Document:

Trust Supplement No. 2012-1B

 Exhibit 4.3 
 EXECUTION COPY 
 TRUST SUPPLEMENT NO. 2012-1B 

Dated as of July 3, 2012 
 between 
 DELTA AIR LINES, INC. 

and 
 U.S.
BANK TRUST NATIONAL ASSOCIATION, 
 as Trustee, 
 To 
 PASS THROUGH TRUST AGREEMENT 

Dated as of November 16, 2000 
 Delta Air Lines Pass Through Trust 2012-1B 
 Delta Air Lines Pass Through
Certificates, 
 Series 2012-1B 
 Trust Supplement No. 2012-1B 
 (2012-1 EETC) 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	  
	 Section 1.01
	 	Definitions	  	 	2	  
		
	ARTICLE II DECLARATION OF TRUST	  	 	10	  
	 Section 2.01
	 	Declaration of Trust	  	 	10	  
	 Section 2.02
	 	Permitted Activities	  	 	10	  
		
	ARTICLE III THE CERTIFICATES	  	 	10	  
	 Section 3.01
	 	The Certificates	  	 	10	  
	 Section 3.02
	 	Terms and Conditions	  	 	10	  
		
	ARTICLE IV ISSUANCE AND TRANSFER OF THE CLASS B CERTIFICATES	  	 	12	  
	 Section 4.01
	 	Issuance of Class B Certificates	  	 	12	  
	 Section 4.02
	 	Legends	  	 	13	  
	 Section 4.03
	 	Book-Entry Provisions for Global Certificates	  	 	13	  
		
	ARTICLE V DISTRIBUTION; STATEMENTS TO CERTIFICATEHOLDERS	  	 	15	  
	 Section 5.01
	 	Statements to Certificateholders	  	 	15	  
		
	ARTICLE VI DEFAULT	  	 	17	  
	 Section 6.01
	 	Purchase Rights of Certificateholders	  	 	17	  
		
	ARTICLE VII THE TRUSTEE	  	 	19	  
	 Section 7.01
	 	Delivery of Documents; Delivery Dates	  	 	19	  
	 Section 7.02
	 	Withdrawal of Deposits	  	 	21	  
	 Section 7.03
	 	The Trustee	  	 	21	  
	 Section 7.04
	 	Representations and Warranties of the Trustee	  	 	21	  
	 Section 7.05
	 	Trustee Liens	  	 	22	  
		
	ARTICLE VIII ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS	  	 	22	  
	 Section 8.01
	 	Amendment of Section 5.02 of the Basic Agreement	  	 	22	  
	 Section 8.02
	 	Supplemental Agreements Without Consent of Class B Certificateholders	  	 	23	  
	 Section 8.03
	 	Supplemental Agreements with Consent of Class B Certificateholders	  	 	24	  
	 Section 8.04
	 	Consent of Trustees for Amendment of Section 6.01	  	 	24	  
	 Section 8.05
	 	Amendment of Section 7.12(c) of the Basic Agreement	  	 	24	  
		
	ARTICLE IX TRANSFER OF CLASS B CERTIFICATES	  	 	24	  
	 Section 9.01
	 	Restrictive Legends	  	 	24	  
	 Section 9.02
	 	Amendment of Section 3.04 of the Basic Agreement	  	 	25	  
	 Section 9.03
	 	Transfer and Exchange	  	 	25	  
	 Section 9.04
	 	Special Transfer Provisions	  	 	26	  
		
	ARTICLE X MISCELLANEOUS PROVISIONS	  	 	27	  

  
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	 Section 10.01
	 	Final Termination Date	  	 	27	  
	 Section 10.02
	 	Basic Agreement Ratified	  	 	27	  
	 Section 10.03
	 	Governing Law	  	 	27	  
	 Section 10.04
	 	Counterparts	  	 	28	  
	 Section 10.05
	 	Intention of Parties	  	 	28	  

 EXHIBITS 
  

	Exhibit A—	Form of Certificate 

	Exhibit B—	DTC Letter of Representations 

 SCHEDULES

  

	Schedule I-A—	Series B Equipment Note Principal Payments 

	Schedule I-B—	Aggregate Series B Equipment Note Principal Payments 

	Schedule II—	Series B Equipment Notes, Principal Amounts, Maturities and Aircraft 

	Schedule III—	Note Documents 

  

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 TRUST SUPPLEMENT NO. 2012-1B 

This TRUST SUPPLEMENT NO. 2012-1B, dated as of July 3, 2012 (as amended from time to time, the “Trust Supplement”),
between DELTA AIR LINES, INC., a Delaware corporation (together with any successor in interest pursuant to Section 5.02 of the Basic Agreement, the “Company” or “Delta”), and U.S. BANK TRUST NATIONAL ASSOCIATION, a national
banking association, as successor trustee (together with any successor in interest and any successor or other trustee appointed as provided in the Basic Agreement, the “Trustee”) under the Pass Through Trust Agreement, dated as of
November 16, 2000, between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company of Connecticut, National Association (the “Basic Agreement”). 

W I T N E S S E T H: 
 WHEREAS, the Basic Agreement, which is unlimited as to the aggregate face amount of Certificates that may be issued and authenticated thereunder, has heretofore been executed and delivered; 

WHEREAS, Delta is the owner of the 31 aircraft described in Schedule II (the “Aircraft”), which Aircraft are subject to
financings described in Schedule I to the NPA, and Delta wishes to re-finance the Aircraft pursuant to the NPA; 
 WHEREAS,
pursuant to each Indenture, Delta will issue on a recourse basis two series of Equipment Notes secured by the related Aircraft and may issue one additional series of Additional Equipment Notes and one or more series of Refinancing Equipment Notes,
provided that, not more than three series of Equipment Notes shall be outstanding at any time; 
 WHEREAS, the Trustee shall
hereby declare the creation of the Class B Trust (as defined below) for the benefit of Holders of the Class B Certificates (as defined below) to be issued in respect of such Class B Trust, and the initial Holders of the Class B Certificates, as
grantors of such Class B Trust, by their respective acceptances of the Class B Certificates, shall join in the creation of the Class B Trust with the Trustee; 
 WHEREAS, all Certificates to be issued by the Class B Trust will evidence Fractional Undivided Interests in the Class B Trust and will have no rights, benefits or interests in respect of any other
separate Trust or the property held therein; 
 WHEREAS, the Escrow Agent and the Underwriters have contemporaneously herewith
entered into an Escrow Agreement with the Escrow Paying Agent pursuant to which the Underwriters will deliver to the Escrow Agent the proceeds from the sale of the Class B Certificates, and have irrevocably instructed the Escrow Agent to withdraw
and pay funds from such proceeds upon request and proper certification by the Trustee to purchase Series B Equipment Notes pursuant to the NPA and the applicable Participation Agreements from time to time prior to the Delivery Period Termination
Date; 
 WHEREAS, the Escrow Agent on behalf of the Class B Certificateholders has contemporaneously herewith entered into a
Deposit Agreement with the Depositary under which the Deposits referred to herein will be made and from which Deposits it will withdraw funds to allow the Trustee to purchase Series B Equipment Notes from time to time prior to the Delivery Period
Termination Date; 
  
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 WHEREAS, pursuant to the terms and conditions of the Basic Agreement, as supplemented by
this Trust Supplement, the NPA and the Participation Agreements, the Trustee on behalf of the Class B Trust shall from time to time purchase the Series B Equipment Notes issued by the Company pursuant to the Indentures having the identical interest
rate as, and final maturity dates not later than the final Regular Distribution Date of, the Class B Certificates issued hereunder and shall hold such Series B Equipment Notes in trust for the benefit of the Class B Certificateholders; 

WHEREAS, pursuant to the terms and conditions of the Intercreditor Agreement referred to in Section 3.02(i) hereof, the Trustee
and the other parties thereto will agree to the terms of subordination set forth therein; 
 WHEREAS, all of the conditions and
requirements necessary to make this Trust Supplement, when duly executed and delivered, a valid, binding and legal instrument in accordance with its terms and for the purposes herein expressed, have been done, performed and fulfilled, and the
execution and delivery of this Trust Supplement in the form and with the terms hereof have been in all respects duly authorized; 
 WHEREAS, the Basic Agreement, as supplemented by this Trust Supplement, is subject to the provisions of the Trust Indenture Act and shall, to the extent applicable, be governed by such provisions;

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

DEFINITIONS 
 Section 1.01 Definitions. Unless otherwise specified herein or the context otherwise requires, capitalized terms used but not defined herein, including in the recitals hereto, shall have the
respective meanings set forth, and shall be construed and interpreted in the manner described, in the Basic Agreement. As used herein, the term “Agreement” shall mean the Basic Agreement, as supplemented by this Trust Supplement. For all
purposes of the Basic Agreement as supplemented by this Trust Supplement, the following capitalized terms have the following meanings (any term used herein which is defined in both this Trust Supplement and the Basic Agreement shall have the meaning
assigned thereto in this Trust Supplement for purposes of the Basic Agreement as supplemented by this Trust Supplement). 
 Account: Has the meaning ascribed thereto in the Deposit Agreement. 
 Additional Certificates: Has the meaning specified in the Intercreditor Agreement. 
  

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 Additional Certificateholder: Has the meaning specified in the
Intercreditor Agreement. 
 Additional Equipment Notes: Has the meaning specified in the Intercreditor
Agreement. 
 Additional Trust: Has the meaning specified in the Intercreditor Agreement. 

Additional Trust Agreement: Has the meaning specified in the Intercreditor Agreement. 

Affiliate: Has the meaning specified in the Intercreditor Agreement. 

Agreement: Has the meaning specified in the first paragraph of Section 1.01 of this Trust Supplement.

 Aircraft: Has the meaning specified in the recitals to this Trust Supplement and any Replacement
Aircraft (as defined in the applicable Indenture) in replacement thereof in accordance with the applicable Indenture. 
 Applicable Funding Date: Has the meaning specified in Section 7.01(b) of this Trust Supplement. 
 Applicable Notice of Purchase Withdrawal: Has the meaning specified in the Escrow Agreement. 
 Applicable Participation Agreement: Has the meaning specified in Section 7.01(b) of this Trust Supplement. 

Basic Agreement: Has the meaning specified in the preamble to this Trust Supplement. 

Business Day: Has the meaning specified in the Intercreditor Agreement. 

Certificate: Means a Class A Certificate or a Class B Certificate, as applicable. 

Certificate Buy-Out Event: Has the meaning specified in the Intercreditor Agreement. 

Certificateholder: Means, with respect to any Class of Certificates, the Person in whose name a Certificate is
registered in the Register for the Certificates of such Class. 
 Class: Has the meaning specified in the
Intercreditor Agreement. 
 Class A Certificateholder: Means, at any time, any Certificateholder of
one or more Class A Certificates. 
 Class A Certificates: Has the meaning specified in the
Intercreditor Agreement. 
  
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 Class A Trust: Has the meaning specified in the Intercreditor
Agreement. 
 Class A Trust Agreement: Has the meaning specified in the Intercreditor Agreement.

 Class A Trustee: Has the meaning specified in the Intercreditor Agreement. 

Class B Certificateholder: Means, at any time, any Certificateholder of one or more Class B Certificates.

 Class B Certificates: Has the meaning specified in Section 3.01 of this Trust Supplement.

 Class B Liquidity Facility: Has the meaning specified in the Intercreditor Agreement. 

Class B Liquidity Provider: Has the meaning specified in the Intercreditor Agreement. 

Class B Trust: Has the meaning specified in Section 2.01 of this Trust Supplement. 

Code: Means the Internal Revenue Code of 1986, as amended. 

Company: Has the meaning specified in the preamble to this Trust Supplement. 

Corporate Trust Office: Has the meaning specified in the Intercreditor Agreement. 

Cut-off Date: Has the meaning specified in Section 3.02(b) of this Trust Supplement. 

Definitive Certificates: Has the meaning specified in Section 4.01(e) of this Trust Supplement. 

Delivery Period Termination Date: Has the meaning specified in the NPA. 

Delta: Has the meaning specified in the preamble to this Trust Supplement. 

Deposit Agreement: Means, subject to Section 5 of the NPA, the Deposit Agreement (Class B), dated as of the
date hereof, relating to the Class B Certificates between the Depositary and the Escrow Agent, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

Depositary: Means, subject to Section 5 of the NPA, Natixis S.A., a French société anonyme,
acting via its New York Branch. 
 Deposits: Has the meaning specified in the Deposit Agreement.

  
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 Distribution Date: Means a Regular Distribution Date or a Special
Distribution Date. 
 DTC: Has the meaning specified in Section 3.02(f) of this Trust Supplement.

 DTC Participants: Has the meaning specified in Section 4.01(b) of this Trust Supplement.

 Equipment Notes: Has the meaning specified in the Intercreditor Agreement. 

ERISA: Means the Employee Retirement Income Security Act of 1974, as amended. 

Escrow Agent: Means, initially, U.S. Bank National Association, a national banking association, and any replacement
or successor therefor appointed in accordance with the Escrow Agreement. 
 Escrow Agreement: Means the
Escrow and Paying Agent Agreement (Class B), dated as of the date hereof, relating to the Class B Certificates, among the Escrow Agent, the Escrow Paying Agent, the Trustee and the Underwriters, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms. 
 Escrow Paying Agent: Means the “Paying
Agent” as defined in the Escrow Agreement. 
 Escrow Period Termination Date: Has the meaning
specified in Section 5.01(c)(i) of this Trust Supplement. 
 Escrow Receipt: Means a receipt
substantially in the form annexed to the Escrow Agreement representing a fractional undivided interest in the funds held in escrow thereunder. 
 Event of Default: With respect to any Indenture, has the meaning specified in Section 4.01 of such Indenture. 

Event of Loss Withdrawal: Has the meaning specified in the Escrow Agreement. 

Final Withdrawal: Has the meaning specified in the Escrow Agreement. 

Final Withdrawal Date: Has the meaning specified in the Escrow Agreement. 

Fractional Undivided Interests: Has the meaning specified in the Intercreditor Agreement. 

Funding Date: Has the meaning specified in the NPA. 

Funding Notice: Has the meaning specified in the NPA. 
  
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 Global Certificate: Has the meaning specified in Section 4.01(b)
of this Trust Supplement. 
 Holder: Means a Certificateholder. 

Indenture: Has the meaning specified in the Intercreditor Agreement. 

Indirect Participants: Has the meaning specified in Section 4.01(b) of this Trust Supplement. 

Intercreditor Agreement: Has the meaning specified in Section 3.02(i) of this Trust Supplement. 

Issuance Date: Has the meaning specified in Section 7.01(a) of this Trust Supplement. 

Liquidity Provider: Has the meaning specified in the Intercreditor Agreement. 

Loan Trustee: Means, with respect to any Indenture, the bank, trust company or other financial institution
designated as loan trustee thereunder, and any successor to such loan trustee. 
 Note Documents: Means,
collectively, the Participation Agreements, the Indentures, each Indenture Supplement (as defined in any Indenture), each Manufacturer’s Consent (as defined in any Indenture except for the Indentures with respect to the Aircraft bearing U.S.
registration numbers N359NW and N360NW ) and the Equipment Notes. 
 Notice of Purchase Withdrawal: Has
the meaning specified in the Deposit Agreement. 
 NPA: Means the Note Purchase Agreement, dated as of the
date hereof, among the Trustee, the Class A Trustee, the Company, the Escrow Agent, the Escrow Paying Agent and the Subordination Agent, providing for, among other things, the purchase of Series B Equipment Notes by the Trustee on behalf of the
Class B Trust, as the same may be amended, supplemented or otherwise modified from time to time, in accordance with its terms. 
 Operative Agreements: Has the meaning specified in the Intercreditor Agreement. 
 Other Agreements: Means (i) the Class A Trust Agreement, (ii) any Additional Trust Agreement and (iii) any Refinancing Trust Agreement. 

Other Trustees: Means the trustees under the Other Agreements, and any successor or other trustee appointed as
provided therein. 
  
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 Other Trusts: Means the Class A Trust, any Additional Trust, or
any Refinancing Trust or Trusts, if any, in each case created by the applicable Other Agreement. 

Participation Agreement: Has the meaning specified in the Intercreditor Agreement. 

Paying Agent: Means, with respect to the Class B Certificates, the paying agent maintained and appointed for such
Class B Certificates pursuant to Section 7.12 of the Basic Agreement. 
 Person: Means any
individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof. 

Plan: Means (i) a retirement plan or other employee benefit plan or arrangement, including for this purpose an
individual retirement account, annuity or Keogh plan, that is subject to Title I of ERISA or Section 4975 of the Code, (ii) any other entity whose underlying assets are deemed to include the assets of any plan or arrangement described in
(i) above by virtue of the U.S. Department of Labor regulation in 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA (or any successor to such regulation), or (iii) such a plan or arrangement which is a foreign, church or
governmental plan or arrangement exempt from Title I of ERISA and Section 4975 of the Code but subject to a Similar Law. 
 Pool Balance: Means, as of any date, (i) the original aggregate face amount of the Class B Certificates less (ii) the aggregate amount of all distributions made as of such date in respect
of the Class B Certificates or in respect of Deposits other than distributions made in respect of interest or Premium or reimbursement of any costs or expenses incurred in connection therewith. The Pool Balance as of any date shall be computed after
giving effect to any distribution with respect to unused Deposits, the payment of principal, if any, of the Series B Equipment Notes or payment with respect to other Trust Property and the distribution thereof to be made on such date. 

Pool Factor: Means, as of any Distribution Date, the quotient (rounded to the seventh decimal place) computed by
dividing (i) the Pool Balance by (ii) the original aggregate face amount of the Class B Certificates. The Pool Factor as of any Distribution Date shall be computed after giving effect to any distribution with respect to unused Deposits,
payment of principal, if any, of the Series B Equipment Notes or payment with respect to other Trust Property and the distribution thereof to be made on that date. 

Premium: Has the meaning specified in the Intercreditor Agreement. 

Prospectus Supplement: Means the final prospectus supplement, dated June 27, 2012, relating to the offering of
the Certificates. 
 QIB: Means a “qualified institutional buyer” as defined in Rule 144A.

 Rating Agencies: Has the meaning specified in the Intercreditor Agreement. 

 
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 Refinancing Certificate: Has the meaning specified in the
Intercreditor Agreement. 
 Refinancing Certificateholder: Has the meaning specified in the Intercreditor
Agreement. 
 Refinancing Equipment Notes: Has the meaning specified in the Intercreditor Agreement.

 Refinancing Trust: Has the meaning specified in the Intercreditor Agreement. 

Refinancing Trust Agreement: Has the meaning specified in the Intercreditor Agreement. 

Register: Has the meaning specified in Section 9.03 of this Trust Supplement. 

Registrar: Has the meaning specified in Section 9.03 of this Trust Supplement. 

Regular Distribution Date: Has the meaning specified in Section 3.02(c) of this Trust Supplement. 

Replacement Deposit Agreement: Has the meaning specified in the NPA. 

Replacement Depositary: Has the meaning specified in the NPA. 

Replacement Liquidity Facility: Has the meaning specified in the Intercreditor Agreement. 

Replacement Liquidity Provider: Has the meaning specified in the Intercreditor Agreement. 

Responsible Officer: Has the meaning specified in the Intercreditor Agreement. 

Restrictive Legend: Has the meaning specified in Section 9.01 of this Trust Supplement. 

Rule 144A: Means Rule 144A under the Securities Act and any successor rule thereto. 

Scheduled Payment: Has the meaning specified in the Intercreditor Agreement. 

Securities Act: Means the Securities Act of 1933, as amended. 

Series B Equipment Notes: Has the meaning specified in the Intercreditor Agreement. 

Similar Law: Means a foreign, federal, state, or local law which is substantially similar to the provisions of
Title I of ERISA or Section 4975 of the Code. 
  

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 Special Distribution Date: Means, with respect to the Class B
Certificates, each date on which a Special Payment is to be distributed as specified in this Agreement. 

Special Payment: Means any payment (other than a Scheduled Payment) in respect of, or any proceeds of, any
Equipment Note or the Collateral (as defined in any Indenture). 
 Special Payments Account: Means, with
respect to the Class B Certificates, the account or accounts created and maintained for such series pursuant to Section 4.01(b) of the Basic Agreement (as modified by Section 7.01(c) of this Trust Supplement) and this Trust Supplement.

 Subordination Agent: Has the meaning specified in the Intercreditor Agreement. 

Triggering Event: Has the meaning specified in the Intercreditor Agreement. 

Trust: Means the Class A Trust or the Class B Trust, as applicable. 

Trustee: Has the meaning specified in the preamble to this Trust Supplement. 

Trust Indenture Act: Means the Trust Indenture Act of 1939, as amended. 

Trust Property: Means (i) subject to the Intercreditor Agreement, the Series B Equipment Notes held as the
property of the Class B Trust, all monies at any time paid thereon and all monies due and to become due thereunder, (ii) funds from time to time deposited in the Certificate Account and the Special Payments Account and, subject to the
Intercreditor Agreement, any proceeds from the sale by the Trustee pursuant to Article VI of the Basic Agreement of any Equipment Notes and (iii) all rights of the Class B Trust and the Trustee, on behalf of the Class B Trust, under the
Intercreditor Agreement, the Escrow Agreement, the NPA and the Class B Liquidity Facility, including, without limitation, all rights to receive certain payments thereunder, and all monies paid to the Trustee on behalf of the Class B Trust pursuant
to the Intercreditor Agreement or the Class B Liquidity Facility, provided that rights with respect to the Deposits or under the Escrow Agreement, except for the right to direct withdrawals for the purchase of Series B Equipment Notes to be
held herein, will not constitute Trust Property. 
 Trust Supplement: Has the meaning specified in the
preamble hereto. 
 Underwriters: Means Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC,
Goldman Sachs & Co., Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Natixis Securities Americas LLC and Wells Fargo Securities LLC. 

Underwriting Agreement: Means the Underwriting Agreement, dated June 27, 2012, among the Underwriters and the
Company, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 Withdrawal Certificate: Has the meaning specified in the Escrow Agreement. 
  

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 ARTICLE II 

DECLARATION OF TRUST 
 Section 2.01 Declaration of Trust. The Trustee hereby declares the creation of a Trust, designated the “Delta Air Lines Pass Through Trust 2012-1B” (the “Class B Trust”),
for the benefit of the Holders of the Class B Certificates to be issued in respect of such Class B Trust, and the initial Holders of the Class B Certificates, as grantors of such Class B Trust, by their respective acceptances of the Class B
Certificates, join in the creation of such Class B Trust with the Trustee. The Trustee, by the execution and delivery of this Trust Supplement, acknowledges its acceptance of all right, title and interest in and to the Trust Property to be acquired
pursuant to Section 7.01(b) of this Trust Supplement, the NPA and the Participation Agreements and the Trustee will hold such right, title and interest for the benefit of all present and future Holders of the Class B Certificates, upon the
trusts set forth in the Basic Agreement and this Trust Supplement. The provisions of this Section 2.01 supersede and replace the provisions of Sections 2.03 of the Basic Agreement, with respect to the Class B Trust. 

Section 2.02 Permitted Activities. The Class B Trust may only engage in the transactions contemplated by the Operative
Agreements, subject to Section 10.05 of this Trust Supplement. 
 ARTICLE III 

THE CERTIFICATES 
 Section 3.01 The Certificates. There is hereby created a series of Certificates to be issued under this Agreement designated as “Delta Air Lines Pass Through Certificates,
Series 2012-1B” (the “Class B Certificates”). Each Class B Certificate represents a Fractional Undivided Interest in the Class B Trust created hereby. The Class B Certificates shall be the only instruments evidencing a Fractional
Undivided Interest in the Class B Trust. The Class B Certificates do not represent indebtedness of the Class B Trust, and references herein to interest accruing on the Class B Certificates are included for purposes of computation only. 

Section 3.02 Terms and Conditions. The terms and conditions applicable to the Class B Certificates and the Class B Trust are
as follows: 
 (a) The aggregate face amount of the Class B Certificates that may be authenticated and delivered under this
Agreement (except for Class B Certificates authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Class B Certificates pursuant to Sections 3.03, 3.05 and 3.06 of the Basic Agreement and
Sections 4.03, 9.03 and 9.04 of this Trust Supplement) is $126,203,000. 
 (b) The Cut-off Date is the earlier of
(i) the day after the Delivery Period Termination Date, and (ii) the date on which a Triggering Event occurs. 
  

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 (c) The distribution dates with respect to any payment of Scheduled Payments (each such
distribution date, a “Regular Distribution Date”) shall be May 7 and November 7 of each year, commencing on November 7, 2012, until payment of all of the Scheduled Payments to be made under the Equipment Notes has been made;
provided, however, that, if any such day shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day without additional interest. The principal amount of the Series B Equipment Notes to be
held by the Class B Trust is scheduled for payment on May 7 and November 7 in certain years, commencing on May 7, 2013 and ending on the applicable date specified under the heading “Maturity” on Schedule II with respect to
the related Aircraft, as set out in Schedules I-A and I-B. 
 (d) The Special Distribution Date with respect to the Class B
Certificates means any Business Day on which a Special Payment is to be distributed pursuant to this Agreement. 
 (e) At the
Escrow Agent’s request under the Escrow Agreement, the Trustee shall affix the corresponding Escrow Receipt to each Class B Certificate. In any event, any transfer or exchange of any Class B Certificate shall also effect a transfer or exchange
of the related Escrow Receipt. Prior to the Final Withdrawal Date, no transfer or exchange of any Class B Certificate shall be permitted unless the corresponding Escrow Receipt is attached thereto and also is so transferred or exchanged. By
acceptance of any Class B Certificate to which an Escrow Receipt is attached, each holder of such a Class B Certificate acknowledges and accepts the restrictions on transfer of the Escrow Receipt as set forth herein, in such Escrow Receipt, and in
the Escrow Agreement. 
 (f) The Class B Certificates shall be in the form attached hereto as Exhibit A, shall be
Book-Entry Certificates (subject to Section 3.05(d) of the Basic Agreement and Section 4.03 and Article IX of this Trust Supplement), and shall be subject to the conditions set forth in the Letter of Representations between the Class B
Trust and The Depository Trust Company and any successor agency thereto (“DTC”), as initial Clearing Agency, attached hereto as Exhibit B. 
 (g) The proceeds of the offering of Class B Certificates issued by the Class B Trust and related Escrow Receipts shall be deposited in the Accounts and shall be used in accordance with the Escrow
Agreement, the Deposit Agreement and the NPA to acquire from time to time the Series B Equipment Notes described in Schedule II that relate to the Aircraft and to the Note Documents described in Schedule III. 

(h) Any Person acquiring or accepting a Class B Certificate or an interest therein will, by such acquisition or acceptance, be deemed to
represent and warrant to the Company, the Loan Trustees and the Trustee that either (i) no assets of a Plan or any trust established with respect to a Plan have been used to purchase Class B Certificates or an interest therein or (ii) the
purchase and holding of Class B Certificates or interests therein by such Person (A) are exempt from the prohibited transaction restrictions of ERISA and the Code pursuant to one or more statutory or administrative prohibited transaction
exemptions and (B) do not violate any Similar Law. 
  
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 (i) The Class B Certificates will be subject to the following Intercreditor Agreement (and
to the extent the terms thereof (including the definitions of defined terms) are inconsistent with the terms of this Agreement, such Intercreditor Agreement shall control): that certain Intercreditor Agreement, dated as of the date hereof, among
U.S. Bank Trust National Association, as Trustee and as Class A Trustee, Natixis S.A., acting via its New York Branch, as each Liquidity Provider, and U.S. Bank Trust National Association, as Subordination Agent thereunder (as may be amended,
supplemented or otherwise modified from time to time in accordance with its terms, the “Intercreditor Agreement”). Under Article VI hereof, the Holders of the Class B Certificates, Additional Certificates (if issued) or Refinancing
Certificates (if issued) shall have the rights upon the occurrence of a Certificate Buy Out Event set forth therein. The Trustee and, by acceptance of any Class B Certificate, each Certificateholder thereof, agrees to be bound by all of the
provisions of the Intercreditor Agreement, including the subordination provisions of Section 9.09 thereof. 
 (j) The Class
B Certificates have the benefit of the Deposit Agreement and the Escrow Agreement. 
 (k) The Class B Certificates will have the
benefit of the following liquidity facility: that certain Revolving Credit Agreement (2012-1B), dated as of the date hereof, between U.S. Bank Trust National Association, as Subordination Agent under the Intercreditor Agreement, as agent and trustee
for the Class B Trust, and the Class B Liquidity Provider. 
 (l) The Responsible Party is the Company. 

(m) The Company, any other obligor upon the Class B Certificates, and any Affiliate of any thereof may acquire, tender for, purchase,
own, hold, become the pledgee of and otherwise deal with any Class B Certificate. 
 ARTICLE IV 

ISSUANCE AND TRANSFER OF THE CLASS B CERTIFICATES 
 Section 4.01 Issuance of Class B Certificates. (a) The Class B Certificates will be issued in minimum denominations of $2,000 (or such other denomination that is the lowest integral
multiple of $1,000 that is, at the time of issuance, equal to at least 1,000 euros) and integral multiples of $1,000 in excess thereof, except that one Certificate may be issued in a different denomination. Each Class B Certificate shall be dated
the date of its authentication. 
 (b) The Class B Certificates shall be issued initially in the form of one or more global
Certificates in definitive, fully registered form without interest coupons, substantially in the form of Exhibit A hereto (each, a “Global Certificate”), duly executed and authenticated by the Trustee as hereinafter provided. Each
Global Certificate will be registered in the name of a nominee for DTC for credit to the account of members of, or participants in, DTC (“DTC Participants”) or to the account of indirect participants that clear through or maintain a
custodial relationship with a DTC Participant, either directly or indirectly (“Indirect Participants”), and will be deposited with the Trustee, as custodian for DTC. The aggregate principal amount of a Global Certificate may from time to
time be decreased by adjustments made on the records of DTC or its nominee, or of the Trustee, as custodian for DTC or its nominee, as hereinafter provided. 
  

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 (c) [Reserved] 
 (d) [Reserved] 
 (e) Certificated Certificates in registered form shall be issued
in substantially the form set forth as Exhibit A hereto (the “Definitive Certificates”) and shall be in fully registered form and shall be typed, printed, lithographed or engraved or produced by any combination of these methods or may be
produced in any other manner, all as determined by the officers executing such Definitive Certificates, as evidenced by their execution of such Definitive Certificates. 

Section 4.02 Legends. (a) Each Global Certificate shall bear the following legend on the face thereof:

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 (b) Each Class B Certificate shall bear the following legend on the face thereof: 

BY ITS ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT EITHER (A) NO ASSETS OF A PLAN OR ANY TRUST ESTABLISHED WITH RESPECT TO A PLAN
HAVE BEEN USED TO PURCHASE THIS CERTIFICATE OR AN INTEREST HEREIN OR (B) THE PURCHASE AND HOLDING OF THIS CERTIFICATE OR INTEREST HEREIN BY SUCH A PERSON (I) ARE EXEMPT FROM THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE
PURSUANT TO ONE OR MORE STATUTORY OR ADMINISTRATIVE PROHIBITED TRANSACTION EXEMPTIONS AND (II) DO NOT VIOLATE ANY SIMILAR LAW. CERTAIN TERMS USED IN THIS PARAGRAPH SHALL HAVE THE MEANINGS SPECIFIED IN THE AGREEMENT. 

Section 4.03 Book-Entry Provisions for Global Certificates. (a) DTC Participants shall have no rights under this
Agreement with respect to any Global Certificate held on their behalf by DTC, or the Trustee as its custodian, and DTC may be treated by the Trustee 
  

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and any agent of the Trustee as the absolute owner of such Global Certificate for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Trustee or any agent of
the Trustee from giving effect to any written certification, proxy or other authorization furnished by DTC or shall impair, as between DTC and its DTC Participants, the operation of customary practices governing the exercise of the rights of a
holder of any Class B Certificate. Upon the issuance of any Global Certificate, the Registrar or its duly appointed agent shall record a nominee of DTC as the registered holder of such Global Certificate. 

