

  

	 	a.
	 
	Restrictions on Transfer    Upon foreclosure of any Pledged Units, the Lender shall be entitled to Transfer such Pledged Units, in
whole or in part, subject to applicable restrictions set forth in Section 11.3 through 11.6 of the LLC Agreement; provided, however, that HCPI and the Down REIT Sub acknowledge and agree that (i) the provisions of Section 11.6.C shall not apply to
any foreclosure by Lender on any Pledged Units, (ii) to the extent any such restrictions require the consent of HCPI or the Down REIT Sub, HCPI and the Down REIT Sub hereby provide their consent to such foreclosure, (iii) if Lender or a purchaser of
Pledged Units at foreclosure is prohibited from becoming a Substituted Member of HCPI, Lender or such purchaser may become an Assignee in accordance with such restrictions, (iv) the Down REIT Sub shall conduct its business in the ordinary course in
accordance with past practices, and (v) neither Lender nor any purchaser of Pledged Units or Pledged Shares at foreclosure shall be obligated to assume, or otherwise be responsible for, any obligation a Pledgor may have under the LLC Agreement or
any other obligation of Pledgor accrued prior to foreclosure under the LLC Agreement; provided that nothing in this subclause 7.a.(v) shall release or reduce any prior obligations of a Pledgor to HCPI or the Down REIT Sub, it being acknowledged and
agreed by the Down REIT Sub or HCPI that the Down REIT Sub and HCPI have recourse against any such Pledgor only and not against Lender. HCPI further acknowledges and agrees that the aforesaid restrictions do not apply to Pledged Shares. Lender
acknowledges and agrees that the Pledged Shares are subject to certain restrictions on ownership and transfer as set forth in the Charter of the HCPI, as amended from time to time. 
 

  

	 	b.
	 
	Exchange of Pledged Shares; Foreclosure.    In addition to (i) Lender’s rights under Section 5 of this Agreement, (ii)
Lender’s rights as a pledgee, transferee or Assignee at foreclosure of LLC Units or a Membership Interest as provided in the LLC Agreement, and (iii) any and all other rights Lender may have in respect of a Default under any other agreement,
document or instrument, or under applicable law, upon the occurrence of any one or more Defaults (including, without limitation, the right of Lender to exercise its rights under the Loan Agreement to foreclose on or acquire the entire interest of
Pledgor in all or any portion of any Collateral), Lender shall thereupon and thereafter during the continuance thereof 
 

 

 7 

 have the right, in its sole and absolute discretion, to do or cause to be done any one or more of the following:

  

	 	i.
	 
	Exchange of Registered Pledged Units. 
 

  

	 	    
	 
	Lender shall have the right, upon written notice to the Down REIT Sub and in the name of and on behalf of Pledgor, to exercise Pledgor’s exchange rights
and require HCPI to exchange all or any portion (as selected and in such order as Lender may elect in its sole discretion) of the Registered Pledged Units in accordance with Section 8.6.A of the LLC Agreement (the “Exchange Rights”). Any
request for such exchange shall be made on the form of Notice of Exchange attached hereto as Exhibit F. Pledgor hereby irrevocably appoints Lender as its attorney-in-fact to exercise such Exchange Rights, and irrevocably instructs the Down REIT Sub
and HCPI to honor any such exercise by Lender of the Exchange Rights. HCPI hereby agrees that upon any such exercise of the Exchange Rights, HCPI shall deliver the entire Cash Amount or REIT Shares to Lender, in each case without deduction in
respect of any claim which HCPI or the Down REIT Sub may from time to time have of any nature or kind against Pledgor (other than with respect to any withholding tax obligation imposed by law on the Down REIT Sub with respect to any amount
distributable or allocable to a Pledgor in respect of Registered Pledged Units, as contemplated in Section 5.3 of the LLC Agreement). 
 

  

	 	    
	 
	In addition to the foregoing, the second sentence of Section 8.6.A of the LLC Agreement is hereby amended with respect to Lender to provide that notwithstanding
the first sentence of Section 8.6.A of the LLC Agreement, after, or concurrently with, receipt by HCPI of any Default Notice, the Lender shall have the right to (i) tender Registered Pledged Units for Exchange (subject to the following terms and
conditions of Section 8.6.A of the LLC Agreement) and require the Down REIT Sub to acquire up to the number of Registered Pledged Units specified in the Notice of Exchange as referred to in the definition of “Specified Exchange Date” set
forth in subparagraph (c) immediately following; provided, however that Lender may tender Registered Pledged Units for Exchange hereunder once, irrespective of the aggregate market value of such Registered Pledged Units, and an unlimited number of
times, provided the aggregate market value of such Registered Pledged Units is at least $1,000,000 on the date of any such Notice of Exchange. 
 

