Document:

EX-4.2

 Exhibit 4.2 

TRUST SUPPLEMENT NO. 2020-1A 

Dated as of March 12, 2020 

between 
 DELTA AIR LINES, INC.

 and 
 U.S. BANK
TRUST NATIONAL ASSOCIATION, 
 as Trustee, 

To 
 PASS THROUGH TRUST
AGREEMENT 
 Dated as of November 16, 2000 

Delta Air Lines Pass Through Trust 2020-1A 

Delta Air Lines Pass Through Certificates, 

Series 2020-1A 

  

					
		  		  	 Trust Supplement No. 2020-1A

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 Table of Contents 

 

							
		  	 	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 Section 1.01
	 	Definitions	  	 	2	 
		
	 ARTICLE II DECLARATION OF TRUST
	  	 	8	 
			
	 Section 2.01
	 	Declaration of Trust	  	 	8	 
	 Section 2.02
	 	Permitted Activities	  	 	8	 
		
	 ARTICLE III THE CERTIFICATES
	  	 	8	 
			
	 Section 3.01
	 	The Certificates	  	 	8	 
	 Section 3.02
	 	Terms and Conditions	  	 	9	 
		
	 ARTICLE IV ISSUANCE AND TRANSFER OF THE CLASS A CERTIFICATES
	  	 	10	 
			
	 Section 4.01
	 	Issuance of Class A Certificates	  	 	10	 
	 Section 4.02
	 	Legends	  	 	11	 
	 Section 4.03
	 	Book-Entry Provisions for Global Certificates	  	 	12	 
		
	 ARTICLE V DISTRIBUTION; STATEMENTS TO CERTIFICATEHOLDERS
	  	 	13	 
			
	 Section 5.01
	 	Statements to Certificateholders	  	 	13	 
		
	 ARTICLE VI DEFAULT
	  	 	15	 
			
	 Section 6.01
	 	Purchase Rights of Certificateholders	  	 	15	 
		
	 ARTICLE VII THE TRUSTEE
	  	 	17	 
			
	 Section 7.01
	 	Delivery of Documents; Delivery Dates	  	 	17	 
	 Section 7.02
	 	[Reserved]	  	 	19	 
	 Section 7.03
	 	The Trustee	  	 	19	 
	 Section 7.04
	 	Representations and Warranties of the Trustee	  	 	19	 
	 Section 7.05
	 	Trustee Liens	  	 	20	 
		
	 ARTICLE VIII ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS
	  	 	20	 
			
	 Section 8.01
	 	Amendment of Sections 5.02 and 6.07 of the Basic Agreement	  	 	20	 
	 Section 8.02
	 	Supplemental Agreements Without Consent of Class A Certificateholders	  	 	21	 
	 Section 8.03
	 	Supplemental Agreements with Consent of Class A Certificateholders	  	 	22	 
	 Section 8.04
	 	Consent of Trustees for Amendment of Section 6.01	  	 	22	 
	 Section 8.05
	 	Amendment of Section 7.12(c) of the Basic Agreement	  	 	23	 

  

					
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	 	 	 	  	Page	 
	 ARTICLE IX [RESERVED]
	  	 	23	 
		
	 ARTICLE X MISCELLANEOUS PROVISIONS
	  	 	23	 
			
	 Section 10.01
	 	Final Termination Date	  	 	23	 
	 Section 10.02
	 	Basic Agreement Ratified	  	 	23	 
	 Section 10.03
	 	Governing Law	  	 	23	 
	 Section 10.04
	 	Counterparts	  	 	23	 
	 Section 10.05
	 	Intention of Parties	  	 	24	 
	 Section 10.06
	 	Submission to Jurisdiction	  	 	24	 
	 Section 10.07
	 	Successor and Assigns	  	 	24	 
	 Section 10.08
	 	Normal Commercial Relations	  	 	24	 
	 Section 10.09
	 	No Recourse against Others	  	 	24	 
	 Section 10.10
	 	U.S.A. Patriot Act	  	 	25	 

  

					
	EXHIBITS	  		  	
	Exhibit A	  	-	  	Form of Certificate
	Exhibit B	  	-	  	DTC Letter of Representations
			
	SCHEDULES	  		  	
	Schedule I	  	-	  	Series A Equipment Notes, Principal Amounts, Maturities and Aircraft
	Schedule II	  	-	  	Note Documents

  

  
 (ii) 

 TRUST SUPPLEMENT NO. 2020-1A 

This TRUST SUPPLEMENT NO. 2020-1A, dated as of March 12, 2020 (as amended from time to time, the
“Trust Supplement”), between DELTA AIR LINES, INC., a Delaware corporation (together with any successor in interest pursuant to Section 5.02 of the Basic Agreement, the “Company” or “Delta”), and U.S. BANK
TRUST NATIONAL ASSOCIATION, a national banking association, as successor trustee (together with any successor in interest and any successor or other trustee appointed as provided in the Basic Agreement, the “Trustee”) under the Pass
Through Trust Agreement, dated as of November 16, 2000, between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company of Connecticut, National Association (the “Basic
Agreement”). 
 W I T N E S S E T H: 

