Document:

<PAGE>   1
                                                                 EXHIBIT 4(C)(1)

                           REVOLVING CREDIT AGREEMENT
                                   (2000-1A-1)

                          Dated as of November 16, 2000

                                     between

               STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT,
                              NATIONAL ASSOCIATION,
                             as Subordination Agent,
                     as agent and trustee for the trustee of
                  Delta Air Lines Pass Through Trust 2000-1A-1,

                                   as Borrower

                                       and

              WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK BRANCH

                              as Liquidity Provider

                  Delta Air Lines Pass Through Trust 2000-1A-1
                             7.379% Delta Air Lines
                           Pass Through Certificates,
                                Series 2000-1A-1

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                                TABLE OF CONTENTS

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                                               ARTICLE I DEFINITIONS

Section 1.01. Definitions........................................................................................     1

                                   ARTICLE II AMOUNT AND TERMS OF THE COMMITMENT

Section 2.01. The Advances.......................................................................................     8
Section 2.02. Making of Advances.................................................................................     8
Section 2.03. Fees...............................................................................................    10
Section 2.04. Reduction or Termination of the Maximum Commitment.................................................    10
Section 2.05. Repayments of Interest Advances or the Final Advance...............................................    11
Section 2.06. Repayments of Provider Advances....................................................................    11
Section 2.07. Payments to the Liquidity Provider Under the Intercreditor Agreement...............................    12
Section 2.08. Book Entries.......................................................................................    12
Section 2.09. Payments from Available Funds Only.................................................................    13
Section 2.10. Extension of the Expiry Date; Non-Extension Advance................................................    13

                                      ARTICLE III OBLIGATIONS OF THE BORROWER

Section 3.01. Increased Costs....................................................................................    14
Section 3.02. [Intentionally omitted.]...........................................................................    15
Section 3.03. Withholding Taxes..................................................................................    15
Section 3.04. Payments...........................................................................................    16
Section 3.05. Computations.......................................................................................    16
Section 3.06. Payment on Non-Business Days.......................................................................    16
Section 3.07. Interest...........................................................................................    16
Section 3.08. Replacement of Borrower............................................................................    18
Section 3.09. Funding Loss Indemnification.......................................................................    18
Section 3.10. Illegality.........................................................................................    18

                                          ARTICLE IV CONDITIONS PRECEDENT

Section 4.01. Conditions Precedent to Effectiveness of Section 2.01..............................................    19
Section 4.02. Conditions Precedent to Borrowing..................................................................    20

                                                ARTICLE V COVENANTS

Section 5.01. Affirmative Covenants of the Borrower..............................................................    20
Section 5.02. Negative Covenants of the Borrower.................................................................    21

                                      ARTICLE VI LIQUIDITY EVENTS OF DEFAULT

Section 6.01. Liquidity Events of Default........................................................................    21

                                             ARTICLE VII MISCELLANEOUS

Section 7.01. No Oral Modifications or Continuing Waivers........................................................    22
Section 7.02. Notices............................................................................................    22
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Section 7.03. No Waiver; Remedies................................................................................    23
Section 7.04. Further Assurances.................................................................................    23
Section 7.05. Indemnification; Survival of Certain Provisions....................................................    23
Section 7.06. Liability of the Liquidity Provider................................................................    23
Section 7.07. Certain Costs and Expenses.........................................................................    24
Section 7.08. Binding Effect; Participations.....................................................................    24
Section 7.09. Severability.......................................................................................    25
Section 7.10. Governing Law......................................................................................    25
Section 7.11. Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity...............................    26
Section 7.12. Counterparts.......................................................................................    26
Section 7.13. Entirety...........................................................................................    26
Section 7.14. Headings...........................................................................................    27
Section 7.15. Liquidity Provider's Obligation to Make Advances...................................................    27

Annex I    -  Interest Advance Notice of Borrowing
Annex II   -  Non-Extension Advance Notice of Borrowing
Annex III  -  Downgrade Advance Notice of Borrowing
Annex IV   -  Final Advance Notice of Borrowing
Annex V    -  Notice of Termination
Annex VI   -  Notice of Replacement Subordination Agent
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<PAGE>   4
                           REVOLVING CREDIT AGREEMENT

         This REVOLVING CREDIT AGREEMENT, dated as of November 16, 2000, is made
by and between STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT, NATIONAL
ASSOCIATION, a national banking association, not in its individual capacity but
solely as Subordination Agent (such term and other capitalized terms used herein
without definition being defined as provided in Article I) under the
Intercreditor Agreement (as defined below), as agent and trustee for the Class
A-1 Trustee (in such capacity, together with its successors in such capacity,
the "BORROWER"), and WESTDEUTSCHE LANDESBANK GIROZENTRALE, a German banking
institution organized under the laws of the State of North Rhine-Westphalia
("WestLB"), acting through its New York Branch (the "LIQUIDITY PROVIDER").

                              W I T N E S S E T H:

         WHEREAS, pursuant to the Class A-1 Trust Agreement, the Class A-1 Trust
is issuing the Class A-1 Certificates; and

         WHEREAS, the Borrower, in order to support the timely payment of a
portion of the interest on the Class A-1 Certificates in accordance with their
terms, has requested the Liquidity Provider to enter into this Agreement,
providing in part for the Borrower to request in specified circumstances that
Advances be made hereunder;

         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. (a) The definitions stated herein apply
equally to both the singular and the plural forms of the terms defined.

         (b)      All references in this Agreement to designated "Articles",
"Sections", "Annexes" and other subdivisions are to the designated Article,
Section, Annex or other subdivision of this Agreement, unless otherwise
specifically stated.

         (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, Annex 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)      For the purposes of this Agreement, unless the context
otherwise requires, the following capitalized terms

<PAGE>   5
         (f)      shall have the following meanings:

                  "ADVANCE" means an Interest Advance, a Final Advance, a
         Provider Advance, an Applied Provider Advance or an Unpaid Advance, as
         the case may be.

                  "AGREEMENT" means this Agreement, as the same may be amended,
         supplemented or otherwise modified from time to time in accordance with
         its terms.

                  "APPLICABLE LIQUIDITY RATE" has the meaning specified in
         Section 3.07(g).

                  "APPLICABLE MARGIN" means with respect to any Unpaid Advance
         or Applied Provider Advance, 2.00%.

                  "APPLIED DOWNGRADE ADVANCE" has the meaning specified in
         Section 2.06(a).

                  "APPLIED NON-EXTENSION ADVANCE" has the meaning specified in
         Section 2.06(a).

                  "APPLIED PROVIDER ADVANCE" means an Applied Downgrade Advance
         or an Applied Non-Extension Advance.

                  "BASE RATE" means a fluctuating interest rate per annum in
         effect from time to time, which rate per annum shall at all times be
         equal to the weighted average of the rates on overnight Federal funds
         transactions with members of the Federal Reserve System arranged by
         Federal funds brokers, as published for each day in the period for
         which the Base Rate is to be determined (or, if such day is not a
         Business Day, for the preceding Business Day) by the Federal Reserve
         Bank of New York, or if such rate is not so published for any day that
         is a Business Day, the average of the quotations for such day for such
         transactions received by the Liquidity Provider from three Federal
         funds brokers of recognized standing selected by it (and reasonably
         satisfactory to Delta) plus one-quarter of one percent (0.25%).

                  "BASE RATE ADVANCE" means an Advance that bears interest at a
         rate based upon the Base Rate.

                  "BORROWER" has the meaning specified in the introductory
         paragraph to this Agreement.

                  "BORROWING" means the making of Advances requested by delivery
         of a Notice of Borrowing.

                  "BUSINESS DAY" means any day other than a Saturday, a Sunday
         or a day on which commercial banks are required or authorized to close
         in New York, New York, Atlanta, Georgia, or, so long as any Class A-1
         Certificate is outstanding, the city and state in which the Class A-1
         Trustee, the Borrower or any related Loan Trustee maintains its
         Corporate Trust Office or receives or disburses funds, and, if the
         applicable Business Day relates to any Advance or other amount bearing
         interest based on the LIBOR Rate, on which dealings are carried on in
         the London interbank market.

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<PAGE>   6
                  "CONSENT NOTICE" has the meaning specified in Section 2.10.

                  "CONSENT PERIOD" has the meaning specified in Section 2.10.

                  "COVERED TAXES" means any Taxes imposed by the United States
         or any political subdivision or taxing authority thereof or therein
         required by law to be deducted or withheld from any amounts payable to
         the Liquidity Provider under this Agreement other than (i) any Tax on,
         based on or measured by net income, franchises or conduct of business,
         (ii) any Tax imposed, levied, withheld or assessed as a result of any
         connection between the Liquidity Provider and the United States or such
         political subdivision or taxing authority, other than a connection
         arising solely from the Liquidity Provider's having executed,
         delivered, performed its obligations or received a payment under, or
         enforced, any Operative Agreement, (iii) any Tax attributable to the
         inaccuracy in or breach by the Liquidity Provider of any of its
         representations, warranties or covenants contained in any Operative
         Agreement to which it is a party or the inaccuracy of any form or
         document furnished pursuant thereto, (iv) any withholding Taxes imposed
         by the United States except to the extent such withholding Taxes would
         not have been required to be deducted or withheld from payments
         hereunder but for a change after the date hereof (or in the case of a
         successor Liquidity Provider (including a transferee of an Advance)
         after the date on which such successor Liquidity Provider obtains its
         interest) in applicable law (excluding from "change in applicable law"
         for this purpose, a change in an applicable treaty or other change in
         law affecting the applicability of a treaty other than the applicable
         income tax treaty between the United States of America and the Federal
         Republic of Germany ("German Treaty") (except an addition to, or change
         in any "anti-treaty shopping", "limitation of benefits" or similar
         provision in such German Treaty)), (v) any withholding Taxes imposed by
         the United States which are imposed or increased as a result of the
         Liquidity Provider failing to deliver to the Borrower any certificate
         or document (which certificate or document in the good faith judgment
         of the Liquidity Provider, it is legally entitled to provide) which is
         reasonably requested by the Borrower to establish that payments under
         this Agreement are exempt from (or entitled to a reduced rate of)
         withholding Tax, or (vi) any change in the Lending Office without the
         prior written consent of Delta (such consent not to be unreasonably
         withheld).

                  "DOWNGRADE ADVANCE" means an Advance made pursuant to Section
         2.02(c).

                  "EFFECTIVE DATE" has the meaning specified in Section 4.01.
         The delivery of the certificate of the Liquidity Provider contemplated
         by Section 4.01(f) shall be conclusive evidence that the Effective Date
         has occurred.

                  "EXPENSES" means liabilities, losses, damages, costs and
         expenses (including, without limitation, reasonable fees and
         disbursements of legal counsel), provided that Expenses shall not
         include any Taxes other than sales, use and V.A.T. taxes imposed on
         fees and expenses payable pursuant to Section 7.07.

                  "EXPIRY DATE" means November 14, 2001, initially, or any date
         to which the Expiry Date is extended pursuant to Section 2.10.

                                       3
<PAGE>   7
                  "FINAL ADVANCE" means an Advance made pursuant to Section
         2.02(d).

                  "INCREASED COST" has the meaning specified in Section 3.01.

                  "INTERCREDITOR AGREEMENT" means the Intercreditor Agreement,
         dated as of the date hereof, among the Trustees, the Liquidity
         Provider, the liquidity provider under each Liquidity Facility (other
         than this Agreement) and the Subordination Agent, as the same may be
         amended, supplemented or otherwise modified from time to time in
         accordance with its terms.

                  "INTEREST ADVANCE" means an Advance made pursuant to Section
         2.02(a).

                  "INTEREST PERIOD" means, with respect to any LIBOR Advance,
         each of the following periods:

                           (i)      the period beginning on the third Business
                  Day following either (A) the Liquidity Provider's receipt of
                  the Notice of Borrowing for such LIBOR Advance or (B) the date
                  of the withdrawal of funds from the Class A-1 Cash Collateral
                  Account for the purpose of paying interest on the Class A-1
                  Certificates as contemplated by Section 2.06(a) hereof and, in
                  each case, ending on the next numerically corresponding day in
                  the first calendar month after the first day of the applicable
                  Interest Period; and

                           (ii)     each subsequent period commencing on the
                  last day of the immediately preceding Interest Period and
                  ending on the numerically corresponding day in the first
                  calendar month after the first day of the applicable Interest
                  Period;

         provided, however, that if (x) the Final Advance shall have been made
         pursuant to Section 2.02(d) or (y) other outstanding Advances shall
         have been converted into the Final Advance pursuant to Section 6.01,
         then the Interest Periods shall be successive periods of one month
         beginning on the third Business Day following the Liquidity Provider's
         receipt of the Notice of Borrowing for such Final Advance (in the case
         of clause (x) above) or the Regular Distribution Date following such
         conversion (in the case of clause (y) above).

                  "LENDING OFFICE" means the lending office of the Liquidity
         Provider presently located at New York, New York, or such other lending
         office as the Liquidity Provider from time to time shall notify the
         Borrower as its lending office hereunder; provided that the Liquidity
         Provider shall not change its Lending Office without the prior written
         consent of Delta (such consent not to be unreasonably withheld).

                  "LIBOR ADVANCE" means an Advance bearing interest at a rate
         based upon the LIBOR Rate.

                  "LIBOR RATE" means, with respect to any Interest Period, (a)
         the interest rate per annum equal to the rate per annum at which
         deposits in Dollars are offered in the London interbank market as shown
         on Page 3750 of the Telerate Systems Incorporated screen

                                       4
<PAGE>   8
         service (or such other page as may replace Telerate Page 3750), or if
         such service is not available, Page LIBO of the Reuters Money Service
         Monitor System (or such other page as may replace Reuters Page LIBO) at
         approximately 11:00 a.m. (London time) on the day that is two Business
         Days prior to the first day of such Interest Period, for a period
         comparable to such Interest Period, or (b) if no such rate is published
         on either such service or if neither of such services is then
         available, the interest rate per annum equal to the average (rounded
         up, if necessary, to the nearest 1/100th of 1%) of the rates at which
         deposits in Dollars are offered by the Reference Banks (or, if fewer
         than all of the Reference Banks are quoting a rate for deposits in
         Dollars for the applicable period and amount, such fewer number of
         Reference Banks) at approximately 11:00 a.m. (London time) on the day
         that is two Business Days prior to the first day of such Interest
         Period to prime banks in the London interbank market for a period
         comparable to such Interest Period and in an amount approximately equal
         to the principal amount of the LIBOR Advance to be outstanding during
         such Interest Period, or (c) if none of the Reference Banks is quoting
         a rate for deposits in Dollars in the London interbank market for such
         a period and amount, the interest rate per annum equal to the average
         (rounded up, if necessary, to the nearest 1/100th of 1%) of the rates
         at which deposits in Dollars are offered by the principal New York
         offices of the Reference Banks (or, if fewer than all of the Reference
         Banks are quoting a rate for deposits in Dollars in the New York
         interbank market for the applicable period and amount, such fewer
         number of Reference Banks) at approximately 11:00 a.m. (New York time)
         on the day that is two Business Days prior to the first day of such
         Interest Period to prime banks in the New York interbank market for a
         period comparable to such Interest Period and in an amount
         approximately equal to the principal amount of the LIBOR Advance to be
         outstanding during such Interest Period, or (d) if none of the
         principal New York offices of the Reference Banks is quoting a rate for
         deposits in Dollars in the New York interbank market for the applicable
         period and amount, the Base Rate.

                  "LIQUIDITY EVENT OF DEFAULT" means the occurrence of either
         (a) the Acceleration of all of the Equipment Notes or (b) a Delta
         Bankruptcy Event.

                  "LIQUIDITY INDEMNITEE" means the Liquidity Provider, its
         directors, officers, employees and agents, and its successors and
         permitted assigns.

                  "LIQUIDITY PROVIDER" has the meaning specified in the
         introductory paragraph to this Agreement.

                  "MAXIMUM AVAILABLE COMMITMENT" means, subject to the proviso
         contained in the third sentence of Section 2.02(a), at any time of
         determination, (a) the Maximum Commitment at such time less (b) the
         aggregate amount of each Interest Advance outstanding at such time;
         provided that following a Provider Advance or a Final Advance, the
         Maximum Available Commitment shall be zero.

                  "MAXIMUM COMMITMENT" means initially $37,893,819, as the same
         may be reduced from time to time in accordance with Section 2.04(a).

                  "NON-EXTENSION ADVANCE" means an Advance made pursuant to
         Section 2.02(b).

                                       5
<PAGE>   9
                  "NOTICE OF BORROWING" has the meaning specified in Section
         2.02(e).

                  "NOTICE OF REPLACEMENT SUBORDINATION AGENT" has the meaning
         specified in Section 3.08.

                  "PARTICIPATION" has the meaning specified in Section 7.08(b).

                  "PERFORMING NOTE DEFICIENCY" means any time that less than 65%
         of the then aggregate outstanding principal amount of all Equipment
         Notes are Performing Equipment Notes.

                  "PERMITTED TRANSFEREE" means any Person that:

                           (a)      is not a commercial air carrier, Delta or
                                    any affiliate of Delta; and

                           (b)      is any one of:

                                    (1)      a commercial banking institution
                           organized under the laws of the United States or any
                           state thereof or the District of Columbia;

                                    (2)      a commercial banking institution
                           that (x) is organized under the laws of France,
                           Germany, The Netherlands, Switzerland or the United
                           Kingdom, (y) is entitled on the date it acquires any
                           Participation to a complete exemption from United
                           States federal income taxes for all income derived by
                           it from the transactions contemplated by the
                           Operative Agreements under an income tax treaty, as
                           in effect on such date, between the United States and
                           such jurisdiction of its organization and (z) is
                           engaged in the active conduct of a banking business
                           in such jurisdiction of its organization, holds its
                           Participation in connection with such banking
                           business in such jurisdiction and is regulated as a
                           commercial banking institution by the appropriate
                           regulatory authorities in such jurisdiction; or

                                    (3)      a commercial banking institution
                           that (x) is organized under the laws of Canada,
                           France, Germany, Ireland, Japan, Luxembourg, The
                           Netherlands, Sweden, Switzerland or the United
                           Kingdom and (y) is entitled on the date it acquires
                           any Participation to a complete exemption from
                           withholding of United States federal income taxes for
                           all income derived by it from the transactions
                           contemplated by the Operative Agreements under laws
                           as in effect on such date by reason of such income
                           being effectively connected with the conduct of a
                           trade or business within the United States.

                  "PROSPECTUS SUPPLEMENT" means the Prospectus Supplement dated
         November 7, 2000, relating to the Certificates, as such Prospectus
         Supplement may be amended or supplemented.

                  "PROVIDER ADVANCE" means a Downgrade Advance or a
         Non-Extension Advance.

                                       6
<PAGE>   10
                  "REFERENCE BANKS" means the principal London offices of:
         National Westminster Bank, plc; WestLB; The Chase Manhattan Bank;
         Citibank, N.A.; and such other or additional banking institutions as
         may be designated from time to time by mutual agreement of Delta and
         the Liquidity Provider.

                  "REGULATORY CHANGE" means the enactment, adoption or
         promulgation, after the date of this Agreement, of any law or
         regulation by a United States federal or state government or by the
         government of the Liquidity Provider's jurisdiction of organization, or
         any change, after the date of this Agreement, in any such law or
         regulation, or in the interpretation thereof by any governmental
         authority, central bank or comparable agency of the United States or
         the Liquidity Provider's jurisdiction of organization charged with
         responsibility for the administration or application thereof, that
         shall impose, modify or deem applicable: (a) any reserve, special
         deposit or similar requirement against extensions of credit or other
         assets of, or deposits with or other liabilities of, the Liquidity
         Provider including, or by reason of, the Advances, or (b) any capital
         adequacy requirement requiring the maintenance by the Liquidity
         Provider of additional capital in respect of any Advances or the
         Liquidity Provider's obligation to make any such Advances.

                  "REPLENISHMENT AMOUNT" has the meaning specified in Section
         2.06(b).

                  "REQUIRED AMOUNT" means, 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 Class A-1 Certificates on the basis of a
         360-day year comprised of twelve 30-day months, that would be payable
         on the Class A-1 Certificates on each of the three successive
         semiannual Regular Distribution Dates immediately following such day
         or, if such day is a Regular Distribution Date, on such day and the
         succeeding two semiannual Regular Distribution Dates, in each case
         calculated on the basis of the Pool Balance of the Class A-1
         Certificates on such day and without regard to expected future
         distributions of principal on the Class A-1 Certificates.

                  "TERMINATION DATE" means the earliest to occur of the
         following: (i) the Expiry Date; (ii) the date on which the Borrower
         delivers to the Liquidity Provider a certificate, signed by a
         Responsible Officer of the Borrower, certifying that all of the Class
         A-1 Certificates have been paid in full (or provision has been made for
         such payment in accordance with the Intercreditor Agreement and the
         Class A-1 Trust Agreement) or are otherwise no longer entitled to the
         benefits of this Agreement; (iii) the date on which the Borrower
         delivers to the Liquidity Provider a certificate, signed by a
         Responsible Officer of the Borrower, certifying that a Replacement
         Liquidity Facility has been substituted for this Agreement in full
         pursuant to Section 3.06(e) of the Intercreditor Agreement; (iv) the
         fifth Business Day following the receipt by the Borrower of a
         Termination Notice from the Liquidity Provider pursuant to Section
         6.01; and (v) the date on which no Advance is or may (including by
         reason of reinstatement as herein provided) become available for a
         Borrowing hereunder.

                  "TERMINATION NOTICE" means the Notice of Termination
         substantially in the form of Annex V to this Agreement.

                                       7
<PAGE>   11
                  "UNAPPLIED PROVIDER ADVANCE" means any Provider Advance other
         than an Applied Provider Advance.

                  "UNPAID ADVANCE" has the meaning specified in Section 2.05.

                  "WITHDRAWAL NOTICE" has the meaning specified in Section 2.10.

         For the purposes of this Agreement, the following terms shall have the
respective meanings specified in the Intercreditor Agreement:

                  "Acceleration", "Certificate", "Class A-1 Cash Collateral
         Account", "Class A-1 Certificates", "Class A-1 Certificateholders",
         "Class A-1 Trust", "Class A-1 Trust Agreement", "Class A-1 Trustee",
         "Class A-2 Certificates", "Class B Certificates", "Class C
         Certificates", "Closing Date", "Collection Account", "Controlling
         Party", "Corporate Trust Office", "Delta", "Delta Bankruptcy Event",
         "Distribution Date", "Dollars", "Downgraded Facility", "Equipment
         Notes", "Fee Letter", "Final Legal Distribution Date", "Indenture",
         "Interest Payment Date", "Investment Earnings", "Liquidity Facility",
         "Liquidity Obligations", "Loan Trustee", "Moody's", "Non-Extended
         Facility", "Operative Agreements", "Participation Agreements",
         "Performing Equipment Note", "Person", "Pool Balance", "Rating
         Agencies", "Ratings Confirmation", "Regular Distribution Date",
         "Replacement Liquidity Facility", "Responsible Officer", "Scheduled
         Payment", "Special Payment", "S&P", "Stated Interest Rate",
         "Subordination Agent", "Taxes", "Threshold Rating", "Trust Agreement",
         "Trustee", "Underwriters", "Underwriting Agreement", "United States"
         and "Written Notice".