  

	 	    
	 
	In connection with the foregoing, the definition of the term “Specified Exchange Date” in the LLC Agreement shall, with respect to Lender and only
with respect to Lender, be amended to read as follows: 
 

  
 “Specified Exchange Date”
means in the case of an Exchange pursuant to Section 8.6.A hereof, that date specified by Lender in a Notice of Exchange to the 
 

 8 

 Company; provided, however, that such date shall in no event be less than fourteen (14) days (or if such day is
not a Business Day, the next following Business Day) after HCPI’s receipt of such Notice of Exchange and provided further that the Specified Exchange Date, as well as the closing of an Exchange on the Specified Exchange Date, may be deferred in
the Managing Member’s sole and absolute discretion, for such time as may be reasonably required to effect, as applicable, (i) necessary funding arrangements, (ii) compliance with the Securities Act or other applicable laws (including, but not
limited to, (a) state “blue sky” or other securities laws and (b) the expiration or termination of the applicable waiting period, if any, under the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended, and (iii) satisfaction or
waiver of other commercially reasonable and customary closing conditions and requirements for a transaction of such nature (provided that in no event shall such Exchange be delayed more than 30 days in the aggregate with respect to (i) and (iii)
above, or more than 150 days in the aggregate with respect to (ii) above. 
  

	 	ii.
	 
	Put for Unregistered Pledged Units. 
 

  

	 	    
	 
	Until such time as HCPI has filed, pursuant to Section 6 of this Agreement, (i) an amendment to the Shelf Registration Statement, and (ii) the Issuance
Registration Statement, as the case may be, Lender shall have the right upon written notice to HCPI in the form of Deficiency Notice attached hereto as Exhibit G (a “Deficiency Notice”), to exchange all or any portion of the Unregistered
Pledged Units for one or more cash payments from HCPI on any foreclosure of the Unregistered Pledged Units, where the cash or fair market value of Pledged Shares (determined based on the closing price of the REIT Shares on the date of the Deficiency
Notice, as reported on the New York Stock Exchange or such other exchange on which the REIT Shares are then listed) issued on exchange of Registered Pledged Units will be insufficient to satisfy Borrower’s Obligations (as defined in the Loan
Agreement) under the Loan Agreement, in an amount (the “Unregistered Units Cash Payment”) equal to (i) the fair market value of such Unregistered Pledged Units (determined based on the closing price of the REIT Shares on the date of the
Deficiency Notice on the New York Stock Exchange or such other exchange on which the REIT Shares are then listed), multiplied by (ii) the number of such Unregistered Pledged Units exchanged, less (iii) 1% of the product of (i) and (ii). Each
Unregistered Units Cash Payment shall be payable by HCPI within 14 days following its receipt of the Deficiency Notice with respect thereto; provided, however, that at such time as Lender receives written notice from HCPI of the filing and
effectiveness 
 

 

 9 

	 	    
	 
	of the Issuance Registration Statement, Lender’s rights pursuant to this Section 7.b.ii shall terminate with respect to any such Unregistered Pledged Units
covered by such registration, so long as such registration remains effective. In the event and to the extent that any registration statement with respect to any Pledged Units ceases to be effective, the provisions of this Section 7.b.ii shall again
apply with respect to all affected Pledged Units and/or Pledged Shares. 
 

  

	 	    
	 
	Notwithstanding the provisions of Section 7.b.ii above, but subject to Section 7.b.iii below and Section 7.b.iii of the Utah II Acknowledgement and Consent,
Lender agrees that to the extent Lender has the right to exchange Registered Pledged Units under either this Agreement or under the Utah II Acknowledgment and Consent on or before the specified date in the applicable Notice of Exchange, Lender shall
exercise any and all such exchange rights hereunder and thereunder, prior to delivering a Deficiency Notice under Section 7.b.ii above. 
 

