Document:

Credit Agreement

 EXHIBIT 10.55 
 CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT REQUEST PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. THE OMITTED CONFIDENTIAL INFORMATION APPEARS ON FIVE (5) PAGES OF THIS EXHIBIT 
 EXECUTION VERSION 
  

 CREDIT AGREEMENT 

dated as of June 28, 2007 
 among

 AIRTRAN AIRWAYS, INC., as Borrower, 
 EACH LENDER IDENTIFIED ON SCHEDULE 1 HERETO, as Lenders,

 and 
 BAYERISCHE
HYPO- UND VEREINSBANK AG, LONDON BRANCH, as Security Agent 
  

 Pre-Delivery Payment Financing 
 for up to Eighteen (18) Boeing model 737-7BD Aircraft 
 each equipped with 
 Two (2) CFM International model CFM56 engines 
  

 TABLE OF CONTENTS 
  

					
	1.	  	DEFINITIONS AND CONSTRUCTION	  	2
			
	2.	  	COMMITMENTS; BORROWER’S NOTICE OF PAYMENT DATES; CLOSING PROCEDURE	  	2
			
	3.	  	LOAN CERTIFICATES, EXPENSES, FEES AND INCREASED COSTS	  	4
			
	4.	  	CONDITIONS	  	7
			
	5.	  	REPRESENTATIONS AND WARRANTIES	  	9
			
	6.	  	COVENANTS OF BORROWER	  	12
			
	7.	  	LENDER COVENANTS	  	16
			
	8.	  	SECURITY AGENT’S COVENANTS	  	17
			
	9.	  	ASSIGNMENT OR TRANSFER OF INTEREST	  	17
			
	10.	  	INDEMNITIES	  	19
			
	11.	  	SECURITY AGENT	  	34
			
	12.	  	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  	37
			
	13.	  	INTENTIONALLY OMITTED	  	38
			
	14.	  	CONFIDENTIALITY	  	38
			
	15.	  	MISCELLANEOUS	  	38

  

			
	EXHIBIT A	  	Form of Borrowing Notice
	EXHIBIT B	  	Form of Transfer Certificate
	SCHEDULE 1	  	Accounts; Addresses
	SCHEDULE 2	  	Commitments
	SCHEDULE 3	  	Aircraft; Scheduled Delivery Months
	SCHEDULE 4	  	Non-Deferrable Advance Payments under the Purchase Agreement

  

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 CREDIT AGREEMENT 
 THIS CREDIT AGREEMENT (this “Agreement”), dated as of June 28, 2007, is by and among (i) AIRTRAN AIRWAYS,
INC. a Delaware corporation, (the “Borrower”), (ii) each LENDER IDENTIFIED ON SCHEDULE 1 HERETO (“Lenders”) and
(iii) BAYERISCHE HYPO- UND VEREINSBANK AG, LONDON BRANCH, not in its individual capacity, except as expressly state herein, but solely as agent for the
Lenders (“Security Agent”). 
 W I T N E S S E T H: 
 WHEREAS, Borrower and Airframe Manufacturer have entered into the Purchase Agreement, pursuant to which, among other things, Airframe
Manufacturer agreed to manufacture and sell to Borrower, and Borrower agreed to purchase and take delivery of, among other things, eighteen (18) Boeing model 737-7BD aircraft, each equipped with two (2) CFM International model CFM56-7B20
engines, each to be delivered during the Scheduled Delivery Months (the “Aircraft”); and 
 WHEREAS, Borrower
desires to borrow from Lenders, and Lenders desire to lend to Borrower, a portion of the non-deferrable Advance Payments (as defined in the Purchase Agreement) made or to be made by Borrower to Airframe Manufacturer in respect of the Aircraft
pursuant to the Purchase Agreement. 
 NOW THEREFORE, in consideration of the mutual agreements herein
contained, the parties hereto agree as follows: 
  

	1.	DEFINITIONS AND CONSTRUCTION 

 Except as otherwise defined in this Agreement, including its annexes, schedules and exhibits, terms used herein in capitalized form shall have the meanings attributed thereto in Annex A of the Security Agreement.
Annex A of the Security Agreement also contains rules of usage that control construction of this Agreement. 
  

	2.	COMMITMENTS; BORROWER’S NOTICE OF PAYMENT DATES;
CLOSING PROCEDURE 

 (a) Subject to the terms and conditions of this Agreement, each Lender
agrees to make a secured loan to the Borrower in respect of each Advance (herein called, for each Advance, a “Drawing”) on a Borrowing Date to be designated pursuant to Section 2(d) hereof, but in no event later than the Commitment
Termination Date. In the case of each Lender, such Drawing shall be equal to such Lender’s Participation Percentage multiplied by the amount of such Advance (for each Lender, such Lender’s “Commitment” with respect to such
Advance); provided, that the aggregate amount of Drawings for all Advances to be made by any Lender shall not exceed the amount in Dollars set forth opposite such Lender’s name in Schedule 2 hereto as its Maximum Commitment (its “Maximum
Commitment”). All Drawings made under this Agreement shall be evidenced in single series of Loan Certificates issued with respect to all Drawings. Without limiting the above, if the Security Agent disburses a Lender’s Commitment in
relation to an Advance without first having received funds from a Lender, then that Lender hereby indemnifies Security Agent against any loss it may incur as a result of such failure to fund by that Lender. 
  

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 (b) If any Lender shall default in its obligation to make the amount of its Commitment available pursuant
to Section 2(a) in respect of any Advance, except as provided below in this Section 2(b) with respect to HVB, no other Lender shall have an obligation to increase the amount of its Commitment for such Advance and, notwithstanding the
further provisions of this Section 2(b), the obligations of the non-defaulting Lenders shall remain subject to the terms and conditions set forth in this Agreement. If a Lender to whom HVB has transferred its Commitment in whole or in part
pursuant to Section 9(a) with respect to an Aircraft fails to perform its obligation to make a secured loan on a Borrowing Date and so long as no Event of Default has occurred and is then continuing, HVB shall be obligated to make an additional
secured loan on such Borrowing Date in an amount equal to the amount of the secured loan that such Lender was so obligated to, but did not, make. In the event that the preceding sentence is applicable and HVB is obligated to make an additional
secured loan, then such defaulting Lender hereby indemnifies HVB against any loss it may incur as a result of such failure to fund by that Lender. HVB shall have no obligation under the second preceding sentence with respect to (i) any Lender
where the Borrower has approved (acting in its sole discretion and without any obligation to do so; provided, that such approval, if requested by HVB, shall not be unreasonably withheld or delayed if the proposed Transferee has a credit rating
issued by Standard & Poor’s, Moody’s or Fitch Ratings of A or better) in writing the transfer by HVB to such Lender of all or any portion of its Commitment or (ii) any Lender to whom HVB has transferred its Commitment while
an Event of Default shall have occurred and be continuing. 
 (c) As more particularly set forth in Section 2.2 of the Security
Agreement, Borrower shall execute and deliver to each Lender with appropriate insertions a Loan Certificate to evidence such Lender’s Maximum Commitment. The Loan Certificates shall be issued such that each Lender receives a Loan Certificate.
Each Drawing shall be evidenced by this Agreement, the Loan Certificates, and notations made from time to time by each Lender in its books and records, including computer records. Each Lender shall record in its books and records, including computer
records, the principal amount of the Drawings owing to it from time to time. Absent evidence to the contrary, each Lender’s books and records shall constitute presumptive evidence of the accuracy of the information contained therein. Failure by
any Lender to make any such notation or record shall not affect the obligations of Borrower to such Lender with respect to the repayment of its Drawings. 
 (d) Borrower agrees to give the Security Agent at least five (5) Business Days’ prior written notice (the “Borrowing Notice”) of the Effective Date and the Borrowing Date for each Advance, which
Borrowing Date shall be a Business Day not later than the Commitment Termination Date, which notice shall specify any funding instructions and shall be in substantially the form of Exhibit A. 
 (e) On the date of the execution and delivery of this Agreement and the satisfaction of the conditions precedent in Sections 4(a) and (b) (the
“Effective Date”), Lenders shall make Drawings (subject to the limitations set forth in Section 2(a)) in respect of certain Advances which were paid by Borrower prior to the Effective Date. The proceeds of such Drawings shall 

  

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be paid to Borrower to the account specified in the Borrowing Notice; provided, however, that Borrower shall remain responsible for, and shall have paid, its
Cash Contribution for each Aircraft for which such Advances have been paid. On the first (1st) Business Day of each calendar month following the
Effective Date (each such Business Day and the Effective Date, also referred to individually as a “Borrowing Date”) and the satisfaction (or waiver) of the conditions precedent in Section 4(b) hereof, the Lenders shall make Drawings
(subject to the limitations set forth in Section 2(a)) in respect of Advances which are then due and payable by Borrower to Airframe Manufacturer. The proceeds of such Drawings shall be paid to Airframe Manufacturer (or to Borrower, if Borrower
shall have paid such Advances to Airframe Manufacturer on or prior to the Borrowing Date thereof) by wire transferring (or by making other arrangements reasonably satisfactory to Security Agent and Airframe Manufacturer or Borrower (as the case may
be)) such amounts to account or the accounts specified by Borrower in the applicable Borrowing Notice; provided, however, that Borrower shall remain responsible for, and shall have paid, its Cash Contribution for such Advances. 
 (f) If an Event of Default shall have occurred and be continuing, each Lender may cancel its Commitments, and upon notice of such cancellation to
Borrower, the Commitments shall be cancelled and of no further effect. If an Event of Default under Sections 3(d), (e) or (f) of the Security Agreement shall have occurred and be continuing, the Commitments shall automatically, without any
action or notice, be cancelled and of no further effect. 
 (g) Borrower agrees to indemnify each Lender for, and to hold each Lender
harmless from, any loss or expense (including any Break Loss) that such Lender may sustain or incur as a consequence of (a) failure by the Borrower in making a borrowing after the Borrower has given a Borrowing Notice requesting the same in
accordance with the provisions of this Agreement other than as a result of a breach by such Lender to make its Commitment available pursuant to Section 2(a), (b) failure by the Borrower in making any prepayment of Loan Certificates after
the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment of Loan Certificates on a day that is not the last day of an Interest Period with respect thereto. This covenant shall
survive the termination of this Agreement and the payment of the Loan Certificates and all amounts payable hereunder. 
 (h) The closing with
respect to the financing of each Advance shall take place at the offices of Smith, Gambrell & Russell, LLP, Promenade II, Suite 3100, 1230 Peachtree Street, N.E., Atlanta, Georgia 30309. 
  

	3.	LOAN CERTIFICATES, EXPENSES, FEES AND INCREASED COSTS

 (a) Loan Certificates. Each Loan Certificate shall bear interest and be repaid in accordance with the applicable
terms of this Agreement and the Security Agreement. 
 (b) Transaction Expenses. As to the Drawing(s) made on the Effective Date, if
the transactions in respect of such Drawing(s) are consummated, or do not close for any reason other than a Lender’s breach of its obligations under Section 2 hereof, Borrower agrees to the pay such Lender’s and Security Agent’s
Transaction Expenses related to such Drawing(s); provided, Borrower’s obligations to make such payment shall be subject to the limitations separately described in that certain email addressed to HVB from its counsel dated June 1, 2007.

  

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 (c) Upfront Fee. In consideration of the Lenders’ Commitments hereunder, Borrower shall pay
to Paying Agent an amount equal to the Upfront Fee in immediately available funds on the Effective Date and the other dates as contemplated in the Upfront Fee Letter. Paying Agent shall distribute such fee to the Lenders pursuant to the Paying Agent
Agreement. 
 (d) Commitment Fee. Borrower agrees to pay the Commitment Fee in arrears on the last Business Day of the calendar
quarter following the Effective Date and on the last Business Day of each calendar quarter thereafter and on the Commitment Termination Date. Such Commitment Fee shall be calculated on the basis of a year of 360 days and actual number of days
elapsed and shall accrue on the average daily unused portion of the aggregate Maximum Commitment during the preceding calendar quarter or part thereof. Borrower shall continue to pay the Commitment Fee until the earlier to occur of (i) the date
on which the Commitments are terminated or cancelled and (ii) the Commitment Termination Date. The Commitment Fee shall be payable by Borrower to Paying Agent on the due date thereof in immediately available funds no later than 11:00 a.m., New
York City time, on such date to the Payment Account. Paying Agent shall distribute the Commitment Fee when received to the Lenders pursuant to the Paying Agent Agreement. For purposes hereof, the aggregate unused Maximum Commitment of the Lenders
shall be reduced by an amount equal to the amount by which (i) Borrower notifies Security Agent in writing that it wishes to reduce the aggregate unused Maximum Commitment of the Lenders (provided, the aggregate unused Maximum Commitment of the
Lenders may not following any such reduction be increased) or (ii) a Lender cancels or terminates all or a portion of its Commitment pursuant to Section 2(f) hereof. 
 (e) Increased Costs. 
 (i) Borrower shall pay directly to each Lender such amounts as such Lender may determine to be necessary to compensate such Lender for any increase in costs that such Lender determines are attributable to its making or maintaining of its
Commitment or the loans evidenced by its Loan Certificates or funding arrangements utilized in connection with such loans, or any reduction in any amount receivable by such Lender hereunder in respect of any of its Commitments, such loans or such
arrangements (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change that: 
 (1) imposes any tax that is the functional equivalent of any reserve, special deposit or similar requirement of the sort covered by clause
(2) below; or 
 (2) imposes or modifies any reserve, special deposit or similar requirements (including any Reserve
Requirement) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, such Lender, or any such obligations; or 
 (3) imposes any other condition affecting this Agreement or its Loan Certificates (or any of such extensions of credit or liabilities) or
any such obligation. 
  

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 (ii) Without limiting the effect of the foregoing provisions of this Section 3(e)
(but without duplication), Borrower shall pay directly to each Lender from time to time on request such amounts as such Lender shall determine to be necessary to compensate such Lender (or, without duplication, the holding company of which such
Lender is a subsidiary) for any increase in costs that are attributable to the maintenance by such Lender (or any lending office or such holding company), pursuant to any law or regulation or any interpretation, directive or request (whether or not
having the force of law and whether or not failure to comply therewith would be unlawful so long as compliance therewith is standard banking practice in the relevant jurisdiction) of any court or governmental or monetary authority following
(A) any Regulatory Change or (B) implementing any risk-based capital guideline or other similar requirement issued by any government or governmental or supervisory authority at the national level, of capital in respect of its Commitments
or Loan Certificates or funding arrangements utilized in connection with the Loan Certificates; such compensation to include, without limitation, an amount equal to any reduction of the rate of return on assets or equity of such Lender (or any
lending office or such bank holding company) would have achieved but for such law, regulation, interpretation, directive or request. 
 (iii) If any Lender intends to make a claim pursuant to clauses (i) or (ii) of this Section 3(e), it shall give written notice within sixty (60) days of the event occurring after the date of this Agreement entitling such
Lender to compensation under clauses (i) or (ii) of this Section 3(e) (or if later, the date on which such Lender became aware or ought reasonably to have become aware (having regard to prudent commercial banking practice) of such
event); provided, if any Lender fails to give such written notice within such period, such Lender shall only be entitled to payment under this Section 3(e) for costs incurred from and after the date sixty (60) days prior to the date that
such Lender does give notice. Each Lender will use commercially reasonable efforts (at Borrower’s expense) to mitigate the amount of the Additional Costs associated with such event, including designating a different lending office for the Loan
Certificates of such Lender affected by such event if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the opinion of such Lender, result in any economic, legal or regulatory disadvantage to such
Lender (other than economic disadvantages for which Borrower agrees to indemnify such Lender and which indemnity is acceptable to such Lender in its discretion acting reasonably and in good faith based on its credit assessment of Borrower). Each
Lender will furnish to the Borrower a certificate of an authorized officer setting forth in reasonable detail (1) the events giving rise to such Additional Costs, (2) the basis for determining and allocating such Additional Costs and
(3) the amount of each request by such Lender for compensation under clauses (i) or (ii) of this Section 3(e) (subject, however, to any limitations such Lender may require in respect of disclosure of confidential information
relating to its capital structure), together with a statement that the determinations and allocations made in respect of the Additional Costs comply with the provisions of this Section 3(e), including as provided in the last sentence of this
clause (iii). Determinations and allocations by any Lender for purposes of this Section 3(e) of the effect of any Regulatory Change pursuant to clause (i) of this Section 3(e), or of the effect of capital maintained pursuant to clause
(ii) of this Section 3(e), on its costs or rate of return of maintaining Loan Certificates or its funding, or on amounts receivable by it in respect of Loan Certificates, and of the amounts required to compensate such Lender under this
Section 3(e), shall be conclusive absent manifest error, provided that such determinations and allocations are made on a reasonable basis and, in the case of allocations, are made fairly. 
  

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 (iv) The Borrower shall not be required to make payments under this Section 3(e) to
any Lender if (1) a claim hereunder arises through circumstances peculiar to such Lender and which do not affect similar commercial banks in the same jurisdiction generally, or (2) the claim arises out of a relocation by such Lender of its
lending office (except any such relocation effected pursuant to Section 3(e)(iii) or to an Accepted Jurisdiction), or (3) such Lender is not seeking similar compensation for such costs from its borrowers generally in commercial equipment
related loans, or (4) the claim arises as the result of any law or regulation or any interpretation, directive or request of any court or governmental or monetary authority in any jurisdiction other than an Accepted Jurisdiction. 
 (f) Agency Fee. On the Effective Date and on each anniversary of the Effective Date until all amounts owing hereunder have been fully repaid,
Borrower shall pay to Security Agent an amount equal to the Agency Fee in immediately available funds. 
  

	4.	CONDITIONS 

 (a) Conditions
Precedent to the Effectiveness of the Commitments. The effectiveness of this Agreement is subject to the fulfillment (or waiver) prior to or on the Effective Date of the following conditions precedent: 
 (i) Each Lender and Security Agent receives executed counterparts or conformed copies of the following documents and such counterparts
have been duly authorized, executed and delivered by the parties thereto, are in full force and effect and are in form and substance reasonably satisfactory to Security Agent: 
 (1) the Holdings Guarantee; 
 (2) the Security Agreement; 
 (3) the Consent and Agreement; 
 (4) the Engine Consent and Agreement; 
 (5) the Paying Agent Agreement; and 
 (6) the Loan Certificates. 
 (ii) Security Agent shall have received the following, in each case in form and substance reasonably satisfactory to Security Agent:

 (1) (x) a copy of Borrower’s certificate of incorporation, by-laws, and resolutions, in each case certified by the
secretary or an assistant secretary of Borrower, duly authorizing Borrower’s execution, delivery, and performance of 

  

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this Agreement, the Security Agreement and each other document required to be executed and delivered by Borrower on or before each Borrowing Date in
accordance with the provisions hereof and thereof; (y) incumbency certificate of Borrower as to the Person(s) authorized to execute and deliver the Operative Agreements on its behalf; and (z) good-standing certificate for Borrower for
Delaware and Florida; and 
 (2) (x) a copy of Holdings’ articles of incorporation, by-laws, and resolutions, in each
case certified by the secretary or an assistant secretary of Holdings, duly authorizing Holdings’ execution, delivery, and performance of the Holdings Guarantee required to be executed and delivered by Holdings on or before the Effective Date
in accordance with the provisions hereof and thereof; (y) incumbency certificate of Holdings as to the Person(s) authorized to execute and deliver the Holdings Guarantee on its behalf; and (z) good-standing certificate for Holdings for
Nevada. 
 (iii) Lenders and Security Agent shall have received opinions addressed to the Lenders and Security Agent from
(1) Borrower’s internal counsel and (2) Smith, Gambrell & Russell, LLP, special counsel to Borrower, each in form and substance reasonably satisfactory to the Security Agent. Borrower shall use reasonable efforts to obtain
opinions addressed to the Lenders and Security Agent from the respective legal counsels to the Manufacturers, each in form and substance reasonably satisfactory to the Security Agent. 
 (iv) Financing Statements related to the Collateral shall have been duly filed or shall be in the process of being filed in the
appropriate jurisdiction. 
 (v) Paying Agent shall have received for account of the Lenders the Upfront Fee and Security
Agent shall have received the payment of the Agency Fee due on the Effective Date. 
 (vi) Security Agent shall have received
certified (but redacted) copies of the provisions of the Purchase Agreement and the GTA specifically assigned to Security Agent pursuant to the terms of the Security Agreement. 
 (b) Conditions Precedent to each Lender’s Participation in each Advance. Each Lender’s obligation to lend its respective Commitments to
the Borrower in respect of each Advance (including Advances made by Borrower on or prior to the applicable Borrowing Date) is subject to the fulfillment (or waiver) prior to or on the Borrowing Date for such Advance of the following conditions
precedent: 
 (i) Security Agent shall have received the Borrowing Notice with respect to the Borrowing Date for such Advance
pursuant to Section 2(d) hereof. 
 (ii) After giving effect to the filing of the Financing Statements, the Security
Agreement shall have a duly-perfected first-priority security interest in all of Borrower’s right, title, and interest in the Collateral, subject only to Permitted Liens. 
  

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 (iii) No change shall have occurred after the date of the execution and delivery of this
Agreement in applicable Law which would make it a violation of Law for the Lenders to make their respective Commitments for such Advance available to acquire their respective Loan Certificates or to realize the benefits of the security afforded by
the Security Agreement. 
 (iv) On such Borrowing Date, (A) the representations and warranties of the Borrower contained
in Section 5(a) of this Agreement shall be true and accurate in all material respects as though made on and as of such date except to the extent that such representations and warranties relate solely to an earlier date (in which case such
representations and warranties shall be true and accurate in all material respects on and as of such earlier date), (B) no Default or Event of Default exists, and (C) since March 31, 2007 there shall have been no Material Adverse
Change with respect to the Borrower; and Security Agent shall have received an Officer’s Certificate to the effect of (A), (B) and (C). 
 (v) No action or proceeding shall have been instituted nor shall any action be threatened in writing before any Governmental Entity, nor shall any order, judgment or decree have been issued or proposed to be issued by
any Governmental Entity at the time of such Borrowing Date to set aside, restrain, enjoin or prevent the completion and consummation of this Agreement or the transaction contemplated hereby. 
 (vi) No material adverse change in the LIBOR market shall have occurred which would materially impair the ability of the Lenders to lend
its respective Commitments to Borrower. 
 (vii) Borrower shall have paid to Airframe Manufacturer an amount equal to its Cash
Contribution due and payable to Airframe Manufacturer on such Borrowing Date. 
 (viii) Security Agent shall have received
evidence reasonably satisfactory to it that the Advance or Advances for which a Lender is providing a secured loan on such Borrowing Date is due and payable by Borrower under the Purchase Agreement on such Borrowing Date or has been already been
paid by Borrower under the Purchase Agreement as of such Borrower Date (as the case may be). 
  

	5.	REPRESENTATIONS AND WARRANTIES 

 (a) Borrower Representations and Warranties. Borrower represents and warrants to each Lender and Security Agent that on the date hereof and on each Borrowing Date: 
 (i) Borrower is a corporation validly existing and in good standing under the Laws of Delaware, and has the corporate power and authority
to conduct the business in which it is currently engaged and to own or hold under lease its properties and to enter into and perform its obligations under each of the Operative Agreements to which Borrower is or will be a party. Borrower is duly
qualified to do business as a foreign corporation in good standing in each jurisdiction in which the nature and extent of the business conducted by it, or the ownership of its properties, requires such qualification, except where the failure to be
so qualified does not constitute or would not give rise to a Materially Adverse Change to Borrower. 
  

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 (ii) The execution and delivery by Borrower of, and performance by Borrower of its
obligations under, the Operative Agreements to which Borrower is or will be a party have been, duly authorized by all necessary corporate action on the part of Borrower. 
 (iii) Borrower’s execution and delivery of, and performance of its obligations under, the Operative Agreements to which Borrower is
or will be a party do not, (1) violate any provision of Borrower’s certificate of incorporation or by-laws, (2) violate any Law applicable to or binding on Borrower, or (3) violate or constitute any default under, or result in
the creation of any Lien (other than as permitted under the Security Agreement) under, any lease, loan or other material agreement to which Borrower is or will be a party or by which Borrower or any of its properties is bound. 
 (iv) Borrower’s execution and delivery of, and performance of its obligations under, the Operative Agreements to which Borrower is or
will be a party do not require the consent or approval of, the giving of notice to, the registration with, the recording or filing of any documents with, or the taking of any other action in respect of (1) any trustee or other holder of any
debt of Borrower, or (2) any Governmental Entity, other than (x) the Financing Statements, and (y) filings, recordings, notices, or other ministerial actions pursuant to any routine recording, contractual, or regulatory requirements.