(b) Transfers of any Global Certificate shall be limited to transfers of such Global Certificate in whole, but not in part, to nominees
of DTC, its successor or such successor’s nominees. Beneficial interests in Global Certificates may be transferred in accordance with the rules and procedures of DTC and the provisions of Section 4.02 and Article IX of this Trust
Supplement. Beneficial interests in Global Certificates shall be delivered to all beneficial owners thereof in the form of Definitive Certificates, if (i) DTC notifies the Trustee in writing that it is no longer willing or able to discharge
properly its responsibilities as depositary for the Global Certificates, and a successor depositary is not appointed by the Trustee within 90 days of such notice, (ii) the Company, at its option, advises the Trustee in writing that it
elects to terminate the book-entry system through DTC or (iii) after the occurrence and during the continuance of an Event of Default, Class B Certificateholders with Fractional Undivided Interests aggregating not less than a majority in
interest in the Class B Trust advise the Trustee, the Company and DTC through DTC Participants in writing that the continuation of a book-entry system through DTC (or a successor thereto) is no longer in the Class B Certificateholders’ best
interests. Neither the Company nor the Trustee shall be liable if the Company or the Trustee is unable to locate a qualified successor clearing system. 
 (c) [Reserved] 
 (d) In connection with the transfer of the entire amount of a
Global Certificate to the beneficial owners thereof pursuant to paragraph (b) of this Section 4.03, such Global Certificate shall be deemed to be surrendered to the Trustee for cancellation, and the Trustee shall execute, authenticate and
deliver to each beneficial owner, in exchange for the beneficial interest thereof in such Global Certificate, an equal aggregate principal amount of Definitive Certificates of authorized denominations, in each case as such beneficial owner and
related aggregate principal amount shall have been identified and otherwise set forth (together with such other information as may be required for the registration of such Definitive Certificates) in registration instructions that shall have been
delivered by or on behalf of DTC to the Trustee. None of the Company, the Registrar, the Paying Agent nor the Trustee shall be liable for any delay in delivery of such registration instructions and each such Person may conclusively rely on, and
shall be protected in relying on, such registration instructions. Upon the issuance of any Definitive Certificate, the Trustee shall recognize the Person in whose name such Definitive Certificate is registered in the Register as a Certificateholder
hereunder. 
 (e) The registered Holder of a Global Certificate may grant proxies and otherwise authorize any Person, including
DTC Participants and Persons that may hold interests through DTC Participants, to take any action which a Holder is entitled to take under this Agreement or the Class B Certificates. 
  
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 (f) Neither the Company, nor the Trustee, nor the Registrar, nor the Paying Agent shall have
any responsibility or liability for: (i) any aspect of the records relating to or payments made on account of beneficial ownership interests in the Global Certificates, (ii) maintaining, supervising or reviewing any records relating to
such beneficial ownership interests or (iii) the performance by DTC, any DTC Participant or any Indirect Participant of their respective obligations under the rules, regulations and procedures creating and affecting DTC and its operation or any
other statutory, regulatory, contractual or customary procedures governing their obligations. 
 ARTICLE V

 DISTRIBUTION; STATEMENTS TO CERTIFICATEHOLDERS 

Section 5.01 Statements to Certificateholders. (a) On each Regular Distribution Date and Special Distribution Date, the
Trustee will include with each distribution to the Class B Certificateholders a statement, giving effect to the distribution to be made on such Regular Distribution Date or Special Distribution Date, setting forth the following information (per
$1,000 aggregate face amount of Class B Certificates as to (ii), (iii), (iv) and (v) below): 
 (i) the
aggregate amount of funds distributed on such Distribution Date under this Agreement and the Escrow Agreement, indicating the amount, if any, allocable to each source (including any portion thereof paid by the Class B Liquidity Provider);

 (ii) the amount of such distribution under this Agreement allocable to principal and the amount allocable to
Premium (if any); 
 (iii) the amount of such distribution under this Agreement allocable to interest (including
any portion thereof paid by the Class B Liquidity Provider); 
 (iv) the amount of such distribution under the
Escrow Agreement allocable to interest, if any; 
 (v) the amount of such distribution under the Escrow Agreement
allocable to unused Deposits, if any; and 
 (vi) the Pool Balance and the Pool Factor. 

With respect to the Class B Certificates registered in the name of DTC or its nominee, on the Record Date prior to each Regular
Distribution Date and Special Distribution Date, the Trustee will request that such Clearing Agency post on its Internet bulletin board a securities position listing setting forth the names of all the DTC Participants reflected on DTC’s books
as holding interests in the Class B Certificates on such Record Date. On each Regular Distribution Date and Special Distribution Date, the Trustee will mail to each such DTC Participant whose name has been provided by DTC the statement described
above and will make available additional copies as requested by such DTC Participants for forwarding to holders of interests in the Class B Certificates. 
  

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 (b) Within a reasonable period of time after the end of each calendar year but not later
than the latest date permitted by law, the Trustee shall furnish to each Person who at any time during such calendar year was a Class B Certificateholder of record a statement containing the sum of the amounts determined pursuant to
clauses (a)(i), (a)(ii), (a)(iii), (a)(iv) and (a)(v) above for such calendar year or, in the event such Person was a Class B Certificateholder of record during a portion of such calendar year, for the applicable portion of such year, and such
other items as are readily available to the Trustee and which a Class B Certificateholder may reasonably request as necessary for the purpose of such Certificateholder’s preparation of its United States federal income tax returns or foreign
income tax returns. With respect to Class B Certificates registered in the name of DTC or its nominee, such statement and such other items shall be prepared on the basis of information supplied to the Trustee by the DTC Participants and shall be
delivered by the Trustee to such DTC Participants to be available for forwarding by such DTC Participants to the holders of interests in the Class B Certificates. 
 (c) Promptly following: 
 (i) the Delivery Period Termination Date,
or, if later, the date of any Final Withdrawal (the later of such dates, the “Escrow Period Termination Date”), if there has been, on or prior to the Escrow Period Termination Date, (A) any change in the information set forth in
clauses (y) and (z) below from that set forth on page S-41 of the Prospectus Supplement, or (B) any early redemption or purchase of, or any default in the payment of principal or interest in respect of, any of the Series B Equipment
Notes held in the Class B Trust, any Event of Loss Withdrawal or any Final Withdrawal, and 
 (ii) the date of
any early redemption or purchase of, or any default in the payment of principal or interest in respect of, any of the Series B Equipment Notes held in the Class B Trust, in either case described in this clause (ii), occurring after the Escrow
Period Termination Date, 
 the Trustee shall furnish to Class B Certificateholders of record on such date a statement setting
forth (x) the expected Pool Balances for each subsequent Regular Distribution Date following the Delivery Period Termination Date, (y) the related Pool Factors for such Regular Distribution Dates and (z) the expected principal
distribution schedule of the Series B Equipment Notes, in the aggregate, held as Trust Property at the date of such notice. With respect to the Class B Certificates registered in the name of DTC, on the Delivery Period Termination Date, the Trustee
will request from DTC a securities position listing setting forth the names of all DTC Participants reflected on DTC’s books as holding interests in the Class B Certificates on such date. The Trustee will mail to each such DTC Participant the
statement described above and will make available additional copies as requested by such DTC Participant for forwarding to holders of interests in the Class B Certificates. 
 (d) The provisions of this Section 5.01 supersede and replace the provisions of Section 4.03 of the Basic Agreement in their entirety with respect to Class B Trust. 

 
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 ARTICLE VI 

DEFAULT 

Section 6.01 Purchase Rights of Certificateholders. (a) By acceptance of its Class B Certificate, each Class B
Certificateholder agrees that at any time after the occurrence and during the continuation of a Certificate Buy-Out Event: 
 (i) So long as no Additional Certificateholder has elected to exercise its rights to purchase Certificates pursuant to, and given notice of such election in accordance with, Section 6.01(a)(ii) (upon
such election and notification thereof, the right specified in this Section 6.01(a)(i) shall be suspended and (x) upon consummation of the purchase pursuant to such election, be terminated with respect to such Certificate Buy-Out Event, or
(y) upon failure to consummate such purchase on such proposed purchase date, such right shall be revived), each Class B Certificateholder (other than the Company or any of its Affiliates) shall have the right to purchase, at the purchase price
set forth in the Class A Trust Agreement, all, but not less than all, of the Class A Certificates upon ten days’ prior written irrevocable notice to the Trustee, the Class A Trustee and each other Class B Certificateholder, on
the third Business Day following the expiration of such ten day notice period, provided that (A) if prior to the end of such ten-day period any other Class B Certificateholder(s) (other than the Company or any of its Affiliates) notifies such
purchasing Class B Certificateholder that such other Class B Certificateholder(s) want(s) to participate in such purchase, then such other Class B Certificateholder(s) may join with the purchasing Class B Certificateholder to purchase all, but not
less than all, of the Class A Certificates pro rata based on the Fractional Undivided Interest in the Class B Trust held by each such Class B Certificateholder and (B) upon consummation of such purchase no Class B Certificateholder shall
have a right to purchase the Class A Certificates pursuant to this Section 6.01(a)(i) during the continuance of such Certificate Buy-Out Event, 
 (ii) if any Additional Certificates are issued by an Additional Trust, each Additional Certificateholder (other than the Company or any of its Affiliates) shall have the right (which shall not expire upon
any purchase of the Class A Certificates pursuant to clause (i) above) to purchase all, but not less than all, of the Class A Certificates and the Class B Certificates upon ten days’ prior written irrevocable notice to the
Trustee, the Class A Trustee and each other Additional Certificateholder, on the third Business Day following the expiration of such ten-day notice period, provided that (A) if prior to the end of such ten-day period any other
Additional Certificateholder(s) (other than the Company or any of its Affiliates) notifies such purchasing Additional Certificateholder that such other Additional Certificateholder(s) want(s) to participate in such purchase, then such other
Additional Certificateholder(s) (other than the Company or any of its Affiliates) may join with the purchasing Additional Certificateholder to purchase all, but not less than all, of the Class A Certificates and the Class B Certificates pro
rata based on the Fractional Undivided Interest in the Additional Trust held by each such Additional Certificateholder and (B) upon consummation of such purchase no Additional Certificateholder shall have a right to purchase the Class A
Certificates and the Class B Certificates pursuant to this Section 6.01(a)(ii) during the continuance of such Certificate Buy-Out Event, and 
  

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 (iii) if any Refinancing Certificates are issued, each Refinancing
Certificateholder shall have the same right (subject to the same terms and conditions) to purchase Certificates pursuant to this Section 6.01(a) (and to receive notice in connection therewith) as the Holders of the Class that such Refinancing
Certificates refinanced. 
 The purchase price with respect to the Class B Certificates shall be equal to the Pool Balance of
the Class B Certificates, together with accrued and unpaid interest in respect thereof to the date of such purchase, and any other amounts then due and payable to the Class B Certificateholders under this Agreement, the Intercreditor Agreement, the
Escrow Agreement, any Series B Equipment Note held as the property of the Class B Trust or the related Indenture and Participation Agreement or on or in respect of the Class B Certificates but without any Premium, provided, however,
that if such purchase occurs after (x) a record date specified in Section 2.03 of the Escrow Agreement relating to the distribution of unused Deposits and/or accrued and unpaid interest on Deposits and prior to or on the related
distribution date under the Escrow Agreement, such purchase price shall be reduced by the aggregate amount of unused Deposits and/or interest to be distributed under the Escrow Agreement (which deducted amounts shall remain distributable to, and may
be retained by, the Class B Certificateholders as of such record date) or (y) the Record Date relating to any Distribution Date, such purchase price shall be reduced by the amount to be distributed hereunder on such related Distribution Date
(which deducted amounts shall remain distributable to, and may be retained by, the Class B Certificateholders as of such Record Date); provided further that no such purchase of Class B Certificates pursuant to this
Section 6.01(a) shall be effective unless the purchaser(s) shall certify to the Trustee that contemporaneously with such purchase, such purchaser(s) is purchasing, pursuant to the terms of this Agreement, the Class A Trust Agreement, the
Additional Trust Agreement (if any) or the applicable Refinancing Trust Agreement (as the case may be), and the Intercreditor Agreement, all of the Class A Certificates, the Class B Certificates and, if applicable, the Refinancing Certificates
that are senior to the securities held by such purchaser(s). Each payment of the purchase price of the Class B Certificates referred to in the first sentence of this paragraph shall be made to an account or accounts designated by the Trustee and
each such purchase shall be subject to the terms of this Section 6.01(a). Each Class B Certificateholder agrees by its acceptance of its Class B Certificate that it will, upon payment from such Additional Certificateholder(s) or Refinancing
Certificateholder(s), as the case may be, of the purchase price set forth in the first sentence of this paragraph, forthwith sell, assign, transfer and convey to the purchaser(s) thereof (without recourse, representation or warranty of any kind
except as to its own acts) all of the right, title, interest and obligation of such Class B Certificateholder in this Agreement, the Escrow Agreement, the Deposit Agreement, the Intercreditor Agreement, the Class B Liquidity Facility, the NPA, the
Note Documents and all Class B Certificates and Escrow Receipts held by such Class B Certificateholder (subject to the first proviso in the first sentence of this paragraph and excluding all right, title and interest under any of the foregoing to
the extent such right, title or interest is with respect to an obligation not then due and payable as respects any action or inaction or state of affairs occurring prior to such sale) and the purchaser(s) shall assume all of such Class B
Certificateholder’s obligations under this Agreement, the Escrow Agreement, the Deposit Agreement, the Intercreditor Agreement, the Class B Liquidity Facility, the NPA, the Note Documents and all such Class B Certificates and 

 
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Escrow Receipts. The Class B Certificates will be deemed to be purchased on the date payment of the purchase price is made notwithstanding the failure of any Class B Certificateholder to deliver
any Class B Certificate and, upon such a purchase, (i) the Class B Certificateholders shall have no further rights with respect to the Class B Certificates and (ii) if the purchaser(s) shall so request, each such Class B Certificateholder
will comply with all the provisions of Section 3.04 of the Basic Agreement and the applicable provisions of this Trust Supplement to enable new Class B Certificates to be issued to the purchaser(s) in such denominations otherwise authorized
under this Agreement as it shall request. All charges and expenses in connection with the issuance of any such new Class B Certificates shall be borne by the purchaser(s) thereof. 

(b) This Section 6.01 supplements and, to the extent inconsistent with any provision of Section 6.01(d) of the Basic Agreement,
replaces the provisions of Section 6.01(d) of the Basic Agreement. Notwithstanding anything to the contrary set forth herein or in any Operative Agreement, the provisions of this Section 6.01 may not be amended in any manner without the
consent of each Class A Certificateholder, each Class B Certificateholder and each Additional Certificateholder (if any) or, as the case may be, Refinancing Certificateholder (if any) (in each case, other than the Company or any of its
Affiliates in its respective capacity as a Certificateholder) that would be adversely affected thereby; provided that the purchase price under this Section 6.01 (as in effect on the date hereof) for any Certificate held by the Company or
any of its Affiliates shall not be modified without the prior written consent of the Company. For the avoidance of doubt, if a Certificate Buy-Out Event ceases to exist and another Certificate Buy-Out Event occurs and is continuing, the purchase
rights set forth in Section 6.01(a) shall be revived notwithstanding any exercise of such rights during the continuance of any preceding Certificate Buy-Out Event. 
 ARTICLE VII 
 THE TRUSTEE 

Section 7.01 Delivery of Documents; Delivery Dates. (a) The Trustee is hereby directed (i) to execute and deliver
the Intercreditor Agreement, the Escrow Agreement and the NPA on or prior to the date of the initial issuance of the Class B Certificates (the “Issuance Date”), each in the form delivered to the Trustee by the Company, and
(ii) subject to the respective terms thereof, to perform its obligations thereunder. Upon request of the Company and the satisfaction or waiver of the closing conditions specified in the Underwriting Agreement, the Trustee shall execute,
deliver, authenticate, issue and sell Class B Certificates in authorized denominations equaling in the aggregate the amount set forth, with respect to the Class B Trust, in Schedule I to the Underwriting Agreement evidencing the entire ownership
interest in the Class B Trust, which amount equals the maximum aggregate principal amount of Series B Equipment Notes which may be purchased from time to time by the Trustee pursuant to the NPA. Except as provided in Sections 3.03, 3.05 and
3.06 of the Basic Agreement or Sections 4.03, 9.03 or 9.04 of this Trust Supplement, the Trustee shall not execute, authenticate or deliver Class B Certificates in excess of the aggregate amount specified in this paragraph. The provisions of
this Section 7.01(a) supersede and replace the first three sentences of Section 2.02(a) of the Basic Agreement and the first sentence of Section 3.02(a) of the Basic Agreement, with respect to the Class B Trust. 

 
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 (b) On or after the Issuance Date, the Company may deliver from time to time, and in
accordance with Section 1(b) of the NPA, to the Trustee a Funding Notice relating to one or more Series B Equipment Notes. After receipt of such a Funding Notice and in any case no later than one Business Day prior to a Funding Date as to which
such Funding Notice relates (the “Applicable Funding Date”), the Trustee shall (as and when specified in the Funding Notice) deliver to the Escrow Agent the Withdrawal Certificates and related Applicable Notices of Purchase Withdrawal, as
contemplated by Section 1.02(c) of the Escrow Agreement and by such Funding Notice. The Trustee shall (as and when specified in such Funding Notice), subject to the conditions set forth in Section 2 of the NPA, enter into and perform its
obligations under the Participation Agreement specified in such Funding Notice (the “Applicable Participation Agreement”) and cause such certificates, documents and legal opinions relating to the Trustee to be duly delivered as required by
the Applicable Participation Agreement. If at any time prior to the Applicable Funding Date, the Trustee receives from the Company a notice pursuant to the first sentence of Section 1(f) of the NPA, then the Trustee shall give notice to the
Depositary (with a copy to the Escrow Agent) of the cancellation of such Notice of Purchase Withdrawal relating to such Deposit or Deposits on such Applicable Funding Date as contemplated by Section 2.3 of the Deposit Agreement. Upon
satisfaction of the conditions specified in the NPA and the Applicable Participation Agreement, the Trustee shall purchase the applicable Series B Equipment Notes with the proceeds of the withdrawals of one or more Deposits made on the Applicable
Funding Date in accordance with the terms of the Deposit Agreement and the Escrow Agreement. The purchase price of such Series B Equipment Notes shall equal the principal amount of such Series B Equipment Notes. Amounts withdrawn from such Deposit
or Deposits in excess of the purchase price of the Series B Equipment Notes or to the extent not applied on the Applicable Funding Date to the purchase price of the Series B Equipment Notes shall be re-deposited by the Trustee with the Depositary on
the Applicable Funding Date in accordance with the terms of the Deposit Agreement. The provisions of this Section 7.01(b) supersede and replace the provisions of Section 2.02 of the Basic Agreement with respect to the Class B Trust, and no
provisions of the Basic Agreement relating to Postponed Notes and Section 2.02 of the Basic Agreement shall apply to the Class B Trust. 
 (c) With respect to the Class B Trust, Section 4.01(b) of the Basic Agreement is superseded and replaced in its entirety with the following: “The Trustee shall establish and maintain on behalf
of the Class B Certificateholders a Special Payments Account as one or more accounts, which shall be non-interest bearing except as provided in Section 4.04 of the Basic Agreement. The Trustee shall hold the Special Payments Account in trust
for the benefit of the Class B Certificateholders and shall make or permit withdrawals therefrom only as provided in the Agreement or the Intercreditor Agreement. On each day when one or more Special Payments are made to the Trustee under the
Intercreditor Agreement, the Trustee, upon receipt thereof, shall immediately deposit the aggregate amount of such Special Payments in the Special Payments Account.” 
 (d) With respect to the Class B Trust, the second sentence of Section 4.02(c) of the Basic Agreement shall be superseded and replaced in its entirety with the following sentence: “Subject to the
provisions of the Intercreditor Agreement: (i) in the event of redemption or purchase of Series B Equipment Notes held in the Class B Trust, such notice shall be mailed not less than 15 days prior to the Special Distribution Date for the
Special Payment resulting from such redemption or purchase, which Special Distribution Date shall be the date of such 
  

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redemption or purchase; and (ii) in the case of any other Special Payments, such notice of Special Payment shall be mailed as soon as practicable after the Trustee has confirmed that it has
received funds for such Special Payment and shall state the Special Distribution date for such Special Payment, which shall occur 15 days after the date of such notice of Special Payment or (if such 15th day is not practicable) as soon as
practicable thereafter.” 
 (e) With respect to the Class B Trust, clause (ii) of the third sentence of
Section 4.02(c) of the Basic Agreement shall be amended by deleting in its entirety the parenthetical phrase “(taking into account any payment to be made by the Responsible Party pursuant to Section 2.02(b)).” 

Section 7.02 Withdrawal of Deposits. If any Deposits remain outstanding on the Business Day next succeeding the Cut-off Date, the
Trustee shall promptly give the Escrow Agent notice, as contemplated by clause (ii) of Section 1.02(f) of the Escrow Agreement, that the Trustee’s obligation to purchase Series B Equipment Notes under the NPA has terminated and the
Cut-off Date has occurred. 
 Section 7.03 The Trustee. (a) Subject to Section 7.04 of this Trust Supplement
and Section 7.15 of the Basic Agreement, the Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Trust Supplement, the Intercreditor Agreement, the Deposit Agreement, the NPA or the
Escrow Agreement or the due execution hereof or thereof by the Company or the other parties thereto (other than the Trustee), or for or in respect of the recitals and statements contained herein or therein, all of which recitals and statements are
made solely by the Company or the other parties thereto (other than the Trustee), except that the Trustee hereby represents and warrants that each of this Trust Supplement, the Basic Agreement, each Class B Certificate, the Intercreditor Agreement,
the NPA and the Escrow Agreement has been executed and delivered by one of its officers who is duly authorized to execute and deliver such document on its behalf. 
 (b) The Trustee shall at all times be a bank or trust company, organized and doing business under the laws of the United States or any state thereof, a substantial part of the business of which consists
of (i) receiving deposits and making loans or (ii) exercising fiduciary powers similar to those permitted to national banks by the Comptroller of the Currency, and which is subject to supervision and examination by state or federal
authority having supervision over banking institutions. 
 Section 7.04 Representations and Warranties of the Trustee.
The Trustee hereby represents and warrants that: 
 (a) the Trustee has full power, authority and legal right to execute,
deliver and perform this Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the NPA and the Note Documents to which it is or is to become a party and has taken all necessary action to authorize the execution, delivery and
performance by it of this Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the NPA and the Note Documents to which it is or is to become a party; 

 
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 (b) the execution, delivery and performance by the Trustee of this Trust Supplement, the
Intercreditor Agreement, the Escrow Agreement, the NPA and the Note Documents to which it is or is to become a party (i) will not violate any provision of any United States federal law or the law of the state of the United States where it is
located governing the banking and trust powers of the Trustee or any order, writ, judgment, or decree of any court, arbitrator or governmental authority applicable to the Trustee or any of its assets, (ii) will not violate any provision of the
articles of association or by-laws of the Trustee, and (iii) will not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on any properties
included in the Trust Property pursuant to the provisions of, any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or lien could reasonably be expected to have an adverse effect on the
Trustee’s performance or ability to perform its duties hereunder or thereunder or on the transactions contemplated herein or therein; 
 (c) the execution, delivery and performance by the Trustee of this Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the NPA and the Note Documents to which it is or is to become a
party will not require the authorization, consent, or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental authority or agency of the United States or the state of
the United States where it is located regulating the banking and corporate trust activities of the Trustee; and 
 (d) this
Trust Supplement, the Intercreditor Agreement, the Escrow Agreement, the NPA and the Note Documents to which it is or is to become a party have been, or will be, as applicable, duly executed and delivered by the Trustee and constitute, or will
constitute, as applicable, the legal, valid and binding agreements of the Trustee, enforceable against it in accordance with their respective terms; provided, however, that enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and (ii) general principles of equity. 
 Section 7.05 Trustee Liens. The Trustee in its individual capacity agrees, in addition to the agreements contained in Section 7.17 of the Basic Agreement, that it will at its own cost and
expense promptly take any action as may be necessary to duly discharge and satisfy in full any Trustee’s Liens on or with respect to the Trust Property which are attributable to the Trustee in its individual capacity and which are unrelated to
the transactions contemplated by the Intercreditor Agreement or the NPA. 
 ARTICLE VIII 

ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS 
 Section 8.01 Amendment of Section 5.02 of the Basic Agreement. Section 5.02 of the Basic Agreement shall be amended, with respect to the Class B Trust, by (i) replacing the
phrase “of this Agreement” set forth in paragraph (a) thereof with the phrase “of the Note Documents, of the NPA and of this Agreement” and (ii) replacing the phrase “under this Agreement” set forth in
paragraph (b) thereof with the phrase “under this Agreement, the NPA and any Note Document”. 
  

Trust Supplement No. 2012-1B 
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 Section 8.02 Supplemental Agreements Without Consent of Class B
Certificateholders. Without limitation of Section 9.01 of the Basic Agreement, under the terms of, and subject to the limitations contained in, Section 9.01 of the Basic Agreement, the Company may (but will not be required to), and the
Trustee (subject to Section 9.03 of the Basic Agreement) shall, at the Company’s request, at any time and from time to time, enter into (or, in the case of the Deposit Agreement, consent to) and, if applicable, request the Escrow Agent and
Escrow Paying Agent to enter into (i) one or more agreements supplemental to the Escrow Agreement, the NPA or the Deposit Agreement, for any of the purposes set forth in clauses (1) through (14) of such Section 9.01, and (without
limitation of the foregoing or Section 9.01 of the Basic Agreement) (a) clauses (2) and (3) of such Section 9.01 shall also be deemed to include the Company’s obligations under (in the case of clause (2)), and the
Company’s rights and powers conferred by (in the case of clause (3)), the NPA, (b) references in clauses (4), (5) and (7) of such Section 9.01 to “any Intercreditor Agreement or any Liquidity Facility”
shall also be deemed to refer to “the Intercreditor Agreement, the Class B Liquidity Facility, the Escrow Agreement, the NPA, any Participation Agreement or the Deposit Agreement”, (c) references to “any Intercreditor Agreement,
any Participation Agreement, any Indenture or any Liquidity Facility” and to “any Intercreditor Agreement or any Liquidity Facility” in clause (8) of such Section 9.01 shall also be deemed to refer to “the Intercreditor
Agreement, the NPA, any Indenture, the Class B Liquidity Facility, the Escrow Agreement, the Deposit Agreement or any Participation Agreement”, and (d) the reference to “this Basic Agreement or any Trust Supplement” in clause
(13) of such Section 9.01 shall also be deemed to refer to “the NPA or any Participation Agreement”, (ii) one or more agreements supplemental to any Operative Agreement, the NPA, the Escrow Agreement or the Deposit Agreement
to provide for the formation of an Additional Trust, the issuance of Additional Certificates, the purchase by an Additional Trust of Additional Equipment Notes and other matters incidental thereto or as otherwise contemplated by Section 2.01(b)
of the Basic Agreement, all as provided in Section 4(a)(v) of the NPA and Section 8.01(d) of the Intercreditor Agreement, and (iii) one or more agreements supplemental to any Operative Agreement, the NPA, the Escrow Agreement or the
Deposit Agreement to provide for the formation of one or more Refinancing Trusts, the issuance of Refinancing Certificates, the purchase by any Refinancing Trust of applicable Refinancing Equipment Notes and other matters incidental thereto or as
otherwise contemplated by Section 2.01(b) of the Basic Agreement, all as provided in Section 4(a)(v) of the NPA and Section 8.01(c) of the Intercreditor Agreement. In addition, the following provisions of Section 9.01 of the
Basic Agreement shall be amended, with respect to the Class B Trust, as follows: (A) Section 9.01(6) of the Basic Agreement shall be amended by inserting the phrase “(or to facilitate any listing of any Certificates on any exchange or
quotation system) or any requirement of DTC or like depositary,” after the phrase “any exchange or quotation system on which the Certificates of any series are listed” but before the phrase “or of any regulatory body”;
(B) Section 9.01(7) of the Basic Agreement shall be amended by inserting the phrase “to establish or” after the phrase “to such extent as shall be necessary” but before the phrase “to continue”; and
(C) Section 9.01(8) of the Basic Agreement shall be amended by replacing the phrase “and to add to or change” with the phrase “, or to evidence the substitution of a Liquidity Provider with a Replacement Liquidity Provider
or to provide for a Replacement Liquidity Facility, all as provided in any Intercreditor Agreement; or to evidence the substitution of a Depositary with a Replacement Depositary or to provide for a Replacement Deposit Agreement, all as provided in
the NPA; or to evidence and provide for the acceptance of appointment by a successor Escrow Agent or successor Escrow Paying Agent under the Escrow Agreement; or to provide multiple Liquidity Facilities with respect to one or more Trusts; or to add
to or change”. 
  
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 Section 8.03 Supplemental Agreements with Consent of Class B Certificateholders.
Without limitation of Section 9.02 of the Basic Agreement, the provisions of Section 9.02 of the Basic Agreement shall apply to agreements or amendments for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the Escrow Agreement, the Deposit Agreement, the Class B Liquidity Facility or the NPA or modifying in any manner the rights and obligations of the Class B Certificateholders under the Escrow Agreement, the Deposit
Agreement, the Class B Liquidity Facility or the NPA; provided that the provisions of Section 9.02(1) of the Basic Agreement shall be deemed to include reductions in any manner of, or delay in the timing of, any receipt by the Class B
Certificateholders of payments upon the Deposits. 
 Section 8.04 Consent of Trustees for Amendment of
Section 6.01. Notwithstanding any provision in Section 8.02 or Section 8.03 of this Trust Supplement to the contrary, no amendment or modification of Section 6.01 of this Trust Supplement shall be effective unless the trustee
for each Class of Certificates affected by such amendment or modification shall have consented thereto. 
 Section 8.05
Amendment of Section 7.12(c) of the Basic Agreement. For purposes of this Agreement, references to the term “corporation” as used in Section 7.12(c) of the Agreement shall be deemed to include a bank or trust company.

 ARTICLE IX 
 TRANSFER OF CLASS B CERTIFICATES 
 Section 9.01 Restrictive
Legends. All Class B Certificates issued pursuant to the Agreement shall bear a legend to the following effect (the “Restrictive Legend”), unless the Company and the Trustee determine otherwise consistent with applicable law:

 THIS CERTIFICATE IS SUBJECT TO TRANSFER RESTRICTIONS. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT OF 1933, AS AMENDED); (2) AGREES THAT, FOR SO LONG AS THIS CERTIFICATE IS OUTSTANDING, IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS CERTIFICATE EXCEPT
TO A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT OF 1933, AS AMENDED); AND (3) AGREES THAT IF IT SHOULD RESELL OR OTHERWISE TRANSFER THIS CERTIFICATE IT WILL DELIVER TO EACH PERSON TO WHOM THIS
CERTIFICATE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS CERTIFICATE, THE TRANSFEREE MUST COMPLETE THE FORM ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT SUCH
FORM TO THE TRUSTEE. TRUST SUPPLEMENT NO. 2012-1B TO THE PASS THROUGH TRUST AGREEMENT CONTAINS A PROVISION REQUIRING THE REGISTRAR TO REFUSE TO REGISTER ANY TRANSFER OF THIS 

 
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 24 

 
CERTIFICATE IN VIOLATION OF THE FOREGOING RESTRICTIONS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

 Section 9.02 Amendment of Section 3.04 of the Basic Agreement. Sections 9.03 and 9.04 of this Trust
Supplement supersede and replace Section 3.04 of the Basic Agreement, with respect to the Trust. 
 Section 9.03
Transfer and Exchange. The Trustee shall cause to be kept at the office or agency to be maintained by it in accordance with the provisions of Section 7.12 of the Basic Agreement a register (the “Register”) of the Class B
Certificates in which, subject to such reasonable regulations as it may prescribe, the Trustee shall provide for the registration of such Class B Certificates and of transfers and exchanges of such Class B Certificates as herein provided. The
Trustee shall initially be the registrar (the “Registrar”) for the purpose of registering such Class B Certificates and transfers and exchanges of such Class B Certificates as herein provided. 

All Class B Certificates issued upon any registration of transfer or exchange of Class B Certificates shall be valid obligations of the
Trust, evidencing the same interest therein, and entitled to the same benefits under this Agreement, as the Class B Certificates surrendered upon such registration of transfer or exchange. 

Upon surrender for registration of transfer of any Class B Certificate at the Corporate Trust Office or such other office or agency with
the form of transfer notice thereon duly completed and executed, and otherwise complying with the terms of this Agreement, including providing evidence of compliance with any restrictions on transfer, in form satisfactory to the Trustee and the
Registrar, the Trustee shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Class B Certificates of like series, in authorized denominations of a like aggregate Fractional Undivided
Interest. Whenever any Class B Certificates are so surrendered for exchange, the Trustee shall execute, authenticate and deliver the Class B Certificates that the Class B Certificateholder making the exchange is entitled to receive. Every Class B
Certificate presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee and the Registrar duly executed by the Class B
Certificateholder thereof or its attorney duly authorized in writing. 
 The Registrar shall not register the transfer or
exchange of any Class B Certificate in the name of any Person unless and until evidence satisfactory to the Company and the Trustee that the conditions to any such transfer or exchange set forth in Section 9.04 shall have been satisfied is
submitted to them. Such conditions shall be deemed satisfied with respect to a transfer if the transferor and transferee duly execute and deliver to the Trustee the transfer notice in the form attached to the Class B Certificate, unless the Company
or the Trustee has a reasonable basis for requesting additional evidence. 
 To permit registrations of transfers and exchanges
in accordance with the terms, conditions and restrictions hereof, the Trustee shall execute and authenticate Class B Certificates at the Registrar’s request. No service charge shall be made to a Class B Certificateholder for any 

 
 Trust Supplement No. 2012-1B 

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 25 

 
registration of transfer or exchange of Class B Certificates, but the Trustee shall require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with any transfer or exchange of Class B Certificates. All Class B Certificates surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the Trustee. 