WHEREAS, the Basic Agreement, which is unlimited as to the aggregate face amount of Certificates that may be issued and authenticated
thereunder, has heretofore been executed and delivered; 
 WHEREAS, Delta is the owner of the thirty-three (33) aircraft described in
Schedule I (the “Aircraft”), and Delta wishes to finance the Aircraft through the issuance of the Equipment Notes; 

WHEREAS, pursuant to each Indenture, Delta will issue on a recourse basis two series of Equipment Notes secured by the related Aircraft and
may issue one or more series of Additional Equipment Notes and one or more series of Refinancing Equipment Notes; 
 WHEREAS, the Trustee
shall hereby declare the creation of the Class A Trust (as defined below) for the benefit of Holders of the Class A Certificates (as defined below) to be issued in respect of such Class A Trust, and the initial Holders of the
Class A Certificates, as grantors of such Class A Trust, by their respective acceptances of the Class A Certificates, shall join in the creation of the Class A Trust with the Trustee; 

WHEREAS, all Certificates to be issued by the Class A Trust will evidence Fractional Undivided Interests in the Class A Trust and
will have no rights, benefits or interests in respect of any other separate Trust or the property held therein; 
 WHEREAS, pursuant to the
terms and conditions of the Basic Agreement, as supplemented by this Trust Supplement and the Participation Agreements, the Trustee on behalf of the Class A Trust shall purchase the Series A Equipment Notes issued by the Company pursuant to the
Indentures related to the Aircraft having the identical interest rate as, and final maturity dates not later than the final Regular Distribution Date of, the Class A Certificates issued hereunder and shall hold such Series A Equipment Notes in
trust for the benefit of the Class A Certificateholders; 
 WHEREAS, pursuant to the terms and conditions of the Intercreditor
Agreement referred to in Section 3.02(j) hereof, the Trustee and the other parties thereto will agree to the terms of subordination set forth therein; 

  

					
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 WHEREAS, all of the conditions and requirements necessary to make this Trust Supplement,
when duly executed and delivered, a valid, binding and legal instrument in accordance with its terms and for the purposes herein expressed, have been done, performed and fulfilled, and the execution and delivery of this Trust Supplement in the form
and with the terms hereof have been in all respects duly authorized; and 
 WHEREAS, the Basic Agreement, as supplemented by this Trust
Supplement, is subject to the provisions of the Trust Indenture Act and shall, to the extent applicable, be governed by such provisions. 

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

DEFINITIONS 

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

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

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

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

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

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

Affiliate: Has the meaning specified in the Intercreditor Agreement. 

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

  

					
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 Aircraft: Has the meaning specified in the recitals to this Trust Supplement and
shall include any Replacement Aircraft and Substitute Aircraft (each as defined in the applicable Indenture) in replacement or substitution thereof in accordance with the applicable Indenture. 

Applicable Participation Agreement: Has the meaning specified in Section 7.01(b) of this Trust Supplement. 

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

Benefit Plan Investor: (a) Any employee benefit plan (as defined in Section 3(3) of ERISA), that is subject to the
fiduciary provisions of Title I of ERISA, (b) any plan to which Section 4975 of the Code applies and (c) any entity whose underlying assets include plan assets by reason of an employee benefit plan’s or a plan’s
investment in the entity or otherwise. 
 Business Day: Has the meaning specified in the Intercreditor Agreement. 

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

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

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

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

 Class AA Certificates: Has the meaning specified in the Intercreditor Agreement. 

Class AA Trust: Has the meaning specified in the Intercreditor Agreement. 

Class AA Trust Agreement: Has the meaning specified in the Intercreditor Agreement. 

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

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

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

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

  

					
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 Class A Liquidity Provider: Has the meaning specified in the
Intercreditor Agreement. 
 Class A Trust: Has the meaning specified in Section 2.01 of this Trust
Supplement. 
 Code: Means the Internal Revenue Code of 1986, as amended. 

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

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

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

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

Distribution Date: Means a Regular Distribution Date or a Special Distribution Date. 

DTC: Has the meaning specified in Section 3.02(f) of this Trust Supplement. 

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

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

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

Event of Default: With respect to any Indenture, has the meaning specified in Section 4.01 of such Indenture. 

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

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

Holder: Means a Certificateholder. 

Indenture: Has the meaning specified in the Intercreditor Agreement. 

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

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

  

					
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 Issuance Date: Has the meaning specified in Section 7.01(a) of this Trust
Supplement. 
 Junior Additional Certificateholder: Means, with respect to any Additional Certificateholder exercising its right to
purchase Certificates under Section 6.01 of this Trust Supplement, any holder of any class of Additional Certificates that rank junior, in priority of payment of “Expected Distributions” for such class under the Intercreditor
Agreement, to the class of Additional Certificates held by such Additional Certificateholder. 
 Liquidity Provider: Has the meaning
specified in the Intercreditor Agreement. 
 Loan Trustee: Means, with respect to any Indenture, the bank, trust company or other
financial institution designated as loan trustee thereunder, and any successor to such loan trustee. 
 Note Documents: Means,
collectively, the Participation Agreements, the Indentures, each Indenture Supplement (as defined in any Indenture), each Manufacturer’s Consent (as defined in any Indenture) and the Equipment Notes. 