 (v) Each of the Operative Agreements to which Borrower is or will be a party have been, duly authorized, executed, and
delivered by Borrower and the Operative Agreements to which Borrower is or will be a party constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their terms, except as such enforceability may be
limited by bankruptcy, insolvency, and other similar Laws affecting the rights of creditors generally or by general principles of equity. 
 (vi) Except as set forth in Holdings’ most recent annual report on Form 10-K, quarterly report on Form 10-Q or current report on Form 8-K filed by with the SEC on or prior to March 31, 2007, no action, claim
or proceeding is now pending or, to Borrower’s Actual Knowledge, threatened, against Borrower before any Governmental Entity, that is reasonably likely to be determined adversely to Borrower and if determined adversely to Borrower would result
in a Material Adverse Change. 
 (vii) Holdings’ audited consolidated balance sheet for its most-recent fiscal year ended
December 31, 2006, included in Holdings’ most-recent annual report on Form 10-K filed by Holdings with the SEC, and the related consolidated statements of operations and cash flows for the period then ended, have been prepared in
accordance with GAAP and fairly present in all material respects in accordance with GAAP the financial condition of Holdings and its consolidated subsidiaries as of such date and the results of its operations and cash flows for such period, and
since the date of such balance sheet, there has been no Material Adverse Change in such financial condition or operations, except for matters disclosed in (1) the financial statements referred to above, or (2) any subsequent report filed
with the SEC before March 31, 2007. 
  

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 (viii) On the Borrowing Date, except for the filing of the Financing Statements, no
further action, including filing or recording any document (including any financing statement under UCC Article 9) is necessary in order to establish and perfect Security Agent’s Lien on the Collateral, as against Borrower and any other Person,
in any applicable jurisdictions in the United States. 
 (ix) Each of the Purchase Agreement and the GTA are in full force and
effect and neither Borrower nor, to the Actual Knowledge of Borrower, either of the Airframe Manufacturer or the Engine Manufacturer is in default of its obligations thereunder. 
 (x) Neither Borrower nor any Person authorized to act on its behalf has directly or indirectly offered any beneficial interest or Security
relating to the ownership of any interest in the Collateral, or any of the Loan Certificates or any other interest in or security under the Security Agreement or any other interest in or security under such Collateral, for sale to, or solicited any
offer to acquire any such interest or security from, or has sold any such interest or security to, any Person in violation of the Securities Act. 
 (xi) Borrower holds all licenses, permits and franchises from the appropriate Government Entities necessary to authorize Borrower to engage in air transportation and to carry on scheduled commercial passenger service
as currently conducted, except where the failure to hold any such license, permit, or franchise would not give rise to a Materially Adverse Change to Borrower. 
 (xii) Borrower is not an “investment company” or a company controlled by an “investment company” within the meaning of
the Investment Company Act of 1940. 
 (xiii) No Person acting on behalf of Borrower is or will be entitled to any
broker’s fee, commission, or finder’s fee in connection with the transactions contemplated by this Agreement, other than Borrower’s Advisor. 
 (xiv) Borrower will not directly or indirectly use any of the proceeds from the issuance of the Loan Certificates so as to result in a violation of Regulation T, U or X of the Board of Governors of the Federal Reserve
System. 
 (xv) None of the Reserved Provisions adversely affect in any material respect the rights assigned to Security Agent
pursuant to the Security Agreement. 
 (xvi) The purchase price allowance granted by Engine Manufacturer to Borrower pursuant
to the GTA is not assignable by Borrower to any third party and does not appear in any purchase price invoice prepared by Airframe Manufacturer for Boeing model 737 aircraft purchased by Borrower pursuant to the Purchase Agreement. 
  

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 (b) Lenders’ Representations and Warranties. Each Lender represents and warrants to each
other Lender, Borrower and Security Agent on the date hereof and on each Borrowing Date: 
 (i) This Agreement has been duly
authorized, executed, and delivered by it and this Agreement constitutes its legal, valid, and binding obligation enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, and other
similar Laws affecting the rights of creditors generally or general principles of equity. 
 (ii) No Person acting on behalf
of it is or will be entitled to any broker’s fee, commission, or finder’s fee in connection with the transactions contemplated by this Agreement. 
 (iii) No portion of the funds it uses to purchase, acquire and hold the Loan Certificates or interest directly or indirectly constitutes, or may be deemed under the Code or ERISA or any rulings, regulations, or court
decisions thereunder to constitute, the assets of any Plan. 
 (c) Security Agent’s Representations and Warranties. The Security
Agent represents and warrants to Borrower and the Lenders on the date hereof and on each Borrowing Date: 
 (i) Security Agent
is a validly existing and in good standing under the Laws of Germany and has banking and trust authority to execute and deliver, and perform its obligations under, each of the Operative Agreements to which it is or will be a party. 
 (ii) Each of the Operative Agreements to which Security Agent is or will be a party have been duly authorized, executed, and delivered by
Security Agent and the Operative Agreements to which Security Agent is or will be a party constitute, legal, valid, and binding obligations of Security Agent enforceable against Security Agent in accordance with their terms, except as such
enforceability may be limited by bankruptcy, insolvency, or other similar Laws affecting the rights of creditors generally or by general principles of equity. 
 (iii) No Liens will be attributable to Security Agent in respect of all or any part of the Collateral (other than Liens created by the
Operative Agreements). 
 (iv) Neither Security Agent nor any Person authorized to act on its behalf has directly or
indirectly offered any beneficial interest or Security relating to the Collateral or any of the Loan Certificates or any other interest in or security under the Collateral for sale to, or solicited any offer to acquire any such interest or security
from, or has sold any such interest or security to, any Person. 
  

	6.	COVENANTS OF BORROWER. 

 (a) Liens. Borrower will not directly or indirectly create, incur, assume, or suffer to exist any Lien on or with respect to the Collateral, title thereto, or any interest of Borrower therein, except Permitted
Liens. Borrower shall promptly, at its own expense, take such action as may be necessary duly to discharge (by bonding or otherwise) any such Lien other than a Permitted Lien arising at any time. 
  

 12 

 (b) Except as otherwise permitted in the Security Agreement, Borrower shall not enter into any agreement
amending or supplementing the Purchase Agreement or the GTA in any manner that would adversely affect in any material respect the rights of the Security Agent or the Lenders. 
 (c) Borrower Merger. 
 (i) Borrower shall not convey all or substantially all of its assets in one or a series of related transactions or consolidate with or merge into any other Person under circumstances in which Borrower is not the surviving corporation,
unless, only in the case of a consolidation or merger: 
 (1) after giving effect to such consolidation or merger, such Person
is organized, existing, and in good standing under the Laws of the United States, any state of the United States, or the District of Columbia, and, upon consummation of such transaction, such Person will be a U.S. Air Carrier; and 
 (2) such Person (aa) executes, prior to or contemporaneously with the consummation of such transaction, such agreements, if any, as are in
the reasonable opinion of Security Agent necessary to evidence the assumption by such Person of liability for all of the obligations of the Borrower under the Security Agreement and the other Operative Documents, (bb) make such recordings and
filings, and take such other action with respect to the Operative Documents, as shall be necessary in the reasonable opinion of Security Agent to protect its security interest in the Collateral and obtain all consents of Airframe Manufacturer and
the Engine Manufacturer to the extent necessary; and (cc) cause to be delivered to Security Agent and the Lenders such legal opinions as any of them may reasonably request in connection with the matters specified in the preceding clauses (aa)
and (bb). 
 (ii) Upon any such consolidation or merger of Borrower with any Person in accordance with this Section 6(b),
such Person will succeed to, and be substituted for, and may exercise every right and power of, Borrower under the Operative Agreements with the same effect as if such Person had been named as “Borrower” therein. 
 (iii) In connection with any such consolidation or merger of Borrower with any Person in accordance with this Section 6(b), Borrower
shall provide such information regarding any such consolidation or merger as the Security Agent shall reasonably request; provided, Borrower shall not be obligated to provide any information regarding any such consolidation or merger for which
Borrower is precluded by an existing contract or law from disclosing to the Security Agent, the Lenders or any third party not directly associated with any such consolidation or merger or any information that is deemed by Borrower at such time to be
material non-public information. Borrower, Security Agent and the Lenders agree that it shall be reasonable for the Security Agent to request information which is similar in all material respects to such information as has been provided by Borrower
to the Security Agent prior to the Effective Date; provided, such information is already in existence. 
  

 13 

 (d) Corporate Existence, U.S. Air Carrier. Borrower shall at all times maintain its corporate
existence, except as permitted by Section 6(c), and shall at all times remain a U.S. Air Carrier. 
 (e) Notice of Change of
Location. Borrower will give to Security Agent timely written notice (but in any event at least thirty (30) days before the expiration of the period of time specified under applicable Law to prevent lapse of perfection) of any change of its
jurisdiction of organization (as defined in UCC Article 9), and will promptly take any action required by Section 6(f)(2) as a result of such relocation. 
 (f) Certain Assurances. With respect to the Collateral: 
 (1) Borrower shall duly
execute, acknowledge, and deliver (or cause to be executed, acknowledged, and delivered) all such further documents, and shall do and cause to be done such further things, as Security Agent reasonably requests to accomplish the purposes of the
Operative Agreements, provided that any document so executed by Borrower will not expand any obligations or limit any rights of Borrower in respect of any of the Operative Agreements. 
 (2) Borrower will cause the Financing Statements and all continuation statements (and any amendments necessitated by any combination,
consolidation, or merger of Borrower, or any relocation of its jurisdiction of organization) in respect of the Financing Statements to be prepared and duly and timely filed and recorded to the extent permitted under the UCC or similar Law of any
applicable jurisdiction. 
 (3) Borrower shall pay all reasonable costs and expenses (including costs and disbursements of
counsel) incurred by Security Agent, Paying Agent and the Lenders after the date hereof in connection with (A) any supplements or amendments of the Operative Agreements (including, without limitation, any related recording costs) (other than
with respect to any supplement or amendment requested pursuant to Section 6(f)(1) above), (B) any Default, (C) any successful enforcement or collection proceedings resulting therefrom or in connection with the negotiation of any
restructuring or “work-out” (whether or not consummated), or (D) the successful enforcement of this Section 6. 
 (4) Provided that Security Agent is then exercising significant remedies (including, for the avoidance of doubt, acceleration pursuant to Section 4.1 of the Security Agreement) following the occurrence and during the continuation of an
Event of Default, the Borrower hereby agrees that Security Agent may take actions necessary, and that, upon the written request of Security Agent, Borrower will take actions necessary to be taken by the Borrower, to establish Security Agent’s
rights (and the priority thereof) in and to the Aircraft as granted to Security Agent under the Operative Agreement to the extent possible or feasible prior to delivery (or when manufacturer’s serial numbers are available in respect of the
Airframe and the Engines and the Aircraft are anticipated as being delivered and there is a possibility that such equipment may be delivered by Airframe Manufacturer before the Lenders are repaid the Drawings in respect of such Aircraft), including
by making or authorizing filings in respect of one or more of prospective international interests, international interests or associated rights with the 

  

 14 

 
International Registry. If Borrower shall thereafter repay the Drawings in respect of any such Aircraft or Section 4.2 of the Security Agreement shall
become applicable, Security Agent agrees to take actions requested by Borrower as may be necessary to discharge from the International Registry any prospective international interest, international interests or associated rights as may have been
made or filed pursuant to the preceding sentence in respect of such Aircraft. 
 (5) Borrower agrees not to make or authorize
filings of any prospective international interests, international interests or associated rights with the International Registry in respect of an Aircraft prior to repaying the Drawings related to such Aircraft, unless Borrower has secured
commitment(s) for the funding of the purchase by Borrower of such Aircraft from the Airframe Manufacturer, which are sufficient to repay in full the Drawings that are outstanding in respect of such Aircraft, and such filings are being made in
relation to such commitment(s); provided, that Borrower may not make or authorize any such filings if the Security Agent is then exercising significant remedies (including, for the avoidance of doubt, acceleration pursuant to Section 4.1 of the
Security Agreement) following the occurrence and during the continuation of an Event of Default. 
 (6) For purposes of
Section 6(f)(5) & (6) above, the following terms have the meanings described below: 
 “associated
rights” is defined in the Cape Town Convention. 
 “Cape Town Convention” means the English
language version of the Convention on International Interests in Mobile Equipment (the “Convention”) and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (the
“Protocol”), both signed in Cape Town, South Africa on November 16, 2001, together with any protocols, regulations, rules, orders, agreements, instruments, amendments, supplements, revisions or otherwise that have or will be
subsequently made in connection with the Convention and/or the Protocol by the “Supervisory Authority” (as defined in the Protocol), the “International Registry” or “Registrar” (as defined in the Convention) or an
appropriate “registry authority” (as defined in the Protocol) or any other international or national body or authority. 
 “international interest” is defined in the Cape Town Convention. 
 “International
Registry” is defined in the Cape Town Convention. 
 “prospective international interest” is
defined in the Cape Town Convention. 
 (g) Securities Laws. Neither Borrower nor any Person authorized to act on its behalf will
directly or indirectly offer any beneficial interest or Security relating to the ownership of any interest in the Collateral or any of the Loan Certificates, for sale to, or solicit any offer to acquire any such interest or security from, or sell
any such interest or security to, any Person in violation of the Securities Act or applicable state or foreign securities Laws. 
  

 15 

 (h) Purchase Agreements. Borrower shall: 
 (1) duly perform all of its obligations under each of the Purchase Agreement and the GTA to the extent relating to the Aircraft against
which Drawings are outstanding and take all actions necessary to keep the Purchase Agreement and the GTA to the extent relating to the Aircraft against which Drawings are outstanding in full force and effect; 
 (2) immediately notify Security Agent of any material default by Borrower or any material default of which Borrower has notice by Airframe
Manufacturer or Engine Manufacturer under, or of any cancellation, termination or rescission or purported cancellation, termination or rescission of either the Purchase Agreement or the GTA to the extent relating to the Aircraft against which
Drawings are outstanding; 
 (3) immediately notify Security Agent of any Excusable Delay (as defined in the Purchase
Agreement) or non-Excusable Delay under the Purchase Agreement to the extent such delay relates to the Aircraft; 
 (4) not in
any way modify, cancel, terminate or amend either the Purchase Agreement or the GTA in respect of the Aircraft against which Drawings are outstanding, except as expressly permitted by the Security Agreement or this Agreement; 
 (5) not accept delivery of any Aircraft from the Airframe Manufacturer before repaying to the Lenders all amounts owing in respect of the
Drawings relating to that Aircraft. 
  

	7.	LENDER COVENANTS. 

 (a) Withholding Taxes. Each Lender agrees that if it is a Non-U.S. Person, to reimburse (on an After-Tax Basis) to Borrower or Paying Agent, as applicable for any amounts paid (including pursuant to obligations under any of the
Operative Agreements) with respect to any United States withholding Taxes (and related interest, penalties, and additions to tax) as a result of any false, inaccurate or untrue statement in any certificate or form provided by it to Borrower or
Paying Agent pursuant to Section 2.3 of the Security Agreement in connection with such withholding Taxes. Any amount payable under this Section 7(a) shall be paid within thirty (30) days after such Lender receives a written demand
therefor (which shall state in reasonable detail the basis for and calculation of such claim). 
 (b) Compliance. Each Lender agrees
that obligations and agreements under the Security Agreement and the Paying Agent Agreement which are specified to be obligations and agreements of the Lenders will apply as if it were a party to the Security Agreement and the Paying Agent
Agreement. 
 (c) Consents. Each Lender hereby and by acceptance of a Loan Certificate covenants and agrees, for Borrower’s
benefit, that it shall not unreasonably withhold, delay or condition any consent, waiver, approval or other action requested of it under the terms of this Agreement or any of the other Operative Agreements which by its terms are not to be
unreasonably withheld, delayed or conditioned. 
  

 16 

	8.	SECURITY AGENT’S COVENANTS 

 (a) Liens. Security Agent (a) will not directly or indirectly create, incur, assume, or suffer to exist any Lien attributable to it on or with
respect to all or any part of the Collateral (other than Liens created by the Operative Agreements), (b) will, at its own cost and expense, promptly take such action as is necessary to discharge any such Lien attributable to Security Agent on
all or any part of the Collateral, and (c) will personally hold harmless and indemnify Borrower and its Affiliates, successors, and permitted assigns, and the Collateral from and against (1) any and all Expenses, and (2) any
interference with the possession, operation, or other use of all or any part of the Collateral, imposed on, incurred by, or asserted against any of the foregoing as a consequence of any such Lien. 
 (b) Securities Laws. Security Agent will not offer any beneficial interest or security relating to the ownership of any interest in the Collateral
or any of the Loan Certificates for sale to, or solicit any offer to acquire any such interest or security from, or sell any such interest or security to, any Person in violation of the Securities Act or applicable state or foreign securities Laws.

 (c) Performance of Agreements. Security Agent shall perform its obligations under the Operative Agreements in accordance with their
terms. 
  

	9.	ASSIGNMENT OR TRANSFER OF INTEREST 

 (a) Lenders. 
 (i)
Transfer. Subject to Sections 2(b), 9(a)(ii) and 9(a)(iii) of this Agreement and Section 2.7 of the Security Agreement, any Lender may, at any time, Transfer or grant participations in all or any portion of its Commitment, Loan
Certificates or all or any portion of its interest in or represented by its Commitment or Loan Certificates to a Transferee; provided, that any participant in any such participations shall not have any direct rights under the Operative Agreements or
any Lien on all or any part of any of the Collateral; further provided, that (1) no such Transfer or participation shall diminish Borrower’s rights or increase Borrower’s liability or obligations or the amounts thereof (including with
respect to withholding Taxes) (each measured immediately prior to such Transfer or participation) above that which would result had any such Transfer or participation not occurred (except to the extent resulting from a change in Law after the date
of such Transfer or participation) and (2) after giving effect to any such Transfer, there shall be no more than four (4) Lenders (inclusive of HVB) at any time. Notwithstanding any provisions of the Operative Agreements to the contrary,
no Lender shall be entitled to Transfer or grant participations to any Person in all or any portion of its Commitment, Loan Certificates or all or any portion of its beneficial interest in its Commitment or Loan Certificates, unless such Transfer or
participation is in respect of a Commitment amount or an unpaid principal amount that is greater than or equal to Five Million Dollars (US$5,000,000) or if less, the outstanding principal amount of such Loan Certificates or the outstanding amount of
such Lender’s Commitment, as the case may be. In the case of any Transfer, the Transferee, by execution and delivery of a Transfer Certificate in connection with such Transfer, shall be bound by all of the covenants of the transferring Lender
in the Operative Agreements. 
  

 17 

 (ii) Securities Law. Each Lender agrees that it will not Transfer any
portion of its Commitment, any Loan Certificate which it holds or any interest in, or represented by, any Loan Certificate which it holds in violation of the Securities Act or any applicable state, federal or foreign securities Law. 
 (iii) ERISA. Each Lender agrees that it will not Transfer any Loan Certificate which it holds or any interest in, or represented
by, any Loan Certificate which it holds unless the proposed Transferee thereof first provides Borrower with the following: 
 (1) a written representation and covenant that no portion of the funds it uses to purchase and acquire such Loan Certificate or interest directly or indirectly constitutes, or may be deemed under the Code or ERISA or any rulings,
regulations, or court decisions thereunder to constitute, the assets of any Plan; and 
 (2) a written covenant that it will
not Transfer its Loan Certificate or any interest in, or represented by, any Loan Certificate unless the subsequent Transferee also makes the representation described in clause (1) of this Section 9(a)(iii) and agrees to comply with this
clause (2). 
 (b) Transfer at Request of Borrower. In the event that Indemnified Withholding Taxes become payable by Borrower
pursuant to Section 10(c)(i) hereof with respect to payments by Borrower to a Lender under a Loan Certificate or pursuant to any Operative Agreement and the elimination or sufficient reduction of such Indemnified Withholding Taxes pursuant to a
transfer described in the last sentence of such Section 10(c)(i) is not accomplished, such Lender shall, upon the written request of Borrower, sell the affected Loan Certificate to a Person to which payments under the Loan Certificate would not
be subject to withholding Taxes under then applicable Law for an amount which, together with any supplemental payment by Borrower in connection with such sale, shall be equal to the par value of such affected Loan Certificate plus accrued but unpaid
interest thereon plus any Breakage Amount. Out-of-pocket costs and expenses, if any, (including reasonable fees and disbursements of counsel) reasonably incurred by a Lender and Security Agent in connection with any such transfer shall be for the
account of Borrower. 
 (c) Effect of Transfer; Costs. Upon any Transfer in accordance with Section 9(a) (other than any Transfer
by any Lender to the extent it only grants participations in Loan Certificates it holds or in its interest therein or represented thereby), the Transferee shall be deemed a “Lender” for all purposes of the Operative Agreements, and the
transferring Lender shall be released from all of its liabilities and obligations with respect to such transferred Loan Certificate under the Operative Agreements to the extent such liabilities and obligations arise after such Transfer and, in each
case, to the extent such liabilities and obligations are assumed by the Transferee; provided, that such transferring Lender (and its Affiliates, successors, assigns, agents, representatives, directors, and officers) will continue to have the benefit
of any rights or indemnities under any Operative Agreement vested or relating to circumstances, conditions, acts, or events before such Transfer. The transferring Lender agrees that it shall reimburse, or shall cause the Transferee to reimburse,
Borrower and Security Agent for all of their reasonable out-of-pocket costs and expenses (including reasonable fees and disbursements of counsel) incurred in connection with any such Transfer. 
  

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	10.	INDEMNITIES 

 (a) General
Indemnity. 
 (i) Whether or not any of the transactions contemplated by this Agreement are consummated, Borrower shall
indemnify, protect, defend, and hold harmless each Indemnitee from, against, and in respect of, and shall pay on an After-Tax Basis, any and all Expenses of any kind or nature whatsoever that may be imposed on, incurred or suffered by, or asserted
against any Indemnitee, relating to, resulting from, or arising out of or in connection with any one or more of the following: 
 (1) the Operative Agreements or the enforcement of any of the terms of any of the Operative Agreements; 
 (2) (aa)
any claim or penalty arising out of violations of applicable Laws by Borrower, and (bb) any Liens in respect of the Collateral; 
 (3) following delivery thereof, the Aircraft, the Airframe, any Engine or any part thereof, including with respect thereto, (aa) the manufacture, design, purchase, acceptance, nonacceptance, rejection, ownership, registration,
reregistration, deregistration, delivery, nondelivery, lease, sublease, assignment, possession, use, non-use, operation, maintenance, testing, repair, overhaul, condition, alteration, modification, addition, improvement, storage, airworthiness,
replacement, repair, sale, substitution, return, abandonment, redelivery, transfer of title or other disposition of the Aircraft, any Engine or any part thereof, (bb) tort liability, whether or not arising out of the negligence of any Indemnitee
(whether active, passive or imputed), (cc) death or property damage of passengers, shippers, or others or (dd) environmental control, noise, or pollution; and 
 (4) any breach of or failure to perform or observe, or any other noncompliance with, any covenant, agreement, or other obligation to be
performed by Borrower under any Operative Agreement to which it is party or the falsity of any representation or warranty of Borrower in any Operative Agreement to which it is party. 
 (ii) Notwithstanding anything in Section 10(a)(i), Borrower shall not be required to indemnify, protect, defend, and hold harmless
any Indemnitee pursuant to Section 10(a)(i) against any Expense of such Indemnitee: 
 (1) for any Taxes or a loss of Tax
benefit, whether or not Borrower is required to indemnify therefor pursuant to Section 10(c); 
 (2) to the extent
attributable to any Transfer (voluntary or involuntary) by or on behalf of such Indemnitee of any Loan Certificate or interest therein, except for reasonable out-of-pocket costs and expenses incurred as a result of any such Transfer requested in
writing by Borrower or made or effected pursuant to the exercise of remedies under any Operative Agreement; 
  

 19 

 (3) to the extent attributable to the gross negligence or willful misconduct of such
Indemnitee or any “Related Indemnitee” (as defined at the end of this Section 10(a)(ii)) (other than gross negligence or willful misconduct imputed to such Person solely by reason of its interest in the Collateral or any Operative
Agreement); 
 (4) to the extent attributable to the incorrectness or breach of any representation or warranty, of such
Indemnitee or any Related Indemnitee, contained in or made pursuant to any Operative Agreement; 
 (5) to the extent
attributable to the failure, by such Indemnitee or any Related Indemnitee, to perform or observe any agreement, covenant, or condition on its part to be performed or observed in any Operative Agreement; 
 (6) to the extent attributable to the offer or sale, by such Indemnitee or any Related Indemnitee, of any interest in its Commitments, the
Loan Certificates, or any similar interest, in violation of the Securities Act or other applicable federal, state, or foreign securities Laws (other than any thereof caused by acts or omissions of Borrower); 
 (7) with respect to Paying Agent’s failure to distribute funds received and distributable by it in accordance with the Paying Agent
Agreement; 
 (8) other than during the existence of an Event of Default, to the extent attributable to the authorization or
giving or withholding of any future amendments, supplements, waivers, or consents with respect to any Operative Agreement, other than any requested by Borrower or required by or made pursuant to the terms of the Operative Agreements (unless such
requirement results from the actions of an Indemnitee not required by or made pursuant to the Operative Agreements); 
 (9) to
the extent attributable to any amount which any Indemnitee expressly agrees to pay (other than amounts required to be paid by such Indemnitee in connection with the enforcement of its rights and remedies hereunder and under any Operative Agreement)
or such Indemnitee expressly agrees shall not be paid by or be reimbursed by Borrower; 
 (10) to the extent that it is an
ordinary and usual operating or overhead expense; 
 (11) for any Lien attributable to such Indemnitee or any Related
Indemnitee that Borrower is not obligated to discharge under the Operative Agreements; 
  

 20 

 (12) if another provision of an Operative Agreement specifies the extent of
Borrower’s responsibility or obligation to such Indemnitee with respect to such Expense, to the extent of Borrower’s specified responsibility or obligation; or 
 (13) to the extent incurred by or asserted against an Indemnitee as a result of any “prohibited transaction” caused by it,
within the meaning of ERISA § 406 or Code § 4975(c)(1). 
 For purposes of this Section 10(a), a Person shall be considered a
“Related Indemnitee” of an Indemnitee if that Person is an Affiliate or employer of such Indemnitee, a director, officer, employee, agent, or servant of such Indemnitee or any such Affiliate, or a successor or permitted assign of any of
the foregoing (other than pursuant to a Transfer). For the avoidance of doubt, no Transferee of a Loan Certificate shall be entitled under this Section 10(a) to be indemnified, protected, defended or held harmless against any Expense to the
extent that any prior holder of such Loan Certificate would not have been entitled to such rights and protections at the time of its transfer. 
 (iii) The provisions of this Section 10(a) constitute a separate agreement with respect to each Indemnitee, and is enforceable directly by each such Indemnitee. 
 (iv) If an Indemnitee makes a claim for any Expense indemnifiable under this Section 10(a), such Indemnitee shall give prompt written
notice thereof to Borrower. Notwithstanding the foregoing, any Indemnitee’s failure to notify Borrower as provided in this Section 10(a)(iv), or in Section 10(a)(v), shall not release Borrower from any of its obligations to indemnify
such Indemnitee hereunder, except to the extent that such failure results in an additional Expense to Borrower (in which event Borrower shall not be responsible for such additional Expense) or materially impairs Borrower’s ability to contest
such claim. 
 (v) 
 (1) If any action, suit, or proceeding for which Borrower is responsible under this Section 10(a) is brought against any Indemnitee, such Indemnitee shall notify Borrower of the commencement thereof, and Borrower
may, at its expense, participate in and, to the extent that it so desires (subject to the provisions of the following paragraph), assume and control the defense thereof and, subject to Section 10(a)(v)(3), settle or compromise it. 