                                   ARTICLE II

                       AMOUNT AND TERMS OF THE COMMITMENT

         Section 2.01. The Advances. The Liquidity Provider hereby irrevocably
agrees, on the terms and conditions hereinafter set forth, to make Advances to
the Borrower from time to time on any Business Day during the period from the
Effective Date until 12:00 noon (New York City time) on the Expiry Date (unless
the obligations of the Liquidity Provider shall be earlier terminated in
accordance with the terms of Section 2.04(b)) in an aggregate amount at any time
outstanding not to exceed the Maximum Commitment.

         Section 2.02. Making of Advances (a) Each Interest Advance shall be
made by the Liquidity Provider upon delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex I,
signed by a Responsible Officer of the Borrower, such Interest Advance to be in
an amount not exceeding the Maximum Available Commitment at such time and used
solely for the payment when due of interest with respect to the Class A-1
Certificates at the Stated Interest Rate therefor in accordance with Section
3.06(a) and 3.06(b) of the Intercreditor Agreement. Each Interest Advance made
hereunder shall automatically reduce the Maximum Available Commitment and the
amount available to be borrowed hereunder by subsequent Advances by the amount
of such Interest Advance (subject to reinstatement as provided in the next
sentence). Upon repayment to the Liquidity Provider in

                                       8
<PAGE>   12
full or in part of the amount of any Interest Advance made pursuant to this
Section 2.02(a), together with accrued interest thereon (as provided herein),
the Maximum Available Commitment shall be reinstated by an amount equal to the
amount of such Interest Advance so repaid, but not to exceed the Maximum
Commitment; provided, however, that the Maximum Available Commitment shall not
be so reinstated at any time if (x) both a Performing Note Deficiency exists and
a Liquidity Event of Default shall have occurred and be continuing or (y) a
Final Drawing shall have occurred.

         (b)      Subject to Section 2.10, a Non-Extension Advance shall be made
by the Liquidity Provider if this Agreement is not extended in accordance with
Section 3.06(d) of the Intercreditor Agreement (unless a Replacement Liquidity
Facility to replace this Agreement shall have been delivered to the Borrower as
contemplated by said Section 3.06(d) within the time period specified in such
Section 3.06(d)) upon delivery to the Liquidity Provider of a written and
completed Notice of Borrowing in substantially the form of Annex II, signed by a
Responsible Officer of the Borrower, in an amount equal to the Maximum Available
Commitment at such time, and shall be used to fund the Class A-1 Cash Collateral
Account in accordance with Sections 3.06(d) and 3.06(f) of the Intercreditor
Agreement.

         (c)      A Downgrade Advance shall be made by the Liquidity Provider if
at any time the short-term unsecured debt rating of the Liquidity Provider
issued by either Rating Agency (or if the Liquidity Provider does not have a
short-term unsecured debt rating issued by a given Rating Agency, the long-term
unsecured debt rating of the Liquidity Provider issued by such Rating Agency) is
lower than the applicable Threshold Rating (as provided for in Section 3.06(c)
of the Intercreditor Agreement) unless a Replacement Liquidity Facility to
replace this Agreement shall have been previously delivered to the Borrower in
accordance with said Section 3.06(c), upon delivery to the Liquidity Provider of
a written and completed Notice of Borrowing in substantially the form of Annex
III, signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to fund the Class
A-1 Cash Collateral Account in accordance with Sections 3.06(c) and 3.06(f) of
the Intercreditor Agreement.

         (d)      A Final Advance shall be made by the Liquidity Provider
following the receipt by the Borrower of a Termination Notice from the Liquidity
Provider pursuant to Section 6.01 upon delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex IV,
signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to fund the Class
A-1 Cash Collateral Account (in accordance with Sections 3.06(f) and 3.06(i) of
the Intercreditor Agreement).

         (e)      Each Borrowing shall be made on notice in writing (a "NOTICE
OF BORROWING") in substantially the form required by Section 2.02(a), 2.02(b),
2.02(c) or 2.02(d), as the case may be, given by the Borrower to the Liquidity
Provider. If a Notice of Borrowing is delivered by the Borrower in respect of
any Borrowing no later than 1:00 p.m. (New York City time) on a Business Day,
upon satisfaction of the conditions precedent set forth in Section 4.02 with
respect to a requested Borrowing, the Liquidity Provider shall make available to
the Borrower, in accordance with its payment instructions, the amount of such
Borrowing in Dollars and immediately available funds, before 4:00 p.m. (New York
City time) on such Business Day or

                                       9
<PAGE>   13
before 1:00 p.m. (New York City time) on such later Business Day specified in
such Notice of Borrowing. If a Notice of Borrowing is delivered by the Borrower
in respect of any Borrowing after 1:00 p.m. (New York City time) on a Business
Day, upon satisfaction of the conditions precedent set forth in Section 4.02
with respect to a requested Borrowing, the Liquidity Provider shall make
available to the Borrower, in accordance with its payment instructions, the
amount of such Borrowing in Dollars and immediately available funds, before 1:00
p.m. (New York City time) on the first Business Day next following the day of
receipt of such Notice of Borrowing or on such later Business Day specified by
the Borrower in such Notice of Borrowing. Payments of proceeds of a Borrowing
shall be made by wire transfer of immediately available funds to the Borrower in
accordance with such wire transfer instructions as the Borrower shall furnish
from time to time to the Liquidity Provider for such purpose. Each Notice of
Borrowing shall be irrevocable and binding on the Borrower. Each Notice of
Borrowing shall be effective upon delivery of a copy thereof to the Liquidity
Provider's New York branch at the address specified in Section 7.02 hereof.

         (f)      Upon the making of any Advance requested pursuant to a Notice
of Borrowing in accordance with the Borrower's payment instructions, the
Liquidity Provider shall be fully discharged of its obligation hereunder with
respect to such Notice of Borrowing, and the Liquidity Provider shall not
thereafter be obligated to make any further Advances hereunder in respect of
such Notice of Borrowing to the Borrower or to any other Person (including the
Trustee or any Class A-1 Certificateholder). If the Liquidity Provider makes an
Advance requested pursuant to a Notice of Borrowing before 12:00 noon (New York
City time) on the second Business Day after the date of payment specified in
said Section 2.02(e), the Liquidity Provider shall have fully discharged its
obligations hereunder with respect to such Advance and an event of default shall
not have occurred hereunder. Following the making of any Advance pursuant to
Section 2.02(b), 2.02(c) or 2.02(d) to fund the Class A-1 Cash Collateral
Account, the Liquidity Provider shall have no interest in or rights to the Class
A-1 Cash Collateral Account, such Advance or any other amounts from time to time
on deposit in the Class A-1 Cash Collateral Account; provided that the foregoing
shall not affect or impair the obligations of the Subordination Agent to make
the distributions contemplated by Section 3.06(e) or 3.06(f) of the
Intercreditor Agreement and provided further, that the foregoing shall not
affect or impair the rights of the Liquidity Provider to provide written
instructions with respect to the investment and reinvestment of amounts in the
Class A-1 Cash Collateral Account to the extent provided in Section 2.02(b) of
the Intercreditor Agreement. By paying to the Borrower proceeds of Advances
requested by the Borrower in accordance with the provisions of this Agreement,
the Liquidity Provider makes no representation as to, and assumes no
responsibility for, the correctness or sufficiency for any purpose of the amount
of the Advances so made and requested.

         Section 2.03. Fees. The Borrower agrees to pay to the Liquidity
Provider the fees set forth in the Fee Letter.

         Section 2.04. Reduction or Termination of the Maximum Commitment. (a)
Automatic Reduction. Promptly following each date on which the Required Amount
is reduced as a result of a reduction in the Pool Balance of the Class A-1
Certificates or otherwise, the Maximum Commitment shall automatically be reduced
to an amount equal to such reduced Required Amount (as calculated by the
Borrower). The Borrower shall give notice of any such automatic reduction of the
Maximum Commitment to the Liquidity Provider and Delta within two Business

                                       10
<PAGE>   14
Days thereof. The failure by the Borrower to furnish any such notice shall not
affect such automatic reduction of the Maximum Commitment.

         (b)      Termination. Upon the making of any Provider Advance or Final
Advance hereunder or the occurrence of the Termination Date, the obligation of
the Liquidity Provider to make further Advances hereunder shall automatically
and irrevocably terminate, and the Borrower shall not be entitled to request any
further Borrowing hereunder.

         Section 2.05. Repayments of Interest Advances or the Final Advance.
Subject to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby agrees,
without notice of an Advance or demand for repayment from the Liquidity Provider
(which notice and demand are hereby waived by the Borrower), to pay, or to cause
to be paid, to the Liquidity Provider (a) on each date on which the Liquidity
Provider shall make an Interest Advance or the Final Advance, an amount equal to
the amount of such Advance (any such Advance, until repaid, is referred to
herein as an "UNPAID ADVANCE"), plus (b) interest on the amount of each such
Unpaid Advance in the amounts and on the dates determined as provided in Section
3.07; provided that if (i) the Liquidity Provider shall make a Provider Advance
at any time after making one or more Interest Advances which shall not have been
repaid in accordance with this Section 2.05 or (ii) this Liquidity Facility
shall become a Downgraded Facility or Non-Extended Facility at any time when
unreimbursed Interest Advances have reduced the Maximum Available Commitment to
zero, then such Interest Advances shall cease to constitute Unpaid Advances and
shall be deemed to have been changed into an Applied Downgrade Advance or an
Applied Non-Extension Advance, as the case may be, for all purposes of this
Agreement (including, without limitation, for the purpose of determining when
such Interest Advance is required to be repaid to the Liquidity Provider in
accordance with Section 2.06 and for the purposes of Section 2.06(b)). The
Borrower and the Liquidity Provider agree that the repayment in full of each
Interest Advance and Final Advance on the date such Advance is made is intended
to be a contemporaneous exchange for new value given to the Borrower by the
Liquidity Provider. For the avoidance of doubt, interest payable on an Interest
Advance or the Final Advance shall not be regarded as overdue unless such
interest is not paid when due under Section 3.07.

         Section 2.06. Repayments of Provider Advances. (a) Amounts advanced
hereunder in respect of a Provider Advance shall be deposited in the Class A-1
Cash Collateral Account and invested and withdrawn from the Class A-1 Cash
Collateral Account as set forth in Sections 3.06(c), 3.06(d), 3.06(e) and
3.06(f) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09, the
Borrower agrees to pay to the Liquidity Provider, on each Regular Distribution
Date, commencing on the first Regular Distribution Date after the making of a
Provider Advance, interest on the principal amount of any such Provider Advance,
in the amounts determined as provided in Section 3.07; provided, however, that
amounts in respect of a Provider Advance withdrawn from the Class A-1 Cash
Collateral Account for the purpose of paying interest on the Class A-1
Certificates in accordance with Section 3.06(f) of the Intercreditor Agreement
(the amount of any such withdrawal being (y) in the case of a Downgrade Advance,
an "APPLIED DOWNGRADE ADVANCE" and (z) in the case of a Non-Extension Advance,
an "APPLIED NON-EXTENSION ADVANCE" and, together with an Applied Downgrade
Advance, an "APPLIED PROVIDER ADVANCE") shall thereafter (subject to Section
2.06(b)) be treated as an Interest Advance under this Agreement for purposes of
determining the Applicable Liquidity Rate for interest payable thereon and the
dates on which such interest is payable; provided further, however, that if,

                                       11
<PAGE>   15
following the making of a Provider Advance, the Liquidity Provider delivers a
Termination Notice to the Borrower pursuant to Section 6.01, such Provider
Advance shall thereafter be treated as a Final Advance under this Agreement for
purposes of determining the Applicable Liquidity Rate for interest payable
thereon and the dates on which such interest is payable. Subject to Sections
2.07 and 2.09 hereof, immediately upon the withdrawal of any amounts from the
Class A-1 Cash Collateral Account on account of a reduction in the Required
Amount, the Borrower shall repay to the Liquidity Provider a portion of the
Provider Advances in a principal amount equal to such reduction, plus interest
on the principal amount prepaid as provided in Section 3.07.

         (b)      At any time when an Applied Provider Advance (or any portion
thereof) is outstanding, upon the deposit in the Class A-1 Cash Collateral
Account of any amount pursuant to clause "third" of Section 2.04(b) of the
Intercreditor Agreement, clause "third" of Section 3.02 of the Intercreditor
Agreement or clause "fourth" of Section 3.03 of the Intercreditor Agreement (any
such amount being a "REPLENISHMENT AMOUNT") for the purpose of replenishing or
increasing the balance thereof up to the Required Amount at such time, (i) the
aggregate outstanding principal amount of all Applied Provider Advances (and of
Provider Advances treated as an Interest Advance for purposes of determining the
Applicable Liquidity Rate for interest payable thereon) shall be automatically
reduced by the amount of such Replenishment Amount, and (ii) the aggregate
outstanding principal amount of all Unapplied Provider Advances shall be
automatically increased by the amount of such Replenishment Amount.

         (c)      Upon the provision of a Replacement Liquidity Facility in
replacement of this Agreement in accordance with Section 3.06(e) of the
Intercreditor Agreement, as provided in Section 3.06(f) of the Intercreditor
Agreement, amounts remaining on deposit in the Class A-1 Cash Collateral Account
after giving effect to any Applied Provider Advance on the date of such
replacement shall be reimbursed to the Liquidity Provider, but only to the
extent such amounts are necessary to repay in full to the Liquidity Provider all
amounts owing to it hereunder.

         Section 2.07. Payments to the Liquidity Provider Under the
Intercreditor Agreement. In order to provide for payment or repayment to the
Liquidity Provider of any amounts hereunder, the Intercreditor Agreement
provides that amounts available and referred to in Articles II and III of the
Intercreditor Agreement, to the extent payable to the Liquidity Provider
pursuant to the terms of the Intercreditor Agreement (including, without
limitation, Section 3.06(f) of the Intercreditor Agreement), shall be paid to
the Liquidity Provider in accordance with the terms thereof (but, for the
avoidance of doubt, without duplication of or increase in any amounts payable
hereunder). Amounts so paid to the Liquidity Provider shall be applied by the
Liquidity Provider in the order of priority required by the applicable
provisions of Articles II and III of the Intercreditor Agreement and shall
discharge in full the corresponding obligations of the Borrower hereunder.

         Section 2.08. Book Entries. The Liquidity Provider shall maintain in
accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrower resulting from Advances made from time to time and
the amounts of principal and interest payable hereunder and paid from time to
time in respect thereof; provided, however, that the failure by the Liquidity
Provider to maintain such account or accounts shall not affect the obligations
of the Borrower in respect of Advances.

                                       12
<PAGE>   16
         Section 2.09. Payments from Available Funds Only. All payments to be
made by the Borrower under this Agreement shall be made only from the amounts
that constitute Scheduled Payments, Special Payments and other payments under
the Operative Agreements, including payment under Section 4.02 of the
Participation Agreements and payments under Section 2.14 of the Indentures, and
only to the extent that the Borrower shall have sufficient income or proceeds
therefrom to enable the Borrower to make payments in accordance with the terms
hereof after giving effect to the priority of payments provisions set forth in
the Intercreditor Agreement. The Liquidity Provider agrees that it will look
solely to such amounts to the extent available for distribution to it as
provided in the Intercreditor Agreement and this Agreement and that the
Borrower, in its individual capacity, is not personally liable to it for any
amounts payable or liability under this Agreement except as expressly provided
in this Agreement, the Intercreditor Agreement or any Participation Agreement.
Amounts on deposit in the Class A-1 Cash Collateral Account shall be available
to the Borrower to make payments under this Agreement only to the extent and for
the purposes expressly contemplated in Section 3.06(f) of the Intercreditor
Agreement.

         Section 2.10. Extension of the Expiry Date; Non-Extension Advance. If
the Expiry Date is prior to the date that is 15 days after the Final Legal
Distribution Date for the Class A-1 Certificates, then no earlier than the 60th
day and no later than the 40th day prior to the then applicable Expiry Date, the
Borrower may request in writing that the Liquidity Provider extend the Expiry
Date to the earlier of (i) the date that is 15 days after the Final Legal
Distribution Date for the Class A-1 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 the Liquidity Provider hereunder are earlier
terminated in accordance herewith). The Liquidity Provider shall by notice (the
"CONSENT NOTICE") to the Borrower during the period commencing on the date that
is 60 days prior to the then effective Expiry Date and ending on the date that
is 25 days prior to the then effective Expiry Date (the "CONSENT PERIOD") advise
the Borrower whether, in its sole discretion, it agrees to so extend the Expiry
Date; provided, however, that such extension shall not be effective with respect
to the Liquidity Provider if, by notice (the "WITHDRAWAL NOTICE") to the
Borrower prior to the end of the Consent Period, the Liquidity Provider revokes
its Consent Notice. If the Liquidity Provider advises the Borrower in the
Consent Notice that such Expiry Date shall not be so extended, or gives a
Withdrawal Notice to the Borrower prior to the end of the Consent Period, or
fails to irrevocably and unconditionally advise the Borrower on or before the
end of the Consent Period that such Expiry Date shall be so extended (and, in
each case, if the Liquidity Provider shall not have been replaced in accordance
with Section 3.06(e) of the Intercreditor Agreement), the Borrower shall be
entitled on and after the date on which the Consent Period ends (but prior to
the then effective Expiry Date) to request a Non-Extension Advance in accordance
with Section 2.02(b) hereof and Section 3.06(d) of the Intercreditor Agreement.
If any amounts shall be drawn pursuant to a Non-Extension Advance and, within 30
days thereafter, the Liquidity Provider shall not have been replaced, then at
any time following the 30th day after such Non-Extension Advance, the Liquidity
Provider may, by written notice to the Borrower, agree to reinstate the
Liquidity Facility on the terms of the existing Liquidity Facility for a period
ending on the 364th day after the end of the Consent Period; provided, however,
that in such event the Liquidity Provider shall reimburse the Borrower for any
costs actually incurred by or on behalf of the Borrower in drawing pursuant to
the Non-Extension Advance and funding the Class A-1 Cash Collateral Account or
otherwise in connection with the Non-Extension Advance.

                                       13
<PAGE>   17
                                  ARTICLE III

                           OBLIGATIONS OF THE BORROWER

         Section 3.01. Increased Costs. If as a result of any Regulatory Change
there shall be any increase by an amount reasonably deemed by the Liquidity
Provider to be material in the actual cost to the Liquidity Provider of making,
funding or maintaining any Advances or its obligation to make any such Advances
or there shall be any reduction by an amount reasonably deemed by the Liquidity
Provider to be material in the amount receivable by the Liquidity Provider under
this Agreement or the Intercreditor Agreement in respect thereof, and in case of
either such an increase or reduction, such event does not arise from the gross
negligence or willful misconduct of the Liquidity Provider, from its breach of
any of its representations, warranties, covenants or agreements contained herein
or in the Intercreditor Agreement or from its failure to comply with any such
Regulatory Change (any such increase or reduction being referred to herein as an
"INCREASED COST"), then the Borrower shall from time to time pay to the
Liquidity Provider an amount equal to such Increased Cost within 15 Business
Days after delivery to the Borrower and Delta of a certificate of an officer of
the Liquidity Provider describing in reasonable detail the event by reason of
which it claims such Increased Cost and the basis for the determination of the
amount of such Increased Cost; provided that, the Borrower shall be obligated to
pay amounts only with respect to any Increased Costs accruing from the date 45
days prior to the date of delivery of such certificate. Such certificate, in the
absence of manifest error, shall be considered prima facie evidence of the
amount of the Increased Costs for purposes of this Agreement; provided that any
determinations and allocations by the Liquidity Provider of the effect of any
Regulatory Change on the costs of maintaining the Advances are made on a
reasonable basis. The Liquidity Provider shall not be entitled to assert any
claim under this Section 3.01 in respect of or attributable to Taxes. The
Liquidity Provider will notify the Borrower and Delta as promptly as practicable
of any event occurring after the date of this Agreement that will entitle the
Liquidity Provider to compensation under this Section 3.01. The Liquidity
Provider agrees to investigate all commercially reasonable alternatives for
reducing any Increased Costs and to use all commercially reasonable efforts to
avoid or minimize, to the greatest extent possible, any claim in respect of
Increased Costs, including, without limitation, by designating a different
Lending Office, if such designation or other action would avoid the need for, or
reduce the amount of, any such claim; provided that the foregoing shall not
obligate the Liquidity Provider to take any action that would, in its reasonable
judgment, cause the Liquidity Provider to incur any material loss or cost,
unless the Borrower or Delta agrees to reimburse the Liquidity Provider
therefor. If no such designation or other action is effected, or, if effected,
fails to avoid the need for any claim in respect of Increased Costs, Delta may
arrange for a Replacement Liquidity Facility in accordance with Section 3.06(e)
of the Intercreditor Agreement.

         Notwithstanding the foregoing provisions, in no event shall the
Borrower be required to make payments under this Section 3.01: (a) in respect of
any Regulatory Change proposed by any applicable governmental authority
(including any branch of a legislature), central bank or comparable agency of
the United States or the Liquidity Provider's jurisdiction of organization and
pending as of the date of this Agreement (it being agreed that the consultative
paper issued by the Basel Committee on Banking Supervision entitled "A New
Capital Adequacy Framework" shall not be considered a Regulatory Change proposed
as of the date of this

                                       14
<PAGE>   18
Agreement); (b) if a claim hereunder in respect of an Increased Cost arises
through circumstances peculiar to the Liquidity Provider and that do not affect
similarly organized commercial banking institutions in the same jurisdiction
generally that are in compliance with the law, rule, regulation or
interpretation giving rise to the Regulatory Change relating to such Increased
Cost; (c) if the Liquidity Provider shall fail to comply with its obligations
under this Section 3.01; or (d) if the Liquidity Provider is not also seeking
payment for similar increased costs in other similarly situated transactions.

         Section 3.02. [Intentionally omitted.]

         Section 3.03. Withholding Taxes. (a) All payments made by the Borrower
under this Agreement shall be made without deduction or withholding for or on
account of any Taxes, unless such deduction or withholding is required by law.
If any Taxes are so required to be withheld or deducted from any amounts payable
to the Liquidity Provider under this Agreement, the Borrower shall pay to the
relevant authorities the full amount so required to be deducted or withheld and,
if such Taxes are Covered Taxes, pay to the Liquidity Provider such additional
amounts as shall be necessary to ensure that the net amount actually received by
the Liquidity Provider (after deduction or withholding of all Covered Taxes)
shall be equal to the full amount that would have been received by the Liquidity
Provider had no withholding or deduction of Covered Taxes been required. The
Liquidity Provider agrees to use reasonable efforts (consistent with applicable
legal and regulatory restrictions) to change the jurisdiction of its Lending
Office if making such change would avoid the need for, or reduce the amount of,
any such additional amounts that may thereafter accrue and would not, in the
reasonable judgment of the Liquidity Provider, be otherwise materially
disadvantageous to the Liquidity Provider. If the Liquidity Provider receives a
refund of, or realizes a net Tax benefit not otherwise available to it as a
result of, any Taxes for which additional amounts were paid by the Borrower
pursuant to this Section 3.03, the Liquidity Provider shall pay to the Borrower
(for deposit into the Collection Account) the amount of such refund (and any
interest thereon) or net benefit.