Operative Agreements: Has the meaning specified in the Intercreditor Agreement. 

Other Agreements: Means (i) the Class AA Trust Agreement, (ii) any Additional Trust Agreement and (iii) any
Refinancing Trust Agreement. 
 Other Trustees: Means the trustees under the Other Agreements, and any successor or other trustee
appointed as provided therein. 
 Other Trusts: Means the Class AA Trust, any Additional Trust or Trusts, or any Refinancing
Trust or Trusts, in each case created by the applicable Other Agreement. 
 Participation Agreement: Has the meaning specified in the
Intercreditor Agreement. 
 Paying Agent: Means, with respect to the Class A Certificates, the paying agent maintained and
appointed for such Class A Certificates pursuant to Section 7.12 of the Basic Agreement. 
 Person: Means any individual,
corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof. 

Plan: Means (i) a retirement plan or other employee benefit plan or arrangement, including for this purpose an individual
retirement account, annuity or Keogh plan, that is subject to Title I of ERISA or Section 4975 of the Code, (ii) any other entity whose underlying assets are deemed to include the assets of any plan or arrangement described in
(i) above by virtue of the U.S. Department of Labor regulation in 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA (or any successor to such regulation), or (iii) such a
plan or arrangement which is a foreign, church or governmental plan or arrangement exempt from Title I of ERISA and Section 4975 of the Code but subject to a Similar Law. 

  

					
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 Plan Fiduciary: Has the meaning specified in Section 3.02(i) of this Trust
Supplement. 
 Pool Balance: Means, as of any date, (i) the original aggregate face amount of the Class A Certificates less
(ii) the aggregate amount of all distributions made as of such date in respect of the Class A Certificates other than distributions made in respect of interest or Premium or reimbursement of any costs or expenses incurred in connection
therewith. The Pool Balance as of any date shall be computed after giving effect to any distribution with respect to the payment of principal, if any, of the Series A Equipment Notes or payment with respect to other Trust Property and the
distribution thereof to be made on such date. 
 Pool Factor: Means, as of any Distribution Date, the quotient (rounded to the
seventh decimal place) computed by dividing (i) the Pool Balance by (ii) the original aggregate face amount of the Class A Certificates. The Pool Factor as of any Distribution Date shall be computed after giving effect to any
distribution with respect to payment of principal, if any, of the Series A Equipment Notes or payment with respect to other Trust Property and the distribution thereof to be made on that date. 

Premium: Has the meaning specified in the Intercreditor Agreement. 

Prospectus Supplement: Means the final prospectus supplement, dated March 4, 2020, relating to the offering of the Certificates.

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

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

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

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

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

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

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

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

  

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

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

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

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

Similar Law: Means a foreign, federal, state, or local law which is substantially similar to the prohibited transaction provisions of
Title I of ERISA or Section 4975 of the Code. 
 Special Distribution Date: Means, with respect to the Class A
Certificates, each date on which a Special Payment is to be distributed as specified in this Agreement. 
 Special Payment: Means any
payment (other than a Scheduled Payment) in respect of, or any proceeds of, any Equipment Note or the Collateral (as defined in any Indenture). 

Special Payments Account: Means, with respect to the Class A Certificates, the account or accounts created and maintained for such
series pursuant to Section 4.01(b) of the Basic Agreement (as modified by Section 7.01(c) of this Trust Supplement) and this Trust Supplement. 

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

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

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

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

Trust Property: Means (i) subject to the Intercreditor Agreement, the Series A Equipment Notes held as the property of the
Class A Trust, all monies at any time paid thereon and all monies due and to become due thereunder, (ii) funds from time to time deposited in the Certificate Account and the Special Payments Account and, subject to the Intercreditor
Agreement, any proceeds from the sale by the Trustee pursuant to Article VI of the Basic Agreement of any Equipment Notes and (iii) all rights of the Class A Trust and the Trustee, on behalf of the Class A Trust, under the
Intercreditor Agreement and the Class A Liquidity Facility, including, without limitation, all rights to receive certain payments thereunder, and all monies paid to the Trustee on behalf of the Class A Trust pursuant to the Intercreditor
Agreement or the Class A Liquidity Facility. 
 Trust Supplement: Has the meaning specified in the preamble hereto. 

  

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

Underwriters: Means Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, BofA Securities, Inc., Goldman
Sachs & Co. LLC, BBVA Securities Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC, Standard Chartered Bank, AmeriVet Securities, Inc. and Natixis Securities Americas LLC. 