(2) Borrower or its insurer(s) shall have the right, at its or their expense, to investigate and control the defense of, any action,
suit, or proceeding, relating to any Expense for which indemnification is sought pursuant to this Section 10(a), and each Indemnitee shall cooperate reasonably and in good faith with Borrower or its insurer(s) with respect thereto; provided,
that Borrower shall not be entitled to control the defense of any such action, suit, or proceeding, or to compromise any such Expense, (a) while any Event of Default exists, (b) if such proceedings will involve a material risk of the sale,
forfeiture, or loss of, or the creation of any Lien (other than Permitted Lien) on the Collateral, unless 

  

 21 

 
Borrower shall have posted a bond or other security or collateral reasonably satisfactory to Security Agent in respect to such risk, (c) if such
proceedings entail any material risk of criminal liability or material civil liability, (d) if such proceedings would adversely affect in any material respect the business reputation of such Indemnitee or (e) if control by Borrower would
be inappropriate due to a conflict of interest. In connection with any such Borrower-controlled action, suit, or proceeding, such Indemnitee shall have the right to participate therein, at its sole cost and expense, with counsel reasonably
satisfactory to Borrower, provided that such Indemnitee’s participation does not, in the reasonable opinion of the independent counsel appointed by Borrower or its insurers to conduct such proceedings, interfere with the defense of such case.
In connection with any Indemnitee-controlled action, suit, or proceeding, Borrower or its insurers shall have the right to participate therein, at its or their sole cost and expense, with counsel reasonably satisfactory to any such Indemnitee,
provided that Borrower’s or its insurers’ participation does not, in the reasonable opinion of the independent counsel appointed by any such Indemnitee to conduct such suit or proceedings, materially interfere with the defense of such
case. 
 (3) In no event shall any Indemnitee enter into a settlement or other compromise with respect to any Expense without
Borrower’s prior written consent (which 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(a). 
 (4) To the extent that any Expense indemnified by Borrower hereunder may be covered by insurance maintained by Borrower, at
Borrower’s expense, each Indemnitee agrees to cooperate with the insurers in the exercise of their rights to investigate, defend, or compromise such Expense as may be required to retain the benefits of such insurance with respect to such
Expense. 
 (5) If an Indemnitee is not a party to this Agreement, Borrower may require such Indemnitee to agree in writing to
the terms of this Section 10(a) and Section 12 before making any payment to such Indemnitee under this Section 10. 
 (6) Nothing in this Section 10(a)(v) shall require an Indemnitee to contest any Expense or to assume responsibility for or control of any judicial proceeding with respect thereto. 
 (vi) Borrower will promptly provide the relevant Indemnitee with such information not within the control of such Indemnitee (but in
Borrower’s control or reasonably available to Borrower) which such Indemnitee reasonably requests, and will otherwise cooperate with such Indemnitee so as to enable such Indemnitee to fulfill its obligations under Section 10(a)(v). The
Indemnitee shall promptly supply Borrower with such information not within the control of Borrower (but in such Indemnitee’s control or reasonably available to such Indemnitee) which Borrower reasonably requests to control or participate in any
proceeding to the extent permitted by Section 10(a)(v). 
  

 22 

 (vii) Upon payment in full by or on behalf of Borrower of any indemnity provided for
under this Agreement, Borrower, without any further action and to the full extent permitted by Law, will be subrogated to all rights and remedies of the Person indemnified (other than with respect to any of such Indemnitee’s insurance policies
or in connection with any indemnity claim of such Indemnitee under Section 11(d)) in respect of the matter as to which such indemnity was paid. Each Indemnitee will give such further assurances or agreements and cooperate with Borrower to
permit Borrower to pursue such claims, to the extent reasonably requested by Borrower and at Borrower’s expense. 
 (viii) If an Indemnitee receives any refund, in whole or in part, with respect to any Expense paid by Borrower hereunder, that Indemnitee will promptly pay such amount refunded (but not an amount in excess of the amount Borrower or any of
its insurers has paid in respect of such Expense) over to Borrower, unless a Special Default or Event of Default exists, in which case such amount shall be paid over to Security Agent to hold as security for Borrower’s obligations under the
relevant Operative Agreements or, if requested by Borrower, applied to satisfy those obligations. 
 (b) Expenses. Borrower shall pay
all reasonable out-of-pocket costs and expenses (including the reasonable fees and disbursements of counsel) incurred by Security Agent, Paying Agent or the Lenders in connection with any waiver, consent or approval or amendment or modification of
any Operative Agreement to the extent requested by Borrower. Each Lender agrees that it shall reimburse Borrower, Paying Agent and Security Agent for all reasonable out-of-pocket costs and expenses (including the reasonable fees and disbursements of
counsel) incurred by Borrower, Paying Agent and Security Agent in connection with any waiver, consent or approval or amendment or modification of any Operative Agreement requested by it or Security Agent, unless such amendment or modification is
requested pursuant to Section 6(f)(1) hereof or requested in connection with the existence of a Default. 
 (c) General Tax
Indemnity. 
 (i) Withholding Taxes. Except as provided in Section 10(c)(i), Borrower agrees that each payment
paid by Borrower or Paying Agent under the Loan Certificates, and any other payment or indemnity paid by Borrower or Paying Agent to or for the benefit of a Lender under any Operative Agreement, shall be free of all withholdings or deductions with
respect to Taxes of any nature unless the withholding or deduction is required by applicable Law, and if Borrower or Paying Agent is required by applicable Law to make any such withholding or deduction for any such payment, (1) Borrower shall
(or cause Paying Agent on its behalf to) make all such withholdings or deductions, (2) if and to the extent that all or any portion of the required withholdings or deductions constitutes Indemnified Withholding Taxes, the amount payable by
Borrower shall be increased by Borrower so that, after Paying Agent makes all required withholdings or deductions, such Lender receives the same amount that it would have received had no such withholdings or deductions with respect to such
Indemnified Withholding Taxes been made, with the amount payable by Borrower with respect to such Indemnified Withholding Taxes being calculated on an After-Tax Basis, and (3) Borrower shall (or cause Paying Agent on its behalf to) pay the full
amount withheld or deducted to the 

  

 23 

 
relevant Taxing Authority in accordance with applicable Law. The term “Indemnified Withholding Taxes” shall mean, with respect to any Loan
Certificate or other payment or indemnity paid by Borrower or Paying Agent to or for the benefit of a Lender under any Operative Agreement, withholding taxes imposed by the U.S. Government, but only to the extent that, as a result of a change in law
or regulation or interpretation thereof or a change in a tax treaty to which the United States is a party, in each case that occurs after the later of (x) the Borrowing Date applicable to such Loan Certificates and (y) the date the Lender
owning such Loan Certificates became a Lender, such withholding taxes become applicable with respect to a payment by Borrower or Paying Agent to or for the benefit of the Lender (if none had previously been imposed or required) or the rate
applicable to a previously imposed or required withholding tax is increased; provided that, if the particular Lender is based in a jurisdiction other than an Accepted Jurisdiction, the amount of Indemnified Withholding Taxes shall not exceed the
amount of Indemnified Withholding Taxes that would be applicable if the Lender were based in an Accepted Jurisdiction or other jurisdiction to which such Loan Certificates have been transferred solely pursuant to this Section 10(c)(i). In the
event that Indemnified Withholding Taxes become payable by Borrower as provided above, the Lender will, if possible and without any adverse consequences, transfer the Loan Certificates to another jurisdiction that is mutually acceptable to Borrower
and such Lender so that either (1) no such Indemnified Withholding Taxes would be applicable to subsequent payments to or for the benefit of such Lender following such transfer (taking into account the provisions of Treas. Reg. § 1.881-3
and the limitation on benefits provisions of any applicable tax treaty) or (2) the rate of the Indemnified Withholding Taxes applicable to subsequent payments to such Lender following such transfer (taking into account the provisions of Treas.
Reg. § 1.881-3 and the limitation on benefits provisions of any applicable tax treaty) would not exceed the rate of the Indemnified Withholding Taxes applicable to payments to such Lender prior to such transfer and the applicable change in law
or regulation or the interpretation thereof or change in tax treaty. Notwithstanding the foregoing, the Borrower will not be required to gross up for any U.S. Withholding Tax or deduction imposed or required as a result of Lender’s failure to
comply with Section 10(c)(viii). 
 (ii) General Tax Indemnity. Except as provided in Section 10(c)(iii) and
whether or not any of the transactions contemplated hereby are consummated, Borrower shall pay, indemnify, protect, defend, and hold harmless each Tax Indemnitee from all Taxes imposed by any Taxing Authority imposed on or asserted against any Tax
Indemnitee or the Collateral, or any interest in any of the foregoing (whether or not indemnified against by any other Person), upon or with respect to the Operative Agreements or the transactions or payments contemplated thereby, including any Tax
imposed upon or with respect to (w) any Operative Agreement (including any Loan Certificates), (x) following delivery thereof, the Aircraft, the Airframe, any Engine, any part, any data, or any other thing delivered or to be delivered
therewith, (y) following delivery thereof, the purchase, manufacture, acceptance, rejection, sale, transfer of title, return, ownership, mortgaging, delivery, transport, charter, rental, lease, re-lease, sublease, assignment, possession,
repossession, presence, use, condition, storage, preparation, maintenance, modification, alteration, improvement, operation, registration, transfer or change of registration, reregistration, repair, replacement, overhaul, location, 

  

 24 

 
control, imposition of any Lien, financing, refinancing requested by Borrower, abandonment, or other disposition of the Aircraft, the Airframe, any Engine,
any part, any data, or any other thing delivered therewith or (z) interest, fees, or other income, proceeds, receipts, or earnings, whether actual or deemed, arising upon, in connection with, or in respect of any of the Operative Agreements
(including the property or income or other proceeds with respect to property held as part of the Collateral) or the transactions contemplated thereby. 
 (iii) Certain Exceptions. The provisions of Sections 10(c)(i) and 10(c)(ii) shall not apply to, and Borrower shall have no liability hereunder for, Taxes: 
 (1) imposed on a Tax Indemnitee by the federal government of the United States or any Taxing Authority or governmental subdivision of the
United States or therein (including any state or local Taxing Authority) (aa) on, based on, or measured by gross or net income or gross or net receipts, including capital gains taxes, excess profits taxes, minimum taxes from tax preferences,
alternative minimum taxes, branch profits taxes, accumulated earnings taxes, personal holding company taxes, succession taxes and estate taxes, and any withholding taxes on, based on, or measured by gross or net income or receipts, or (bb) on, or
with respect to, or measured by capital or net worth or in the nature of a franchise tax or a tax for the privilege of doing business (other than Indemnified Withholding Taxes, sales, use, rental, stamp, documentary, license, or property Taxes and
value added Taxes (that are not imposed in direct substitution for an income Tax)); 
 (2) imposed on a Tax Indemnitee by any
Taxing Authority or governmental subdivision thereof or therein outside of the United States (including any Taxing Authority in or of a territory, possession or commonwealth of the United States) (aa) on, based on, or measured by gross or net income
or gross or net receipts, including capital gains taxes, excess profits taxes, minimum taxes from tax preferences, alternative minimum taxes, branch profits taxes, accumulated earnings taxes, personal holding company taxes, succession taxes and
estate taxes, and any withholding taxes on, based on, or measured by gross or net income or receipts, or (bb) on, or with respect to, or measured by capital or net worth or in the nature of a franchise tax or a tax for the privilege of doing
business (other than, in the case of clause (aa) or (bb), (y) sales, use, rental, stamp, documentary, license, or property Taxes and value added Taxes (that are not imposed in direct substitution for an income Tax), or (z) any Taxes
imposed by any Taxing Authority (other than a Taxing Authority within whose jurisdiction such Tax Indemnitee is incorporated or organized or maintains its principal place of business) if such Tax Indemnitee would not have been subject to Taxes of
such type by such jurisdiction but for (i) the activities of any Borrower Person in such jurisdiction, (ii) the status of any Borrower Person as a foreign entity or as an entity owned in whole or in part by foreign persons, (iii) any
Borrower Person having made (or having been deemed to have made) payments to or for the benefit of such Tax Indemnitee from the relevant jurisdiction, or (iv) any Borrower Person being incorporated or organized or maintaining a place of
business or conducting activities in such jurisdiction); 
  

 25 

 (3) on, with respect to, or measured by any trustee fees, commissions, or compensation
received by Security Agent; 
 (4) that are being contested as provided in Section 10(c)(iv) below; 
 (5) imposed on any Tax Indemnitee to the extent that such Taxes result from the gross negligence or willful misconduct of such Tax
Indemnitee or any Affiliate thereof; 
 (6) imposed on or with respect to a Tax Indemnitee (including a transferee thereof in
those cases in which the Tax on transfer is imposed on, or is collected from, the transferee) as a result of a transfer or other disposition (including a deemed transfer or disposition) by such Tax Indemnitee or any of its Related Tax Indemnitees of
any or all of its interest in the Collateral, any interest arising under the Operative Agreements, or any Loan Certificate, or as a result of a transfer or disposition (including a deemed transfer or disposition) of any interest in a Tax Indemnitee
(other than (1) a substitution or replacement of the Collateral by a Borrower Person that is treated for Tax purposes as a transfer or disposition, or (2) a transfer requested by Borrower or required by the Operative Agreements or pursuant
to an exercise of remedies upon a then-existing Event of Default); 
 (7) in excess of those that would have been imposed had
there not been a transfer or other disposition excluded from indemnification by Section 10(c)(iii)(6) by or to such Tax Indemnitee or any of its Related Tax Indemnitees; 
 (8) consisting of any interest, penalties, or additions to Tax imposed on a Tax Indemnitee as a result (in whole or in part) of a failure
of such Tax Indemnitee or any of its Related Tax Indemnitees to properly and timely file any Tax return that it is required to file, unless such failure is caused by Borrower’s failure to fulfill its obligations (if any) under
Section 10(c)(vii) with respect to such Tax return; 
 (9) resulting from, or that would not have been imposed but for,
any Liens arising as a result of claims against, or acts or omissions of, or otherwise attributable to such Tax Indemnitee or any of its Related Tax Indemnitees that Borrower is not obligated to discharge under the Operative Agreements; 

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

 26 

 (11) in the nature of an intangible or similar Tax imposed upon or with respect to the
value or principal amount of the interest of a Lender in any Loan Certificate or the loan evidenced thereby, but only if such Taxes are in the nature of franchise Taxes or result from the conduct of business by such Tax Indemnitee in the taxing
jurisdiction and, in each case, are imposed because of the place of incorporation or the activities unrelated to the Transactions in the taxing jurisdiction of such Tax Indemnitee; 
 (12) imposed on a Tax Indemnitee by a Taxing Authority of a jurisdiction outside the United States, to the extent that such Taxes result
from a connection between the Tax Indemnitee or any of its Related Tax Indemnitees and such jurisdiction imposing such Tax unrelated to the Transactions; or 
 (13) relating to ERISA or to Code § 4975. 
 For purposes of this Section 10(c), a Person shall be considered a “Related Tax Indemnitee” of a Tax Indemnitee if that Person is an Affiliate or employer of such Tax Indemnitee, a director, officer,
employee, agent or servant of such Tax Indemnitee or any such Affiliate, or a successor or permitted assign of any of the foregoing (other than pursuant to a Transfer). 
 (iv) Payment. 
 (1) Borrower’s indemnity obligation to a Tax Indemnitee under this Section 10(c) shall equal the amount which, after taking into account any Tax currently payable upon the receipt or accrual of the amounts payable under this
Section 10(c) and any current tax benefits realized by such Tax Indemnitee as a result of the indemnifiable Tax (including any benefits realized as a result of such Tax Indemnitee’s use of an indemnifiable Tax as a credit against Taxes not
indemnifiable under this Section 10(c)), shall equal the amount of the Tax indemnifiable under this Section 10(c). 
 (2) At Borrower’s written request, the computation of the amount of any indemnity payment owed by Borrower or any amount owed by a Tax Indemnitee to Borrower pursuant to this Section 10(c) shall be verified and certified by an
independent public accounting firm selected by such Tax Indemnitee and reasonably satisfactory to Borrower. Each Tax Indemnitee shall upon written request provide to such accounting firm such information in such Tax Indemnitee’s possession or
control as is reasonably necessary, for the performance of such verification (subject to the accounting firm’s execution and delivery of a confidentiality agreement in form and substance reasonably acceptable to the Tax Indemnitee). Such
verification shall be binding on Borrower and the Tax Indemnitee. The costs of such verification (including the fee of such public accounting firm) shall be borne by Borrower unless such verification results in an adjustment in Borrower’s favor
of 5% or more of the net present value of the payment as computed by such Tax Indemnitee, in which case the costs shall be paid by such Tax Indemnitee. 
  

 27 

 (3) Each Tax Indemnitee shall provide Borrower with such certifications, and such
information and documentation in such Tax Indemnitee’s possession or control, as Borrower reasonably requests in writing that are necessary to minimize any indemnity payment pursuant to this Section 10(c) and which such Tax Indemnitee can
provide without incurring material adverse consequences under applicable Law, and Borrower shall, on written request from such Tax Indemnitee, reimburse such Tax Indemnitee for its reasonable out-of-pocket expenses incurred in providing such
certifications, information and documentation to Borrower. If the Tax Indemnitee believes that providing to Borrower the certifications, information and documentation requested by Borrower would result in the incurrence of material adverse
consequences under applicable Law, the Tax Indemnitee shall notify Borrower of the basis of that belief and the Tax Indemnitee and Borrower shall promptly meet to discuss the matter and, if Borrower and the Tax Indemnitee are unable to agree whether
such material adverse consequences would result, shall appoint an independent accounting firm to resolve the issue on terms similar to those set forth in Section 10(c)(iv)(2) hereof (except that Borrower and the Tax Indemnitee shall share
equally the costs of such accounting firm). 
 (4) Each Tax Indemnitee shall promptly forward to Borrower any written notice,
bill, or advice that such Tax Indemnitee receives from any Taxing Authority concerning any Tax for which it seeks indemnification under this Section 10(c). Borrower shall pay any amount for which it is liable pursuant to this Section 10(c)
directly to the appropriate Taxing Authority if legally permissible, or, upon written demand of a Tax Indemnitee, to such Tax Indemnitee within 30 days of such demand (or, if a contest occurs in accordance with Section 10(c)(v), within 30 days
after a Final Determination (as defined below)), but in no event more than three Business Days before the related Tax is due. If requested by a Tax Indemnitee in writing, Borrower shall furnish at its expense to the appropriate Tax Indemnitee the
original or a certified copy of a receipt for Borrower’s payment of any Tax paid by Borrower (if such a receipt is reasonably obtainable from the applicable Taxing Authority), or such other evidence of payment of such Tax as is reasonably
acceptable to such Tax Indemnitee. Borrower shall also furnish at its expense promptly upon written request such data as any Tax Indemnitee reasonably requires to enable such Tax Indemnitee to comply with the requirements of any taxing jurisdiction;
provided that Borrower shall not be required to furnish such data if (x) such data are not within the possession or control of Borrower (unless Borrower is required to maintain such data pursuant to applicable Law) or (y) such data are not
customarily furnished by U.S. domestic air carriers under similar circumstances (unless such data are specifically requested by a Taxing Authority). For purposes of this Section 10(c), a “Final Determination” is (1) a decision,
judgment, decree, or other order by any court of competent jurisdiction that occurs pursuant to the provisions of Section 10(c)(v), which decision, judgment, decree, or other order has become final and unappealable, (2) a closing agreement
or settlement agreement entered into in accordance with Section 10(c)(v) that has become 

  

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binding and is not subject to further review or appeal (absent fraud, misrepresentation, etc.), or (3) the termination of administrative proceedings and
the expiration of the time for instituting a claim in a court proceeding; provided that, notwithstanding the foregoing, the positions taken by such Tax Indemnitee on its Tax returns and filings, dealing with Tax authorities and, subject to the
provisions of Section 10(c)(v) hereof, in any Tax proceedings shall be in the sole, good-faith discretion of such Tax Indemnitee and, subject to the provisions of Section 10(c)(iv)(2) hereof, no Person shall have the right to require
disclosure of the Tax returns or filings of such Tax Indemnitee, provided further that, in the case of any Tax credit or other Tax benefit that is limited in its availability, in the aggregate, to such Tax Indemnitee (and is not directly and fully
traceable to the Tax paid or indemnified by Borrower without such limitations), the allocation of such Tax credit or other Tax benefit shall be made in a manner consistent with the requirements of applicable Law, and if and to the extent such
allocation is not addressed by applicable Law, in proportion to other Tax credits or Tax benefits claimed by such Tax Indemnitee (taking into account any requirement of applicable Law concerning segregation or basketing of similar Tax credits or Tax
benefits), by multiplying the amount of such Tax credit or Tax benefit by the ratio of the Tax credit or Tax benefit realized by the Tax Indemnitee by reason of any Tax paid or indemnified by Borrower over the total of such available Tax credits or
Tax benefits for the Tax year at issue (taking into account any requirement of applicable Law concerning segregation or basketing of similar Tax credits or Tax benefits). 
 (5) If any Tax Indemnitee actually realizes a net tax savings by reason of any Tax paid or indemnified by Borrower pursuant to this
Section 10(c) (whether such tax savings arise by means of a foreign tax credit, depreciation or cost recovery deduction, or otherwise), and such net savings is not otherwise taken into account in computing such payment or indemnity, such Tax
Indemnitee shall pay to Borrower an amount equal to the lesser of (1) the amount of such net tax savings, plus any additional net tax savings recognized as the result of any payment made pursuant to this sentence, and (2) the amount of all
payments pursuant to this Section 10(c) by Borrower to such Tax Indemnitee (less any payments previously made by such Tax Indemnitee to Borrower pursuant to this Section 10(c)(iv)(5)) (and the excess, if any, of the amount described in
clause (1) over the amount described in clause (2) shall be carried forward and applied to reduce pro tanto any subsequent obligations of Borrower to make payments to such Tax Indemnitee pursuant to this Section 10(c)); provided, that
such Tax Indemnitee shall not be required to make any payment pursuant to this sentence so long as a Special Default or an Event of Default exists. If a tax benefit is later disallowed or denied, the disallowance or denial shall be treated as a Tax
indemnifiable under Section 10(c)(ii) without regard to the provisions of Section 10(c)(iii) (other than Section 10(c)(iii)(5), (8) or (10)). Each such Tax Indemnitee shall in good faith use reasonable efforts in filing its tax
returns and in dealing with Taxing Authorities to seek and claim any such tax benefit. 
  