         The Liquidity Provider will (i) provide (on its behalf and on behalf of
any participant holding a Participation pursuant to Section 7.08) to the
Borrower (x) on or prior to the Effective Date two valid completed and executed
copies of Internal Revenue Service Form W8-BEN or W8-EC1 (whichever is
applicable), including thereon a valid U.S. taxpayer identification number (or,
with respect to any such participant, such other form or documentation as may be
applicable) covering all amounts receivable by it in connection with the
transactions contemplated by the Operative Agreements and (y) thereafter from
time to time such additional forms or documentation as may be necessary to
establish an available exemption from withholding of United States Tax on
payments hereunder so that such forms or documentation are effective for all
periods during which it is the Liquidity Provider and (ii) provide timely notice
to the Borrower if any such form or documentation is or becomes inaccurate. The
Liquidity Provider shall deliver to the Borrower such other forms or documents
as may be reasonably requested by the Borrower or required by applicable law to
establish that payments hereunder are exempt from or entitled to a reduced rate
of Covered Taxes.

         (b)      All payments (including, without limitation, Advances) made by
the Liquidity Provider under this Agreement shall be made free and clear of, and
without reduction for or on account of, any Taxes. If any Taxes are required to
be withheld or deducted from any amounts

                                       15
<PAGE>   19
payable to the Borrower under this Agreement, the Liquidity Provider shall (i)
within the time prescribed therefor by applicable law pay to the appropriate
governmental or taxing authority the full amount of any such Taxes (and any
additional Taxes in respect of the additional amounts payable under clause (ii)
hereof) and make such reports or returns in connection therewith at the time or
times and in the manner prescribed by applicable law, and (ii) pay to the
Borrower an additional amount which (after deduction of all such Taxes) will be
sufficient to yield to the Borrower the full amount which would have been
received by it had no such withholding or deduction been made. Within 30 days
after the date of each payment hereunder, the Liquidity Provider shall furnish
to the Borrower the original or a certified copy of (or other documentary
evidence of) the payment of the Taxes applicable to such payment.

         If any exemption from, or reduction in the rate of, any Taxes required
to be borne by the Liquidity Provider under this Section 3.03(b) is reasonably
available to the Borrower without providing any information regarding the
holders or beneficial owners of the Certificates, the Borrower shall deliver the
Liquidity Provider such form or forms and such other evidence of the eligibility
of the Borrower for such exemption or reductions (but without any requirement to
provide any information regarding the holders or beneficial owners of the
Certificates) as the Liquidity Provider may reasonably identify to the Borrower
as being required as a condition to exemption from, or reduction in the rate of,
such Taxes.

         Section 3.04. Payments. The Borrower shall make or cause to be made
each payment to the Liquidity Provider under this Agreement so as to cause the
same to be received by the Liquidity Provider not later than 1:00 P.M. (New York
City time) on the day when due. The Borrower shall make all such payments in
Dollars, to the Liquidity Provider in immediately available funds, by wire
transfer to The Chase Manhattan Bank, 021-000021 in favor of account number
9201060663, Westdeutsche Landesbank New York Branch, Reference: Delta EETC
2000-1, A-1 LF.

         Section 3.05. Computations. All computations of interest based on the
Base Rate shall be made on the basis of a year of 365 or 366 days, as the case
may be, and all computations of interest based on the LIBOR Rate shall be made
on the basis of a year of 360 days, in each case for the actual number of days
(including the first day but excluding the last day) occurring in the period for
which such interest is payable.

         Section 3.06. Payment on Non-Business Days. Whenever any payment to be
made hereunder shall be stated to be due on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day and no additional
interest shall be due as a result (and if so made, shall be deemed to have been
made when due). If any payment in respect of interest on an Advance is so
deferred to the next succeeding Business Day, such deferral shall not delay the
commencement of the next Interest Period for such Advance (if such Advance is a
LIBOR Advance) or reduce the number of days for which interest will be payable
on such Advance on the next interest payment date for such Advance.

         Section 3.07. Interest. (a) Subject to Sections 2.07 and 2.09, the
Borrower shall pay, or shall cause to be paid, without duplication, interest on
(i) the unpaid principal amount of each Advance from and including the date of
such Advance (or, in the case of an Applied Provider Advance, from and including
the date on which the amount thereof was withdrawn from the

                                       16
<PAGE>   20
Class A-1 Cash Collateral Account to pay interest on the Class A-1 Certificates)
to but excluding the date such principal amount shall be paid in full (or, in
the case of an Applied Provider Advance, the date on which the Class A-1 Cash
Collateral Account is fully replenished in respect of such Advance) and (ii) any
other amount due hereunder (whether fees, commissions, expenses or other amounts
or, to the extent permitted by law, installments of interest on Advances or any
such other amount) that is not paid when due (whether at stated maturity, by
acceleration or otherwise) from and including the due date thereof to but
excluding the date such amount is paid in full, in each such case, at the
interest rate per annum for each day equal to the Applicable Liquidity Rate (as
defined below) for such Advance or such other amount, as the case may be, as in
effect for such day, but in no event at a rate per annum greater than the
maximum rate permitted by applicable law, provided, however, that, if at any
time the otherwise applicable interest rate as set forth in this Section 3.07
shall exceed the maximum rate permitted by applicable law, then to the maximum
extent permitted by applicable law any subsequent reduction in such interest
rate will not reduce the rate of interest payable pursuant to this Section 3.07
below the maximum rate permitted by applicable law until the total amount of
interest accrued equals the absolute amount of interest that would have accrued
(without additional interest thereon) if such otherwise applicable interest rate
as set forth in this Section 3.07 had at all relevant times been in effect.

         (b)      Except as provided in Section 3.07(e), each Advance will be
either a Base Rate Advance or a LIBOR Advance as provided in this Section 3.07.
Each such Advance will be a Base Rate Advance for the period from the date of
its borrowing to (but excluding) the third Business Day following the Liquidity
Provider's receipt of the Notice of Borrowing for such Advance. Thereafter, such
Advance shall be a LIBOR Advance; provided that the Borrower (at the direction
of the Controlling Party, so long as the Liquidity Provider is not the
Controlling Party) may (x) convert the Final Advance into a Base Rate Advance on
the last day of an Interest Period for such Advance by giving the Liquidity
Provider no less than four Business Days' prior written notice of such election
or (y) elect to maintain the Final Advance as a Base Rate Advance by not
requesting a conversion of the Final Advance to a LIBOR Advance under Clause (5)
of the applicable Notice of Borrowing (or, if, pursuant to Section 2.06, such
Final Advance is deemed to have been made without delivery of a Notice of
Borrowing, by requesting, prior to 11:00 a.m. on the first Business Day
immediately following the Borrower's receipt of the applicable Termination
Notice, that such Final Advance not be converted from a Base Rate Advance to a
LIBOR Advance).

         (c)      Each LIBOR Advance shall bear interest during each Interest
Period at a rate per annum equal to the LIBOR Rate for such Interest Period plus
the Applicable Margin for such LIBOR Advance, payable in arrears on the last day
of such Interest Period and, in the event of the payment of principal of such
LIBOR Advance on a day other than such last day, on the date of such payment (to
the extent of interest accrued on the amount of principal repaid).

         (d)      Each Base Rate Advance shall bear interest at a rate per annum
equal to the Base Rate plus the Applicable Margin for such Base Rate Advance,
payable in arrears on each Regular Distribution Date and, in the event of the
payment of principal of such Base Rate Advance on a day other than a Regular
Distribution Date, on the date of such payment (to the extent of interest
accrued on the amount of principal repaid).

                                       17
<PAGE>   21
         (e)      Each outstanding Unapplied Provider Advance shall bear
interest in an amount equal to the Investment Earnings on amounts on deposit in
the Class A-1 Cash Collateral Account for such Unapplied Provider Advance on the
amount of such Unapplied Provider Advance from time to time, payable in arrears
on each Regular Distribution Date.

         (f)      Each amount not paid when due hereunder (whether fees,
commissions, expenses or other amounts or, to the extent permitted by applicable
law, installments of interest on Advances but excluding Advances) shall bear
interest at a rate per annum equal to the Base Rate plus 3.00% per annum until
paid.

         (g)      Each change in the Base Rate shall become effective
immediately. The rates of interest specified in this Section 3.07 with respect
to any Advance or other amount shall be referred to as the "APPLICABLE LIQUIDITY
RATE".

         Section 3.08. Replacement of Borrower. Subject to Section 5.02, from
time to time and subject to the successor Borrower's meeting the eligibility
requirements set forth in Section 6.09 of the Intercreditor Agreement applicable
to the Subordination Agent, upon the effective date and time specified in a
written and completed Notice of Replacement Subordination Agent in substantially
the form of Annex VI (a "NOTICE OF REPLACEMENT SUBORDINATION AGENT") delivered
to the Liquidity Provider by the then Borrower, the successor Borrower
designated therein shall become the Borrower for all purposes hereunder.

         Section 3.09. Funding Loss Indemnification. The Borrower shall pay to
the Liquidity Provider, upon the request of the Liquidity Provider, such amount
or amounts as shall be sufficient (in the reasonable opinion of the Liquidity
Provider) to compensate it for any loss, cost or expense incurred by reason of
the liquidation or redeployment of deposits or other funds acquired by the
Liquidity Provider to fund or maintain any LIBOR Advance (but excluding loss of
the Applicable Margin or anticipated profits) incurred as a result of:

                  (1)      Any repayment of a LIBOR Advance on a date other than
         the last day of the Interest Period for such Advance; or

                  (2)      Any failure by the Borrower to borrow a LIBOR Advance
         on the date for borrowing specified in the relevant notice under
         Section 2.02.

         Section 3.10. Illegality. Notwithstanding any other provision in this
Agreement, if any change in any law, rule or regulation applicable to or binding
on the Liquidity Provider, or any change in the interpretation or administration
thereof by any governmental authority, central bank or comparable agency charged
with the interpretation or administration thereof, or compliance by the
Liquidity Provider with any request or directive (whether or not having the
force of law) of any such authority, central bank or comparable agency shall
make it unlawful or impossible for the Liquidity Provider to maintain or fund
its LIBOR Advances, then upon notice to the Borrower and Delta by the Liquidity
Provider, the outstanding principal amount of the LIBOR Advances shall be
converted to Base Rate Advances (a) immediately upon demand of the Liquidity
Provider, if such change or compliance with such request, in the reasonable
judgment of the Liquidity Provider, requires immediate conversion; or (b) at the
expiration of the last Interest Period to expire before the effective date of
any such change or request. The

                                       18
<PAGE>   22
Liquidity Provider will notify the Borrower and Delta as promptly as
practicable of any event that will lead to the conversion of LIBOR Advances to
Base Rate Advances under this Section 3.10. The Liquidity Provider agrees to
investigate all commercially reasonable alternatives for avoiding the need for
such conversion, including, without limitation, designating a different Lending
Office, if such designation or other action would avoid the need to convert such
LIBOR Advances to Base Rate Advances; provided, that the foregoing shall not
obligate the Liquidity Provider to take any action that would, in its reasonable
judgment, cause the Liquidity Provider to incur any material loss or cost,
unless the Borrower or Delta agrees to reimburse the Liquidity Provider
therefor. If no such designation or other action is effected, or, if effected,
fails to avoid the need for conversion of the LIBOR Advances to Base Rate
Advances, Delta may arrange for a Replacement Liquidity Facility in accordance
with Section 3.06(e) of the Intercreditor Agreement.

                                   ARTICLE IV

                              CONDITIONS PRECEDENT

         Section 4.01. Conditions Precedent to Effectiveness of Section 2.01.
Section 2.01 of this Agreement shall become effective on and as of the first
date (the "EFFECTIVE DATE") on which the following conditions precedent have
been satisfied (or waived by the appropriate party or parties):

                  (a)      The Liquidity Provider shall have received on or
         before the Closing Date each of the following, and in the case of each
         document delivered pursuant to paragraphs (i), (ii) and (iii), each in
         form and substance satisfactory to the Liquidity Provider:

                           (i)      This Agreement duly executed on behalf of
                  the Borrower;

                           (ii)     The Intercreditor Agreement duly executed on
                  behalf of each of the parties thereto (other than the
                  Liquidity Provider);

                           (iii)    Fully executed copies of each of the
                  Operative Agreements executed and delivered on or before the
                  Closing Date (other than this Agreement and the Intercreditor
                  Agreement);

                           (iv)     A copy of the Prospectus Supplement and
                  specimen copies of the Class A-1 Certificates;

                           (v)      An executed copy of each document,
                  instrument, certificate and opinion delivered on or before the
                  Closing Date pursuant to the Class A-1 Trust Agreement, the
                  Intercreditor Agreement and the other Operative Agreements (in
                  the case of each such opinion, either addressed to the
                  Liquidity Provider or accompanied by a letter from the counsel
                  rendering such opinion to the effect that the Liquidity
                  Provider is entitled to rely on such opinion as of its date as
                  if it were addressed to the Liquidity Provider); and

                                       19
<PAGE>   23
                           (vi)     An agreement from Delta, pursuant to which
                  (x) Delta agrees to provide copies of quarterly financial
                  statements and audited annual financial statements to the
                  Liquidity Provider (which Delta may provide in an electronic
                  format by electronic mail or making such available over the
                  internet) and (y) Delta agrees to allow the Liquidity Provider
                  to discuss the transactions contemplated by the Operative
                  Agreements with officers and employees of Delta.

                  (b)      On and as of the Effective Date no event shall have
         occurred and be continuing, or would result from the entering into of
         this Agreement or the making of any Advance, which constitutes a
         Liquidity Event of Default.

                  (c)      The filings referred to in Sections 3.01(d) and
         3.01(f) of the Participation Agreements shall have been filed (or shall
         be in the process of being filed).

                  (d)      The Liquidity Provider shall have received payment in
         full of the fees and other sums required to be paid to or for the
         account of the Liquidity Provider on or prior to the Effective Date
         pursuant to the Fee Letter.

                  (e)      All conditions precedent to the issuance of the
         Certificates under the Trust Agreement shall have been satisfied or
         waived, all conditions precedent to the effectiveness of the other
         Liquidity Facilities shall have been satisfied or waived, and all
         conditions precedent to the purchase of the Certificates by the
         Underwriters under the Underwriting Agreement shall have been satisfied
         (unless any of such conditions precedent under the Underwriting
         Agreement shall have been waived by the Underwriters).

                  (f)      The Borrower and Delta shall have received a
         certificate, dated the Effective Date signed by a duly authorized
         representative of the Liquidity Provider, certifying that all
         conditions precedent specified in this Section 4.01 have been satisfied
         or waived by the Liquidity Provider.

         Section 4.02. Conditions Precedent to Borrowing. The obligation of the
Liquidity Provider to make an Advance on the occasion of each Borrowing shall be
subject to the conditions precedent that the Effective Date shall have occurred
and, prior to the time of such Borrowing, the Borrower shall have delivered a
Notice of Borrowing which conforms to the terms and conditions of this
Agreement.

                                   ARTICLE V

                                    COVENANTS

         Section 5.01. Affirmative Covenants of the Borrower. So long as any
Advance shall remain unpaid or the Liquidity Provider shall have any Maximum
Commitment hereunder or the Borrower shall have any obligation to pay any amount
to the Liquidity Provider hereunder, the Borrower will, unless the Liquidity
Provider shall otherwise consent in writing:

                                       20
<PAGE>   24

                  (a)      Performance of Agreements. Punctually pay or cause to
         be paid all amounts payable by it under this Agreement and the
         Intercreditor Agreement and observe and perform in all material
         respects the conditions, covenants and requirements applicable to it
         contained in this Agreement and the Intercreditor Agreement.

                  (b)      Reporting Requirements. Furnish to the Liquidity
         Provider with reasonable promptness, such other information and data
         with respect to the transactions contemplated by the Operative
         Agreements as from time to time may be reasonably requested by the
         Liquidity Provider; and permit the Liquidity Provider, upon reasonable
         notice, to inspect the Borrower's books and records with respect to
         such transactions and to meet with officers and employees of the
         Borrower to discuss such transactions.

                  (c)      Certain Operative Agreements. Furnish to the
         Liquidity Provider with reasonable promptness, copies of such Operative
         Agreements entered into after the date hereof as from time to time may
         be reasonably requested by the Liquidity Provider.

         Section 5.02. Negative Covenants of the Borrower. Subject to the first
and fourth paragraphs of Section 7.01(a) of the Intercreditor Agreement and
Section 7.01(b) of the Intercreditor Agreement, so long as any Advance shall
remain unpaid or the Liquidity Provider shall have any Maximum Commitment
hereunder or the Borrower shall have any obligation to pay any amount to the
Liquidity Provider hereunder, the Borrower will not appoint or permit or suffer
to be appointed any successor Borrower without the prior written consent of the
Liquidity Provider, which consent shall not be unreasonably withheld or delayed.

                                   ARTICLE VI

                           LIQUIDITY EVENTS OF DEFAULT

         Section 6.01. Liquidity Events of Default. If (a) any Liquidity Event
of Default has occurred and is continuing and (b) there is a Performing Note
Deficiency, the Liquidity Provider may, in its discretion, deliver to the
Borrower a Termination Notice, the effect of which shall be to cause (i) this
Agreement to expire at the close of business on the fifth Business Day after the
date on which such Termination Notice is received by the Borrower, (ii) the
Borrower to promptly request, and the Liquidity Provider to promptly make, a
Final Advance in accordance with Section 2.02(d) hereof and Section 3.06(i) of
the Intercreditor Agreement, (iii) all other outstanding Advances to be
automatically converted into Final Advances for purposes of determining the
Applicable Liquidity Rate for interest payable thereon and (iv) subject to
Sections 2.07 and 2.09, all Advances, any accrued interest thereon and any other
amounts outstanding hereunder to become immediately due and payable to the
Liquidity Provider.

                                       21
<PAGE>   25

                                  ARTICLE VII

                                  MISCELLANEOUS

         Section 7.01. 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 Borrower and the
Liquidity Provider and any other Person whose consent is required pursuant to
this Agreement; provided that no such change or other action shall affect the
payment obligations of Delta without Delta's prior written consent; and any
waiver of the terms hereof shall be effective only in the specific instance and
for the specific purpose given.

         Section 7.02. Notices. Unless otherwise expressly specified or
permitted by the terms hereof, all notices, requests, demands, authorizations,
directions, consents, waivers or documents required or permitted under the terms
and provisions of this Agreement shall be in English and in writing, and given
by United States registered or certified mail, courier service or facsimile, and
any such notice shall be effective when delivered (or, 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) addressed as follows:

         If to the Borrower, to:

         STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT,
         NATIONAL ASSOCIATION
         225 Asylum Street, Goodwin Square
         Hartford, Connecticut 06103
         Attention:  Corporate Trust Division

         Telephone:  (860) 244-1844
         Telecopy:  (860) 244-1881

         If to the Liquidity Provider, to:

         WESTDEUTSCHE LANDESBANK GIROZENTRALE
         1211 Avenue of the Americas
         New York, New York 10036
         Attention:  Transportation Finance

         Telephone:  (212) 852-6111
         Telecopy:   (212) 869-7634

         With a copy to:

         WESTDEUTSCHE LANDESBANK GIROZENTRALE
         1211 Avenue of the Americas
         New York, New York 10036
         Attention:  Loan Administration

                                       22
<PAGE>   26
         Telephone:  (212) 852-6323
         Telecopy:   (212) 302-7946

         Any party, by notice to the other party 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 7.02.

         Section 7.03. No Waiver; Remedies. No failure on the part of the
Liquidity Provider to exercise, and no delay in exercising, any right under this
Agreement shall operate as a waiver thereof; nor shall any single or partial
exercise of any right under this Agreement preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law.

         Section 7.04. Further Assurances. The Borrower agrees to do such
further acts and things and to execute and deliver to the Liquidity Provider
such additional assignments, agreements, powers and instruments as the Liquidity
Provider may reasonably require or deem advisable to carry into effect the
purposes of this Agreement and the other Operative Agreements or to better
assure and confirm unto the Liquidity Provider its rights, powers and remedies
hereunder and under the other Operative Agreements.

         Section 7.05. Indemnification; Survival of Certain Provisions. The
Liquidity Provider shall be indemnified hereunder to the extent and in the
manner described in Section 4.02 of the Participation Agreements. In addition,
the Borrower agrees to indemnify, protect, defend and hold harmless each
Liquidity Indemnitee from and against all Expenses of any kind or nature
whatsoever (other than any Expenses of the nature described in Sections 3.01 or
7.07 or in the Fee Letter (regardless of whether indemnified against pursuant to
said Sections or in such Fee Letter)), that may be imposed on or incurred by
such Liquidity Indemnitee, in any way relating to, resulting from, or arising
out of or in connection with, any action, suit or proceeding by any third party
against such Liquidity Indemnitee and relating to this Agreement, the Fee
Letter, the Intercreditor Agreement or any Participation Agreement; provided,
however, that the Borrower shall not be required to indemnify, protect, defend
and hold harmless any Liquidity Indemnitee in respect of any Expense of such
Liquidity Indemnitee to the extent such Expense is (i) attributable to the
negligence or willful misconduct of such Liquidity Indemnitee or any other
Liquidity Indemnitee, (ii) an ordinary and usual operating overhead expense,
(iii) attributable to the failure by such Liquidity Indemnitee or any other
Liquidity Indemnitee to perform or observe any agreement, covenant or condition
on its part to be performed or observed in this Agreement, the Intercreditor
Agreement, the Fee Letter or any other Operative Agreement to which it is a
party or (iv) otherwise excluded from the indemnification provisions contained
in Section 4.02 of the Participation Agreements. The provisions of Sections
3.01, 3.03, 3.09, 7.05 and 7.07 and the indemnities contained in Section 4.02 of
the Participation Agreements shall survive the termination of this Agreement.

         Section 7.06. Liability of the Liquidity Provider. (a) Neither the
Liquidity Provider nor any of its officers, employees or directors shall be
liable or responsible for: (i) the use which may be made of the Advances or any
acts or omissions of the Borrower or any beneficiary or

                                       23
<PAGE>   27
transferee in connection therewith; (ii) the validity, sufficiency or
genuineness of documents, or of any endorsement thereon, even if such documents
should prove to be in any or all respects invalid, insufficient, fraudulent or
forged; or (iii) the making of Advances by the Liquidity Provider against
delivery of a Notice of Borrowing and other documents which do not comply with
the terms hereof; provided, however, that the Borrower shall have a claim
against the Liquidity Provider, and the Liquidity Provider shall be liable to
the Borrower, to the extent of any damages suffered by the Borrower that were
the result of (A) the Liquidity Provider's willful misconduct or gross
negligence in determining whether documents presented hereunder comply with the
terms hereof or (B) any breach by the Liquidity Provider of any of the terms of
this Agreement or the Intercreditor Agreement, including, but not limited to,
the Liquidity Provider's failure to make lawful payment hereunder after the
delivery to it by the Borrower of a Notice of Borrowing complying with the terms
and conditions hereof.

         (b)      Neither the Liquidity Provider nor any of its officers,
employees or directors or affiliates shall be liable or responsible in any
respect for (i) any error, omission, interruption or delay in transmission,
dispatch or delivery of any message or advice, however transmitted, in
connection with this Agreement or any Notice of Borrowing delivered hereunder or
(ii) any action, inaction or omission which may be taken by it in good faith,
absent willful misconduct or negligence (in which event the extent of the
Liquidity Provider's potential liability to the Borrower shall be limited as set
forth in the immediately preceding paragraph), in connection with this Agreement
or any Notice of Borrowing.

