Document:

ML&B Draft 2/5/03

Exhibit 4.12
CONFORMED VERSION

THIRD AMENDMENT
TO REVOLVING CREDIT, TERM LOAN AND

GUARANTY AGREEMENT

THIRD AMENDMENT, dated as of February 18, 2003 (the "Amendment"),
to the REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT, dated as of
December 24, 2002, among UNITED AIR LINES, INC., a Delaware corporation
(the "Borrower"), a debtor and a debtor-in-possession in a case
pending under Chapter 11 of the Bankruptcy Code, UAL CORPORATION, a Delaware
corporation and the parent company of the Borrower (the "Parent")
and all of the direct and indirect subsidiaries of the Borrower and the
Parent signatory hereto (the "Subsidiaries" and together with the
Parent, each a "Guarantor" and collectively the "Guarantors"),
each of which Guarantors referred to in this paragraph is a debtor and
a debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy
Code (the cases of the Borrower and the Guarantors, each a "Case"
and collectively, the "Cases"), JPMORGAN CHASE BANK, a New York
banking corporation ("JPMorgan Chase"), CITICORP USA, INC., a Delaware
corporation ("CUSA"), BANK ONE, NA, a national banking corporation
("Bank One"), THE CIT GROUP/BUSINESS CREDIT, INC., a New York corporation
("CIT Group", and together with JPMorgan Chase, CUSA and Bank One,
the "Original Lenders"), each of the other financial institutions
from time to time party hereto (together with the Original Lenders, the
"Lenders"), JPMORGAN CHASE BANK and CUSA, as co-administrative agents
(together, the "Agents") for the Lenders and JPMORGAN CHASE BANK,
as paying agent (in such capacity, the "Paying Agent") for the Lenders.

W I T N E S S E T H:

WHEREAS, the Borrower, the Guarantors, the Original Lenders,
the Paying Agent and the Agents are parties to that certain Revolving Credit,
Term Loan and Guaranty Agreement, dated as of  December 24, 2002,
as amended by that certain First Amendment to Revolving Credit, Term Loan
and Guaranty Agreement, dated as of February 10, 2003, and as further amended
by that Second Amendment to Revolving Credit, Term Loan and Guaranty Agreement,
dated as of February 10, 2003 (as the same may be amended, modified or
supplemented from time to time, the "Credit Agreement"); and

WHEREAS, the Borrower and the Guarantors have requested that
from and after the Effective Date (as hereinafter defined) of this Amendment,
the Credit Agreement be amended subject to and upon the terms and conditions
set forth herein; and

WHEREAS, Section 10.03(b) of the Credit Agreement provides that
each Lender may assign to one or more Eligible Assignees all or a portion
of its interests, rights and obligations under the Credit Agreement (including,
without limitation, all or a portion of its Tranche A Commitment or Tranche
B Commitment and the same portion of the related Loans at the time owing
to it) by executing and delivering with such Eligible Assignee an Assignment
and Acceptance in substantially the form of Exhibit F to the Credit Agreement
(a copy of which is annexed hereto as Schedule I); and

WHEREAS, the Original Lenders wish to (i) assign to each of the
financial institutions (other than the Original Lenders) that is shown
on Annex A hereto as having a Tranche A Commitment (such financial institutions
other than the Original Lenders, collectively, the "Tranche A New Lenders"),
and each of the Tranche A New Lenders wishes to assume, a pro rata
portion of the Original Lenders' interests, rights and obligations under
the
Credit Agreement such that upon the Effective Date of this Amendment the
Original Lenders and the Tranche A New Lenders shall have the respective
Tranche A Commitments that are shown on Annex A hereto, and (ii) assign
to each of the financial institutions (other than the Original Lenders)
that is shown on Annex A hereto as having a Tranche B Commitment (such
financial institutions other than the Original Lenders, collectively, the
"Tranche B New Lenders"), and each of the Tranche B New Lenders
wishes to assume, a pro rata portion of the Original Lenders'
interests, rights and obligations under the Credit Agreement such that
upon the Effective Date of this Amendment the Original Lenders and the
Tranche B New Lenders shall have the respective Tranche B Commitments that
are shown on Annex A hereto; and

WHEREAS, the Borrower, the Guarantors, the Original Lenders,
the Tranche A New Lenders, the Tranche B New Lenders, the Agents and the
Paying Agent have determined that the execution and delivery of this Amendment
to effectuate a reallocation of the Total Commitment under the Credit Agreement
as in effect on the date hereof among the Original Lenders, the Tranche
A New Lenders and the Tranche B New Lenders will be more expeditious and
administratively efficient than the execution and delivery of a separate
Assignment and Acceptance between each of the Original Lenders and each
of the Tranche A New Lenders, and each of the Original Lenders and each
of the Tranche B New Lenders, respectively; and

WHEREAS, upon the occurrence of the Effective Date of this Amendment,
(i) each of the Tranche A New Lenders and Tranche B New Lenders shall become
a party to the Credit Agreement as a "Lender" and shall have the rights
and obligations of a Lender thereunder, (ii) the respective Tranche A Commitments
of each of the Original Lenders and Tranche A New Lenders under the Credit
Agreement shall be in the amount set forth opposite its name on Annex A
hereto under the heading "Tranche A Commitment", and (iii) the respective
Tranche B Commitment of each of the Original Lenders and the Tranche B
New Lenders under the Credit Agreement shall be in the amount set forth
opposite its name on Annex A hereto under the heading "Tranche B Commitment",
as each of the same may be reduced from time to time pursuant to Section
2.10 of the Credit Agreement;

NOW, THEREFORE, the parties hereto hereby agree as follows:

	
As used herein, all terms that are defined in the Credit Agreement (in
effect immediately prior to the Effective Date of this Amendment) shall
have the same meanings herein.
	
Annex A to the Credit Agreement is hereby replaced in its entirety by Annex
A hereto.
	