 29 

 (v) Contest. 
 (1) If a written claim is made against a Tax Indemnitee for Taxes with respect to which Borrower could be liable for payment or indemnity
hereunder, or if a Tax Indemnitee determines that a Tax is due for which Borrower could have an indemnity obligation hereunder, such Tax Indemnitee shall promptly notify Borrower in writing of such claim (provided, that failure so to notify Borrower
shall not relieve Borrower of its indemnity obligations hereunder except to the extent that such failure has a material adverse effect on Borrower’s indemnification obligations hereunder or on Borrower’s rights to successfully contest such
claim), and shall take no action with respect to such claim without Borrower’s prior written consent for 30 days following Borrower’s receipt of such notice; provided, that, if applicable Law requires such Tax Indemnitee to take action
before the end of such 30-day period, such Tax Indemnitee shall, in such notice to Borrower, so inform Borrower, and such Tax Indemnitee shall take no action for as long as it is legally able to avoid taking action. Such Tax Indemnitee shall
(provided that Borrower shall have agreed to keep such information confidential other than to the extent necessary in order to contest the claim, such agreement to be delivered to the Tax Indemnitee and in form and substance reasonably acceptable to
it) furnish Borrower with copies of the relevant portions of any requests for information from any Taxing Authority relating to such Taxes with respect to which Borrower may be required to indemnify hereunder. If requested by Borrower in writing
within 30 days after its receipt of such notice, such Tax Indemnitee shall, at Borrower’s expense (including all reasonable out-of-pocket costs and expenses, including reasonable attorneys’ and accountants’ fees and disbursements
incurred in connection with, and reasonably allocable to, the contest of such Tax), in good faith contest (or, if permitted by applicable Law, allow Borrower to contest) through appropriate administrative and judicial proceedings the validity,
applicability, or amount of such Taxes by (x) resisting payment thereof, (y) not paying the Taxes except under protest if protest is necessary and proper, or (z) if the payment is made, using reasonable efforts to obtain a refund
thereof in an appropriate administrative or judicial proceeding. If requested to do so by Borrower in writing, the Tax Indemnitee shall appeal any adverse administrative or judicial decision, except that the Tax Indemnitee shall not be required to
pursue any appeals to the United States Supreme Court. If and to the extent that the Tax Indemnitee is able, using reasonable efforts, to separate the contested issue or issues from other issues arising in the same administrative or judicial
proceeding that are unrelated to the Transactions without (in such Tax Indemnitee’s good faith judgment) adversely affecting such Tax Indemnitee, such Tax Indemnitee shall permit Borrower to control the conduct of any such proceeding and shall
provide to Borrower (at Borrower’s cost and expense) such information or data in such Tax Indemnitee’s control or possession and reasonably necessary to conduct such contest. If the contest is being controlled by a Tax Indemnitee, such Tax
Indemnitee shall consult with Borrower in good faith regarding the manner of contesting such claim, and shall keep Borrower reasonably informed regarding the progress of such contest. If the contest is being controlled by Borrower, Borrower shall
consult with the applicable Tax Indemnitee in good faith regarding the manner of contesting such claim, and shall 

  

 30 

 
keep such Tax Indemnitee reasonably informed regarding the progress of such contest. A Tax Indemnitee shall not fail to take any action expressly required by
this Section 10(c)(v) (including any action regarding any appeal of an adverse determination with respect to any claim) or settle or compromise any claim without Borrower’s prior written consent (except as contemplated by Sections
10(c)(v)(2) or (3)). 
 (2) Notwithstanding the foregoing, in no event shall a Tax Indemnitee be required to pursue any
contest (or to permit Borrower to pursue any contest) unless (1) Borrower agrees to pay such Tax Indemnitee on demand all reasonable out-of-pocket costs and expenses that such Tax Indemnitee incurs in connection with contesting such Taxes,
including all reasonable out-of-pocket costs and expenses and reasonable attorneys’ and accountants’ fees and disbursements, in each case, to the extent reasonably allocable to the contest of such Taxes, (2) if such contest involves
the payment of the claim, Borrower advances the amount thereof (to the extent indemnified hereunder) that is required to be paid before commencing the contest on an interest-free After-Tax Basis to such Tax Indemnitee (and such Tax Indemnitee shall
promptly pay to Borrower any net realized tax benefits resulting from such advance, including any tax benefits resulting from making such payment), (3) the action to be taken will not result in any material risk of forfeiture, sale, or loss of,
or the creation of a Lien (other than a Permitted Lien) on, the Collateral (unless Borrower makes provisions to protect the interests of any such Tax Indemnitee in a manner reasonably satisfactory to such Tax Indemnitee) or any material risk of
criminal liability or material civil liability (provided, that such Tax Indemnitee shall notify Borrower in writing promptly after it becomes aware of any such risks), (4) no Event of Default exists (unless Borrower has provided security
reasonably acceptable to the Tax Indemnitee for its obligations hereunder or has advanced to such Tax Indemnitee, before proceeding or continuing with such contest, the amount of the Tax being contested, plus any interest and penalties and an amount
estimated in good faith by such Tax Indemnitee for expenses) and (5) before commencing any judicial action controlled by Borrower, such Tax Indemnitee shall have received written confirmation from Borrower that the Taxes that are the subject of
such Tax claim are indemnified by Borrower hereunder, provided, that Borrower shall not be bound by such confirmation to the extent that the Final Determination of the contest articulates conclusions of law and fact that demonstrate Borrower is not
liable hereunder for the Taxes that are the subject of such Tax claim. Notwithstanding the foregoing, if any Tax Indemnitee releases, waives, compromises, or settles any claim that may be indemnifiable by Borrower pursuant to this Section 10(c)
without Borrower’s written permission, Borrower’s obligation to indemnify such Tax Indemnitee with respect to such claim (and all directly-related claims, and claims based on the outcome of such claim) shall terminate, and such Tax
Indemnitee shall repay to Borrower any amount previously paid or advanced to such Tax Indemnitee with respect to such claim (other than previously incurred costs and expenses of contest described in clause (1) of this paragraph), plus interest
at the rate that would have been payable by the relevant Taxing Authority on a refund of such Tax. 
  

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 (3) Notwithstanding anything contained in this Section 10(c), a Tax Indemnitee will
not be required to contest the imposition of any Tax, and shall be permitted to settle or compromise any claim without Borrower’s consent, if such Tax Indemnitee (1) waives its right to indemnity under this Section 10(c) with respect
to such Tax (and any directly-related claim, and any claim the outcome of which is determined based upon the outcome of such claim), (2) pays to Borrower any amount previously paid or advanced by Borrower pursuant to this Section 10(c)
with respect to such Tax (other than previously incurred costs and expenses of contest described in clause (1) of this paragraph), plus interest at the rate that would have been payable by the relevant Taxing Authority on a refund of such Tax,
and (3) agrees to discuss with Borrower the views or positions of any relevant Taxing Authority with respect to the imposition of such Tax. 
 (vi) Refund. If any Tax Indemnitee receives a refund of, or is entitled to a credit against other liability for, all or any part of any Taxes paid, reimbursed, or advanced by Borrower, such Tax Indemnitee shall
pay to Borrower within 30 days of such receipt an amount equal to the lesser of (a) the amount of such refund or credit plus any net tax benefit (taking into account any Taxes incurred by such Tax Indemnitee by reason of the receipt of such
refund or realization of such credit) actually realized by such Tax Indemnitee as a result of any payment by such Tax Indemnitee made pursuant to this sentence (including this clause (a)), and (b) such tax payment, reimbursement, or advance by
Borrower to such Tax Indemnitee theretofore made pursuant to this Section 10(c) (and the excess, if any, of the amount described in clause (a) over the amount described in clause (b) shall be carried forward and applied to reduce pro
tanto any subsequent obligation of Borrower to make payments to such Tax Indemnitee pursuant to this Section 10(c)). If, in addition to such refund or credit, such Tax Indemnitee receives (or is credited with) an amount representing interest on
the amount of such refund or credit, such Tax Indemnitee shall pay to Borrower within 30 days after receiving or realizing such credit that proportion of such interest fairly attributable to Taxes paid, reimbursed, or advanced by Borrower before the
receipt of such refund or realization of such credit. Anything herein to the contrary notwithstanding, a Tax Indemnitee shall not be required to make any payment pursuant to this Section 10(c)(vi) so long as a Special Default or an Event of
Default exists. 
 (vii) Tax Filing. Borrower shall, at its expense, timely file any report, return, or
statement that is required to be filed with respect to any Tax which is subject to indemnification under this Section 10(c) (except for any such report, return, or statement which a Tax Indemnitee has timely notified Borrower in writing that
such Tax Indemnitee intends to file, or for which such Tax Indemnitee is required by law to file, in its own name); provided, that the relevant Tax Indemnitee shall furnish Borrower with any information in such Tax Indemnitee’s possession or
control that is reasonably necessary to file any such return, report, or statement and that Borrower reasonably requests in writing. Borrower shall either file such report, return, or statement and send a copy to such Tax Indemnitee, or, if Borrower
is not permitted to file such report, return, or statement, it shall notify such Tax Indemnitee of such requirement and prepare and deliver such report, return, or statement to such Tax Indemnitee in a manner reasonably satisfactory to such Tax
Indemnitee within a reasonable time before the time such report, 

  

 32 

 
return, or statement is to be filed; provided, that the relevant Tax Indemnitee shall either furnish Borrower with any information in such Tax
Indemnitee’s possession or control that is reasonably necessary to file any such return, report, or statement and that Borrower reasonably requests in writing or such Tax Indemnitee shall itself be responsible for completing and filing such
report, return or statement if it fails to, or elects not to, provide Borrower with the requested information. 
 (viii)
Forms. Each Tax Indemnitee agrees to furnish from time to time to Borrower, Paying Agent, or such other Person as Borrower or Paying Agent shall designate, at Borrower’s or Paying Agent’s request, such duly-executed and
properly-completed forms as may be necessary or appropriate in order to claim any reduction of or exemption from any withholding or other Tax imposed by any Taxing Authority, if (i) such reduction or exemption is available to such Tax
Indemnitee without such Tax Indemnitee’s incurring material adverse consequences under applicable Law, and (ii) Borrower has provided such Tax Indemnitee with any information necessary to complete such form not otherwise reasonably
available to such Tax Indemnitee. If the Tax Indemnitee believes that claiming such reduction or exemption would result in its incurring material adverse consequences under applicable Law, the Tax Indemnitee shall notify Borrower of the basis of
that belief, and the Tax Indemnitee and Borrower shall promptly meet to discuss the matter and, if the Tax Indemnitee and Borrower are unable to agree whether such material adverse consequences would result, shall appoint an independent accounting
firm to resolve the issue on terms similar to those set forth in Section 10(c)(iv)(2) hereof (except that the Tax Indemnitee and Borrower shall share equally the costs of such accounting firm). 
 (ix) Non-Parties. If a Tax Indemnitee is not a party to this Agreement, Borrower may require the Tax Indemnitee to agree in
writing, in a form reasonably acceptable to Borrower, to the terms of this Section 10(c) and Section 12 before any payment shall be due to such Tax Indemnitee under this Section 10(c). 
 (d) Payments. Except as otherwise provided herein, any payments which Borrower or an Indemnitee or Tax Indemnitee is obligated to make pursuant to
Section 10(a) or Section 10(c) shall be paid on the 30th day after demand, but not before five (5) days before the date such Expense or Tax is due or payable by such Indemnitee or Tax Indemnitee, as applicable. If Borrower shall have
requested to contest a Tax or Expense as provided in this Section 10 and shall have duly complied with all the terms of this Section 10, Borrower’s liability for indemnification under this Section 10 shall, at Borrower’s
election, be deferred until a final determination is made with respect to such contest. At such time, Borrower shall become obligated for the payment of any indemnification hereunder resulting from the outcome of such contest, and within fifteen
(15) days following such final determination, any amounts so due hereunder shall be paid by Borrower to the Indemnitee or Tax Indemnitee, as applicable. Such payments shall be made directly to the relevant Indemnitee or Tax Indemnitee or to
Borrower, in immediately available funds at such bank or to such account as specified by such Indemnitee or Tax Indemnitee or Borrower (as applicable) in written directives to the payor, or, if no such direction has been given, by check of the payor
payable to the order of, and mailed to, such Indemnitee or Tax Indemnitee or Borrower (as applicable) by certified mail, postage prepaid, at its address as set forth in this Agreement. 
  

 33 

 (e) Interest. If any amount, payable by Borrower, any Indemnitee, or any Tax Indemnitee under
Section 10(a) or Section 10(c) is not paid when due, the Person obligated to make such payment shall pay on demand, to the extent permitted by Law, to the Person entitled thereto, interest on any such amount for the period from and
including the due date for such amount to but excluding the date the amount is paid, at the Past-Due Rate. Such interest shall be paid in the same manner as the unpaid amount in respect of which such interest is due. 
 (f) Benefit of Indemnities. Borrower’s obligations for indemnities, obligations, adjustments, and payments in Section 10(a) or
Section 10(c) are expressly made for the benefit of, and shall be enforceable by, the Indemnitee or Tax Indemnitee entitled thereto as and to the extent provided herein, notwithstanding any provision of the Security Agreement. 
  

	11.	SECURITY AGENT 

 (a)
Appointment and Powers. Each Lender hereby and by acceptance of a Loan Certificate irrevocably appoints, designates and authorizes Bayerische Hypo- und Vereinsbank AG, London Branch, as Security Agent under this Agreement and under each other
Operative Agreement, irrevocably appoints Bayerische Hypo- und Vereinsbank AG, London Branch, as a “representative” of the Lenders within the meaning of Section 9-511 of the UCC and irrevocably authorizes Security Agent to take such
action on its behalf under the provisions of this Agreement and each other Operative Agreements and to exercise the powers and perform the duties as are expressly delegated to it by the terms of this Agreement or any other Operative Agreement,
together with such powers as are reasonably incidental thereto. Security Agent hereby accepts such appointments, designations and authorizations. Notwithstanding any provision to the contrary contained in this Agreement or in any other Operative
Agreement, Security Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the Operative Agreements, nor shall Security Agent have or be deemed to have any fiduciary relationship with any Lender, and no
implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Operative Agreement or otherwise exist against Security Agent. 
 (b) Limitation on Security Agent’s Liability. Except as expressly provided in Section 8(b) hereof, neither Security Agent nor any of its
directors, officers, employees or agents shall be liable or responsible for any action taken or omitted to be taken by it or them under or in connection with the Operative Agreements, except for its or their own gross negligence, willful misconduct
or knowing violations of Law. Security Agent shall not be responsible to any Lender for (a) any recitals, statements, representations or warranties contained in the Operative Agreements or in any certificate or other document referred to or
provided for in, or received by any of the Lenders under, the Operative Agreements, (b) the validity, effectiveness or enforceability of the Operative Agreements or any such certificate or other document, (c) the value or sufficiency of
the Collateral or (d) any failure by Borrower to perform any of its obligations under the Operative Agreements. Security Agent may employ agents and attorneys-in-fact and shall not be responsible for the negligence or misconduct of any such
agents or attorneys-in-fact so long as Security Agent was not grossly negligent in selecting or directing such agents or attorneys-in-fact. Security Agent shall be entitled to rely upon any certification, notice or other communication (including any
thereof by telephone or telecopier) believed by it to be genuine and correct and to have been signed or given by or on behalf of the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts
selected by Security Agent. 
  

 34 

 (c) Rights as Lender. If the Security Agent is also a Lender, it shall, in its capacity as
a Lender, have the same rights and powers under the Operative Agreements as any other Lender and may exercise the same as though it were not acting as Security Agent, and the term “Lender” or “Lenders” shall include such Person
in its individual capacity. Each Person acting as Security Agent (whether or not such Person is a Lender) and its Affiliates may (without having to account therefor to any Lender) accept deposits from, lend money to and generally engage in any kind
of banking, trust or other business with Borrower and its Affiliates as if it were not acting as Security Agent. 
 (d)
Indemnification. Each Lender agrees to indemnify Security Agent (to the extent not reimbursed by Borrower under the Operative Agreements), ratably on the basis of the unpaid principal amounts of the Loan Certificates held by such Lenders (or,
if no Loan Certificates are at the time issued, ratably on the basis of their respective Commitments applicable to such Aircraft), for any and all Expenses that may be imposed on, incurred by or asserted against Security Agent (including the costs
and expenses that Borrower is obligated to pay under the Operative Agreements) in any way relating to or arising out of the Operative Agreements or any other documents contemplated thereby or referred to therein or the transactions contemplated
thereby or the enforcement of any of the terms thereof or of any such other documents, provided that no such Lender shall be liable for any of the foregoing to the extent such Expenses arise from the gross negligence, willful misconduct or knowing
violations of Law by Security Agent. 
 (e) Non-reliance on Security Agent and other Lenders. Each Lender agrees that it has made and
will continue to make, independently and without reliance on Security Agent or any other Lender, and based on such documents and information as it deems appropriate, its own credit analysis of Borrower, its own evaluation of the Collateral and its
own decision to enter into the Operative Agreements and to take or refrain from taking any action in connection therewith. Security Agent shall not be required to keep itself informed as to the performance or observance by Borrower of the Operative
Agreements or any other document referred to or provided for therein or to inspect the properties or books of Borrower or the Collateral. Except for notices, reports and other documents and information expressly required to be furnished to the
Lenders by Security Agent under the Operative Agreements, Security Agent shall have no obligation to provide any Lender with any information concerning the business, status or condition of Borrower, the Operative Agreements or the Collateral that
may come into the possession of Security Agent or any of its Affiliates. 
 (f) Successor Security Agent. 
 (1) The institution acting as Security Agent or any successor thereto may resign at any time without cause by giving at least thirty
(30) days’ prior written notice to Borrower and each Lender, such resignation to be effective upon the acceptance by a successor institution of its appointment as Security Agent. In addition, a Majority in Interest of the Lenders may at
any time (but only with the consent of Borrower, which consent shall not be unreasonably withheld, delayed or conditioned) remove the institution acting as Security Agent without cause by an instrument in writing delivered 

  

 35 

 
to Borrower and Security Agent, and Security Agent shall promptly notify each Lender thereof in writing, such removal to be effective upon the acceptance by
a successor institution of its appointment as Security Agent. In the case of the resignation or removal of the institution acting as Security Agent, a Majority in Interest of the Lenders may appoint a successor by an instrument signed by such
holders, which successor shall be subject to Borrower’s reasonable approval. If a successor is not appointed within thirty (30) days after such notice of resignation or removal, Security Agent, Borrower or any Lender may apply to any court
of competent jurisdiction to appoint a successor to act until such time, if any, as a successor is appointed as provided above. The court-appointed successor shall immediately and without further act be superseded by any successor appointed by a
Majority in Interest of the Lenders as above provided. 
 (2) Any successor institution acting as Security Agent, however
appointed, shall execute and deliver to Borrower and the predecessor institution acting as Security Agent an instrument accepting such appointment and assuming the obligations of Security Agent arising from and after the time of such appointment,
and thereupon, without further act, such successor shall become vested with all the estates, properties, rights, powers, and duties of the predecessor hereunder as if originally named Security Agent herein; but nevertheless upon the written request
of such successor Security Agent, such predecessor shall execute and deliver an instrument transferring to such successor, all the estates, properties, rights, and powers of such predecessor, and such predecessor shall duly assign, transfer,
deliver, and pay over to such successor all money or other property then held by such predecessor hereunder. Any successor Security Agent shall be bound by all actions taken or omitted to be taken under the Operative Agreements by each predecessor
Security Agent. 
 (3) Any successor institution acting as Security Agent, however appointed, shall be a bank or trust company
that has a combined capital and surplus of at least $500,000,000, if such an institution is then willing, able, and legally qualified to perform the duties of Security Agent hereunder upon reasonable or customary terms. 
 (g) Notice of Default. If Security Agent obtains Actual Knowledge of a Default, Security Agent shall notify each Lender. Subject to Sections 4 of
the Security Agreement and Section 11(h) hereof, Security Agent shall take such action, or refrain from taking such action, with respect to an Event of Default or Default (including with respect to the exercise of any rights or remedies
hereunder) as Security Agent shall be instructed in writing by a Majority in Interest of the Lenders. If Security Agent does not receive instructions as above provided within twenty (20) days after delivering notice of such Event of Default to
the relevant Lenders, Security Agent may (subject to instructions thereafter received pursuant to the preceding provisions of this Section 11(g)) take such action, or refrain from taking such action (but shall be under no duty to take or
refrain from taking any action) with respect to such Event of Default as it determines to be advisable in the best interests of such Lenders; provided, that Security Agent may not sell the Collateral without the consent of all Lenders. Unless it has
Actual Knowledge, Security Agent shall not be deemed to have knowledge of a Default or an Event of Default (except that Borrower’s failure to pay any installment of principal or interest within one Business Day after it becomes due shall
constitute knowledge of a Default) unless notified in writing by Borrower or one or more Lenders. 
  

 36 

 (h) Instructions from a Majority in Interest of Lenders. Except as provided in Sections 4 and 6.1
of the Security Agreement, upon the written instructions at any time and from time to time of a Majority in Interest of the Lenders, Security Agent shall, in respect of an Aircraft and the transaction contemplated with respect thereto, take such of
the following actions as shall be specified in such instructions: (a) give such notice or direction or exercise such right, remedy, or power under any of the Operative Agreements as shall be specified in such instructions, (b) approve as
satisfactory to Security Agent all matters required by any of the Operative Agreements to be satisfactory to Security Agent, and (c) enter into any amendment, modification or supplement of any of the Operative Agreements or grant consents,
waivers or approvals requested by Borrower under any of the Operative Agreements. 
 (i) Reports, Notices, etc. Security Agent will
furnish to each Lender, promptly upon receipt thereof, duplicates or copies of all reports, notices, requests, demands, certificates, and other instruments furnished by Borrower to Security Agent under any of the Operative Agreements. 
  

	12.	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY
TRIAL 

 (a) THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY, AND PERFORMANCE. 
 (b) EACH PARTY HERETO HEREBY IRREVOCABLY AGREES, ACCEPTS, AND SUBMITS ITSELF TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN THE CITY AND COUNTY OF NEW YORK AND OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF
NEW YORK, IN CONNECTION WITH ANY LEGAL ACTION, SUIT, OR PROCEEDING WITH RESPECT TO ANY MATTER RELATING TO OR ARISING OUT OF OR IN CONNECTION WITH THE OPERATIVE AGREEMENTS. 
 (c) EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS AND AGREES TO THE SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES, AND DOCUMENTS OF ANY OF THE
AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION, OR PROCEEDING MAY BE MADE BY MAILING COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, AT THE ADDRESS SET FORTH PURSUANT TO SECTION 15(a). EACH PARTY HERETO HEREBY AGREES THAT SERVICE
UPON IT, OR ANY OF ITS AGENTS, IN EACH CASE IN ACCORDANCE WITH THIS SECTION 12(c), SHALL CONSTITUTE VALID AND EFFECTIVE PERSONAL SERVICE UPON SUCH PARTY, AND EACH PARTY HERETO HEREBY AGREES THAT THE FAILURE OF ANY OF ITS AGENTS TO GIVE ANY NOTICE OF
SUCH SERVICE TO ANY SUCH PARTY SHALL NOT IMPAIR OR AFFECT IN ANY WAY THE VALIDITY OF SUCH SERVICE ON SUCH PARTY OR ANY JUDGMENT RENDERED IN ANY ACTION OR PROCEEDING BASED THEREON. 
  

 37 

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

	13.	INTENTIONALLY OMITTED 

  

	14.	CONFIDENTIALITY 

 Each Lender,
Borrower, Holdings and Security Agent shall keep confidential the terms of this Agreement and the Operative Agreements and all information furnished to them from time to time hereunder or thereunder (which is marked confidential) and shall not
disclose, or cause to be disclosed, the same to any Person, except (a) to prospective and permitted Transferees of the interests of any Lender or such Transferees’ counsel, independent insurance brokers, auditors, or other agents who are
under an obligation of confidentiality with respect to such information or who otherwise agree to hold such information confidential, (b) to any Lender’s, Security Agent’s, Holdings’ or Borrower’s counsel, independent
insurance brokers, auditors, or other agents, Affiliates, or investors who agree to hold such information confidential, (c) as may be required by any statute, court, or administrative order or decree, legal process, or governmental ruling or
regulation, including those of any applicable regulatory authority, federal or state banking examiners, taxing authorities, or any stock exchange, or (d) to such other Persons as are reasonably deemed necessary by the disclosing party in order
to protect the interests of such party or for the purposes of enforcing such documents by such party; provided, that any and all disclosures permitted by clauses (c) and (d) above shall be made only to the extent reasonably deemed
necessary to meet the specific requirements or needs of the Persons making such disclosures. 
  

	15.	MISCELLANEOUS 

 (a) Notices.
Unless otherwise expressly permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents, waivers, and other communications required or permitted to be made, given, furnished, or filed hereunder shall be in
writing (and the specification of a writing in certain instances and not in others does not imply an intention that a writing is not required as to the latter), shall refer specifically to this Agreement, and shall be personally delivered, sent by
fax or telecommunications transmission (which in either case provides written confirmation to the sender of its delivery), sent by registered mail or certified mail, return receipt requested, postage prepaid, or sent by next-business-day courier
service, in each case to the address or fax number set forth for such party in Schedule 1, or to such other address or number as such party hereafter specifies by notice to the other parties hereto. Each such notice, request, demand, authorization,
direction, consent, waiver, or other communication shall be effective when received or, if made, given, furnished, or filed by fax or telecommunication transmission, when confirmed. 
  