         Section 7.07. Certain Costs and Expenses. The Borrower agrees promptly
to pay, or cause to be paid, (a) the reasonable fees, expenses and disbursements
of Shearman & Sterling, special counsel for the Liquidity Provider, in
connection with the preparation, negotiation, execution, delivery, filing and
recording of the Operative Agreements, any waiver or consent thereunder or any
amendment thereof and (b) if a Liquidity Event of Default occurs, all
out-of-pocket expenses incurred by the Liquidity Provider, including reasonable
fees and disbursements of counsel, in connection with such Liquidity Event of
Default and any collection, bankruptcy, insolvency and other enforcement
proceedings in connection therewith. In addition, the Borrower shall pay any and
all recording, stamp and other similar taxes and fees payable or determined to
be payable in the United States in connection with the execution, delivery,
filing and recording of this Agreement, any other Operative Agreement and such
other documents, and agrees to save the Liquidity Provider harmless from and
against any and all liabilities with respect to or resulting from any delay in
paying or omission to pay such taxes or fees.

         Section 7.08. Binding Effect; Participations. (a) This Agreement shall
be binding upon and inure to the benefit of the Borrower and the Liquidity
Provider and their respective successors and permitted assigns, except that
neither the Liquidity Provider (except as otherwise provided in this Section
7.08) nor (except as contemplated by Section 3.08) the Borrower shall have the
right to assign, pledge or otherwise transfer its rights or obligations
hereunder or any interest herein, subject to the Liquidity Provider's right to
grant Participations pursuant to Section 7.08(b).

         (b)      The Liquidity Provider agrees that it will not grant any
participation (including, without limitation, a "risk participation") (any such
participation, a "Participation") in or to all or a portion of its rights and
obligations hereunder or under the other Operative Agreements,

                                       24
<PAGE>   28
unless all of the following conditions are satisfied: (i) such Participation is
to a Permitted Transferee, (ii) such Participation is made in accordance with
all applicable laws, including, without limitation, the Securities Act of 1933,
as amended, the Trust Indenture Act of 1939, as amended, and any other
applicable laws relating to the transfer of similar interests and (iii) such
Participation shall not be made under circumstances that require registration
under the Securities Act of 1933, as amended, or qualification of any indenture
under the Trust Indenture Act of 1939, as amended. Notwithstanding any such
Participation, the Liquidity Provider agrees that (1) the Liquidity Provider's
obligations under the Operative Agreements shall remain unchanged, and such
participant shall have no rights or benefits as against Delta or the Borrower or
under any Operative Agreement, (2) the Liquidity Provider shall remain solely
responsible to the other parties to the Operative Agreements for the performance
of such obligations, (3) the Liquidity Provider shall remain the maker of any
Advances, and the other parties to the Operative Agreements shall continue to
deal solely and directly with the Liquidity Provider in connection with the
Advances and the Liquidity Provider's rights and obligations under the Operative
Agreements, (4) the Liquidity Provider shall be solely responsible for any
withholding Taxes or any filing or reporting requirements relating to such
Participation and shall hold the Borrower and Delta and their respective
successors, permitted assigns, affiliates, agents and servants harmless against
the same and (5) neither Delta nor the Borrower shall be required to pay to the
Liquidity Provider any amount under Section 3.01 or Section 3.03 greater than it
would have been required to pay had there not been any grant of a Participation
by the Liquidity Provider. The Liquidity Provider may, in connection with any
Participation or proposed Participation pursuant to this Section 7.08(b),
disclose to the participant or proposed participant any information relating to
the Operative Agreements or to the parties thereto furnished to the Liquidity
Provider thereunder or in connection therewith and permitted to be disclosed by
the Liquidity Provider; provided, however, that prior to any such disclosure,
the participant or proposed participant shall agree in writing for the express
benefit of the Borrower and Delta to preserve the confidentiality of any
confidential information included therein (subject to customary exceptions).

         (c)      Notwithstanding the other provisions of this Section 7.08, the
Liquidity Provider may assign and pledge all or any portion of the Advances
owing to it to any Federal Reserve Bank or the United States Treasury as
collateral security pursuant to Regulation A of the Board of Governors of the
Federal Reserve System and any Operating Circular issued by such Federal Reserve
Bank, provided that any payment in respect of such assigned Advances made by the
Borrower to the Liquidity Provider in accordance with the terms of this
Agreement shall satisfy the Borrower's obligations hereunder in respect of such
assigned Advance to the extent of such payment. No such assignment shall release
the Liquidity Provider from its obligations hereunder.

         Section 7.09. Severability. 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 7.10. Governing Law. THIS AGREEMENT HAS BEEN DELIVERED IN THE
STATE OF NEW YORK AND THIS AGREEMENT SHALL BE GOVERNED BY AND

                                       25
<PAGE>   29
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

         Section 7.11. 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 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)      THE BORROWER AND THE LIQUIDITY PROVIDER EACH HEREBY AGREE TO
WAIVE THEIR 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. The
Borrower and the Liquidity Provider each warrant and represent 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. 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.

         (c)      The Liquidity Provider hereby waives any immunity it may have
from the jurisdiction of the courts of the United States or of any state thereof
and waives any immunity any of its properties located in the United States may
have from attachment or execution upon a judgment entered by any such court
under the United States Foreign Sovereign Immunities Act of 1976 or any similar
successor legislation.

         Section 7.12. 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 shall constitute one
instrument.

         Section 7.13. Entirety. This Agreement and the Intercreditor Agreement
constitute the entire agreement of the parties hereto with respect to the
subject matter hereof and supersede all prior understandings and agreements of
such parties.

                                       26
<PAGE>   30

         Section 7.14. 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 7.15. Liquidity Provider's Obligation to Make Advances. EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS OF THE LIQUIDITY
PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE BORROWER'S RIGHTS TO DELIVER
NOTICES OF BORROWING REQUESTING THE MAKING OF ADVANCES HEREUNDER, SHALL BE
ABSOLUTE, UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH
CASE STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.

                                       27
<PAGE>   31

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

                                     STATE STREET BANK AND TRUST COMPANY OF
                                     CONNECTICUT, NATIONAL ASSOCIATION, not in
                                     its individual capacity but solely as
                                     Subordination Agent, as agent and trustee
                                     for the Class A-1 Trust, as Borrower

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

                                     WESTDEUTSCHE LANDESBANK GIROZENTRALE,
                                     NEW YORK BRANCH, as Liquidity Provider

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

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

                                       28
<PAGE>   32
                                   ANNEX I to
                           REVOLVING CREDIT AGREEMENT

                      INTEREST ADVANCE NOTICE OF BORROWING

         The undersigned, a duly authorized signatory of the undersigned
borrower (the "BORROWER"), hereby certifies to Westdeutsche Landesbank
Girozentrale, New York Branch (the "LIQUIDITY PROVIDER"), with reference to the
Revolving Credit Agreement (2000-1A-1), dated as of November 16, 2000, between
the Borrower and the Liquidity Provider (the "LIQUIDITY AGREEMENT"; the terms
defined therein and not otherwise defined herein being used herein as therein
defined or referenced), that:

                  (1)      The Borrower is the Subordination Agent under the
         Intercreditor Agreement.

                  (2)      The Borrower is delivering this Notice of Borrowing
         for the making of an Interest Advance by the Liquidity Provider to be
         used for the payment of the interest on the Class A-1 Certificates
         which is payable on ____________, ____ (the "DISTRIBUTION DATE") in
         accordance with the terms and provisions of the Class A-1 Trust
         Agreement and the Class A-1 Certificates, which Advance is requested to
         be made on ____________, ____. The Interest Advance should be remitted
         to [insert wire and account details].

                  (3)      The amount of the Interest Advance requested hereby
         (i) is $_______________.__, to be applied in respect of the payment of
         the interest which is due and payable on the Class A-1 Certificates on
         the Distribution Date, (ii) does not include any amount with respect to
         the payment of principal of, or premium on, the Class A-1 Certificates,
         the Class A-2 Certificates, the Class B Certificates or the Class C
         Certificates, or interest on the Class A-2 Certificates, the Class B
         Certificates or the Class C Certificates, (iii) was computed in
         accordance with the provisions of the Class A-1 Certificates, the Class
         A-1 Trust Agreement and the Intercreditor Agreement (a copy of which
         computation is attached hereto as Schedule I), (iv) does not exceed the
         Maximum Available Commitment on the date hereof and (v) has not been
         and is not the subject of a prior or contemporaneous Notice of
         Borrowing.

                  (4)      Upon receipt by or on behalf of the Borrower of the
         amount requested hereby, (a) the Borrower will apply the same in
         accordance with the terms of Section 3.06(b) of the Intercreditor
         Agreement, (b) no portion of such amount shall be applied by the
         Borrower for any other purpose and (c) no portion of such amount until
         so applied shall be commingled with other funds held by the Borrower.

         The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, the making of the Interest Advance as requested by this Notice of
Borrowing shall automatically reduce, subject to reinstatement in accordance
with the terms of the Liquidity Agreement, the Maximum Available Commitment by
an amount equal to the amount of the Interest Advance

                                      I-1
<PAGE>   33

requested to be made hereby as set forth in clause (i) of paragraph (3) of this
Certificate and such reduction shall automatically result in corresponding
reductions in the amounts available to be borrowed pursuant to a subsequent
Advance.

         IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ____ day of _________, ____.

                                          STATE STREET BANK AND TRUST COMPANY
                                          OF CONNECTICUT, NATIONAL ASSOCIATION,
                                          as Subordination Agent, as Borrower

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

                                      I-2

<PAGE>   34
               SCHEDULE I TO INTEREST ADVANCE NOTICE OF BORROWING

[Insert Copy of Computations in accordance with Interest Advance Notice of
Borrowing]

                                      I-3

<PAGE>   35

                                  ANNEX II to
                           REVOLVING CREDIT AGREEMENT

                   NON-EXTENSION ADVANCE NOTICE OF BORROWING

         The undersigned, a duly authorized signatory of the undersigned
subordination agent (the "BORROWER"), hereby certifies to Westdeutsche
Landesbank Girozentrale, New York Branch (the "LIQUIDITY PROVIDER"), with
reference to the Revolving Credit Agreement (2000-1A-1), dated as of November
16, 2000, between the Borrower and the Liquidity Provider (the "LIQUIDITY
AGREEMENT"; the terms defined therein and not otherwise defined herein being
used herein as therein defined or referenced), that:

                  (1)      The Borrower is the Subordination Agent under the
         Intercreditor Agreement.

                  (2)      The Borrower is delivering this Notice of Borrowing
         for the making of the Non-Extension Advance by the Liquidity Provider
         to be used for the funding of the Class A-1 Cash Collateral Account in
         accordance with Section 3.06(d) of the Intercreditor Agreement, which
         Advance is requested to be made on __________, ____. The Non-Extension
         Advance should be remitted to [insert wire and account details].

                  (3)      The amount of the Non-Extension Advance requested
         hereby (i) is $_______________.__, which equals the Maximum Available
         Commitment on the date hereof and is to be applied in respect of the
         funding of the Class A-1 Cash Collateral Account in accordance with
         Sections 3.06(d) and 3.06(f) of the Intercreditor Agreement, (ii) does
         not include any amount with respect to the payment of the principal of,
         or premium on, the Class A-1 Certificates, or principal of, or interest
         or premium on, the Class A-2 Certificates, the Class B Certificates or
         the Class C Certificates, (iii) was computed in accordance with the
         provisions of the Class A-1 Certificates, the Class A-1 Trust Agreement
         and the Intercreditor Agreement (a copy of which computation is
         attached hereto as Schedule I) and (iv) has not been and is not the
         subject of a prior or contemporaneous Notice of Borrowing under the
         Liquidity Agreement.

                  (4)      Upon receipt by or on behalf of the Borrower of the
         amount requested hereby, (a) the Borrower will deposit such amount in
         the Class A-1 Cash Collateral Account and apply the same in accordance
         with the terms of Sections 3.06(d) and 3.06(f) of the Intercreditor
         Agreement, (b) no portion of such amount shall be applied by the
         Borrower for any other purpose and (c) no portion of such amount until
         so applied shall be commingled with other funds held by the Borrower.

         The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Non-Extension Advance as requested by this
Notice of Borrowing shall automatically and irrevocably terminate the obligation
of the Liquidity Provider to make further Advances under the Liquidity Agreement
and (B) following the making by the Liquidity

                                      II-1
<PAGE>   36

Provider of the Non-Extension Advance requested by this Notice of Borrowing, the
Borrower shall not be entitled to request any further Advances under the
Liquidity Agreement.

         IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ____ day of _________, ____.

                                          STATE STREET BANK AND TRUST COMPANY
                                          OF CONNECTICUT, NATIONAL ASSOCIATION,
                                          as Subordination Agent, as Borrower

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

                                      II-2
<PAGE>   37

             SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE OF BORROWING

[Insert Copy of computations in accordance with Non-Extension Advance Notice of
Borrowing]

                                      II-3

<PAGE>   38

                                  ANNEX III to
                           REVOLVING CREDIT AGREEMENT

                      DOWNGRADE ADVANCE NOTICE OF BORROWING

         The undersigned, a duly authorized signatory of the undersigned
subordination agent (the "BORROWER"), hereby certifies to Westdeutsche
Landesbank Girozentrale, New York Branch (the "LIQUIDITY PROVIDER"), with
reference to the Revolving Credit Agreement (2000-1A-1), dated as of November
16, 2000, between the Borrower and the Liquidity Provider (the "LIQUIDITY
AGREEMENT"; the terms defined therein and not otherwise defined herein being
used herein as therein defined or referenced), that:

                  (1)      The Borrower is the Subordination Agent under the
         Intercreditor Agreement.

                  (2)      The Borrower is delivering this Notice of Borrowing
         for the making of the Downgrade Advance by the Liquidity Provider to be
         used for the funding of the Class A-1 Cash Collateral Account in
         accordance with Section 3.06(c) of the Intercreditor Agreement by
         reason of the downgrading of the short-term unsecured debt rating or
         long-term unsecured debt rating of the Liquidity Provider issued by
         either Rating Agency below the Threshold Rating, which Advance is
         requested to be made on __________, ____. The Downgrade Advance should
         be remitted to [insert wire and account details].

                  (3)      The amount of the Downgrade Advance requested hereby
         (i) is $_______________.__, which equals the Maximum Available
         Commitment on the date hereof and is to be applied in respect of the
         funding of the Class A-1 Cash Collateral Account in accordance with
         Sections 3.06(c) and 3.06(f) of the Intercreditor Agreement, (ii) does
         not include any amount with respect to the payment of the principal of,
         or premium on, the Class A-1 Certificates, or principal of, or interest
         or premium on, the Class A-2 Certificates, the Class B Certificates or
         the Class C Certificates, (iii) was computed in accordance with the
         provisions of the Class A-1 Certificates, the Class A-1 Trust Agreement
         and the Intercreditor Agreement (a copy of which computation is
         attached hereto as Schedule I) and (iv) has not been and is not the
         subject of a prior or contemporaneous Notice of Borrowing under the
         Liquidity Agreement.

                  (4)      Upon receipt by or on behalf of the Borrower of the
         amount requested hereby, (a) the Borrower will deposit such amount in
         the Class A-1 Cash Collateral Account and apply the same in accordance
         with the terms of Sections 3.06(c) and 3.06(f) of the Intercreditor
         Agreement, (b) no portion of such amount shall be applied by the
         Borrower for any other purpose and (c) no portion of such amount until
         so applied shall be commingled with other funds held by the Borrower.

         The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Downgrade Advance as requested by this Notice
of Borrowing shall automatically and irrevocably terminate the obligation of the
Liquidity Provider to make further Advances

                                      III-1
<PAGE>   39
under the Liquidity Agreement and (B) following the making by the Liquidity
Provider of the Downgrade Advance requested by this Notice of Borrowing, the
Borrower shall not be entitled to request any further Advances under the
Liquidity Agreement.

         IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ____ day of _________, ____.

                                       STATE STREET BANK AND TRUST COMPANY OF
                                       CONNECTICUT, NATIONAL ASSOCIATION, as
                                       Subordination Agent, as Borrower

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

                                     III-2
<PAGE>   40

               SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING

[Insert Copy of computations in accordance with Downgrade Advance Notice of
Borrowing]

                                     III-3
<PAGE>   41

                                   ANNEX IV to
                           REVOLVING CREDIT AGREEMENT

                        FINAL ADVANCE NOTICE OF BORROWING

         The undersigned, a duly authorized signatory of the undersigned
borrower (the "BORROWER"), hereby certifies to Westdeutsche Landesbank
Girozentrale, New York Branch (the "LIQUIDITY PROVIDER"), with reference to the
Revolving Credit Agreement (2000-1A-1), dated as of November 16, 2000, between
the Borrower and the Liquidity Provider (the "LIQUIDITY AGREEMENT"; the terms
defined therein and not otherwise defined herein being used herein as therein
defined or referenced), that:

                  (1)      The Borrower is the Subordination Agent under the
         Intercreditor Agreement.

                  (2)     The Borrower is delivering this Notice of Borrowing
         for the making of the Final Advance by the Liquidity Provider to be
         used for the funding of the Class A-1 Cash Collateral Account in
         accordance with Section 3.06(i) of the Intercreditor Agreement by
         reason of the receipt by the Borrower of a Termination Notice from the
         Liquidity Provider with respect to the Liquidity Agreement, which
         Advance is requested to be made on ____________, ____. The Final
         Advance should be remitted to [insert wire and account details].

                  (3)      The amount of the Final Advance requested hereby (i)
         is $_________________.__, which equals the Maximum Available Commitment
         on the date hereof and is to be applied in respect of the funding of
         the Class A-1 Cash Collateral Account in accordance with Sections
         3.06(f) and 3.06(i) of the Intercreditor Agreement, (ii) does not
         include any amount with respect to the payment of principal of, or
         premium on, the Class A-1 Certificates, or principal of, or interest or
         premium on, the Class A-2 Certificates, the Class B Certificates or the
         Class C Certificates, (iii) was computed in accordance with the
         provisions of the Class A-1 Certificates, the Class A-1 Trust Agreement
         and the Intercreditor Agreement (a copy of which computation is
         attached hereto as Schedule I) and (iv) has not been and is not the
         subject of a prior or contemporaneous Notice of Borrowing.

                  (4)      Upon receipt by or on behalf of the Borrower of the
         amount requested hereby, (a) the Borrower will deposit such amount in
         the Class A-1 Cash Collateral Account and apply the same in accordance
         with the terms of Sections 3.06(f) and 3.06(i) of the Intercreditor
         Agreement, (b) no portion of such amount shall be applied by the
         Borrower for any other purpose and (c) no portion of such amount until
         so applied shall be commingled with other funds held by the Borrower.

                  (5)      [The Borrower hereby requests that the Advance
         requested hereby be a Base Rate Advance [and that such Base Rate
         Advance be converted into a LIBOR Advance on the third Business Day
         following your receipt of this notice]*.]

                                       IV-1
<PAGE>   42

         The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Final Advance as requested by this Notice of
Borrowing shall automatically and irrevocably terminate the obligation of the
Liquidity Provider to make further Advances under the Liquidity Agreement and
(B) following the making by the Liquidity Provider of the Final Advance
requested by this Notice of Borrowing, the Borrower shall not be entitled to
request any further Advances under the Liquidity Agreement.

         IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ____ day of _________, ____.

                                        STATE STREET BANK AND TRUST COMPANY OF
                                        CONNECTICUT, NATIONAL ASSOCIATION, as
                                        Subordination Agent, as Borrower

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

[* Bracketed language may be included at Borrower's option.]

                                      IV-2
<PAGE>   43

                 SCHEDULE I TO FINAL ADVANCE NOTICE OF BORROWING

[Insert Copy of Computations in accordance with Final Advance Notice of
Borrowing]

                                      IV-3
<PAGE>   44

                                   ANNEX V to
                           REVOLVING CREDIT AGREEMENT

                              NOTICE OF TERMINATION

                                     [Date]

State Street Bank and Trust
   Company of Connecticut,
   National Association, as
   Subordination Agent, as
   Borrower
225 Asylum Street
Goodwin Square
Hartford, Connecticut  06103
Attention:  Corporate Trust Division

Re:      Revolving Credit Agreement, dated as of November 16, 2000, between
         State Street Bank and Trust Company of Connecticut, National
         Association, as Subordination Agent, as agent and trustee for the Delta
         Air Lines Pass Through Trust 2000-1A-1, as Borrower, and Westdeutsche
         Landesbank Girozentrale, New York Branch (the "LIQUIDITY AGREEMENT")

Ladies and Gentlemen:

         You are hereby notified that pursuant to Section 6.01 of the Liquidity
Agreement, by reason of the occurrence and continuance of a Liquidity Event of
Default and the existence of a Performing Note Deficiency (each as defined
therein), we are giving this notice to you in order to cause (i) our obligations
to make Advances (as defined therein) under such Liquidity Agreement to
terminate at the close of business on the fifth Business Day after the date on
which you receive this notice and (ii) you to request a Final Advance under the
Liquidity Agreement pursuant to Section 3.06(i) of the Intercreditor Agreement
(as defined in the Liquidity Agreement) as a consequence of your receipt of this
notice.

         THIS NOTICE IS THE "NOTICE OF TERMINATION" PROVIDED FOR UNDER THE
LIQUIDITY AGREEMENT. OUR OBLIGATIONS TO MAKE ADVANCES UNDER THE LIQUIDITY
AGREEMENT WILL TERMINATE AT THE

                                      V-1

<PAGE>   45
CLOSE OF BUSINESS ON THE FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE
THIS NOTICE.

                                          Very truly yours,

                                          -----------------------------------,
                                          as Liquidity Provider

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

cc:      State Street Bank and Trust Company of Connecticut,
         National Association, as Class A-1 Trustee

                                      V-2

<PAGE>   46
                                   ANNEX VI to
                           REVOLVING CREDIT AGREEMENT

                    NOTICE OF REPLACEMENT SUBORDINATION AGENT

[Date]
Attention:

Re:      Revolving Credit Agreement, dated as of November 16, 2000, between
         State Street Bank and Trust Company of Connecticut, National
         Association, as Subordination Agent, as agent and trustee for the Delta
         Airlines Pass Through Trust 2000-1A-1, as Borrower, and Westdeutsche
         Landesbank Girozentrale, New York Branch (the "LIQUIDITY AGREEMENT")

Ladies and Gentlemen:

         For value received, the undersigned beneficiary hereby irrevocably
transfers to:

                              [Name of Transferee]

                             [Address of Transferee]

all rights and obligations of the undersigned as Borrower under the Liquidity
Agreement referred to above. The transferee has succeeded the undersigned as
Subordination Agent under the Intercreditor Agreement referred to in the first
paragraph of the Liquidity Agreement, pursuant to the terms of Section 7.01 of
the Intercreditor Agreement.

         By this transfer, all rights of the undersigned as Borrower under the
Liquidity Agreement are transferred to the transferee and the transferee shall
hereafter have the sole rights and obligations as Borrower thereunder. The
undersigned shall pay any costs and expenses of such transfer, including, but
not limited to, transfer taxes or governmental charges.

         This transfer shall be effective as of [specify time and date].