The signature pages of the Credit Agreement are hereby amended to conform
to the signature pages hereto.
	
By its execution and delivery hereof, each of the Original Lenders shall
be deemed to have made each of the statements set forth in clauses (i)
and (ii) of paragraph 2 of the Assignment and Acceptance as if such statements
were fully set forth herein at length.
	
By its execution and delivery hereof, each of the Tranche A New Lenders
and Tranche B New Lenders shall be deemed to have made each of the statements
set forth in clauses (i), (ii), (iii), (iv) and (v) of paragraph 3 of the
Assignment and Acceptance as if such statements were fully set forth herein
at length.
	
On the Effective Date, (i) each Tranche A New Lender will pay to the Paying
Agent (for the accounts of the Original Lenders) such amount as represents
such Tranche A New Lender's pro rata portion of the aggregate
principal amount of the Tranche A Loans, if any, that are outstanding on
the Effective Date and such Tranche A New Lender's pro rata
portion of the aggregate amount of the then unreimbursed drafts, if any,
that were theretofore drawn under Letters of Credit, (ii) each Tranche
B New Lender will pay to the Paying Agent (for the accounts of the Original
Lenders) such amount as represents such Tranche B New Lender's prorata
portion of the aggregate principal amount of the Tranche B Loans and (iii)
the Paying Agent shall pay to each of the Tranche A New Lenders and Tranche
B New Lenders such fees as have been previously agreed to between the Agents
and such Tranche A New Lenders and the Agents and such Tranche B New Lenders,
respectively.  Promptly following the occurrence of the Effective
Date, and in accordance with Section 10.03(e) of the Credit Agreement,
the Paying Agent shall record in the Register the names and addresses of
each Tranche A New Lender and Tranche B New Lender and the principal amount
equal to such Tranche A Lender's Tranche A Commitment, or such Tranche
B Lender's Tranche B Commitment, as the case may be, reflected on Annex
A hereto.
	
By its execution and delivery hereof, each of the Tranche A New Lenders
and Tranche B New Lenders (i) agrees that any interest on the Loans, Commitment
Fees and Letter of Credit Fees (pursuant to Sections 2.08, 2.20 and 2.21
of the Credit Agreement) that accrued prior to the Effective Date shall
not be payable to such Tranche A New Lender or Tranche B New Lender and
authorizes and directs the Paying Agent to deduct such amounts from any
interest, Commitment Fees or Letter of Credit Fees paid after the date
hereof and to pay such amounts to the Original Lenders (it being understood
that interest on the Loans, Commitment Fees and Letter of Credit Fees respecting
the Total Tranche A Commitment of the Original Lenders, each Tranche A
New Lender and each Tranche B New Lender which accrue on or after the Effective
Date shall be payable to such Lender in accordance with its Total Commitment),
(ii) acknowledges that if such Tranche A New Lender or Tranche B New Lender
is organized under the laws of a jurisdiction outside of the United States,
such Tranche A New Lender or Tranche B New Lender has heretofore furnished
to the Paying Agent the forms prescribed by the Internal Revenue Service
of the United States certifying as to such Tranche A New Lender's or Tranche
B New Lender's exemption from United States withholding taxes with respect
to any payments to be made to such Tranche A New Lender or Tranche B New
Lender under the Credit Agreement (or such other documents as are necessary
to indicate that all such payments are subject to such tax at a rate reduced
by an applicable tax treaty) and (iii) acknowledges that such Tranche A
New Lender or Tranche B New Lender has heretofore supplied to the Paying
Agent the information requested on the administrative questionnaire in
the form previously furnished by JPMorgan Chase.
	
The Paying Agent shall promptly deliver to the Borrower the forms and other
documents furnished to it pursuant to paragraph 7(ii) hereof.
	
This Amendment shall not become effective (the "Effective Date")
until (i) the date on which this Amendment shall have been executed by
the Borrower, the Guarantors, the Original Lenders, the Tranche A New Lenders,
the Tranche B New Lenders, the Agents and the Paying Agent, and the Paying
Agent shall have received evidence satisfactory to it of such execution
and (ii) the payments provided for in the first sentence of paragraph 6
hereof shall have been made.
	
Except to the extent hereby amended, the Credit Agreement and each of the
Loan Documents remain in full force and effect and are hereby ratified
and affirmed.
	
The Borrower agrees that its obligations set forth in Section 10.05 of
the Credit Agreement shall extend to the preparation, execution and delivery
of this Amendment, including the reasonable fees and disbursements of special
counsel to the Agents.
	
This Amendment shall be limited precisely as written and shall not be deemed
(a) to be a consent granted pursuant to, or a waiver or modification of,
any other term or condition of the Credit Agreement or any of the instruments
or agreements referred to therein or (b) to prejudice any right or rights
which the Agents or the Lenders may now have or have in the future under
or in connection with the Credit Agreement or any of the instruments or
agreements referred to therein.  Whenever the Credit Agreement is
referred to in the Credit Agreement or any of the instruments, agreements
or other documents or papers executed or delivered in connection therewith,
such reference shall be deemed to mean the Credit Agreement as modified
by this Amendment.
	
This Amendment may be executed in any number of counterparts and by the
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which
taken together shall constitute but one and the same instrument.
	
This Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York.

[SIGNATURE PAGES TO FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment
to be duly executed as of the day and the year first written.