  

	 	iii.
	 
	Put for Exchange Delays in Pledged Units.    Notwithstanding anything to the contrary in this Agreement, in the event that the
Specified Exchange Date under Section 7.b.i is deferred to a date that is later than the date specified in the applicable Notice of Exchange and where the cash or fair market value of the Pledged Units (determined based on the closing price of the
REIT Shares on the date of the Deficiency Notice on the New York Stock Exchange or such other exchange on which the REIT Shares are then listed), if any, which may be exchanged on or before the specified date in the applicable Notice of Exchange
will be insufficient to satisfy Borrower’s Obligations (as defined in the Loan Agreement) under the Loan Agreement, Lender shall have the right, upon providing a Deficiency Notice to HCPI, to exchange all or any portion of the affected Pledged
Units for one or more cash payments from HCPI in an amount (the “Exchange Delay Cash Payment”) equal to (i) the fair market value (determined based on the closing price of the REIT Shares on the date of the Deficiency Notice on the New
York Stock Exchange or such other exchange on which the REIT Shares are then listed) of such affected Pledged Units, multiplied by (ii) the number of such affected Pledged Units to be exchanged, less (iii) 1% of the product of (i) and (ii). Each
Exchange Delay Cash Payment shall be payable by HCPI within 14 days following its receipt of the Deficiency Notice with respect thereto. 
 

  

	 	    
	 
	In addition, the parties hereto agree and acknowledge that the obligation of HCPI, HCPI/Utah II, LLC and/or the Down REIT Sub, as the case may be, to make
Unregistered Units Cash Payments and/or Exchange Delay Cash Payments under this Section 7 and under Section 7 of the Utah II Acknowledgment and Consent shall not exceed, in the aggregate, $20,000,000. 
 

 

 10 

  

	 	iv.
	 
	Concurrent Exercise.    The rights exercisable by Lender under this Section 7.b may be invoked before or after foreclosure under the
Loan Agreement in Lender’s sole discretion, and all without further notice to or any requirement of consent by Pledgor, which hereby irrevocably and unconditionally waives any right to give any contrary instructions to HCPI. All parties
acknowledge that Lender desires to consummate any necessary foreclosure under the Loan Agreement on a basis that such foreclosure occurs concurrent with the closing of an Exchange; all parties agree to cooperate reasonably with Lender to that end.
HCPI agrees that it will not act on any separate instructions or communications from Pledgor pertaining to the Pledged Units or Pledged Shares or Registration Rights Agreement without the express written consent of Lender. Nothing in this
subparagraph (v) shall in any way obligate Lender to consummate any necessary foreclosure under the Loan Agreement in the manner referred to above; Lender may, in its sole discretion, determine that another method of realization upon the Collateral
is preferable or required, and such determination by Lender shall in no manner limit or restrict the obligations of Borrower, Pledgor or any other person or entity with respect to the loans contemplated herein. 
 

 

	 	v.
	 
	Foreclosure.    Subject to the terms and conditions of the Loan Agreement, Lender shall have the right to foreclose on or acquire the
entire interest of Pledgor in all or any portion of any Pledged Shares (including all of Pledgor’s right, title and interest in the Registration Rights Agreement to the extent applicable to such Pledged Shares) owned by Pledgor, by foreclosure
or in any other manner. In the event that Lender elects to exercise its rights under this Section 7.b.v, Lender shall deliver to HCPI a notice of its intent to do so no later than 10 Business Days prior to the date of any sale, public or private, or
of any transfer in lieu of foreclosure, and HCPI (without limitation on its own right, under applicable law, to participate in any sale or other disposition of any of the Collateral) shall reasonably cooperate, at no expense to itself, with Lender
in completing its foreclosure on the affected Pledged Shares in compliance with applicable laws, including, if applicable, all actions reasonably necessary to comply with the filing requirements described in Rule 144(c)(1) of the Securities Act, so
as to enable the Lender to sell such Pledged Shares without registration under the Securities Act. 
 

  

	8.
	 
	Representations and Warranties by the Down REIT Sub and HCPI.    The Down REIT Sub and HCPI hereby represent and warrant to Lender as
follows as of the date hereof: 
 

  

	 	a.
	 
	LLC Agreement.    A true and correct copy of the LLC Agreement as in effect as of the date hereof is attached as Exhibit H hereto.