Section 9.04 Special Transfer Provisions. (a) Transfers Limited to QIBs. If a Class B Certificate is to be
transferred, the Registrar shall register the transfer only if such transfer is being made to a proposed transferee who has provided the transfer notice attached to the form of Class B Certificate stating that it is purchasing the Class B
Certificate for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB. 
 (b) Restrictive Legend. Upon the transfer, exchange or replacement of Class B Certificates, the Registrar shall deliver only Class B Certificates that bear the Restrictive Legend, unless the
Company and the Trustee determine otherwise consistent with applicable law. 
 (c) General. By acceptance of any Class B
Certificate, each Holder of such a Class B Certificate will be deemed to: 
 (i) Represent that it is accepting
such Class B Certificate for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB; 

(ii) Agree that any sale or other transfer by it of any Class B Certificate will only be made to a QIB; 

(iii) Agree that it will, and that it will inform each subsequent transferee that such transferee will be required to,
deliver to each person to whom it transfers Class B Certificates notice of these restrictions on transfer of the Class B Certificates; 
 (iv) Agree that no registration of the transfer of a Class B Certificate will be made unless the transferee completes and submits to the Trustee the form included on the reverse of the Class B Certificate
in which it states that it is purchasing such Class B Certificate for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB; 

(v) Understand that the Class B Certificates will bear a legend substantially to the effect of the Restrictive Legend;

 (vi) Acknowledge that the Company, the Trustee, the Underwriters, and others will rely on the truth and
accuracy of the foregoing acknowledgments, representations, warranties and agreements and agree that, if any of the acknowledgments, representations, warranties and agreements deemed to have been made by its purchase of the Class B Certificates is
no longer accurate, it shall promptly notify the Company, the Trustee and the Underwriters. If it is acquiring any Class B Certificates as a fiduciary or agent of one or more investor accounts, it represents that it has sole investment discretion
with respect to each such investor account and that it has full power to make the foregoing acknowledgments, representations and agreements on behalf of each such investor account; 

 
 Trust Supplement No. 2012-1B 

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 (vii) Acknowledge that the foregoing restrictions apply to holders of
beneficial interests in the Class B Certificates as well as to registered holders of Class B Certificates; and 

(viii) Acknowledge that the Trustee will not be required to accept for registration of transfer any Class B Certificate
unless evidence satisfactory to the Company and the Trustee that the restrictions on transfer set forth herein have been complied with is submitted to them. 
 Until such time as no Class B Certificates remain outstanding, the Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 9.04. The
Trustee, if not the Registrar at such time, shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar.

 ARTICLE X 
 MISCELLANEOUS PROVISIONS 
 Section 10.01 Final Termination
Date. The respective obligations and responsibilities of the Company and the Trustee created hereby and the Class B Trust created hereby shall terminate upon the distribution to all Class B Certificateholders and the Trustee of all amounts
required to be distributed to them pursuant to this Agreement and the disposition of all property held as part of the Trust Property; provided, however, that in no event shall the Trust created hereby continue beyond the expiration of 21
years from the death of the last survivor of the descendants of Joseph P. Kennedy, Sr., the father of John F. Kennedy, former President of the United States, living on the date of this Trust Supplement. 

Section 10.02 Basic Agreement Ratified. Except and so far as herein expressly provided, all of the provisions, terms and
conditions of the Basic Agreement are in all respects ratified and confirmed; and the Basic Agreement and this Trust Supplement shall be taken, read and construed as one and the same instrument. To the extent that any provisions of the Basic
Agreement are superseded by any provisions of this Trust Supplement, any reference to such provisions of the Basic Agreement herein or in the Basic Agreement shall be deemed to be to such provisions of this Trust Supplement. 

Section 10.03 Governing Law. THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK AND THIS AGREEMENT AND THE CLASS B
CERTIFICATES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 

 
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 Section 10.04 Counterparts. This Trust Supplement may be executed in any number
of counterparts (and each of the parties shall not be required to execute the same counterpart). Each counterpart of this Trust Supplement including a signature page or pages executed by each of the parties hereto shall be an original
counterpart of this Trust Supplement, but all of such counterparts together shall constitute one instrument. 

Section 10.05 Intention of Parties. The parties hereto intend that the Class B Trust be classified for United States federal
income tax purposes as a grantor trust under Subpart E, Part I, Subchapter J, Chapter 1 of Subtitle A of the Code, and not as a trust or association taxable as a corporation or as a partnership. Each Certificateholder of, and each Person
acquiring a beneficial interest in, a Class B Certificate, by its acceptance of its Class B Certificate or a beneficial interest therein, agrees to treat the Class B Trust as a grantor trust for all United States federal, state and local income tax
purposes. The Trustee shall not be authorized or empowered to do anything that would cause the Class B Trust to fail to qualify as a grantor trust for such tax purposes (including as subject to this restriction, acquiring any Aircraft by bidding the
Equipment Notes relating thereto or otherwise, or taking any action with respect to any such Aircraft once acquired). 
  

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 IN WITNESS WHEREOF, the parties have caused this Trust Supplement to be duly executed by
their respective officers thereto duly authorized as of the date first written above. 
  

			
	DELTA AIR LINES, INC.
		
	By:	 	/s/ Kenneth W. Morge
		 	Name: Kenneth W. Morge
		 	Title: Vice President — Finance & Treasurer
	
	 U.S. BANK TRUST NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	/s/ John G. Correia
		 	Name: John G. Correia
		 	Title: Vice President

  
 Trust Supplement No.
2012-1B 
 (2012-1 EETC) 

 EXHIBIT A to 
 TRUST SUPPLEMENT NO. 2012-1B 
 FORM OF CERTIFICATE 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]1 

BY ITS ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT EITHER (A) NO ASSETS OF A PLAN OR ANY TRUST ESTABLISHED WITH RESPECT TO A PLAN
HAVE BEEN USED TO PURCHASE THIS CERTIFICATE OR AN INTEREST HEREIN OR (B) THE PURCHASE AND HOLDING OF THIS CERTIFICATE OR INTEREST HEREIN BY SUCH A PERSON (I) ARE EXEMPT FROM THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE
PURSUANT TO ONE OR MORE STATUTORY OR ADMINISTRATIVE PROHIBITED TRANSACTION EXEMPTIONS AND (II) DO NOT VIOLATE ANY SIMILAR LAW. CERTAIN TERMS USED IN THIS PARAGRAPH SHALL HAVE THE MEANINGS SPECIFIED IN THE AGREEMENT. 

THIS CERTIFICATE IS SUBJECT TO TRANSFER RESTRICTIONS. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT IT IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT OF 1933, AS AMENDED); (2) AGREES THAT, FOR LONG AS THIS CERTIFICATE IS OUTSTANDING, IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS CERTIFICATE EXCEPT TO
A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT OF 1933, AS AMENDED); AND (3) AGREES THAT IF IT SHOULD RESELL OR OTHERWISE TRANSFER THIS CERTIFICATE IT WILL DELIVER TO EACH PERSON TO WHOM THIS
CERTIFICATE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS CERTIFICATE, THE TRANSFEREE MUST 

 

	1 	 This legend to appear on Book-Entry Certificates to be deposited with The Depositary Trust Company. 

 
 Trust Supplement No. 2012-1B 

(2012-1 EETC) 

 
COMPLETE THE FORM ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT SUCH FORM TO THE TRUSTEE. TRUST SUPPLEMENT NO. 2012-1B TO THE PASS THROUGH TRUST AGREEMENT CONTAINS A
PROVISION REQUIRING THE REGISTRAR TO REFUSE TO REGISTER ANY TRANSFER OF THIS CERTIFICATE IN VIOLATION OF THE FOREGOING RESTRICTIONS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
PERIOD OF TIME. 
  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

 [GLOBAL
CERTIFICATE]1 

DELTA AIR LINES PASS THROUGH TRUST 2012-1B 
 DELTA AIR LINES PASS THROUGH CERTIFICATE, SERIES 2012-1B 
 Final
Expected Regular Distribution Date: May 7, 2019 
 evidencing a fractional undivided interest in the Trust, the property
of which includes or will include, among other things, certain Equipment Notes each secured by an Aircraft owned by Delta Air Lines, Inc. 
  

					
	Certificate No.             	  	 $             Fractional Undivided Interest representing
0.00079237419078785800%
 of the Trust per $1,000 face amount
	  	CUSIP No. 24735T AA6

 THIS CERTIFIES THAT             , for value
received, is the registered owner of a $            (            dollars) Fractional Undivided Interest (or such lesser amounts
as shall be the aggregate outstanding face amount hereof as set forth in the records of the Trustee) in the Delta Air Lines Pass Through Trust, Series 2012-1B (the “Trust”) created by U.S. BANK TRUST NATIONAL ASSOCIATION, as successor
trustee (together with any successor in interest and any successor or other trustee appointed pursuant to the Trust Supplement referred to below, the “Trustee”) under a Pass Through Trust Agreement, dated as of November 16, 2000 (the
“Basic Agreement”), between U.S. Bank Trust National Association (as successor in interest to State Street Bank and Trust Company of Connecticut, National Association) and Delta Air Lines, Inc., a Delaware corporation ( together with any
successor in interest pursuant to Section 5.02 of the Basic Agreement, the “Company”), as supplemented by Trust Supplement No. 2012-1B thereto dated as of July 3, 2012 (collectively, and as may be amended from time to time,
the “Agreement”), between the Trustee and the Company, a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned
to them in the Agreement. This Certificate is one of the duly authorized Certificates designated as “Delta Air Lines Pass Through Certificates, Series 2012-1B” (herein called the “Certificates”). This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement. By virtue of its acceptance hereof, the Certificateholder of this Certificate assents to and agrees to be bound by all of the provisions of the Agreement and the
Intercreditor Agreement, including the subordination provisions of Section 9.09 of the Intercreditor Agreement. The Trust Property is expected to include certain Equipment Notes and includes all rights of the Trust and the Trustee, on behalf of
the Trust, to receive any payments under the Intercreditor Agreement and the Class B Liquidity Facility. Each issue of the Equipment Notes will be secured by, among other things, a security interest in the Aircraft owned by the Company. 

 

	1 	 To be included on the face of each Global Certificate. 

 
 Trust Supplement No. 2012-1B 

(2012-1 EETC) 

 The Certificates represent Fractional Undivided Interests in the Trust and the Trust
Property, and will have no rights, benefits or interest in respect of any other separate trust established pursuant to the terms of the Basic Agreement for any other series of certificates issued pursuant thereto. 

Subject to and in accordance with the terms of the Agreement and the Intercreditor Agreement, from funds then available to the Trustee,
there will be distributed on each May 7 and November 7 (each, a “Regular Distribution Date”), commencing on November 7, 2012, to the Person in whose name this Certificate is registered at the close of business on the 15th
day preceding the Regular Distribution Date, an amount in respect of the Scheduled Payments on the Series B Equipment Notes due on such Regular Distribution Date, the receipt of which has been confirmed by the Trustee, equal to the product of the
percentage interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Scheduled Payments. Subject to and in accordance with the terms of the Agreement and the Intercreditor Agreement, in the event that Special
Payments on the Series B Equipment Notes are received by the Trustee, from funds then available to the Trustee, there shall be distributed on the applicable Special Distribution Date, to the Person in whose name this Certificate is registered at the
close of business on the 15th day preceding the applicable Special Distribution Date, an amount in respect of such Special Payments on the Series B Equipment Notes, the receipt of which has been confirmed by the Trustee, equal to the product of the
percentage interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Special Payments so received. If a Regular Distribution Date or Special Distribution Date is not a Business Day, distribution shall be made on the
immediately following Business Day and no interest shall accrue during the intervening period. The Trustee shall mail notice of each Special Payment and the Special Distribution Date therefor to the Certificateholder of this Certificate. 

Distributions on this Certificate will be made by the Trustee by check mailed to the Person entitled thereto, without the presentation or
surrender of this Certificate or the making of any notation hereon, except that with respect to Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distributions shall be made by wire transfer. Except
as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will be made after notice mailed by the Trustee of the pendency of such distribution and only upon presentation and surrender of this
Certificate at the office or agency of the Trustee specified in such notice. 
 The Certificates do not represent a direct
obligation of, or an obligation guaranteed by, or an interest in, the Company, the Trustee, the Subordination Agent, any Loan Trustee or any Affiliate of any thereof. The Certificates are limited in right of payment, all as more specifically set
forth on the face hereof and in the Agreement. All payments or distributions made to Certificateholders under the Agreement shall be made only from the Trust Property and only to the extent that the Trustee shall have sufficient income or proceeds
from the Trust Property to make such payments in accordance with the terms of the Agreement. Each Certificateholder of this Certificate, by its acceptance hereof, agrees that it will look solely to the income and proceeds from the Trust Property to
the extent available for any payment or distribution to such Certificateholder pursuant to the terms of the Agreement and that it will not have any recourse to the Company, the Trustee, the Loan Trustees or any Affiliate of any thereof except as
otherwise expressly provided in the Agreement, in any Note Document or in the 
  
 Trust Supplement No. 2012-1B 
 (2012-1 EETC) 

 
Intercreditor Agreement. This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby. A copy of the Agreement may be examined during normal business hours at the principal office of the Trustee, and at such other places, if any, designated by the Trustee, by any Certificateholder
upon request. 
 The Agreement permits, with certain exceptions therein provided, the amendment thereof, and the modification of
the rights and obligations of the Company and the rights of the Certificateholders under the Agreement, at any time by the Company and the Trustee with the consent of the Certificateholders holding Certificates evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the Trust. Any such consent by the Certificateholder of this Certificate shall be conclusive and binding on such Certificateholder and upon all future Certificateholders of this
Certificate and of any Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited
circumstances, without the consent of the Certificateholders of any of the Certificates. 
 As provided in the Agreement and
subject to certain limitations set forth therein, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee in its capacity as
Registrar, or by any successor Registrar, duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee and the Registrar, duly executed by the Certificateholder hereof or such Certificateholder’s attorney
duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate Fractional Undivided Interest in the Trust will be issued to the designated transferee or transferees. 

The Certificates are issuable only as registered Certificates without coupons in minimum denominations of $2,000 (or such other
denomination that is the lowest integral multiple of $1,000 that is, at the time of issuance, equal to at least 1,000 euros) Fractional Undivided Interest and multiples of $1,000 in excess thereof except that one Certificate may be issued in a
different denomination. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of authorized denominations evidencing the same aggregate Fractional Undivided Interest
in the Trust, as requested by the Certificateholder surrendering the same. 
 No service charge will be made for any such
registration of transfer or exchange, but the Trustee shall require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
 The Company, the Trustee, the Registrar and any Paying Agent shall deem and treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Company, the
Trustee, the Registrar or any such agent shall be affected by any notice to the contrary. 
  
 Trust Supplement No. 2012-1B 
 (2012-1 EETC) 

 Each Certificateholder and Person with a beneficial interest herein, by its acceptance of
this Certificate or such interest, agrees to treat the Trust as a grantor trust for all U.S. federal, state and local income tax purposes. 
 The obligations and responsibilities created by the Agreement and the Trust created thereby shall terminate upon the distribution to Certificateholders of all amounts required to be distributed to them
pursuant to the Agreement and the disposition of all property held as part of the Trust Property. 
 Any Person acquiring or
accepting this Certificate or an interest herein will, by such acquisition or acceptance, be deemed to represent and warrant to the Company, the Loan Trustees and the Trustee that either: (i) no assets of a Plan or any trust established with
respect to a Plan, have been used to acquire this Certificate or an interest herein or (ii) the purchase and holding of this Certificate or interest herein by such Person (A) are exempt from the prohibited transaction restrictions of ERISA
and the Code pursuant to one or more statutory or administrative prohibited transaction exemptions and (B) do not violate any Similar Law. 
 THIS CERTIFICATE AND THE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 Unless the certificate of authentication hereon has been executed by the Trustee, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any purpose. 
  
 Trust Supplement No. 2012-1B 
 (2012-1 EETC) 

 IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed. 

 

			
	DELTA AIR LINES PASS THROUGH TRUST 2012-1B
		
	By:	 	 U.S. BANK TRUST NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 
		 	Title:

 Dated: 
  

Trust Supplement No. 2012-1B 
 (2012-1 EETC) 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Certificates referred to in the within-mentioned Agreement. 

 

			
	 U.S. BANK TRUST NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 
		 	Authorized Officer

  
 Trust Supplement No.
2012-1B 
 (2012-1 EETC) 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 
 ___________________________ 
 Please print or typewrite name and address including zip code of
assignee 
 ___________________________ 
 ___________________________ 
 the within Certificate and all rights thereunder,
hereby irrevocably constituting and appointing              attorney to transfer said Certificate on the books of the Trustee with full power of substitution in the premises.

 [THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES] 

In connection with any transfer of this Certificate, the undersigned confirms that this Certificate is being transferred to a
“qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended. 
  

					
	Date:            	 		 	 
		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without
alteration or any change whatsoever.

 SIGNATURE GUARANTEE:
                     

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
 [TO BE COMPLETED BY
PURCHASER:] 
 The undersigned represents and warrants that it is purchasing this Certificate for its own account or an account
with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the
sale to it is being made in 
  
 Trust Supplement No.
2012-1B 
 (2012-1 EETC) 

 
reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

Dated:              

 

	
	  
	NOTICE: To be executed by an executive officer

  
 Trust Supplement No.
2012-1B 
 (2012-1 EETC) 

 EXHIBIT B to 
 TRUST SUPPLEMENT NO. 2012-1B 
 DTC LETTER OF REPRESENTATIONS 

 
 Trust Supplement No. 2012-1B 

(2012-1 EETC) 

 SCHEDULE I-A to 
 TRUST SUPPLEMENT NO. 2012-1B 
 SERIES B EQUIPMENT NOTE 

PRINCIPAL PAYMENTS 
  

					
	 	  	N334NB	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	82,215.37	  
	 November 7, 2013
	  	 	94,239.96	  
	 May 7, 2014
	  	 	89,814.15	  
	 November 7, 2014
	  	 	246,243.94	  
	 May 7, 2015
	  	 	254,062.67	  
	 November 7, 2015
	  	 	93,375.01	  
	 May 7, 2016
	  	 	91,739.23	  
	 November 7, 2016
	  	 	90,103.46	  
	 May 7, 2017
	  	 	107,960.59	  
	 November 7, 2017
	  	 	186,422.84	  
	 May 7, 2018
	  	 	177,916.87	  
	 November 7, 2018
	  	 	169,410.87	  
	 May 7, 2019
	  	 	1,532,495.04	  
		
	 	  	N335NB	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	81,752.98	  
	 November 7, 2013
	  	 	94,073.44	  
	 May 7, 2014
	  	 	89,655.44	  
	 November 7, 2014
	  	 	245,808.80	  
	 May 7, 2015
	  	 	253,613.73	  
	 November 7, 2015
	  	 	93,210.01	  
	 May 7, 2016
	  	 	91,577.12	  
	 November 7, 2016
	  	 	89,944.24	  
	 May 7, 2017
	  	 	107,769.81	  
	 November 7, 2017
	  	 	186,093.43	  
	 May 7, 2018
	  	 	177,602.47	  
	 November 7, 2018
	  	 	169,111.52	  
	 May 7, 2019
	  	 	1,529,787.01	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N336NB	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	79,237.21	  
	 November 7, 2013
	  	 	92,999.17	  
	 May 7, 2014
	  	 	88,576.47	  
	 November 7, 2014
	  	 	245,885.04	  
	 May 7, 2015
	  	 	253,964.85	  
	 November 7, 2015
	  	 	92,436.06	  
	 May 7, 2016
	  	 	90,830.81	  
	 November 7, 2016
	  	 	89,225.53	  
	 May 7, 2017
	  	 	87,620.28	  
	 November 7, 2017
	  	 	187,119.48	  
	 May 7, 2018
	  	 	178,772.14	  
	 November 7, 2018
	  	 	170,424.80	  
	 May 7, 2019
	  	 	1,567,908.16	  
		
	 	  	N337NB	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	79,039.14	  
	 November 7, 2013
	  	 	93,330.22	  
	 May 7, 2014
	  	 	88,891.78	  
	 November 7, 2014
	  	 	246,760.32	  
	 May 7, 2015
	  	 	254,868.90	  
	 November 7, 2015
	  	 	92,765.11	  
	 May 7, 2016
	  	 	91,154.13	  
	 November 7, 2016
	  	 	89,543.16	  
	 May 7, 2017
	  	 	87,932.19	  
	 November 7, 2017
	  	 	187,785.57	  
	 May 7, 2018
	  	 	179,408.52	  
	 November 7, 2018
	  	 	171,031.47	  
	 May 7, 2019
	  	 	1,573,489.49	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N338NB	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	80,057.20	  
	 November 7, 2013
	  	 	93,684.45	  
	 May 7, 2014
	  	 	89,229.16	  
	 November 7, 2014
	  	 	247,696.87	  
	 May 7, 2015
	  	 	255,836.23	  
	 November 7, 2015
	  	 	93,117.19	  
	 May 7, 2016
	  	 	91,500.11	  
	 November 7, 2016
	  	 	89,883.00	  
	 May 7, 2017
	  	 	88,265.93	  
	 November 7, 2017
	  	 	188,498.29	  
	 May 7, 2018
	  	 	180,089.45	  
	 November 7, 2018
	  	 	171,680.60	  
	 May 7, 2019
	  	 	1,579,461.52	  
		
	 	  	N339NB	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	79,592.42	  
	 November 7, 2013
	  	 	93,550.37	  
	 May 7, 2014
	  	 	89,101.46	  
	 November 7, 2014
	  	 	247,342.39	  
	 May 7, 2015
	  	 	255,470.09	  
	 November 7, 2015
	  	 	92,983.92	  
	 May 7, 2016
	  	 	91,369.16	  
	 November 7, 2016
	  	 	89,754.37	  
	 May 7, 2017
	  	 	88,139.60	  
	 November 7, 2017
	  	 	188,228.52	  
	 May 7, 2018
	  	 	179,831.72	  
	 November 7, 2018
	  	 	171,434.90	  
	 May 7, 2019
	  	 	1,577,201.08	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N341NB	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	79,543.05	  
	 November 7, 2013
	  	 	93,315.33	  
	 May 7, 2014
	  	 	88,877.59	  
	 November 7, 2014
	  	 	246,720.93	  
	 May 7, 2015
	  	 	254,828.22	  
	 November 7, 2015
	  	 	92,750.30	  
	 May 7, 2016
	  	 	91,139.58	  
	 November 7, 2016
	  	 	89,528.87	  
	 May 7, 2017
	  	 	87,918.15	  
	 November 7, 2017
	  	 	187,755.60	  
	 May 7, 2018
	  	 	179,379.88	  
	 November 7, 2018
	  	 	171,004.17	  
	 May 7, 2019
	  	 	1,573,238.33	  
		
	 	  	N343NB	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	79,175.80	  
	 November 7, 2013
	  	 	93,444.44	  
	 May 7, 2014
	  	 	89,000.56	  
	 November 7, 2014
	  	 	247,062.29	  
	 May 7, 2015
	  	 	255,180.80	  
	 November 7, 2015
	  	 	92,878.63	  
	 May 7, 2016
	  	 	91,265.69	  
	 November 7, 2016
	  	 	89,652.73	  
	 May 7, 2017
	  	 	88,039.79	  
	 November 7, 2017
	  	 	188,015.38	  
	 May 7, 2018
	  	 	179,628.07	  
	 November 7, 2018
	  	 	171,240.77	  
	 May 7, 2019
	  	 	1,575,415.05	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N345NB	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	80,347.38	  
	 November 7, 2013
	  	 	94,060.20	  
	 May 7, 2014
	  	 	89,587.03	  
	 November 7, 2014
	  	 	248,690.33	  
	 May 7, 2015
	  	 	256,862.32	  
	 November 7, 2015
	  	 	93,490.66	  
	 May 7, 2016
	  	 	91,867.08	  
	 November 7, 2016
	  	 	90,243.51	  
	 May 7, 2017
	  	 	88,619.94	  
	 November 7, 2017
	  	 	189,254.31	  
	 May 7, 2018
	  	 	180,811.74	  
	 November 7, 2018
	  	 	172,369.17	  
	 May 7, 2019
	  	 	1,585,796.33	  
		
	 	  	N359NW	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	95,503.23	  
	 November 7, 2013
	  	 	119,775.50	  
	 May 7, 2014
	  	 	115,419.90	  
	 November 7, 2014
	  	 	246,601.74	  
	 May 7, 2015
	  	 	248,160.15	  
	 November 7, 2015
	  	 	111,990.35	  
	 May 7, 2016
	  	 	109,704.82	  
	 November 7, 2016
	  	 	107,419.31	  
	 May 7, 2017
	  	 	105,133.79	  
	 November 7, 2017
	  	 	164,157.28	  
	 May 7, 2018
	  	 	155,243.76	  
	 November 7, 2018
	  	 	163,414.48	  
	 May 7, 2019
	  	 	1,110,475.69	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N360NW	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	94,388.80	  
	 November 7, 2013
	  	 	95,676.13	  
	 May 7, 2014
	  	 	116,325.84	  
	 November 7, 2014
	  	 	253,246.07	  
	 May 7, 2015
	  	 	255,389.04	  
	 November 7, 2015
	  	 	113,409.08	  
	 May 7, 2016
	  	 	111,117.99	  
	 November 7, 2016
	  	 	108,826.88	  
	 May 7, 2017
	  	 	106,535.80	  
	 November 7, 2017
	  	 	169,025.34	  
	 May 7, 2018
	  	 	160,090.09	  
	 November 7, 2018
	  	 	151,154.82	  
	 May 7, 2019
	  	 	1,198,814.12	  

  

					
	  	  	N372NW	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	87,515.75	  
	 November 7, 2013
	  	 	101,027.26	  
	 May 7, 2014
	  	 	96,282.69	  
	 November 7, 2014
	  	 	263,978.78	  
	 May 7, 2015
	  	 	272,360.63	  
	 November 7, 2015
	  	 	100,100.00	  
	 May 7, 2016
	  	 	98,346.43	  
	 November 7, 2016
	  	 	96,592.84	  
	 May 7, 2017
	  	 	115,736.05	  
	 November 7, 2017
	  	 	199,849.29	  
	 May 7, 2018
	  	 	190,730.69	  
	 November 7, 2018
	  	 	181,612.09	  
	 May 7, 2019
	  	 	1,642,867.50	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N373NW	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	88,700.92	  
	 November 7, 2013
	  	 	101,683.28	  
	 May 7, 2014
	  	 	96,907.90	  
	 November 7, 2014
	  	 	265,692.93	  
	 May 7, 2015
	  	 	274,129.20	  
	 November 7, 2015
	  	 	100,750.01	  
	 May 7, 2016
	  	 	98,985.04	  
	 November 7, 2016
	  	 	97,220.06	  
	 May 7, 2017
	  	 	116,487.59	  
	 November 7, 2017
	  	 	201,147.01	  
	 May 7, 2018
	  	 	191,969.20	  
	 November 7, 2018
	  	 	182,791.39	  
	 May 7, 2019
	  	 	1,653,535.47	  

  

					
	 	  	N374NW	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	88,700.92	  
	 November 7, 2013
	  	 	101,683.28	  
	 May 7, 2014
	  	 	96,907.90	  
	 November 7, 2014
	  	 	265,692.93	  
	 May 7, 2015
	  	 	274,129.20	  
	 November 7, 2015
	  	 	100,750.01	  
	 May 7, 2016
	  	 	98,985.04	  
	 November 7, 2016
	  	 	97,220.06	  
	 May 7, 2017
	  	 	116,487.59	  
	 November 7, 2017
	  	 	201,147.01	  
	 May 7, 2018
	  	 	191,969.20	  
	 November 7, 2018
	  	 	182,791.39	  
	 May 7, 2019
	  	 	1,653,535.47	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N375NC	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	87,919.93	  
	 November 7, 2013
	  	 	103,089.64	  
	 May 7, 2014
	  	 	98,187.08	  
	 November 7, 2014
	  	 	272,563.72	  
	 May 7, 2015
	  	 	281,520.20	  
	 November 7, 2015
	  	 	102,465.43	  
	 May 7, 2016
	  	 	100,686.01	  
	 November 7, 2016
	  	 	98,906.56	  
	 May 7, 2017
	  	 	97,127.14	  
	 November 7, 2017
	  	 	207,422.06	  
	 May 7, 2018
	  	 	198,169.03	  
	 November 7, 2018
	  	 	188,916.00	  
	 May 7, 2019
	  	 	1,738,027.20	  

  

					
	 	  	N376NW	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	88,724.27	  
	 November 7, 2013
	  	 	103,834.50	  
	 May 7, 2014
	  	 	98,896.52	  
	 November 7, 2014
	  	 	274,533.12	  
	 May 7, 2015
	  	 	283,554.30	  
	 November 7, 2015
	  	 	103,205.79	  
	 May 7, 2016
	  	 	101,413.51	  
	 November 7, 2016
	  	 	99,621.20	  
	 May 7, 2017
	  	 	97,828.93	  
	 November 7, 2017
	  	 	208,920.77	  
	 May 7, 2018
	  	 	199,600.89	  
	 November 7, 2018
	  	 	190,281.00	  
	 May 7, 2019
	  	 	1,750,585.20	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N67171	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	76,608.17	  
	 November 7, 2013
	  	 	86,318.24	  
	 May 7, 2014
	  	 	82,316.21	  
	 November 7, 2014
	  	 	222,838.69	  
	 May 7, 2015
	  	 	229,658.53	  
	 November 7, 2015
	  	 	85,253.35	  
	 May 7, 2016
	  	 	83,746.67	  
	 November 7, 2016
	  	 	100,445.76	  
	 May 7, 2017
	  	 	98,436.85	  
	 November 7, 2017
	  	 	167,794.66	  
	 May 7, 2018
	  	 	159,959.90	  
	 November 7, 2018
	  	 	152,125.12	  
	 May 7, 2019
	  	 	1,351,497.85	  

  

					
	 	  	N185DN	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	272,367.90	  
	 November 7, 2013
	  	 	201,123.74	  
	 May 7, 2014
	  	 	194,712.94	  
	 November 7, 2014
	  	 	366,879.48	  
	 May 7, 2015
	  	 	363,536.15	  
	 November 7, 2015
	  	 	220,402.67	  
	 May 7, 2016
	  	 	215,421.81	  
	 November 7, 2016
	  	 	210,440.95	  
	 May 7, 2017
	  	 	205,460.10	  
	 November 7, 2017
	  	 	1,780,654.26	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N186DN	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	281,133.68	  
	 November 7, 2013
	  	 	207,825.00	  
	 May 7, 2014
	  	 	201,200.60	  
	 November 7, 2014
	  	 	379,103.57	  
	 May 7, 2015
	  	 	375,648.85	  
	 November 7, 2015
	  	 	227,746.28	  
	 May 7, 2016
	  	 	222,599.47	  
	 November 7, 2016
	  	 	217,452.66	  
	 May 7, 2017
	  	 	212,305.84	  
	 November 7, 2017
	  	 	1,839,984.05	  
		
	 	  	N187DN	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	264,599.99	  
	 November 7, 2013
	  	 	202,308.03	  
	 May 7, 2014
	  	 	195,549.08	  
	 November 7, 2014
	  	 	385,267.10	  
	 May 7, 2015
	  	 	383,952.86	  
	 November 7, 2015
	  	 	186,009.41	  
	 May 7, 2016
	  	 	182,051.77	  
	 November 7, 2016
	  	 	213,960.29	  
	 May 7, 2017
	  	 	209,013.23	  
	 November 7, 2017
	  	 	2,122,288.24	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N188DN	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	244,068.78	  
	 November 7, 2013
	  	 	190,464.88	  
	 May 7, 2014
	  	 	183,958.22	  
	 November 7, 2014
	  	 	370,208.71	  
	 May 7, 2015
	  	 	369,917.71	  
	 November 7, 2015
	  	 	175,875.48	  
	 May 7, 2016
	  	 	172,172.83	  
	 November 7, 2016
	  	 	168,470.18	  
	 May 7, 2017
	  	 	197,859.90	  
	 November 7, 2017
	  	 	273,764.06	  
	 May 7, 2018
	  	 	1,877,239.25	  

  

					
	 	  	N189DN	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	240,798.30	  
	 November 7, 2013
	  	 	191,463.97	  
	 May 7, 2014
	  	 	184,780.85	  
	 November 7, 2014
	  	 	379,591.43	  
	 May 7, 2015
	  	 	380,238.36	  
	 November 7, 2015
	  	 	177,547.64	  
	 May 7, 2016
	  	 	173,848.73	  
	 November 7, 2016
	  	 	170,149.81	  
	 May 7, 2017
	  	 	166,450.91	  
	 November 7, 2017
	  	 	282,504.18	  
	 May 7, 2018
	  	 	2,031,625.82	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N190DN	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	239,089.55	  
	 November 7, 2013
	  	 	190,108.73	  
	 May 7, 2014
	  	 	183,472.92	  
	 November 7, 2014
	  	 	376,904.60	  
	 May 7, 2015
	  	 	377,546.92	  
	 November 7, 2015
	  	 	176,290.92	  
	 May 7, 2016
	  	 	172,618.18	  
	 November 7, 2016
	  	 	168,945.45	  
	 May 7, 2017
	  	 	165,272.72	  
	 November 7, 2017
	  	 	280,504.55	  
	 May 7, 2018
	  	 	262,600.01	  
	 November 7, 2018
	  	 	1,754,645.45	  
		