 

 
	BORROWER:
	 
	UNITED AIR LINES, INC.
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: Executive Vice President & CFO

 
	GUARANTORS:
	 
	UAL CORPORATION
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: Executive Vice President & CFO 

 
	
UAL LOYALTY SERVICES, INC.
By: /s/ Steven Rasher 

Name: Steven Rasher

Title: Vice President, General Counsel, & Secretary

 
	
UAL COMPANY SERVICES, INC.
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: Vice President and Treasurer

 
	CONFETTI, INC.
By: /s/ Steven Rasher 

Name: Steven Rasher

Title: Vice President, General Counsel, & Secretary

 
	
MILEAGE PLUS HOLDINGS, INC.
By: /s/ Steven Rasher 

Name: Steven Rasher

Title: Vice President, General Counsel, & Secretary

 
	
MILEAGE PLUS MARKETING, INC.
By: /s/ Steven Rasher 

Name:  Steven Rasher

Title: Vice President, General Counsel, & Secretary

 
	
MYPOINTS.COM, INC. 
By: /s/ Steven Rasher 

Name:  Steven Rasher

Title: Vice President, General Counsel, & Secretary

 
	
CYBERGOLD, INC.
By: /s/ Steven Rasher 

Name: Steven Rasher

Title: Vice President, General Counsel, & Secretary

 
	
ITARGET.COM, INC.
By: /s/ Steven Rasher 

Name: Steven Rasher

Title: Vice President, General Counsel, & Secretary

 
	
MYPOINTS OFFLINE SERVICES, INC.
By: /s/ Steven Rasher 

Name: Steven Rasher

Title: Vice President, General Counsel, Secretary 

 
	
UAL BENEFITS MANAGEMENT, INC.
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: President

 
	
UNITED BIZ JET HOLDINGS, INC.
By: /s/ Steven Rasher 

Name: Steven Rasher

Title: Vice President, General Counsel, & Secretary

 
	
BIZJET CHARTER, INC.
By:/s/ Steven Rasher 

Name: Steven Rasher

Title: Vice President, General Counsel & Secretary

 
	
BIZJET FRACTIONAL, INC.
By:/s/ Steven Rasher 

Name: Steven Rasher

Title: Vice President, General Counsel, & Secretary

 
	
BIZJET SERVICES, INC.
By:/s/ Steven Rasher 

Name: Steven Rasher

Title: Vice President, General Counsel, & Secretary

 
	
KION LEASING, INC.
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: President

 
	
PREMIER MEETING AND TRAVEL SERVICES, INC. 
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: Vice President and Treasurer

 
	
UNITED AVIATION FUELS CORPORATION
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: Vice President

 
	
UNITED COGEN, INC.
By: /s/ Francesca M. Maher 

Name: Francesca M. Maher

Title: Vice President and Secretary

 
	
MILEAGE PLUS, INC.
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: Vice President

 
	
UNITED GHS, INC.
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: President

 
	
UNITED WORLDWIDE CORPORATION
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: President

 
	
UNITED VACATIONS, INC.
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: Vice President

 
	
FOUR STAR LEASING, INC.
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: President

 
	
AIR WIS SERVICES, INC.
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: President

 
	
AIR WISCONSIN, INC.
By: /s/ Frederic F. Brace 

Name: Frederic F. Brace

Title: President

 
	
DOMICILE MANAGEMENT SERVICES, INC.
By: /s/ Francesca M. Maher 

Name: Francesca M. Maher

Title: Vice President and Secretary

 
	
LENDERS:

	 
	
JPMorgan Chase Bank, as a co-administrative agent, Fronting
Bank, Paying Agent and a Lender
By: /s/ John C. Riordan 

Name: John C. Riordan

Title: Vice President

 
	
Citicorp USA, Inc., as a co-administrative agent, Fronting
Bank and a Lender
By: /s/ James J. McCarthy 

Name: James J. McCarthy

Title: Director and Vice President

 
	
Bank One, NA, as a Lender
By: /s/ Patrick J. Fravel 

Name: Patrick J. Fravel

Title: Vice President

 
	
The CIT Group/Business Credit, Inc., as a Lender
By: /s/ Alan Strauss 

Name: Alan Strauss

Title: Vice President - Team Leader

	
TRANCHE A NEW LENDERS:

	 
	
Canpartners Investments IV, LLC
By: /s/ Joshua S. Friedman 

Name: Joshua S. Friedman

Title: Authorized Signatory
	 
	 
	
Ableco Finance LLC
By: /s/ Kevin P. Genda 

Name: Kevin P. Genda

Title: Senior Vice President and Chief Credit Officer
	 
	 
	
Credit Agricole Indosuez
By: /s/ Jean Fletcheux 

Name: Jean Fletcheux

Title: First Vice President
By: /s/ Joseph D. Catarina 

Name: Joseph D. Catarina

Title: Vice President

	 
	 
	
U.A.L. Investors, L.L.C.
By: Farallon Capital Management, L.L.C., its Manager

By: /s/ William Mellin 

Name: William Mellin

Title: Managing Member
	 
	 
	
Drawbridge Special Opportunities Fund LP
By: /s/ Marc Furstein 

Name: Marc Furstein

Title: Chief Operating Officer
	 
	 
	
Special Situations Investing Group, Inc.
By: /s/ Joseph Lanasa 

Name: Joseph Lanasa

Title: Authorized Signatory
	 
	 
	
Caspian Capital Partners, L.P. 
By: /s/ Charles R. Howe, II 

Name: Charles R. Howe, II

Title: Treasurer of I.M.
	 
	 
	
Mariner Opportunities Fund, LP
By: /s/ Charles R. Howe, II 

Name: Charles R. Howe, II

Title: Treasurer
	 
	 
	
Mariner Opportunities II, LP
By: /s/ Charles R. Howe, II 

Name: Charles R. Howe, II

Title: Treasurer
	 
	 
	
Mariner LDC
By: /s/ Charles R. Howe, II 

Name: Charles R. Howe, II

Title: Treasurer
	 
	 
	
Trilogy Portfolio Company, LLC
By: /s/ Charles R. Howe, II 

Name: Charles R. Howe, II

Title: Treasurer
	 
	 
	
SOF Investments, L.P.
By: /s/ Marc R. Lisker 

Name:  Marc R. Lisker

Title: General Counsel
	 
	 
	
Perry Principals, L.L.C.
By: /s/ Paul Leff 

Name: Paul Leff

Title: Senior Managing Director
	 
	 
	
Regiment Capital, Ltd.
By: Regiment Capital Management, LLC as its Investment Advisor

By: Regiment Capital Advisors, LLC its Manager and pursuant to delegated
authority
By: /s/ Timothy S. Peterson 

Name: Timothy S. Peterson

Title: President

	 
	 
	
Stark Event Trading Ltd.
By: /s/ Michael A. Roth 

Name: Michael A. Roth

Title: Management Member of the Investment       
Manager of Stark Event Trading Ltd. 
	 