 

  

	 	b.
	 
	Organization And Authority of the Down REIT Sub.    The Down REIT Sub has been duly formed, is validly existing as a limited
liability company in good standing under the laws of the State of Delaware, and is duly qualified to transact 
 

 

 11 

 business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of
property requires such qualification except where the absence of such qualification would not have a Material Adverse Effect. The Down REIT Sub has all requisite power and authority to own or hold under lease the property it purports to own or hold
under lease, to carry on its business as now conducted and as proposed to be conducted except as would not have a Material Adverse Effect, and to execute and deliver this Agreement and to perform its obligations hereunder. 
  

	 	c.
	 
	Authorization by the Down REIT Sub; Binding Effect.    The Down REIT Sub has by all necessary action duly authorized (i) the
execution and delivery of this Agreement and (ii) the performance of its obligations hereunder. This Agreement constitutes the legal, valid and binding obligation of the Down REIT Sub, enforceable against it in accordance with its terms, except as
enforcement may be limited by equitable principles and by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to creditors’ rights generally. 
 

  

	 	d.
	 
	Pledged Units; Managing Member of the Down REIT Sub.    All of the Pledged Units are validly issued and non-assessable. The identity
of the registered owners, the total number of Pledged Units and the corresponding Certificates evidencing ownership thereof are accurately set forth on Exhibit A attached hereto. No security interest in the Pledged Units has been registered on the
records of the Down REIT Sub (or its transfer agent). HCPI is the sole Managing Member of the Down REIT Sub and owns the only Managing Member Units thereof. 
 

  

	 	e.
	 
	Organization and Authority of HCPI.    HCPI is a corporation duly organized, validly existing and in good standing under the laws of
Maryland, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification except where the absence of such qualification
would not have a Material Adverse Effect. HCPI has all requisite power and authority to own or hold under lease the property it purports to own or hold under lease, to carry on its business as now conducted and as proposed to be conducted except as
would not have a Material Adverse Effect, and to execute and deliver this Agreement and to perform its obligations hereunder. 
 

  

	 	f.
	 
	No Claims.    To their knowledge, neither HCPI nor the Down REIT Sub has any existing claim, defense, setoff or right of recoupment
under the LLC Agreement, any other agreement, or any law, rule or regulation, against or with respect to (i) any of the Pledged Units, (ii) any of REIT Shares that may be issuable or any amount that may be payable in connection with the exchange of
any Pledged Units or (iii) any obligation of Pledgor under the LLC Agreement or any other agreement with respect to any of the Pledged Units, any of the REIT Shares that may be issued or any amount that may be payable in connection with the
redemption of any Pledged Units. 
 

 

 12 

  

	 	g.
	 
	Authorization by HCPI; Binding Effect.    HCPI has by all necessary action duly authorized the execution and delivery of this
Agreement and the performance of its obligations hereunder. This Agreement constitutes the legal, valid and binding obligation of HCPI, enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles
and by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to creditors’ rights generally. 
 

  

	 	h.
	 
	HCPI Status.    HCPI is organized in conformity with the requirements for qualification as a real estate investment trust under the
Code and its ownership and method of operation enables it to meet the requirements for taxation as a real estate investment trust under the Code. 
 

  

	 	i.
	 
	No Conflict.    The execution, delivery and performance by HCPI of this Agreement, and the consummation of the transactions
contemplated hereby, do not and will not violate any provision of the charter or bylaws of HCPI, or the LLC Agreement, or any contractual or other undertaking by which HCPI or any of its assets are bound. As of the date of this Agreement, the
Pledged Units are not evidenced by writing or certificate except by the Certificates expressly referred to on Exhibit A hereto. 
 

  

	 	j.
	 
	Registration Rights Agreement.    A true and complete copy of the Registration Rights Agreement, including any amendments and
supplements thereto, is attached to this Agreement as Exhibit I. The Registration Rights Agreement remains in full force and effect as of the date of this Agreement, and is the legal, valid and binding obligation of HCPI enforceable against it in
accordance with its terms, except as enforcement may be limited by equitable principles and by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to creditors’ rights generally. 
 

 

	 	k.
	 
	Governmental or Other Approvals.    No governmental or other approval is or will be required in connection with the execution,
delivery and performance by the Down REIT Sub or HCPI of this Agreement or the transactions contemplated hereby or to ensure the legality, validity or enforceability hereof. 
 