	 	  	N191DN	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	251,305.43	  
	 November 7, 2013
	  	 	199,444.77	  
	 May 7, 2014
	  	 	192,483.07	  
	 November 7, 2014
	  	 	395,413.97	  
	 May 7, 2015
	  	 	396,087.85	  
	 November 7, 2015
	  	 	184,948.37	  
	 May 7, 2016
	  	 	181,095.27	  
	 November 7, 2016
	  	 	177,242.18	  
	 May 7, 2017
	  	 	173,389.08	  
	 November 7, 2017
	  	 	294,279.82	  
	 May 7, 2018
	  	 	275,496.01	  
	 November 7, 2018
	  	 	1,840,814.18	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N192DN	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	256,667.95	  
	 November 7, 2013
	  	 	203,962.21	  
	 May 7, 2014
	  	 	196,842.83	  
	 November 7, 2014
	  	 	404,370.11	  
	 May 7, 2015
	  	 	405,059.26	  
	 November 7, 2015
	  	 	189,137.46	  
	 May 7, 2016
	  	 	185,197.09	  
	 November 7, 2016
	  	 	181,256.72	  
	 May 7, 2017
	  	 	177,316.36	  
	 November 7, 2017
	  	 	300,945.28	  
	 May 7, 2018
	  	 	281,736.00	  
	 November 7, 2018
	  	 	262,526.73	  
	 May 7, 2019
	  	 	1,619,982.00	  

  

					
	 	  	N828MH	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	165,699.93	  
	 November 7, 2013
	  	 	181,224.65	  
	 May 7, 2014
	  	 	172,932.34	  
	 November 7, 2014
	  	 	462,102.73	  
	 May 7, 2015
	  	 	475,695.49	  
	 November 7, 2015
	  	 	178,410.08	  
	 May 7, 2016
	  	 	214,198.13	  
	 November 7, 2016
	  	 	209,956.57	  
	 May 7, 2017
	  	 	205,715.03	  
	 November 7, 2017
	  	 	346,004.20	  
	 May 7, 2018
	  	 	329,462.18	  
	 November 7, 2018
	  	 	312,920.14	  
	 May 7, 2019
	  	 	2,726,678.53	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N829MH	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	165,647.94	  
	 November 7, 2013
	  	 	181,569.07	  
	 May 7, 2014
	  	 	173,261.00	  
	 November 7, 2014
	  	 	462,980.95	  
	 May 7, 2015
	  	 	476,599.55	  
	 November 7, 2015
	  	 	178,749.15	  
	 May 7, 2016
	  	 	214,605.22	  
	 November 7, 2016
	  	 	210,355.59	  
	 May 7, 2017
	  	 	206,105.99	  
	 November 7, 2017
	  	 	346,661.79	  
	 May 7, 2018
	  	 	330,088.32	  
	 November 7, 2018
	  	 	313,514.84	  
	 May 7, 2019
	  	 	2,731,860.59	  

  

					
	 	  	N830MH	 
	 Date
	  	Scheduled
Payments of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	167,343.42	  
	 November 7, 2013
	  	 	182,482.30	  
	 May 7, 2014
	  	 	174,132.44	  
	 November 7, 2014
	  	 	465,309.59	  
	 May 7, 2015
	  	 	478,996.68	  
	 November 7, 2015
	  	 	179,648.20	  
	 May 7, 2016
	  	 	215,684.60	  
	 November 7, 2016
	  	 	211,413.61	  
	 May 7, 2017
	  	 	207,142.63	  
	 November 7, 2017
	  	 	348,405.37	  
	 May 7, 2018
	  	 	331,748.55	  
	 November 7, 2018
	  	 	315,091.71	  
	 May 7, 2019
	  	 	2,745,600.90	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N831MH	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	165,970.70	  
	 November 7, 2013
	  	 	182,743.23	  
	 May 7, 2014
	  	 	174,381.42	  
	 November 7, 2014
	  	 	465,974.91	  
	 May 7, 2015
	  	 	479,681.57	  
	 November 7, 2015
	  	 	179,905.07	  
	 May 7, 2016
	  	 	215,993.00	  
	 November 7, 2016
	  	 	211,715.90	  
	 May 7, 2017
	  	 	207,438.81	  
	 November 7, 2017
	  	 	348,903.54	  
	 May 7, 2018
	  	 	332,222.91	  
	 November 7, 2018
	  	 	315,542.24	  
	 May 7, 2019
	  	 	2,749,526.70	  

  

					
	 	  	N832MH	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	0.00	  
	 May 7, 2013
	  	 	166,375.61	  
	 November 7, 2013
	  	 	182,637.11	  
	 May 7, 2014
	  	 	174,280.17	  
	 November 7, 2014
	  	 	465,704.35	  
	 May 7, 2015
	  	 	479,403.05	  
	 November 7, 2015
	  	 	179,800.61	  
	 May 7, 2016
	  	 	215,867.58	  
	 November 7, 2016
	  	 	211,592.97	  
	 May 7, 2017
	  	 	207,318.36	  
	 November 7, 2017
	  	 	348,700.96	  
	 May 7, 2018
	  	 	332,030.00	  
	 November 7, 2018
	  	 	315,359.02	  
	 May 7, 2019
	  	 	2,747,930.21	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

					
	 	  	N833MH	 
	 Date
	  	Scheduled
Payments
of
Principal	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	166,972.74	  
	 November 7, 2013
	  	 	183,833.88	  
	 May 7, 2014
	  	 	175,422.17	  
	 November 7, 2014
	  	 	468,755.96	  
	 May 7, 2015
	  	 	482,544.43	  
	 November 7, 2015
	  	 	180,978.79	  
	 May 7, 2016
	  	 	217,282.10	  
	 November 7, 2016
	  	 	212,979.47	  
	 May 7, 2017
	  	 	208,676.86	  
	 November 7, 2017
	  	 	350,985.88	  
	 May 7, 2018
	  	 	334,205.69	  
	 November 7, 2018
	  	 	317,425.48	  
	 May 7, 2019
	  	 	2,765,936.55	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

 SCHEDULE I-B to 
 TRUST SUPPLEMENT NO. 2012-1B 
 AGGREGATE SERIES B EQUIPMENT NOTE PRINCIPAL
PAYMENTS 
  

					
	 Payment Date
	  	Scheduled Principal
Payments	 
	 November 7, 2012
	  	$	 0.00	  
	 May 7, 2013
	  	 	4,477,064.46	  
	 November 7, 2013
	  	 	4,336,976.98	  
	 May 7, 2014
	  	 	4,181,387.73	  
	 November 7, 2014
	  	 	10,135,926.35	  
	 May 7, 2015
	  	 	10,338,497.79	  
	 November 7, 2015
	  	 	4,270,381.04	  
	 May 7, 2016
	  	 	4,424,064.20	  
	 November 7, 2016
	  	 	4,390,063.89	  
	 May 7, 2017
	  	 	4,435,505.84	  
	 November 7, 2017
	  	 	12,473,223.02	  
	 May 7, 2018
	  	 	9,779,628.36	  
	 November 7, 2018
	  	 	8,678,634.35	  
	 May 7, 2019
	  	 	44,281,645.99	  

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

 SCHEDULE II to 
 TRUST SUPPLEMENT NO. 2012-1B 
 SERIES B EQUIPMENT NOTES, 

PRINCIPAL AMOUNTS, MATURITIES AND AIRCRAFT 
  

									
	Initial Principal
Amount
of
Series B
Equipment
Notes	 	  	 Maturity
	  	 Aircraft
	  	 Aircraft

Registration

Number

	$	3,216,000	  	  	May 7, 2019	  	A319-114
(AIRBUS A319-100)	  	N334NB
	 	3,210,000	  	  	May 7, 2019	  	A319-114
(AIRBUS A319-100)	  	N335NB
	 	3,225,000	  	  	May 7, 2019	  	A319-114
(AIRBUS A319-100)	  	N336NB
	 	3,236,000	  	  	May 7, 2019	  	A319-114
(AIRBUS A319-100)	  	N337NB
	 	3,249,000	  	  	May 7, 2019	  	A319-114
(AIRBUS A319-100)	  	N338NB
	 	3,244,000	  	  	May 7, 2019	  	A319-114
(AIRBUS A319-100)	  	N339NB
	 	3,236,000	  	  	May 7, 2019	  	A319-114
(AIRBUS A319-100)	  	N341NB
	 	3,240,000	  	  	May 7, 2019	  	A319-114
(AIRBUS A319-100)	  	N343NB
	 	3,262,000	  	  	May 7, 2019	  	A319-114
(AIRBUS A319-100)	  	N345NB
	 	2,853,000	  	  	May 7, 2019	  	A320-212
(AIRBUS A320-200)	  	N359NW
	 	2,934,000	  	  	May 7, 2019	  	A320-212
(AIRBUS A320-200)	  	N360NW
	 	3,447,000	  	  	May 7, 2019	  	A320-212
(AIRBUS A320-200)	  	N372NW
	 	3,470,000	  	  	May 7, 2019	  	A320-212
(AIRBUS A320-200)	  	N373NW
	 	3,470,000	  	  	May 7, 2019	  	A320-212
(AIRBUS A320-200)	  	N374NW
	 	3,575,000	  	  	May 7, 2019	  	A320-212
(AIRBUS A320-200)	  	N375NC
	 	3,601,000	  	  	May 7, 2019	  	A320-212
(AIRBUS A320-200)	  	N376NW
	 	2,897,000	  	  	May 7, 2019	  	757-232
(BOEING 757-200)	  	N67171
	 	4,031,000	  	  	November 7, 2017	  	767-332ER
(BOEING 767-300ER)	  	N185DN

  

Trust Supplement No. 2012-1B 
 (2012-1 EETC) 

									
	 	4,165,000	  	  	November 7, 2017	  	767-332ER
(BOEING 767-300ER)	  	N186DN
	 	4,345,000	  	  	November 7, 2017	  	767-332ER
(BOEING 767-300ER)	  	N187DN
	 	4,224,000	  	  	May 7, 2018	  	767-332ER
(BOEING 767-300ER)	  	N188DN
	 	4,379,000	  	  	May 7, 2018	  	767-332ER
(BOEING 767-300ER)	  	N189DN
	 	4,348,000	  	  	November 7, 2018	  	767-332ER
(BOEING 767-300ER)	  	N190DN
	 	4,562,000	  	  	November 7, 2018	  	767-332ER
(BOEING 767-300ER)	  	N191DN
	 	4,665,000	  	  	May 7, 2019	  	767-332ER
(BOEING 767-300ER)	  	N192DN
	 	5,981,000	  	  	May 7, 2019	  	767-432ER
(BOEING 767-400ER)	  	N828MH
	 	5,992,000	  	  	May 7, 2019	  	767-432ER
(BOEING 767-400ER)	  	N829MH
	 	6,023,000	  	  	May 7, 2019	  	767-432ER
(BOEING 767-400ER)	  	N830MH
	 	6,030,000	  	  	May 7, 2019	  	767-432ER
(BOEING 767-400ER)	  	N831MH
	 	6,027,000	  	  	May 7, 2019	  	767-432ER
(BOEING 767-400ER)	  	N832MH
	 	6,066,000	  	  	May 7, 2019	  	767-432ER
(BOEING 767-400ER)	  	N833MH

  
 Trust Supplement No. 2012-1B

 (2012-1 EETC) 

 SCHEDULE III to 
 TRUST SUPPLEMENT NO. 2012-1B 
 NOTE DOCUMENTS 

Participation Agreement 
 Indenture 
 Manufacturer’s Consent (as defined in any applicable Indenture)*

 For each of the aircraft listed in Schedule II. 

 

	*	There is no Manufacturer’s Consent with respect to the Aircraft bearing U.S. registration numbers N359NW and N360 NW. 

 
 Trust Supplement No. 2012-1B 

(2012-1 EETC)Intercreditor Agreement (2012-1)

 Exhibit 4.6 
 EXECUTION COPY 
 INTERCREDITOR AGREEMENT 

(2012-1) 
 Dated
as of July 3, 2012 
 among 
 U.S. BANK TRUST NATIONAL ASSOCIATION 
 as Trustee of the 

Delta Air Lines Pass Through Trust 2012-1A 
 and 
 Delta Air Lines Pass Through Trust 2012-1B 

NATIXIS S.A., ACTING VIA ITS NEW YORK BRANCH 
 as Class A Liquidity Provider 
 and 

Class B Liquidity Provider, 
 and 
 U.S. BANK TRUST NATIONAL ASSOCIATION 

as Subordination Agent 
 Intercreditor Agreement (2012-1) 
 (2012-1 EETC) 

 Table of Contents 

 

					
	 	  	 	  	Page
	 ARTICLE I

	
	 DEFINITIONS

			
	Section 1.01.	  	Definitions	  	2
	
	ARTICLE II
	
	 TRUST ACCOUNTS; CONTROLLING PARTY

			
	Section 2.01.	  	Agreement to Terms of Subordination; Payments from Monies Received Only	  	21
	Section 2.02.	  	Trust Accounts	  	22
	Section 2.03.	  	Deposits to the Collection Account and Special Payments Account	  	23
	Section 2.04.	  	Distributions of Special Payments	  	23
	Section 2.05.	  	Designated Representatives	  	25
	Section 2.06.	  	Controlling Party	  	25
	
	 ARTICLE III

	
	 RECEIPT, DISTRIBUTION AND APPLICATION OF

	 AMOUNTS RECEIVED

			
	Section 3.01.	  	Written Notice of Distribution	  	27
	Section 3.02.	  	Distribution of Amounts on Deposit in the Collection Account	  	29
	Section 3.03.	  	Other Payments	  	31
	Section 3.04.	  	Payments to the Trustees and the Liquidity Providers	  	31
	Section 3.05.	  	Liquidity Facilities	  	32
	
	 ARTICLE IV

	
	 EXERCISE OF REMEDIES

			
	Section 4.01.	  	Directions from the Controlling Party	  	39
	Section 4.02.	  	Remedies Cumulative	  	41
	Section 4.03.	  	Discontinuance of Proceedings	  	41
	Section 4.04.	  	Right of Certificateholders and the Liquidity Providers to Receive Payments Not to Be Impaired	  	42

  

					
		 		 	 Intercreditor Agreement (2012-1)
 (2012-1 EETC)

					
	ARTICLE V
	
	DUTIES OF THE SUBORDINATION AGENT;
	AGREEMENTS OF TRUSTEES, ETC.
			
	Section 5.01.	  	Notice of Indenture Event of Default or Triggering Event	  	42
	Section 5.02.	  	Indemnification	  	43
	Section 5.03.	  	No Duties Except as Specified in Intercreditor Agreement	  	43
	Section 5.04.	  	Notice from the Liquidity Providers and Trustees	  	44
	
	ARTICLE VI
	
	THE SUBORDINATION AGENT
			
	Section 6.01.	  	Authorization; Acceptance of Trusts and Duties	  	44
	Section 6.02.	  	Absence of Duties	  	44
	Section 6.03.	  	No Representations or Warranties as to Documents	  	44
	Section 6.04.	  	No Segregation of Monies; No Interest	  	45
	Section 6.05.	  	Reliance; Agents; Advice of Counsel	  	45
	Section 6.06.	  	Capacity in Which Acting	  	45
	Section 6.07.	  	Compensation	  	45
	Section 6.08.	  	May Become Certificateholder	  	45
	Section 6.09.	  	Subordination Agent Required; Eligibility	  	46
	Section 6.10.	  	Money to Be Held in Trust	  	46
	
	ARTICLE VII
	
	SUCCESSOR SUBORDINATION AGENT
			
	Section 7.01.	  	Replacement of Subordination Agent; Appointment of Successor	  	46
	
	ARTICLE VIII
	
	SUPPLEMENTS AND AMENDMENTS
			
	Section 8.01.	  	Amendments, Waivers, Etc	  	48
	Section 8.02.	  	Subordination Agent Protected	  	52
	Section 8.03.	  	Effect of Supplemental Agreements	  	52
	Section 8.04.	  	Notice to Rating Agencies	  	52
	
	ARTICLE IX
	
	MISCELLANEOUS
			
	Section 9.01.	  	Termination of Intercreditor Agreement	  	52
	Section 9.02.	  	Intercreditor Agreement for Benefit of Trustees, Liquidity Providers and Subordination Agent	  	53
	Section 9.03.	  	Notices	  	53

  

					
		 		 	 Intercreditor Agreement (2012-1)
 (2012-1 EETC)

 ii 

					
	Section 9.04.	  	Severability	  	54
	Section 9.05.	  	No Oral Modifications or Continuing Waivers	  	54
	Section 9.06.	  	Successors and Assigns	  	54
	Section 9.07.	  	Headings	  	54
	Section 9.08.	  	Counterparts	  	54
	Section 9.09.	  	Subordination	  	55
	Section 9.10.	  	Governing Law	  	56
	Section 9.11.	  	Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity	  	56
	Section 9.12.	  	Non-Petition	  	57

  

					
		 		 	 Intercreditor Agreement (2012-1)
 (2012-1 EETC)

 iii 

 INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT, dated as of July 3, 2012, is made by and among U.S. BANK TRUST NATIONAL ASSOCIATION, a national
banking association (in its individual capacity, together with its successors and permitted assigns, “U.S. Bank”), not in its individual capacity but solely as trustee of each Trust (such term and other capitalized terms used herein
without definition being defined as provided in Article I); NATIXIS S.A., a French société anonyme, acting via its New York Branch (“Natixis”), as Class A Liquidity Provider and Class B Liquidity Provider, and U.S.
BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity except as expressly set forth herein, but solely as Subordination Agent and trustee hereunder (in such capacity, together with any successor appointed pursuant to Article VII, the
“Subordination Agent”). 
 WHEREAS, pursuant to each Indenture with respect to an Aircraft, Delta will issue on a
recourse basis two series of Equipment Notes secured by, among other things, such Aircraft and may issue one additional series of Additional Equipment Notes and one or more series of Refinancing Equipment Notes, provided that not more than three
series of Equipment Notes shall be outstanding at any time; 
 WHEREAS, pursuant to each Participation Agreement, each Trust
will acquire Equipment Notes having an interest rate identical to the interest rate applicable to the Certificates issued by such Trust; 
 WHEREAS, pursuant to each Trust Agreement, the Trust created thereby proposes to issue a single Class of Certificates bearing the interest rate and having the final distribution date described in
such Trust Agreement on the terms and subject to the conditions set forth therein; 
 WHEREAS, pursuant to the Underwriting
Agreement, the Underwriters propose to purchase the Certificates; 
 WHEREAS, the Liquidity Provider proposes to enter into two
separate revolving credit agreements with the Subordination Agent, as agent and trustee for the Trustee of each of the Class A Trust and the Class B Trust, respectively, for the benefit of the Certificateholders of such Trust; and 

WHEREAS, it is a condition precedent to the obligations of the Underwriters under the Underwriting Agreement that the Subordination
Agent, the Trustees and the Liquidity Provider agree to the terms of subordination set forth in this Agreement in respect of each Class of Certificates, and the Subordination Agent, the Trustees and the Liquidity Provider, by entering into this
Agreement, hereby acknowledge and agree to such terms of subordination and the other provisions of this Agreement; 
 NOW,
THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

  

					
		 		 	 Intercreditor Agreement (2012-1)
 (2012-1 EETC)

  
 1 

 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. (a) The
definitions stated herein apply equally to the singular and the plural forms of the terms defined. 
 (b) All references in this
Agreement to designated “Articles”, “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Agreement. 
 (c) The words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other
subdivision. 
 (d) Unless the context otherwise requires, whenever the words “including”, “include” or
“includes” are used herein, it shall be deemed to be followed by the phrase “without limitation”. 
 (e) All
references in this Agreement to a Person shall include successors and permitted assigns of such Person. 
 (f) For purposes of
this Agreement, unless the context otherwise requires, the following capitalized terms shall have the following meanings: 

“Acceleration” means, with respect to the amounts payable in respect of the Equipment Notes issued under any
Indenture, such amounts becoming immediately due and payable by declaration or otherwise. “Accelerate”, “Accelerated” and “Accelerating” have meanings correlative to the foregoing. 

“Actual Disposition Event” means, in respect of any Equipment Note: (i) the sale or disposition by the
applicable Loan Trustee of the Aircraft securing such Equipment Note for cash, (ii) the occurrence of the mandatory redemption date for such Equipment Note following an Event of Loss (as defined in such Indenture) with respect to such Aircraft
or (iii) the sale by the Subordination Agent of such Equipment Note for cash. 
 “Additional
Certificateholders” has the meaning specified in Section 8.01(d). 
 “Additional
Certificates” has the meaning specified in Section 8.01(d). 
 “Additional Equipment
Notes” has the meaning specified in Section 8.01(d). 
 “Additional Trust” has the
meaning specified in Section 8.01(d). 
 “Additional Trust Agreement” has the meaning specified in
Section 8.01(d). 
 “Additional Trustee” has the meaning specified in Section 8.01(d).

 “Administration Expenses” has the meaning specified in clause “first” of Section 3.02.

  

					
		 		 	 Intercreditor Agreement (2012-1)
 (2012-1 EETC)

  
 2 

 “Advance” means, with respect to any Liquidity Facility, any Advance
as defined in such Liquidity Facility. 
 “Affiliate” means, with respect to any Person, any other
Person directly or indirectly controlling, controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control”, when used with respect to any specified Person, means the power, directly
or indirectly, to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. 
 “Agreement” means this Intercreditor Agreement, as it may be
amended, supplemented or otherwise modified from time to time. 
 “Aircraft” means, with respect to each
Indenture, the “Aircraft” referred to therein. 
 “Appraisal” has the meaning specified in
Section 4.01(a)(iv). 
 “Appraised Current Market Value” of any Aircraft means the lower of the
average and the median of the three most recent Post-Default Appraisals of such Aircraft. 

“Appraisers” means Aircraft Information Systems, Inc., BK Associates, Inc. and Morten Beyer & Agnew,
Inc. or, so long as the Person entitled or required hereunder to select such Appraiser acts reasonably, any other nationally recognized appraiser reasonably satisfactory to the Subordination Agent and the Controlling Party. 

“Available Amount” means, with respect to any Liquidity Facility on any drawing date, subject to the proviso
contained in the first sentence of Section 3.05(g), an amount equal to (a) the Stated Amount of such Liquidity Facility at such time, less (b) the aggregate amount of each Interest Drawing honored by the Liquidity Provider under such
Liquidity Facility on or prior to such date that has not been reimbursed or reinstated as of such date; provided that, following a Downgrade Drawing, a Non-Extension Drawing, a Special Termination Drawing or a Final Drawing under such Liquidity
Facility, the Available Amount of such Liquidity Facility shall be zero. 
 “Bankruptcy Code” means the
United States Bankruptcy Code, 11 United States Code §§101 et seq., as amended, or any successor statutes thereto. 
 “Basic Agreement” means that certain Pass Through Trust Agreement, dated as of November 16, 2000, between Delta and U.S. Bank, as successor in interest to State Street Bank
and Trust Company of Connecticut, National Association, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms, but does not include any Trust Supplement. 

  

					
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 “Business Day” means, with respect to the Certificates of any Class,
any day other than a Saturday, or a Sunday or a day on which commercial banks are required or authorized to close in New York, New York, Atlanta, Georgia, Wilmington, Delaware, or, so long as any Certificate is outstanding, the city and state in
which any Trustee, the Subordination Agent or any related Loan Trustee maintains its Corporate Trust Office or receives and disburses funds, and that, solely with respect to draws under any Liquidity Facility, also is a “Business Day” as
defined in such Liquidity Facility. 
 “Cash Collateral Account” means the Class A Cash Collateral
Account or the Class B Cash Collateral Account, as applicable. 
 “Certificate” means a
Class A Certificate or a Class B Certificate, as applicable. 
 “Certificate Buy-Out Event”
means that a Delta Bankruptcy Event has occurred and is continuing and either of the following events has occurred: (A) (i) the 60-Day Period has expired, and (ii) Delta has not entered into one or more agreements under
Section 1110(a)(2)(A) of the Bankruptcy Code to perform all of its obligations under all of the Indentures and cured defaults under all of the Indentures in accordance with Section 1110(a)(2)(B) of the Bankruptcy Code or, if it has entered
into such agreements, has at any time thereafter failed to cure any default under any of the Indentures in accordance with Section 1110(a)(2)(B) of the Bankruptcy Code; or (B) prior to the expiry of the 60-Day Period, Delta shall have
abandoned any Aircraft. 
 “Certificateholder” means, with respect to any Class of Certificates, the
Person in whose name a Certificate is registered in the Register for the Certificates of such Class. 
 “Citizen of
the United States” has the meaning specified for such term in Section 40102(a)(15) of Title 49 of the United States Code or any similar legislation of the United States enacted in substitution or replacement therefor. 

“Class” means a single class of Certificates issued by a Trust pursuant to a Trust Agreement. 

“Class A Cash Collateral Account” means, in respect of the Class A Liquidity Facility, an Eligible
Deposit Account in the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it so qualifies, into which amounts shall be deposited as referred to in Section 3.05(f). 

“Class A Certificateholder” means, at any time, any Certificateholder of one or more Class A
Certificates. 
 “Class A Certificates” means the certificates issued by the Class A Trust,
substantially in the form of Exhibit A to the Class A Trust Agreement, and authenticated by the Class A Trustee, representing Fractional Undivided Interests in the Class A Trust, and any certificates issued in exchange therefor or
replacement thereof pursuant to the terms of the Class A Trust Agreement. 
 “Class A Liquidity
Expenses” means all Class A Liquidity Obligations other than (i) the principal amount of any Drawings under the Class A Liquidity Facility and (ii) any interest accrued on any Class A Liquidity Obligations.

  

					
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 “Class A Liquidity Facility” means, initially, the Revolving
Credit Agreement (2012-1A), dated as of the date hereof, between the Subordination Agent, as agent and trustee for the Class A Trustee, and Natixis and, from and after the replacement of such agreement pursuant hereto, the Replacement Liquidity
Facility therefor, if any, in each case as amended, supplemented or otherwise modified from time to time in accordance with its terms; provided that, for purposes of any obligation of Delta, no amendment, modification or supplement to, or
substitution or replacement of, any Class A Liquidity Facility shall be effective unless consented to by Delta. 

“Class A Liquidity Obligations” means all principal, interest, fees and other amounts owing to the
Class A Liquidity Provider under the Class A Liquidity Facility, Section 4.02 of the Participation Agreements or the applicable Fee Letter. 
 “Class A Liquidity Provider” means Natixis, together with any Replacement Liquidity Provider that has issued a Replacement Liquidity Facility to replace the Class A
Liquidity Facility pursuant to Section 3.05(c) or 3.05(e). 
 “Class A Trust” means the Delta
Air Lines Pass Through Trust 2012-1A created and administered pursuant to the Class A Trust Agreement. 

“Class A Trust Agreement” means the Basic Agreement, as supplemented by Trust Supplement No. 2012-1A
thereto, dated as of the date hereof, governing the creation and administration of the Delta Air Lines Pass Through Trust 2012-1A and the issuance of the Class A Certificates, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with its terms. 
 “Class A Trustee” means U.S. Bank, not in its
individual capacity except as expressly set forth in the Class A Trust Agreement, but solely as trustee under the Class A Trust Agreement, together with any successor trustee appointed pursuant thereto. 

“Class B Adjusted Interest” means, as of any Current Distribution Date: (I) any interest described in
clause (II) of this definition accrued prior to the immediately preceding Distribution Date which remains unpaid and (II) the sum of (A) interest determined at the Stated Interest Rate for the Class B Certificates for the
period commencing on, and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the Closing Date) and ending on, but excluding, the Current Distribution Date, on the Eligible B
Pool Balance on such Current Distribution Date and (B) the sum of interest for each Series B Equipment Note with respect to which, or with respect to the Aircraft with respect to which such Equipment Note was issued, a disposition,
distribution, sale or Deemed Disposition Event has occurred since the immediately preceding Distribution Date (but only if no such event has previously occurred with respect to such Series B Equipment Note), determined at the Stated Interest
Rate for the Class B Certificates for each day during the period commencing on, and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the Closing Date) and ending on,
but excluding, the date of the earliest of such disposition, distribution, sale or Deemed Disposition Event with respect to such Series B Equipment Note or such Aircraft, as the case may be, on the principal amount of such Series B
Equipment Note calculated pursuant to clause (B)(i), (ii), (iii) or (iv), as applicable, of the definition of Eligible B Pool Balance. 

  

					
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 “Class B Cash Collateral Account” means, in respect of the
Class B Liquidity Facility, an Eligible Deposit Account in the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it so qualifies, into which amounts shall be deposited as referred
to in Section 3.05(f). 
 “Class B Certificateholder” means, at any time, any
Certificateholder of one or more Class B Certificates. 
 “Class B Certificates” means the
certificates issued by the Class B Trust, substantially in the form of Exhibit A to the Class B Trust Agreement, and authenticated by the Class B Trustee, representing Fractional Undivided Interests in the Class B Trust, and any certificates issued
in exchange therefor or replacement thereof pursuant to the terms of the Class B Trust Agreement. 
 “Class B
Liquidity Expenses” means all Class B Liquidity Obligations other than (i) the principal amount of any Drawings under the Class B Liquidity Facility and (ii) any interest accrued on any Class B Liquidity
Obligations. 
 “Class B Liquidity Facility” means, initially, the Revolving Credit Agreement
(2012-1B), dated as of the date hereof, between the Subordination Agent as agent and trustee for the Class B Trustee, and Natixis and, from and after the replacement of such agreement pursuant hereto, the Replacement Liquidity Facility therefor, if
any, in each case as amended, supplemented or otherwise modified from time to time in accordance with its terms; provided that, for purposes of any obligation of Delta, no Class B Liquidity Facility and no amendment, modification or
supplement to, or substitution or replacement of, any Class B Liquidity Facility shall be effective unless consented to by Delta. 
 “Class B Liquidity Obligations” means all principal, interest, fees and other amounts owing to the Class B Liquidity Provider under the Class B Liquidity Facility,
Section 4.02 of the Participation Agreements or the applicable Fee Letter. 
 “Class B Liquidity
Provider” means Natixis, together with any Replacement Liquidity Provider that has issued a Replacement Liquidity Facility to replace the Class B Liquidity Facility pursuant to Section 3.05(c) or 3.05(e). 

“Class B Trust” means the Delta Air Lines Pass Through Trust 2012-1B created and administered pursuant to
the Class B Trust Agreement. 
 “Class B Trust Agreement” means the Basic Agreement, as
supplemented by Trust Supplement No. 2012-1B thereto, dated as of the date hereof, governing the creation and administration of the Delta Air Lines Pass Through Trust 2012-1B and the issuance of the Class B Certificates, as the same may be
amended, supplemented or otherwise modified from time to time in accordance with its terms. 

  

					
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 “Class B Trustee” means U.S. Bank, not in its individual
capacity except as expressly set forth in the Class B Trust Agreement, but solely as trustee under the Class B Trust Agreement, together with any successor trustee appointed pursuant thereto. 

“Closing Date” means July 3, 2012. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder. 

“Collateral” means, with respect to any Indenture, the “Collateral” referred to therein. 