 38 

 (b) Survival. The indemnities and the representations and warranties (as and when made) in this
Agreement shall survive the Transfer of any interest by any Lender in an Loan Certificate it holds, and the expiration or other termination of any Operative Document, except as expressly provided herein or therein. 
 (c) Amendments. No provision of this Agreement may be amended, supplemented, waived, modified, discharged, terminated, or otherwise varied orally,
but only by an instrument in writing that specifically identifies the provision of this Agreement that it purports to amend, supplement, waive, modify, discharge, terminate, or otherwise vary and is signed by the party against whom the enforcement
of the amendment, supplement, waiver, modification, discharge, termination, or variance is sought. Each such amendment, supplement, waiver, modification, discharge, termination, or variance shall be effective only in the specific instance and for
the specific purpose for which it is given. No provision of this Agreement shall be varied or contradicted by oral communication, course of dealing or performance, or other manner not set forth in writing and signed by the party against whom
enforcement of the same is sought. 
 (d) Severability. If any provision of this Agreement is held invalid, illegal, or unenforceable
in any respect in any jurisdiction, then, to the extent permitted by Law, (a) the remainder of any affected provision (to the extent not invalid, illegal or unenforceable) and all other provisions hereof shall remain in full force and effect in
such jurisdiction, and (b) such invalidity, illegality, or unenforceability shall not affect the validity, legality, or enforceability of such provision in any other jurisdiction. If, however, any Law pursuant to which any provision is held
invalid, illegal, or unenforceable may be waived, the parties hereto hereby waive that Law to the full extent permitted, to the end that this Agreement shall be a valid and binding agreement in all respects, enforceable in accordance with its terms.

 (e) Counterparts. This Agreement and any amendments, waivers, consents, or supplements hereto may be executed in any number of
counterparts (or upon separate signature pages bound together into one or more counterparts), each fully-executed set of which shall be an original. 
 (f) No Waiver. No failure on the part of any party hereto to exercise, and no delay by any party hereto in exercising, any of its rights, powers, remedies, or privileges under this Agreement or otherwise
available to it shall impair, prejudice, or waive any such right, power, remedy, or privilege or be construed as a waiver of any breach hereof or default hereunder or as an acquiescence therein, nor shall any single or partial exercise of any such
right, power, remedy, or privilege preclude any other or further exercise thereof by it or the exercise of any other right, power, remedy, or privilege by it. No notice to or demand on any party hereto in any case shall, unless otherwise required
under this Agreement, entitle such party to any other or further notice or demand in similar or other circumstances, or waive the rights of any party hereto to any other or further action in any circumstances without notice or demand. 
  

 39 

 (g) Third Party Beneficiaries. This Agreement is not intended to, and shall not, provide any
Person not a party hereto (except the Persons referred to in Section 10 who are intended third-party beneficiaries of Section 10) with any rights of any nature whatsoever against any of the parties hereto, and no Person not a party hereto
shall have any right, power, or privilege in respect of any party hereto, or have any benefit or interest, arising out of this Agreement. 
 (h) Entire Agreement. This Agreement, together with the other Operative Agreements, on and as of the date hereof, constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and all prior
understandings or agreements, whether written or oral, among any of the parties hereto with respect to such subject matter are hereby superseded in their entireties. 
 (i) Further Assurances. Each party hereto shall execute, acknowledge, and deliver (or shall cause to be executed, acknowledged, and delivered) all such further agreements, instruments, certificates, or other
documents, and shall do and cause to be done such further things, as any other party hereto reasonably requests in connection with the administration of, or to carry out more effectively the purposes of, or to assure and confirm better to such other
party the rights and benefits to be provided under, this Agreement and the other Operative Agreements. 
 [Remainder of Page Intentionally
Blank.] 
  

 40 

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

									
	AIRTRAN AIRWAYS, INC.,	 		 	BAYERISCHE HYPO- UND VEREINSBANK
	as Borrower	 		 	AG, LONDON BRANCH,
		 		 	as Lender
					
	By	 	 	 		 	By	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
					
		 		 		 	By	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	
			
		 		 	BAYERISCHE HYPO- UND VEREINSBANK
		 		 	AG, LONDON BRANCH,
		 		 	as Security Agent
					
		 		 		 	By	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	
		 		 	
					
		 		 		 	By	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	

  

 S 

 EXHIBIT A 
 FORM OF: 
 BORROWING NOTICE 
 Bayerische Hypo- und Vereinsbank AG, London Branch, 
 as Security Agent and
Lender 
 [            ], as Lender 
 Borrowing Notice dated [    ], 200[    ] (this “Notice”) by AirTran Airways, Inc.
(“Borrower”). 
 Reference is made to the Credit Agreement, dated as of
June 28, 2007 (as executed and delivered and as in effect from time to time, [and, prior to execution and delivery, the most recently circulated draft thereof,]* the “Credit Agreement”), among Borrower, each Lender identified on
Schedule 1 hereto (collectively, the “Lenders”) and Bayerische Hypo- und Vereinsbank AG, London Branch, as Security Agent for the Lenders (the “Security Agent”). Unless specified herein, terms defined in the Security Agreement,
dated as of June 28, 2007 (as executed and delivered and as in effect from time to time, [and, prior to execution and delivery, the most recently circulated draft thereof,]* the “Security Agreement”), between Borrower and Security Agent are used herein with the same meanings. 
 This Notice constitutes the notice required by Section 2(d) of the Credit Agreement. The Borrower hereby requests that each Lender pay the amount of its Commitment for the Advance which is due and payable on the
Borrowing Date (defined below). 
 In connection with the foregoing, Borrower specifies the following information with respect to the
Drawings requested hereby: 
 (A) Borrowing Date: [    ] 
 (B) The amount of the Drawings to be made: [    ] 
 (C) Each Lender’s Commitment in respect of the Drawings is: [    ] 
 (D) The
Aircraft to which such Drawings relate: [            ]. The Drawings are to be allocated among the Aircraft as set forth in Schedule 1 hereto. 
 (E) Account information of [        ]: [        ] 

	*	To be added to first drawing notice only. 

  

 Exh A-1 

 The Lenders and each of their permitted successors and assigns are intended third party beneficiaries of
this Borrowing Notice. 
 [Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense
(including any Break Loss) that such Lender may sustain or incur as a consequence of failure by the Borrower in making a borrowing after Borrower has given this Borrowing Notice requesting the same in accordance with the provisions of the
Credit Agreement other than as a result of a breach by such Lender to make its Commitment available pursuant to Section 2(a) of the Credit Agreement. If the Credit Agreement has not yet been executed, this indemnity refers to the most recent
draft thereof and shall apply as if the Credit Agreement had been executed.]* 
 Borrower hereby represents and warrants that [the Advance or
Advances for which the Lenders are providing a secured loan on the Borrowing Date is due and payable by Borrower under the Purchase Agreement on the Borrowing Date]/[the Advance or Advances for which the Lenders are providing a secured loan on the
Borrowing Date have been or will have been paid by Borrower under the Purchase Agreement as of the Borrower Date.] 
 This Notice is governed
by the laws of the State of New York. 

	*	To be added to first drawing notice only. 

 [Remainder of
Page Intentionally Left Blank.] 
  

 Exh A-2 

 IN WITNESS WHEREOF, Borrower has caused this Notice to be duly executed by its officer thereunto duly
authorized on the day and year first above written. 
  

			
	AIRTRAN AIRWAYS, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 Exh A-3 

 SCHEDULE 1 TO BORROWING NOTICE 
  

							
	 Aircraft MSN
	  	Amount of
Drawing	  	Attributable to
[Lender 1]	  	Attributable to
[Lender 2]
	 Total
	  		  		  	

  

 Exh A-4 

 EXHIBIT B 
 FORM OF: 
 TRANSFER CERTIFICATE 
 [            ] [     ], [        ] 
 AirTran Airways, Inc. 
 9955 AirTran Blvd. 
 Orlando, Florida 32827 
 Attn: General Counsel 
 Bayerische Hypo- und Vereinsbank AG, London Branch 
 [ADDRESS] 
  

	 	Re:	Credit Agreement, dated June 28, 2007 (as amended, varied, novated or supplemented from time to time, the “Agreement”), by and among AirTran Airways, Inc., as
Borrower (“Borrower”), each Lender identified in Schedule 1 to the Agreement as Lenders (“Lenders”) and Bayerische Hypo- und Vereinsbank AG, London Branch, as Security Agent for the Lenders (the “Security Agent”).

 This Transfer Certificate is being delivered to your attention pursuant to Section 9(a) of the Agreement in connection
with Transferring Lender’s Transfer to Transferee of Loan Certificate No. [    ], dated [            ] [    ],
[        ], issued by Borrower (the “Loan Certificate”). 
  

	1.	Terms defined in the Security Agreement, dated December 7, 2005, by and between Borrower and Security Agent shall, subject to any contrary indication herein, have the same
meanings in this Transfer Certificate. The terms Transferring Lender, Transferee and Transfer Date are defined in the attached Schedule I hereto. 

  

	2.	With effect from the Transfer Date, the Transferring Lender hereby Transfers to Transferee, and Transferee hereby assumes from Transferring Lender, all of Transferring Lender’s
right, title and interest in and to, and all of its duties, liabilities and obligations arising on or before the Transfer Date under, the Loan Certificate. 

  

	3.	Transferee hereby agrees, for the benefit of the Lenders, Borrower and Security Agent, that with effect from the Transfer Date, it will perform, in accordance with the terms of the
Agreement and the other Operative Agreements, all duties, liabilities and obligations which by the terms hereof have been assumed by it, and hereby agrees to be bound by any and all consents, approvals, elections or other actions given, made or
taken by Transferring Lender prior to the Transfer Date. With effect from the Transfer Date, Transferring Lender hereby releases the Lenders, Borrower and Security Agent from their respective duties, liabilities and obligations owing to Transferring
Lender under the Agreement and all other Operative Agreements; provided, that such release is not intended to extinguish, and such release shall not be construed to extinguish, any such obligations, duties and liabilities existing on the Transfer
Date, all of which shall survive such release and be performed directly to and for the benefit of Transferee. 

  

 Exh B-1 

	4.	Transferee hereby represents and warrants, and agrees for the benefit of the Lenders, Borrower and Security Agent, that: 

  

	 	a.	No portion of the funds it uses to purchase, acquire and hold the Loan Certificate or any interest therein directly or indirectly constitutes, or may be deemed under the Code or
ERISA or any rulings, regulations, or court decisions thereunder to constitute, the assets of any Plan. 

  

	 	b.	It will not Transfer any Loan Certificate which it holds or any interest in, or represented by, any Loan Certificate which it holds unless the proposed Transferee thereof first
provides Borrower with the following: 

  

	 	(1)	a written representation and covenant that no portion of the funds it uses to purchase, acquire and hold such Loan Certificate or interest directly or indirectly constitutes, or may
be deemed under the Code or ERISA or any rulings, regulations, or court decisions thereunder to constitute, the assets of any Plan; and 

  

	 	(2)	a written covenant that it will not Transfer any Loan Certificate or any interest in, or represented by, any Loan Certificate unless the subsequent Transferee also makes the
representation described in clause (1) above and agrees to comply with this clause (2). 

  

	 	c.	It will not Transfer any Loan Certificate which it holds or any interest in, or represented by, any Loan Certificate which it holds in violation of the Securities Act or any
applicable state or foreign securities Law. 

  

	5.	Transferee and Transferring Lender hereby represent and warrant, and agree for the benefit of the Lenders, Borrower and Security Agent, that: 

  

	 	a.	the Transfer of the Loan Certificate by Transferring Lender to Transferee does not violate the Securities Act or any applicable state or foreign securities Law; and

  

	 	b.	the Transfer of the Loan Certificate by Transferring Lender to Transferee complies with all of the requirements of Section 9(a) of the Agreement. 

  

	6.	This Transfer Certificate and the rights, benefits and obligations of the parties under this Transfer Certificate shall be governed by and construed in accordance with the laws of
the State of New York. 

  

 Exh B-2 

 IN WITNESS WHEREOF, each of the parties have executed this Transfer Certificate as of the date first
written above. 
  

			
	[TRANSFERRING LENDER]
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	[TRANSFEREE]
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 Exh B-3 

 SCHEDULE I 
 TO 
 TRANSFER CERTIFICATE 
  

	1.	Transferring Lender: 

  

	2.	Transferee: 

  

	3.	Transfer Date: The date on which the Transfer contemplated by this Transfer Certificate is evidenced by registration of such Transfer on the Loan Certificate Register

 Address for Notices and Accounts of Transferee for purposes of Schedule 1 to Loan Agreement: 
  

			
	 Address:
	  	 Account:

  

 Exh B-4 

 SCHEDULE 1 
 ACCOUNTS; ADDRESSES 
 BORROWER 
  

			
	 Address:
	  	 Account:

	 AirTran Airways, Inc.
 9955 AirTran Blvd
 Orlando, Florida 32827
 Att: General Counsel
 Tel: ***
 Fax: ***
	  	***

	***	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. Page 1 of 5 pages containing information redacted pursuant to a request for confidential treatment. 

  

 SCH 1-1 

 LENDERS 
  

			
	 Address:
	  	 Account:

	 Bayerische Hypo- und Vereinsbank AG,
 London Branch
 Moor House
 120 London Wall
 EC2Y 5ET London
 United Kingdom
	  	***
		
	 For credit matters:
 Attn: George Gierhart/Deborah Whiteford
 Tel: ***
 Fax: ***
	  	
		
	 For payment and funding notification:
 Attn: Loan Services
 Tel: ***
 Fax: ***
	  	

	***	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. Page 2 of 5 pages containing information redacted pursuant to a request for confidential treatment. 

  

 SCH 1-2 

 SECURITY AGENT 
  

			
	 Address:
	  	 Account:

	 Bayerische Hypo- und Vereinsbank AG,
 London Branch
 Moor House
 120 London Wall
 EC2Y 5ET London
 United Kingdom
	  	***
		
	 For credit matters:
 Attn: George Gierhart/Deborah Whiteford
 Tel: ***
 Fax: ***
	  	
		
	 For payment and funding notification:
 Attn: Loan Services
 Tel: ***
 Fax: ***
	  	

	***	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. Page 3 of 5 pages containing information redacted pursuant to a request for confidential treatment. 

  

 SCH 1-3 

 SCHEDULE 2 
 COMMITMENTS 
  

					
	 Lender
	  	Participation Percentage	 	 Maximum
 Commitment

	 Bayerische Hypo- und Vereinsbank AG, London Branch
	  	***	 	$82,050,040
	 Total
	  	***	 	$82,050,040

	***	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. Page 4 of 5 pages containing information redacted pursuant to a request for confidential treatment. 

  

 SCH 2-1 

 SCHEDULE 3 
 AIRCRAFT; SCHEDULED DELIVERY MONTHS 
  

							
	Model	 	MSN	 	Scheduled Delivery Month	 	Block
				
	737-7BD	 	33938	 	Q1 2009 (February)	 	B
				
	737-7BD	 	35962	 	April 2009	 	B
				
	737-7BD	 	35964	 	May 2009	 	B
				
	737-7BD	 	35966	 	June 2009	 	B
				
	737-7BD	 	35967	 	July 2009	 	A
				
	737-7BD	 	35968	 	July 2009	 	A
				
	737-7BD	 	35969	 	August 2009	 	A
				
	737-7BD	 	35970	 	August 2009	 	A
				
	737-7BD	 	35971	 	September 2009	 	A
				
	737-7BD	 	35972	 	October 2009	 	A
				
	737-7BD	 	35973	 	November 2009	 	A
				
	737-7BD	 	35974	 	November 2009	 	A
				
	737-7BD	 	35975	 	December 2009	 	A
				
	737-7BD	 	35976	 	December 2009	 	A
				
	737-7BD	 	36729	 	January 2010	 	A
				
	737-7BD	 	36730	 	February 2010	 	A
				
	737-7BD	 	33939	 	February 2010	 	A
				
	737-7BD	 	36731	 	March 2010	 	A

  

 SCH 3-1 

 SCHEDULE 4 
 NON-DEFERRABLE ADVANCE PAYMENTS UNDER THE PURCHASE AGREEMENT 
 *** 

	***	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. Page 5 of 5 pages containing information redacted pursuant to a request for confidential treatment. 

  

 SCH 4-1Security Agreement

 EXHIBIT 10.56 
 CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT REQUEST PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED. THE OMITTED CONFIDENTIAL INFORMATION APPEARS ON THREE (3) PAGES OF THIS EXHIBIT 
 EXECUTION VERSION 
  

 SECURITY AGREEMENT

 dated as of June 28, 2007 
 between 
 AIRTRAN AIRWAYS, INC., 
 Borrower 
 and 
 BAYERISCHE HYPO- UND VEREINSBANK AG, LONDON BRANCH, 

Security Agent 
  

 Pre-Delivery Payment Financing for up to 
 Eighteen (18) Boeing model 737-7BD Aircraft 
 each to be equipped with 
 Two (2) CFM International model CFM56 engines 
  

 TABLE OF CONTENTS 
  

					
	 1.      DEFINITIONS
	  	5
		
	 2.      THE CERTIFICATES
	  	5
			
	 2.1
	  	FORM OF LOAN CERTIFICATES	  	5
	 2.2
	  	TERMS OF LOAN CERTIFICATES; DRAWINGS	  	5
	 2.3
	  	[INTENTIONALLY OMITTED.]	  	6
	 2.4
	  	DISTRIBUTION OF FUNDS RECEIVED	  	6
	 2.5
	  	METHOD OF PAYMENT	  	8
	 2.6
	  	[INTENTIONALLY OMITTED]	  	9
	 2.7
	  	REGISTRATION, TRANSFER AND EXCHANGE OF LOAN CERTIFICATES	  	9
	 2.8
	  	MUTILATED, DESTROYED, LOST OR STOLEN LOAN CERTIFICATES	  	10
	 2.9
	  	PAYMENT OF EXPENSES ON TRANSFER	  	10
	 2.10
	  	PREPAYMENT	  	11
		
	 3.      EVENTS OF DEFAULT
	  	11
		
	 4.      REMEDIES
	  	13
			
	 4.1
	  	GENERAL; ACCELERATION	  	13
	 4.2
	  	DISCONTINUANCE OF PROCEEDINGS	  	14
	 4.3
	  	WAIVER OF PAST DEFAULTS	  	14
	 4.4
	  	REMEDIES CUMULATIVE	  	14
		
	 5.      INTENTIONALLY OMITTED
	  	15
		
	 6.      SUPPLEMENTS AND AMENDMENTS TO THIS SECURITY AGREEMENT AND OTHER
DOCUMENTS
	  	15
			
	 6.1
	  	INSTRUCTIONS OF A MAJORITY IN INTEREST OF LENDERS	  	15
	 6.2
	  	SECURITY AGENT PROTECTED	  	15
		
	 7.      MISCELLANEOUS
	  	15
			
	 7.1
	  	TERMINATION OF SECURITY AGREEMENT	  	15
	 7.2
	  	NO LEGAL TITLE TO COLLATERAL IN HOLDERS	  	16
	 7.3
	  	SALE OF COLLATERAL BY SECURITY AGENT IS BINDING	  	16
	 7.4
	  	SECURITY AGREEMENT FOR BENEFIT OF SECURITY AGENT AND
HOLDERS	  	16
	 7.5
	  	NO ACTION CONTRARY TO BORROWER’S RIGHTS; QUIET
ENJOYMENT	  	16
	 7.6
	  	NOTICES	  	16
	 7.7
	  	SEVERABILITY	  	17
	 7.8
	  	NO ORAL MODIFICATIONS OR CONTINUING WAIVERS	  	17
	 7.9
	  	SUCCESSORS AND ASSIGNS	  	17
	 7.10
	  	HEADINGS	  	17
	 7.11
	  	NORMAL COMMERCIAL RELATIONS	  	17
	 7.12
	  	GOVERNING LAW; COUNTERPART FORM	  	17
	 7.13
	  	JURISDICTION	  	18
	 7.14
	  	WAIVER OF JURY TRIAL	  	18

  

 i 

			
	ANNEX A	  	Definitions
	EXHIBIT A	  	Form of Loan Certificate
	SCHEDULE 1	  	Purchase Agreement Reserved Provisions
	SCHEDULE 2	  	GTA Reserved Provisions

  

 ii 

 SECURITY AGREEMENT 
 THIS SECURITY AGREEMENT, dated as of June 28, 2007 (this “Security Agreement”), is by and between AIRTRAN
AIRWAYS, INC. (the “Borrower”) and BAYERISCHE HYPO- UND VEREINSBANK AG, LONDON BRANCH, not in its individual capacity,
except as expressly stated herein, but solely as Security Agent for the Lenders (together with its successors hereunder in such capacity, the “Security Agent”). 
 RECITALS: 
 WHEREAS, Borrower desires by this Security Agreement, among other things
(i) to provide for the issuance by Borrower to the Lenders of Loan Certificates evidencing participation by the Lenders in the secured loans as provided in the Credit Agreement made with respect to each Advance, and (ii) to provide for the
assignment, mortgage and pledge by Borrower to Security Agent, as the Collateral hereunder, among other things, certain of Borrower’s right, title and interest in and to the Purchase Agreement and the GTA, as security for, among other things,
Borrower’s obligations to the Lenders; 
 WHEREAS, all things have been done to make the Loan Certificates, when executed
by Borrower and issued and delivered hereunder, the valid, binding and enforceable obligations of Borrower; and 
 WHEREAS,
all things necessary to make this Security Agreement the valid, binding and legal obligation of Borrower, for the uses and purposes herein set forth and in accordance with its terms, have been done and performed and have happened; 
 GRANTING CLAUSE: 
 NOW,
THEREFORE, THIS SECURITY AGREEMENT WITNESSETH, that, to secure the prompt payment of the principal amount of, interest on, Break Loss on, and all other amounts due with
respect to all Loan Certificates and to secure Borrower’s performance and observance of all the agreements, covenants, and provisions herein, for the benefit of the Lenders, and in consideration of the premises and of the covenants herein, and
of the acceptance of the Loan Certificates by the holders thereof, and for other good and valuable consideration the receipt and adequacy whereof are hereby acknowledged, Borrower hereby grants, bargains, sells, assigns, transfers, conveys,
mortgages and pledges to Security Agent (and its successors in trust and assigns), for the security and benefit of the Lenders, a security interest in and Lien on all Borrower’s right, title and interest in, to, and under the following
described property, rights, and privileges, whether now existing or hereafter acquired (which, collectively, together with all property hereafter specifically subject to the Lien of this Security Agreement by the terms hereof or any supplement
hereto, are included within, and are referred to as, the “Collateral”): 
 (1) The Purchase Agreement, including,
without limitation, (i) the right to purchase each of the Aircraft pursuant to and in accordance with the Purchase Agreement 

  

 1 

 
upon valid tender by Airframe Manufacturer; (ii) all claims for damages in respect of each of the Aircraft arising as a result of any default by
Airframe Manufacturer under the Purchase Agreement or by any vendor or other supplier of components or other parts or equipment installed on or in any of the Aircraft referred to therein, including, without limitation, all warranty, service life
policy and indemnity provisions contained in the Purchase Agreement and all claims thereunder; (iii) any and all rights of Borrower to compel performance of the terms of the Purchase Agreement in respect of the Aircraft; and (iv) any and
all rights to receive any credits, refunds, rebates or other discounts due to Borrower with respect to the purchase price of the Aircraft (and the Engines) pursuant to the Purchase Agreement (except to the extent specifically excluded by the terms
of the Operative Documents), together with all rights, powers, privileges, options and other benefits of Borrower in respect thereof, including, without limitation, the right to make all waivers and agreements, to give and receive all notices and
other instruments or communications, and to take such action upon the occurrence of a default in respect of such provisions, including the commencement, conduct and consummation of legal, administrative or other proceedings, as shall be permitted
thereby or by law, and to do any and all other things which Borrower is or may be entitled to do in respect of such provisions; 
 (2) Subject to the terms and conditions of the Engine Consent and Agreement, the GTA, including, without limitation, (i) all claims for damages in respect of each of the Engines arising as a result of any default by the Engine
Manufacturer under the GTA or by any vendor or other supplier of components or other parts or equipment installed on or in any of the Engines referred to therein, including, without limitation, all warranty and indemnity provisions contained in the
GTA and all claims thereunder; and (ii) any and all rights of Borrower to compel performance of the terms of the GTA in respect of the Engines, together with all rights, powers, privileges, options and other benefits of Borrower in respect
thereof, including, without limitation, the right to make all waivers and agreements, to give and receive all notices and other instruments or communications, and to take such action upon the occurrence of a default in respect of such provisions,
including the commencement, conduct and consummation of legal, administrative or other proceedings, as shall be permitted thereby or by law, and to do any and all other things which Borrower is or may be entitled to do in respect of such provisions;

 (3) all payments or proceeds payable to Borrower with respect to either the Purchase Agreement or the GTA in respect of the
Aircraft and/or the Engines or any part thereof as the result of the sale or other disposition thereof, and all estate, right, title and interest of every nature whatsoever of Borrower in and to the same and every part thereof; 
 (4) all monies and securities deposited or required to be deposited with Security Agent pursuant to any term of this Security Agreement or
required to be held by Security Agent hereunder; and 
 (5) all proceeds of the foregoing. 
  