                                          STATE STREET BANK AND TRUST COMPANY
                                          OF CONNECTICUT, NATIONAL ASSOCIATION,
                                          as Subordination Agent, as Borrower

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

                                      VI-1<PAGE>   1
                                                                 EXHIBIT 4(C)(2)

                           REVOLVING CREDIT AGREEMENT
                                   (2000-1A-2)

                          Dated as of November 16, 2000

                                     between

               STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT,
                              NATIONAL ASSOCIATION,
                             as Subordination Agent,
                     as agent and trustee for the trustee of
                  Delta Air Lines Pass Through Trust 2000-1A-2,

                                   as Borrower

                                       and

              WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK BRANCH

                              as Liquidity Provider

                  Delta Air Lines Pass Through Trust 2000-1A-2
                             7.570% Delta Air Lines
                           Pass Through Certificates,
                                Series 2000-1A-2

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>           <C>                                                                                              <C>
                                               ARTICLE I DEFINITIONS

Section 1.01. Definitions.........................................................................................1

                                  ARTICLE II AMOUNT AND TERMS OF THE COMMITMENT

Section 2.01. The Advances........................................................................................8
Section 2.02. Making of Advances..................................................................................8
Section 2.03. Fees...............................................................................................10
Section 2.04. Reduction or Termination of the Maximum Commitment.................................................10
Section 2.05. Repayments of Interest Advances or the Final Advance...............................................11
Section 2.06. Repayments of Provider Advances....................................................................11
Section 2.07. Payments to the Liquidity Provider Under the Intercreditor Agreement...............................12
Section 2.08. Book Entries.......................................................................................12
Section 2.09. Payments from Available Funds Only.................................................................13
Section 2.10. Extension of the Expiry Date; Non-Extension Advance................................................13

                                     ARTICLE III OBLIGATIONS OF THE BORROWER

Section 3.01. Increased Costs....................................................................................14
Section 3.02. [Intentionally omitted.]...........................................................................15
Section 3.03. Withholding Taxes..................................................................................15
Section 3.04. Payments...........................................................................................16
Section 3.05. Computations.......................................................................................16
Section 3.06. Payment on Non-Business Days.......................................................................16
Section 3.07. Interest...........................................................................................16
Section 3.08. Replacement of Borrower............................................................................18
Section 3.09. Funding Loss Indemnification.......................................................................18
Section 3.10. Illegality.........................................................................................18

                                         ARTICLE IV CONDITIONS PRECEDENT

Section 4.01. Conditions Precedent to Effectiveness of Section 2.01..............................................19
Section 4.02. Conditions Precedent to Borrowing..................................................................20

                                               ARTICLE V COVENANTS

Section 5.01. Affirmative Covenants of the Borrower..............................................................20
Section 5.02. Negative Covenants of the Borrower.................................................................21

                                     ARTICLE VI LIQUIDITY EVENTS OF DEFAULT

Section 6.01. Liquidity Events of Default........................................................................21

                                            ARTICLE VII MISCELLANEOUS

Section 7.01. No Oral Modifications or Continuing Waivers........................................................22
Section 7.02. Notices............................................................................................22
</TABLE>

                                       i
<PAGE>   3

<TABLE>
<S>           <C>                                                                                                <C>
Section 7.03. No Waiver; Remedies................................................................................23
Section 7.04. Further Assurances.................................................................................23
Section 7.05. Indemnification; Survival of Certain Provisions....................................................23
Section 7.06. Liability of the Liquidity Provider................................................................23
Section 7.07. Certain Costs and Expenses.........................................................................24
Section 7.08. Binding Effect; Participations.....................................................................24
Section 7.09. Severability.......................................................................................25
Section 7.10. Governing Law......................................................................................25
Section 7.11. Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity...............................26
Section 7.12. Counterparts.......................................................................................26
Section 7.13. Entirety...........................................................................................26
Section 7.14. Headings...........................................................................................27
Section 7.15. Liquidity Provider's Obligation to Make Advances...................................................27
</TABLE>

Annex I   - Interest Advance Notice of Borrowing
Annex II  - Non-Extension Advance Notice of Borrowing
Annex III - Downgrade Advance Notice of Borrowing
Annex IV  - Final Advance Notice of Borrowing
Annex V   - Notice of Termination
Annex VI  - Notice of Replacement Subordination Agent

                                       ii

<PAGE>   4

                           REVOLVING CREDIT AGREEMENT

         This REVOLVING CREDIT AGREEMENT, dated as of November 16, 2000, is made
by and between STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT, NATIONAL
ASSOCIATION, a national banking association, not in its individual capacity but
solely as Subordination Agent (such term and other capitalized terms used herein
without definition being defined as provided in Article I) under the
Intercreditor Agreement (as defined below), as agent and trustee for the Class
A-2 Trustee (in such capacity, together with its successors in such capacity,
the "BORROWER"), and WESTDEUTSCHE LANDESBANK GIROZENTRALE, a German banking
institution organized under the laws of the State of North Rhine-Westphalia
("WestLB"), acting through its New York Branch (the "LIQUIDITY PROVIDER").

                              W I T N E S S E T H:

         WHEREAS, pursuant to the Class A-2 Trust Agreement, the Class A-2 Trust
is issuing the Class A-2 Certificates; and

         WHEREAS, the Borrower, in order to support the timely payment of a
portion of the interest on the Class A-2 Certificates in accordance with their
terms, has requested the Liquidity Provider to enter into this Agreement,
providing in part for the Borrower to request in specified circumstances that
Advances be made hereunder;

         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. (a) The definitions stated herein apply
equally to both the singular and the plural forms of the terms defined.

         (b)      All references in this Agreement to designated "Articles",
"Sections", "Annexes" and other subdivisions are to the designated Article,
Section, Annex or other subdivision of this Agreement, unless otherwise
specifically stated.

         (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, Annex 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)      For the purposes of this Agreement, unless the context
otherwise requires, the following capitalized terms shall have  the following
meanings:

<PAGE>   5

                  "ADVANCE" means an Interest Advance, a Final Advance, a
         Provider Advance, an Applied Provider Advance or an Unpaid Advance, as
         the case may be.

                  "AGREEMENT" means this Agreement, as the same may be amended,
         supplemented or otherwise modified from time to time in accordance with
         its terms.

                  "APPLICABLE LIQUIDITY RATE" has the meaning specified in
         Section 3.07(g).

                  "APPLICABLE MARGIN" means with respect to any Unpaid Advance
         or Applied Provider Advance, 2.00%.

                  "APPLIED DOWNGRADE ADVANCE" has the meaning specified in
         Section 2.06(a).

                  "APPLIED NON-EXTENSION ADVANCE" has the meaning specified in
         Section 2.06(a).

                  "APPLIED PROVIDER ADVANCE" means an Applied Downgrade Advance
         or an Applied Non-Extension Advance.

                  "BASE RATE" means a fluctuating interest rate per annum in
         effect from time to time, which rate per annum shall at all times be
         equal to the weighted average of the rates on overnight Federal funds
         transactions with members of the Federal Reserve System arranged by
         Federal funds brokers, as published for each day in the period for
         which the Base Rate is to be determined (or, if such day is not a
         Business Day, for the preceding Business Day) by the Federal Reserve
         Bank of New York, or if such rate is not so published for any day that
         is a Business Day, the average of the quotations for such day for such
         transactions received by the Liquidity Provider from three Federal
         funds brokers of recognized standing selected by it (and reasonably
         satisfactory to Delta) plus one-quarter of one percent (0.25%).

                  "BASE RATE ADVANCE" means an Advance that bears interest at a
         rate based upon the Base Rate.

                  "BORROWER" has the meaning specified in the introductory
         paragraph to this Agreement.

                  "BORROWING" means the making of Advances requested by delivery
         of a Notice of Borrowing.

                  "BUSINESS DAY" means any day other than a Saturday, a Sunday
         or a day on which commercial banks are required or authorized to close
         in New York, New York, Atlanta, Georgia, or, so long as any Class A-2
         Certificate is outstanding, the city and state in which the Class A-2
         Trustee, the Borrower or any related Loan Trustee maintains its
         Corporate Trust Office or receives or disburses funds, and, if the
         applicable Business Day relates to any Advance or other amount bearing
         interest based on the LIBOR Rate, on which dealings are carried on in
         the London interbank market.

                  "CONSENT NOTICE" has the meaning specified in Section 2.10.

                                       2
<PAGE>   6

                  "CONSENT PERIOD" has the meaning specified in Section 2.10.

                  "COVERED TAXES" means any Taxes imposed by the United States
         or any political subdivision or taxing authority thereof or therein
         required by law to be deducted or withheld from any amounts payable to
         the Liquidity Provider under this Agreement other than (i) any Tax on,
         based on or measured by net income, franchises or conduct of business,
         (ii) any Tax imposed, levied, withheld or assessed as a result of any
         connection between the Liquidity Provider and the United States or such
         political subdivision or taxing authority, other than a connection
         arising solely from the Liquidity Provider's having executed,
         delivered, performed its obligations or received a payment under, or
         enforced, any Operative Agreement, (iii) any Tax attributable to the
         inaccuracy in or breach by the Liquidity Provider of any of its
         representations, warranties or covenants contained in any Operative
         Agreement to which it is a party or the inaccuracy of any form or
         document furnished pursuant thereto, (iv) any withholding Taxes imposed
         by the United States except to the extent such withholding Taxes would
         not have been required to be deducted or withheld from payments
         hereunder but for a change after the date hereof (or in the case of a
         successor Liquidity Provider (including a transferee of an Advance)
         after the date on which such successor Liquidity Provider obtains its
         interest) in applicable law (excluding from "change in applicable law"
         for this purpose, a change in an applicable treaty or other change in
         law affecting the applicability of a treaty other than the applicable
         income tax treaty between the United States of America and the Federal
         Republic of Germany ("German Treaty") (except an addition to, or change
         in any "anti-treaty shopping", "limitation of benefits" or similar
         provision in such German Treaty)), (v) any withholding Taxes imposed by
         the United States which are imposed or increased as a result of the
         Liquidity Provider failing to deliver to the Borrower any certificate
         or document (which certificate or document in the good faith judgment
         of the Liquidity Provider, it is legally entitled to provide) which is
         reasonably requested by the Borrower to establish that payments under
         this Agreement are exempt from (or entitled to a reduced rate of)
         withholding Tax, or (vi) any change in the Lending Office without the
         prior written consent of Delta (such consent not to be unreasonably
         withheld).

                  "DOWNGRADE ADVANCE" means an Advance made pursuant to Section
         2.02(c).

                  "EFFECTIVE DATE" has the meaning specified in Section 4.01.
         The delivery of the certificate of the Liquidity Provider contemplated
         by Section 4.01(f) shall be conclusive evidence that the Effective Date
         has occurred.

                  "EXPENSES" means liabilities, losses, damages, costs and
         expenses (including, without limitation, reasonable fees and
         disbursements of legal counsel), provided that Expenses shall not
         include any Taxes other than sales, use and V.A.T. taxes imposed on
         fees and expenses payable pursuant to Section 7.07.

                  "EXPIRY DATE" means November 14, 2001, initially, or any date
         to which the Expiry Date is extended pursuant to Section 2.10.

                  "FINAL ADVANCE" means an Advance made pursuant to Section
         2.02(d).

                                       3
<PAGE>   7

                  "INCREASED COST" has the meaning specified in Section 3.01.

                  "INTERCREDITOR AGREEMENT" means the Intercreditor Agreement,
         dated as of the date hereof, among the Trustees, the Liquidity
         Provider, the liquidity provider under each Liquidity Facility (other
         than this Agreement) and the Subordination Agent, as the same may be
         amended, supplemented or otherwise modified from time to time in
         accordance with its terms.

                  "INTEREST ADVANCE" means an Advance made pursuant to Section
         2.02(a).

                  "INTEREST PERIOD" means, with respect to any LIBOR Advance,
         each of the following periods:

                           (i)      the period beginning on the third Business
                  Day following either (A) the Liquidity Provider's receipt of
                  the Notice of Borrowing for such LIBOR Advance or (B) the date
                  of the withdrawal of funds from the Class A-2 Cash Collateral
                  Account for the purpose of paying interest on the Class A-2
                  Certificates as contemplated by Section 2.06(a) hereof and, in
                  each case, ending on the next numerically corresponding day in
                  the first calendar month after the first day of the applicable
                  Interest Period; and

                           (ii)     each subsequent period commencing on the
                  last day of the immediately preceding Interest Period and
                  ending on the numerically corresponding day in the first
                  calendar month after the first day of the applicable Interest
                  Period;

         provided, however, that if (x) the Final Advance shall have been made
         pursuant to Section 2.02(d) or (y) other outstanding Advances shall
         have been converted into the Final Advance pursuant to Section 6.01,
         then the Interest Periods shall be successive periods of one month
         beginning on the third Business Day following the Liquidity Provider's
         receipt of the Notice of Borrowing for such Final Advance (in the case
         of clause (x) above) or the Regular Distribution Date following such
         conversion (in the case of clause (y) above).

                  "LENDING OFFICE" means the lending office of the Liquidity
         Provider presently located at New York, New York, or such other lending
         office as the Liquidity Provider from time to time shall notify the
         Borrower as its lending office hereunder; provided that the Liquidity
         Provider shall not change its Lending Office without the prior written
         consent of Delta (such consent not to be unreasonably withheld).

                  "LIBOR ADVANCE" means an Advance bearing interest at a rate
         based upon the LIBOR Rate.

                  "LIBOR RATE" means, with respect to any Interest Period, (a)
         the interest rate per annum equal to the rate per annum at which
         deposits in Dollars are offered in the London interbank market as shown
         on Page 3750 of the Telerate Systems Incorporated screen service (or
         such other page as may replace Telerate Page 3750), or if such service
         is not available, Page LIBO of the Reuters Money Service Monitor System
         (or such other page

                                       4
<PAGE>   8

         as may replace Reuters Page LIBO) at approximately 11:00 a.m. (London
         time) on the day that is two Business Days prior to the first day of
         such Interest Period, for a period comparable to such Interest Period,
         or (b) if no such rate is published on either such service or if
         neither of such services is then available, the interest rate per annum
         equal to the average (rounded up, if necessary, to the nearest 1/100th
         of 1%) of the rates at which deposits in Dollars are offered by the
         Reference Banks (or, if fewer than all of the Reference Banks are
         quoting a rate for deposits in Dollars for the applicable period and
         amount, such fewer number of Reference Banks) at approximately 11:00
         a.m. (London time) on the day that is two Business Days prior to the
         first day of such Interest Period to prime banks in the London
         interbank market for a period comparable to such Interest Period and in
         an amount approximately equal to the principal amount of the LIBOR
         Advance to be outstanding during such Interest Period, or (c) if none
         of the Reference Banks is quoting a rate for deposits in Dollars in the
         London interbank market for such a period and amount, the interest rate
         per annum equal to the average (rounded up, if necessary, to the
         nearest 1/100th of 1%) of the rates at which deposits in Dollars are
         offered by the principal New York offices of the Reference Banks (or,
         if fewer than all of the Reference Banks are quoting a rate for
         deposits in Dollars in the New York interbank market for the applicable
         period and amount, such fewer number of Reference Banks) at
         approximately 11:00 a.m. (New York time) on the day that is two
         Business Days prior to the first day of such Interest Period to prime
         banks in the New York interbank market for a period comparable to such
         Interest Period and in an amount approximately equal to the principal
         amount of the LIBOR Advance to be outstanding during such Interest
         Period, or (d) if none of the principal New York offices of the
         Reference Banks is quoting a rate for deposits in Dollars in the New
         York interbank market for the applicable period and amount, the Base
         Rate.

                  "LIQUIDITY EVENT OF DEFAULT" means the occurrence of either
         (a) the Acceleration of all of the Equipment Notes or (b) a Delta
         Bankruptcy Event.

                  "LIQUIDITY INDEMNITEE" means the Liquidity Provider, its
         directors, officers, employees and agents, and its successors and
         permitted assigns.

                  "LIQUIDITY PROVIDER" has the meaning specified in the
         introductory paragraph to this Agreement.

                  "MAXIMUM AVAILABLE COMMITMENT" means, subject to the proviso
         contained in the third sentence of Section 2.02(a), at any time of
         determination, (a) the Maximum Commitment at such time less (b) the
         aggregate amount of each Interest Advance outstanding at such time;
         provided that following a Provider Advance or a Final Advance, the
         Maximum Available Commitment shall be zero.

                  "MAXIMUM COMMITMENT" means initially $84,125,770, as the same
         may be reduced from time to time in accordance with Section 2.04(a).

                  "NON-EXTENSION ADVANCE" means an Advance made pursuant to
         Section 2.02(b).

                  "NOTICE OF BORROWING" has the meaning specified in Section
         2.02(e).

                                       5
<PAGE>   9

                  "NOTICE OF REPLACEMENT SUBORDINATION AGENT" has the meaning
         specified in Section 3.08.

                  "PARTICIPATION" has the meaning specified in Section 7.08(b).

                  "PERFORMING NOTE DEFICIENCY" means any time that less than 65%
         of the then aggregate outstanding principal amount of all Equipment
         Notes are Performing Equipment Notes.

                  "PERMITTED TRANSFEREE" means any Person that:

                           (a)      is not a commercial air carrier, Delta or
                           any affiliate of Delta; and

                           (b)      is any one of:

                                    (1)      a commercial banking institution
                           organized under the laws of the United States or any
                           state thereof or the District of Columbia;

                                    (2)      a commercial banking institution
                           that (x) is organized under the laws of France,
                           Germany, The Netherlands, Switzerland or the United
                           Kingdom, (y) is entitled on the date it acquires any
                           Participation to a complete exemption from United
                           States federal income taxes for all income derived by
                           it from the transactions contemplated by the
                           Operative Agreements under an income tax treaty, as
                           in effect on such date, between the United States and
                           such jurisdiction of its organization and (z) is
                           engaged in the active conduct of a banking business
                           in such jurisdiction of its organization, holds its
                           Participation in connection with such banking
                           business in such jurisdiction and is regulated as a
                           commercial banking institution by the appropriate
                           regulatory authorities in such jurisdiction; or

                                    (3)      a commercial banking institution
                           that (x) is organized under the laws of Canada,
                           France, Germany, Ireland, Japan, Luxembourg, The
                           Netherlands, Sweden, Switzerland or the United
                           Kingdom and (y) is entitled on the date it acquires
                           any Participation to a complete exemption from
                           withholding of United States federal income taxes for
                           all income derived by it from the transactions
                           contemplated by the Operative Agreements under laws
                           as in effect on such date by reason of such income
                           being effectively connected with the conduct of a
                           trade or business within the United States.

                  "PROSPECTUS SUPPLEMENT" means the Prospectus Supplement dated
         November 7, 2000, relating to the Certificates, as such Prospectus
         Supplement may be amended or supplemented.

                  "PROVIDER ADVANCE" means a Downgrade Advance or a
         Non-Extension Advance.

                  "REFERENCE BANKS" means the principal London offices of:
         National Westminster Bank, plc; WestLB; The Chase Manhattan Bank;
         Citibank, N.A.; and such other or

                                       6
<PAGE>   10

         additional banking institutions as may be designated from time to time
         by mutual agreement of Delta and the Liquidity Provider.

                  "REGULATORY CHANGE" means the enactment, adoption or
         promulgation, after the date of this Agreement, of any law or
         regulation by a United States federal or state government or by the
         government of the Liquidity Provider's jurisdiction of organization, or
         any change, after the date of this Agreement, in any such law or
         regulation, or in the interpretation thereof by any governmental
         authority, central bank or comparable agency of the United States or
         the Liquidity Provider's jurisdiction of organization charged with
         responsibility for the administration or application thereof, that
         shall impose, modify or deem applicable: (a) any reserve, special
         deposit or similar requirement against extensions of credit or other
         assets of, or deposits with or other liabilities of, the Liquidity
         Provider including, or by reason of, the Advances, or (b) any capital
         adequacy requirement requiring the maintenance by the Liquidity
         Provider of additional capital in respect of any Advances or the
         Liquidity Provider's obligation to make any such Advances.

                  "REPLENISHMENT AMOUNT" has the meaning specified in Section
         2.06(b).

                  "REQUIRED AMOUNT" means, 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 Class A-2 Certificates on the basis of a
         360-day year comprised of twelve 30-day months, that would be payable
         on the Class A-2 Certificates on each of the three successive
         semiannual Regular Distribution Dates immediately following such day
         or, if such day is a Regular Distribution Date, on such day and the
         succeeding two semiannual Regular Distribution Dates, in each case
         calculated on the basis of the Pool Balance of the Class A-2
         Certificates on such day and without regard to expected future
         distributions of principal on the Class A-2 Certificates.

                  "TERMINATION DATE" means the earliest to occur of the
         following: (i) the Expiry Date; (ii) the date on which the Borrower
         delivers to the Liquidity Provider a certificate, signed by a
         Responsible Officer of the Borrower, certifying that all of the Class
         A-2 Certificates have been paid in full (or provision has been made for
         such payment in accordance with the Intercreditor Agreement and the
         Class A-2 Trust Agreement) or are otherwise no longer entitled to the
         benefits of this Agreement; (iii) the date on which the Borrower
         delivers to the Liquidity Provider a certificate, signed by a
         Responsible Officer of the Borrower, certifying that a Replacement
         Liquidity Facility has been substituted for this Agreement in full
         pursuant to Section 3.06(e) of the Intercreditor Agreement; (iv) the
         fifth Business Day following the receipt by the Borrower of a
         Termination Notice from the Liquidity Provider pursuant to Section
         6.01; and (v) the date on which no Advance is or may (including by
         reason of reinstatement as herein provided) become available for a
         Borrowing hereunder.

                  "TERMINATION NOTICE" means the Notice of Termination
         substantially in the form of Annex V to this Agreement.

                                       7
<PAGE>   11

                  "UNAPPLIED PROVIDER ADVANCE" means any Provider Advance other
         than an Applied Provider Advance.

                  "UNPAID ADVANCE" has the meaning specified in Section 2.05.

                  "WITHDRAWAL NOTICE" has the meaning specified in Section 2.10.

         For the purposes of this Agreement, the following terms shall have the
respective meanings specified in the Intercreditor Agreement:

                  "Acceleration", "Certificate", "Class A-1 Certificates",
         "Class A-2 Cash Collateral Account", "Class A-2 Certificates", "Class
         A-2 Certificateholders", "Class A-2 Trust", "Class A-2 Trust
         Agreement", "Class A-2 Trustee", "Class B Certificates", "Class C
         Certificates", "Closing Date", "Collection Account", "Controlling
         Party", "Corporate Trust Office", "Delta", "Delta Bankruptcy Event",
         "Distribution Date", "Dollars", "Downgraded Facility", "Equipment
         Notes", "Fee Letter", "Final Legal Distribution Date", "Indenture",
         "Interest Payment Date", "Investment Earnings", "Liquidity Facility",
         "Liquidity Obligations", "Loan Trustee", "Moody's", "Non-Extended
         Facility", "Operative Agreements", "Participation Agreements",
         "Performing Equipment Note", "Person", "Pool Balance", "Rating
         Agencies", "Ratings Confirmation", "Regular Distribution Date",
         "Replacement Liquidity Facility", "Responsible Officer", "Scheduled
         Payment", "Special Payment", "S&P", "Stated Interest Rate",
         "Subordination Agent", "Taxes", "Threshold Rating", "Trust Agreement",
         "Trustee", "Underwriters", "Underwriting Agreement", "United States"
         and "Written Notice".