“Collection Account” means the Eligible Deposit Account established by the Subordination Agent pursuant to
Section 2.02(a) in and from which the Subordination Agent shall make deposits and withdrawals in accordance with this Agreement. 
 “Consent Period” has the meaning specified in Section 3.05(d). 
 “Controlling Party” means the Person entitled to act as such pursuant to the terms of Section 2.06. 
 “Corporate Trust Office” means, with respect to any Trustee, the Subordination Agent or any Loan Trustee, the office of such Person in the city at which, at any particular time,
its corporate trust business shall be principally administered. 
 “Current Distribution Date” means a
Distribution Date specified as a reference date for calculating the Expected Distributions with respect to the Certificates of any Trust as of such Distribution Date. 
 “Delivery Period Termination Date” has the meaning specified in the Note Purchase Agreement. 
 “Deemed Disposition Event” means, in respect of any Equipment Note, the continuation of an Indenture Event of Default in respect of such Equipment Note without an Actual
Disposition Event occurring in respect of such Equipment Note for a period of five years from the date of the occurrence of such Indenture Event of Default. 
 “Delta” means Delta Air Lines, Inc., a Delaware corporation, and its successors and permitted assigns. 
 “Delta Bankruptcy Event” means the occurrence and continuation of any of the following: 
 (a) Delta consents to the appointment of or the taking of possession by a receiver, trustee or liquidator of itself or of a substantial part of its property, admits in writing its inability to pay its
debts generally as they come due or makes a general assignment for the benefit of creditors; 

  

					
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 (b) Delta files a voluntary petition in bankruptcy or a voluntary petition
or an answer seeking reorganization, liquidation or other relief as a debtor in a case 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 Delta as a
debtor in any such case, or Delta seeks relief as a debtor by voluntary petition, answer or consent, under the provisions of any other bankruptcy or other similar law providing for the reorganization or winding-up of corporations (as in effect at
such time), or Delta seeks an agreement, composition, extension or adjustment with its creditors under such laws; or 
 (c) an order, judgment or decree is entered by any court of competent jurisdiction appointing, without the consent of Delta, a receiver, trustee or liquidator of Delta or sequestering any substantial part
of its property, or granting any other relief in respect of Delta as a debtor under any bankruptcy laws or insolvency laws (as in effect at such time), and any such order, judgment or decree of appointment or sequestration remains in force
undismissed, unstayed and unvacated for a period of 90 days after the date of entry thereof; or 
 (d) a
petition against Delta as a debtor in a case under the federal bankruptcy laws or other insolvency laws (as in effect at such time) is filed and not withdrawn or dismissed within 90 days thereafter, or if, under the provisions of any law providing
for reorganization or winding-up of corporations that applies to Delta , any court of competent jurisdiction assumes jurisdiction, custody or control of Delta or of any substantial part of its property and such jurisdiction, custody or control
remains in force unrelinquished, unstayed and unterminated for a period of 90 days. 
 “Delta
Provisions” has the meaning specified in Section 8.01(a). 
 “Deposit Agreement”
means, subject to Section 5 of the Note Purchase Agreement, with respect to any Class of Certificates, the Deposit Agreement pertaining to such Class, dated as of the date hereof, between the Escrow Agent and the Depositary, as the same may be
amended, modified or supplemented from time to time in accordance with the terms thereof. 

“Depositary” means, subject to Section 5 of the Note Purchase Agreement, Natixis, as depositary under each
Deposit Agreement. 
 “Deposits” with respect to any Class of Certificates, has the meaning set forth in
the Deposit Agreement pertaining to such Class. 
 “Designated Representatives” means the Subordination
Agent Representatives, the Trustee Representatives and the LP Representatives identified under Section 2.05. 

“Distribution Date” means a Regular Distribution Date or a Special Distribution Date. 

“Dollars” or “$” means the lawful currency of the United States.

 “Downgrade Date” has the meaning specified in Section 3.05(c)(i). 

  

					
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 “Downgrade Drawing” has the meaning specified in
Section 3.05(c)(iii). 
 “Downgrade Event” with respect to any Liquidity Facility has
the meaning specified in such Liquidity Facility. 
 “Downgraded Facility” has the meaning specified in
Section 3.05(c)(i). 
 “Drawing” means an Interest Drawing, a Final Drawing, a Non-Extension
Drawing, a Special Termination Drawing or a Downgrade Drawing, as the case may be. 
 “DTC” means The
Depository Trust Company. 
 “Eligible B Pool Balance” means, as of any date of determination, the
excess of (A) the Pool Balance of the Class B Certificates as of the immediately preceding Distribution Date (or, if such date of determination is on or before the first Distribution Date, the original aggregate face amount of the
Class B Certificates) (after giving effect to distributions made on such date of determination) over (B) the sum of, with respect to each Series B Equipment Note, one of the following amounts, if applicable: (i) if there has
previously been a sale or disposition by the applicable Loan Trustee of the applicable Aircraft for cash under the Indenture pursuant to which such Series B Equipment Note was issued, the outstanding principal amount of such Series B
Equipment Note that remains unpaid as of such date of determination subsequent to such sale or disposition and after giving effect to any distributions of the proceeds of such sale or disposition applied under such Indenture to the payment of such
Series B Equipment Note, (ii) if there has previously been an Event of Loss (as defined in such Indenture) with respect to the applicable Aircraft to which such Series B Equipment Note relates, the outstanding principal amount of such
Series B Equipment Note that remains unpaid as of such date of determination subsequent to the scheduled date of mandatory redemption of such Series B Equipment Note following such Event of Loss and after giving effect to the distributions
of any proceeds in respect of such Event of Loss applied under such Indenture to the payment of such Series B Equipment Note, (iii) if such Series B Equipment Note has previously been sold for cash by the Subordination Agent, the
excess, if any, of (x) the outstanding amount of principal and interest as of the date of such sale by the Subordination Agent of such Series B Equipment Note over (y) the purchase price received with respect to such sale of such
Series B Equipment Note for cash (net of any applicable costs and expenses of such sale) or (iv) if a Deemed Disposition Event has occurred with respect to such Series B Equipment Note, the outstanding principal amount of such
Series B Equipment Note; provided, however, that if more than one of the clauses (i), (ii), (iii) and (iv) is applicable to any one Series B Equipment Note, only the amount determined pursuant to the clause that first became
applicable shall be counted with respect to such Series B Equipment Note. 
 “Eligible Deposit
Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of
America or any one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository
institution has a Long-Term Rating of at least A- or its equivalent from S&P or at least A3 or its equivalent from Moody’s. An Eligible Deposit 

  

					
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Account may be maintained with the Subordination Agent or a Liquidity Provider so long as the Subordination Agent or such Liquidity Provider is an Eligible Institution; provided that the
Subordination Agent, in its individual capacity, or such Liquidity Provider shall have waived all rights of set-off and counterclaim with respect to such account. 
 “Eligible Institution” means (a) the corporate trust department of the Subordination Agent or any Trustee, as applicable, or (b) a depository institution organized under
the laws of the United States of America or any one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), which has a Long Term Rating from each Rating Agency of at least A- or its equivalent by S&P or at
least A3 or its equivalent by Moody’s. 
 “Eligible Investments” means investments in
(a) obligations of the United States government or agencies thereof, or obligations guaranteed by the United States government, (b) open market commercial paper of any corporation incorporated under the laws of the United States or any
state thereof having a Short-Term Rating of at least A-1 or its equivalent by S&P or at least P-1 or its equivalent by Moody’s, (c) certificates of deposit issued by commercial banks organized under the laws of the United States or of
any political subdivision thereof (or any United States branch of a foreign bank) having a combined capital and surplus in excess of $500,000,000 which banks or their holding companies have a Long-Term Rating of at least A- or its equivalent by
S&P or at least A3 or its equivalent by Moody’s; provided, however, that the aggregate amount at any one time invested in certificates of deposit issued by any one bank shall not be in excess of 5% of such bank’s capital and surplus,
(d) Dollar denominated offshore certificates of deposit issued by, or offshore time deposits with, any commercial bank described in clause (c) or any subsidiary thereof, and (e) repurchase agreements with any financial institution
having combined capital and surplus of at least $500,000,000 with any of the obligations described in clauses (a) through (d) as collateral. If none of the above investments is available, the entire amounts to be invested may be used to
purchase Federal funds from an entity described in clause (c). All Eligible Investments must be held in an Eligible Deposit Account. Any of the investments described herein may be made through or with, as applicable, the bank acting as Trustee
or its Affiliates. 
 “Equipment Note Special Payment” means a Special Payment on account of the
redemption, purchase or prepayment of all of the Equipment Notes issued pursuant to an Indenture. 
 “Equipment
Notes” means, at any time, the Series A Equipment Notes and the Series B Equipment Notes and in either case, any Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of the Indentures.

 “Escrow Agent” means U.S. Bank National Association, as escrow agent under each Escrow and Paying
Agent Agreement, together with its successors in such capacity. 
 “Escrow and Paying Agent Agreement”
means, with respect to any Class of Certificates, the Escrow and Paying Agent Agreement pertaining to such Class dated as of the date hereof between the Escrow Agent, the Underwriters, the Trustee for such Class and the Paying Agent, as the same may
be amended, modified or supplemented from time to time in accordance with the terms thereof. 

  

					
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 “Escrow Receipts” has the meaning assigned to such term in the
Escrow and Paying Agent Agreement for the Class A Trust or Class B Trust, as applicable. 
 “Excess Liquidity
Obligations” means, with respect to an Indenture, the amounts payable under clauses (a), (b), (c), (d), (e) and (f) of Section 2.14 of such Indenture. 

“Expected Distributions” means, with respect to the Certificates of any Trust on any Current Distribution Date,
the difference between (A) the Pool Balance of such Certificates as of the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the original aggregate face amount of the Certificates of
such Trust) and (B) the Pool Balance of such Certificates as of the Current Distribution Date calculated on the basis that (i) the principal of any Non-Performing Equipment Notes held in such Trust has been paid in full and such payments
have been distributed to the holders of such Certificates, (ii) the principal of any Performing Equipment Notes held in such Trust has been paid when due (whether at stated maturity or upon prepayment or purchase or otherwise, but without
giving effect to any Acceleration of Performing Equipment Notes) and such payments have been distributed to the holders of such Certificates and (iii) the principal of any Equipment Notes formerly held in such Trust that have been sold pursuant
to the terms hereof has been paid in full and such payments have been distributed to the holders of such Certificates, but without giving effect to any reduction in the Pool Balance as a result of any distribution attributable to Deposits relating
to such Trust occurring after the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, occurring after the initial issuance of the Certificates of such Trust). For purposes of calculating
Expected Distributions with respect to the Certificates of any Trust, any Premium paid on the Equipment Notes held in such Trust which has not been distributed to the Certificateholders of such Trust (other than such Premium or a portion thereof
applied to the payment of interest in respect of the Certificates of such Trust or the reduction of the Pool Balance of such Trust) shall be added to the amount of such Expected Distributions. 

“Expiry Date” with respect to any Liquidity Facility, has the meaning specified in such Liquidity Facility.

 “Fee Letter” means any fee letter entered into among the Subordination Agent, Delta and a Liquidity
Provider and “Fee Letters” has a correlative meaning. 
 “Final Distributions”
means, with respect to the Certificates of any Trust on any Distribution Date, the sum of (x) the aggregate amount of all accrued and unpaid interest on such Certificates (excluding interest, if any, payable with respect to the Deposits
relating to such Trust) and (y) the Pool Balance of such Certificates as of the immediately preceding Distribution Date (less the amount of Deposits relating to such Trust as of such preceding Distribution Date other than any portion of such
Deposits thereafter used to acquire Equipment Notes pursuant to the Note Purchase Agreement). For purposes of calculating Final Distributions with respect to the Certificates of any Trust, any Premium paid on the Equipment Notes held in such Trust
which has not been distributed to the Certificateholders of such Trust (other than such Premium or a portion thereof applied to the payment of interest on the Certificates of such Trust or the reduction of the Pool Balance of such Trust) shall be
added to the amount of such Final Distributions. 

  

					
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 “Final Drawing” has the meaning specified in Section 3.05(i).

 “Final Legal Distribution Date” means (i) with respect to the Class A Certificates,
November 7, 2021 and (ii) with respect to the Class B Certificates, November 7, 2020. 

“Fractional Undivided Interest” means the fractional undivided interest in a Trust that is represented by a
Certificate relating to such Trust. 
 “Indenture” means each of the Indenture and Security Agreements
entered into by the Loan Trustee and Delta pursuant to the Note Purchase Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Indenture Event of Default” means, with respect to any Indenture, any Event of Default (as such term is defined
in such Indenture) thereunder. 
 “Interest Drawing” has the meaning specified in Section 3.05(a).

 “Interest Payment Date” means, with respect to any Liquidity Facility, each date on which interest is
due and payable under such Liquidity Facility on a Downgrade Drawing, Non-Extension Drawing, Special Termination Drawing or Final Drawing thereunder, other than any such date on which interest is due and payable under such Liquidity Facility only on
an Applied Provider Advance (as such term is defined in such Liquidity Facility). 
 “Investment
Earnings” means investment earnings on funds on deposit in the Trust Accounts net of losses and the Subordination Agent’s reasonable expenses in making such investments. 

“Lending Office” has the meaning specified in the applicable Liquidity Facility. 

“Lien” means any mortgage, pledge, lien, charge, claim, disposition of title, encumbrance, lease, sublease or
security interest of any kind, including, without limitation, any of the foregoing arising under any conditional sales or other title retention agreement. 
 “Liquidity Event of Default”, with respect to any Liquidity Facility, has the meaning specified in such Liquidity Facility. 

“Liquidity Expenses” means the Class A Liquidity Expenses and the Class B Liquidity Expenses.

 “Liquidity Facility” means, at any time, the Class A Liquidity Facility or the Class B
Liquidity Facility, as applicable. 

  

					
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 “Liquidity Obligations” means the Class A Liquidity Obligations
and the Class B Liquidity Obligations. 
 “Liquidity Provider” means, at any time, the Class A
Liquidity Provider or the Class B Liquidity Provider, as applicable. 
 “Loan Trustee” means, with
respect to any Indenture, the bank, trust company or other financial institution designated as loan trustee thereunder, and any successor to such loan trustee. 
 “Long-Term Rating” means, for any entity (a) in the case of Moody’s, the long-term senior unsecured debt rating of such entity and (b) in the case of S&P, the
long-term issuer credit rating of such entity. 
 “LP Incumbency Certificate” has the meaning specified
in Section 2.05(c). 
 “LP Representatives” has the meaning specified in Section 2.05(c).

 “Majority in Interest of Noteholders”, with respect to any Indenture, has the meaning specified in
such Indenture. 
 “Minimum Sale Price” means, with respect to any Aircraft or the Equipment Notes
issued in respect of such Aircraft, at any time, the lesser of (1) in the case of the sale of an Aircraft, 80%, or in the case of the sale of such Equipment Notes, 90%, of the Appraised Current Market Value of such Aircraft and (2) the sum
of the aggregate Note Target Price of such Equipment Notes and an amount equal to the Excess Liquidity Obligations in respect of the Indenture under which such Equipment Notes were issued. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Non-Controlling Party” means, at any time, any Trustee or Liquidity Provider which is not the Controlling Party
at such time. 
 “Non-Extended Facility” has the meaning specified in Section 3.05(d). 

“Non-Extension Drawing” has the meaning specified in Section 3.05(d). 

“Non-Performing Equipment Note” means an Equipment Note issued pursuant to an Indenture that is not a Performing
Equipment Note. 
 “Note Purchase Agreement” means the Note Purchase Agreement, dated as of the date
hereof, among Delta, each Trustee, the Escrow Agent, the Subordination Agent and the Paying Agent, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Note Target Price” means, for any Equipment Note issued under any Indenture, (i) the aggregate outstanding
principal amount of such Equipment Note, plus (ii) the accrued and unpaid interest thereon, together with all other sums owing on or in respect of such Equipment Note under such Indenture (including, without limitation, enforcement costs
incurred by the Subordination Agent in respect of such Equipment Note). 

  

					
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 “Officer’s Certificate” of any Person means a certification
signed by a Responsible Officer of such Person. 
 “Operative Agreements” means this Agreement, the
Liquidity Facilities, the Fee Letters, the Indentures, the Trust Agreements, the Participation Agreements, the Equipment Notes and the Certificates, together with all exhibits and schedules included with any of the foregoing. 

“Outstanding” means, when used with respect to each Class of Certificates, as of the date of determination, all
Certificates of such Class theretofore authenticated and delivered under the related Trust Agreement, except: 

(i) Certificates of such Class theretofore canceled by the Registrar (as defined in such Trust Agreement) or delivered to
the Trustee thereunder or such Registrar for cancellation; 
 (ii) all of the Certificates of such Class for
which money in the full amount required to make the Final Distribution with respect to such Certificates pursuant to Section 11.01 of such Trust Agreement has been theretofore deposited with the related Trustee in trust for the holders of such
Certificates as provided in Section 4.01 of such Trust Agreement, pending distribution of such money to such Certificateholders pursuant to such Final Distribution payment; and 

(iii) Certificates of such Class in exchange for or in lieu of which other Certificates of such Class have been
authenticated and delivered pursuant to such Trust Agreement; 
 provided, however, that in determining whether the holders of the requisite
Fractional Undivided Interest of such Certificates have given any request, demand, authorization, direction, notice, consent or waiver hereunder, any Certificates owned by Delta or any of its Affiliates shall be disregarded and deemed not to be
Outstanding except that, in determining whether the Trustee of the applicable Trust shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Certificates that such Trustee knows to be so
owned shall be so disregarded. Notwithstanding the foregoing, (x) if Delta and its Affiliates own 100% of the Certificates of any Class, such Certificates shall not be so disregarded and (y) if any amount of such Certificates owned by
Delta and its Affiliates have been pledged in good faith, such Certificates shall not be disregarded if the pledgee establishes to the satisfaction of the applicable Trustee the pledgee’s right so to act with respect to such Certificates and
that the pledgee is not Delta or any of its Affiliates. 
 “Overdue Scheduled Payment” means any
Scheduled Payment which is not in fact received by the Subordination Agent within five days after the Scheduled Payment Date relating thereto. 

  

					
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 “Participation Agreement” means, with respect to each Indenture, the
“Participation Agreement” referred to therein, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Payees” has the meaning specified in Section 2.04(c). 
 “Paying Agent” means U.S. Bank Trust National Association, as paying agent under each Escrow and Paying Agent Agreement, together with its successors in such capacity. 

“Paying Agent Account” has the meaning assigned to such term in the Escrow and Paying Agent Agreements.

 “Payment Default”, with respect to any Indenture, has the meaning specified in such Indenture.

 “Performing Equipment Note” means an Equipment Note issued pursuant to an Indenture with respect to
which no Payment Default has occurred and is continuing (without giving effect to any Acceleration); provided that, in the event of a bankruptcy proceeding in which Delta is a debtor under the Bankruptcy Code, (i) any payment default occurring
before the date of the order for relief in such proceeding shall not be taken into consideration during the 60-Day Period (or such longer period as may apply under Section 1110(b) of the Bankruptcy Code) (the “Section 1110
Period”), (ii) any payment default occurring after the date of the order for relief in such proceeding shall not be taken into consideration if such payment default is cured under Section 1110(a)(2)(B) of the Bankruptcy Code before
the later of 30 days after the date of such default or the expiration of the Section 1110 Period and (iii) any payment default occurring after the Section 1110 Period will not be taken into consideration if such payment default is
cured before the end of the grace period, if any, set forth in the related Indenture. 
 “Performing Note
Deficiency” means any time that less than 65% of the then aggregate outstanding principal amount of all Equipment Notes (other than any Additional Equipment Notes issued under any Indenture) are Performing Equipment Notes. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association,
joint-stock company, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof. 

“Pool Balance” means, with respect to the Certificates of any Class, as of any date, (i) the original
aggregate face amount of the Certificates of such Class less (ii) the aggregate amount of all distributions made in respect of such Certificates of such Class or in respect of Deposits relating to such Class, other than distributions made as of
such date in respect of interest or Premium or reimbursement of any costs or expenses incurred in connection therewith. The Pool Balance as of any Distribution Date with respect to each Class shall be computed after giving effect to any distribution
with respect to unused Deposits relating to such Class, the payment of principal, if any, on the Equipment Notes or payment with respect to other Trust Property held in the related Trust and the distribution thereof to be made on such date.

 “Post-Default Appraisal” has the meaning specified in Section 4.1(a)(iv). 

  

					
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 “Premium” means any “Make-Whole Amount” as
such term is defined in any Indenture. 
 “Proceeding” means any suit in equity, action at law or other
judicial or administrative proceeding. 
 “PTC Event of Default” means, with respect to each Trust
Agreement, the failure to distribute within 10 Business Days after the applicable Distribution Date: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or
(ii) interest scheduled for distribution on such Certificates on any Distribution Date (unless, in the case of the Class A Trust Agreement or the Class B Trust Agreement, the Subordination Agent shall have made an Interest Drawing or
a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

 “Rating Agencies” means, with respect to any Class of Certificates, collectively, at any time, each
nationally recognized rating agency which shall have been requested to rate such Class of Certificates and which shall then be rating such Class of Certificates. The initial Rating Agencies for the Certificates will be Moody’s and S&P.

 “Ratings Confirmation” means, with respect to any action proposed to be taken, with respect to any
Class of Certificates, a written confirmation from each of the Rating Agencies to the effect that such action would not result in (i) a reduction of the rating for such Class of Certificates below the then current rating for such Class of
Certificates or (ii) a withdrawal or suspension of the rating of such Class of Certificates. 
 “Refinancing
Certificateholders” has the meaning specified in Section 8.01(c). 
 “Refinancing
Certificates” has the meaning specified in Section 8.01(c). 
 “Refinancing Equipment
Notes” has the meaning specified in Section 8.01(c). 
 “Refinancing Trust Agreement”
has the meaning specified in Section 8.01(c). 
 “Refinancing Trust” has the meaning specified in
Section 8.01(c). 
 “Refinancing Trustee” has the meaning specified in Section 8.01(c).

 “Register”, with respect to any Trust, has the meaning ascribed to such term in the Trust Agreement
for such Trust. 
 “Regular Distribution Dates” means each May 7 and November 7, commencing on
November 7, 2012; provided, however, that, if any such day shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day without additional interest. 

  

					
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 “Replacement Depositary” has the meaning specified in the Note
Purchase Agreement. 
 “Replacement Liquidity Facility” means, for any Liquidity Facility, an
irrevocable revolving credit agreement (or agreements) in substantially the form of the replaced Liquidity Facility, including reinstatement provisions, or in such other form (which may include a letter of credit, surety bond, financial
insurance policy or guaranty) as shall permit the Rating Agencies to confirm in writing their respective ratings then in effect for the Certificates of the Class with respect to which such Liquidity Facility was issued (before downgrading of such
ratings, if any, as a result of the downgrading, if any, of the applicable Liquidity Provider), in a face amount (or in an aggregate face amount) equal to the applicable Required Amount and issued by a Person (or Persons) having either the minimum
Long-Term Rating or the minimum Short-Term Rating specified by each Rating Agency as the applicable Threshold Rating for such Rating Agency. Without limitation of the form that a Replacement Liquidity Facility otherwise may have pursuant to the
preceding sentence, a Replacement Liquidity Facility for any Class of Certificates may have a stated expiration date earlier than 15 days after the Final Legal Distribution Date of such Class of Certificates so long as such Replacement Liquidity
Facility provides for a Non-Extension Drawing as contemplated by Section 3.05(d) hereof. 
 “Replacement
Liquidity Provider” means a Person (or Persons) who issues a Replacement Liquidity Facility. 

“Required Amount” means, with respect to each Liquidity Facility or the Cash Collateral Account for any Class,
for any day, the sum of the aggregate amount of interest, calculated at the rate per annum equal to the Stated Interest Rate for the related Class of Certificates on the basis of a 360-day year comprised of twelve 30-day months, that would be
distributable on such Class of Certificates on each of the three successive Regular Distribution Dates immediately following such day, in each case calculated on the basis of the Pool Balance of such Class of Certificates on such date and without
regard to expected future distributions of principal on such Class of Certificates. 
 “Responsible
Officer” means (i) with respect to the Subordination Agent and each of the Trustees, any officer in the Corporate Trust Department or similar department of the Subordination Agent or such Trustee, as the case may be, or any other
officer customarily performing functions similar to those performed by the persons who at the time shall be such officers or to whom any corporate trust matter is referred because of his knowledge of and familiarity with a particular subject, and
(ii) with respect to any Liquidity Provider, any authorized officer of such Liquidity Provider. 

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial
Services LLC business. 
 “Scheduled Payment” means, with respect to any Equipment Note, (i) any
payment of principal or interest on such Equipment Note (other than an Overdue Scheduled Payment) or (ii) any distribution in respect of interest on such Equipment Note to the Certificateholders of Certificates of the corresponding Class of
Certificates with funds drawn under the Liquidity Facility for such Class or withdrawn from the Cash Collateral Account for 

  

					
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such Class, which payment in the case of clause (i) or clause (ii) represents an installment of principal on such Equipment Note at the stated maturity of such installment, or the
payment of regularly scheduled interest accrued on the unpaid principal amount of such Equipment Note, or both; provided, however, that any payment of principal, Premium, if any, or interest resulting from the redemption or purchase of any Equipment
Note shall not constitute a Scheduled Payment. 
 “Scheduled Payment Date” means, with respect to any
Scheduled Payment, the date on which such Scheduled Payment is scheduled to be made. 
 “Section 2.04
Fraction” means, with respect to any Special Distribution Date, a fraction, the numerator of which shall be the amount of principal of the applicable Series A Equipment Notes and Series B Equipment Notes being redeemed,
purchased or prepaid on such Special Distribution Date, and the denominator of which shall be the aggregate unpaid principal amount of all Series A Equipment Notes and Series B Equipment Notes outstanding as of such Special Distribution
Date immediately before giving effect to such redemption, purchase or prepayment. 
 “Series A Equipment
Notes” means the equipment notes, if any, issued pursuant to each Indenture by Delta and authenticated by the Loan Trustee thereunder, and designated “Series A Equipment Notes” thereunder, and any such Equipment Notes
issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture. 
 “Series B
Equipment Notes” means the equipment notes, if any, issued pursuant to each Indenture by Delta and authenticated by the Loan Trustee thereunder, and designated “Series B Equipment Notes” thereunder, and any such Equipment
Notes issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture. 
 “60-Day
Period” means 60-day period specified in Section 1110(a)(2)(A) of the Bankruptcy Code. 

“Short-Term Rating” means, for any entity, (a) in the case of Moody’s, the short-term senior unsecured
debt rating of such entity and (b) in the case of S&P, the short-term issuer credit rating of such entity. 

“Special Distribution Date” means, with respect to any Special Payment, the Business Day chosen by the
Subordination Agent pursuant to Section 2.04(a) for the distribution of such Special Payment in accordance with this Agreement. 
 “Special Payment” means any payment (other than a Scheduled Payment) in respect of, or any proceeds of, any Equipment Note or Collateral. 

“Special Payments Account” means the Eligible Deposit Account created pursuant to Section 2.02(a) as a
sub-account to the Collection Account. 
 “Special Termination Drawing” has the meaning assigned to such
term in Section 3.05(k). 

  

					
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 “Special Termination Notice” with respect to any Liquidity Facility
has the meaning assigned to such term (if such term is used therein) in such Liquidity Facility. 
 “Stated
Amount” with respect to any Liquidity Facility, means the Maximum Commitment (as defined in such Liquidity Facility) of the applicable Liquidity Provider thereunder. 

“Stated Expiration Date” has the meaning specified in Section 3.05(d). 

“Stated Interest Rate” means (i) with respect to the Class A Certificates, 4.750% per annum, and
(ii) with respect to the Class B Certificates, 6.875% per annum. 
 “Subordination Agent”
has the meaning specified in the introductory paragraph to this Agreement. 
 “Subordination Agent Incumbency
Certificate” has the meaning specified in Section 2.05(a). 
 “Subordination Agent
Representatives” has the meaning specified in Section 2.05(a). 
 “Tax” and
“Taxes” means all governmental fees (including, without limitation, license, filing and registration fees) and all taxes (including, without limitation, franchise, excise, stamp, value added, income, gross receipts, sales,
use and property taxes), withholdings, assessments, levies, imposts, duties or charges, of any nature whatsoever, together with any related penalties, fines, additions to tax or interest thereon imposed, withheld, levied or assessed by any country,
taxing authority or governmental subdivision thereof or therein or by any international authority, including any taxes imposed on any Person as a result of such Person being required to collect and pay over withholding taxes. 

“Termination Notice” has the meaning specified in the Liquidity Facility. 

“Threshold Rating” means, in the case of Moody’s, either a Long-Term Rating of A3 or a Short-Term Rating of
P-1 and, in the case of S&P, either a Long-Term Rating of A- or a Short Term Rating of A-1. 
 “Treasury
Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury
Regulations or other successor Treasury Regulations. 
 “Triggering Event” means (x) the occurrence
of an Indenture Event of Default under all of the Indentures resulting in a PTC Event of Default with respect to the most senior Class of Certificates then Outstanding, (y) the Acceleration of all of the outstanding Equipment Notes; provided
that, with respect to the period prior to the Delivery Period Termination Date, the aggregate principal balance of such Equipment Notes is in excess of $250,000,000 or (z) the occurrence of a Delta Bankruptcy Event. 

  

					
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 “Trust” means the Class A Trust or the Class B Trust.

 “Trust Accounts” has the meaning specified in Section 2.02(a). 

“Trust Agreement” means the Class A Trust Agreement or the Class B Trust Agreement. 

“Trust Property”, with respect to any Trust, has the meaning specified in the Trust Agreement for such Trust.

 “Trust Supplement” means an agreement supplemental to the Basic Agreement pursuant to which
(i) a separate trust is created for the benefit of the holders of Certificates of a Class, (ii) the issuance of the Certificates of a Class representing Fractional Undivided Interests in such trust is authorized and (iii) the terms of
the Certificates of such Class are established, as such agreement may from time to time be supplemented, amended or otherwise modified. 
 “Trustee” means the Class A Trustee or the Class B Trustee. 
 “Trustee Incumbency Certificate” has the meaning specified in Section 2.05(b). 
 “Trustee Representatives” has the meaning specified in Section 2.05(b). 
 “Unapplied Provider Advance” has the meaning specified in the applicable Liquidity Facility. 
 “Underwriters” means Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Natixis Securities Americas LLC and Wells Fargo Securities LLC. 

“Underwriting Agreement” means the Underwriting Agreement, dated June 27, 2012 among the Underwriters and
Delta, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“United States” means the United States of America. 

“U.S. Bank” has the meaning specified in the introductory paragraph of this Agreement. 

“Withdrawal Notice” has the meaning specified in Section 3.05(d). 

“Written Notice” means, from the Subordination Agent, any Trustee or Liquidity Provider, a written instrument
executed by the Designated Representative of such Person. An invoice delivered by a Liquidity Provider pursuant to Section 3.01 in accordance with its normal invoicing procedures shall constitute Written Notice under such Section. 

  

					
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 ARTICLE II 
 TRUST ACCOUNTS; CONTROLLING PARTY 
 Section 2.01. Agreement to
Terms of Subordination; Payments from Monies Received Only. (a) Each Trustee hereby (i) acknowledges and agrees to the terms of subordination and distribution set forth in this Agreement in respect of each Class of Certificates and
(ii) agrees to enforce such provisions and cause all payments in respect of the Equipment Notes held by the Subordination Agent and the Liquidity Facilities to be applied in accordance with the terms of this Agreement. In addition, each Trustee
hereby agrees to cause the Equipment Notes purchased by the related Trust to be registered in the name of the Subordination Agent or its nominee, as agent and trustee for such Trustee, to be held in trust by the Subordination Agent solely for the
purpose of facilitating the enforcement of the subordination and other provisions of this Agreement. 
 (b) Except as otherwise
expressly provided in the next succeeding sentence of this Section 2.01(b), all payments to be made by the Subordination Agent hereunder shall be made only from amounts received by it that constitute Scheduled Payments, Special Payments and
other payments under the Operative Agreements, including payments under Section 4.02 of the Participation Agreements and Section 2.14 of the Indentures, and only to the extent that the Subordination Agent shall have received sufficient
income or proceeds therefrom to enable it to make such payments in accordance with the terms hereof. Each Trustee and the Subordination Agent hereby agrees, and each Certificateholder, by its acceptance of a Certificate, and each Liquidity Provider,
by entering into the Liquidity Facility to which it is a party, has agreed to look solely to such amounts to the extent available for distribution to it as provided in this Agreement, the relevant Deposits or the applicable Trust Agreement, as the
case may be, and that none of the Trustees, the Loan Trustees or the Subordination Agent is personally liable to any of them for any amounts payable or any liability arising under this Agreement, any Trust Agreement, any Liquidity Facility or such
Certificate, except (in the case of the Subordination Agent) as expressly provided herein or (in the case of the Trustees) as expressly provided herein and in each Trust Agreement or (in the case of the Loan Trustees) as expressly provided in any
Operative Agreement. 
 (c) Notwithstanding anything to the contrary in this Agreement and in the other Operative Agreements,
the Certificates do not represent indebtedness of the related Trust, and references in this Agreement and the Operative Agreements to accrued interest or principal amounts payable on the Certificates of any Class are included only for computational
purposes. For purposes of such computations, the Certificates of any Class shall be deemed to be comprised of interest and principal components, with the principal component deemed to be the Pool Balance, and the interest component deemed to equal
interest accruing at the Stated Interest Rate for such Class of Certificates from (i) the later of (1) the date of the issuance thereof and (2) the most recent but preceding Distribution Date to which such interest was distributed
(ii) to, but excluding, the applicable date of determination, such interest to be considered payable in arrears and to be calculated on the basis of a 360-day year comprised of twelve 30-day months. 