 2 

 Any and all properties referred to in this Granting Clause which are hereafter acquired by Borrower,
shall, without further conveyance, assignment or act by Borrower or Security Agent thereby become and be subject to the security interest hereby granted as fully and completely as though specifically described herein. Anything in this Security
Agreement to the contrary notwithstanding, the following rights with respect to the Purchase Agreement and the GTA are reserved to and retained by Borrower and not assigned hereby or subjected to any Lien or security interest hereunder: 

(i) all rights and interests in and to the Purchase Agreement and the GTA as and to the extent the same relate to aircraft and engines
other than the Aircraft and the Engines, or to any other matters not pertaining to the Aircraft or the Engines, 
 (ii) the
rights to demand, accept and retain all rights in and to property, data, services, product support and other agreements of Airframe Manufacturer and/or Engine Manufacturer related to the Aircraft and Engines under the Purchase Agreement or the GTA,
which are (1) made available to Borrower based on the number of aircraft and engines purchased by Borrower thereunder; and/or (2) available for the benefit of Borrower only during such times that AirTran is the owner or operator of the
Aircraft or the Engines, 
 (iii) the rights to obtain services and training pursuant to the Purchase Agreement or the GTA,

 (iv) any and all rights to receive the allowance due to Borrower pursuant to the GTA, and 
 (v) all rights, powers and privileges set forth in the Reserved Provisions. 
 Anything in this Security Agreement to the contrary notwithstanding: 
 (1) Borrower shall at all times remain liable (A) to Airframe Manufacturer to perform all the duties and obligations of
“Customer” under the Purchase Agreement, and (B) to Engine Manufacturer to perform all the duties and obligations of “Airline” under the GTA, in each case to the same extent as if this Security Agreement had not been
executed; 
 (2) Security Agent’s exercise of any of the rights assigned hereunder shall not release Borrower from any of
its duties or obligations to Airframe Manufacturer under the Purchase Agreement or to Engine Manufacturer under the GTA, except to the extent that such exercise constitutes performance of such duties and obligations; and 
 (3) except as provided in the next paragraph, neither Security Agent nor any Lender shall have any obligation or liability under the
Purchase Agreement or the GTA by reason of, or arising out of, this Security Agreement, or be obligated to perform any of Borrower’s obligations or duties under the Purchase Agreement or the GTA, or to make any payment thereunder, or to make
any inquiry as to the sufficiency of any payment received by any of them, or to present or file any claim or to take any other action to collect or enforce any claim for any payment assigned under this Security Agreement. 
  

 3 

 Notwithstanding anything to the contrary in this Security Agreement, the Consent and Agreement or the
Engine Consent and Agreement, but without in any way releasing Borrower from any of its duties or obligations under the Purchase Agreement, the GTA, or this Security Agreement, Security Agent confirms for the benefit of Airframe Manufacturer and
Engine Manufacturer that, insofar as the provisions of the Purchase Agreement or the GTA relate to the Aircraft or the Engines (respectively), in exercising any rights under the Purchase Agreement or under the GTA, or in making any claim with
respect to the Aircraft, Engines or other goods and services delivered or to be delivered pursuant to the Purchase Agreement or the GTA, the terms and conditions thereof (including warranty disclaimers, liability exclusions, indemnity, and
insurance) shall apply to and bind Security Agent to the same extent as Borrower. At Borrower’s cost and expense, Security Agent further agrees, expressly for the benefit of Airframe Manufacturer and Engine Manufacturer, that upon the written
request of Airframe Manufacturer or Engine Manufacturer, Security Agent will promptly execute and deliver such further assurances and documents and take such further action as Airframe Manufacturer or Engine Manufacturer reasonably requests in order
to obtain the full benefits of Security Agent’s agreements in this paragraph. Except as provided in the Consent and Agreement and the Engine Consent and Agreement, Borrower and Security Agent understand and acknowledge that no further
assignment of the Purchase Agreement or GTA, including, without limitation, assignments for security purposes, are permitted without the express written consent of Airframe Manufacturer or Engine Manufacturer (as the case may be). 
 Notwithstanding any of the foregoing provisions of this Granting Clause, but subject to the express provisions of the other articles of this Security
Agreement, so long as Security Agent has not commenced the exercise of remedies under Section 4 hereof, Borrower shall have the right, to the exclusion of Security Agent and any others claiming by, through or under Security Agent, to exercise
in Borrower’s name all rights and powers of (x) the “Customer” with respect to the Aircraft under the Purchase Agreement and (y) the “Airline” with respect to the Engines under the GTA, provided, that, Borrower may
not enter into any amendment, modification or supplement to either Purchase Agreement or the GTA to the extent related to the Aircraft or any right assigned hereunder without the written consent of Security Agent if such amendment, modification or
supplement would (1) result in a change to the configuration and/or specification of an Aircraft (other than by reason of modification to such Aircraft required by the FAA) that increases the purchase price thereof by an amount that alone or in
the aggregate with other configuration or specification changes is in excess of Fifty Thousand Dollars ($50,000) unless Borrower, at the time of such amendment, modification or supplement, pays the amount of such increase to Airframe Manufacturer as
an additional advance payment under the Purchase Agreement, or (2) diminish (other than in any de minimis respect) the rights assigned hereunder to Security Agent. 
 HABENDUM CLAUSE: 
 TO HAVE AND
TO HOLD all and singular the aforesaid property unto Security Agent, its successors and assigns, in trust for the benefit and security of the Lenders, and for the uses and purposes and subject to the terms and
provisions set forth in this Security Agreement. 
  

 4 

 Borrower hereby constitutes Security Agent the true and lawful attorney of Borrower, irrevocably, granted
for good and valuable consideration and coupled with an interest and with full power of substitution, and with full power (in the name of Borrower or otherwise) to ask for, require, demand, receive, compound, and give acquittance for any and all
money and claims for money due and to become due under or arising out of the Purchase Agreement and the GTA, and all other property which now or hereafter constitutes part of the Collateral, to endorse any checks or other instruments or orders in
connection therewith, and to file any claims or to take any action or to institute any proceedings that Security Agent deems reasonably necessary; provided, that Security Agent shall not exercise any such rights except during the existence of an
Event of Default. Upon Security Agent’s written request, Borrower will promptly and duly execute and deliver (or cause to be duly executed and delivered) any and all such further instruments and documents (including UCC continuation statements)
as Security Agent shall reasonably request to perfect, preserve, or protect the mortgage, security interests, and assignments created or intended to be created hereby, or to obtain for Security Agent the full benefits of the mortgage, pledge and
assignment hereunder and of the rights and powers herein granted. 
 Borrower hereby represents and warrants that (except as permitted
herein) it has not assigned or pledged any of its right, title and interest hereby assigned to Security Agent. 
 Borrower, Agent and
Security Agent further agree as follows: 
  

	1.	DEFINITIONS 

 The terms defined in
Annex A, when capitalized as in Annex A, have the same meanings when used in this Security Agreement. Annex A also contains rules of usage that control construction in this Security Agreement. 
  

	2.	THE CERTIFICATES 

  

	 	2.1	Form of Loan Certificates. 

 The Loan Certificates
shall be substantially in the form of Exhibit A. 
  

	 	2.2	Terms of Loan Certificates; Drawings. 

 (a) On the
Effective Date, Borrower shall issue a Loan Certificate to each Lender in an aggregate original principal amount equal to such Lender’s Maximum Commitment. Borrower shall be entitled to make Drawings under each Loan Certificate in accordance
with Section 2(a) of the Credit Agreement. 
 (b) Each Loan Certificate shall bear interest on the unpaid principal amount of Drawings
made thereunder from time to time outstanding from and including the date thereof until such principal amount is paid in full. Such interest shall accrue with respect to each Interest Period at the Applicable Rate in effect for such Interest Period
and shall be payable in arrears on each Interest Payment Date and on the date such Loan Certificate is paid in full. Interest hereunder and under the Loan Certificates shall be calculated on the basis of a year of 360 days and actual number of days
elapsed. If any sum payable under the Loan Certificates or under this 

  

 5 

 
Security Agreement falls due on a day which is not a Business Day, then such sum shall be payable on the next succeeding Business Day; provided that, in the
case of principal of and interest on the Loan Certificates payable on a Interest Payment Date, if by virtue of such extension such payment would fall in the next succeeding month, such sum shall be payable on the next preceding Business Day.
Notwithstanding any provisions in the Operative Agreements to the contrary, if the Interest Period in respect of Drawings relating to an Aircraft is scheduled to commence on a date that is less than one (1) month prior to the scheduled Delivery
Date of the Aircraft to which such Drawing(s) relates, Borrower, upon written notice to Security Agent given by Borrower within five (5) Business Days prior to the commencement of such Interest Period, may designate that, for purposes of such
Drawings, the Applicable Rate shall be calculated based on an interpolated LIBOR Rate plus the Applicable Marge calculated by reference to the number of days remaining until the scheduled Delivery Date. 
 (c) The principal amount of Drawings relating to an Aircraft, together with all accrued and unpaid
interest thereon and any Break Loss, made under each Loan Certificate shall be due and payable in full upon the earliest of (1) the Delivery Date of the Aircraft to which such Drawings relates, (2) the last day of the third (3rd) calendar month following the Scheduled Delivery Month of the Aircraft to which such Drawings relates and (3) March 31, 2010 (with the earliest
of these dates being the related “Maturity Date”). If Security Agent so provides its written consent in respect of a delay in delivery of an Aircraft as aforesaid, then the Maturity Date in respect of the Drawings to which such Aircraft
relates shall extend to the earlier of (1) the Delivery Date for such Aircraft and (2) the date agreed to by Security Agent. 
 (d) Each Loan Certificate shall bear interest at the Past Due Rate on any unpaid principal amount of Drawings made thereunder and, to the extent permitted by applicable law, interest (other than interest accrued at the Past Due Rate) and
other amounts due thereunder and hereunder, not paid when due (whether at stated maturity, by acceleration or otherwise), for any period during which the same shall be overdue, payable on demand by the respective Lender given through Security Agent.

 (e) The Loan Certificates shall be executed on behalf of Borrower by one of its authorized officers. Loan Certificates bearing the
signatures of individuals who were at any time the proper officers of Borrower shall bind Borrower, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the delivery of such Loan Certificates or did not hold
such offices at the respective dates of such Loan Certificates. No Loan Certificates shall be issued hereunder except those provided for in Section 2.2(a) and any Loan Certificates issued in exchange or replacement therefor pursuant to the
terms of this Security Agreement. 
  

	 	2.3	[Intentionally Omitted.] 

  

	 	2.4	Distribution of Funds Received. 

 (a) All amounts
payable hereunder shall be paid to Paying Agent into the account specified for Paying Agent pursuant to the Paying Agent Agreement (the “Payment Account”). 
 (b) Provided that no Event of Default has occurred and is then continuing, each installment of interest payable on the Loan Certificates shall be distributed as promptly as 

  

 6 

 
possible on or after the date that such amount is deposited in the Payment Account and becomes immediately available to Paying Agent to the Lenders ratably,
without priority of one over the other, to the payment in full of the aggregate amount of interest due under the Loan Certificates in an amount equal to (i) accrued interest at the rate provided in each Loan Certificate, and (ii) any
overdue interest thereon. 
 (c) Provided that no Event of Default has occurred and is then continuing, each payment made by Borrower as
repayment of Drawings relating to an Aircraft upon the Maturity Date thereof shall be distributed as promptly as possible on or after the date that such amount is deposited in the Payment Account and becomes immediately available to Paying Agent:

 FIRST, to the Lenders ratably, without priority of one over the other, to the payment in full of the
aggregate amount of interest due under the Loan Certificates in respect of the Drawings being repaid in an amount equal to (i) accrued interest at the rate provided in each Loan Certificate, and (ii) any overdue interest thereon plus the
Break Loss, if any, due to the Lenders in respect of such payment; and 
 SECOND, to the Lenders ratably,
without priority of one over the other, to the payment in full of the unpaid principal amount of Drawings which are being repaid. 
 (d) Upon
any partial optional repayment of the Loan Certificates pursuant to Section 2.10(a) hereof, the amount paid by Borrower shall be applied against the amounts which Borrower is obligated to pay in connection with such prepayment pursuant to
Section 2.10(a) (it being understood that no prepayment shall be permitted under Section 2.10(a) unless Borrower pays a sufficient amount to satisfy the amounts owed by it under Section 2.10(a) in connection with such prepayment).

 (e) After an Event of Default shall have occurred, and so long as such Event of Default shall be continuing, all amounts deposited in the
Payment Account and all proceeds resulting from a sale of any of the Collateral shall be applied in the following order of priority: 
 FIRST, to the extent not theretofore paid by or on behalf of Borrower, to pay all costs and expenses of Security Agent incurred in connection with the performance of its duties hereunder or under any other Operative
Agreement, including reasonable attorneys’ fees and expenses and all costs and expenses incurred by Security Agent in connection with its entering upon, taking possession of, holding, operating, managing, selling or otherwise disposing of the
Collateral or any part thereof, any and all Taxes, assessments or other charges of any kind prior to the Lien of any Operative Agreement that Security Agent determined in good faith to pay or be paid, and all amounts payable to Security Agent
hereunder or under any of the Operative Agreements in respect of any indemnities or other obligations of Borrower; 
  

 7 

 SECOND, to the Lenders ratably, without priority of one over the other, to
the payment of all accrued and unpaid interest on, all of the Loan Certificates (including Break Loss, if any, and interest on account of overdue payments of principal and interest) then due the Lenders under the Credit Agreement or any of the Loan
Certificates and any costs, fees and expenses that are payable to the Lenders under the Credit Agreement or any of the Loan Certificates; 
 THIRD, to the Lenders ratably, without priority of one over the other, to the payment of the unpaid principal amount of Drawings made under all of the Loan Certificates; and 
 FOURTH, the balance, if any, thereof thereafter remaining, to Borrower or such other Person(s) as may then lawfully be
entitled thereto. 
  

	 	2.5	Method of Payment. 

 The principal amount of,
interest on, and other amount due under each Loan Certificate or hereunder will be payable in Dollars by wire transfer of immediately available funds not later than 11:00 a.m., New York time, on the due date of payment to Paying Agent for
distribution in the manner provided herein (any payment received after such time being deemed received on the next following Business Day). Subject to receipt of the funds by Paying Agent as outlined above, Paying Agent will pay or cause to be paid
all amounts to be paid by Borrower hereunder and under any Loan Certificate to the holder thereof (including all amounts distributed pursuant to Section 2.4 of this Security Agreement) by transferring, or causing to be transferred, by wire
transfer of immediately available funds in Dollars to an account nominated by such holder not later than 4:00 p.m., New York time, on the date of receipt of such funds. If any such payment is received by such holder after the time specified in the
preceding sentence, then such payment shall be deemed to be received on the next following Business Day, and subject to the next sentence, Borrower shall be entitled to any interest earned on the amount of such payment and shall compensate such
holder for loss of use of funds at the Applicable Rate. If Paying Agent fails to initiate the transfer by federal wire transfer of any such payment as provided in the foregoing sentence after its receipt of funds at the place and before the time
specified above by reason of its failure to use ordinary care, Paying Agent shall compensate such holders for loss of use of funds at the Applicable Rate until such payment is made, and Paying Agent shall be entitled to any interest earned on such
funds until such payment is made. Any payment made hereunder shall be made without any presentment or surrender of any Loan Certificate, except that, in the case of the final payment in respect of any Loan Certificate, such Loan Certificate shall be
surrendered to Paying Agent for cancellation promptly after such payment. Notwithstanding any other provision of this Security Agreement to the contrary, Paying Agent shall not be required to make, or cause to be made, wire transfers as aforesaid
before the first Business Day on which it is practicable for Paying Agent to do so in view of the time of day when the funds to be so transferred were received by it if such funds were received after 11:00 a.m., New York time, at the place of
payment. Before the due presentment for registration of transfer of any Loan Certificate, Borrower, Paying Agent and Security Agent shall deem and treat the Person in whose name any Loan Certificate is registered on the Certificate Register as the
absolute owner and holder of such Loan Certificate for the purpose of receiving payment of 

  

 8 

 
all amounts payable with respect to such Loan Certificate and for all other purposes, and neither Borrower, Paying Agent nor Security Agent shall be affected
by any notice to the contrary. So long as any signatory to the Credit Agreement or nominee thereof shall be a registered Lender, all payments to it shall be made to the account of such Lender specified in Schedule 1 of the Credit Agreement, and
otherwise in the manner provided in or pursuant to the Credit Agreement, unless and until it specifies some other account or manner of payment by notice to Paying Agent consistent with this Section 2.5. 
  

	 	2.6	[Intentionally Omitted]. 

  

	 	2.7	Registration, Transfer and Exchange of Loan Certificates. 

 Security Agent shall keep a register (the “Certificate Register”) in which Security Agent shall provide for the registration of Loan Certificates and the registration of transfers of Loan Certificates. No such transfer shall be
given effect unless and until registered hereunder. Security Agent is hereby appointed “Certificate Registrar” for the purpose of registering Loan Certificates and transfers of Loan Certificates as herein provided. A holder of any Loan
Certificate intending to exchange such Loan Certificate shall surrender such Loan Certificate to Security Agent, together with a written request from the registered holder thereof for the issuance of a new Loan Certificate, specifying (in the case
of a surrender for transfer) the name(s) and address(es) of the new holder(s). Upon surrender for registration of transfer of any Loan Certificate, Borrower shall execute, and Security Agent shall authenticate and deliver, in the name(s) of the
designated transferee(s), one or more new Loan Certificate of a like aggregate original principal amount At the Lender’s option, Loan Certificates may be exchanged for other Loan Certificates of any authorized denominations of a like aggregate
original principal amount, upon surrender of the Loan Certificates to be exchanged to Security Agent. Whenever any Loan Certificates are so surrendered for exchange, Borrower shall execute, and Security Agent shall authenticate and deliver, the Loan
Certificates which the Lender making the exchange is entitled to receive. All Loan Certificates issued upon any registration of transfer or exchange of Loan Certificates (whether under this Section 2.7 or under Section 2.8 or otherwise
under this Security Agreement) shall be the valid obligations of Borrower evidencing the same respective obligations, and entitled to the same security and benefits under this Security Agreement, as the Loan Certificates surrendered upon such
registration of transfer or exchange. Every Loan Certificate presented or surrendered for registration of transfer, shall (if so required by Security Agent) be duly endorsed, or be accompanied by a Transfer Certificate in form satisfactory to
Security Agent duly executed by the Lender or such holder’s attorney duly authorized in writing. Security Agent shall make a notation on each new Loan Certificate of the amount of principal amounts of Drawings previously made under, and the
payments of principal previously made, on the old Loan Certificate or Loan Certificates with respect to which such new Loan Certificate is issued and the date to which interest on such old Loan Certificate or Loan Certificates has been paid.
Interest shall be deemed to have been paid on such new Loan Certificate to the date on which interest shall have been paid on such old Loan Certificate, and the principal amounts of Drawings and all payments of the principal marked on such new Loan
Certificate, as provided above, shall be deemed to have been made thereon. Borrower shall not be required to exchange any surrendered Loan Certificates as provided above during the 10-day period preceding the due date of any payment on such Loan
Certificate. Borrower shall in all cases deem the Person in whose name any Loan Certificate shall have been issued and registered as the absolute owner and holder of such Loan Certificate for the purpose of receiving payment of all amounts payable

  

 9 

 
by Borrower with respect to such Loan Certificate, and for all other purposes, until Borrower receives from Security Agent a notice stating otherwise and
such change is reflected on the Certificate Register. Security Agent will promptly notify Borrower of each registration of a transfer of a Loan Certificate. Any such transferee of a Loan Certificate, by its acceptance of a Loan Certificate, agrees
to the provisions of this Security Agreement and the Credit Agreement applicable to Lenders and shall be deemed to have covenanted to the parties to the Credit Agreement as to the matters covenanted by the original Lender in the Credit Agreement.
Subject to compliance by the Lender and its transferee (if any) of the requirements in this Section 2.6, Security Agent and Borrower shall use all reasonable efforts to issue new Loan Certificates upon transfer or exchange within ten
(10) Business Days of the date a Loan Certificate is surrendered for transfer or exchange. 
  

	 	2.8	Mutilated, Destroyed, Lost or Stolen Loan Certificates. 

 If any Loan Certificate shall become mutilated, destroyed, lost, or stolen, upon the written request of the holder of such Loan Certificate, Borrower shall execute, and Security Agent shall authenticate and deliver, in replacement thereof,
a new Loan Certificate of a like aggregate original principal amount and Series, dated the same date, and captioned as issued in connection with the Aircraft. If the Loan Certificate being replaced has become mutilated, such Loan Certificate shall
be surrendered to Security Agent and a photocopy thereof shall be furnished to Borrower. If the Loan Certificate being replaced has been destroyed, lost, or stolen, the holder of such Loan Certificate shall furnish to Borrower and Security Agent
(a) such security or indemnity as they require to save Borrower and Security Agent harmless, and (b) evidence satisfactory to Borrower and Security Agent of the destruction, loss, or theft of such Loan Certificate and of the ownership
thereof. If a “qualified institutional buyer” of the type referred to in paragraph (a)(1)(i)(A), (B), (D), or (E) of Rule 144A under the Securities Act (a “QIB”) is the holder of any such destroyed, lost, or stolen Loan
Certificate, then the written indemnity of such QIB, signed by an authorized officer thereof, in favor of, delivered to, and in form reasonably satisfactory to Borrower shall be accepted as satisfactory indemnity and security, and no further
indemnity or security shall be required as a condition to the execution and delivery of such new Loan Certificate. Subject to the Lender’s compliance with the requirements in this Section 2.8, Security Agent and Borrower shall use all
reasonable efforts to issue new Loan Certificates within ten (10) Business Days after receiving the Lender’s written request therefor. 
  

	 	2.9	Payment of Expenses on Transfer. 

 (a) No service
charge shall be made to a Lender for any registration of transfer or exchange of Loan Certificates, but Security Agent, as Certificate Registrar, may require payment from any such Lender of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Loan Certificates. 
 (b) Security Agent shall
cancel all Loan Certificates surrendered for replacement, redemption, transfer, exchange, payment, or cancellation, and shall destroy the cancelled Loan Certificates. 
  

 10 

	 	2.10	Prepayment. 

 (a) Borrower may prepay all or any
part of the unpaid principal amount of Drawings made under any of the Loan Certificates upon at least thirty (30) days’ prior written notice to Security Agent and the Lenders. Any prepayment notice provided by Borrower hereunder shall be
irrevocable and Borrower shall not be entitled to re-borrow any such amounts prepaid pursuant to the terms of this Section 2.10. The Loan Certificates shall be prepaid in whole or in part without penalty or premium (except as provided below)
together with accrued interest on the amount to be prepaid; provided, except in the case of a prepayment of Loan Certificates with respect to which Indemnified Withholding Taxes are then payable by Borrower pursuant to Section 10(c) of the
Credit Agreement, Borrower may not prepay an aggregate unpaid principal amount of less than One Million Dollars ($1,000,000); and provided, further, that notwithstanding anything to the contrary in this Security Agreement, the proceeds of any
partial prepayment shall be distributed by Paying Agent to the Lenders ratably, except in the case of a prepayment of Loan Certificates with respect to which Indemnified Withholding Taxes are then payable by Borrower pursuant to Section 10(c)
of the Credit Agreement, in which case the proceeds of such prepayment shall be distributed to the Lender or Lenders of the Loan Certificates to which such Indemnified Withholding Taxes relate. If a prepayment date is not a Payment Date, the
prepayment price shall be increased by the amount of any Break Loss associated with any such prepayment. 
 (b) Within ten
(10) days’ of the occurrence of any of the events described in clauses (1), (2), (3) or (4) below, Borrower shall prepay on the date specified in its notice of prepayment delivered pursuant to paragraph (c) below the unpaid
principal amount of Drawings made under the Loan Certificates in respect of an Aircraft in full, but not in part, together with accrued interest thereon to the date of prepayment and all other amounts due thereunder and hereunder and under the other
Operative Agreements to Paying Agent: (1) upon the termination or cancellation by Borrower and/or Airframe Manufacturer and/or Engine Manufacturer, applicable, of, or the release by Airframe Manufacturer or Engine Manufacturer, as applicable,
of Borrower’s obligations under, the Purchase Agreement in respect of the Aircraft, or the GTA in respect of the Engines, to which such Drawings relate; or (2) Borrower elects (at any time) not to take acquire the Aircraft to which such
Drawings relate under the terms of the Purchase Agreement; or (3) upon rendering as illegal any material provisions of the Operative Agreements; or (4) Borrower and/or Airframe Manufacturer delay the delivery of an Aircraft beyond the last
day of the third (3rd) calendar month following the Scheduled Delivery Month for such Aircraft. The Security Agent will give notice of prepayment to the relevant Lenders under this Section 2.10(b) promptly. If a prepayment under this
Section 2.10(b) is not made on an Interest Payment Date, Borrower shall pay, in addition to the amounts described above, any Break Loss associated with any such prepayment. 
  