	 
	
Stonehill Institutional Partners, LP
By: /s/ Christopher Wilson 

Name: Christopher Wilson

Title:  General Partner
	 
	 
	
SunTrust Bank
By: /s/ Kenneth M. Uchiyama 

Name: Kenneth M. Uchiyama

Title: Managing Director
	 
	 
	
Watershed Capital Institutional Partners, L.P.
By: WS Partners, L.L.C.
By: /s/ Meridee A. Moore 

Name: Meridee A. Moore

Title: Senior Managing Member

	 
	 
	
Watershed Capital Partners, L.P.
By: WS Partners, L.L.C.
By: /s/ Meridee A. Moore 

Name: Meridee A. Moore

Title: Senior Managing Member

	
TRANCHE B NEW LENDERS:

	 
	
Bank of Lincolnwood
By: /s/ Richard R. Robbins 

Name: Richard R. Robbins

Title: President/Chief Operating Officer
	 
	 
	
Venture II CDO 2002, Limited
By: its investment advisor, Barclays Bank PLC, New York Branch
By: /s/ Kenneth Ostmann 

Name: Kenneth Ostmann

Title: Director

	 
	 
	
Canpartners Investments IV, Ltd.
By: /s/ Joshua S. Friedman 

Name: Joshua S. Friedman

Title: Authorized Signatory
	 
	 
	
Canyon Capital CDO 2002-1, Ltd.
By: /s/ Joshua S. Friedman 

Name: Joshua S. Friedman

Title: Authorized Signatory
	 
	 
	
Ableco Finance LLC
By: /s/ Kevin P. Genda 

Name: Kevin P. Genda

Title: Senior Vice President and Chief Credit Officer
	 
	 
	
Connecticut General Life Insurance Company
By: Cigna Investments, Inc.
By: /s/ John P. Connor 

Name: John P. Connor

Title: Vice President

	 
	 
	
Stanwich Loan Funding LLC
By: /s/ Kelly W. Warnement 

Name: Kelly W. Warnement

Title: Vice President
	 
	 
	
Toronto Dominion (New York), Inc.
By: /s/ David G. Parker 

Name: David G. Parker

Title: Vice President
	 
	 
	
Goldman Sachs Credit Partners L.P.
By: /s/ Particia Tessier 

Name: Patricia Tessier

Title: Authorized Signatory
	 
	 
	
Aurum CLO 2002-1 Ltd., by Stein Roe & Farnharm Incorporated
as Investment Manager
By: /s/ Kathleen A. Zarn 

Name: Kathleen A. Zarn

Title: Senior Vice President
	 
	 
	
Liberty Floating Rate Advantage Fund, by Stein Roe & Farnham
Incorporated as Advisor
By: /s/ Kathleen A. Zarn 

Name: Kathleen A. Zarn

Title: Senior Vice President
	 
	 
	
SRF 2000 LLC
By: /s/ Kelly W. Warnement 

Name: Kelly W. Warnement

Title: Vice President
	 
	 
	
SRF Trading, Inc.
By: /s/ Kelly W. Warnement 

Name: Kelly W. Warnement

Title: Vice President
	 
	 
	
Stein Roe Floating Rate Limited Liability Company
By: /s/ Kathleen A. Zarn 

Name:  Kathleen A. Zarn

Title: Vice President, Stein Roe & Farnham       
Incorporated, as Advisor to the Stein Roe

Floating Rate Limited Liability Company
	 
	 
	
Credit Agricole Indosuez
By: /s/ Jean Fletcheux 

Name: Jean Fletcheux

Title: First Vice President
By: /s/ Joseph D. Catarina 

Name: Joseph D. Catarina

Title:  Vice President

	 
	 
	
Hewett's Island CDO, Ltd.
By: Cypress Investment Management Company, Inc., as Portfolio Manager.
By: /s/ Jeffrey Megar 

Name: Jeffrey Megar

Title: Principal

	 
	 
	
U.A.L. Investors, L.L.C.
By: Farallon Capital Management, L.L.C., its Manager
By: /s/ William Mellin 

Name: William Mellin

Title: Managing Member

	 
	 
	
Drawbridge Special Opportunities Fund LP
By: /s/ Marc Furstein 

Name: Marc Furstein

Title: C.O.O.
	 
	 
	
Franklin CLO II, Limited
By: /s/ Richard D'Addario 

Name: Richard D'Addario

Title: Senior Vice President
	 
	 
	
Franklin CLO III, Limited
By: /s/ Richard D'Addario 

Name: Richard D'Addario

Title: Senior Vice President
	 
	 
	
Franklin Floating Rate Trust
By: /s/ Richard D'Addario 

Name: Richard D'Addario

Title: Vice President
	 
	 
	
Special Situations Investing Group, Inc.
By: /s/ Joseph Lanasa 

Name: Joseph Lanasa

Title: Authorized Signatory
	 
	 
	
Gulf Stream-Compass CLO 2002-1, Ltd.
By: Gulf Stream Asset Management, LLC as Collateral Manager
By: /s/ Jeanette W. Bumgarner 

Name: Jeanette W. Bumgarner

Title: Vice President

	 
	 
	
HBK Master Fund L.P.
By: /s/ David Haley 

Name: David Haley

Title: Authorized Signatory
	 
	 
	
Riviera Funding LLC
By: /s/ Ann E. Morris 

Name: Ann E. Morris

Title: Assistant Vice President
	 
	 
	
Desjardin Financial Life Assurance Company
By: /s/ Louis Hanover 

Name: Louis Hanover

Title: CIO
	 
	 
	
Marathon Special Opportunity Master Fund, Ltd. 
By: /s/ Louis Hanover 

Name: Louis Hanover

Title: CIO
	 
	 
	
Caspian Capital Partners, L.P. 
By: /s/ Charles R. Howe, II 

Name: Charles R. Howe, II

Title: Treasurer of I.M.
	 