                                   ARTICLE II

                       AMOUNT AND TERMS OF THE COMMITMENT

         Section 2.01. The Advances. The Liquidity Provider hereby irrevocably
agrees, on the terms and conditions hereinafter set forth, to make Advances to
the Borrower from time to time on any Business Day during the period from the
Effective Date until 12:00 noon (New York City time) on the Expiry Date (unless
the obligations of the Liquidity Provider shall be earlier terminated in
accordance with the terms of Section 2.04(b)) in an aggregate amount at any time
outstanding not to exceed the Maximum Commitment.

         Section 2.02. Making of Advances (a) Each Interest Advance shall be
made by the Liquidity Provider upon delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex I,
signed by a Responsible Officer of the Borrower, such Interest Advance to be in
an amount not exceeding the Maximum Available Commitment at such time and used
solely for the payment when due of interest with respect to the Class A-2
Certificates at the Stated Interest Rate therefor in accordance with Section
3.06(a) and 3.06(b) of the Intercreditor Agreement. Each Interest Advance made
hereunder shall automatically reduce the Maximum Available Commitment and the
amount available to be borrowed hereunder by subsequent Advances by the amount
of such Interest Advance (subject to reinstatement as provided in the next
sentence). Upon repayment to the Liquidity Provider in

                                       8
<PAGE>   12

full or in part of the amount of any Interest Advance made pursuant to this
Section 2.02(a), together with accrued interest thereon (as provided herein),
the Maximum Available Commitment shall be reinstated by an amount equal to the
amount of such Interest Advance so repaid, but not to exceed the Maximum
Commitment; provided, however, that the Maximum Available Commitment shall not
be so reinstated at any time if (x) both a Performing Note Deficiency exists and
a Liquidity Event of Default shall have occurred and be continuing or (y) a
Final Drawing shall have occurred.

         (b)      Subject to Section 2.10, a Non-Extension Advance shall be made
by the Liquidity Provider if this Agreement is not extended in accordance with
Section 3.06(d) of the Intercreditor Agreement (unless a Replacement Liquidity
Facility to replace this Agreement shall have been delivered to the Borrower as
contemplated by said Section 3.06(d) within the time period specified in such
Section 3.06(d)) upon delivery to the Liquidity Provider of a written and
completed Notice of Borrowing in substantially the form of Annex II, signed by a
Responsible Officer of the Borrower, in an amount equal to the Maximum Available
Commitment at such time, and shall be used to fund the Class A-2 Cash Collateral
Account in accordance with Sections 3.06(d) and 3.06(f) of the Intercreditor
Agreement.

         (c)      A Downgrade Advance shall be made by the Liquidity Provider if
at any time the short-term unsecured debt rating of the Liquidity Provider
issued by either Rating Agency (or if the Liquidity Provider does not have a
short-term unsecured debt rating issued by a given Rating Agency, the long-term
unsecured debt rating of the Liquidity Provider issued by such Rating Agency) is
lower than the applicable Threshold Rating (as provided for in Section 3.06(c)
of the Intercreditor Agreement) unless a Replacement Liquidity Facility to
replace this Agreement shall have been previously delivered to the Borrower in
accordance with said Section 3.06(c), upon delivery to the Liquidity Provider of
a written and completed Notice of Borrowing in substantially the form of Annex
III, signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to fund the Class
A-2 Cash Collateral Account in accordance with Sections 3.06(c) and 3.06(f) of
the Intercreditor Agreement.

         (d)      A Final Advance shall be made by the Liquidity Provider
following the receipt by the Borrower of a Termination Notice from the Liquidity
Provider pursuant to Section 6.01 upon delivery to the Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex IV,
signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to fund the Class
A-2 Cash Collateral Account (in accordance with Sections 3.06(f) and 3.06(i) of
the Intercreditor Agreement).

         (e)      Each Borrowing shall be made on notice in writing (a "NOTICE
OF BORROWING") in substantially the form required by Section 2.02(a), 2.02(b),
2.02(c) or 2.02(d), as the case may be, given by the Borrower to the Liquidity
Provider. If a Notice of Borrowing is delivered by the Borrower in respect of
any Borrowing no later than 1:00 p.m. (New York City time) on a Business Day,
upon satisfaction of the conditions precedent set forth in Section 4.02 with
respect to a requested Borrowing, the Liquidity Provider shall make available to
the Borrower, in accordance with its payment instructions, the amount of such
Borrowing in Dollars and immediately available funds, before 4:00 p.m. (New York
City time) on such Business Day or

                                       9
<PAGE>   13

before 1:00 p.m. (New York City time) on such later Business Day specified in
such Notice of Borrowing. If a Notice of Borrowing is delivered by the Borrower
in respect of any Borrowing after 1:00 p.m. (New York City time) on a Business
Day, upon satisfaction of the conditions precedent set forth in Section 4.02
with respect to a requested Borrowing, the Liquidity Provider shall make
available to the Borrower, in accordance with its payment instructions, the
amount of such Borrowing in Dollars and immediately available funds, before 1:00
p.m. (New York City time) on the first Business Day next following the day of
receipt of such Notice of Borrowing or on such later Business Day specified by
the Borrower in such Notice of Borrowing. Payments of proceeds of a Borrowing
shall be made by wire transfer of immediately available funds to the Borrower in
accordance with such wire transfer instructions as the Borrower shall furnish
from time to time to the Liquidity Provider for such purpose. Each Notice of
Borrowing shall be irrevocable and binding on the Borrower. Each Notice of
Borrowing shall be effective upon delivery of a copy thereof to the Liquidity
Provider's New York branch at the address specified in Section 7.02 hereof.

         (f)      Upon the making of any Advance requested pursuant to a Notice
of Borrowing in accordance with the Borrower's payment instructions, the
Liquidity Provider shall be fully discharged of its obligation hereunder with
respect to such Notice of Borrowing, and the Liquidity Provider shall not
thereafter be obligated to make any further Advances hereunder in respect of
such Notice of Borrowing to the Borrower or to any other Person (including the
Trustee or any Class A-2 Certificateholder). If the Liquidity Provider makes an
Advance requested pursuant to a Notice of Borrowing before 12:00 noon (New York
City time) on the second Business Day after the date of payment specified in
said Section 2.02(e), the Liquidity Provider shall have fully discharged its
obligations hereunder with respect to such Advance and an event of default shall
not have occurred hereunder. Following the making of any Advance pursuant to
Section 2.02(b), 2.02(c) or 2.02(d) to fund the Class A-2 Cash Collateral
Account, the Liquidity Provider shall have no interest in or rights to the Class
A-2 Cash Collateral Account, such Advance or any other amounts from time to time
on deposit in the Class A-2 Cash Collateral Account; provided that the foregoing
shall not affect or impair the obligations of the Subordination Agent to make
the distributions contemplated by Section 3.06(e) or 3.06(f) of the
Intercreditor Agreement and provided further, that the foregoing shall not
affect or impair the rights of the Liquidity Provider to provide written
instructions with respect to the investment and reinvestment of amounts in the
Class A-2 Cash Collateral Account to the extent provided in Section 2.02(b) of
the Intercreditor Agreement. By paying to the Borrower proceeds of Advances
requested by the Borrower in accordance with the provisions of this Agreement,
the Liquidity Provider makes no representation as to, and assumes no
responsibility for, the correctness or sufficiency for any purpose of the amount
of the Advances so made and requested.

         Section 2.03. Fees. The Borrower agrees to pay to the Liquidity
Provider the fees set forth in the Fee Letter.

         Section 2.04. Reduction or Termination of the Maximum Commitment.
(a) Automatic Reduction. Promptly following each date on which the Required
Amount is reduced as a result of a reduction in the Pool Balance of the Class
A-2 Certificates or otherwise, the Maximum Commitment shall automatically be
reduced to an amount equal to such reduced Required Amount (as calculated by the
Borrower). The Borrower shall give notice of any such automatic reduction of the
Maximum Commitment to the Liquidity Provider and Delta within two Business

                                       10
<PAGE>   14

Days thereof. The failure by the Borrower to furnish any such notice shall not
affect such automatic reduction of the Maximum Commitment.

         (b)      Termination. Upon the making of any Provider Advance or Final
Advance hereunder or the occurrence of the Termination Date, the obligation of
the Liquidity Provider to make further Advances hereunder shall automatically
and irrevocably terminate, and the Borrower shall not be entitled to request any
further Borrowing hereunder.

         Section 2.05. Repayments of Interest Advances or the Final Advance.
Subject to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby agrees,
without notice of an Advance or demand for repayment from the Liquidity Provider
(which notice and demand are hereby waived by the Borrower), to pay, or to cause
to be paid, to the Liquidity Provider (a) on each date on which the Liquidity
Provider shall make an Interest Advance or the Final Advance, an amount equal to
the amount of such Advance (any such Advance, until repaid, is referred to
herein as an "UNPAID ADVANCE"), plus (b) interest on the amount of each such
Unpaid Advance in the amounts and on the dates determined as provided in Section
3.07; provided that if (i) the Liquidity Provider shall make a Provider Advance
at any time after making one or more Interest Advances which shall not have been
repaid in accordance with this Section 2.05 or (ii) this Liquidity Facility
shall become a Downgraded Facility or Non-Extended Facility at any time when
unreimbursed Interest Advances have reduced the Maximum Available Commitment to
zero, then such Interest Advances shall cease to constitute Unpaid Advances and
shall be deemed to have been changed into an Applied Downgrade Advance or an
Applied Non-Extension Advance, as the case may be, for all purposes of this
Agreement (including, without limitation, for the purpose of determining when
such Interest Advance is required to be repaid to the Liquidity Provider in
accordance with Section 2.06 and for the purposes of Section 2.06(b)). The
Borrower and the Liquidity Provider agree that the repayment in full of each
Interest Advance and Final Advance on the date such Advance is made is intended
to be a contemporaneous exchange for new value given to the Borrower by the
Liquidity Provider. For the avoidance of doubt, interest payable on an Interest
Advance or the Final Advance shall not be regarded as overdue unless such
interest is not paid when due under Section 3.07.

         Section 2.06. Repayments of Provider Advances. (a) Amounts advanced
hereunder in respect of a Provider Advance shall be deposited in the Class A-2
Cash Collateral Account and invested and withdrawn from the Class A-2 Cash
Collateral Account as set forth in Sections 3.06(c), 3.06(d), 3.06(e) and
3.06(f) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09, the
Borrower agrees to pay to the Liquidity Provider, on each Regular Distribution
Date, commencing on the first Regular Distribution Date after the making of a
Provider Advance, interest on the principal amount of any such Provider Advance,
in the amounts determined as provided in Section 3.07; provided, however, that
amounts in respect of a Provider Advance withdrawn from the Class A-2 Cash
Collateral Account for the purpose of paying interest on the Class A-2
Certificates in accordance with Section 3.06(f) of the Intercreditor Agreement
(the amount of any such withdrawal being (y) in the case of a Downgrade Advance,
an "APPLIED DOWNGRADE ADVANCE" and (z) in the case of a Non-Extension Advance,
an "APPLIED NON-EXTENSION ADVANCE" and, together with an Applied Downgrade
Advance, an "APPLIED PROVIDER ADVANCE") shall thereafter (subject to Section
2.06(b)) be treated as an Interest Advance under this Agreement for purposes of
determining the Applicable Liquidity Rate for interest payable thereon and the
dates on which such interest is payable; provided further, however, that if,

                                       11
<PAGE>   15

following the making of a Provider Advance, the Liquidity Provider delivers a
Termination Notice to the Borrower pursuant to Section 6.01, such Provider
Advance shall thereafter be treated as a Final Advance under this Agreement for
purposes of determining the Applicable Liquidity Rate for interest payable
thereon and the dates on which such interest is payable. Subject to Sections
2.07 and 2.09 hereof, immediately upon the withdrawal of any amounts from the
Class A-2 Cash Collateral Account on account of a reduction in the Required
Amount, the Borrower shall repay to the Liquidity Provider a portion of the
Provider Advances in a principal amount equal to such reduction, plus interest
on the principal amount prepaid as provided in Section 3.07.

         (b)      At any time when an Applied Provider Advance (or any portion
thereof) is outstanding, upon the deposit in the Class A-2 Cash Collateral
Account of any amount pursuant to clause "third" of Section 2.04(b) of the
Intercreditor Agreement, clause "third" of Section 3.02 of the Intercreditor
Agreement or clause "fourth" of Section 3.03 of the Intercreditor Agreement (any
such amount being a "REPLENISHMENT AMOUNT") for the purpose of replenishing or
increasing the balance thereof up to the Required Amount at such time, (i) the
aggregate outstanding principal amount of all Applied Provider Advances (and of
Provider Advances treated as an Interest Advance for purposes of determining the
Applicable Liquidity Rate for interest payable thereon) shall be automatically
reduced by the amount of such Replenishment Amount, and (ii) the aggregate
outstanding principal amount of all Unapplied Provider Advances shall be
automatically increased by the amount of such Replenishment Amount.

         (c)      Upon the provision of a Replacement Liquidity Facility in
replacement of this Agreement in accordance with Section 3.06(e) of the
Intercreditor Agreement, as provided in Section 3.06(f) of the Intercreditor
Agreement, amounts remaining on deposit in the Class A-2 Cash Collateral Account
after giving effect to any Applied Provider Advance on the date of such
replacement shall be reimbursed to the Liquidity Provider, but only to the
extent such amounts are necessary to repay in full to the Liquidity Provider all
amounts owing to it hereunder.

         Section 2.07. Payments to the Liquidity Provider Under the
Intercreditor Agreement. In order to provide for payment or repayment to the
Liquidity Provider of any amounts hereunder, the Intercreditor Agreement
provides that amounts available and referred to in Articles II and III of the
Intercreditor Agreement, to the extent payable to the Liquidity Provider
pursuant to the terms of the Intercreditor Agreement (including, without
limitation, Section 3.06(f) of the Intercreditor Agreement), shall be paid to
the Liquidity Provider in accordance with the terms thereof (but, for the
avoidance of doubt, without duplication of or increase in any amounts payable
hereunder). Amounts so paid to the Liquidity Provider shall be applied by the
Liquidity Provider in the order of priority required by the applicable
provisions of Articles II and III of the Intercreditor Agreement and shall
discharge in full the corresponding obligations of the Borrower hereunder.

         Section 2.08. Book Entries. The Liquidity Provider shall maintain in
accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrower resulting from Advances made from time to time and
the amounts of principal and interest payable hereunder and paid from time to
time in respect thereof; provided, however, that the failure by the Liquidity
Provider to maintain such account or accounts shall not affect the obligations
of the Borrower in respect of Advances.

                                       12
<PAGE>   16

         Section 2.09. Payments from Available Funds Only. All payments to be
made by the Borrower under this Agreement shall be made only from the amounts
that constitute Scheduled Payments, Special Payments and other payments under
the Operative Agreements, including payment under Section 4.02 of the
Participation Agreements and payments under Section 2.14 of the Indentures, and
only to the extent that the Borrower shall have sufficient income or proceeds
therefrom to enable the Borrower to make payments in accordance with the terms
hereof after giving effect to the priority of payments provisions set forth in
the Intercreditor Agreement. The Liquidity Provider agrees that it will look
solely to such amounts to the extent available for distribution to it as
provided in the Intercreditor Agreement and this Agreement and that the
Borrower, in its individual capacity, is not personally liable to it for any
amounts payable or liability under this Agreement except as expressly provided
in this Agreement, the Intercreditor Agreement or any Participation Agreement.
Amounts on deposit in the Class A-2 Cash Collateral Account shall be available
to the Borrower to make payments under this Agreement only to the extent and for
the purposes expressly contemplated in Section 3.06(f) of the Intercreditor
Agreement.

         Section 2.10. Extension of the Expiry Date; Non-Extension Advance. If
the Expiry Date is prior to the date that is 15 days after the Final Legal
Distribution Date for the Class A-2 Certificates, then no earlier than the 60th
day and no later than the 40th day prior to the then applicable Expiry Date, the
Borrower may request in writing that the Liquidity Provider extend the Expiry
Date to the earlier of (i) the date that is 15 days after the Final Legal
Distribution Date for the Class A-2 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 the Liquidity Provider hereunder are earlier
terminated in accordance herewith). The Liquidity Provider shall by notice (the
"CONSENT NOTICE") to the Borrower during the period commencing on the date that
is 60 days prior to the then effective Expiry Date and ending on the date that
is 25 days prior to the then effective Expiry Date (the "CONSENT PERIOD") advise
the Borrower whether, in its sole discretion, it agrees to so extend the Expiry
Date; provided, however, that such extension shall not be effective with respect
to the Liquidity Provider if, by notice (the "WITHDRAWAL NOTICE") to the
Borrower prior to the end of the Consent Period, the Liquidity Provider revokes
its Consent Notice. If the Liquidity Provider advises the Borrower in the
Consent Notice that such Expiry Date shall not be so extended, or gives a
Withdrawal Notice to the Borrower prior to the end of the Consent Period, or
fails to irrevocably and unconditionally advise the Borrower on or before the
end of the Consent Period that such Expiry Date shall be so extended (and, in
each case, if the Liquidity Provider shall not have been replaced in accordance
with Section 3.06(e) of the Intercreditor Agreement), the Borrower shall be
entitled on and after the date on which the Consent Period ends (but prior to
the then effective Expiry Date) to request a Non-Extension Advance in accordance
with Section 2.02(b) hereof and Section 3.06(d) of the Intercreditor Agreement.
If any amounts shall be drawn pursuant to a Non-Extension Advance and, within 30
days thereafter, the Liquidity Provider shall not have been replaced, then at
any time following the 30th day after such Non-Extension Advance, the Liquidity
Provider may, by written notice to the Borrower, agree to reinstate the
Liquidity Facility on the terms of the existing Liquidity Facility for a period
ending on the 364th day after the end of the Consent Period; provided, however,
that in such event the Liquidity Provider shall reimburse the Borrower for any
costs actually incurred by or on behalf of the Borrower in drawing pursuant to
the Non-Extension Advance and funding the Class A-2 Cash Collateral Account or
otherwise in connection with the Non-Extension Advance.

                                       13
<PAGE>   17

                                  ARTICLE III

                           OBLIGATIONS OF THE BORROWER

         Section 3.01. Increased Costs. If as a result of any Regulatory Change
there shall be any increase by an amount reasonably deemed by the Liquidity
Provider to be material in the actual cost to the Liquidity Provider of making,
funding or maintaining any Advances or its obligation to make any such Advances
or there shall be any reduction by an amount reasonably deemed by the Liquidity
Provider to be material in the amount receivable by the Liquidity Provider under
this Agreement or the Intercreditor Agreement in respect thereof, and in case of
either such an increase or reduction, such event does not arise from the gross
negligence or willful misconduct of the Liquidity Provider, from its breach of
any of its representations, warranties, covenants or agreements contained herein
or in the Intercreditor Agreement or from its failure to comply with any such
Regulatory Change (any such increase or reduction being referred to herein as an
"INCREASED COST"), then the Borrower shall from time to time pay to the
Liquidity Provider an amount equal to such Increased Cost within 15 Business
Days after delivery to the Borrower and Delta of a certificate of an officer of
the Liquidity Provider describing in reasonable detail the event by reason of
which it claims such Increased Cost and the basis for the determination of the
amount of such Increased Cost; provided that, the Borrower shall be obligated to
pay amounts only with respect to any Increased Costs accruing from the date 45
days prior to the date of delivery of such certificate. Such certificate, in the
absence of manifest error, shall be considered prima facie evidence of the
amount of the Increased Costs for purposes of this Agreement; provided that any
determinations and allocations by the Liquidity Provider of the effect of any
Regulatory Change on the costs of maintaining the Advances are made on a
reasonable basis. The Liquidity Provider shall not be entitled to assert any
claim under this Section 3.01 in respect of or attributable to Taxes. The
Liquidity Provider will notify the Borrower and Delta as promptly as practicable
of any event occurring after the date of this Agreement that will entitle the
Liquidity Provider to compensation under this Section 3.01. The Liquidity
Provider agrees to investigate all commercially reasonable alternatives for
reducing any Increased Costs and to use all commercially reasonable efforts to
avoid or minimize, to the greatest extent possible, any claim in respect of
Increased Costs, including, without limitation, by designating a different
Lending Office, if such designation or other action would avoid the need for, or
reduce the amount of, any such claim; provided that the foregoing shall not
obligate the Liquidity Provider to take any action that would, in its reasonable
judgment, cause the Liquidity Provider to incur any material loss or cost,
unless the Borrower or Delta agrees to reimburse the Liquidity Provider
therefor. If no such designation or other action is effected, or, if effected,
fails to avoid the need for any claim in respect of Increased Costs, Delta may
arrange for a Replacement Liquidity Facility in accordance with Section 3.06(e)
of the Intercreditor Agreement.

         Notwithstanding the foregoing provisions, in no event shall the
Borrower be required to make payments under this Section 3.01: (a) in respect of
any Regulatory Change proposed by any applicable governmental authority
(including any branch of a legislature), central bank or comparable agency of
the United States or the Liquidity Provider's jurisdiction of organization and
pending as of the date of this Agreement (it being agreed that the consultative
paper issued by the Basel Committee on Banking Supervision entitled "A New
Capital Adequacy Framework" shall not be considered a Regulatory Change proposed
as of the date of this

                                       14
<PAGE>   18

Agreement); (b) if a claim hereunder in respect of an Increased Cost arises
through circumstances peculiar to the Liquidity Provider and that do not affect
similarly organized commercial banking institutions in the same jurisdiction
generally that are in compliance with the law, rule, regulation or
interpretation giving rise to the Regulatory Change relating to such Increased
Cost; (c) if the Liquidity Provider shall fail to comply with its obligations
under this Section 3.01; or (d) if the Liquidity Provider is not also seeking
payment for similar increased costs in other similarly situated transactions.

         Section 3.02.     [Intentionally omitted.]

         Section 3.03. Withholding Taxes. (a) All payments made by the Borrower
under this Agreement shall be made without deduction or withholding for or on
account of any Taxes, unless such deduction or withholding is required by law.
If any Taxes are so required to be withheld or deducted from any amounts payable
to the Liquidity Provider under this Agreement, the Borrower shall pay to the
relevant authorities the full amount so required to be deducted or withheld and,
if such Taxes are Covered Taxes, pay to the Liquidity Provider such additional
amounts as shall be necessary to ensure that the net amount actually received by
the Liquidity Provider (after deduction or withholding of all Covered Taxes)
shall be equal to the full amount that would have been received by the Liquidity
Provider had no withholding or deduction of Covered Taxes been required. The
Liquidity Provider agrees to use reasonable efforts (consistent with applicable
legal and regulatory restrictions) to change the jurisdiction of its Lending
Office if making such change would avoid the need for, or reduce the amount of,
any such additional amounts that may thereafter accrue and would not, in the
reasonable judgment of the Liquidity Provider, be otherwise materially
disadvantageous to the Liquidity Provider. If the Liquidity Provider receives a
refund of, or realizes a net Tax benefit not otherwise available to it as a
result of, any Taxes for which additional amounts were paid by the Borrower
pursuant to this Section 3.03, the Liquidity Provider shall pay to the Borrower
(for deposit into the Collection Account) the amount of such refund (and any
interest thereon) or net benefit.