  

					
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 Section 2.02. Trust Accounts. (a) Upon the execution of this Agreement, the
Subordination Agent shall establish and maintain in its name (i) the Collection Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Trustees,
the Certificateholders and the Liquidity Providers, and (ii) as a sub-account in the Collection Account, the Special Payments Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are
held in trust for the benefit of the Trustees, the Certificateholders and the Liquidity Providers. The Subordination Agent shall establish and maintain the Cash Collateral Accounts pursuant to and under the circumstances set forth in
Section 3.05(f). Upon such establishment and maintenance under Section 3.05(f), the Cash Collateral Accounts shall, together with the Collection Account, constitute the “Trust Accounts” hereunder. Without limiting the foregoing,
all monies credited to the Trust Accounts shall be, and shall remain, the property of the relevant Trust(s). 
 (b) Funds on
deposit in the Trust Accounts shall be invested and reinvested by the Subordination Agent in Eligible Investments selected by Delta or its designated representative if such investments are reasonably available and have maturities no later than the
earlier of (i) 90 days following the date of such investment and (ii) the Business Day immediately preceding the Regular Distribution Date or the date of the related distribution pursuant to Section 2.04, as the case may be, next
following the date of such investment; provided, however, that, following the making of a Non-Extension Drawing under any Liquidity Facility, the Subordination Agent shall invest and reinvest the amounts in the applicable Cash Collateral Account in
Eligible Investments pursuant to the written instructions of the Liquidity Provider funding such Drawing, and provided further, however, that upon the occurrence and during the continuation of a Triggering Event, the Subordination Agent shall invest
and reinvest the amounts on deposit in the Trust Accounts (other than amounts in the Cash Collateral Accounts as a result of a Non-Extension Drawing, which shall be governed by the foregoing proviso) in Eligible Investments in accordance with the
written instructions of the Controlling Party. Unless otherwise expressly provided in this Agreement (including, without limitation, with respect to Investment Earnings on amounts on deposit in the Cash Collateral Accounts, Section 3.05(f)),
any Investment Earnings shall be deposited in the Collection Account when received by the Subordination Agent and shall be applied by the Subordination Agent in the same manner as the other amounts on deposit in the Collection Account are to be
applied. The Subordination Agent’s reasonable fees and expenses actually incurred in making such investments and any losses incurred in such investments shall be charged against the principal amount invested. The Subordination Agent shall not
be liable for any loss resulting from any investment, reinvestment or liquidation required to be made under this Agreement other than by reason of its willful misconduct or negligence. Eligible Investments and any other investment required to be
made hereunder shall be held to their maturities except that any such investment may be sold (without regard to its maturity) by the Subordination Agent without instructions whenever such sale is necessary to make a distribution required under this
Agreement. Uninvested funds held hereunder shall not earn or accrue interest. 
 (c) The Subordination Agent shall possess all
right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof (including all income thereon, except as otherwise expressly provided herein with respect to Investment Earnings). The Trust
Accounts shall be held in trust by the Subordination Agent under the sole dominion and control of the Subordination Agent for the benefit of the applicable Trustee, the applicable Certificateholders and the applicable Liquidity Provider, as the case
may be. If, at any 

  

					
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time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Subordination Agent shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, to which a
Rating Agency may consent) establish a new Collection Account, Special Payments Account or Cash Collateral Account, as the case may be, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Collection Account,
Special Payments Account or Cash Collateral Account, as the case may be. So long as the Subordination Agent is an Eligible Institution, the Trust Accounts shall be maintained with it as Eligible Deposit Accounts. 

Section 2.03. Deposits to the Collection Account and Special Payments Account. (a) The Subordination Agent shall, upon
receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account). 

(b) The Subordination Agent shall, on each day when one or more Special Payments are made to the Subordination Agent as holder of the
Equipment Notes, deposit in the Special Payments Account the aggregate amount of such Special Payments. 
 Section 2.04.
Distributions of Special Payments. (a) Notice of Special Payment. Except as provided in Section 2.04(c) below, upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment
(or, in the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall promptly give notice thereof to each Trustee and the Liquidity Providers. The Subordination Agent shall promptly
calculate the amount of the proceeds of any redemption or purchase of any Equipment Note or the amount of any Overdue Scheduled Payment or the proceeds of Equipment Notes or Collateral, as the case may be, comprising such Special Payment under the
applicable Indenture or Indentures and shall promptly send to each Trustee and the Liquidity Providers a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice shall also set the distribution date for such Special
Payment (a “Special Distribution Date”), which shall be the Business Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice or (y) the date the Subordination Agent has received
or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account shall be distributed in accordance with Sections 2.04(b) and 2.04(c) and Article III hereof, as applicable. 

For the purposes of the application of any Special Payment in respect of any Equipment Note to be distributed on any Special Distribution
Date in accordance with Section 3.02 hereof, so long as no Indenture Event of Default shall have occurred and be continuing under any Indenture: 
 (i) clause “second” thereof shall be deemed to read as follows: “second, accrued and unpaid Liquidity Expenses then overdue plus an amount equal to all accrued and unpaid Liquidity Expenses
not yet overdue multiplied by the Section 2.04 Fraction shall be distributed to the Liquidity Providers pro rata on the basis of the amount of the Liquidity Expenses owed to each Liquidity Provider”; 

  

					
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 (ii) clause “third” thereof shall be deemed to read as follows: “third,
(i) such amount as shall be required to pay accrued and unpaid interest then overdue on all Liquidity Obligations (at the rate, or in the amount, provided in the applicable Liquidity Facility) plus an amount equal to the amount of accrued and
unpaid interest on the Liquidity Obligations not yet overdue multiplied by the Section 2.04 Fraction and (ii) if one or more Special Termination Drawings have been made under the Liquidity Facilities and have not been converted into a
Final Drawing, the outstanding amount of such Special Termination Drawings shall be distributed to the Liquidity Providers, pro rata on the basis of the amounts owed to each Liquidity Provider”; 

(iii) clause “seventh” thereof shall be deemed to read as follows: “seventh, such amount as shall be required to pay
accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class A Certificates, together with (without duplication) any other accrued and unpaid interest at the Stated Interest Rate on the outstanding
principal amount of the Series A Equipment Notes held in the Class A Trust being redeemed, purchased or prepaid, in each case excluding interest, if any, payable with respect to Deposits relating to the Class A Trust shall be paid to
the Class A Trustee”; 
 (iv) clause “eighth” thereof shall be deemed to read as follows: “eighth, such
amount as shall be required to pay any accrued, due and unpaid Class B Adjusted Interest to the holders of the Class B Certificates (excluding interest, if any, payable with respect to Deposits relating to the Class B Trust) shall be paid
to the Class B Trustee”; and 
 (v) clause “tenth” thereof shall be deemed to read as follows: “tenth,
such amount as shall be required to pay in full accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class B Certificates which was not previously paid pursuant to clause “eighth” above
to the holders of the Class B Certificates, together with (without duplication) any other accrued and unpaid interest at the Stated Interest Rate on the outstanding principal amount of the Series B Equipment Notes held in the Class B
Trust and being redeemed, purchased or prepaid, in each case excluding interest, if any, payable with respect to Deposits relating to the Class B Trust, shall be paid to the Class B Trustee”. 

(b) Investment of Amounts in Special Payments Account. Any amounts on deposit in the Special Payments Account prior to the
distribution thereof pursuant to Section 2.04 or 3.02 shall be invested in accordance with Section 2.02(b). Investment Earnings on such investments shall be distributed in accordance with Article III hereof. 

(c) Certain Payments. Except for amounts constituting Liquidity Obligations which shall be distributed as provided in
Section 3.02, the Subordination Agent will distribute promptly upon receipt thereof (i) any indemnity payment or expense reimbursement received by it from Delta in respect of any Trustee, any Liquidity Provider, the Paying Agent, the
Depositary or the Escrow Agent (collectively, the “Payees”) and (ii) any compensation received by it from Delta under any Operative Agreement in respect of any Payee, directly to the Person entitled thereto, provided that if
such Payee has previously received from the Collection Account such payment, compensation or reimbursement, then the Subordination Agent shall deposit such amount in the Collection Account. 

  

					
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 Section 2.05. Designated Representatives. (a) With the delivery of this
Agreement, the Subordination Agent shall furnish to each Liquidity Provider and each Trustee, and from time to time thereafter may furnish to each Liquidity Provider and each Trustee, at the Subordination Agent’s discretion, or upon any
Liquidity Provider’s or Trustee’s request (which request shall not be made more than one time in any 12-month period), a certificate (a “Subordination Agent Incumbency Certificate”) of a Responsible Officer of the Subordination
Agent certifying as to the incumbency and specimen signatures of the officers of the Subordination Agent and the attorney-in-fact and agents of the Subordination Agent (the “Subordination Agent Representatives”) authorized to give Written
Notices on behalf of the Subordination Agent hereunder. Until each Liquidity Provider and Trustee receives a subsequent Subordination Agent Incumbency Certificate, it shall be entitled to rely on the last Subordination Agent Incumbency Certificate
delivered to it hereunder. 
 (b) With the delivery of this Agreement, each Trustee shall furnish to the Subordination Agent,
and from time to time thereafter may furnish to the Subordination Agent, at such Trustee’s discretion, or upon the Subordination Agent’s request (which request shall not be made more than one time in any 12-month period), a certificate
(with respect to each such Trustee, a “Trustee Incumbency Certificate”) of a Responsible Officer of such Trustee certifying as to the incumbency and specimen signatures of the officers of such Trustee and the attorney-in-fact and agents of
such Trustee (with respect to each such Trustee, the “Trustee Representatives”) authorized to give Written Notices on behalf of such Trustee hereunder. Until the Subordination Agent receives a subsequent Trustee Incumbency Certificate from
a Trustee, it shall be entitled to rely on the last Trustee Incumbency Certificate with respect to such Trustee delivered to it hereunder. 
 (c) With the delivery of this Agreement, each Liquidity Provider shall furnish to the Subordination Agent, and from time to time thereafter may furnish to the Subordination Agent, at such Liquidity
Provider’s discretion, or upon the Subordination Agent’s request (which request shall not be made more than one time in any 12-month period), a certificate (with respect to each such Liquidity Provider, an “LP Incumbency
Certificate”) of a Responsible Officer of such Liquidity Provider certifying as to the incumbency and specimen signatures of the officers of such Liquidity Provider and the attorney-in-fact and agents of such Liquidity Provider (with respect to
each such Liquidity Provider, the “LP Representatives” and, together with the Subordination Agent Representatives and the Trustee Representatives, the “Designated Representatives”) authorized to give Written Notices on behalf of
such Liquidity Provider hereunder. Until the Subordination Agent receives a subsequent LP Incumbency Certificate from a Liquidity Provider, it shall be entitled to rely on the last LP Incumbency Certificate with respect to such Liquidity Provider
delivered to it hereunder. 
 Section 2.06. Controlling Party. (a) Subject to Section 8.01(b), the
Trustees and the Liquidity Providers hereby agree that, with respect to any Indenture at any given time, the Loan Trustee thereunder will be directed: (i) so long as no Indenture Event of Default has occurred and is continuing thereunder, in
taking, or refraining from taking, any action under such Indenture or with respect to the Equipment Notes issued thereunder by a Majority in Interest of Noteholders of such Equipment Notes (provided that, for so long as the Subordination Agent is
the registered holder of such Equipment Notes, the Subordination Agent shall act with respect to this clause (i) in accordance with the directions of the Trustees (in the case of each such Trustee, 

  

					
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 with respect to the Equipment Notes issued under such Indenture and held as Trust Property of such Trust)
constituting, in the aggregate, directions with respect to an outstanding principal amount of such Equipment Notes that, if held by such Trustees directly, would make such Trustees a Majority in Interest of Noteholders), and (ii) after the
occurrence and during the continuance of an Indenture Event of Default thereunder, in taking, or refraining from taking, any action under such Indenture or with respect to such Equipment Notes issued thereunder, including exercising remedies
thereunder (including Accelerating the Equipment Notes issued thereunder or foreclosing the Lien created thereunder on the Aircraft securing such Equipment Notes), by the Controlling Party. 

(b) Subject to paragraph (c) below, the “Controlling Party” shall be (x) the Class A Trustee and (y) upon
payment of Final Distributions to the holders of Class A Certificates, the Class B Trustee. For purposes of giving effect to the provisions of Section 2.06(a) and this Section 2.06(b), the Trustees (other than the Controlling
Party) irrevocably agree (and the Certificateholders (other than the Certificateholders represented by the Controlling Party) shall be deemed to agree by virtue of their purchase of Certificates) that the Subordination Agent, as record holder of the
Equipment Notes, and subject always to the provisions of Section 2.06(a) and Article VIII, shall exercise its voting rights in respect of the Equipment Notes so held by the Subordination Agent as directed by the Controlling Party and any
vote so exercised shall be binding upon the Trustees and all Certificateholders. 
 The Subordination Agent shall give Written
Notice to all of the other parties to this Agreement promptly upon a change in the identity of the Controlling Party. Each of the parties hereto agrees that it shall not exercise any of the rights of the Controlling Party at such time as it is not
the Controlling Party hereunder; provided, however, that nothing herein contained shall prevent or prohibit any Non-Controlling Party from exercising such rights as shall be specifically granted to such Non-Controlling Party hereunder and under the
other Operative Agreements. 
 (c) Notwithstanding the foregoing, at any time after 18 months from the earliest to occur of
(i) the date on which the entire Available Amount as of such date under any Liquidity Facility shall have been drawn (for any reason other than a Downgrade Drawing or a Non-Extension Drawing but including a Final Drawing, a Special Termination
Drawing or a Downgrade Drawing or Non-Extension Drawing that has been converted into a Final Drawing under such Liquidity Facility) and remains unreimbursed, (ii) the date on which the entire amount of any Downgrade Drawing or Non-Extension
Drawing under any Liquidity Facility shall have become and remain “Applied Downgrade Advances” or “Applied Non-Extension Advances”, as the case may be, under and as defined in such Liquidity Facility and (iii) the date on
which all Equipment Notes under all Indentures shall have been Accelerated (provided that (x) with respect to the period prior to the Delivery Period Termination Date, such Equipment Notes have an aggregate outstanding principal balance
in excess of $250,000,000 and (y) in the event of a bankruptcy proceeding under the Bankruptcy Code in which Delta is a debtor, any amounts payable in respect of Equipment Notes which have become immediately due and payable by declaration or
otherwise shall not be considered Accelerated for purposes of this sub-clause (iii) until the expiration of the 60-Day Period or such longer period as may apply under Section 1110(a)(2)(B) or Section 1110(b) of the Bankruptcy Code),
the Liquidity Provider with the greatest amount of unreimbursed Liquidity Obligations owed to it (so long as such Liquidity 

  

					
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Provider has not defaulted in its obligation to make any Drawing under its Liquidity Facility) shall have the right to elect, by Written Notice to the Subordination Agent and each of the
Trustees, to become the Controlling Party hereunder with respect to any Indenture at any time from and including the last day of such 18-month period. 
 (d) [Reserved]. 
 (e) The exercise of remedies by the Controlling Party under this
Agreement shall be expressly limited by Sections 4.01(a)(ii) and 4.01(a)(iii) hereof. 
 (f) The Controlling Party shall
not be entitled to require or obligate any Non-Controlling Party to provide funds necessary to exercise any right or remedy hereunder. 
 (g) Notwithstanding anything contained herein, neither the Controlling Party nor the Subordination Agent shall be authorized or empowered to do anything that would cause any Trust to fail to qualify as a
“grantor trust” for federal income tax purposes. 
 ARTICLE III 

RECEIPT, DISTRIBUTION AND APPLICATION OF 
 AMOUNTS RECEIVED 
 Section 3.01. Written Notice of
Distribution. (a) No later than 3:00 P.M. (New York City time) on the Business Day immediately preceding each Distribution Date, each of the following Persons shall deliver to the Subordination Agent a Written Notice setting forth the
following information as at the close of business on such Business Day: 
 (i) With respect to the Class A
Certificates, the Class A Trustee shall separately set forth the amounts to be paid in accordance with clause “first” (to reimburse payments made by such Trustee or the Class A Certificateholders, as the case may be, pursuant to
subclause (ii) or (iv) of clause “first”) of Section 3.02 hereof, subclauses (ii) and (iii) of clause “sixth” of Section 3.02 hereof and clauses “seventh” and “ninth” of
Section 3.02 hereof; 
 (ii) With respect to the Class B Certificates, the Class B Trustee shall
separately set forth the amounts to be paid in accordance with clause “first” (to reimburse payments made by such Trustee or the Class B Certificateholders, as the case may be, pursuant to subclause (ii) or (iv) of clause
“first”) of Section 3.02 hereof, subclauses (ii) and (iii) of clause “sixth” of Section 3.02 hereof and clauses “eighth”, “tenth” and “eleventh” of Section 3.02 hereof;

 (iii) With respect to each Liquidity Facility, the Liquidity Provider thereunder shall separately set forth
the amounts to be paid to it in accordance with subclauses (iii) and (iv) of clause “first” of Section 3.02 hereof, clause “second” of Section 3.02 hereof, clause “third” of Section 3.02 hereof,
clause “fourth” of Section 3.02 hereof and clause “fifth” of Section 3.02 hereof; and 

  

					
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 (iv) Each Trustee shall set forth the amounts to be paid in accordance with
clause “sixth” of Section 3.02 hereof. 
 (b) At such time as a Trustee or a Liquidity Provider shall have
received all amounts owing to it (and, in the case of a Trustee, the Certificateholders for which it is acting) pursuant to Section 3.02 hereof, as applicable, and, in the case of a Liquidity Provider, its commitment or obligations under the
related Liquidity Facility shall have terminated or expired, such Person shall, by a Written Notice, so inform the Subordination Agent, Delta and each other party to this Agreement. 

(c) As provided in Section 6.05, the Subordination Agent shall be fully protected in relying on any of the information set forth in
a Written Notice provided by any Trustee or any Liquidity Provider pursuant to paragraphs (a) and (b) above and shall have no independent obligation to verify, calculate or recalculate any amount set forth in any Written Notice delivered
in accordance with such paragraphs. 
 (d) Any Written Notice delivered by a Trustee, a Liquidity Provider or the Subordination
Agent, as applicable, pursuant to Section 3.01, if made prior to 10:00 A.M. (New York City time) on any Business Day shall be effective on the date delivered (or if delivered later on a Business Day or if delivered on a day that is not a
Business Day shall be effective as of the next Business Day). Subject to the terms of this Agreement, the Subordination Agent shall as promptly as practicable comply with any such instructions; provided, however, that any transfer of funds pursuant
to any instruction received after 10:00 A.M. (New York City time) on any Business Day may be made on the next succeeding Business Day. 
 (e) In the event the Subordination Agent shall not receive from any Person any information set forth in paragraph (a) above which is required to enable the Subordination Agent to make a distribution
to such Person pursuant to Section 3.02 hereof, the Subordination Agent shall request such information and, failing to receive any such information, the Subordination Agent shall not make such distribution(s) to such Person. In such event, the
Subordination Agent shall make distributions pursuant to clauses “first” through “eleventh” of Section 3.02 to the extent it shall have sufficient information to enable it to make such distributions, and shall continue to
hold any funds remaining on the terms hereof, including Section 2.02(b), after making such distributions, until the Subordination Agent shall receive all necessary information to enable it to distribute any funds so withheld, and upon receipt
of the information necessary to distribute any funds so withheld, the Subordination Agent shall distribute such funds. 
 (f) On
such dates (but not more frequently than monthly) as any Liquidity Provider or any Trustee shall request, but in any event automatically at the end of each calendar quarter, the Subordination Agent shall send to such party a written statement
reflecting all amounts on deposit with the Subordination Agent pursuant to Section 3.01(e). 
 The notices required under
this Section 3.01(a) may be in the form of a schedule or similar document provided to the Subordination Agent by the parties referenced therein or by any one of them, which schedule or similar document may state that, unless there has been a
prepayment of the Equipment Notes, such schedule or similar document is to remain in effect until any substitute notice or amendment shall be given to the Subordination Agent by the party providing such notice. 

  

					
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 Section 3.02. Distribution of Amounts on Deposit in the Collection Account.
Except as otherwise provided in Sections 2.04, 3.01(e), 3.03, 3.05(b) and 3.05(k), amounts on deposit in the Collection Account (including amounts on deposit in the Special Payments Account) shall be promptly distributed on each Regular
Distribution Date (or, in the case of any amount described in Sections 2.04(a) or 2.04(b), on the Special Distribution Date thereof) in the following order of priority and in accordance with the information provided to the Subordination Agent
pursuant to Section 3.01(a): 
 first, such amount as shall be required to reimburse (i) the
Subordination Agent for any reasonable out-of-pocket costs and expenses actually incurred by it (to the extent not previously reimbursed) or reasonably expected to be incurred by it for the period ending on the next succeeding Regular Distribution
Date (which shall not exceed $150,000 unless approved in writing by the Controlling Party and accompanied by evidence that such costs are actually expected to be incurred) in the protection of, or the realization of the value of, the Equipment Notes
or any Collateral, shall be applied by the Subordination Agent in reimbursement of such costs and expenses, (ii) any Trustee for any amounts of the nature described in clause (i) above actually incurred by it under the applicable Trust
Agreement (to the extent not previously reimbursed), shall be distributed to such Trustee, (iii) any Liquidity Provider for any amounts of the nature described in clause (i) above actually incurred by it (to the extent not previously
reimbursed), shall be distributed to such Liquidity Provider, and (iv) any Liquidity Provider or any Certificateholder for payments, if any, made by it to the Subordination Agent or any Trustee in respect of amounts described in clause (i)
above actually incurred by it (to the extent not previously reimbursed) (collectively, the “Administration Expenses”), shall be distributed to such Liquidity Provider or the applicable Trustee for the account of such Certificateholder, in
each such case, pro rata on the basis of all amounts described in clauses (i) through (iv) above; 

second, such amount as shall be required to pay all accrued and unpaid Liquidity Expenses owed to each Liquidity
Provider (other than amounts distributed pursuant to clause “first” of this Section 3.02) shall be distributed to the Liquidity Providers pro rata on the basis of the amount of Liquidity Expenses owed to each Liquidity Provider;

 third, such amount as shall be required to pay (i) the aggregate amount of accrued and unpaid
interest on all Liquidity Obligations (at the rate, or in the amount, provided in the applicable Liquidity Facility), and (ii) if one or more Special Termination Drawings have been made under the Liquidity Facilities that have not been
converted into a Final Drawing, the outstanding amount of such Special Termination Drawings, pro rata on the basis of the amounts owed to each Liquidity Provider; 

fourth, such amount as shall be required (A) if any Cash Collateral Account had been previously funded as
provided in Section 3.05(f), unless (i) on such Distribution Date a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the relevant Liquidity Facility or (ii) a
Final Drawing shall have occurred with respect to such Liquidity Facility, to fund such Cash Collateral Account up to its Required Amount shall be deposited in such Cash Collateral Account, (B) if any Liquidity

  

					
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Facility shall become a Downgraded Facility or a Non-Extended Facility at a time when unreimbursed Interest Drawings under such Liquidity Facility have reduced the Available Amount thereunder to
zero, unless (i) on such Distribution Date a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the relevant Liquidity Facility or (ii) a Final Drawing shall have
occurred with respect to such Liquidity Facility, to fund such Cash Collateral Account up to its Required Amount shall be deposited in the related Cash Collateral Account, and (C) if, with respect to any particular Liquidity Facility neither
subclause (A) nor subclause (B) of this clause “fourth” is applicable, to pay or reimburse the Liquidity Provider in respect of such Liquidity Facility in an amount equal to the outstanding amount of all Liquidity Obligations
then due under such Liquidity Facility (other than amounts distributed pursuant to clauses “first”, “second” or “third” of this Section 3.02), pro rata on the basis of the amounts of all such fundings and/or
unreimbursed Liquidity Obligations payable to each Liquidity Provider; 
 fifth, if, with respect to any
particular Liquidity Facility, any amounts are to be distributed pursuant to either subclause (A) or (B) of clause “fourth” above, then the Liquidity Provider with respect to such Liquidity Facility shall be paid the excess of
(x) the aggregate outstanding amount of unreimbursed Advances (whether or not then due) under such Liquidity Facility over (y) the Required Amount for the relevant Cash Collateral Account without duplication of any amounts distributed
pursuant to clauses “first”, “second”, “third”, and “fourth” of this Section 3.02, pro rata on the basis of such amounts in respect of such Liquidity Provider; 

sixth, such amount as shall be required to reimburse or pay (i) the Subordination Agent for any Tax (other
than Taxes imposed on compensation paid hereunder), expense, fee, charge or other loss incurred by, or any other amount payable to, the Subordination Agent in connection with the transactions contemplated hereby (to the extent not previously
reimbursed), shall be applied by the Subordination Agent in reimbursement of such amount, (ii) each Trustee for any Tax (other than Taxes imposed on compensation paid under the applicable Trust Agreement), expense, fee, charge or other loss
incurred by, or any other amount payable to, such Trustee under the applicable Trust Agreements (to the extent not previously reimbursed), shall be distributed to such Trustee, and (iii) each Certificateholder for payments, if any, made by it
pursuant to Section 5.02 hereof in respect of amounts described in clause (i) above (without duplication of any amounts distributed pursuant to subclause (iv) of clause “first” of this Section 3.02) shall be
distributed to the applicable Trustee for the account of such Certificateholder, in each such case, pro rata, without duplication, on the basis of all amounts described in clauses (i) through (iii) above; 

seventh, such amount as shall be required to pay in full accrued and unpaid interest at the Stated Interest Rate on
the Pool Balance of the Class A Certificates (excluding interest, if any, payable with respect to Deposits relating to the Class A Trust) shall be distributed to the Class A Trustee; 

eighth, such amount as shall be required to pay unpaid Class B Adjusted Interest to the holders of the
Class B Certificates (excluding interest, if any, payable with respect to Deposits relating to the Class B Trust) shall be distributed to the Class B Trustee; 

  

					
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 ninth, such amount as shall be required to pay in full Expected
Distributions to the holders of the Class A Certificates on such Distribution Date shall be distributed to the Class A Trustee; 
 tenth, such amount as shall be required to pay in full accrued and unpaid interest at the Stated Interest Rate on the Pool Balance of the Class B Certificates which was not previously paid
pursuant to clause “eighth” above to the holders of the Class B Certificates (excluding interest, if any, payable with respect to Deposits relating to the Class B Trust) shall be distributed to the Class B Trustee; 

eleventh, such amount as shall be required to pay in full Expected Distributions to the holders of the Class B
Certificates on such Distribution Date shall be distributed to the Class B Trustee; and 
 twelfth,
the balance, if any, of any such amount remaining thereafter shall be held in the Collection Account for later distribution in accordance with this Article III. 
 With respect to clauses “first” and “sixth” above, no amounts shall be reimbursable to the Subordination Agent, any Trustee, any Liquidity Provider or any Certificateholder for any
payments made by any such Person in connection with any Equipment Note that is no longer held by the Subordination Agent (to the extent that such payments relate to periods after such Equipment Note ceases to be held by the Subordination Agent).

 Section 3.03. Other Payments. (a) Any payments received by the Subordination Agent for which no provision as
to the application thereof is made in this Agreement shall be distributed by the Subordination Agent (i) in the order of priority specified in Section 3.02 hereof and (ii) to the extent received or realized at any time after the Final
Distributions for each Class of Certificates have been made, in the manner provided in clause “first” of Section 3.02 hereof. 
 (b) Notwithstanding the priority of payments specified in Section 3.02, in the event any Investment Earnings on amounts on deposit in any Cash Collateral Account resulting from an Unapplied Provider
Advance are deposited in the Collection Account or the Special Payments Account, such Investment Earnings shall be used to pay interest payable in respect of such Unapplied Provider Advance to the extent of such Investment Earnings. 

(c) If the Subordination Agent receives any Scheduled Payment after the Scheduled Payment Date relating thereto, but prior to such
payment becoming an Overdue Scheduled Payment, then the Subordination Agent shall deposit such Scheduled Payment in the Collection Account and promptly distribute such Scheduled Payment in accordance with the priority of distributions set forth in
Section 3.02; provided that, for the purposes of this Section 3.03(c) only, each reference in clause “ninth” and “eleventh” of Section 3.02 to “Distribution Date” shall be deemed to refer to such
Scheduled Payment Date. 
 Section 3.04. Payments to the Trustees and the Liquidity Providers. Any amounts
distributed hereunder to any Liquidity Provider shall be paid by wire transfer of funds to the address that such Liquidity Provider shall provide to the Subordination Agent. The Subordination Agent shall provide a Written Notice of any such transfer
to the applicable Liquidity Provider at the time of such transfer. Any amounts distributed hereunder by the Subordination Agent to any Trustee that is not the same institution as the Subordination Agent shall be paid to such Trustee by wire transfer
of funds at the address such Trustee shall provide to the Subordination Agent. 

  

					
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 Section 3.05. Liquidity Facilities. (a) Interest Drawings. If
on any Distribution Date, after giving effect to the subordination provisions of this Agreement, the Subordination Agent shall not have sufficient funds for the payment of any amounts due and owing in respect of accrued interest on the Class A
Certificates or the Class B Certificates (at the Stated Interest Rate for such Class of Certificates) (other than any amount of interest which was due and payable in respect of the Class A Certificates or the Class B Certificates on such
Distribution Date but which remains unpaid due to the failure of the Depositary to pay any amount of accrued interest on the relevant Deposits on such Distribution Date), then, prior to 12:30 p.m. (New York City time) on such Distribution Date,
(i) the Subordination Agent shall request a drawing (each such drawing, an “Interest Drawing”) under the Liquidity Facility with respect to such Class of Certificates in an amount equal to the lesser of (x) an amount sufficient
to pay the amount of such accrued interest shortfall (at the applicable Stated Interest Rate for such Class of Certificates) and (y) the Available Amount under such Liquidity Facility, and shall upon receipt of such amount pay such amount to
the Trustee with respect to each such Class of Certificates in payment of such accrued interest shortfall. 
 (b) Application
of Interest Drawings. Notwithstanding anything to the contrary contained in this Agreement, (i) all payments received by the Subordination Agent in respect of an Interest Drawing under the Class A Liquidity Facility and all amounts
withdrawn by the Subordination Agent from the Class A Cash Collateral Account, and payable in each case to the Class A Certificateholders or the Class A Trustee, shall be promptly distributed to the Class A Trustee, and
(ii) all payments received by the Subordination Agent in respect of an Interest Drawing under the Class B Liquidity Facility and all amounts withdrawn by the Subordination Agent from the Class B Cash Collateral Account, and payable in
each case to the Class B Certificateholders or the Class B Trustee, shall be promptly distributed to the Class B Trustee. 
 (c) Downgrade Drawings. (i) Each Liquidity Provider will promptly, but in any event within ten days of the occurrence of a Downgrade Event with respect to it (the date of such occurrence, the
“Downgrade Date”), deliver notice to the Subordination Agent and Delta of the occurrence of such Downgrade Event and the Downgrade Date therefor. After the occurrence of a Downgrade Event with respect to any Liquidity Provider, each
Liquidity Facility provided by such Liquidity Provider shall become a “Downgraded Facility” on the twenty-fifth
(25th) day after the related Downgrade Date, unless,
not later than such twenty-fifth (25th) day (or, if earlier, the expiration date of such Downgraded Facility), the Rating Agency whose downgrading of such Liquidity Provider resulted in such Downgrade Event shall have provided a written
confirmation that the occurrence of such Downgrade Event will not result in the downgrading, withdrawal or suspension of the ratings then issued by such Rating Agency of the related Class of Certificates. Notwithstanding the foregoing, if at any
time after the occurrence of such Downgrade Event, such Liquidity Provider notifies the Subordination Agent in writing that no such confirmation will be provided by such Rating Agency, each Liquidity Facility provided by such Liquidity Provider
shall become a Downgraded Facility as of the date of such notice to the Subordination Agent. 

  

					
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 (ii) If at any time any Liquidity Facility becomes a Downgraded Facility, not later than the
thirtieth (30th) day after the related Downgrade Date (or, if earlier, the expiration date of such Downgraded Facility), the Liquidity Provider under such Downgraded Facility or Delta may arrange for a Replacement Liquidity Provider to issue
and deliver a Replacement Liquidity Facility to the Subordination Agent. 
 (iii) If a Downgraded Facility has not been replaced
by a Replacement Liquidity Facility in accordance with Section 3.05(c)(ii), the Subordination Agent shall, on the 30th day referred to in Section 3.05(c)(ii) (or if such 30th day is not a Business Day, on the next succeeding Business Day)
(or, if earlier, the expiration date of such Downgraded Facility), request a drawing in accordance with and to the extent permitted by such Downgraded Facility (such drawing, a “Downgrade Drawing”) of the Available Amount
thereunder. Amounts drawn pursuant to a Downgrade Drawing shall be maintained and invested as provided in Section 3.05(f) hereof. Subject to Section 3.05(e)(iii), the applicable Liquidity Provider may also arrange for a Replacement
Liquidity Provider to issue and deliver a Replacement Liquidity Facility at any time after such Downgrade Drawing so long as such Downgrade Drawing has not been reimbursed in full to such Liquidity Provider. 