Underwriting Agreement: Means the Underwriting Agreement, dated March 4, 2020, among the Representatives (as defined in the
Underwriting Agreement) of the Underwriters and the Company, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

ARTICLE II 
 DECLARATION
OF TRUST 
 Section 2.01 Declaration of Trust. The Trustee hereby declares the creation of a Trust, designated the
“Delta Air Lines Pass Through Trust 2020-1A” (the “Class A Trust”), for the benefit of the Holders of the Class A Certificates to be issued in respect of such Class A
Trust, and the initial Holders of the Class A Certificates, as grantors of such Class A Trust, by their respective acceptances of the Class A Certificates, join in the creation of such Class A Trust with the Trustee. The Trustee,
by the execution and delivery of this Trust Supplement, acknowledges its acceptance of all right, title and interest in and to the Trust Property to be acquired pursuant to Section 7.01(b) of this Trust Supplement and the Participation
Agreements and the Trustee will hold such right, title and interest for the benefit of all present and future Holders of the Class A Certificates, upon the trusts set forth in the Basic Agreement and this Trust Supplement. The provisions of
this Section 2.01 supersede and replace the provisions of Section 2.03 of the Basic Agreement, with respect to the Class A Trust. 

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

THE CERTIFICATES 

Section 3.01 The Certificates. There is hereby created a series of Certificates to be issued under this Agreement designated as
“Delta Air Lines Pass Through Certificates, Series 2020-1A” (the “Class A Certificates”). Each Class A Certificate represents a Fractional Undivided Interest in the
Class A Trust created hereby. The Class A Certificates shall be the only instruments evidencing a Fractional Undivided Interest in the Class A Trust. The Class A Certificates do not represent indebtedness of the Class A
Trust, and references herein to interest accruing on the Class A Certificates are included for purposes of computation only. 

  

					
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 Section 3.02 Terms and Conditions. The terms and conditions applicable to the
Class A Certificates and the Class A Trust are as follows: 
 (a) The aggregate face amount of the Class A Certificates that
may be authenticated and delivered under this Agreement (except for Class A Certificates authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Class A Certificates pursuant to
Sections 3.03, 3.04, 3.05 and 3.06 of the Basic Agreement and Section 4.03 of this Trust Supplement) is $204,106,000. 
 (b)
[Reserved] 
 (c) The distribution dates with respect to any payment of Scheduled Payments (each such distribution date, a “Regular
Distribution Date”) shall be June 10 and December 10, commencing on June 10, 2020, until payment of all of the Scheduled Payments to be made under the Equipment Notes has been made; provided, however, that, if any
such day shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day without additional interest. 

(d) The Special Distribution Date with respect to the Class A Certificates means any Business Day on which a Special Payment is to be
distributed pursuant to this Agreement. 
 (e) [Reserved] 

(f) The Class A Certificates shall be in the form attached hereto as Exhibit A, shall be Book-Entry Certificates (subject to
Section 3.05(d) of the Basic Agreement and Section 4.03 of this Trust Supplement), and shall be subject to the conditions set forth in the Letter of Representations between the Class A Trust and The Depository Trust Company and any
successor agency thereto (“DTC”), as initial Clearing Agency, attached hereto as Exhibit B. 
 (g) The proceeds of the
offering of Class A Certificates issued by the Class A Trust shall be used on the date hereof to acquire the Series A Equipment Notes described in Schedule I that relate to the Aircraft and to the Note Documents described in
Schedule II. 
 (h) Any Person acquiring or accepting a Class A Certificate or an interest therein will, by such acquisition or
acceptance, be deemed to (i) represent and warrant to the Company, the Loan Trustees and the Trustee that either (1) no assets of a Plan or any trust established with respect to a Plan have been used to purchase or hold Class A
Certificates or an interest therein or (2) the purchase and holding of Class A Certificates or interests therein by such Person are exempt from the prohibited transaction restrictions of ERISA and the Code or provisions of Similar Law
pursuant to one or more prohibited transaction statutory or administrative exemptions or similar exemptions under Similar Law and (ii) direct the Trustee to invest the assets held in the Trust pursuant to, and take all other actions
contemplated by, the terms and conditions of the Basic Agreement, this Trust Supplement, the Intercreditor Agreement and each Participation Agreement. 

(i) Each Person or transferee of any Class A Certificate or beneficial interest therein that is a Benefit Plan Investor will be deemed to
represent, warrant and agree that (i) none of the Company or any of its affiliates or other persons that provide marketing services, nor any of their affiliates, has provided, and none of them will provide, any investment recommendation

  

					
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or investment advice on which it, or any fiduciary or other person investing the assets of the Benefit Plan Investor (“Plan Fiduciary”), has relied or will rely as a primary basis in
connection with its decision to invest in the Class A Certificates, and they are not otherwise acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Benefit Plan Investor or the Plan
Fiduciary in connection with the Benefit Plan Investor’s acquisition of the Class A Certificates; and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Class A Certificates.