	3.	EVENTS OF DEFAULT 

 “Event of Default” means any of the following events: 
 (a) Borrower fails to pay
(1) principal of and, interest on, any Loan Certificate when due, and such failure shall continue unremedied for a period of five (5) Business Days, or (2) any other amount payable by it to Security Agent or the Lenders under this
Security Agreement or the Loan Agreement when due, and such failure continues for a period in excess of ten (10) Business Days after Borrower has received written notice from Security Agent of the failure to make such payment when due;

  

 11 

 (b) Borrower or Holdings fails to observe or perform (or caused to be observed and performed) in any
material respect any other covenant, agreement, or obligation of Borrower or Holdings in any Operative Agreement, and such failure continues unremedied for a period of thirty (30) days from and after the date Borrower receives written notice
thereof from Security Agent; 
 (c) any representation or warranty made by Borrower or Holdings in any Operative Agreement proves to have
been untrue or inaccurate in any material respect as of the date made, is material at the time in question, and, is capable of being cured and remains uncured (to the extent of the adverse impact of such incorrectness on the interest of Security
Agent or any Lender) for a period in excess of thirty (30) days from and after the date of written notice thereof from Security Agent to Borrower or Holdings; 
 (d) Borrower or Holdings consents to the appointment of or taking possession by a receiver, trustee, or liquidator of itself or of a substantial part of its property, or Borrower or Holdings admits in writing its
inability to pay its debts generally as they come due or makes a general assignment for the benefit of its creditors, or Borrower or Holdings files a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization,
liquidation, or other relief as debtor under any bankruptcy Laws or insolvency Laws (as in effect at such time), or an answer admitting the material allegations of a petition filed against it in any such case, or Borrower seeks relief as debtor by
voluntary petition, answer, or consent under the provisions of any other bankruptcy or similar Law providing for the reorganization or winding-up of corporations (as in effect at such time), or Borrower or Holdings seeks an agreement, composition,
extension, or adjustment with its creditors under such laws; 
 (e) an order, judgment, or decree is entered by any court of competent
jurisdiction appointing, without Borrower’s or Holding’s consent, a receiver, trustee, or liquidator of Borrower or Holdings or of all or substantially all of its property, or all or substantially all of the property of Borrower or
Holdings is sequestered, or any other relief in respect of Borrower or Holdings as a debtor is granted under any bankruptcy Laws or other insolvency Laws (as in effect at such time), and any such order, judgment, decree, or decree of appointment or
sequestration remains in force undismissed, unstayed, and unvacated for a period of ninety (90) days after the date of entry thereof; 
 (f) a petition against Borrower or Holdings in a proceeding under any bankruptcy laws or other insolvency laws (as in effect at such time) is filed and not withdrawn or dismissed within ninety (90) days thereafter, or if, under the
provisions of any Law providing for reorganization or winding-up of corporations that applies to Borrower or Holdings, any court of competent jurisdiction assumes jurisdiction, custody, or control of Borrower or Holdings or of substantially all of
the property of Borrower or Holdings, and such jurisdiction, custody, or control remains in force unrelinquished, unstayed, and unterminated for a period of 90 days; 
 (g) except as provided in Section 7.1 hereof, the Lien of this Security Agreement shall cease to exist or cease to be duly perfected (in either case) for a period of more than ten (10) Business Days, unless such
circumstance is not capable of being cured, in which case the Event of Default shall arise on the date on which circumstance occurred; or 
  

 12 

 (h) Borrower shall suffer the loss or suspension of its air carrier operating certificate for a period of
30 days or more. 
  

	4.	REMEDIES 

  

	 	4.1	General; Acceleration. 

 (a) If an Event of Default
shall have occurred and be continuing, then and in every such case, Security Agent may exercise any or all of the rights and powers and pursue any and all of the remedies pursuant to this Section 4, and shall have and may exercise all of the
rights and remedies of a secured party under the Uniform Commercial Code, including, without limitation, the right to purchase the Aircraft from Airframe Manufacturer (subject to the Consent and Agreement). 
 (b) If an Event of Default referred to in Subsections (d), (e) or (f) of Section 3 shall have occurred, then and in every such case all
unfunded Commitments shall be terminated, the unpaid principal amount of Drawings made under all Loan Certificates then outstanding, together with interest accrued but unpaid thereon, and all other amounts due to the holders of the Loan Certificates
thereunder and hereunder and under the other Operative Agreements, shall, unless Security Agent acting upon the instructions of the Majority in Interest of Lenders shall otherwise direct, immediately and without further act become due and payable,
without presentment, demand, protest or notice, all of which are hereby waived. 
 (c) If any other Event of Default shall have occurred and
be continuing, then and in every such case, Security Agent may at any time, by written notice or notices to Borrower, (i) terminate all unfunded Commitments and/or (ii) declare all the Loan Certificates to be due and payable, whereupon the
unpaid principal amount of Drawings made under all Loan Certificates then outstanding, together with accrued but unpaid interest thereon, and all other amounts due to the Lenders thereunder, hereunder and under the other Operative Agreements, shall
immediately and without further act become due and payable without presentment, demand, protest or other notice, all of which are hereby waived. 
 (d) If the unpaid principal amount of Drawings made under the Loan Certificates shall have become due and payable pursuant to this Section 4.1, there shall also become due and payable to each Lender upon demand, without presentment,
protest or notice, all of which are hereby waived, the Break Loss (if any) therefor. 
 (e) The Security Agent agrees to give to Borrower at
least ten (10) days’ prior written revocable notice of any foreclosure of the Lien of this Security Agreement, or of any other action to cause Borrower to lose its rights under either the Purchase Agreement or the GTA (which period of
notice the parties hereto confirm is commercially reasonable). 
 (f) Subject to the consent of a Majority in Interest of Lenders, each
Lender shall be entitled, at any sale pursuant to this Section 4, to credit against any purchase price bid at such sale by such Lender all or any part of the unpaid obligations owing to such Lender and secured by the Lien of this Security
Agreement. Security Agent and Lenders shall, upon any such purchase, acquire good title to the property so purchased, to the extent permitted by applicable law, free of all rights of redemption. 
  

 13 

	 	4.2	Discontinuance of Proceedings. 

 If Security Agent
institutes any proceeding to enforce any right, power, or remedy under this Security Agreement by foreclosure, entry, or otherwise, and such proceedings is discontinued or abandoned for any reason or is determined adversely to Security Agent, then
and in every such case Borrower and Security Agent shall, subject to any determination in such proceedings, be restored to their former positions and rights hereunder with respect to the Collateral, and all rights, remedies, and powers of Borrower
or Security Agent shall continue as if no such proceedings had been instituted. 
  

	 	4.3	Waiver of Past Defaults. 

 Upon written instruction
from a Majority in Interest of the Lenders, Security Agent shall waive any past Default hereunder and its consequences, and upon any such waiver such Default shall cease to exist and any Event of Default arising therefrom shall be deemed to have
been cured for every purpose of this Security Agreement, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon; provided, that in the absence of written instructions from all relevant Lenders,
Security Agent shall not waive any Default (a) in the payment of principal, and interest and other amounts due under any Loan Certificate then outstanding, or (b) in respect of a covenant or provision hereof which, under Section 7,
cannot be modified or amended without the consent of all Lenders. 
  

	 	4.4	Remedies Cumulative. 

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

 14 

	5.	INTENTIONALLY OMITTED 

  

	6.	SUPPLEMENTS AND AMENDMENTS TO THIS SECURITY AGREEMENT AND
OTHER DOCUMENTS 

  

	 	6.1	Instructions of a Majority in Interest of Lenders. 

 Security Agent agrees for and on behalf of each Lender that it shall not enter into any amendment, waiver, or modification of, or supplement or consent to, any Operative Agreement without the written consent of a Majority in Interest of
Lenders, but upon the written request of a Majority in Interest of Lenders, Security Agent shall from time to time enter into any such supplement or amendment, or execute and deliver any such waiver, modification, or consent, as is specified in such
request (and, to the extent required, agreed to by Borrower, Airframe Manufacturer, or Engine Manufacturer); provided, that, without the consent of each holder of an affected Loan Certificate then outstanding, no such amendment, waiver, or
modification shall (1) modify this Section 6.1, or Section 2 or 3, the definitions of “Event of Default”, “Default”, “Majority in Interest of Lenders”, or “Lenders”, or the percentage of Lenders
required to take or approve any action hereunder, (2) reduce the amount, or change the time of payment or method of calculation of any amount, of principal, or interest with respect to any Loan Certificate, (3) reduce, modify, or amend any
indemnities in favor of Security Agent or the Lenders (except that Security Agent may consent to any waiver or reduction of an indemnity payable to it), (4) permit the creation of any additional Lien on the Collateral or any part thereof (other
than Permitted Liens), or deprive any Lender of the benefit of the Lien of this Security Agreement on the Collateral, except as provided in connection with the exercise of remedies under Article 4, or (5) amend the Consent and Agreement or the
Engine Consent and Agreement. 
  

	 	6.2	Security Agent Protected. 

 If, in the opinion of
the institution acting as Security Agent hereunder, any document required to be executed by it pursuant to Section 6.1 affects any right, duty, immunity, or indemnity with respect to such institution under this Security Agreement, such
institution may in its discretion decline to execute such document. 
  

	7.	MISCELLANEOUS 

  

	 	7.1	Termination of Security Agreement. 

 (a) Upon (or at
any time after) payment in full of the principal amount of Drawings made under, interest on and Break Loss, if any, and all other amounts due under, or otherwise due to the Lenders of, all Loan Certificates and provided that (i) the Commitments
shall have terminated and (ii) there shall then be no other amounts due to the Lenders and Security Agent hereunder or under the Credit Agreement or the other Operative Agreements or otherwise secured hereby, Security Agent shall, at
Borrower’s expense, execute and deliver to or as directed in writing by Borrower an appropriate instrument releasing the Collateral from the Lien of this Security Agreement and such other instruments or documents as may be reasonably requested
by Borrower to give effect to such release. 
 (b) In addition, upon (or at any time after) payment in full of principal amount of Drawings
made under, interest on and Break Loss, if any, and all other amounts due under, or otherwise due to the Lenders of, all Drawings related to an Aircraft and provided that there shall then be no other amounts due to the Lenders and Security Agent
hereunder or under the Credit Agreement or the other Operative Agreements or otherwise secured hereby in respect of such Drawings, Security Agent shall execute and deliver to or as directed in writing by Borrower an appropriate instrument releasing
the Collateral to the extent it relates to the Aircraft relating to 

  

 15 

 
such Drawings from the Lien of this Security Agreement, and Security Agent shall execute and deliver such instrument as aforesaid and, at Borrower’s
expense, will execute and deliver such other instruments or documents as may be reasonably requested by Borrower to give effect to such release. 
  

	 	7.2	No Legal Title to Collateral in Holders. 

 No holder
of a Loan Certificate shall have legal title to any part of the Collateral. No transfer, by operation of law or otherwise, of any Loan Certificate or other right, title and interest of any holder of a Loan Certificate in and to the Collateral or
hereunder shall operate to terminate this Security Agreement or entitle such holder or any successor or transferee of such holder to an accounting or to the transfer to it of legal title to any part of the Collateral. 
  

	 	7.3	Sale of Collateral by Security Agent is Binding. 

 Any sale or other conveyance of the Collateral, or any part thereof (including any part thereof or interest therein), by Security Agent made pursuant to this Security Agreement shall bind the Lenders and shall be effective to transfer or
convey all right, title, and interest of Security Agent, Borrower, and such holders in and to such Collateral or part thereof. No purchaser or other grantee shall be required to inquire as to the authorization, necessity, expediency, or regularity
of such sale or conveyance or as to the application of any sale or other proceeds with respect thereto by Security Agent. 
 7.4 Security
Agreement for Benefit of Security Agent and Holders. 
 Nothing in this Security Agreement, whether express or implied, shall be construed
to give to any Person other than Borrower, Security Agent, and the Lenders any legal or equitable right, remedy or claim under or in respect of this Security Agreement. 
  

	 	7.5	No Action Contrary to Borrower’s Rights; Quiet Enjoyment. 

 Notwithstanding any of the provisions of this Security Agreement to the contrary, so long as no Event of Default shall have occurred and be continuing, Security Agent agrees that neither it nor any Person claiming by,
through or under Security Agent, will not take any action in violation of Borrower’s rights, including the right to purchase the Aircraft under the Purchase Agreement in accordance with the terms of this Security Agreement by Borrower.

  

	 	7.6	Notices. 

 Unless otherwise expressly specified or
permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents, waivers, or other communications provided or permitted by this Security Agreement to be made, given, furnished, or filed shall be made, given,
furnished, or filed, and shall become effective, in the manner prescribed in the Credit Agreement. 
  

 16 

	 	7.7	Severability. 

 Any provision of this Security
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any such prohibition or
unenforceability in any particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

	 	7.8	No Oral Modifications or Continuing Waivers. 

 No
term or provision of this Security Agreement or the Loan Certificates may be changed, waived, discharged, or terminated orally, but only by an instrument in writing signed by Borrower and Security Agent, in compliance with Section 6.1. Any
waiver of the terms hereof or of any Loan Certificate shall be effective only in the specific instance and for the specific purpose given. 
  

	 	7.9	Successors and Assigns. 

 All covenants and
agreements herein shall bind and benefit each of the parties hereto and the permitted successors and assigns of each, all as herein provided. Any request, notice, direction, consent, waiver, or other instrument or action by Security Agent or any
Lender shall bind the successors and assigns of Security Agent or such Lender. Each Lender by its acceptance of a Loan Certificate agrees to be bound by this Security Agreement and all provisions of the Operative Agreements applicable to a Lender.

  

	 	7.10	Headings. 

 The headings of the Articles and
sections herein and in the table of contents hereto are for convenience of reference only, and shall not define or limit any of the terms or provisions hereof. 
  

	 	7.11	Normal Commercial Relations. 

 Anything in this
Security Agreement to the contrary notwithstanding, Security Agent may conduct any banking or other financial transactions, and have banking or other commercial relationships, with Borrower, fully to the same extent as if this Security Agreement
were not in effect, including the making of loans or other extensions of credit to Borrower for any purpose whatsoever, whether related to any of the transactions contemplated hereby or otherwise. 
  

	 	7.12	Governing Law; Counterpart Form. 

 THIS SECURITY
AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY, AND PERFORMANCE. This Security Agreement is being delivered in the state
of New York. This Security Agreement may be executed in separate counterparts (or upon separate signature pages bound together into one or more counterparts), each fully-executed set of which shall be an original. 
  

 17 

	 	7.13	Jurisdiction. 

 (a) EACH PARTY
HERETO HEREBY IRREVOCABLY AGREES, ACCEPTS, AND SUBMITS ITSELF TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN THE CITY AND COUNTY OF NEW YORK AND OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN CONNECTION
WITH ANY LEGAL ACTION, SUIT, OR PROCEEDING WITH RESPECT TO ANY MATTER RELATING TO OR ARISING OUT OF OR IN CONNECTION WITH THE OPERATIVE AGREEMENTS. 
 (b) EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS AND AGREES TO THE SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES, AND DOCUMENTS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION, OR PROCEEDING MAY
BE MADE BY MAILING COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, AT THE ADDRESS SET FORTH PURSUANT TO SECTION 15(a) OF THE CREDIT AGREEMENT. EACH PARTY HERETO HEREBY AGREES THAT SERVICE UPON IT, OR ANY OF ITS AGENTS, IN EACH CASE
IN ACCORDANCE WITH THIS SECTION 7.13(b), SHALL CONSTITUTE VALID AND EFFECTIVE PERSONAL SERVICE UPON SUCH PARTY, AND EACH PARTY HERETO HEREBY AGREES THAT THE FAILURE OF ANY OF ITS AGENTS TO GIVE ANY NOTICE OF SUCH SERVICE TO ANY SUCH PARTY SHALL NOT
IMPAIR OR AFFECT IN ANY WAY THE VALIDITY OF SUCH SERVICE ON SUCH PARTY OR ANY JUDGMENT RENDERED IN ANY ACTION OR PROCEEDING BASED THEREON. 
 (c) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, AND AGREES NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE, OR OTHERWISE, IN ANY LEGAL ACTION OR PROCEEDING BROUGHT HEREUNDER
IN ANY OF THE ABOVE-NAMED COURTS, THAT SUCH ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT VENUE FOR THE ACTION OR PROCEEDING IS IMPROPER, OR THAT ANY OPERATIVE AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS. 
  

	 	7.14	Waiver of Jury Trial. 

 EACH PARTY HERETO HEREBY
WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN ANY COURT IN ANY JURISDICTION BASED UPON OR ARISING OUT OF OR RELATING TO THE OPERATIVE AGREEMENTS. 
 [Remainder of Page Intentionally Left Blank.] 
  

 18 

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

			
	 AIRTRAN AIRWAYS, INC.,
 as
Borrower

		
	By:	 	 
	Name:	 	
	Title:	 	
	
	 BAYERISCHE HYPO- UND
 VEREINSBANK AG, LONDON

 BRANCH,
 as Security Agent

		
	By	 	 
	Name:	 	
	Title:	 	
		
	By:	 	 
	Name:	 	
	Title:	 	

 ANNEX A 
 DEFINITIONS AND CONSTRUCTION 
 GENERAL
PROVISIONS 
 (a) In each Operative Agreement, unless otherwise expressly provided, a reference to: 
 (1) each of “Borrower”, “Lender”, “Security Agent”, “Paying Agent” and any other Person includes
any successor in interest to it and any permitted transferee, permitted purchaser, or permitted assignee of it; 
 (2) any
agreement or other document (including any annex, schedule, or exhibit thereto, or any other part thereof) includes that agreement or other document as amended, supplemented, or otherwise modified from time to time in accordance with its terms and
in accordance with the Operative Agreements, and any agreement or other document entered into in substitution or replacement therefor; 
 (3) any provision of any Law includes any such provision as amended, modified, supplemented, substituted, reissued, or reenacted before the Effective Date, and thereafter from time to time; 
 (4) “Agreement”, “this Agreement”, “hereby”, “herein”, “hereto”, “hereof”,
“hereunder”, and words of similar import, when used in any Operative Agreement, refer to such Operative Agreement as a whole and not to any particular provision of such Operative Agreement; 
 (5) “including”, “include”, and terms or phrases of similar import means “including, without limitation”;
and 
 (6) a reference to a “Section”, an “Exhibit”, an “Annex”, or a “Schedule” in
any Operative Agreement, or in any annex thereto, is a reference to a section of, or an exhibit, an annex, or a schedule to, such Operative Agreement or such annex, respectively. 
 (b) Each exhibit, annex, and schedule to any Operative Agreement is incorporated in, and is a part of, such Operative Agreement. 
 (c) Unless otherwise defined or specified in the Credit Agreement, all accounting terms therein shall be construed and all accounting determinations
thereunder shall be made in accordance with GAAP. 
 (d) Headings used in any Operative Agreement are for convenience only, and shall not in
any way affect the construction of, or be taken into consideration in interpreting, such Operative Agreement. 
  

 Annex A-1 

 DEFINED TERMS 
 Accepted Jurisdiction: The United States, France, Germany, The Netherlands, Ireland, the United Kingdom, Austria, Italy or Luxemburg.

 Actual Knowledge: actual knowledge of a vice president or more-senior officer of such Person or any other officer of such Person
having responsibility for the transactions contemplated by the Operative Agreements; provided, that each party shall be deemed to have “Actual Knowledge” of any matter as to which it has received notice pursuant to Section 15(a) of
the Credit Agreement. 
 Additional Costs: as defined in Section 3(e) of the Credit Agreement. 
 Advance: each non-deferrable Advance Payment (as defined in the Purchase Agreement) paid or payable by Borrower in respect of each Aircraft in
accordance with the terms of the Purchase Agreement. 
 Affiliate: 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, by contract, or otherwise, and “controlling”, “controlled by”, and “under common control with” have correlative meanings. 
 After-Tax Basis: a basis such that any payment to be received or receivable by any Person is supplemented by a further payment to that Person so
that the sum of all the two payments, after deducting all Taxes (taking into account any current credits or current deductions attributable to the event or circumstances giving rise to the requirement that original payment be made) currently payable
by such Person or any of its Affiliates under any applicable Law or governmental authority, is equal to the payment due to such Person. 
 Agency Fee: has the meaning specified in the Agency Fee Letter. 
 Agency Fee Letter: means the letter agreement,
dated as of June 28, 2007, by and among Borrower, Paying Agent and Security Agent, in connection with payment of the Agency Fee. 
 AGTA-CQT: means the Aircraft General Terms Agreement AGTA-CQT, dated as of July 3, 2003, by and between Airframe Manufacturer and Borrower. 
 Aircraft: each Boeing model 737-7BD aircraft specified by manufacturer’s serial number in Schedule 3 to the Credit Agreement, together with all buyer-furnished equipment, manuals and technical records
related thereto. 
 Airframe Manufacturer: The Boeing Company. 
  

 Annex A-2 

 Applicable Margin: *** per annum. 
 Applicable Rate: for any Interest Period, a rate per annum equal to the LIBOR Rate for such Interest Period plus the Applicable Margin.

 Bankruptcy Code: the United States Bankruptcy Code, 11 U.S.C. § 101 et seq. 
 Borrower’s Advisor: SkyWorks Capital, LLC. 
 Borrower Person: Borrower and any Affiliate of Borrower. 
 Borrowing Date: as specified in
Section 2(e) of the Credit Agreement. 
 Borrowing Notice: as specified in Section 2(d) of the Credit Agreement. 

Break Loss: (A) where the Applicable Rate is not based on the LIBOR Rate, the amount, if any, required to compensate each Lender for any
losses, costs or expenses (excluding loss of profit) which it may incur as the result of the prepayment or acceleration (or the failure to make any such prepayment on the date irrevocably scheduled therefor) of any Loan Certificate held by it on a
date other than the last day of the then current Interest Period therefor, including, without limitation, losses, costs or expenses incurred in connection with unwinding or liquidating any deposits or funding or financing arrangement with its
funding sources, as reasonably determined by such Lender and (B) where the Applicable Rate is based on the LIBOR Rate, an amount equal to the excess, if any, of (i) the amount of interest which otherwise would have accrued on the principal
amount so prepaid or accelerated to the last day of such Interest Period (the “Break Period”) at the LIBOR Rate therefor over (ii) the amount of interest which would have accrued during the Break Period on the principal amount
so prepaid or accelerated at an interest rate the affected Lender would have obtained in the London interbank market for United States dollar deposits of leading banks on such prepayment or acceleration date with maturities comparable to the Break
Period (as reasonably determined by such Lender). 
 Business Day: 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, NY, Orlando, FL, or the city and state in which Security Agent is located or receives or disburses funds and, if in relation to the payment of interest and principal of any
Loan Certificate, or any prepayment thereof, a day on which Dollar transactions are effected in London, England, and, for the Effective Date and for each date on which a Drawing is to be made, Frankfurt, Germany. 
 Cash Contribution: an amount equal to *** of an Advance. 

	***	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. Page 1 of 3 pages containing information redacted pursuant to a request for confidential treatment. 

  

 Annex A-3 

 Cash Equivalents: the following securities (which shall mature within thirty (30) days of the
date of purchase thereof): (1) direct obligations of the U.S. Government; (2) obligations fully guaranteed by the U.S. Government; (3) certificates of deposit issued by, or bankers’ acceptances of, or time deposits or a deposit
account with, Paying Agent or any bank, trust company, or national banking association incorporated or doing business under the laws of the United States or any state thereof having a combined capital and surplus and retained earnings of at least $1
billion and having a rate of “A” or better from Standard & Poor’s; or (4) commercial paper of any issuer doing business under the laws of the United States or one of the states thereof and in each case having a rating
assigned to such commercial paper by Standard & Poor’s or Moody’s equal to or higher than A1 or P1, respectively. 
 Certificate Register: as defined in Section 2.7 of the Security Agreement. 
 Citizen of the United States:
as defined in Section 40102(a)(15) of the Transportation Code and in the FARs. 
 Code: the Internal Revenue Code of
1986, as amended, or any successor thereto; provided, that, when used in relation to a Plan, “Code” shall be interpreted in accordance with the regulations and rulings issued thereunder. 
 Collateral: as defined in the Granting Clause of the Security Agreement. 
 Commitment: as defined in Section 2(a) of the Credit Agreement. 
 Commitment Fee: *** per annum of the unused portion of the aggregate Maximum Commitment in respect of all Advances. 
 Commitment Termination Date: March 31, 2009 or such later date as agreed to by Borrower and Security Agent. 
 Consent and Agreement: the consent and agreement, dated as of June 28, 2007, among Borrower, Security Agent and Airframe Manufacturer.