(iv) For the avoidance of doubt, the provisions of this Section 3.05(c) shall apply to each occurrence of a Downgrade Event with
respect to a Liquidity Provider, regardless of whether or not one or more Downgrade Events have occurred prior thereto and whether or not any confirmation by a Rating Agency specified in Section 3.05(c)(i) has been obtained with respect to any
prior occurrence of a Downgrade Event. 
 (d) Non-Extension Drawings. If any Liquidity Facility with respect to any Class
of Certificates is scheduled to expire on a date (the “Stated Expiration Date”) prior to the date that is 15 days after the Final Legal Distribution Date for such Class of Certificates, then no earlier than the 60th day and no later than
the 40th day prior to the then applicable Stated Expiration Date, the Subordination Agent shall request in writing that such Liquidity Provider extend the Stated Expiration Date to the earlier of (i) the date that is 15 days after the Final
Legal Distribution Date for such Class of Certificates and (ii) the date that is the day immediately preceding the 364th day after the last day of the Consent Period (unless the obligations of such Liquidity Provider thereunder are earlier
terminated in accordance with such Liquidity Facility). Whether or not the applicable Liquidity Provider has received a request from the Subordination Agent, such Liquidity Provider shall by notice (the “Consent Notice”) to the
Subordination Agent, during the period commencing on the date that is 60 days prior to the then effective Stated Expiration Date (or if earlier, the date of such Liquidity Provider’s receipt of such request, if any, from the Subordination
Agent) and ending on the date that is 25 days prior to such Stated Expiration Date (the “Consent Period”) advise the Subordination Agent whether, in its sole discretion, it agrees to so extend the Stated Expiration Date; provided
that such extension shall not be effective with respect to such Liquidity Provider if, by notice (the “Withdrawal Notice”) to the Subordination Agent prior to the end of the Consent Period, such Liquidity Provider revokes its Consent
Notice. If a Liquidity Provider advises the Subordination Agent on or before the end of the Consent Period that such Stated Expiration Date shall not be so extended or fails to irrevocably and unconditionally advise the Subordination Agent on or
before the end of the Consent Period that such Stated Expiration Date shall be so extended or gives a Withdrawal Notice to the Subordination Agent prior to the end of the Consent Period (and, in each case, if

  

					
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such Liquidity Provider shall not have been replaced in accordance with Section 3.05(e)), the Subordination Agent shall, on the date on which the Consent Period ends (or as soon as possible
thereafter but prior to the Stated Expiration Date), in accordance with and to the extent permitted by the terms of the expiring Liquidity Facility (a “Non-Extended Facility”), request a drawing under such expiring Liquidity Facility (such
drawing, a “Non-Extension Drawing”) of the Available Amounts thereunder. Amounts drawn pursuant to a Non-Extension Drawing shall be maintained and invested in accordance with Section 3.05(f). If any amounts shall be drawn pursuant to
a Non-Extension Drawing and, within 30 days thereafter, the applicable Liquidity Provider shall not have been replaced, then at any time following the 45th day after such Non-Extension Drawing, such Liquidity Provider may, by written notice to the
Subordination Agent, agree to reinstate the applicable Liquidity Facility on the terms of the existing related Liquidity Facility for a period ending on the 364th day after the end of the Consent Period; provided, however, that in such
event such Liquidity Provider shall reimburse the Subordination Agent for any costs actually incurred by or on behalf of the Subordination Agent in drawing pursuant to the Non-Extension Drawing and funding the Cash Collateral Account or otherwise in
connection with the Non-Extension Drawing. 
 (e) Issuance of Replacement Liquidity Facility. (i) Subject to
Section 3.05(e)(iii) and the agreements, if any, in the applicable Fee Letter, at any time, Delta may, at its option and at its own expense, with cause or without cause, arrange for a Replacement Liquidity Facility to replace any Liquidity
Facility for any Class of Certificates (including any Replacement Liquidity Facility provided pursuant to Section 3.05(e)(ii)); provided, however, that if the initial Liquidity Provider is replaced it shall be replaced with respect to all
Liquidity Facilities under which it is a Liquidity Provider. If such Replacement Liquidity Facility is provided at any time after a Downgrade Drawing, a Non-Extension Drawing or a Special Termination Drawing has been made, all funds on deposit in
the relevant Cash Collateral Account resulting from such Downgrade Drawing or Non-Extension Drawing will be returned to the Liquidity Provider being replaced. 
 (ii) If any Liquidity Provider shall determine not to extend its Liquidity Facility in accordance with Section 3.05(d), then such Liquidity Provider may, at its option, arrange for a Replacement
Liquidity Facility to replace such Liquidity Facility during the period no earlier than 40 days and no later than 25 days prior to the then effective Stated Expiration Date of such Liquidity Facility. At any time after a Non-Extension Drawing has
been made under any Liquidity Facility, the Liquidity Provider thereunder may, at its option, arrange for a Replacement Liquidity Facility to replace the Liquidity Facility under which such Non-Extension Drawing has been made. 

(iii) No Replacement Liquidity Facility arranged by Delta or a Liquidity Provider in accordance with clause (i) or (ii) above
or pursuant to Section 3.05(c), respectively, shall become effective and no such Replacement Liquidity Facility shall be deemed a “Liquidity Facility” under the Operative Agreements, unless and until (A) each of the conditions
referred to in sub-clauses (iv)(x) and (z) below shall have been satisfied, (B) if such Replacement Liquidity Facility shall materially adversely affect the rights, remedies, interests or obligations of the Class A
Certificateholders or the Class B Certificateholders under any of the Operative Agreements, the applicable Trustee shall have consented, in writing, to the execution and issuance of such Replacement Liquidity Facility and (C) in the case
of a Replacement Liquidity Facility arranged by a Liquidity Provider under Section 3.05(e)(ii) or pursuant to Section 3.05(c), such Replacement Liquidity Facility is reasonably acceptable to Delta. 

  

					
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 (iv) In connection with the issuance of each Replacement Liquidity Facility, the
Subordination Agent shall (x) prior to the issuance of such Replacement Liquidity Facility, obtain written confirmation from each Rating Agency that such Replacement Liquidity Facility will not cause a reduction, withdrawal or suspension of any
rating then in effect for any Class of Certificates by such Rating Agency (without regard to any downgrading of any rating of the Liquidity Provider being replaced pursuant to Section 3.05(c)), (y) pay all Liquidity Obligations then owing
to the replaced Liquidity Provider (which payment shall be made first from available funds in the applicable Cash Collateral Account as described in Section 3.05(f), and thereafter from any other available source, including, without limitation,
a drawing under the Replacement Liquidity Facility) and (z) cause the issuer of the Replacement Liquidity Facility to deliver the Replacement Liquidity Facility to the Subordination Agent, together with a legal opinion opining that such
Replacement Liquidity Facility is an enforceable obligation of such Replacement Liquidity Provider. 
 (v) Upon satisfaction of
the conditions set forth in clauses (iii) and (iv) of this Section 3.05(e) with respect to a Replacement Liquidity Facility, (1) the replaced Liquidity Facility shall terminate, (2) the Subordination Agent shall, if and to
the extent so requested by Delta or the Liquidity Provider being replaced, execute and deliver any certificate or other instrument required in order to terminate the replaced Liquidity Facility, shall surrender the replaced Liquidity Facility to the
Liquidity Provider being replaced and shall execute and deliver the Replacement Liquidity Facility and any associated Fee Letter, (3) each of the parties hereto shall enter into any amendments to this Agreement necessary to give effect to
(a) the replacement of the applicable Liquidity Provider with the applicable Replacement Liquidity Provider and (b) the replacement of the applicable Liquidity Facility with the applicable Replacement Liquidity Facility, and (4) the
applicable Replacement Liquidity Provider shall be deemed to be a Liquidity Provider with the rights and obligations of a Liquidity Provider hereunder and under the other Operative Agreements and such Replacement Liquidity Facility shall be deemed
to be a Liquidity Facility hereunder and under the other Operative Agreements. 
 (f) Cash Collateral Accounts; Withdrawals;
Investments. In the event the Subordination Agent shall draw all Available Amounts under the Class A Liquidity Facility or the Class B Liquidity Facility pursuant to Section 3.05(c), 3.05(d), 3.05(i) or 3.05(k), or in the event
amounts are to be deposited in the Class A Cash Collateral Account or the Class B Cash Collateral Account pursuant to subclause (A) or (B) of clause “fourth” of Section 3.02, amounts so drawn or to be deposited, as
the case may be, shall be deposited by the Subordination Agent in the Class A Cash Collateral Account or the Class B Cash Collateral Account, as applicable. All amounts on deposit in each Cash Collateral Account shall be invested and
reinvested in Eligible Investments in accordance with Section 2.02(b). 
 On each Interest Payment Date (or, in the case of
any Special Distribution Date with respect to the distribution of a Special Payment, on such Special Distribution Date), Investment Earnings on amounts on deposit in each Cash Collateral Account with respect to any Liquidity Facility (or in the case
of any Special Distribution Date with respect to the distribution of a Special Payment, so long as no Indenture Event of Default shall have occurred and be 

  

					
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continuing under any Indenture, a fraction of such Investment Earnings equal to the Section 2.04 Fraction) shall be deposited in the Collection Account (or, in the case of any Special
Distribution Date with respect to the distribution of a Special Payment, the Special Payments Account) and applied on such Interest Payment Date (or Special Distribution Date, as the case may be) in accordance with Section 3.02 or 3.03 (as
applicable). The Subordination Agent shall deliver a written statement to Delta and each Liquidity Provider one day prior to each Interest Payment Date and Special Distribution Date setting forth the aggregate amount of Investment Earnings held in
the Cash Collateral Accounts as of such date. In addition, from and after the date funds are so deposited, the Subordination Agent shall make withdrawals from such accounts as follows: 

(i) on each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay
accrued and unpaid interest due and owing on the Class A Certificates (at the Stated Interest Rate for the Class A Certificates) (other than any amount of interest which was due and payable in respect of the Class A Certificates on
such Distribution Date but which remains unpaid due to the failure of the Depositary to pay any amount of accrued interest on the relevant Deposits on such Distribution Date) after giving effect to the subordination provisions of this Agreement,
withdraw from the Class A Cash Collateral Account, and pay to the Class A Trustee, an amount equal to the lesser of (x) an amount necessary to pay accrued and unpaid interest (at the Stated Interest Rate for the Class A
Certificates) on the Class A Certificates and (y) the amount on deposit in the Class A Cash Collateral Account; 
 (ii) on each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued and unpaid interest due and owing on the Class B Certificates (at the
Stated Interest Rate for the Class B Certificates) (other than any amount of interest which was due and payable in respect of the Class B Certificates on such Distribution Date but which remains unpaid due to the failure of the Depositary to
pay any amount of accrued interest on the relevant Deposits on such Distribution Date) after giving effect to the subordination provisions of this Agreement, withdraw from the Class B Cash Collateral Account, and pay to the Class B
Trustee, an amount equal to the lesser of (x) an amount necessary to pay accrued and unpaid interest (at the Stated Interest Rate for the Class B Certificates) on such Class B Certificates and (y) the amount on deposit in the
Class B Cash Collateral Account; 
 (iii) on each date on which the Pool Balance of the Class A Trust
shall have been reduced by payments made to the Class A Certificateholders pursuant to Section 3.02 hereof or pursuant to Section 2.03 of the Escrow and Paying Agent Agreement for such Class, the Subordination Agent shall withdraw
from the Class A Cash Collateral Account such amount as is necessary so that, after giving effect to the reduction of the Pool Balance on such date (and any reduction in the amounts on deposit in the Class A Cash Collateral Account
resulting from a prior withdrawal of amounts on deposit in the Class A Cash Collateral Account on such date) and any transfer of Investment Earnings from such Cash Collateral Account to the Collection Account or the Special Payments Account on
such date, an amount equal to the sum of the Required Amount (with respect to the Class A Liquidity Facility) plus (if on a Distribution Date not coinciding with an Interest Payment Date) Investment Earnings on deposit in such

  

					
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Cash Collateral Account (after giving effect to any such transfer of Investment Earnings) will remain on deposit in the Class A Cash Collateral Account and shall first, pay such withdrawn
amount to the Class A Liquidity Provider until the Class A Liquidity Obligations owing to the Class A Liquidity Provider shall have been paid in full, and second, deposit any remaining withdrawn amount in the Collection Account;

 (iv) on each date on which the Pool Balance of the Class B Trust shall have been reduced by payments made
to the Class B Certificateholders pursuant to Section 3.02 hereof or pursuant to Section 2.03 of the Escrow and Paying Agent Agreement for such Class, the Subordination Agent shall withdraw from the Class B Cash Collateral
Account such amount as is necessary so that, after giving effect to the reduction of the Pool Balance on such date (and any reduction in the amounts on deposit in the Class B Cash Collateral Account resulting from a prior withdrawal of amounts
on deposit in the Class B Cash Collateral Account on such date) and any transfer of Investment Earnings from such Cash Collateral Account to the Collection Account or the Special Payments Account on such date, an amount equal to the sum of the
Required Amount (with respect to the Class B Liquidity Facility) plus (if on a Distribution Date not coinciding with an Interest Payment Date) Investment Earnings on deposit in such Cash Collateral Account (after giving effect to any such
transfer of Investment Earnings) will remain on deposit in the Class B Cash Collateral Account and shall first, pay such withdrawn amount to the Class B Liquidity Provider until the Class B Liquidity Obligations owing to such Liquidity Provider
shall have been paid in full, and second, deposit any remaining withdrawn amount in the Collection Account; 

(v) if a Replacement Liquidity Facility for any relevant Class of Certificates shall be delivered to the Subordination
Agent following the date on which funds have been deposited into the Cash Collateral Account for such Class of Certificates, the Subordination Agent shall withdraw all amounts remaining on deposit in such Cash Collateral Account and shall pay such
amounts to the replaced Liquidity Provider, if any, until all Liquidity Obligations owed to such Person shall have been paid in full, and deposit any remaining amount in the Collection Account; and 

(vi) following (x) the payment of Final Distributions or (y) the Final Legal Distribution Date with respect to
any Class of Certificates covered by a Liquidity Facility, on the date on which the Subordination Agent shall have been notified by the Liquidity Provider for such Class of Certificates that the Liquidity Obligations owed to such Liquidity Provider
have been paid in full, or, if earlier, the first Business Day after such Final Legal Distribution Date, the Subordination Agent shall withdraw all amounts on deposit in the Cash Collateral Account in respect of such Class of Certificates, if any,
and shall deposit such amounts in the Collection Account. 
 (g) Reinstatement. With respect to any Interest Drawing
under the Liquidity Facility for any relevant Trust, upon the reimbursement of the applicable Liquidity Provider for all or any part of the amount of such Interest Drawing, together with any accrued interest thereon, the Available Amount of such
Liquidity Facility shall be reinstated by an amount equal to the amount of such Interest Drawing so reimbursed to the applicable Liquidity Provider but not to exceed the Stated Amount for such Liquidity Facility; provided, however, that the

  

					
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Available Amount of such Liquidity Facility shall not be so reinstated in part or in full at any time if (x) both a Performing Note Deficiency exists and a Liquidity Event of Default shall
have occurred and be continuing with respect to the relevant Liquidity Facility or (y) a Final Drawing, Downgrade Drawing, Non-Extension Drawing or Special Termination Drawing shall have occurred with respect to such Liquidity Facility or an
Interest Drawing shall have been converted into a Final Drawing. In the event that, with respect to any particular Liquidity Facility, (i) funds are withdrawn from the related Cash Collateral Account pursuant to clause (i) or (ii) of
Section 3.05(f) or (ii) such Liquidity Facility shall become a Downgraded Facility or a Non-Extended Facility at a time when unreimbursed Interest Drawings under such Liquidity Facility have reduced the Available Amount thereunder to zero,
then funds received by the Subordination Agent at any time, other than (x) any time when both a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to such Liquidity Facility or
(y) any time after a Final Drawing shall have occurred with respect to such Liquidity Facility shall be deposited in such Cash Collateral Account as and to the extent provided in clause “fourth” of Section 3.02 and applied in
accordance with Section 3.05(f). 
 (h) Reimbursement. The amount of each drawing under the Liquidity Facilities
shall be due and payable, together with interest thereon, on the dates and at the rates, respectively, provided in the Liquidity Facilities. 
 (i) Final Drawing. Upon receipt from a Liquidity Provider of a Termination Notice with respect to its applicable Liquidity Facility, the Subordination Agent shall, not later than the date specified
in such Termination Notice, in accordance with the terms of such Liquidity Facility, request a drawing under such Liquidity Facility of all available and undrawn amounts thereunder (a “Final Drawing”). Amounts drawn pursuant to a Final
Drawing shall be maintained and invested in accordance with Section 3.05(f). 
 (j) Adjustments of Stated Amount.
Promptly following each date on which the Required Amount of the Liquidity Facility for a relevant Class of Certificates is reduced as a result of a reduction in the Pool Balance with respect to such Certificates or otherwise, the Subordination
Agent shall, if any such Liquidity Facility provides for reductions of the Stated Amount of such Liquidity Facility and if such reductions are not automatic, request such Liquidity Provider for such Class of Certificates to reduce such Stated Amount
to an amount equal to the Required Amount with respect to such Liquidity Facility (as calculated by the Subordination Agent after giving effect to such payment). Each such request shall be made in accordance with the provisions of the applicable
Liquidity Facility. 
 (k) Special Termination Drawing. Upon receipt from a Liquidity Provider of a Special Termination
Notice with respect to any Liquidity Facility, the Subordination Agent shall, not later than the date specified in such Special Termination Notice, in accordance with the terms of such Liquidity Facility, request a drawing under such Liquidity
Facility of the Available Amount thereunder (a “Special Termination Drawing”). Amounts drawn pursuant to a Special Termination Drawing shall be maintained and invested in accordance with Section 3.05(f) hereof. 

  

					
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 (l) Relation to Subordination Provisions. Interest Drawings under the Liquidity
Facilities and withdrawals from the Cash Collateral Accounts, in each case, in respect of interest on the Certificates of any Class, will be distributed to the Trustee for such Class of Certificates, notwithstanding Sections 2.01(b) and 3.02.

 (m) Assignment of Liquidity Facility. The Subordination Agent agrees not to consent to the assignment by any Liquidity
Provider of any of its rights or obligations under any Liquidity Facility or any interest therein unless (i) Delta shall have consented to such assignment and (ii) each Rating Agency shall have provided a Ratings Confirmation with respect
to each Class of Certificates then rated by such Rating Agency in connection with such assignment; provided, that the Subordination Agent shall consent to such assignment if the conditions in the foregoing clauses (i) and (ii) are
satisfied, and the foregoing is not intended to and shall not be construed to limit the rights of any initial Liquidity Provider under Section 3.05(e)(ii). 
 ARTICLE IV 
 EXERCISE OF REMEDIES 

Section 4.01. Directions from the Controlling Party. (a) (i) Following the occurrence and during the continuation
of an Indenture Event of Default under any Indenture, the Controlling Party shall direct the Subordination Agent, as the holder of the Equipment Notes issued under such Indenture, which in turn shall direct the Loan Trustee under such Indenture, in
the exercise of remedies available to the holders of such Equipment Notes, including, without limitation, the ability to vote all such Equipment Notes held by the Subordination Agent in favor of Accelerating such Equipment Notes in accordance with
the provisions of such Indenture. Subject to Section 4.01(a)(iii), if the Equipment Notes issued pursuant to any Indenture have been Accelerated following an Indenture Event of Default with respect thereto, the Controlling Party may direct the
Subordination Agent to sell, assign, contract to sell or otherwise dispose of and deliver all (but not less than all) of such Equipment Notes to any Person at public or private sale, at any location at the option of the Controlling Party, all upon
such terms and conditions as the Controlling Party may reasonably deem advisable and in accordance with applicable law. 
 (ii)
Following the occurrence and during the continuation of an Indenture Event of Default under any Indenture, in the exercise of remedies pursuant to such Indenture, the Loan Trustee under such Indenture may be directed to lease the related Aircraft to
any Person (including Delta) so long as the Loan Trustee in doing so acts in a “commercially reasonable” manner within the meaning of Article 9 of the Uniform Commercial Code as in effect in any applicable jurisdiction (including
Sections 9-610 and 9-627 thereof). 
 (iii) Notwithstanding the foregoing, so long as any Certificates remain Outstanding,
during the period ending on the date which is nine months after the earlier of (x) the Acceleration of the Equipment Notes issued pursuant to any Indenture or (y) the occurrence of a Delta Bankruptcy Event, without the consent of each
Trustee (other than the Trustee of any Trust all of the Certificates of which are held or beneficially owned by Delta and/or its Affiliates), no Aircraft subject to the Lien of such Indenture or such Equipment Notes may be sold if the net proceeds
from such sale would be less than the Minimum Sale Price for such Aircraft or such Equipment Notes. 

  

					
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 (iv) Upon the occurrence and continuation of an Indenture Event of Default under any
Indenture, the Subordination Agent will obtain three desktop appraisals from the Appraisers selected by the Controlling Party setting forth the current market value, current lease rate and distressed value (in each case, as defined by the
International Society of Transport Aircraft Trading or any successor organization) of the Aircraft subject to such Indenture (each such appraisal, an “Appraisal” and the current market value appraisals being referred to herein as the
“Post-Default Appraisals”). For so long as any Indenture Event of Default shall be continuing under any Indenture, and without limiting the right of the Controlling Party to request more frequent Appraisals, the Subordination Agent
will obtain updated Appraisals on the date that is 364 days from the date of the most recent Appraisal (or if a Delta Bankruptcy Event shall have occurred and is continuing, on the date that is 180 days from the date of the most recent Appraisal)
and shall (acting on behalf of each Trustee) post such Appraisals on DTC’s Internet bulletin board or make such other commercially reasonable efforts as the Subordination Agent may deem appropriate to make such Appraisals available to all
Certificateholders. 
 (b) Following the occurrence and during the continuance of an Indenture Event of Default under any
Indenture, the Controlling Party shall take such actions as it may reasonably deem most effectual to complete the sale or other disposition of the relevant Aircraft or Equipment Notes. In addition, in lieu of any sale, assignment, contract to sell
or other disposition, the Controlling Party may maintain or cause the Subordination Agent to maintain possession of such Equipment Notes and continue to apply monies received in respect of such Equipment Notes in accordance with Article III
hereof. In addition, in lieu of such sale, assignment, contract to sell or other disposition, or in lieu of such maintenance of possession, the Controlling Party may direct the Subordination Agent to, subject to the terms and conditions of the
related Indenture, instruct the Loan Trustee under such Indenture to foreclose on the Lien on the related Aircraft or to take any other remedial action permitted under such Indenture or under any applicable law. 

(c) If following a Delta Bankruptcy Event and during the pendency thereof, the Controlling Party receives a proposal from or on behalf of
Delta to restructure the financing of any one or more of the Aircraft, the Controlling Party shall promptly thereafter give the Subordination Agent, each Trustee and each Liquidity Provider that has not made a Final Drawing notice of the material
economic terms and conditions of such restructuring proposal whereupon the Subordination Agent acting on behalf of each Trustee shall post such terms and conditions of such restructuring proposal on DTC’s Internet bulletin board or make such
other commercially reasonable efforts as the Subordination Agent may deem appropriate to make such terms and conditions available to all Certificateholders. Thereafter, neither the Subordination Agent nor any Trustee, whether acting on instructions
of the Controlling Party or otherwise, may, without the consent of each Trustee and each Liquidity Provider that has not made a Final Drawing, enter into any term sheet, stipulation or other agreement (a “Restructuring Arrangement”)
(whether in the form of an adequate protection stipulation, an extension under Section 1110(b) of the Bankruptcy Code or otherwise) to effect any such restructuring proposal with or on behalf of Delta unless and until the material economic
terms and conditions of such restructuring proposal shall have been made available to all Certificateholders and each Liquidity Provider that has not made a Final Drawing for a period of not less than 15 calendar days (except that such requirement
shall not apply to any such term sheet, stipulation or other agreement that is to be effective on or as of any date occurring during the 60-Day Period and that is initially 

  

					
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effective for a period not exceeding three months from the expiry of the 60-Day Period (an “Interim Restructuring Arrangement”)). The foregoing provisions of this Section 4.01(c):
(i) shall not apply to any extension of a Restructuring Arrangement with respect to which such provisions have been complied with in connection with the original entry thereof if the possibility of such extension has been disclosed in
satisfaction of the notification requirements of such provisions and such extension shall not amend or modify any of the other terms and conditions of such Restructuring Arrangement and (ii) shall apply to the initial extension of an Interim
Restructuring Arrangement beyond the three months following the expiry of the 60-Day Period but not to any subsequent extension of such Interim Restructuring Arrangement, if the possibility of such subsequent extension has been disclosed in
satisfaction of the notification requirements of such provisions and such subsequent extension shall not amend or modify any of the other terms and conditions of such Interim Restructuring Arrangement. In the event that any Certificateholder gives
irrevocable notice of the exercise of its right to purchase all (but not less than all) of the Class of Certificates represented by the then Controlling Party pursuant to the applicable Trust Agreement, prior to the expiry of the 15-day notice
period specified above, such Controlling Party may not direct the Subordination Agent or any Trustee to enter into any such restructuring proposal with respect to any of the Aircraft, unless and until such Certificateholder shall fail to purchase
such Class of Certificates on the date that it is required to make such purchase. 
 Section 4.02. Remedies
Cumulative. To the extent permitted by applicable law, each and every right, power and remedy given to the Trustees, the Liquidity Providers, the Controlling Party or the Subordination Agent specifically or otherwise in this 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, subject always to the terms and conditions hereof, be exercised from time to time and as often and in such order as may be deemed expedient by any Trustee, any Liquidity Provider, the Controlling Party or the Subordination
Agent, as appropriate, 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 any Trustee, any Liquidity Provider, the Controlling Party or the Subordination Agent in the exercise of any right, remedy or power or in the pursuit of any remedy shall, to the extent permitted by applicable law, impair any such right,
power or remedy or be construed to be a waiver of any default or to be an acquiescence therein. 
 Section 4.03.
Discontinuance of Proceedings. In case any party to this Agreement (including the Controlling Party in such capacity) shall have instituted any Proceeding to enforce any right, power or remedy under this Agreement by foreclosure, entry
or otherwise, and such Proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Person instituting such Proceeding, then and in every such case each such party shall, subject to any
determination in such Proceeding, be restored to its former position and rights hereunder, and all rights, remedies and powers of such party shall continue as if no such Proceeding had been instituted. 

  

					
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 Section 4.04. Right of Certificateholders and the Liquidity Providers to Receive
Payments Not to Be Impaired. Anything in this Agreement to the contrary notwithstanding but subject to each Trust Agreement, the right of any Certificateholder or any Liquidity Provider, respectively, to receive payments hereunder
(including, without limitation, pursuant to Section 3.02) when due, or to institute suit for the enforcement of any such payment on or after the applicable Distribution Date, shall not be impaired or affected without the consent of such
Certificateholder or such Liquidity Provider, respectively. 
 ARTICLE V 

DUTIES OF THE SUBORDINATION AGENT; 
 AGREEMENTS OF TRUSTEES, ETC. 
 Section 5.01. Notice of Indenture
Event of Default or Triggering Event. (a) If the Subordination Agent shall have knowledge of an Indenture Event of Default or a Triggering Event, the Subordination Agent shall promptly give notice thereof to the Rating Agencies, Delta, the
Liquidity Providers and the Trustees by telegram, cable, facsimile or telephone (to be promptly confirmed in writing), unless such Indenture Event of Default or Triggering Event shall have been cured or waived. For all purposes of this Agreement, in
the absence of actual knowledge, the Subordination Agent shall not be deemed to have knowledge of any Indenture Event of Default or Triggering Event unless notified in writing by Delta, one or more Trustees, one or more Liquidity Providers or one or
more Certificateholders; and “actual knowledge” (as used in the foregoing clause) of the Subordination Agent shall mean actual knowledge of an officer in the Corporate Trust Office of the Subordination Agent. 

(b) Other Notices. The Subordination Agent will furnish to each Liquidity Provider and each Trustee, promptly upon receipt
thereof, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and other instruments furnished to the Subordination Agent as registered holder of the Equipment Notes or otherwise in its capacity as
Subordination Agent to the extent the same shall not have been otherwise directly distributed to such Liquidity Provider or such Trustee, as applicable, pursuant to any other Operative Agreement. 

(c) Securities Position. Upon the occurrence of an Indenture Event of Default, the Subordination Agent shall instruct the Trustees
to, and the Trustees shall, request that DTC post on its Internet bulletin board a securities position listing setting forth the names of all the parties reflected on DTC’s books as holding interests in the Certificates. 

(d) Reports. Promptly after the occurrence of a Triggering Event or an Indenture Event of Default resulting from the failure of
Delta to make payments on any Equipment Note and on every Regular Distribution Date while the Triggering Event or such Indenture Event of Default shall be continuing, the Subordination Agent will provide to the Trustees, the Liquidity Providers, the
Rating Agencies and Delta a statement setting forth the following information: 
 (i) after a Delta Bankruptcy Event, with
respect to each Aircraft, whether such Aircraft is (A) subject to the 60-Day Period, (B) subject to an election by Delta under Section 1110(a) of the Bankruptcy Code, (C) covered by an agreement contemplated by
Section 1110(b) of the Bankruptcy Code or (D) not subject to any of (A), (B) or (C); 

  

					
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 (ii) to the best of the Subordination Agent’s knowledge, after requesting such
information from Delta, (A) whether the Aircraft are currently in service or parked in storage, (B) the maintenance status of the Aircraft and (C) the location of the Engines (as defined in the Indentures); 

(iii) the current Pool Balance of each Class of Certificates, the Eligible B Pool Balance and the outstanding principal amount of all
Equipment Notes; 
 (iv) the expected amount of interest which will have accrued on the Equipment Notes and on the Certificates
as of the next Regular Distribution Date; 
 (v) the amounts paid to each Person on such Distribution Date pursuant to this
Agreement; 
 (vi) details of the amounts paid on such Distribution Date identified by reference to the relevant provision of
this Agreement and the source of payment (by Aircraft and party); 
 (vii) if the Subordination Agent has made a Final Drawing
or a Special Termination Drawing under any Liquidity Facility; 
 (viii) the amounts currently owed to each Liquidity Provider;

 (ix) the amounts drawn under each Liquidity Facility; and 

(x) after a Delta Bankruptcy Event, any operational reports filed by Delta with the bankruptcy court which are available to the
Subordination Agent on a non-confidential basis. 
 Section 5.02. Indemnification. The Subordination Agent
shall not be required to take any action or refrain from taking any action under Article IV unless the Subordination Agent shall have received indemnification against any risks that may be incurred in connection therewith in form and substance
reasonably satisfactory to it, including, without limitation, adequate advances against costs (including fees and expenses) that may be incurred by it in connection therewith. The Subordination Agent shall not be required to take any action under
Article IV, nor shall any other provision of this Agreement or any other Operative Agreement be deemed to impose a duty on the Subordination Agent to take any action, if the Subordination Agent shall have been advised by outside counsel that
such action is contrary to the terms hereof or is otherwise contrary to law. Under no circumstances shall the Subordination Agent be required to expend or risk its own funds or otherwise incur any financial liability in performing its duties or
exercising its rights or powers hereunder if it shall have reasonable grounds for believing that repayment of such funds is not assured to it. 
 Section 5.03. No Duties Except as Specified in Intercreditor Agreement. The Subordination Agent shall not have any duty or obligation to take or refrain from taking any action under, or
in connection with, this Agreement, except as expressly provided by the terms of this Agreement; and no implied duties or obligations shall be read into this Agreement against the Subordination Agent. The Subordination Agent agrees that it will, in
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and at its own cost and expense (but without any right of indemnity in respect of any such cost or expense) promptly take such action as may be necessary duly to discharge all Liens on any of the
Trust Accounts or any monies deposited therein that are attributable to the Subordination Agent in its individual capacity and that are unrelated to the transaction contemplated hereby and by the other Operative Agreements. 

Section 5.04. Notice from the Liquidity Providers and Trustees. If any Liquidity Provider or Trustee has notice of an
Indenture Event of Default or a Triggering Event, such Person shall promptly give notice thereof to all other Liquidity Providers and Trustees and to the Subordination Agent; provided, however, that no such Person shall have any liability hereunder
as a result of its failure to deliver any such notice. 
 ARTICLE VI 

THE SUBORDINATION AGENT 
 Section 6.01. Authorization; Acceptance of Trusts and Duties. Each Trustee hereby designates and appoints the Subordination Agent as the agent and trustee of such Trustee under the
applicable Liquidity Facility (if any) and authorizes the Subordination Agent to enter into the applicable Liquidity Facility as agent and trustee for such Trustee. Each of the Liquidity Providers and the Trustees hereby designates and appoints the
Subordination Agent as the Subordination Agent under this Agreement. U.S. Bank accepts the trusts and duties hereby created and applicable to it and agrees to perform such duties, but only upon the terms of this Agreement and agrees to receive,
handle and disburse all monies received by it in accordance with the terms hereof. The Subordination Agent shall have no liability hereunder except (a) for its own willful misconduct or negligence, (b) as provided in Section 2.02 and
the last sentence of Section 5.03, (c) for liabilities that may result from the inaccuracy of any representation or warranty of the Subordination Agent made in its individual capacity in any Operative Agreement and (d) as otherwise
expressly provided herein or in the other Operative Agreements. 
 Section 6.02. Absence of Duties. The
Subordination Agent shall have no duty to see to any recording or filing of this Agreement or any other document, or to see to the maintenance of any such recording or filing. 
 Section 6.03. No Representations or Warranties as to Documents. The Subordination Agent shall not be deemed to have made any representation or warranty as to the validity, legality or
enforceability of this Agreement or any other Operative Agreement or as to the correctness of any statement contained herein or therein (other than the representations and warranties of the Subordination Agent made in its individual capacity under
any Operative Agreement), except that the Subordination Agent hereby represents and warrants that each of said specified documents to which it is a party has been or will be duly executed and delivered by one of its officers who is and will be duly
authorized to execute and deliver such document on its behalf. The Certificateholders, the Trustees and the Liquidity Providers make no representation or warranty hereunder whatsoever. 