	 
	
Mariner Opportunities Fund, LP
By: /s/ Charles R. Howe, II 

Name: Charles R. Howe, II

Title: Treasurer
	 
	 
	
Mariner Opportunities II, LP
By: /s/ Charles R. Howe, II 

Name: Charles R. Howe, II

Title: Treasurer
	 
	 
	
Mariner LDC
By: /s/ Charles R. Howe, II 

Name: Charles R. Howe, II

Title: Treasurer
	 
	 
	
Trilogy Portfolio Company, LLC
By: /s/ Charles R. Howe, II 

Name: Charles R. Howe, II

Title: Treasurer
	 
	 
	
SOF Investments, L.P.
By: /s/ Marc R. Lisker

Name: Marc R. Lisker

Title: General Counsel
	 
	 
	
Perry Principals, L.L.C.
By: /s/ Paul Leff 

Name: Paul Leff

Title: Senior Managing Director
	 
	 
	
Regiment Capital, Ltd.
By: Regiment Capital Management, LLC as its Investment Advisor

By: Regiment Capital Advisors, LLC its Manager and pursuant to delegated
authority
By: /s/ Timothy S. Peterson 

Name: Timothy S. Peterson

Title: President

	 
	 
	
Stark Event Trading Ltd. 
By: /s/ Michael A. Roth 

Name: Michael A. Roth

Title: Managing Member of the Investment       
Manager of Stark Event Trading Ltd. 
	 
	 
	
Stonehill Institutional Partners, LP
By: /s/ Christopher Wilson 

Name: Christopher Wilson

Title: General Partner
	 
	 
	
SunTrust Bank
By: /s/ Kenneth M. Uchiyama 

Name: Kenneth M. Uchiyama

Title: Managing Director
	 
	 
	
Watershed Capital Institutional Partners, L.P.
By: WS Partners, L.L.C.
By: /s/ Meridee A. Moore 

Name: Meridee A. Moore

Title: Senior Managing Member

	 
	 
	
Watershed Capital Partners, L.P.
By: WS Partners, L.L.C.
By: /s/ Meridee A. Moore 

Name: Meridee A. Moore

Title: Senior Managing Member

	 
	 
	
Watershed Capital Partners (Offshore), Ltd. 
By: Watershed Asset Management, L.L.C.
By: /s/ Meridee A. Moore 

Name: Meridee A. Moore

Title: Senior Managing Member

 

ANNEX A

to

REVOLVING CREDIT, TERM LOAN AND GUARANTY AGREEMENT

Dated as of December 24, 2002 (as amended)

 

 

 

 

 

 

 
	Bank	
Tranche A Revolving Commitment

Amount
	
Tranche A Revolving Commitment Percentage
	
Tranche B Term Loan Commitment Amount
	
Tranche B Term Loan Commitment 

Percentage

	 	 	 	 	 
	JPMorgan Chase Bank

270 Park Avenue

New York, NY 10017

Attn:  Stephen Simon	
$78,388,888.88

	
13.06481481%

	
$30,761,111.12

	
7.69027778%

	 	 	 	 	 
	Citicorp USA, Inc.

2 Penns Way, Suite 200

Newcastle, DE 19720

Attn:  Annemarie Pavco	
$78,388,888.89

	
13.06481482%

	
$30,761,111.11

	
7.69027778%

	 	 	 	 	 
	Bank One, NA

120 S. Lasalle 

Chicago, IL  60603

Attn:  Melody M. Vaughan	
$78,388,888.89

	
13.06481482%

	
$30,761,111.11

	
7.69027778%

	 	 	 	 	 
	The CIT Group/ Business Credit,
Inc.

1211 Avenue of the Americas

New York, NY  10036

Attn:  Anna Lopez	
$78,388,888.89

	
13.06481482%

	
$30,761,111.11

	
7.69027778%

	 	 	 	 	 
	Bank of Lincolnwood

4433 W. Touhy Avenue

Lincolnwood, IL  60712

Attn:  Madelene Tarcenski	                      
--	
--
	
$3,900,000.00

	
0.97500000%

	 	 	 	 	 
	Venture II CDO 2002, Limited 

c/o Barclays Capital

222 Broadway, 10th Floor

New York, NY  10038

Attn:  Nore Biasi

(with an additional copy to:

Venture II CDO 2002, Limited 

c/o JPMorgan Chase Bank

600 Travis Street, 5th Floor

Houston, TX 77002

Attn:   William Wallacd)	                      
--	
--
	
$2,000,000.00

	
0.50000000%

	 	 	 	 	 
	Canyon Capital Advisors, LLC	 	 	 	 
	
Canpartners Investments IV, LLC

9665 Wilshire Blvd., Ste 200

Beverly Hills, CA 90212

Attn:  Kelly Redick
	
$7,500,000.00

	
1.25000000%

	
$7,500,000.00

	
1.87500000%

	 	 	 	 	 
	
Canyon Capital CDO 2002-1 Ltd.