  

	9.
	 
	Representations and Warranties by Pledgor.    To its knowledge, Pledgor does not have any existing claims, defenses, setoff rights or
rights of recoupment under the LLC Agreement, under any other agreement, or any law, rule or regulation, against or with respect to any obligation of either HCPI or the Down REIT Sub under the LLC Agreement or any other agreement. 

  

	10.
	 
	Compliance with Securities Laws.    Lender, Borrower and Pledgor hereby acknowledge that a portion of the Collateral has not been
registered for sale under the Securities Act, that Lender may be unable to effect a public sale (under applicable provisions of the Uniform Commercial Code) of all or any part of the Collateral, and subject to the restrictions on transfer described
above, may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obligated to agree, among 
 

 

 13 

 other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or
resale thereof. Lender and Pledgors hereby further acknowledge that any such private sales may be at prices and on terms less favorable than those of public sales. 
  

	11.
	 
	Liability to Pledgor.    Pledgor and Borrower assume all risks of the acts or omissions of Lender with respect to its exercise of its
rights hereunder. Neither the Down REIT Sub, HCPI, nor any of their officers, directors, partners, employees or agents shall be liable or responsible for any acts or omissions of the Lender, including without limitation the validity of any
determination by Lender that a Default has occurred or is continuing, nor shall any of such persons have any responsibility for investigation into the facts and circumstances giving rise to any such determination by Lender, nor shall any such person
be liable or responsible for following the instructions of Lender in accordance with this Agreement regardless of any notice, information or instructions to the contrary received by HCPI from Pledgor or any other person, including without limitation
following instruction of Lender (a) to remit distributions by the Down REIT Sub made in respect of the Pledged Units, and distributions of HCPI made in respect of Pledged Shares, to Lender, pursuant to Section 5 above, (b) to terminate the voting
and/or other consensual rights of Pledgor (and consider such right to have vested in Lender) pursuant to Section 5 above, (c) to exercise Pledgor’s Exchange Rights in the name of and on behalf of Pledgor pursuant to Section 7 above, or (d) to
exercise Pledgor’s Registration Rights in the name of and on behalf of Pledgor, pursuant to Section 6 above. 
 

  

	12.
	 
	Separate Actions; Waiver of Statute of Limitations.    The obligations of HCPI and Pledgor hereunder shall be in addition to any
obligations of Pledgor under the Loan Agreement. Without limiting the provisions of the Loan Agreement, a separate action or actions may be brought and prosecuted against any one or more of the parties hereto whether or not action is brought against
any other person or whether any other person is joined in any such action or actions. HCPI and Pledgor acknowledge that there are no conditions precedent to the effectiveness of this Agreement and that this Agreement is in full force and effect and
is binding on such person as of the date hereof. To the extent permitted under applicable law, Pledgor waives the benefit of any statute of limitations affecting such person’s liability hereunder or the enforcement thereof. Lender hereby agrees
that neither the Down REIT Sub nor HCPI shall have any obligation or liability under the Loan Agreement or any other agreement related to the loan contemplated by the Loan Agreement except as expressly set forth herein and in the Instructions.
Pledgor agrees that nothing set forth herein shall alter, diminish or otherwise affect its obligations under the LLC Agreement or any other agreement between Pledgor and HCPI or the Down REIT Sub relating to the Pledged Units or Pledged Shares.

 

  

	13.
	 
	Continuing Obligations.    Borrower and Pledgor shall indemnify and hold harmless Lender from and against any and all obligations,
claims, losses, liabilities, damages, expenses or costs (including reasonable attorneys’ fees and expenses and fees and expenses of expert witnesses) arising from or in any way connected with the obligations or liabilities of either such person
with respect to agreements, documents or other instruments, whether now existing or hereafter incurred, or the conditions and obligations to be observed and performed by Borrower or Pledgor under any agreement, document or 

 

 14 

 other instrument relating to the Collateral, except for those arising from Lender’s gross negligence or willful
misconduct. In addition, Borrower shall indemnify and hold harmless Lender from and against any and all obligations, claims, losses, liabilities, damages, expenses or costs (including reasonable attorneys’ fees and expenses and fees and
expenses of expert witnesses) arising from or in any way connected with the exercise by Lender of any rights or remedies under the Loan Agreement or this Agreement with respect to the Collateral, including, without limitation, all costs and expenses
associated with the exercise of any foreclosure rights and/or exchange rights pursuant to Section 6.b above or otherwise. 
  