  

					
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 Section 6.04. No Segregation of Monies; No Interest. Any monies paid to or
retained by the Subordination Agent pursuant to any provision hereof and not then required to be distributed to any Trustee or any Liquidity Provider as provided in Articles II and III or deposited into one or more Trust Accounts need not be
segregated in any manner except to the extent required by such Articles II and III and by law, and the Subordination Agent shall not (except as otherwise provided in Section 2.02) be liable for any interest thereon; provided, however, that
any payments received or applied hereunder by the Subordination Agent shall be accounted for by the Subordination Agent so that any portion thereof paid or applied pursuant hereto shall be identifiable as to the source thereof. 

Section 6.05. Reliance; Agents; Advice of Counsel. The Subordination Agent shall not incur any liability to anyone in
acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. As to the
Pool Balance of any Trust as of any date, the Subordination Agent may for all purposes hereof rely on a certificate signed by any Responsible Officer of the applicable Trustee, and such certificate shall constitute full protection to the
Subordination Agent for any action taken or omitted to be taken by it in good faith in reliance thereon. As to any fact or matter relating to the Liquidity Providers or the Trustees the manner of ascertainment of which is not specifically described
herein, the Subordination Agent may for all purposes hereof rely on a certificate, signed by any Responsible Officer of the applicable Liquidity Provider or Trustee, as the case may be, as to such fact or matter, and such certificate shall
constitute full protection to the Subordination Agent for any action taken or omitted to be taken by it in good faith in reliance thereon. In the administration of the trusts hereunder, the Subordination Agent may (a) execute any of the trusts
or powers hereof and perform its powers and duties hereunder directly or through agents or attorneys and (b) consult with counsel, accountants and other skilled Persons to be selected and retained by it. The Subordination Agent shall not be
liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled Persons acting within such counsel’s, accountants’ or Person’s area of
competence (so long as the Subordination Agent shall have exercised reasonable care and judgment in selecting such Persons). 

Section 6.06. Capacity in Which Acting. The Subordination Agent acts hereunder solely as agent or trustee herein and not
in its individual capacity, except as otherwise expressly provided herein and in the Operative Agreements. 
 Section 6.07.
Compensation. The Subordination Agent shall be entitled to such compensation, including reasonable expenses and disbursements, for all services rendered hereunder as Delta and the Subordination Agent may agree from time to time in
writing and shall have a priority claim to the extent set forth in Article III on all monies collected hereunder for the payment of such compensation, to the extent that such compensation shall not be paid by others. The Subordination Agent
agrees that it shall have no right against any Trustee or any Liquidity Provider for any fee as compensation for its services as agent under this Agreement. The provisions of this Section 6.07 shall survive the termination of this Agreement.

 Section 6.08. May Become Certificateholder. The institution acting as Subordination Agent hereunder may
become a Certificateholder and have all rights and benefits of a Certificateholder to the same extent as if it were not the institution acting as the Subordination Agent. 

  

					
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 Section 6.09. Subordination Agent Required; Eligibility. There shall at all
times be a Subordination Agent hereunder that is a Citizen of the United States, a bank, trust company or other financial institution organized and doing business under the laws of the United States or any state thereof and eligible to act as a
trustee under Section 310(a) of the Trust Indenture Act of 1939, as amended, and that has a combined capital and surplus of at least $75,000,000 (or a combined capital and surplus in excess of $5,000,000 and the obligations of which, whether
now in existence or hereafter incurred, are fully and unconditionally guaranteed by a corporation organized under the laws of the United States or any State or territory thereof or the District of Columbia and having a combined capital and surplus
of at least $75,000,000). If such bank, trust company or other financial institution or such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of federal, state, territorial or District of Columbia
supervising or examining authority, then for the purposes of this Section 6.09 the combined capital and surplus of such bank, trust company or other financial institution or such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. 
 In case at any time the Subordination Agent shall
cease to be eligible in accordance with the provisions of this Section 6.09, the Subordination Agent shall resign immediately in the manner and with the effect specified in Section 7.01. 

Section 6.10. Money to Be Held in Trust. All Equipment Notes, monies and other property deposited with or held by the
Subordination Agent pursuant to this Agreement shall be held in trust for the benefit of the parties entitled to such Equipment Notes, monies and other property and the Subordination Agent, in its individual capacity, hereby waives all rights of
set-off and counterclaim with respect to all such property. 
 ARTICLE VII 

SUCCESSOR SUBORDINATION AGENT 
 Section 7.01. Replacement of Subordination Agent; Appointment of Successor. (A) The Subordination Agent or any successor thereto must resign if at any time it fails to comply with
Section 6.09 and may resign at any time without cause by giving 60 days’ prior written notice to Delta, the Trustees and the Liquidity Providers. The Controlling Party or Delta (only so long as no Indenture Event of Default has occurred or
is continuing) may remove the Subordination Agent for cause by so notifying the Subordination Agent and may appoint a successor Subordination Agent. The Controlling Party (or the party that would be the Controlling Party if an Indenture Event of
Default had occurred) shall remove the Subordination Agent if: 
 (1) the Subordination Agent fails to comply
with Section 6.09; 
 (2) the Subordination Agent is adjudged bankrupt or insolvent or files a bankruptcy
petition; 

  

					
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 (3) a receiver of the Subordination Agent shall be appointed or any public
officer shall take charge or control of the Subordination Agent or its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 
 (4) the Subordination Agent otherwise becomes incapable of acting. 
 If the
Subordination Agent resigns or is removed or if a vacancy exists in the office of Subordination Agent for any reason (the Subordination Agent in such event being referred to herein as the retiring Subordination Agent), the Controlling Party (or the
party that would be the Controlling Party if an Indenture Event of Default had occurred) shall promptly appoint a successor Subordination Agent. If a successor Subordination Agent shall not have been appointed within 60 days after such notice of
resignation or removal, the retiring Subordination Agent, one or more of the Trustees or one or more of the Liquidity Providers may petition any court of competent jurisdiction for the appointment of a successor Subordination Agent to act until such
time, if any, as a successor shall have been appointed as provided above. 
 A successor Subordination Agent shall deliver
(x) a written acceptance of its appointment as Subordination Agent hereunder to the retiring Subordination Agent and (y) a written assumption of its obligations hereunder and under each Liquidity Facility to each party hereto, upon which
the resignation or removal of the retiring Subordination Agent shall become effective, and the successor Subordination Agent shall have all the rights, powers and duties of the Subordination Agent under this Agreement. The successor Subordination
Agent shall mail a notice of its succession to Delta, the Liquidity Providers and the Trustees. The retiring Subordination Agent shall promptly transfer its rights under each of the Liquidity Facilities and all of the property and all books and
records, or true, complete and correct copies thereof, held by it as Subordination Agent to the successor Subordination Agent. 

If the Subordination Agent fails to comply with Section 6.09 (to the extent applicable), one or more of the Trustees or one or more
of the Liquidity Providers may petition a court of competent jurisdiction for the removal of the Subordination Agent and the appointment of a successor Subordination Agent. 
 Notwithstanding the foregoing, no resignation or removal of the Subordination Agent shall be effective unless and until a successor has been appointed. No appointment of a successor Subordination Agent
shall be effective unless and until the Rating Agencies shall have delivered a Ratings Confirmation with respect to each Class of Certificates then rated by the Rating Agencies. 

(b) Any corporation, bank, trust company or other financial institution into which the Subordination Agent may be merged or converted or
with which it may be consolidated, or any corporation, bank, trust company or other financial institution resulting from any merger, conversion or consolidation to which the Subordination Agent shall be a party, or any corporation, bank, trust
company or other financial institution succeeding to all or substantially all of the corporate trust business of the Subordination Agent, shall be the successor of the Subordination Agent hereunder, provided that such corporation, bank, trust
company or other financial institution shall be otherwise qualified and eligible under Section 6.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, except that such corporation, bank,
trust company or other financial institution shall give prompt notice of such transaction to the Liquidity Providers and Delta. 

  

					
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 ARTICLE VIII 
 SUPPLEMENTS AND AMENDMENTS 
 Section 8.01. Amendments, Waivers,
Etc. (a) This Agreement may not be supplemented, amended or modified without the consent of each Trustee (acting, except in the case of any amendment pursuant to Section 3.05(e)(v) or any amendment contemplated by the last sentence of
this Section 8.01(a), with the consent of holders of Outstanding Certificates of the related Class evidencing Fractional Undivided Interests in the related Trust aggregating not less than a majority in interest in such Trust or as otherwise
authorized pursuant to the relevant Trust Agreement (including, without limitation, without the consent of the Certificateholders to the extent permitted thereby, Section 9.01 thereof)), the Subordination Agent and each Liquidity Provider;
provided, however, that this Agreement may be supplemented, amended or modified without the consent of any Trustee or the Subordination Agent in order (i) to cure any ambiguity or omission or to correct any mistake, (ii) to correct or
supplement any provision, or (iii) to make any other provision in regard to matters or questions arising hereunder that will not materially adversely affect the interests of any Trustee or the holders of the related Class of Certificates, and
without the consent of any Liquidity Provider if such supplement, amendment or modification is in accordance with Section 8.01(c) or 8.01(d); provided further, however, that, if such supplement, amendment or modification (x) would directly
or indirectly amend, modify or supersede, or otherwise conflict with, Section 2.02(b), 3.05(c), 3.05(e), 3.05(f), 3.05(m), 4.01(a)(ii) or 4.01(c), this proviso of Section 8.01(a), the last sentence of Section 8.01(a),
Section 8.01(c), 8.01(d) or 9.06 (collectively, the “Delta Provisions”), (y) would otherwise affect the interests of any potential Replacement Liquidity Provider or replacement Depositary or of Delta with respect to Delta’s
ability to replace any Liquidity Facility or the Depositary or with respect to Delta’s payment obligations under any Operative Agreement or (z) is made pursuant to the last sentence of this Section 8.01(a) or pursuant to
Section 8.01(c) or pursuant to Section 8.01(d), then such supplement, amendment or modification shall not be effective without the additional written consent of Delta. Notwithstanding the foregoing, without the consent of each
Certificateholder affected thereby and each Liquidity Provider, no supplement, amendment or modification of this Agreement may (i) reduce the percentage of the interest in any Trust evidenced by the Certificates issued by such Trust necessary
to consent to modify or amend any provision of this Agreement or to waive compliance therewith or (ii) except as provided in the last sentence of this Section 8.01(a) or Section 8.01(c) or Section 8.01(d), modify
Section 2.04, 3.02 or 3.03 hereof relating to the distribution of monies received by the Subordination Agent hereunder from the Equipment Notes or pursuant to the Liquidity Facilities. Nothing contained in this Section 8.01(a) shall
require the consent of a Trustee at any time following the payment of Final Distributions with respect to the related Class of Certificates. If the Replacement Liquidity Facility for any Liquidity Facility is to be comprised of more than one
instrument as contemplated by the definition of the term “Replacement Liquidity Facility”, then each party hereto agrees to amend this Agreement and the other Operative Agreements to incorporate appropriate mechanics for multiple Liquidity
Facilities for a single Trust. 

  

					
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 (b) In the event that the Subordination Agent, as the registered holder of any Equipment
Notes, receives a request for its consent to any amendment, supplement, modification, approval, consent or waiver under such Equipment Notes, the Indenture pursuant to which such Equipment Notes were issued or the related Participation Agreement or
other related document, (i) if no Indenture Event of Default shall have occurred and be continuing with respect to such Indenture, the Subordination Agent shall request directions with respect to each series of such Equipment Notes from the
Trustee of the Trust which holds such Equipment Notes and shall vote or consent in accordance with the directions of such Trustee and (ii) if any Indenture Event of Default shall have occurred and be continuing with respect to such Indenture,
the Subordination Agent will exercise its voting rights as directed by the Controlling Party, subject to Sections 4.01 and 4.04. Notwithstanding the foregoing, without the consent of each Liquidity Provider and each Certificateholder holding
Certificates representing a Fractional Undivided Interest in the Equipment Notes under the applicable Indenture held by the Subordination Agent, no such amendment, supplement, modification, approval, consent or waiver shall (i) reduce the
principal amount of, Premium, if any, or interest on, any Equipment Note under such Indenture; (ii) change the date on which any principal amount of, Premium, if any, or interest on any Equipment Note under such Indenture, is due or payable;
(iii) create any Lien with respect to the Collateral subject to such Indenture prior to or pari passu with the Lien thereon under such Indenture except such as are permitted by such Indenture; provided that, without the consent of
each Certificateholder, no such amendment, supplement, modification, approval, consent or waiver shall modify Section 3.03 or Section 9.02(a)(3) of such Indenture or deprive any Certificateholder of the benefit of the Lien of such
Indenture on such Collateral, except as provided in connection with the exercise of remedies under Article IV of such Indenture; (iv) reduce the percentage of the outstanding principal amount of the Equipment Notes under such Indenture the
consent of whose holders is required for any supplemental agreement, or the consent of whose holders is required for any waiver of compliance with certain provisions of such Indenture or of certain defaults thereunder or their consequences provided
for in such Indenture; or (v) make any change in Section 4.05 or Section 9.02 of such Indenture, except to provide that certain other provisions of such Indenture cannot be modified or waived without the consent of each holder of an
Equipment Note under such Indenture affected thereby. 
 (c) If Series B Equipment Notes (or Additional Equipment Notes),
with respect to all of the Aircraft for which Series B Equipment Notes (or, as the case may be, Additional Equipment Notes) are at the time outstanding, are redeemed and new Equipment Notes of corresponding series are to be issued in
accordance with the terms of Section 2.11(b) of each Indenture and Section 4(a)(v) of the Note Purchase Agreement, such series of new Equipment Notes (the “Refinancing Equipment Notes”) shall be issued to a new pass through trust
(a “Refinancing Trust”) that issues a class of pass through certificates (the “Refinancing Certificates”) to certificateholders (the “Refinancing Certificateholders”) pursuant to a pass through trust agreement (a
“Refinancing Trust Agreement”) with a trustee (a “Refinancing Trustee”). A Refinancing Trust, a Refinancing Trustee and the Refinancing Certificates shall be subject to all of the provisions of this Agreement in the same manner
as the Trust, the Trustee and the Certificates of the Class corresponding to the series of the refinanced Equipment Notes, including, the subordination of the Refinancing Certificates to the extent provided herein to the Administration Expenses, the
Liquidity Obligations, the Class A Certificates and, if applicable, the Class B Certificates. Such issuance of Refinancing Equipment Notes and Refinancing Certificates and the amendment of this Agreement as provided below shall require Ratings

  

					
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Confirmation with respect to each Class of Certificates then rated by the Rating Agencies and shall not materially adversely affect any of the Trustees in their individual capacities or any of
the Liquidity Providers. This Agreement shall be amended by written agreement of Delta and the Subordination Agent to give effect to the issuance of the Refinancing Certificates subject to the following terms and conditions: 

(i) the Refinancing Trustee shall be added as a party to this Agreement; 

(ii) the definitions of “Certificate”, “Class”, “Class B Certificates”, “Final
Legal Distribution Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable definitions) shall be revised, as appropriate, to reflect such issuance (and the subordination of the
Refinancing Certificates and the Refinancing Equipment Notes); 
 (iii) the Refinancing Certificates issued in
respect of the Class B Certificates (but not any Additional Certificates) may have the benefit of credit support similar to the Class B Liquidity Facility or different therefrom and claims for fees, interest, expenses, reimbursement of advances and
other obligations arising from such credit support may rank pari passu with similar claims in respect of the Class B Liquidity Facility; 
 (iv) the Refinancing Certificates cannot be issued to Delta but may be issued to any of Delta’s Affiliates so long as such Affiliate shall have bankruptcy remote and special purpose provisions in its
certificate of incorporation or other organizational documents and any subsequent transfer of such Refinancing Certificates to any Affiliate of Delta shall be similarly restricted; and 

(v) the scheduled payment dates on the Refinancing Equipment Notes shall be the Regular Distribution Dates. 

The issuance of the Refinancing Certificates in compliance with all of the foregoing terms of this Section 8.01(c) shall not require
the consent of any of the Trustees or the holders of any Class of Certificates. Each of the Liquidity Providers hereby agrees and confirms that it shall be deemed to consent to any issuance and amendment in accordance with this Section 8.01(c)
and any such issuance and amendment shall not affect any of its respective obligations under the applicable Liquidity Facility, provided that a condition to the issuance of any Refinancing Certificates issued in respect of the Class B Certificates
shall be the payment in full of all amounts owed to the Class B Liquidity Provider under the Class B Liquidity Facility and the termination of the Class B Liquidity Facility upon the issuance of such Refinancing Certificates. The Subordination Agent
shall deliver to each Trustee and each Liquidity Provider a copy of the amendments made to this Agreement and all opinions, certificates and other documents delivered in connection with the issuance of any Refinancing Certificates. 

(d) Pursuant to the terms of Section 2.02 of each Indenture and Section 4(a)(v) of the Note Purchase Agreement, one additional
series of Equipment Notes (the “Additional Equipment Notes”), which shall be subordinated in right of payment to the Series A Equipment Notes and the Series B Equipment Notes under such Indenture, may be issued at any time. If any
Additional Equipment Notes are issued under any Indenture, such Additional Equipment Notes shall be issued to a new pass through trust (an “Additional Trust”) that issues a 

  

					
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class of pass through certificates (the “Additional Certificates”) to certificateholders (the “Additional Certificateholders”) pursuant to a pass through trust agreement (an
“Additional Trust Agreement”) with a trustee (an “Additional Trustee”). In such case, this Agreement, including without limitation Sections 2.04, 3.01 and 3.02 hereof, shall be amended by written agreement of Delta and the
Subordination Agent to provide for the subordination of the Additional Certificates to, and to provide for distributions on the Additional Certificates after payment of, the Administration Expenses, the Liquidity Obligations, the Class A
Certificates and the Class B Certificates (subject to clause (iii) below). Such issuance, and the amendment of this Agreement as provided below shall require Ratings Confirmation with respect to each Class of Certificates then rated by the
Rating Agencies and shall not materially adversely affect any of the Trustees in their individual capacities. This Agreement shall be amended by written agreement of Delta and the Subordination Agent to give effect to the issuance of any Additional
Certificates subject to the following terms and conditions: 
 (i) the Additional Trustee shall be added as a party to this
Agreement; 
 (ii) the definitions of “Certificate”, “Class”, “Equipment Notes”, “Final Legal
Distribution Date”, “Trust”, “Trust Agreement”, and “Controlling Party” (and such other applicable definitions) shall be revised, as appropriate, to reflect the issuance of the Additional Certificates (and the
subordination thereof); 
 (iii) Section 3.02 may be revised, with respect to any Additional Certificates, to provide for
the distribution of “Adjusted Interest” for such Additional Certificates (calculated in a manner substantially similar to the calculation of Class B Adjusted Interest) after the Class B Adjusted Interest but before Expected Distributions
on the Class A Certificates; 
 (iv) in the event that the Additional Certificates are issued prior to the Delivery Period
Termination Date, the definitions of Deposit Agreement, Escrow and Paying Agent Agreement, Escrow Agent, Escrow Receipts, Paying Agent, Paying Agent Account, Expected Distributions, Final Distributions and Pool Balance (and any other applicable
definition) and the related provisions hereof shall be appropriately revised to reflect any applicable deposit and escrow arrangement in relation to the Additional Certificates; 

(v) the Additional Certificates may be rated by the Rating Agencies; 

(vi) the Additional Certificates cannot be issued to Delta but may be issued to any of Delta’s Affiliates so long as such Affiliate
shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents and any subsequent transfer of such Additional Certificates to any Affiliate of Delta shall be similarly restricted;

 (vii) the scheduled payment dates on such series of Additional Equipment Notes shall fall on a Regular Distribution Date; and

 (viii) there shall be no credit support with respect to the Additional Certificates (or Refinancing Certificates issued in
respect thereof) similar to or different from any Liquidity Facility. 

  

					
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 The issuance of the Additional Certificates in compliance with all of the foregoing terms of
this Section 8.01(d) shall not require the consent of any of the Trustees or the holders of any Class of Certificates. Each of the Liquidity Providers hereby agrees and confirms that it shall be deemed to consent to any issuance and amendment
in accordance with this Section 8.01(d) and any such issuance and amendment shall not affect any of its obligations under the applicable Liquidity Facility. The Subordination Agent shall deliver to each Trustee and each Liquidity Provider a
copy of the amendments made to this Agreement and all opinions, certificates and other documents delivered in connection with the issuance of any Additional Certificates. 
 Section 8.02. Subordination Agent Protected. If, in the reasonable opinion of the institution acting as the Subordination Agent hereunder, any document required to be executed by it
pursuant to the terms of Section 8.01 adversely affects any right, duty, immunity or indemnity with respect to such institution under this Agreement or any Liquidity Facility, the Subordination Agent may in its discretion decline to execute
such document. 
 Section 8.03. Effect of Supplemental Agreements. Upon the execution of any amendment, consent
or supplement hereto pursuant to the provisions hereof, this Agreement shall be and shall be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this
Agreement of the parties hereto and beneficiaries hereof shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental
agreement shall be and be deemed to be part of the terms and conditions of this Agreement for any and all purposes. In executing or accepting any supplemental agreement permitted by this Article VIII, the Subordination Agent shall be entitled
to receive, and shall be fully protected in relying upon, an opinion of counsel stating that the execution of such supplemental agreement is authorized or permitted by this Agreement. 

Section 8.04. Notice to Rating Agencies. Promptly following its receipt of each amendment, consent, modification,
supplement or waiver contemplated by this Article VIII, the Subordination Agent shall send a copy thereof to each Rating Agency. 
 ARTICLE IX 
 MISCELLANEOUS 

Section 9.01. Termination of Intercreditor Agreement. Following payment of Final Distributions with respect to each
Class of Certificates and the payment in full of all Liquidity Obligations to the Liquidity Providers and provided that there shall then be no other amounts due to the Certificateholders, the Trustees, the Liquidity Providers and the Subordination
Agent hereunder or under the Trust Agreements, and that the commitment of the Liquidity Providers under the Liquidity Facilities shall have expired or been terminated, this Agreement shall terminate and shall be of no further force or effect. Except
as aforesaid or otherwise provided, this Agreement and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof. 

  

					
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 Section 9.02. Intercreditor Agreement for Benefit of Trustees, Liquidity Providers
and Subordination Agent. Subject to the second sentence of Section 9.06 and the provisions of Section 4.04 and 8.01, nothing in this Agreement, whether express or implied, shall be construed to give to any Person other than the
Trustees, the Liquidity Providers and the Subordination Agent any legal or equitable right, remedy or claim under or in respect of this Agreement. 
 Section 9.03. Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices required or permitted under the terms and provisions of this Agreement shall be
in English and in writing, and any such notice may be given by United States mail, courier service or facsimile or any other customary means of communication, and any such notice shall be effective when delivered (or, if mailed, three Business Days
after deposit, postage prepaid, in the first class United States mail and, if delivered by facsimile, upon completion of transmission and confirmation by the sender (by a telephone call to a representative of the recipient or by machine
confirmation) that such transmission was received), 
 if to the Subordination Agent, to: 

U.S. Bank Trust National Association 

One Federal Street, 3rd Floor 
 Boston, Massachusetts 02110 
 Attention: Corporate Trust
Administration 
 Ref.: Delta 2012-1 EETC 

Telephone: (617) 603-6553 
 Telecopy: (617) 603-6683 
 if to any Trustee, to: 

U.S. Bank Trust National Association 

300 Delaware Avenue, 9th Floor 
 Mail Code EX-DE-WDAW 
 Wilmington, Delaware 19801 

Attention: Corporate Trust Services 

Ref.: Delta 2012-1 EETC 
 Telephone: (302) 576-3703 
 Telecopy: (302) 576-3717

 if to the Liquidity Provider, to: 
 NATIXIS S.A., acting via its New York Branch 
 Attention: Lily
Cheung 
 9 West 57th Street, 35th Floor 

New York, New York 10019 
 Telephone: (212) 891-1948 
 Telecopy: (212) 891-1900

 Lily.Cheung@us.natixis.com 

  

					
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 and 

NATIXIS S.A., acting via its New York Branch 

Attention: Martha Sealy 
 1251 Avenue of the Americas 
 New York, New York 10020 

Telephone: (212) 872-5031 
 Telecopy: (347) 402-3031 
 Martha.Sealy@us.natixis.com

 cc: USCIBDelta20121Report@us.natixis.com 

Any party, by notice to the other parties hereto, may designate additional or different addresses for subsequent notices or
communications. Whenever the words “notice” or “notify” or similar words are used herein, they mean the provision of formal notice as set forth in this Section 9.03. 

Section 9.04. Severability. To the extent permitted by applicable law, any provision of this 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, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 9.05.
No Oral Modifications or Continuing Waivers. No terms or provisions of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party or other Person against whom
enforcement of the change, waiver, discharge or termination is sought and any other party or other Person whose consent is required pursuant to this Agreement and any waiver of the terms hereof shall be effective only in the specific instance and
for the specific purpose given. 
 Section 9.06. Successors and Assigns. All covenants and agreements contained
herein shall bind and inure to the benefit of, and be enforceable by, each of the parties hereto and the successors and permitted assigns of each, all as herein provided. In addition, the Delta Provisions shall inure to the benefit of Delta and its
successors and permitted assigns, and (without limitation of the foregoing) Delta is hereby constituted, and agreed to be, an express third party beneficiary of the Delta Provisions. 

Section 9.07. Headings. The headings of the various Articles and Sections herein and in the Table of Contents hereto are
for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 Section 9.08.
Counterparts. This Agreement may be executed in any number of counterparts (and each party shall not be required to execute the same counterpart). Each counterpart of this Agreement including a signature page or pages executed by
each of the parties hereto shall be an original counterpart of this Agreement, but all of such counterparts together constitute one instrument. 

  

					
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 Section 9.09. Subordination. (a) As between the Liquidity Providers (and
any additional liquidity providers in respect of Refinancing Certificates issued in respect of the Class B Certificates), on the one hand, and the Trustees (and any Refinancing Trustees or any Additional Trustees) and the Certificateholders (and any
Refinancing Certificateholders or any Additional Certificateholders), on the other hand, and as among the Trustees (and any Refinancing Trustees or any Additional Trustee) and the related Certificateholders (and any Refinancing Certificateholders or
any Additional Certificateholders) this Agreement shall be a subordination agreement for purposes of Section 510 of the United States Bankruptcy Code, as amended from time to time. 

(b) Notwithstanding the provisions of this Agreement, if prior to the payment in full to the Liquidity Providers of all Liquidity
Obligations then due and payable any party hereto shall have received any payment or distribution in respect of Equipment Notes or any other amount under the Indentures or other Operative Agreements which, had the subordination provisions of this
Agreement been properly applied to such payment, distribution or other amount, would not have been distributed to such Person, then such payment, distribution or other amount shall be received and held in trust by such Person and paid over or
delivered to the Subordination Agent for application as provided herein. 
 (c) If any Trustee, any Liquidity Provider or the
Subordination Agent receives any payment in respect of any obligations owing or amounts distributable hereunder (or, in the case of the Liquidity Providers, in respect of the Liquidity Obligations), which is subsequently invalidated, declared
preferential, set aside and/or required to be repaid to a trustee, receiver or other party, then, to the extent of such payment, such obligations or amounts (or, in the case of the Liquidity Providers, such Liquidity Obligations) intended to be
satisfied shall be revived and continue in full force and effect as if such payment had not been received. 
 (d) The Trustees
(on behalf of themselves and the holders of Certificates), the Liquidity Providers and the Subordination Agent expressly confirm and agree that the payment priorities and subordination specified in Articles II and III shall apply in all
circumstances, notwithstanding (x) the fact that the obligations owed to the Trustees are secured by certain assets and the Liquidity Obligations may not be so secured or (y) the occurrence of a Delta Bankruptcy Event or any similar event
or occurrence relating to any other Person (it being expressly agreed that the payment priorities and subordination specified in Articles II and III shall apply whether or not a claim for post-petition or post-filing interest is allowed in the
proceedings resulting from such Delta Bankruptcy Event or other event or occurrence). The Trustees expressly agree (on behalf of themselves and the holders of Certificates) not to assert priority over the holders of Liquidity Obligations (except as
specifically set forth in Section 3.02) due to their status as secured creditors in any bankruptcy, insolvency or other legal proceeding. 
 (e) Each of the Trustees (on behalf of themselves and the holders of Certificates), the Liquidity Providers and the Subordination Agent may take any of the following actions without impairing its rights
under this Agreement: 
 (i) obtain a Lien on any property to secure any amounts owing to it hereunder,
including, in the case of the Liquidity Providers, the Liquidity Obligations; 

  

					
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 (ii) obtain the primary or secondary obligation of any other obligor with
respect to any amounts owing to it hereunder, including, in the case of the Liquidity Providers, any of the Liquidity Obligations; 
 (iii) renew, extend, increase, alter or exchange any amounts owing to it hereunder, including, in the case of the Liquidity Providers, any of the Liquidity Obligations, or release or compromise any
obligation of any obligor with respect thereto; 
 (iv) refrain from exercising any right or remedy, or delay in
exercising any right or remedy, which it may have; or 
 (v) take any other action which might discharge a
subordinated party or a surety under applicable law; 
 provided, however, that the taking of any such actions by any of the Trustees, the
Liquidity Providers or the Subordination Agent shall not prejudice the rights or adversely affect the obligations of any other party under this Agreement. 
 Section 9.10. Governing Law. THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 
 Section 9.11. Submission to Jurisdiction; Waiver
of Jury Trial; Waiver of Immunity. (a) Each of the parties hereto, to the extent it may do so under applicable law, for purposes hereof and of all other Operative Agreements hereby (i) irrevocably submits itself to the non-exclusive
jurisdiction of the courts of the State of New York sitting in the City of New York and to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York, for the purposes of any suit, action or other
proceeding arising out of this Agreement, the subject matter hereof or any of the transactions contemplated hereby brought by any party or parties hereto or thereto, or their successors or permitted assigns and (ii) waives, and agrees not to
assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this
Agreement or the subject matter hereof or any of the transactions contemplated hereby may not be enforced in or by such courts. 

(b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty claims and all
other common law and statutory claims. Each of the parties warrants and represents that it has reviewed this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following consultation with such legal
counsel. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THIS WAIVER IS IRREVOCABLE AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
AGREEMENT. 

  

					
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 56 

 (c) To the extent that any Liquidity Provider or any of its properties has or may hereafter
acquire any right of immunity, whether characterized as sovereign immunity or otherwise, and whether under the United States Foreign Sovereign Immunities Act of 1976 (or any successor legislation) or otherwise, from any legal proceedings, whether in
the United States or elsewhere, to enforce or collect upon this Agreement, including, without limitation, immunity from suit or service of process, immunity from jurisdiction or judgment of any court or tribunal or execution of a judgment, or
immunity of any of its property from attachment prior to any entry of judgment, or from attachment in aid of execution upon a judgment, each of the Class A Liquidity Provider and the Class B Liquidity Provider, hereby irrevocably and expressly
waives any such immunity, and agrees not to assert any such right or claim in any such proceeding, whether in the United States or elsewhere. 
 Section 9.12. Non-Petition. Each Liquidity Provider covenants that until one year and one day after the Equipment Notes have been paid in full, it shall not acquiesce, petition or otherwise
invoke or cause or join in invoking or causing any Trust or any other Person to invoke the process of any governmental authority for the purpose of commencing or sustaining a case (whether voluntary or not) against such Trust under any bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of such Trust or any substantial part of its property or ordering the winding up or liquidation of the affairs of
such Trust. 
 [Remainder of Page Intentionally Left Blank] 

  

					
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 57 

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

			
	U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee for the Class A Trust and Class B Trust
		
	 By:
	 	/s/ John G. Correia
		 	  

		 	Name: John G. Correia
		 	Title: Vice President
	
	 NATIXIS S.A., ACTING VIA ITS NEW YORK BRANCH,

as Class A Liquidity Provider and Class B Liquidity Provider

		
	 By:
	 	/s/ Louis Douady
		 	  

		 	Name: Louis Douady
		 	Title: Managing Director
		
	 By:
	 	/s/ Lily Cheung
		 	  

		 	Name: Lily Cheung
		 	Title: Director

  

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

		
	 By:
	 	/s/ John G. Correia
		 	  

		 	Name: John G. Correia
		 	Title: Vice President

  

					
		 		 	 Intercreditor Agreement (2012-1)
 (2012-1 EETC)

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