 (j) The Class A Certificates will be subject to the following Intercreditor Agreement (and to the extent the terms thereof (including
the definitions of defined terms) are inconsistent with the terms of this Agreement, such Intercreditor Agreement shall control): that certain Intercreditor Agreement, dated as of the date hereof, among U.S. Bank Trust National Association, as
Trustee and as Class AA Trustee, National Australia Bank Limited, acting through its New York branch, as each Liquidity Provider, and U.S. Bank Trust National Association, as Subordination Agent thereunder (as may be amended, supplemented
or otherwise modified from time to time in accordance with its terms, the “Intercreditor Agreement”). Under Article VI hereof, the Holders of the Class A Certificates, Additional Certificates (if issued) or Refinancing
Certificates (if issued) shall have the rights upon the occurrence of a Certificate Buy Out Event set forth therein. The Trustee and, by acceptance of any Class A Certificate, each Certificateholder thereof, agrees to be bound by all of the
provisions of the Intercreditor Agreement, including the subordination provisions of Section 9.09 thereof. 
 (k) [Reserved] 

(l) The Class A Certificates will have the benefit of the following liquidity facility: that certain Revolving Credit Agreement (2020-1A), dated as of the date hereof, between U.S. Bank Trust National Association, as Subordination Agent under the Intercreditor Agreement, as agent and trustee for the Class A Trust, and the
Class A Liquidity Provider. 
 (m) The Responsible Party is the Company. 

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

ISSUANCE AND TRANSFER OF THE CLASS A CERTIFICATES 

Section 4.01 Issuance of Class A Certificates. (a) The Class A Certificates will be issued in minimum
denominations of $2,000 (or such other denomination that is the lowest integral multiple of $1,000 that is, at the time of issuance, equal to at least 1,000 euros) and integral multiples of $1,000 in excess thereof, except that one Certificate
may be issued in a different denomination. Each Class A Certificate shall be dated the date of its authentication. 
 (b) The
Class A Certificates shall be issued initially in the form of one or more global Certificates in definitive, fully registered form without interest coupons, 

  

					
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substantially in the form of Exhibit A hereto (each, a “Global Certificate”), duly executed and authenticated by the Trustee as hereinafter provided. Each Global Certificate will
be registered in the name of a nominee for DTC for credit to the account of members of, or participants in, DTC (“DTC Participants”) or to the account of indirect participants that clear through or maintain a custodial relationship with a
DTC Participant, either directly or indirectly (“Indirect Participants”), and will be deposited with the Trustee, as custodian for DTC. The aggregate principal amount of a Global Certificate may from time to time be decreased by
adjustments made on the records of DTC or its nominee, or of the Trustee, as custodian for DTC or its nominee, as hereinafter provided, which adjustments shall be conclusive as to the aggregate principal amount of any such Global Certificate. 

(c) [Reserved] 
 (d) [Reserved]

 (e) Certificated Certificates in registered form shall be issued in substantially the form set forth as Exhibit A hereto (the
“Definitive Certificates”) and shall be in fully registered form and shall be typed, printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner, all as determined by the
officers executing such Definitive Certificates, as evidenced by their execution of such Definitive Certificates. 
 Section 4.02
Legends. (a) Each Global Certificate shall bear the following legend on the face thereof: 
 UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

(b) Each Class A Certificate shall bear the following legend on the face thereof: 

BY ITS ACQUISITION HEREOF, THE HOLDER (A) REPRESENTS THAT EITHER (1) NO ASSETS OF A PLAN OR ANY TRUST ESTABLISHED WITH RESPECT TO A
PLAN HAVE BEEN USED TO PURCHASE OR HOLD THIS CERTIFICATE OR AN INTEREST HEREIN, OR (2) THE PURCHASE AND HOLDING OF THIS CERTIFICATE OR INTEREST 

  

					
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(2020-1 EETC)

 
HEREIN BY SUCH A PERSON ARE EXEMPT FROM THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE OR PROVISIONS OF SIMILAR LAW PURSUANT TO ONE OR MORE PROHIBITED TRANSACTION STATUTORY OR
ADMINISTRATIVE EXEMPTIONS OR SIMILAR EXEMPTIONS UNDER SIMILAR LAW, AND (B) DIRECTS THE TRUSTEE TO INVEST IN THE ASSETS HELD IN THE CLASS A TRUST PURSUANT TO THE TERMS AND CONDITIONS DESCRIBED IN THE PROSPECTUS SUPPLEMENT RELATED THERETO.
CERTAIN TERMS USED IN THIS PARAGRAPH SHALL HAVE THE MEANINGS SPECIFIED IN THE AGREEMENT. 
 Section 4.03 Book-Entry Provisions for
Global Certificates. (a) DTC Participants shall have no rights under this Agreement with respect to any Global Certificate held on their behalf by DTC, or the Trustee as its custodian, and DTC may be treated by the Trustee and any agent of
the Trustee as the absolute owner of such Global Certificate for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Trustee or any agent of the Trustee from giving effect to any written certification, proxy or
other authorization furnished by DTC or shall impair, as between DTC and its DTC Participants, the operation of customary practices governing the exercise of the rights of a holder of any Class A Certificate. Upon the issuance of any Global
Certificate, the Registrar or its duly appointed agent shall record Cede & Co. or another nominee of DTC as the registered holder of such Global Certificate. 