         The Liquidity Provider will (i) provide (on its behalf and on behalf of
any participant holding a Participation pursuant to Section 7.08) to the
Borrower (x) on or prior to the Effective Date two valid completed and executed
copies of Internal Revenue Service Form W8-BEN or W8-EC1 (whichever is
applicable), including thereon a valid U.S. taxpayer identification number (or,
with respect to any such participant, such other form or documentation as may be
applicable) covering all amounts receivable by it in connection with the
transactions contemplated by the Operative Agreements and (y) thereafter from
time to time such additional forms or documentation as may be necessary to
establish an available exemption from withholding of United States Tax on
payments hereunder so that such forms or documentation are effective for all
periods during which it is the Liquidity Provider and (ii) provide timely notice
to the Borrower if any such form or documentation is or becomes inaccurate. The
Liquidity Provider shall deliver to the Borrower such other forms or documents
as may be reasonably requested by the Borrower or required by applicable law to
establish that payments hereunder are exempt from or entitled to a reduced rate
of Covered Taxes.

         (b)      All payments (including, without limitation, Advances) made by
the Liquidity Provider under this Agreement shall be made free and clear of, and
without reduction for or on account of, any Taxes. If any Taxes are required to
be withheld or deducted from any amounts

                                       15
<PAGE>   19

payable to the Borrower under this Agreement, the Liquidity Provider shall (i)
within the time prescribed therefor by applicable law pay to the appropriate
governmental or taxing authority the full amount of any such Taxes (and any
additional Taxes in respect of the additional amounts payable under clause (ii)
hereof) and make such reports or returns in connection therewith at the time or
times and in the manner prescribed by applicable law, and (ii) pay to the
Borrower an additional amount which (after deduction of all such Taxes) will be
sufficient to yield to the Borrower the full amount which would have been
received by it had no such withholding or deduction been made. Within 30 days
after the date of each payment hereunder, the Liquidity Provider shall furnish
to the Borrower the original or a certified copy of (or other documentary
evidence of) the payment of the Taxes applicable to such payment.

         If any exemption from, or reduction in the rate of, any Taxes required
to be borne by the Liquidity Provider under this Section 3.03(b) is reasonably
available to the Borrower without providing any information regarding the
holders or beneficial owners of the Certificates, the Borrower shall deliver the
Liquidity Provider such form or forms and such other evidence of the eligibility
of the Borrower for such exemption or reductions (but without any requirement to
provide any information regarding the holders or beneficial owners of the
Certificates) as the Liquidity Provider may reasonably identify to the Borrower
as being required as a condition to exemption from, or reduction in the rate of,
such Taxes.

         Section 3.04. Payments. The Borrower shall make or cause to be made
each payment to the Liquidity Provider under this Agreement so as to cause the
same to be received by the Liquidity Provider not later than 1:00 P.M. (New York
City time) on the day when due. The Borrower shall make all such payments in
Dollars, to the Liquidity Provider in immediately available funds, by wire
transfer to The Chase Manhattan Bank, 021-000021 in favor of account number
9201060663, Westdeutsche Landesbank New York Branch, Reference: Delta EETC
2000-1, A-2 LF.

         Section 3.05. Computations. All computations of interest based on the
Base Rate shall be made on the basis of a year of 365 or 366 days, as the case
may be, and all computations of interest based on the LIBOR Rate shall be made
on the basis of a year of 360 days, in each case for the actual number of days
(including the first day but excluding the last day) occurring in the period for
which such interest is payable.

         Section 3.06. Payment on Non-Business Days. Whenever any payment to be
made hereunder shall be stated to be due on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day and no additional
interest shall be due as a result (and if so made, shall be deemed to have been
made when due). If any payment in respect of interest on an Advance is so
deferred to the next succeeding Business Day, such deferral shall not delay the
commencement of the next Interest Period for such Advance (if such Advance is a
LIBOR Advance) or reduce the number of days for which interest will be payable
on such Advance on the next interest payment date for such Advance.

         Section 3.07. Interest. (a) Subject to Sections 2.07 and 2.09, the
Borrower shall pay, or shall cause to be paid, without duplication, interest on
(i) the unpaid principal amount of each Advance from and including the date of
such Advance (or, in the case of an Applied Provider Advance, from and including
the date on which the amount thereof was withdrawn from the

                                       16
<PAGE>   20

Class A-2 Cash Collateral Account to pay interest on the Class A-2 Certificates)
to but excluding the date such principal amount shall be paid in full (or, in
the case of an Applied Provider Advance, the date on which the Class A-2 Cash
Collateral Account is fully replenished in respect of such Advance) and (ii) any
other amount due hereunder (whether fees, commissions, expenses or other amounts
or, to the extent permitted by law, installments of interest on Advances or any
such other amount) that is not paid when due (whether at stated maturity, by
acceleration or otherwise) from and including the due date thereof to but
excluding the date such amount is paid in full, in each such case, at the
interest rate per annum for each day equal to the Applicable Liquidity Rate (as
defined below) for such Advance or such other amount, as the case may be, as in
effect for such day, but in no event at a rate per annum greater than the
maximum rate permitted by applicable law, provided, however, that, if at any
time the otherwise applicable interest rate as set forth in this Section 3.07
shall exceed the maximum rate permitted by applicable law, then to the maximum
extent permitted by applicable law any subsequent reduction in such interest
rate will not reduce the rate of interest payable pursuant to this Section 3.07
below the maximum rate permitted by applicable law until the total amount of
interest accrued equals the absolute amount of interest that would have accrued
(without additional interest thereon) if such otherwise applicable interest rate
as set forth in this Section 3.07 had at all relevant times been in effect.

         (b)      Except as provided in Section 3.07(e), each Advance will be
either a Base Rate Advance or a LIBOR Advance as provided in this Section 3.07.
Each such Advance will be a Base Rate Advance for the period from the date of
its borrowing to (but excluding) the third Business Day following the Liquidity
Provider's receipt of the Notice of Borrowing for such Advance. Thereafter, such
Advance shall be a LIBOR Advance; provided that the Borrower (at the direction
of the Controlling Party, so long as the Liquidity Provider is not the
Controlling Party) may (x) convert the Final Advance into a Base Rate Advance on
the last day of an Interest Period for such Advance by giving the Liquidity
Provider no less than four Business Days' prior written notice of such election
or (y) elect to maintain the Final Advance as a Base Rate Advance by not
requesting a conversion of the Final Advance to a LIBOR Advance under Clause (5)
of the applicable Notice of Borrowing (or, if, pursuant to Section 2.06, such
Final Advance is deemed to have been made without delivery of a Notice of
Borrowing, by requesting, prior to 11:00 a.m. on the first Business Day
immediately following the Borrower's receipt of the applicable Termination
Notice, that such Final Advance not be converted from a Base Rate Advance to a
LIBOR Advance).

         (c)      Each LIBOR Advance shall bear interest during each Interest
Period at a rate per annum equal to the LIBOR Rate for such Interest Period plus
the Applicable Margin for such LIBOR Advance, payable in arrears on the last day
of such Interest Period and, in the event of the payment of principal of such
LIBOR Advance on a day other than such last day, on the date of such payment (to
the extent of interest accrued on the amount of principal repaid).

         (d)      Each Base Rate Advance shall bear interest at a rate per annum
equal to the Base Rate plus the Applicable Margin for such Base Rate Advance,
payable in arrears on each Regular Distribution Date and, in the event of the
payment of principal of such Base Rate Advance on a day other than a Regular
Distribution Date, on the date of such payment (to the extent of interest
accrued on the amount of principal repaid).

                                       17
<PAGE>   21

         (e)      Each outstanding Unapplied Provider Advance shall bear
interest in an amount equal to the Investment Earnings on amounts on deposit in
the Class A-2 Cash Collateral Account for such Unapplied Provider Advance on the
amount of such Unapplied Provider Advance from time to time, payable in arrears
on each Regular Distribution Date.

         (f)      Each amount not paid when due hereunder (whether fees,
commissions, expenses or other amounts or, to the extent permitted by applicable
law, installments of interest on Advances but excluding Advances) shall bear
interest at a rate per annum equal to the Base Rate plus 3.00% per annum until
paid.

         (g)      Each change in the Base Rate shall become effective
immediately. The rates of interest specified in this Section 3.07 with respect
to any Advance or other amount shall be referred to as the "APPLICABLE LIQUIDITY
RATE".

         Section 3.08. Replacement of Borrower. Subject to Section 5.02, from
time to time and subject to the successor Borrower's meeting the eligibility
requirements set forth in Section 6.09 of the Intercreditor Agreement applicable
to the Subordination Agent, upon the effective date and time specified in a
written and completed Notice of Replacement Subordination Agent in substantially
the form of Annex VI (a "NOTICE OF REPLACEMENT SUBORDINATION AGENT") delivered
to the Liquidity Provider by the then Borrower, the successor Borrower
designated therein shall become the Borrower for all purposes hereunder.

         Section 3.09. Funding Loss Indemnification. The Borrower shall pay to
the Liquidity Provider, upon the request of the Liquidity Provider, such amount
or amounts as shall be sufficient (in the reasonable opinion of the Liquidity
Provider) to compensate it for any loss, cost or expense incurred by reason of
the liquidation or redeployment of deposits or other funds acquired by the
Liquidity Provider to fund or maintain any LIBOR Advance (but excluding loss of
the Applicable Margin or anticipated profits) incurred as a result of:

                  (1)      Any repayment of a LIBOR Advance on a date other than
         the last day of the Interest Period for such Advance; or

                  (2)      Any failure by the Borrower to borrow a LIBOR Advance
         on the date for borrowing specified in the relevant notice under
         Section 2.02.

         Section 3.10. Illegality. Notwithstanding any other provision in this
Agreement, if any change in any law, rule or regulation applicable to or binding
on the Liquidity Provider, or any change in the interpretation or administration
thereof by any governmental authority, central bank or comparable agency charged
with the interpretation or administration thereof, or compliance by the
Liquidity Provider with any request or directive (whether or not having the
force of law) of any such authority, central bank or comparable agency shall
make it unlawful or impossible for the Liquidity Provider to maintain or fund
its LIBOR Advances, then upon notice to the Borrower and Delta by the Liquidity
Provider, the outstanding principal amount of the LIBOR Advances shall be
converted to Base Rate Advances (a) immediately upon demand of the Liquidity
Provider, if such change or compliance with such request, in the reasonable
judgment of the Liquidity Provider, requires immediate conversion; or (b) at the
expiration of the last Interest Period to expire before the effective date of
any such change or request. The

                                       18
<PAGE>   22

Liquidity Provider will notify the Borrower and Delta as promptly as practicable
of any event that will lead to the conversion of LIBOR Advances to Base Rate
Advances under this Section 3.10. The Liquidity Provider agrees to investigate
all commercially reasonable alternatives for avoiding the need for such
conversion, including, without limitation, designating a different Lending
Office, if such designation or other action would avoid the need to convert such
LIBOR Advances to Base Rate Advances; provided, that the foregoing shall not
obligate the Liquidity Provider to take any action that would, in its reasonable
judgment, cause the Liquidity Provider to incur any material loss or cost,
unless the Borrower or Delta agrees to reimburse the Liquidity Provider
therefor. If no such designation or other action is effected, or, if effected,
fails to avoid the need for conversion of the LIBOR Advances to Base Rate
Advances, Delta may arrange for a Replacement Liquidity Facility in accordance
with Section 3.06(e) of the Intercreditor Agreement.

                                   ARTICLE IV

                              CONDITIONS PRECEDENT

         Section 4.01. Conditions Precedent to Effectiveness of Section 2.01.
Section 2.01 of this Agreement shall become effective on and as of the first
date (the "EFFECTIVE DATE") on which the following conditions precedent have
been satisfied (or waived by the appropriate party or parties):

                  (a)      The Liquidity Provider shall have received on or
         before the Closing Date each of the following, and in the case of each
         document delivered pursuant to paragraphs (i), (ii) and (iii), each in
         form and substance satisfactory to the Liquidity Provider:

                           (i)      This Agreement duly executed on behalf of
                  the Borrower;

                           (ii)     The Intercreditor Agreement duly executed on
                  behalf of each of the parties thereto (other than the
                  Liquidity Provider);

                           (iii)    Fully executed copies of each of the
                  Operative Agreements executed and delivered on or before the
                  Closing Date (other than this Agreement and the Intercreditor
                  Agreement);

                           (iv)     A copy of the Prospectus Supplement and
                  specimen copies of the Class A-2 Certificates;

                           (v)      An executed copy of each document,
                  instrument, certificate and opinion delivered on or before the
                  Closing Date pursuant to the Class A-2 Trust Agreement, the
                  Intercreditor Agreement and the other Operative Agreements (in
                  the case of each such opinion, either addressed to the
                  Liquidity Provider or accompanied by a letter from the counsel
                  rendering such opinion to the effect that the Liquidity
                  Provider is entitled to rely on such opinion as of its date as
                  if it were addressed to the Liquidity Provider); and

                                       19
<PAGE>   23

                           (vi)     An agreement from Delta, pursuant to which
                  (x) Delta agrees to provide copies of quarterly financial
                  statements and audited annual financial statements to the
                  Liquidity Provider (which Delta may provide in an electronic
                  format by electronic mail or making such available over the
                  internet) and (y) Delta agrees to allow the Liquidity Provider
                  to discuss the transactions contemplated by the Operative
                  Agreements with officers and employees of Delta.

                  (b)      On and as of the Effective Date no event shall have
         occurred and be continuing, or would result from the entering into of
         this Agreement or the making of any Advance, which constitutes a
         Liquidity Event of Default.

                  (c)      The filings referred to in Sections 3.01(d) and
         3.01(f) of the Participation Agreements shall have been filed (or shall
         be in the process of being filed).

                  (d)      The Liquidity Provider shall have received payment in
         full of the fees and other sums required to be paid to or for the
         account of the Liquidity Provider on or prior to the Effective Date
         pursuant to the Fee Letter.

                  (e)      All conditions precedent to the issuance of the
         Certificates under the Trust Agreement shall have been satisfied or
         waived, all conditions precedent to the effectiveness of the other
         Liquidity Facilities shall have been satisfied or waived, and all
         conditions precedent to the purchase of the Certificates by the
         Underwriters under the Underwriting Agreement shall have been satisfied
         (unless any of such conditions precedent under the Underwriting
         Agreement shall have been waived by the Underwriters).

                  (f)      The Borrower and Delta shall have received a
         certificate, dated the Effective Date signed by a duly authorized
         representative of the Liquidity Provider, certifying that all
         conditions precedent specified in this Section 4.01 have been satisfied
         or waived by the Liquidity Provider.

         Section 4.02. Conditions Precedent to Borrowing. The obligation of the
Liquidity Provider to make an Advance on the occasion of each Borrowing shall be
subject to the conditions precedent that the Effective Date shall have occurred
and, prior to the time of such Borrowing, the Borrower shall have delivered a
Notice of Borrowing which conforms to the terms and conditions of this
Agreement.

                                    ARTICLE V

                                    COVENANTS

         Section 5.01. Affirmative Covenants of the Borrower. So long as any
Advance shall remain unpaid or the Liquidity Provider shall have any Maximum
Commitment hereunder or the Borrower shall have any obligation to pay any amount
to the Liquidity Provider hereunder, the Borrower will, unless the Liquidity
Provider shall otherwise consent in writing:

                                       20
<PAGE>   24

                  (a)      Performance of Agreements. Punctually pay or cause to
         be paid all amounts payable by it under this Agreement and the
         Intercreditor Agreement and observe and perform in all material
         respects the conditions, covenants and requirements applicable to it
         contained in this Agreement and the Intercreditor Agreement.

                  (b)      Reporting Requirements. Furnish to the Liquidity
         Provider with reasonable promptness, such other information and data
         with respect to the transactions contemplated by the Operative
         Agreements as from time to time may be reasonably requested by the
         Liquidity Provider; and permit the Liquidity Provider, upon reasonable
         notice, to inspect the Borrower's books and records with respect to
         such transactions and to meet with officers and employees of the
         Borrower to discuss such transactions.

                  (c)      Certain Operative Agreements. Furnish to the
         Liquidity Provider with reasonable promptness, copies of such Operative
         Agreements entered into after the date hereof as from time to time may
         be reasonably requested by the Liquidity Provider.

         Section 5.02. Negative Covenants of the Borrower. Subject to the first
and fourth paragraphs of Section 7.01(a) of the Intercreditor Agreement and
Section 7.01(b) of the Intercreditor Agreement, so long as any Advance shall
remain unpaid or the Liquidity Provider shall have any Maximum Commitment
hereunder or the Borrower shall have any obligation to pay any amount to the
Liquidity Provider hereunder, the Borrower will not appoint or permit or suffer
to be appointed any successor Borrower without the prior written consent of the
Liquidity Provider, which consent shall not be unreasonably withheld or delayed.

                                   ARTICLE VI

                           LIQUIDITY EVENTS OF DEFAULT

         Section 6.01. Liquidity Events of Default. If (a) any Liquidity Event
of Default has occurred and is continuing and (b) there is a Performing Note
Deficiency, the Liquidity Provider may, in its discretion, deliver to the
Borrower a Termination Notice, the effect of which shall be to cause (i) this
Agreement to expire at the close of business on the fifth Business Day after the
date on which such Termination Notice is received by the Borrower, (ii) the
Borrower to promptly request, and the Liquidity Provider to promptly make, a
Final Advance in accordance with Section 2.02(d) hereof and Section 3.06(i) of
the Intercreditor Agreement, (iii) all other outstanding Advances to be
automatically converted into Final Advances for purposes of determining the
Applicable Liquidity Rate for interest payable thereon and (iv) subject to
Sections 2.07 and 2.09, all Advances, any accrued interest thereon and any other
amounts outstanding hereunder to become immediately due and payable to the
Liquidity Provider.

                                       21
<PAGE>   25

                                  ARTICLE VII

                                  MISCELLANEOUS

         Section 7.01. 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 Borrower and the
Liquidity Provider and any other Person whose consent is required pursuant to
this Agreement; provided that no such change or other action shall affect the
payment obligations of Delta without Delta's prior written consent; and any
waiver of the terms hereof shall be effective only in the specific instance and
for the specific purpose given.

         Section 7.02. Notices. Unless otherwise expressly specified or
permitted by the terms hereof, all notices, requests, demands, authorizations,
directions, consents, waivers or documents required or permitted under the terms
and provisions of this Agreement shall be in English and in writing, and given
by United States registered or certified mail, courier service or facsimile, and
any such notice shall be effective when delivered (or, 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) addressed as follows:

         If to the Borrower, to:

         STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT,
         NATIONAL ASSOCIATION
         225 Asylum Street, Goodwin Square
         Hartford, Connecticut 06103
         Attention:  Corporate Trust Division

         Telephone:  (860) 244-1844
         Telecopy:  (860) 244-1881

         If to the Liquidity Provider, to:

         WESTDEUTSCHE LANDESBANK GIROZENTRALE
         1211 Avenue of the Americas
         New York, New York 10036
         Attention:  Transportation Finance

         Telephone:  (212) 852-6111
         Telecopy:   (212) 869-7634

         With a copy to:

         WESTDEUTSCHE LANDESBANK GIROZENTRALE
         1211 Avenue of the Americas
         New York, New York 10036
         Attention:  Loan Administration

                                       22
<PAGE>   26

         Telephone:  (212) 852-6323
         Telecopy:    (212) 302-7946

         Any party, by notice to the other party 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 7.02.

         Section 7.03. No Waiver; Remedies. No failure on the part of the
Liquidity Provider to exercise, and no delay in exercising, any right under this
Agreement shall operate as a waiver thereof; nor shall any single or partial
exercise of any right under this Agreement preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law.

         Section 7.04. Further Assurances. The Borrower agrees to do such
further acts and things and to execute and deliver to the Liquidity Provider
such additional assignments, agreements, powers and instruments as the Liquidity
Provider may reasonably require or deem advisable to carry into effect the
purposes of this Agreement and the other Operative Agreements or to better
assure and confirm unto the Liquidity Provider its rights, powers and remedies
hereunder and under the other Operative Agreements.

         Section 7.05. Indemnification; Survival of Certain Provisions. The
Liquidity Provider shall be indemnified hereunder to the extent and in the
manner described in Section 4.02 of the Participation Agreements. In addition,
the Borrower agrees to indemnify, protect, defend and hold harmless each
Liquidity Indemnitee from and against all Expenses of any kind or nature
whatsoever (other than any Expenses of the nature described in Sections 3.01 or
7.07 or in the Fee Letter (regardless of whether indemnified against pursuant to
said Sections or in such Fee Letter)), that may be imposed on or incurred by
such Liquidity Indemnitee, in any way relating to, resulting from, or arising
out of or in connection with, any action, suit or proceeding by any third party
against such Liquidity Indemnitee and relating to this Agreement, the Fee
Letter, the Intercreditor Agreement or any Participation Agreement; provided,
however, that the Borrower shall not be required to indemnify, protect, defend
and hold harmless any Liquidity Indemnitee in respect of any Expense of such
Liquidity Indemnitee to the extent such Expense is (i) attributable to the
negligence or willful misconduct of such Liquidity Indemnitee or any other
Liquidity Indemnitee, (ii) an ordinary and usual operating overhead expense,
(iii) attributable to the failure by such Liquidity Indemnitee or any other
Liquidity Indemnitee to perform or observe any agreement, covenant or condition
on its part to be performed or observed in this Agreement, the Intercreditor
Agreement, the Fee Letter or any other Operative Agreement to which it is a
party or (iv) otherwise excluded from the indemnification provisions contained
in Section 4.02 of the Participation Agreements. The provisions of Sections
3.01, 3.03, 3.09, 7.05 and 7.07 and the indemnities contained in Section 4.02 of
the Participation Agreements shall survive the termination of this Agreement.

         Section 7.06. Liability of the Liquidity Provider. (a) Neither the
Liquidity Provider nor any of its officers, employees or directors shall be
liable or responsible for: (i) the use which may be made of the Advances or any
acts or omissions of the Borrower or any beneficiary or

                                       23
<PAGE>   27

transferee in connection therewith; (ii) the validity, sufficiency or
genuineness of documents, or of any endorsement thereon, even if such documents
should prove to be in any or all respects invalid, insufficient, fraudulent or
forged; or (iii) the making of Advances by the Liquidity Provider against
delivery of a Notice of Borrowing and other documents which do not comply with
the terms hereof; provided, however, that the Borrower shall have a claim
against the Liquidity Provider, and the Liquidity Provider shall be liable to
the Borrower, to the extent of any damages suffered by the Borrower that were
the result of (A) the Liquidity Provider's willful misconduct or gross
negligence in determining whether documents presented hereunder comply with the
terms hereof or (B) any breach by the Liquidity Provider of any of the terms of
this Agreement or the Intercreditor Agreement, including, but not limited to,
the Liquidity Provider's failure to make lawful payment hereunder after the
delivery to it by the Borrower of a Notice of Borrowing complying with the terms
and conditions hereof.

         (b)      Neither the Liquidity Provider nor any of its officers,
employees or directors or affiliates shall be liable or responsible in any
respect for (i) any error, omission, interruption or delay in transmission,
dispatch or delivery of any message or advice, however transmitted, in
connection with this Agreement or any Notice of Borrowing delivered hereunder or
(ii) any action, inaction or omission which may be taken by it in good faith,
absent willful misconduct or negligence (in which event the extent of the
Liquidity Provider's potential liability to the Borrower shall be limited as set
forth in the immediately preceding paragraph), in connection with this Agreement
or any Notice of Borrowing.