 Credit Agreement: Credit Agreement, dated as of June 28, 2007, among Borrower, the Lenders and Security Agent, as such Credit
Agreement may be amended or supplemented from time to time pursuant to the applicable provisions thereof. 
 Default: (1) any
event or condition that, with the giving of notice or the lapse of time, would become an Event of Default, or (2) any Event of Default. 
 Delivery Date: the date on which an Aircraft is tendered for delivery by Airframe Manufacturer to Borrower which shall be a Business Day. 
 Dollars, United States Dollars, or $: the lawful currency of the United States. 

	***	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. Page 2 of 3 pages containing information redacted pursuant to a request for confidential treatment. 

  

 Annex A-4 

 Drawing: in respect of any Advance, the borrowing made by Borrower on the Borrowing Date with
respect to such Advance from each Lender. 
 Effective Date: as defined in Section 2(e) of the Credit Agreement. 
 Eligible Account: an account established by and with an Eligible Institution at Paying Agent’s request, which institution agrees, for all
purposes of the UCC (including UCC Article 8), that (1) such account shall be a “securities account” (as defined in UCC § Section 8-501), (2) all property (other than cash) credited to such account shall be treated as a
“financial asset” (as defined in UCC § 8-102(9)), (3) Security Agent shall be the “entitlement holder” (as defined in UCC § 8-102(7)) of such account, (4) it will comply with all entitlement orders issued by
Security Agent to the exclusion of Borrower, and (5) the “securities intermediary jurisdiction” (under UCC § 8-110(e)) shall be the state of New York. 
 Eligible Institution: a depository institution organized under the laws of the United State of America or any of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), which has
a long-term unsecured debt rating from Moody’s and Standard & Poor’s of at least A-3 or its equivalent. 
 Engines:
in respect of each Airframe, each of the two CFM International, Inc. model CFM56-7B20 engines delivered with such Airframe under the Purchase Agreement. 
 Engine Consent and Agreement: the consent and agreement of Engine Manufacturer in respect of the Security Agreement. 
 Engine Manufacturer: CFM International, Inc. 
 ERISA: the Employee Retirement Income Security
Act of 1974. 
 Event of Default: as defined in Section 3 of the Security Agreement. 
 Expenses: any and all liabilities, obligations, losses, damages, settlements, penalties, claims, actions, suits, costs, expenses, and
disbursements (including reasonable fees and disbursements of legal counsel, accountants, appraisers, inspectors, or other professionals, and costs of investigation). 
 FAA: the Federal Aviation Administration of the United States or any Governmental Entity succeeding to the functions of the Federal Aviation Administration. 
 Financing Statements: the UCC-1 financing statements covering the Collateral (as defined in the Security Agreement) by Borrower, as debtor,
showing Security Agent as secured party, for filing in Delaware and each other jurisdiction where filing is necessary to perfect its Lien on such Collateral. 
 Fitch Rating: Fitch Ratings Ltd. 
  

 Annex A-5 

 GAAP: generally accepted accounting principles as set forth in the statements of financial
accounting standards issued by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants, as varied by any applicable financial accounting rules or regulations issued by the SEC or the Public Company
Accounting Oversight Board, and applied on a basis consistent with prior periods except as may be disclosed in the pertinent Person’s financial statements. 
 Governmental Entity: (1) 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 (2) any other governmental entity having jurisdiction over any matter contemplated by the Operative
Agreements or relating to the observance or performance of the obligations of any of the parties to the Operative Agreements. 
 GTA:
General Terms Agreement No. CFM-03-0017, dated June 30, 2003, by and between Engine Manufacturer and Borrower including all exhibits thereto, together with all letter agreements entered into that by their terms constitute part of such GTA, all
to the extent included in the Granting Clause of the Security Agreement. 
 Holdings: AirTran Holdings, Inc., a Nevada corporation.

 Holdings Guarantee: the Guarantee, dated as of June 28, 2007, from Holdings. 
 HVB: Bayerische Hypo- und Vereinsbank AG, London Branch 
 Indemnified Withholding Taxes: has the meaning specified in Section 10(c)(i) of the Credit Agreement. 
 Indemnitee: (1) the Lenders, (2) Security Agent, (3) Paying Agent, (4) each Affiliate of the Persons described in clauses (1) through (3) above, (5) the directors, officers, employees, and agents of
each of the Persons described in clauses (1) through (4) above and (5) the successors and permitted assigns of the persons described in clauses (1) through (4) above. 
 Interest Payment Date: the first day of each calendar month succeeding the applicable Borrowing Date and the Maturity Date thereof; provided that,
if any such date shall not be a Business Day, then the relevant Interest Payment Date shall be the next succeeding Business Day. 
 Interest Period: (a) initially, the period commencing on the first Borrowing Date and ending on but excluding the first Interest Payment Date and (b) thereafter, each successive period commencing on the day following the
final day of the preceding Interest Period and ending on but excluding the next succeeding Interest Payment Date. 
 Law: (1) any
constitution, treaty, statute, law, decree, regulation, order, rule, or directive of any Governmental Entity, and (2) any judicial or official administrative interpretation or application of, or decision under, any of the foregoing having the
force of law. 
 Lender: (1) initially each Person identified in Schedule 2 of the Credit Agreement as a Lender, and
(2) thereafter any Person registered as a holder of one or more Loan Certificates. 
  

 Annex A-6 

 LIBOR Rate: with respect to any Interest Period (if for a period equal to at least one month), a
rate per annum (calculated on the basis of a 360-day year and actual days elapsed) equal to the rate per annum at which Dollar deposits are offered in the London interbank market for a one-month period as such rate (rounded upwards to the nearest
1/64 of 1%) as displayed on Reuters Page LIBOR01 at approximately 11:00 a.m., London time (or as soon thereafter as practicable), or if such service no longer displays any such quote, the arithmetic mean (rounded upwards to the nearest 1/64 of 1%)
of such rates as displayed on Moneyline Telerate Page 3750 at approximately 11:00 a.m., London time (or as soon thereafter as practicable), or if such service no longer displays any such quote, the arithmetic mean (rounded upwards to the nearest
1/64 of 1%) of such rates, as quoted by two reputable dealers selected by Security Agent and Borrower, in any case on the date two (2) Business Days. 
 Lien: any mortgage, pledge, lien, charge, claim, encumbrance, lease, or security interest affecting the title to or any interest in property. 
 Loan Certificate: any loan certificate issued under the Security Agreement in the form specified in Section 2.1 and Exhibit A thereof (as
such form may be varied pursuant to the terms of the Security Agreement), or any Loan Certificate issued under such Security Agreement in exchange for or replacement of any such Loan Certificate. 
 Majority in Interest of Lenders: as of a particular date of determination, the Lenders holding more than 50% of an amount equal to the sum of
(i) the unused Maximum Commitment plus (ii) the aggregate unpaid principal amount of all Drawings made as of such date. 
 Material Adverse Change: with respect to any Person, means any event, condition, or circumstance that materially adversely affects such Person’s business, operating or financial condition and that materially adversely affects
its ability to observe or perform its obligations, liabilities, and agreements under the Operative Agreements. 
 Maturity Date: as
defined in Section 2.2(c) of the Security Agreement. 
 Maximum Commitment: as defined in Section 2(a) of the Credit
Agreement. 
 Moody’s: Moody’s Investors Service, Inc. 
 Non-U.S. Person: any Person, other than a United States person as defined in Code Section 7701(a)(30). 
 Officer’s Certificate: of any party to the Credit Agreement, a certificate signed by the chairman, the president, any vice president
(including those with varying ranks such as executive, senior, assistant, or staff vice president), the treasurer, or the secretary of such party. 
 Operative Agreements: the Credit Agreement, the Security Agreement, the Loan Certificates, the Consent and Agreement, the Engine Consent and Agreement, the Holdings Guarantee and the Paying Agent Agreement and any amendments or
supplements of any of the foregoing. 
  

 Annex A-7 

 Participation Percentage: in respect of each Lender, the percentage set forth for such Lender on
Schedule 2 to the Credit Agreement, as updated from time to time. 
 Past-Due Rate: the lesser of Applicable Rate plus *** per annum
and the maximum rate permitted under applicable Law. 
 Paying Agent: Wells Fargo Bank Northwest, National Association, or such other
entity becoming the Paying Agent pursuant to Section 8 of the Paying Agent Agreement. 
 Paying Agent Agreement: the Paying Agent
Agreement, dated as of June 28, 2007, by and among Borrower, Security Agent and Paying Agent. 
 Payment Account: such account as
described in Section 2.4(a) of the Security Agreement. 
 Permitted Lien: (a) the rights of Security Agent under the
Operative Agreements; (b) Liens arising by, through or under any Lender or Security Agent; (c) Liens for Taxes either not yet due or being contested in good faith by appropriate procedures if such Liens and such procedures do not involve a
material risk of the sale, forfeiture, or loss of the Collateral, or the interest of Security Agent or any Lender therein, or impair the Lien of the Security Agreement and for which adequate reserves have been established under GAAP; (d) Liens
arising out of any judgment or award against Borrower, if, within sixty (60) days after the entry thereof, that judgment or award is discharged or vacated, or has its execution stayed pending appeal, or is discharged, vacated, or reversed
within sixty (60) days after the expiration of such stay, and if during any such 60-day period there is not, or any such judgment or award does not involve, any material risk of the sale, forfeiture, or loss of the Collateral, or the interest
of Security Agent or any Lender therein, or impair the Lien of the Security Agreement; and (e) any other Lien with respect to which Borrower shall have provided a bond, cash collateral, or other security adequate in the reasonable opinion of
Security Agent. 
 Person or person: an individual, firm, partnership, joint venture, trust, trustee, Governmental Entity,
organization, association, corporation, limited liability company, government agency, committee, department, authority, and other body, corporate or incorporate, whether having distinct legal status or not, or any member of any of the same.

 Plan: any employee benefit plan within the meaning of ERISA § 3(3), or any plan within the meaning of Code § 4975(e)(1).

 Purchase Agreement: Purchase Agreement No. 2444, dated July 3, 2003, between Airframe Manufacturer and Borrower (which
incorporates by reference AGTA-CQT), including all exhibits thereto, together with all letter agreements entered into that by their terms constitute part of such Purchase Agreement, all to the extent included in the Granting Clause of the Security
Agreement. 

	***	Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 of the Securities
Exchange Act of 1934, as amended. Page 3 of 3 pages containing information redacted pursuant to a request for confidential treatment. 

  

 Annex A-8 

 Regulatory Change: with respect to any Lender, any change that occurs after the date of the
Security Agreement in Federal, state or foreign law or regulations (including Regulation D) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks or financial institutions including such
Lender of or under any Federal, state or foreign law or regulations (whether or not having the force of law and whether or not failure to comply therewith would be unlawful so long as compliance therewith is standard banking practice in the relevant
jurisdiction) by any court or governmental or monetary authority charged with the interpretation or administration thereof. For the avoidance of doubt, the coming into effect of any applicable law or regulations, policies, orders, directives or
guidelines issued by any governmental body, monetary authority or other regulatory organization (whether or not having the force of law) with respect to, arising out of, or in connection with the matters discussed and/or set forth in the proposals
set forth in the June 1999 Consultative Paper issued by the Basle Committee on Banking Supervision (as modified, supplemented, revised and/or superseded by any subsequent proposal, consultative paper or other document) shall be deemed a Regulatory
Change, except to the extent that compliance therewith has been made mandatory with respect to any Lender on or prior to the Effective Date. 
 Reserved Provisions: means (1) as they relate to the Purchase Agreement, each and all of the provisions and agreements identified in Schedule 1 of the Security Agreement, as the same may be amended, supplemented or modified from
time to time and (2) as they relate to the GTA, each and all of the provisions and agreements identified in Schedule 2 of the Security Agreement, as the same may be amended, supplemented or modified from time to time. 
 Reserve Requirement: for any Loan Certificate, the average maximum rate at which reserves (including, without limitation, any marginal,
supplemental or emergency reserves) are required to be maintained during the Interest Period in respect of such Loan Certificate under Regulation D by member banks of the Federal Reserve System in New York City with deposits exceeding one billion
Dollars against “Eurocurrency liabilities” (as such term is used in Regulation D). Without limiting the effect of the foregoing, the Reserve Requirement includes any other reserves required to be maintained by such member banks by reason
of any Regulatory Change with respect to (i) any category of liabilities that includes deposits by reference to which the LIBOR Rate is to be determined or (ii) any category of extensions of credit or other assets that includes the Loan
Certificates. 
 SEC: the Securities and Exchange Commission of the United States, or any Governmental Entity succeeding to the
functions of such Securities and Exchange Commission. 
 Securities Act: the Securities Act of 1933. 
 Security: a “security” as defined in Section 2(l) of the Securities Act. 
  

 Annex A-9 

 Security Agreement: the Security Agreement, dated as of Juen __, 2007, between Borrower and
Security Agent, as such Security Agreement may be amended or supplemented from time to time pursuant to the applicable provisions thereof. 
 Scheduled Delivery Month: for each Aircraft, the date specified in Schedule 3 to the Credit Agreement. 
 Special
Default: a Default under Section 3 (a), (d), (e) or (f) of the Security Agreement. 
 Standard &
Poor’s: Standard & Poor’s Rating Services, a division of McGraw-Hill, Inc. 
 Tax Indemnitee: (1) each
Lender, (2) Security Agent, (3) Paying Agent and (4) the successors, assigns, officers, directors, employees and agents of the foregoing. 
 Taxes: all taxes (including, without limitation, franchise, excise, stamp, value added, income, gross receipts, sales, use property (personal and rent) and intangible taxes), levies, imposts, duties, charges,
assessments, or withholdings of any nature whatsoever imposed by any Taxing Authority, and any penalties, additions to tax, fines, or interest thereon or additions thereto. 
 Taxing Authority: 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 political subdivision or taxing authority of any thereof. 
 Transaction Expenses: the reasonable out-of-pocket costs and expenses incurred by Security Agent and each of the Lenders in connection with the
preparation, negotiation, execution, and delivery of the Operative Agreements and the recording or filing of any documents, certificates, or instruments in accordance with any Operative Agreement, including the reasonable fees and disbursements of
legal counsel for Security Agent and the Lenders incurred in connection therewith. 
 Transfer: the transfer, sale, assignment, or
other conveyance of all or interest in any property, right or interest. 
 Transfer Certificate: a transfer certificate substantially
in the form set out in Exhibit B to the Credit Agreement. 
 Transferee: a Person to whom any Lender purports or intends to Transfer
any or all of its right, title and interest in its Commitments or Loan Certificate it holds, as described in Section 9(a) of the Credit Agreement 
 Transportation Code: subtitle VII of title 49, United States Code. 
 UCC: means the Uniform
Commercial Code as in effect in State of New York. 
  

 Annex A-10 

 United States or U.S.: the United States of America; provided, that for geographic purposes,
“United States” means the 50 states and the District of Columbia of the United States of America. 
 Upfront Fee: has the
meaning specified in the Upfront Fee Letter. 
 Upfront Fee Letter: means the letter agreement, dated as of June 28, 2007, by and
among Borrower, Paying Agent and Security Agent, in connection with payment of the Upfront Fee. 
 U.S. Air Carrier: any United States
air carrier who is a Citizen of the United States holding an air carrier operating certificate issued by the Secretary of Transportation pursuant to chapter 447 of the Transportation Code for aircraft capable of carrying 10 or more individuals or
6000 pounds or more of cargo, and as to whom there is in force an air carrier operating certificate issued pursuant to FAR Part 121, or who may operate as an air carrier by certification or otherwise under any successor or substitute provisions
therefor or in the absence thereof. 
 U.S. Person: any Person that is a “United State person” as defined in Code
Section 7701(a)(30). 
  

 Annex A-11 

 EXHIBIT A 
 FORM OF: 
 LOAN CERTIFICATE 
  

			
	No. [    ]	  	New York, New York
		
	$[        ]	  	[        ], [        ]

 AirTran Airways, Inc., a Delaware corporation (the “Borrower”) hereby promises to pay to
[ ] (or its registered transferees), the principal sum of $[            ], or, if less the aggregate unpaid principal amount of all Drawings made hereunder, plus any Break Loss and other
sums becoming due and owing under the Operative Agreements, together with interest at the Applicable Rate on the unpaid principal amount of all Drawings made hereunder from and including the date hereof until paid in full. The unpaid principal
amount of all Drawings made hereunder shall be due and payable on the Maturity Date. Interest shall accrue with respect to each Interest Period at the Applicable Rate in effect for such Interest Period and shall be payable in arrears on each
Interest Payment Date and on the date this Loan Certificate is paid in full. The Interest Periods for the Drawing evidenced by this Loan Certificate can vary in accordance with Section 2.2(b) of the Security Agreement. Interest shall be
calculated on the basis of a year of 360 days and actual number of days elapsed. If any date on which a payment under this Loan Certificate becomes due and payable is not a Business Day, then such payment shall not be made on such scheduled date but
shall be made on the following Business Day (unless if by virtue of such extension such day would fall in the next succeeding calendar month, in which case such payment shall be made on the immediately preceding Business Day). 
 For purposes hereof, “Security Agreement” means the Security Agreement, dated as of June 28, 2007, between Borrower and Bayerische Hypo-
und Vereinsbank AG, London Branch (“Security Agent”), as amended or supplemented from time to time. All terms used in this Loan Certificate, if defined in the Security Agreement and not in this Loan Certificate, have the same meanings as
in the Security Agreement. 
 This Loan Certificate shall bear interest, payable on demand, at the Past-Due Rate (calculated on the basis of
a 360-day year and actual number of days elapsed) on any overdue payment of principal, interest or any other amount required to be made hereunder for the period that it is overdue. Amounts shall be overdue if not paid when due (whether at stated
maturity, by acceleration, or otherwise). 
 A Certificate Register shall be maintained by Security Agent for the purpose of registering
transfers and exchanges of Loan Certificates, in the manner provided in Section 2.7 of the Security Agreement. 
  

 Exh A-1 

 The principal, interest, any Break Loss and other amounts due hereunder shall be payable in Dollars in
immediately available funds to Paying Agent. Each such payment shall be made without any presentment or surrender of this Loan Certificate. However, this Loan Certificate shall be surrendered to Security Agent for cancellation promptly after any
final payment. 
 The holder hereof, by its acceptance of this Loan Certificate, agrees that (except as otherwise provided in the Security
Agreement) each payment of principal, Break Loss and interest received by it hereunder shall be applied in accordance with Section 2.4 of the Security Agreement. 
 This Loan Certificate is one of the Loan Certificate referred to in the Security Agreement which have been or are to be issued by Borrower pursuant to the Security Agreement. The Collateral is held by Security Agent
as security, in part, for the Loan Certificate. The provisions of this Loan Certificate are subject to the Security Agreement. Refer to the Security Agreement for a complete statement of (1) the rights and obligations of the holder of this Loan
Certificate, and the nature and extent of the security for this Loan Certificate, (2) the rights and obligations of the holders of any other Loan Certificate executed and delivered under the Security Agreement, and the nature and extent of the
security for any other Loan Certificates executed and delivered under the Security Agreement, and (3) each holder hereof agrees by its acceptance of this Loan Certificate to the terms and conditions in the Security Agreement. 
 Before this Loan Certificate is duly presented for registration of transfer, Borrower, Paying and Security Agent shall treat the person in whose name
this Loan Certificate is registered as the owner hereof for all purposes, whether or not this Loan Certificate is overdue, and neither Borrower, Paying Agent nor Security Agent shall be affected by notice to the contrary. 
 This Loan Certificate is subject to redemption as provided in Section 2.10 of the Security Agreement and Section 10(c)(i) of the Credit
Agreement, but not otherwise. In addition, this Loan Certificate may be accelerated as provided in Section 4.1 of the Security Agreement. 
 Unless the certificate of authentication hereon has been executed by or on behalf of Security Agent by manual signature, this Loan Certificate shall not be entitled to any benefit under the Security Agreement or be valid or obligatory for
any purpose. 
 THIS LOAN CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. All
remaining provisions of Section 12 of the Credit Agreement are incorporated by reference as if more fully set forth herein. 
  

 Exh A-2 

 IN WITNESS WHEREOF, Borrower has executed this Loan Certificate. 
  

			
	 AIRTRAN AIRWAYS, INC.,
 as
Borrower

		
	By:	 	 
	Name:	 	
	Title:	 	

  

 EXh A-3 

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Loan Certificate referred to in the Security Agreement (as defined in the foregoing Loan Certificate). 
  

			
	 BAYERISCHE HYPO- UND
 VEREINSBANK AG, LONDON

 BRANCH,
 as Security Agent

		
	By:	 	 
	Name:	 	
	Title:	 	
		
	By:	 	 
	Name:	 	
	Title:	 	

 SCHEDULE 1 
 PURCHASE AGREEMENT RESERVED PROVISIONS 
  

	1.	Section 1.3 of Article 1 of the AGTA-CQT. 

  

	2.	Exhibit B to the AGTA-CQT. 

  

	3.	Section 5.4 of Article 5 of Purchase Agreement No. 2444 

  

	4.	Exhibit BFE1-1 to Purchase Agreement No. 2444 

  

	5.	Exhibit CS1 to Purchase Agreement No. 2444 

  

	6.	Purchase Agreement No. 2444 Supplement No. 1 

  

	7.	Purchase Agreement No. 2444 Supplement No. 2 (other than Sections 1.1, 1.2, 4.2 and 5 thereof) 

  

	8.	Purchase Agreement No. 2444 Supplement No. 3 

  

	9.	Purchase Agreement No. 2444 Supplement No. 4 

  

	10.	Purchase Agreement No. 2444 Supplement No. 5 

  

	11.	Purchase Agreement No. 2444 Supplement No. 6 

  

	12.	Purchase Agreement No. 2444 Supplement No. 7 (other than Sections 1, 4, 5, and 6 thereof) 

  

	13.	Purchase Agreement No. 2444 Supplement No. 8 

  

	14.	Purchase Agreement No. 2444 Supplement No. 9 

  

	15.	Purchase Agreement No. 2444 Supplement No. 10 (other than Sections 1, 2, 3, 4, 5, 8, 9, 10, 11, 12 and 13 thereof) 

  

	16.	Purchase Agreement No. 2444 Supplement No. 11 (other than Sections 4, 5 and 6) 

  

	17.	Purchase Agreement No. 2444 Supplement No. 12 

  

	18.	Letter Agreement No. 2444-01 

  

	19.	Letter Agreement No. 2444-03 

  

	20.	Letter Agreement No. 2444-04 

  

	21.	Letter Agreement No. 2444-05 

  

	22.	Letter Agreement No. 2444-06 

  

	23.	Letter Agreement No. 6-1162-SSM-2322 (R1) 

  

	24.	Letter Agreement No. 6-1162-SSM-2323 

  

	25.	Letter Agreement No. 6-1162-SSM-2324 (other than Sections 1.1, 2, 7 an d10 thereof) 

  

	26.	Letter Agreement No. 6-1162-SSM-2325 

  

	27.	Letter Agreement No. 6-1162-SSM-2326 (R1) 

  

	28.	Letter Agreement No. 6-1162-SSM-2327 

  

	29.	Letter Agreement No. 6-1162-SSM-2406 

  

	30.	Letter Agreement No. 6-1162-SSM-2426 (R2) 

  

	31.	Letter Agreement No. 6-1162-SSM-2429 (other than Sections 7 and 6 thereof)(Note: the reference to Section 6 in the preceding parenthetical is in reference to the
confidentiality provisions of such letter agreement, which was inadvertently designated as Section 6 thereof.) 

  

	32.	Letter Agreement No. 6-1162-SSM-2431 (other than Sections 9 and 9 thereof)(Note: the second reference to Section 9 in the preceding parenthetical is in reference to the
confidentiality provisions of such letter agreement, which was inadvertently designated as Section 9 thereof.) 

  

	33.	Letter Agreement No. 6-1162-SSM-2433 

  

	34.	Sections 4 and 5 of the Letter Agreement No. 6-1162-SSM-2435 

  

 Sch 1-1 

	35.	Letter Agreement No. 6-1162-SSM-2436 (other than Sections 1, 2 and 7 thereof) 

  

	36.	Letter Agreement No. 6-1162-JWL-0107(R3) (other than Sections 1, 4 and 6 thereof) 

  

	37.	Letter Agreement No. 6-1162-JWL-0189 (other than Sections 1.1, 2.1, 3, 4, 5 and 7 thereof) 

  

	38.	Letter Agreement No. 6-1162-JWL-0224 

  

	39.	Letter Agreement No. 6-1162-JWL-0239 

  

	40.	Letter Agreement No. 6-1162-TRW-0684 

  

	41.	Letter Agreement No. 6-1162-TRW-0685 

  

	42.	Letter Agreement No. 6-1162-TRW-0686 

  

 Exh A-2 

 SCHEDULE 2 
 GTA RESERVED PROVISIONS 
 All terms, conditions, provisions, letter agreements, amendments and
other agreements related to the GTA, other than Article 9 and Exhibit A of the GTA. 
  

 Sch 2-1

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