	14.
	 
	Appointment as Attorney-in-Fact.    Pledgor hereby appoints Lender as its true and lawful attorney-in-fact, with full power of
substitution, for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments either in the name of Pledgor or in the name of Lender, which such attorney-in-fact may deem necessary or advisable to
accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest; provided, that nothing in this section shall require the Lender to take any action or execute any instruments. 

  

	15.
	 
	Notices.    Any notice, demand, request or report required or permitted to be given or made to a party to this Agreement shall be in
writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written communication (including by telecopy, facsimile, or commercial courier service) (a) in the case of a
Pledgor, to that Pledgor at the address set forth below and (ii) in the case of each other party, at its address for notices set forth below or at such other address as such party may give notice of in accordance with the provisions of this Section:

 

  
 
	 Borrower and each Pledgor:
 	  	 c/o The Boyer Company, L.C.
 127 South 500 East, Suite 100
 Salt Lake City, Utah 84102
 Attention: Brian Gochnour
 Telephone No.:
801-521-4781
 Telecopier: 801-521-4793
 
	 
	 Lender:
 	  	 Merrill Lynch Private Finance Inc.
 2049 Century Park East, Suite 1100
 Los Angeles, CA 90067
 Attention: Jay D. Sanders
 Telephone No.:
310-407-4943
 Telecopier: 310-284-2835
 
	 
	 HCPI and/or Down REIT Sub:
 	  	 Health Care Property Investors, Inc.
 4675 MacArthur Court, Suite 900
 Newport Beach, California 92660
 Attention: Legal Department
 Telephone No.:
(949) 221-0600
 Telecopier: (949) 221-0607
 

 
 

 15 

  

	16.
	 
	Assignments.    This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. Nothing contained herein, express or implied, is intended to confer on any person other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations or liabilities
under or by reason of this Agreement. 
 

  

	17.
	 
	Governing Law.    This Agreement and the legal relations between the parties hereto shall be governed by and construed in accordance
with the internal laws of the State of New York applicable to contracts made and to be performed in that State, without regard to conflict of laws principles. 
 

  

	18.
	 
	Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original but
all of which together shall constitute but one agreement. This Agreement may be executed and delivered by facsimile. 
 

  

	19.
	 
	Entire Agreement; Amendments.    This Agreement (including the instruments between the parties referred to herein) constitutes the
entire agreement among the parties and supersedes all other prior agreements and understandings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. All references to sections, subsections, clauses,
exhibits and schedules shall be deemed references to such part of this Agreement, unless the context shall otherwise require. No provisions of this Agreement may be effectively waived, changed or amended, or the termination or discharge thereof
agreed to or acknowledged, orally, but only by an agreement in writing signed by the party against whom the enforcement of any waiver, change, amendment, termination or discharge is sought. 
 

  

	20.
	 
	Headings.    The headings contained in this Agreement are inserted for convenience only and do not constitute a part of this
Agreement. 
 

  

	21.
	 
	Invalidity.    If any provision of this Agreement is held invalid or unenforceable, the remainder of this Agreement shall
nevertheless remain in full force and effect. 
 

  

	22.
	 
	Attorneys’ Fees.    In the event of any controversy, claim or dispute between the parties hereto arising out of or relating to
this Agreement or any of the documents provided for herein, or the breach thereof, the prevailing party shall be entitled to recover from the losing party reasonable attorneys’ fees, expenses and costs. 
 

 
 [Remainder of page intentionally left blank.] 
  
 

 16 

  
 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
the date first written above. 
  