(b) Transfers of any Global Certificate shall be limited to transfers of such Global Certificate in whole, but not in part, to nominees of DTC,
its successor or such successor’s nominees. Beneficial interests in Global Certificates may be transferred in accordance with the rules and procedures of DTC and the provisions of Section 4.02 of this Trust Supplement. Beneficial interests
in Global Certificates shall be delivered to all beneficial owners thereof in the form of Definitive Certificates, only if (i) DTC notifies the Trustee in writing that it is no longer willing or able to discharge properly its responsibilities
as depositary for the Global Certificates, and a successor depositary is not appointed by the Trustee within 90 days of such notice, (ii) the Company, at its option, advises the Trustee in writing that it elects to terminate the
book-entry system through DTC or (iii) after the occurrence and during the continuance of an Event of Default, Class A Certificateholders with Fractional Undivided Interests aggregating not less than a majority in interest in all
Fractional Undivided Interests in the Class A Trust advise the Trustee, the Company and DTC through DTC Participants in writing that the continuation of a book-entry system through DTC (or a successor thereto) is no longer in the Class A
Certificateholders’ best interests. Neither the Company nor the Trustee shall be liable if the Company or the Trustee is unable to locate a qualified successor clearing system. 

(c) [Reserved] 
 (d) In connection
with the transfer of the entire amount of a Global Certificate to the beneficial owners thereof pursuant to paragraph (b) of this Section 4.03, such Global Certificate shall be deemed to be surrendered to the Trustee for cancellation, and
the Trustee shall execute, authenticate and deliver to each beneficial owner, in exchange for the beneficial 

  

					
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interest thereof in such Global Certificate, an equal aggregate face amount of Definitive Certificates of authorized denominations, in each case as such beneficial owner and related aggregate
face amount shall have been identified and otherwise set forth (together with such other information as may be required for the registration of such Definitive Certificates) in registration instructions that shall have been delivered by or on behalf
of DTC to the Trustee. None of the Company, the Registrar, the Paying Agent nor the Trustee shall be liable for any delay in delivery of such registration instructions and each such Person may conclusively rely on, and shall be protected in relying
on, such registration instructions. Upon the issuance of any Definitive Certificate, the Trustee shall recognize the Person in whose name such Definitive Certificate is registered in the Register as a Certificateholder hereunder. 

(e) The registered Holder of a Global Certificate may grant proxies and otherwise authorize any Person, including DTC Participants and Persons
that may hold interests through DTC Participants, to take any action which a Holder is entitled to take under this Agreement or the Class A Certificates. 

(f) Neither the Company, nor the Trustee, nor the Registrar, nor the Paying Agent shall have any responsibility or liability for: (i) any
aspect of the records relating to or payments made on account of beneficial ownership interests in the Global Certificates, (ii) maintaining, supervising or reviewing any records relating to such beneficial ownership interests or (iii) the
performance by DTC, any DTC Participant or any Indirect Participant of their respective obligations under the rules, regulations and procedures creating and affecting DTC and its operation or any other statutory, regulatory, contractual or customary
procedures governing their obligations. 
 ARTICLE V 

DISTRIBUTION; STATEMENTS TO CERTIFICATEHOLDERS 

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

(ii) the amount of such distribution under this Agreement allocable to principal and the amount allocable to Premium (if any);

 (iii) the amount of such distribution under this Agreement allocable to interest (including any portion thereof paid by
the Class A Liquidity Provider); and 
 (iv) the Pool Balance and the Pool Factor. 

  

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

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

  

					
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 ARTICLE VI 

DEFAULT 

Section 6.01 Purchase Rights of Certificateholders. (a) By acceptance of its Class A Certificate, each Class A
Certificateholder agrees that at any time after the occurrence and during the continuation of a Certificate Buy-Out Event: 

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

  

					
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Class AA Trustee, the trustee of any Additional Trust with respect to any Additional Certificates that rank senior, in priority of payment of “Expected Distributions” therefor
under the Intercreditor Agreement, to the Additional Certificates held by the purchasing Additional Certificateholder and each other Additional Certificateholder of the same class, on the third Business Day following the expiration of such ten-day notice period, provided that (A) if prior to the end of such ten-day period any other Additional Certificateholder(s) of such class (other than the
Company or any of its Affiliates) notifies such purchasing Additional Certificateholder that such other Additional Certificateholder(s) want(s) to participate in such purchase, then such other Additional Certificateholder(s) (other than the Company
or any of its Affiliates) may join with the purchasing Additional Certificateholder to purchase all, but not less than all, of the Class AA Certificates, the Class A Certificates and such senior Additional Certificates pro rata based on
the Fractional Undivided Interest in the applicable Additional Trust held by each such Additional Certificateholder and (B) upon consummation of such purchase no Additional Certificateholder of such class shall have a right to purchase the
Class AA Certificates, the Class A Certificates and such senior Additional Certificates pursuant to this Section 6.01(a)(ii) during the continuance of such Certificate Buy-Out Event, and 

(iii) if any Refinancing Certificates are issued, each Refinancing Certificateholder shall have the same right (subject to the
same terms and conditions) to purchase Certificates pursuant to this Section 6.01(a) (and to receive notice in connection therewith) as the Holders of the Class that such Refinancing Certificates refinanced. 