Bank of New York

600 E. Los Colinas Boulevard

Suite 200

Beverly Hills, CA 90212

Attn:  Tim Robbs

(with an additional copy to:.

c/o Canyon Capital Advisors LLC 

9665 Wilshire Boulevard

Suite 200

Beverly Hills, CA 90212

Attn:  Kelly Redick)
	                      
--	
--
	
$3,000,000.00

	
0.75000000%

	 	 	 	 	 
	Ableco Finance LLC

450 Park Avenue, 28th Floor

New York, NY  10022

Attn:  Garrett Goldberg

         Paul
Gordon	
$42,857,142.86

	
7.14285714%

	
$7,142,857.14

	
1.78571429%

	 	 	 	 	 
	CIGNA Investments, Inc	 	 	 	 
	
Connecticut General Life 

Insurance Company

c/o CIGNA Investments

280 Trumball Street, H16B

Hartford, CT  06103

Attn: Supakrit Phiwkhao 

       Lisa Richardson

       John Conner
	                      
--	
--
	
$3,000,000.00

	
0.75000000%

	 	 	 	 	 
	
Stanwich Loan Funding LLC

c/o Bank of America

110 N Tryon Street

Charlotte, NC 28273

Attn:  Stanwich Loan Funding LLC
	                      
--	
--
	
$4,500,000.00

	
1.12500000%

	 	 	 	 	 
	
Toronto Dominion (New York), Inc.

909 Fannin, Suite 1700

Houston, TX  77010

Attn:  David Parker
	                      
--	
--
	
$4,500,000.00

	
1.12500000%

	 	 	 	 	 
	Goldman Sachs Credit Partners
L.P.

c/o Goldman Sachs & Co.

85 Broad Street, 6th Floor

New York, NY  10004

Attn:   Sanda Stulberger	                      
--	
--
	
$15,000,000.00

	
3.75000000%

	 	 	 	 	 
	Columbia Management, LLC	 	 	 	 
	
Aurum CLO 2002-1 Ltd.

c/o Stein Roe & Farnham Inc.

One South Wacker Drive

33rd Floor

Chicago, IL  60606-4685

Attn:  James Fellows

        Rhondda Colombatto
	                      
--	
--
	
$4,000,000.00

	
1.00000000%

	 	 	 	 	 
	
Liberty Floating Rate Advantage Fund

c/o Stein Roe & Farnham Inc.

One South Wacker Drive

33rd Floor

Chicago, IL  60606

Attn:  Rhondda Colombatto
	                     
--	
--
	
$2,000,000.00

	
0.50000000%

	 	 	 	 	 
	
SRF 2000 LLC

c/o Stein Roe & Farnham Inc.

One South Wacker Drive

33rd Floor

Chicago, IL  60606-4865

Attn:   SRF 2000 LLC
	                      
--	
--
	
$4,000,000.00

	
1.00000000%

	 	 	 	 	 
	
SRF Trading, Inc. 

c/o Stein Roe & Farnham Inc.

One South Wacker Drive

33rd Floor

Chicago, IL  60606-4865

Attn:   SRF Trading Inc.
	                      
--	
--
	
$3,000,000.00

	
0.75000000%

	 	 	 	 	 
	
Stein Roe Floating Rate LLC

c/o Stein Roe & Farnham Inc.

One South Wacker Drive

33rd Floor

Chicago, IL  60604-4685

Attn:  Rhondda Colombatto
	                      
--	
--
	
$4,000,000.00

	
1.00000000%

	 	 	 	 	 
	Credit Agricole Indosuez

55 East Monroe, Suite 4700

Chicago, IL  60603

Attn:  Kathy Lasky

        Jean Deguzman	
$22,222,222.22

	
3.70370370%

	
$2,777,777.78

	
0.69444445%

	 	 	 	 	 
	Hewett's Island CDO, Ltd.

Deutsche Bank

60 Wall Street, 26th Floor

New York, NY  10005

Attn:  Ivan Arroya	                      
--	
--
	
$3,000,000.00

	
0.75000000%

	 	 	 	 	 
	U.A.L. Investors, L.L.C.

c/o Farallon Capital Mgt., LLC

One Maritime Plaza, Suite 1325

San Francisco, CA 94111

Attn:  Colby Trexler	
$30,000,000.00

	
5.00000000%

	
$35,000,000.00

	
8.75000000%

	 	 	 	 	 
	Drawbridge Special Opportunities
Fund LP

Fortress Investment Group

1251 Avenue of the Americas

New York, NY 10020

Attn:  Kevin Terry

        Wilson Tien	
$22,222,222.22

	
3.70370370%

	
$2,777,777.78

	
0.69444445%

					
	Franklin Advisors Inc.	 	 	 	 
	
Franklin CLO II, Limited

c/o Franklin Templeton Group

777 Mariners Island Boulevard

San Mateo, CA  94404

Attn:  Gregory Hancock
	                      
--	
--
	
$4,000,000.00

	
1.00000000%

	 	 	 	 	 
	
Franklin CLO III, Limited

c/o Franklin Templeton Group

One Franklin Parkway

Building 920, 2nd Floor

San Mateo, CA  94403

Attn:  Gregory Hancock
	                      
--	
--
	
$3,000,000.00

	
0.75000000%

	 	 	 	 	 
	
Franklin Floating Rate Trust

c/o Franklin Templeton Group

777 Mariners Island Boulevard

P.O. Box 7777

San Mateo, CA  94404

Attn:  Calvin Fung

         Katie
Lewis
	                      
--	
--
	
$3,000,000.00

	
0.75000000%

					
	Special Situations Investing Group,
Inc.

c/o Goldman Sachs

85 Broad Street, 28th Floor

New York, NY  10004

Attn:  Sandra Stulberger	
$15,000,000.00

	
2.50000000%

	
$10,000,000.00

	
2.50000000%

	 	 	 	 	 
	Gulf Stream-Compass CLO 2002-1,
Ltd.