 
	 LENDER:
 
	 
	 MERRILL LYNCH PRIVATE FINANCE INC.,
 a Delaware corporation

	 
	 By:
 	 	 /s/    AUTHORIZED SIGNATORY
 

	 Date:
 	 	 6/12/02
 

	 Title:
 	 	 Director
 

 
  
 
	 BORROWER:
 
	 
	 THE BOYER COMPANY, L.C.,
 a Utah limited liability company
 
	 
	 By:
 	 	 /s/    STEVE OSTLER
 

	 Date:
 	 	 6/12/02
 

	 Title:
 	 	 Manager
 

 
  
 
	 THE DOWN REIT SUB:
 
	 
	 HCPI/UTAH, LLC,
 a Delaware limited liability company
 
	 
	 By:
 	 	 HEALTH CARE PROPERTY INVESTORS, INC., its Managing Member
 
	 
	  	 	 By:
 	 	 /s/    EDWARD J. HENNING
 

	  	 	 Date:
 	 	 6/12/02
 

	  	 	 Title:
 	 	 Senior Vice President
 

 
  
 
	 HCPI:
 
	 
	 HEALTH CARE PROPERTY INVESTORS, INC.,
 a Maryland corporation

	 
	 By:
 	 	 /s/    EDWARD J. HENNING
 

	 Date:
 	 	 6/12/02
 

	 Title:
 	 	 Senior Vice President
 

 
 

 17 

  
 
	 PLEDGORS:
 
	 
	 AMARILLO BELL ASSOCIATES,
 a Utah general partnership
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its Partner
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Date:
 	 	 6/12/02
 

	  	 	 Title:
 	 	 Manager
 

 
  
 
	 BOYER-BPMA HOLDINGS, L.C.,
 a Utah limited liability company

	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its Manager
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
  
 
	 BOYER CASTLE DALE MEDICAL CLINIC, L.L.C., a Utah limited liability company
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its Manager
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
 

 18 

  
 
	 PLEDGORS:
 
	 
	 BOYER CENTERVILLE CLINIC COMPANY, L.C., a Utah limited liability company
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its Manager
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
  
 
	 BOYER DAVIS NORTH MEDICAL ASSOCIATES, LTD., a Utah limited partnership
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its General Partner
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
  
 
	 BOYER DESERT SPRINGS, L.C.,
 a Utah limited liability company

	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its Manager
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
  
 
	 BOYER ELKO, L.C.,
 a Utah limited liability company
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its Manager
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
 

 19 

  
 
	 PLEDGORS:
 
	 
	 BOYER GRANTSVILLE MEDICAL, L.C.,
 a Utah limited liability
company
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its Manager
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

	 
	 BOYER IOMEGA, L.C.,
 a Utah limited liability company
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its Manager
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

	 
	 BOYER MCKAY-DEE ASSOCIATES, LTD.,
 a Utah limited partnership

	 
	 By:
 	 	 BOYER MEDICAL SURGICAL ASSOCIATES,
 LTD., its General Partner
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

	 
	 BOYER-OGDEN MEDICAL ASSOCIATES, LTD.,
 a Utah limited liability
company
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its General Partner
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
 

 20 

  
  
 
	 PLEDGORS:
 
	 
	 BOYER-OGDEN MEDICAL ASSOCIATES NO. 2, LTD., a Utah limited partnership
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its General Partner
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
  
 
	 BOYER PRIMARY CARE CLINICS ASSOCIATES, LTD. #2, a Utah limited partnership
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its General Partner
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
  
 
	 BOYER-SALT LAKE INDUSTRIAL CLINIC ASSOCIATES, LTD., a Utah limited partnership
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its General Partner
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
  
 
	 BOYER SPRINGVILLE, L.C.,
 a Utah limited liability company
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its Manager
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
 

 21 

  
  
 
	 PLEDGORS:
 
	 
	 BOYER-ST. MARKS MEDICAL ASSOCIATES, LTD., a Utah limited partnership
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its General Partner
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
  
 
	 BOYER ST. MARK’S MEDICAL ASSOCIATES #2, LTD., a Utah limited partnership
 
	 
	 By:
 	 	 THE BOYER COMPANY, L.C.,
 its General Partner
 
	 
	  	 	 By:
 	 	 /s/    STEVE OSTLER
 

	  	 	 Name:
 	 	 Steve Ostler
 

	  	 	 Title:
 	 	 Manager
 

 
 

 22 

  
 EXHIBIT A 
  
 PLEDGED UNITS 
  
 
	 Member Name
 
	  	 Certificate Nos.
 