The purchase price with respect to the Class A Certificates shall be equal to the Pool Balance of the Class A Certificates, together
with accrued and unpaid interest in respect thereof to the date of such purchase, and any other amounts then due and payable to the Class A Certificateholders under this Agreement, the Intercreditor Agreement, any Series A Equipment Note held
as the property of the Class A Trust or the related Indenture and Participation Agreement or on or in respect of the Class A Certificates but without any Premium, provided, however, that if such purchase occurs after the
Record Date relating to any Distribution Date, such purchase price shall be reduced by the amount to be distributed hereunder on such related Distribution Date (which deducted amounts shall remain distributable to, and may be retained by, the
Class A Certificateholders as of such Record Date); provided further that no such purchase of Class A Certificates pursuant to this Section 6.01(a) shall be effective unless the purchaser(s) shall certify to the Trustee that
contemporaneously with such purchase, such purchaser(s) is purchasing, pursuant to the terms of this Agreement, the Class AA Trust Agreement, the applicable Additional Trust Agreement (if any) or the applicable Refinancing Trust Agreement (as
the case may be), and the Intercreditor Agreement, all of the Class AA Certificates, the Class A Certificates and, if applicable, the Additional Certificates that rank senior, in priority of payment of “Expected Distributions”
therefor under the Intercreditor Agreement, to the Additional Certificates held by the purchasing Additional Certificateholder(s) and, if applicable, the Refinancing Certificates that are senior to the securities held by such purchaser(s). Each
payment of the purchase price of the Class A Certificates referred to in the first sentence of this paragraph shall be made to an account or accounts designated by the Trustee and each such purchase shall be subject to the terms of this
Section 6.01(a). Each Class A Certificateholder agrees by its acceptance of its Class A Certificate that it will, upon payment 

  

					
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from such Additional Certificateholder(s) or Refinancing Certificateholder(s), as the case may be, of the purchase price set forth in the first sentence of this paragraph, forthwith sell, assign,
transfer and convey to the purchaser(s) thereof (without recourse, representation or warranty of any kind except as to its own acts) all of the right, title, interest and obligation of such Class A Certificateholder in this Agreement, the
Intercreditor Agreement, the Class A Liquidity Facility, the Note Documents and all Class A Certificates held by such Class A Certificateholder (excluding all right, title and interest under any of the foregoing to the extent such
right, title or interest is with respect to an obligation not then due and payable as respects any action or inaction or state of affairs occurring prior to such sale) and the purchaser(s) shall assume all of such Class A
Certificateholder’s obligations under this Agreement, the Intercreditor Agreement, the Class A Liquidity Facility, the Note Documents and all such Class A Certificates. The Class A Certificates will be deemed to be purchased on
the date payment of the purchase price is made notwithstanding the failure of any Class A Certificateholder to deliver any Class A Certificate and, upon such a purchase, (i) the Class A Certificateholders shall have no further
rights with respect to the Class A Certificates and (ii) if the purchaser(s) shall so request, each such Class A Certificateholder will comply with all the provisions of Section 3.04 of the Basic Agreement and the applicable
provisions of this Trust Supplement to enable new Class A Certificates to be issued to the purchaser(s) in such denominations otherwise authorized under this Agreement as it shall request. All charges and expenses in connection with the
issuance of any such new Class A Certificates shall be borne by the purchaser(s) thereof. 
 (b) This Section 6.01 supplements and,
to the extent inconsistent with any provision of Section 6.01(d) of the Basic Agreement, replaces the provisions of Section 6.01(d) of the Basic Agreement. Notwithstanding anything to the contrary set forth herein or in any Operative
Agreement, the provisions of this Section 6.01 may not be amended in any manner without the consent of each Class AA Certificateholder, each Class A Certificateholder and each Additional Certificateholder (if any) or, as the case may
be, Refinancing Certificateholder (if any) (in each case, other than the Company or any of its Affiliates in its respective capacity as a Certificateholder) that would be adversely affected thereby; provided that the purchase price under this
Section 6.01 (as in effect on the date hereof) for any Certificate held by the Company or any of its Affiliates shall not be modified without the prior written consent of the Company. For the avoidance of doubt, if a Certificate Buy-Out Event ceases to exist and another Certificate Buy-Out Event occurs and is continuing, the purchase rights set forth in Section 6.01(a) shall be revived
notwithstanding any exercise of such rights during the continuance of any preceding Certificate Buy-Out Event. 