         Section 7.07. Certain Costs and Expenses. The Borrower agrees promptly
to pay, or cause to be paid, (a) the reasonable fees, expenses and disbursements
of Shearman & Sterling, special counsel for the Liquidity Provider, in
connection with the preparation, negotiation, execution, delivery, filing and
recording of the Operative Agreements, any waiver or consent thereunder or any
amendment thereof and (b) if a Liquidity Event of Default occurs, all
out-of-pocket expenses incurred by the Liquidity Provider, including reasonable
fees and disbursements of counsel, in connection with such Liquidity Event of
Default and any collection, bankruptcy, insolvency and other enforcement
proceedings in connection therewith. In addition, the Borrower shall pay any and
all recording, stamp and other similar taxes and fees payable or determined to
be payable in the United States in connection with the execution, delivery,
filing and recording of this Agreement, any other Operative Agreement and such
other documents, and agrees to save the Liquidity Provider harmless from and
against any and all liabilities with respect to or resulting from any delay in
paying or omission to pay such taxes or fees.

         Section 7.08. Binding Effect; Participations. (a) This Agreement shall
be binding upon and inure to the benefit of the Borrower and the Liquidity
Provider and their respective successors and permitted assigns, except that
neither the Liquidity Provider (except as otherwise provided in this Section
7.08) nor (except as contemplated by Section 3.08) the Borrower shall have the
right to assign, pledge or otherwise transfer its rights or obligations
hereunder or any interest herein, subject to the Liquidity Provider's right to
grant Participations pursuant to Section 7.08(b).

         (b)      The Liquidity Provider agrees that it will not grant any
participation (including, without limitation, a "RISK PARTICIPATION") (any such
participation, a "PARTICIPATION") in or to all or a portion of its rights and
obligations hereunder or under the other Operative Agreements,

                                       24
<PAGE>   28

unless all of the following conditions are satisfied: (i) such Participation is
to a Permitted Transferee, (ii) such Participation is made in accordance with
all applicable laws, including, without limitation, the Securities Act of 1933,
as amended, the Trust Indenture Act of 1939, as amended, and any other
applicable laws relating to the transfer of similar interests and (iii) such
Participation shall not be made under circumstances that require registration
under the Securities Act of 1933, as amended, or qualification of any indenture
under the Trust Indenture Act of 1939, as amended. Notwithstanding any such
Participation, the Liquidity Provider agrees that (1) the Liquidity Provider's
obligations under the Operative Agreements shall remain unchanged, and such
participant shall have no rights or benefits as against Delta or the Borrower or
under any Operative Agreement, (2) the Liquidity Provider shall remain solely
responsible to the other parties to the Operative Agreements for the performance
of such obligations, (3) the Liquidity Provider shall remain the maker of any
Advances, and the other parties to the Operative Agreements shall continue to
deal solely and directly with the Liquidity Provider in connection with the
Advances and the Liquidity Provider's rights and obligations under the Operative
Agreements, (4) the Liquidity Provider shall be solely responsible for any
withholding Taxes or any filing or reporting requirements relating to such
Participation and shall hold the Borrower and Delta and their respective
successors, permitted assigns, affiliates, agents and servants harmless against
the same and (5) neither Delta nor the Borrower shall be required to pay to the
Liquidity Provider any amount under Section 3.01 or Section 3.03 greater than it
would have been required to pay had there not been any grant of a Participation
by the Liquidity Provider. The Liquidity Provider may, in connection with any
Participation or proposed Participation pursuant to this Section 7.08(b),
disclose to the participant or proposed participant any information relating to
the Operative Agreements or to the parties thereto furnished to the Liquidity
Provider thereunder or in connection therewith and permitted to be disclosed by
the Liquidity Provider; provided, however, that prior to any such disclosure,
the participant or proposed participant shall agree in writing for the express
benefit of the Borrower and Delta to preserve the confidentiality of any
confidential information included therein (subject to customary exceptions).

         (c)      Notwithstanding the other provisions of this Section 7.08, the
Liquidity Provider may assign and pledge all or any portion of the Advances
owing to it to any Federal Reserve Bank or the United States Treasury as
collateral security pursuant to Regulation A of the Board of Governors of the
Federal Reserve System and any Operating Circular issued by such Federal Reserve
Bank, provided that any payment in respect of such assigned Advances made by the
Borrower to the Liquidity Provider in accordance with the terms of this
Agreement shall satisfy the Borrower's obligations hereunder in respect of such
assigned Advance to the extent of such payment. No such assignment shall release
the Liquidity Provider from its obligations hereunder.

         Section 7.09. Severability. 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 7.10. Governing Law. THIS AGREEMENT HAS BEEN DELIVERED IN THE
STATE OF NEW YORK AND THIS AGREEMENT SHALL BE GOVERNED BY AND

                                       25
<PAGE>   29

CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

         Section 7.11. 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 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)      THE BORROWER AND THE LIQUIDITY PROVIDER EACH HEREBY AGREE TO
WAIVE THEIR 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. The
Borrower and the Liquidity Provider each warrant and represent 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. 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.

         (c)      The Liquidity Provider hereby waives any immunity it may have
from the jurisdiction of the courts of the United States or of any state thereof
and waives any immunity any of its properties located in the United States may
have from attachment or execution upon a judgment entered by any such court
under the United States Foreign Sovereign Immunities Act of 1976 or any similar
successor legislation.

         Section 7.12. 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 shall constitute one
instrument.

         Section 7.13. Entirety. This Agreement and the Intercreditor Agreement
constitute the entire agreement of the parties hereto with respect to the
subject matter hereof and supersede all prior understandings and agreements of
such parties.

                                       26
<PAGE>   30

         Section 7.14. 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 7.15. Liquidity Provider's Obligation to Make Advances. EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS OF THE LIQUIDITY
PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE BORROWER'S RIGHTS TO DELIVER
NOTICES OF BORROWING REQUESTING THE MAKING OF ADVANCES HEREUNDER, SHALL BE
ABSOLUTE, UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH
CASE STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT.

                                       27
<PAGE>   31

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

                      STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT,
                      NATIONAL ASSOCIATION, not in its individual
                      capacity but solely as Subordination Agent, as agent
                      and trustee for the Class A-2 Trust, as Borrower

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

                      WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK BRANCH, as
                      Liquidity Provider

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

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

                                       28
<PAGE>   32

                                   ANNEX I TO
                           REVOLVING CREDIT AGREEMENT

                      INTEREST ADVANCE NOTICE OF BORROWING

         The undersigned, a duly authorized signatory of the undersigned
borrower (the "BORROWER"), hereby certifies to Westdeutsche Landesbank
Girozentrale, New York Branch (the "LIQUIDITY PROVIDER"), with reference to the
Revolving Credit Agreement (2000-1A-2), dated as of November 16, 2000, between
the Borrower and the Liquidity Provider (the "LIQUIDITY AGREEMENT"; the terms
defined therein and not otherwise defined herein being used herein as therein
defined or referenced), that:

                  (1)      The Borrower is the Subordination Agent under the
         Intercreditor Agreement.

                  (2)      The Borrower is delivering this Notice of Borrowing
         for the making of an Interest Advance by the Liquidity Provider to be
         used for the payment of the interest on the Class A-2 Certificates
         which is payable on ____________, ____ (the "DISTRIBUTION DATE") in
         accordance with the terms and provisions of the Class A-2 Trust
         Agreement and the Class A-2 Certificates, which Advance is requested to
         be made on ____________, ____. The Interest Advance should be remitted
         to [insert wire and account details].

                  (3)      The amount of the Interest Advance requested hereby
         (i) is $_______________.__, to be applied in respect of the payment of
         the interest which is due and payable on the Class A-2 Certificates on
         the Distribution Date, (ii) does not include any amount with respect to
         the payment of principal of, or premium on, the Class A-1 Certificates,
         the Class A-2 Certificates, the Class B Certificates or the Class C
         Certificates, or interest on the Class A-1 Certificates, the Class B
         Certificates or the Class C Certificates, (iii) was computed in
         accordance with the provisions of the Class A-2 Certificates, the Class
         A-2 Trust Agreement and the Intercreditor Agreement (a copy of which
         computation is attached hereto as Schedule I), (iv) does not exceed the
         Maximum Available Commitment on the date hereof and (v) has not been
         and is not the subject of a prior or contemporaneous Notice of
         Borrowing.

                  (4)      Upon receipt by or on behalf of the Borrower of the
         amount requested hereby, (a) the Borrower will apply the same in
         accordance with the terms of Section 3.06(b) of the Intercreditor
         Agreement, (b) no portion of such amount shall be applied by the
         Borrower for any other purpose and (c) no portion of such amount until
         so applied shall be commingled with other funds held by the Borrower.

         The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, the making of the Interest Advance as requested by this Notice of
Borrowing shall automatically reduce, subject to reinstatement in accordance
with the terms of the Liquidity Agreement, the Maximum Available Commitment by
an amount equal to the amount of the Interest Advance

                                      I-1
<PAGE>   33

requested to be made hereby as set forth in clause (i) of paragraph (3) of this
Certificate and such reduction shall automatically result in corresponding
reductions in the amounts available to be borrowed pursuant to a subsequent
Advance.

         IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ____ day of _________, ____.

                           STATE STREET BANK AND TRUST
                           COMPANY OF CONNECTICUT, NATIONAL
                           ASSOCIATION, as Subordination Agent,
                           as Borrower

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

                                      I-2
<PAGE>   34

               SCHEDULE I TO INTEREST ADVANCE NOTICE OF BORROWING

                [Insert Copy of Computations in accordance with
                      Interest Advance Notice of Borrowing]

                                      I-3
<PAGE>   35

                                   ANNEX II to
                           REVOLVING CREDIT AGREEMENT

                    NON-EXTENSION ADVANCE NOTICE OF BORROWING

         The undersigned, a duly authorized signatory of the undersigned
subordination agent (the "BORROWER"), hereby certifies to Westdeutsche
Landesbank Girozentrale, New York Branch (the "LIQUIDITY PROVIDER"), with
reference to the Revolving Credit Agreement (2000-1A-2), dated as of November
16, 2000, between the Borrower and the Liquidity Provider (the "LIQUIDITY
AGREEMENT"; the terms defined therein and not otherwise defined herein being
used herein as therein defined or referenced), that:

                  (1)      The Borrower is the Subordination Agent under the
         Intercreditor Agreement.

                  (2)      The Borrower is delivering this Notice of Borrowing
         for the making of the Non-Extension Advance by the Liquidity Provider
         to be used for the funding of the Class A-2 Cash Collateral Account in
         accordance with Section 3.06(d) of the Intercreditor Agreement, which
         Advance is requested to be made on __________, ____. The Non-Extension
         Advance should be remitted to [insert wire and account details].

                  (3)      The amount of the Non-Extension Advance requested
         hereby (i) is $_______________.__, which equals the Maximum Available
         Commitment on the date hereof and is to be applied in respect of the
         funding of the Class A-2 Cash Collateral Account in accordance with
         Sections 3.06(d) and 3.06(f) of the Intercreditor Agreement, (ii) does
         not include any amount with respect to the payment of the principal of,
         or premium on, the Class A-2 Certificates, or principal of, or interest
         or premium on, the Class A-1 Certificates, the Class B Certificates or
         the Class C Certificates, (iii) was computed in accordance with the
         provisions of the Class A-2 Certificates, the Class A-2 Trust Agreement
         and the Intercreditor Agreement (a copy of which computation is
         attached hereto as Schedule I) and (iv) has not been and is not the
         subject of a prior or contemporaneous Notice of Borrowing under the
         Liquidity Agreement.

                  (4)      Upon receipt by or on behalf of the Borrower of the
         amount requested hereby, (a) the Borrower will deposit such amount in
         the Class A-2 Cash Collateral Account and apply the same in accordance
         with the terms of Sections 3.06(d) and 3.06(f) of the Intercreditor
         Agreement, (b) no portion of such amount shall be applied by the
         Borrower for any other purpose and (c) no portion of such amount until
         so applied shall be commingled with other funds held by the Borrower.

         The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Non-Extension Advance as requested by this
Notice of Borrowing shall automatically and irrevocably terminate the obligation
of the Liquidity Provider to make further Advances under the Liquidity Agreement
and (B) following the making by the Liquidity

                                      II-1
<PAGE>   36

Provider of the Non-Extension Advance requested by this Notice of Borrowing, the
Borrower shall not be entitled to request any further Advances under the
Liquidity Agreement.

         IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ____ day of _________, ____.

                            STATE STREET BANK AND TRUST
                            COMPANY OF CONNECTICUT,  NATIONAL
                            ASSOCIATION, as Subordination Agent, as
                            Borrower

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

                                      II-2
<PAGE>   37

             SCHEDULE I TO NON-EXTENSION ADVANCE NOTICE OF BORROWING

                 [Insert Copy of computations in accordance with
                   Non-Extension Advance Notice of Borrowing]

                                      II-3
<PAGE>   38

                                  ANNEX III to
                           REVOLVING CREDIT AGREEMENT

                      DOWNGRADE ADVANCE NOTICE OF BORROWING

         The undersigned, a duly authorized signatory of the undersigned
subordination agent (the "BORROWER"), hereby certifies to Westdeutsche
Landesbank Girozentrale, New York Branch (the "LIQUIDITY PROVIDER"), with
reference to the Revolving Credit Agreement (2000-1A-2), dated as of November
16, 2000, between the Borrower and the Liquidity Provider (the "LIQUIDITY
AGREEMENT"; the terms defined therein and not otherwise defined herein being
used herein as therein defined or referenced), that:

                  (1)      The Borrower is the Subordination Agent under the
         Intercreditor Agreement.

                  (2)      The Borrower is delivering this Notice of Borrowing
         for the making of the Downgrade Advance by the Liquidity Provider to be
         used for the funding of the Class A-2 Cash Collateral Account in
         accordance with Section 3.06(c) of the Intercreditor Agreement by
         reason of the downgrading of the short-term unsecured debt rating or
         long-term unsecured debt rating of the Liquidity Provider issued by
         either Rating Agency below the Threshold Rating, which Advance is
         requested to be made on __________, ____. The Downgrade Advance should
         be remitted to [insert wire and account details].

                  (3)      The amount of the Downgrade Advance requested hereby
         (i) is $_______________.__, which equals the Maximum Available
         Commitment on the date hereof and is to be applied in respect of the
         funding of the Class A-2 Cash Collateral Account in accordance with
         Sections 3.06(c) and 3.06(f) of the Intercreditor Agreement, (ii) does
         not include any amount with respect to the payment of the principal of,
         or premium on, the Class A-2 Certificates, or principal of, or interest
         or premium on, the Class A-1 Certificates, the Class B Certificates or
         the Class C Certificates, (iii) was computed in accordance with the
         provisions of the Class A-2 Certificates, the Class A-2 Trust Agreement
         and the Intercreditor Agreement (a copy of which computation is
         attached hereto as Schedule I) and (iv) has not been and is not the
         subject of a prior or contemporaneous Notice of Borrowing under the
         Liquidity Agreement.

                  (4)      Upon receipt by or on behalf of the Borrower of the
         amount requested hereby, (a) the Borrower will deposit such amount in
         the Class A-2 Cash Collateral Account and apply the same in accordance
         with the terms of Sections 3.06(c) and 3.06(f) of the Intercreditor
         Agreement, (b) no portion of such amount shall be applied by the
         Borrower for any other purpose and (c) no portion of such amount until
         so applied shall be commingled with other funds held by the Borrower.

         The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Downgrade Advance as requested by this Notice
of Borrowing shall automatically and irrevocably terminate the obligation of the
Liquidity Provider to make further Advances

                                     III-1
<PAGE>   39

under the Liquidity Agreement and (B) following the making by the Liquidity
Provider of the Downgrade Advance requested by this Notice of Borrowing, the
Borrower shall not be entitled to request any further Advances under the
Liquidity Agreement.

         IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ____ day of _________, ____.

                           STATE STREET BANK AND TRUST
                           COMPANY OF CONNECTICUT, NATIONAL
                           ASSOCIATION, as Subordination Agent, as
                           Borrower

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

                                     III-2
<PAGE>   40

               SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING

                [Insert Copy of computations in accordance with
                     Downgrade Advance Notice of Borrowing]

                                     III-3
<PAGE>   41

                                   ANNEX IV to
                           REVOLVING CREDIT AGREEMENT

                        FINAL ADVANCE NOTICE OF BORROWING

         The undersigned, a duly authorized signatory of the undersigned
borrower (the "BORROWER"), hereby certifies to Westdeutsche Landesbank
Girozentrale, New York Branch (the "LIQUIDITY PROVIDER"), with reference to the
Revolving Credit Agreement (2000-1A-2), dated as of November 16, 2000, between
the Borrower and the Liquidity Provider (the "LIQUIDITY AGREEMENT"; the terms
defined therein and not otherwise defined herein being used herein as therein
defined or referenced), that:

                  (1)      The Borrower is the Subordination Agent under the
         Intercreditor Agreement.

                  (2)      The Borrower is delivering this Notice of Borrowing
         for the making of the Final Advance by the Liquidity Provider to be
         used for the funding of the Class A-2 Cash Collateral Account in
         accordance with Section 3.06(i) of the Intercreditor Agreement by
         reason of the receipt by the Borrower of a Termination Notice from the
         Liquidity Provider with respect to the Liquidity Agreement, which
         Advance is requested to be made on ____________, ____. The Final
         Advance should be remitted to [insert wire and account details].

                  (3)      The amount of the Final Advance requested hereby (i)
         is $_________________.__, which equals the Maximum Available Commitment
         on the date hereof and is to be applied in respect of the funding of
         the Class A-2 Cash Collateral Account in accordance with Sections
         3.06(f) and 3.06(i) of the Intercreditor Agreement, (ii) does not
         include any amount with respect to the payment of principal of, or
         premium on, the Class A-2 Certificates, or principal of, or interest or
         premium on, the Class A-1 Certificates, the Class B Certificates or the
         Class C Certificates, (iii) was computed in accordance with the
         provisions of the Class A-2 Certificates, the Class A-2 Trust Agreement
         and the Intercreditor Agreement (a copy of which computation is
         attached hereto as Schedule I) and (iv) has not been and is not the
         subject of a prior or contemporaneous Notice of Borrowing.

                  (4)      Upon receipt by or on behalf of the Borrower of the
         amount requested hereby, (a) the Borrower will deposit such amount in
         the Class A-2 Cash Collateral Account and apply the same in accordance
         with the terms of Sections 3.06(f) and 3.06(i) of the Intercreditor
         Agreement, (b) no portion of such amount shall be applied by the
         Borrower for any other purpose and (c) no portion of such amount until
         so applied shall be commingled with other funds held by the Borrower.

                  (5)      [The Borrower hereby requests that the Advance
         requested hereby be a Base Rate Advance [and that such Base Rate
         Advance be converted into a LIBOR Advance on the third Business Day
         following your receipt of this notice]*.]

                                      IV-1
<PAGE>   42

         The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Final Advance as requested by this Notice of
Borrowing shall automatically and irrevocably terminate the obligation of the
Liquidity Provider to make further Advances under the Liquidity Agreement and
(B) following the making by the Liquidity Provider of the Final Advance
requested by this Notice of Borrowing, the Borrower shall not be entitled to
request any further Advances under the Liquidity Agreement.

         IN WITNESS WHEREOF, the Borrower has executed and delivered this Notice
of Borrowing as of the ____ day of _________, ____.

                             STATE STREET BANK AND TRUST
                             COMPANY OF CONNECTICUT, NATIONAL
                             ASSOCIATION, as Subordination Agent, as
                             Borrower

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

[* Bracketed language may be included at Borrower's option.]

                                      IV-2
<PAGE>   43

                 SCHEDULE I TO FINAL ADVANCE NOTICE OF BORROWING

                   [Insert Copy of Computations in accordance
                     with Final Advance Notice of Borrowing]

                                      IV-3
<PAGE>   44

                                   ANNEX V to
                           REVOLVING CREDIT AGREEMENT

                              NOTICE OF TERMINATION

                                                [Date]

State Street Bank and Trust
   Company of Connecticut,
   National Association, as
   Subordination Agent, as
   Borrower
225 Asylum Street
Goodwin Square
Hartford, Connecticut  06103
Attention:  Corporate Trust Division

Re:      Revolving Credit Agreement, dated as of November 16, 2000, between
         State Street Bank and Trust Company of Connecticut, National
         Association, as Subordination Agent, as agent and trustee for the Delta
         Air Lines Pass Through Trust 2000-1A-2, as Borrower, and Westdeutsche
         Landesbank Girozentrale, New York Branch (the "LIQUIDITY AGREEMENT")

Ladies and Gentlemen:

         You are hereby notified that pursuant to Section 6.01 of the Liquidity
Agreement, by reason of the occurrence and continuance of a Liquidity Event of
Default and the existence of a Performing Note Deficiency (each as defined
therein), we are giving this notice to you in order to cause (i) our obligations
to make Advances (as defined therein) under such Liquidity Agreement to
terminate at the close of business on the fifth Business Day after the date on
which you receive this notice and (ii) you to request a Final Advance under the
Liquidity Agreement pursuant to Section 3.06(i) of the Intercreditor Agreement
(as defined in the Liquidity Agreement) as a consequence of your receipt of this
notice.

         THIS NOTICE IS THE "NOTICE OF TERMINATION" PROVIDED FOR UNDER THE
LIQUIDITY AGREEMENT. OUR OBLIGATIONS TO MAKE ADVANCES UNDER THE LIQUIDITY
AGREEMENT WILL TERMINATE AT THE

                                      V-1
<PAGE>   45

CLOSE OF BUSINESS ON THE FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE
THIS NOTICE.

                             Very truly yours,

                             --------------------------------------------------,
                             as Liquidity Provider

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

cc:      State Street Bank and Trust Company of Connecticut,
         National Association, as Class A-2 Trustee

                                      V-2
<PAGE>   46

                                   ANNEX VI to
                           REVOLVING CREDIT AGREEMENT

                    NOTICE OF REPLACEMENT SUBORDINATION AGENT

[Date]
Attention:

Re:      Revolving Credit Agreement, dated as of November 16, 2000, between
         State Street Bank and Trust Company of Connecticut, National
         Association, as Subordination Agent, as agent and trustee for the Delta
         Airlines Pass Through Trust 2000-1A-2, as Borrower, and Westdeutsche
         Landesbank Girozentrale, New York Branch (the "LIQUIDITY AGREEMENT")

Ladies and Gentlemen:

         For value received, the undersigned beneficiary hereby irrevocably
transfers to:

                              [Name of Transferee]

                             [Address of Transferee]

all rights and obligations of the undersigned as Borrower under the Liquidity
Agreement referred to above. The transferee has succeeded the undersigned as
Subordination Agent under the Intercreditor Agreement referred to in the first
paragraph of the Liquidity Agreement, pursuant to the terms of Section 7.01 of
the Intercreditor Agreement.

         By this transfer, all rights of the undersigned as Borrower under the
Liquidity Agreement are transferred to the transferee and the transferee shall
hereafter have the sole rights and obligations as Borrower thereunder. The
undersigned shall pay any costs and expenses of such transfer, including, but
not limited to, transfer taxes or governmental charges.

         This transfer shall be effective as of [specify time and date].

                         STATE STREET BANK AND TRUST
                         COMPANY OF CONNECTICUT,
                         NATIONAL ASSOCIATION, as
                         Subordination Agent, as Borrower

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

                                      VI-1

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