4201 Congress Street, Suite 475

Charlotte, NC  28209

Attn:  Greg Burke	                      
--	
--
	
$4,000,000.00

	
1.00000000%

	 	 	 	 	 
	HBK Master Fund L.P.

c/o HBK Investments L.P.

300 Crescent Court, Suite 700

Dallas, TX  75201

Attn:   Stancy Jaynes	                      
--	
--
	
$25,000,000.00

	
6.25000000%

	 	 	 	 	 
	Riviera Funding LLC

c/o Bank of America N.A.

101 N. Tryon Street

NC1 001 15 01

Charlotte, NC  28273

Attn:  Jill Carey	                      
--	
--
	
$3,000,000.00

	
0.75000000%

	 	 	 	 	 
	Marathon Asset Management	 	 	 	 
	
Desjardins Financial Life Assurance Company

c/o Marathon Asset 

Management

461 Fifth Avenue

New York, NY 10016

Attn:  Anthony Martucci
	                      
--	
--
	
$2,000,000.00

	
0.50000000%

	 	 	 	 	 
	
Marathon Special Opportunity Master Fund, LTD

c/o Marathon Asset Mgt., LLC

461 Fifth Avenue, 10th Floor

New York, NY  10016

Attn:  Anthony Martucci
	                      
--	
--
	
$5,000,000.00

	
1.25000000%

	 	 	 	 	 
	Mariner Investment Group	 	 	 	 
	
Caspian Capital Partners, L.P.

500 Mamaroneck Ave.

Harrison, NY 10528

Attn:  Lorrie Landis

        Susan Lancaster
	
$2,400,000.00

	
0.40000000%

	
$3,600,000.00

	
0.90000000%

	 	 	 	 	 
	
Mariner Opportunities Fund, LP

c/o Mariner Investment Group

500 Mamaroneck Avenue

1st Floor

Harrison, NY 10528

Attn:  Don Rubin
	
$1,000,000.00

	
0.16666667%

	
$1,500,000.00

	
0.37500000%

	 	 	 	 	 
	
Mariner Opportunities II, LP

500 Mamaroneck Avenue

Harrison, NY 10528

Attn:  Don Rubin
	
$4,000,000.00

	
0.66666667%

	
$6,000,000.00

	
1.50000000%

					
	
Mariner LDC

c/o Mariner Investment Group 

65 East 53rd Street

New York, NY 10022

Attn:  Susan Lancaster
	
$2,400,000.00

	
0.40000000%

	
$3,600,000.00

	
0.90000000%

	 	 	 	 	 
	
Trilogy Portfolio Company, LLC

780 Third Avenue, 16th Floor

New York, NY 10017

Attn:  Don Rubin
	
$3,200,000.00

	
0.53333333%

	
$4,800,000.00

	
1.20000000%

	 	 	 	 	 
	SOF Investments, L.P.

c/o MSD Capital, L.P.

645 Fifth Avenue, 21st Floor

New York, NY  10022

Attn:  Linda Chang	
$5,000,000.00

	
0.83333333%

	
$5,000,000.00

	
1.25000000%

	 	 	 	 	 
	Perry Principals, L.L.C.

c/o Perry Capital

299 Lexington Avenue

New York, NY  10022

Attn:  Joe Leitao	
$34,285,714.29

	
5.71428572%

	
$5,714,285.71

	
1.42857143%

	 	 	 	 	 
	Regiment Capital, Ltd.

c/o Regiment Capital Advisors, LLC

70 Federal Street, 7th Floor

Boston, MA  02110

Attn:  Brooke Carroll	
$42,857,142.86

	
7.14285714%

	
$7,142,857.14

	
1.78571429%

	 	 	 	 	 
	Stark Event Trading Ltd.

c/o Staro Asset Mgt., LLC

3600 South Lake Drive

St. Francis, WI 53235-3716

Attn:  Jeff Froemming

         Ben
Waisbren	
$37,500,000.00

	
6.25000000%

	
$12,500,000.00

	
3.12500000%

	 	 	 	 	 
	Stonehill Institutional Partners,
LP

c/o Stonehill Investment corp.

110 East 59th Street, 30th Floor

New York, NY  10022

Attn:  Ann Mauro	
$3,000,000.00

	
0.50000000%

	
$2,000,000.00

	
0.50000000%

	 	 	 	 	 
	Suntrust Bank

303 Peachtree Street

24th Floor, Mail Code 3956

Atlanta, GA  30308

Attn:  Eric Brune	
$3,000,000.00

	
0.50000000%

	
$7,000,000.00

	
1.75000000%

	 	 	 	 	 
	Toronto Dominion (New York), Inc.

909 Fannin, Suite 1700

Houston, TX  77010

Attn:  David Parker	                      
--	
--
	
$10,000,000.00

	
2.50000000%

	 	 	 	 	 
	Watershed Asset Management				
	
Watershed Capital Institutional Partners, L.P.

c/o Watershed Asset Mgt., LLC

One Maritime Plaza, Suite 2535

San Francisco, CA  94111

Attn:  Kellie Hata
	
$5,993,292.00

	
0.99888200%

	
$22,532,289.00

	
5.63307225%

	 	 	 	 	 
	
Watershed Capital Partners L.P.

c/o Watershed Asset Mgt., LLC

One Maritime Plaza, Suite 2535

San Francisco, CA  94111

Attn:  Kellie Hata
	
$2,006,708.00

	
0.33445133%

	
$7,544,389.00

	
1.88609725%

	 	 	 	 	 
	
Watershed Capital Partners (Offshore), Ltd.

c/o Watershed Asset Mgt., LLC

One Maritime Plaza, Suite 2535

San Francisco, CA  94111

Attn:  Kellie Hata
	                      
--	
--
	
$7,923,322.00

	
1.98083050%

	 	 	 	 	 
	
Totals:

	$600,000,000.00	
100.00%
	
$400,000,000.00

	
100.00%FOURTEENTH AMENDMENT

Exhibit 10.17

FOURTEENTH AMENDMENT

UAL CORPORATION

EMPLOYEE STOCK OWNERSHIP PLAN

(Effective as of July 12, 1994)

            By
virtue and in exercise of the amending power reserved to UAL Corporation
(the "Company") under Section 13.1(a) of the UAL Corporation Employee Stock
Ownership Plan (effective as of July 12, 1994) (the "Plan"), which amending
power thereunder is subject to the approval of the Air Line Pilots Association
International ("ALPA") and the International Association of Machinists
and Aerospace Workers (the "IAM"), the Company hereby amends the Plan to
reflect the changes in the law made by the passage of the Economic Growth
and Tax Relief Reconciliation Act of 2001 ("EGTRRA") and adopts provisions
reflecting final regulations governing minimum required distributions,
subject to the approval of ALPA and the IAM, as follows.

I.         The following Appendix
B is hereby added to the plan:

"APPENDIX B

PROVISIONS TO REFLECT CHANGES UNDER THE ECONOMIC GROWTH

AND TAX RELIEF RECONCILIATION ACT OF 2001

PREAMBLE

           
A.     Adoption and effective date of amendment.
This Appendix B to the Plan is adopted to reflect certain provisions of
EGTRRA and is intended as good faith compliance with the requirements of
EGTRRA and to be construed in accordance with EGTRRA and guidance issued
thereunder. Except as otherwise provided, this amendment shall be effective
as of the first day of the first Plan Year beginning after December 31,
2001.

           
B.     Supersession of inconsistent provisions.
This amendment shall supersede the provisions of the Plan to the extent
those provisions are inconsistent with the provisions of this amendment.

           
1     Modification of Top-Heavy Rules.

(a)     Effective Date.  This Section
shall apply for purposes of determining whether the Plan is a top-heavy
plan under Section 416(g) of the Code for Plan Years beginning after December
31, 2001, and whether the Plan satisfies the minimum benefits requirements
of Section 416(c) of the Code for such years. This Section 1 amends the
relevant provisions of Section 14 of the Plan.
(b)     Determination of Top-Heavy Status.

         (i)    
Key Employee.  Key Employee means any Employee or former Employee
(including any deceased Employee) who at any time during the Plan Year
that includes the Determination Date was an officer of the Employer having
annual compensation greater than $130,000 (as adjusted under Section 416(i)(1)
of the Code for Plan Years beginning after December 31, 2002), a 5-percent
owner of the Employer, or a 1-percent owner of the Employer having annual
compensation of more than $150,000. For this purpose, annual compensation
means compensation within the meaning of Section 415(c)(3) of the Code.
The determination of who is a Key Employee will be made in accordance with
Section 416(i)(1) of the Code and the applicable regulations and other
guidance of general applicability issued thereunder.

 

          (ii)    
Determination of present values and amounts.  This Section
1(b)(ii) shall apply for purposes of determining the present values of
accrued benefits and the amounts of account balances of Employees as of
the Determination Date.

 
          (1)    
Distributions during year ending on the Determination Date. 
The present values of accrued benefits and the amounts of account balances
of an Employee as of the Determination Date shall be increased by the distributions
made with respect to the Employee under the Plan and any plan aggregated
with the Plan under Section 416(g)(2) of the Code during the 1-year period
ending on the Determination Date. The preceding sentence shall also apply
to distributions under a terminated plan which, had it not been terminated,
would have been aggregated with the Plan under Section 416(g)(2)(A)(i)
of the Code. In the case of a distribution made for a reason other than
separation from service, death, or disability, this provision shall be
applied by substituting "5-year period" for "1-year period."
 

          (2)    
Employees not performing services during year ending on the Determination
Date. The accrued benefits and accounts of any individual who has not
performed services for the Employer during the 1-year period ending on
the Determination Date shall not be taken into account.

 
(c) Minimum Benefits.
            (i)    
Matching contributions. Employer matching contributions shall be
taken into account for purposes of satisfying the minimum contribution
requirements of Section 416(c)(2) of the Code and the Plan. The preceding
sentence shall apply with respect to matching contributions under the Plan
or, if the Plan provides that the minimum contribution requirement shall
be met in another plan, such other plan. Employer matching contributions
that are used to satisfy the minimum contribution requirements shall be
treated as matching contributions for purposes of the actual contribution
percentage test and other requirements of Section 401(m) of the Code.

        2 Direct Rollovers of
Plan Distributions.

(a) Effective Date.  This Section 2 shall apply to distributions
made after December 31, 2001.
(b) Modification of Definition of Eligible Retirement Plan. For
purposes of the direct rollover provisions in Section 7.5 of the Plan,
an eligible retirement plan shall also mean an annuity contract described
in Section 403(b) of the Code and an eligible plan under Section 457(b)
of the Code which is maintained by a state, political subdivision of a
state, or any agency or instrumentality of a state or political subdivision
of a state and which agrees to separately account for amounts transferred
into such plan from this Plan. The definition of eligible retirement plan
shall also apply in the case of a distribution to a surviving spouse, or
to a spouse or former spouse who is the alternate payee under a qualified
domestic relations order, as defined in Section 414(p) of the Code.

            IN WITNESS
WHEREOF, the Company has caused this Fourteenth Amendment to be executed
on December 19, 2002.

 

 

 

 

	UAL CORPORATION
	
	/s/ Francesca M. Maher
	
	
	APPROVED BY: 
	
	AIR LINE PILOTS ASSOCIATION, 
	INTERNATIONAL
	
	/s/ Duane E. Woerth
	/s/ Paul R. Whiteford Jr.
	
	INTERNATIONAL ASSOCIATION
	OF MACHINISTS AND AEROSPACE WORKERS
	
	/s/ Scotty Ford
	/s/ S.R. Canale

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