	  	 Number of Non-Managing
 Member Units
Pledged
 

	 Amarillo Bell Associates
 	  	 105, 106, 128, 129
 	  	 29,189
 
	 Boyer-BPMA Holdings, L.C.
 	  	 88
 	  	 13,093
 
	 Boyer Castle Dale Medical Clinic, L.L.C.
 	  	 72
 	  	 5,595
 
	 Boyer Centerville Clinic Company, L.C.
 	  	 48, 49
 	  	 11,740
 
	 Boyer Davis North Medical Associates, Ltd.
 	  	 95
 	  	 8,977
 
	 Boyer Desert Springs, L.C.
 	  	 82, 101, 108
 	  	 162,538
 
	 Boyer Elko, L.C.
 	  	 62
 	  	 18,988
 
	 Boyer Grantsville Medical, L.C.
 	  	 55, 56
 	  	 3,737
 
	 Boyer Iomega, L.C.
 	  	 67, 68
 	  	 55,723
 
	 Boyer McKay-Dee Associates, Ltd.
 	  	 24, 25, 27
 	  	 63,275
 
	 Boyer-Ogden Medical Associates, Ltd.
 	  	 28, 29
 	  	 628
 
	 Boyer-Ogden Medical Associates No. 2, Ltd.
 	  	 32
 	  	 29,277
 
	 Boyer Primary Care Clinics Associates, Ltd. #2
 	  	 41, 42
 	  	 14,685
 
	 Boyer-Salt Lake Industrial Clinic Associates, Ltd.
 	  	 36, 37
 	  	 9,880
 
	 Boyer Springville, L.C.
 	  	 76
 	  	 33,344
 
	 Boyer-St. Marks Medical Associates, Ltd.
 	  	 123, 126
 	  	 86,680
 
	 Boyer St. Mark’s Medical Associates #2, Ltd.
 	  	 20, 21
 	  	 36,836
 
	 TOTAL:
 	  	  	  	 584,185
 

 
 

 23 

  
 EXHIBIT D 
  
 REGISTERED PLEDGED UNITS 
  
 
	 Member Name
 
	  	 Certificate No.
 
	    	 Number of Registered Pledged Units Owned
 

	 Boyer Castle Dale Medical Clinic, L.L.C.
 	  	 72
 	    	 5,595
 
	 Boyer Centerville Clinic Company, L.C.
 	  	 48, 49
 	    	 11,740
 
	 Boyer Desert Springs, L.C.
 	  	 82
 	    	 86,506
 
	 Boyer Elko, L.C.
 	  	 62
 	    	 18,988
 
	 Boyer Grantsville Medical, L.C.
 	  	 55, 56
 	    	 3,737
 
	 Boyer Iomega, L.C.
 	  	 67, 68
 	    	 55,723
 
	 Boyer McKay-Dee Associates, Ltd.
 	  	 24, 25, 27
 	    	 63,275
 
	 Boyer-Ogden Medical Associates, Ltd.
 	  	 28, 29
 	    	 628
 
	 Boyer-Ogden Medical Associates No. 2, Ltd.
 	  	 32
 	    	 29,277
 
	 Boyer Primary Care Clinics Associates, Ltd. #2
 	  	 41, 42
 	    	 14,685
 
	 Boyer-Salt Lake Industrial Clinic Associates, Ltd.
 	  	 36, 37
 	    	 9,880
 
	 Boyer Springville, L.C.
 	  	 76
 	    	 33,344
 
	 Boyer-St. Marks Medical Associates, Ltd.
 	  	 123, 126
 	    	 86,680
 
	 Boyer St. Mark’s Medical Associates #2, Ltd.
 	  	 20, 21
 	    	 36,836
 
	 TOTAL:
 	  	  	    	 456,894
 

 
  
 

 24 

  
 EXHIBIT E 
  
 UNREGISTERED PLEDGED UNITS 
  
 
	 Member Name
 
	  	 Certificate
 Nos.
 
	    	 Number of Unregistered Pledged Units Owned
 

	 Amarillo Bell Associates
 	  	 105, 106, 128, 129
 	    	 29,189
 
	 Boyer-BPMA Holdings, L.C.
 	  	 88
 	    	 13,093
 
	 Boyer Davis North Medical Associates, Ltd.
 	  	 95
 	    	 8,977
 
	 Boyer Desert Springs, L.C.
 	  	 101, 108
 	    	 76,032
 
	 TOTAL:
 	  	  	    	 127,291
 

 
  
 

 25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]