ARTICLE VII 
 THE
TRUSTEE 
 Section 7.01 Delivery of Documents; Delivery Dates. (a) In accordance with the direction of each
Class A Certificateholder deemed given pursuant to Section 3.02(h) of this Trust Supplement, the Trustee is hereby directed (i) to execute and deliver the Intercreditor Agreement on or prior to the date of the initial issuance of the
Class A Certificates (the “Issuance Date”), in the form delivered to the Trustee by the Company, and (ii) subject to the terms thereof, to perform its obligations thereunder. Upon request of the Company and the satisfaction or
waiver of the closing conditions specified in the Underwriting Agreement, the Trustee shall 

  

					
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execute, deliver, authenticate, issue and sell Class A Certificates in authorized denominations equaling in the aggregate the amount set forth, with respect to the Class A Trust, in
Schedule I to the Underwriting Agreement evidencing the entire ownership interest in the Class A Trust, which amount equals the maximum aggregate principal amount of Series A Equipment Notes which may be purchased by the Trustee. Except as
provided in Sections 3.03, 3.04, 3.05 and 3.06 of the Basic Agreement or Section 4.03 of this Trust Supplement, the Trustee shall not execute, authenticate or deliver Class A Certificates in excess of the aggregate amount
specified in this paragraph. The provisions of this Section 7.01(a) supersede and replace the first three sentences of Section 2.02(a) of the Basic Agreement and the first sentence of Section 3.02(a) of the Basic Agreement, with
respect to the Class A Trust. 
 (b) On the Issuance Date the Trustee shall enter into and perform its obligations under the
Participation Agreement (the “Applicable Participation Agreement”) with respect to each Aircraft and cause such certificates, documents and legal opinions relating to the Trustee to be duly delivered as required by the Applicable
Participation Agreement. Upon satisfaction of the conditions specified in the Applicable Participation Agreement, the Trustee shall purchase the applicable Series A Equipment Notes with the proceeds of the Class A Certificates on the Issuance
Date. The purchase price of such Series A Equipment Notes shall equal the principal amount of such Series A Equipment Notes. The provisions of this Section 7.01(b) supersede and replace the provisions of Section 2.02 of the Basic Agreement
with respect to the Class A Trust, and no provisions of the Basic Agreement relating to Postponed Notes and Section 2.02 of the Basic Agreement shall apply to the Class A Trust. 

(c) With respect to the Class A Trust, Section 4.01(b) of the Basic Agreement is superseded and replaced in its entirety with the
following: “The Trustee shall establish and maintain on behalf of the Class A Certificateholders a Special Payments Account as one or more accounts, which shall be non-interest bearing except as
provided in Section 4.04 of the Basic Agreement. The Trustee shall hold the Special Payments Account in trust for the benefit of the Class A Certificateholders and shall make or permit withdrawals therefrom only as provided in the
Agreement or the Intercreditor Agreement. On each day when one or more Special Payments are made to the Trustee under the Intercreditor Agreement, the Trustee, upon receipt thereof, shall immediately deposit the aggregate amount of such Special
Payments in the Special Payments Account.” 
 (d) With respect to the Class A Trust, the second sentence of Section 4.02(c) of
the Basic Agreement shall be superseded and replaced in its entirety with the following sentence: “Subject to the provisions of the Intercreditor Agreement: (i) in the event of redemption or purchase of Series A Equipment Notes held in the
Class A Trust, such notice shall be mailed (or in the case of Global Certificates, sent electronically in accordance with DTC’s applicable procedures) not less than 15 days prior to the Special Distribution Date for the Special
Payment resulting from such redemption or purchase, which Special Distribution Date shall be the date of such redemption or purchase; and (ii) in the case of any other Special Payments, such notice of Special Payment shall be sent as soon as
practicable after the Trustee has confirmed that it has received funds for such Special Payment and shall state the Special Distribution Date for such Special Payment, which shall occur 15 days after the date of such notice of Special
Payment or (if such 15th day is not practicable) as soon as practicable thereafter.” 

  

					
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 (e) With respect to the Class A Trust, clause (ii) of the third sentence of
Section 4.02(c) of the Basic Agreement shall be amended by deleting in its entirety the parenthetical phrase “(taking into account any payment to be made by the Responsible Party pursuant to Section 2.02(b)).” 

Section 7.02 [Reserved]. 

Section 7.03 The Trustee. (a) Subject to Section 7.04 of this Trust Supplement and Section 7.15 of the Basic
Agreement, the Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Trust Supplement or the Intercreditor Agreement or the due execution hereof or thereof by the Company or the other
parties thereto (other than the Trustee), or for or in respect of the recitals and statements contained herein or therein, all of which recitals and statements are made solely by the Company or the other parties thereto (other than the Trustee),
except that the Trustee hereby represents and warrants that each of this Trust Supplement, the Basic Agreement, each Class A Certificate and the Intercreditor Agreement has been executed and delivered by one of its officers who is duly
authorized to execute and deliver such document on its behalf. 
 (b) The Trustee shall at all times be a bank or trust company, organized
and doing business under the laws of the United States or any state thereof, a substantial part of the business of which consists of (i) receiving deposits and making loans or (ii) exercising fiduciary powers similar to those permitted to
national banks by the Comptroller of the Currency, and which is subject to supervision and examination by state or federal authority having supervision over banking institutions. 

Section 7.04 Representations and Warranties of the Trustee. The Trustee hereby represents and warrants that: 

(a) the Trustee has full power, authority and legal right to execute, deliver and perform this Trust Supplement, the Intercreditor Agreement,
the Class A Certificates and the Note Documents to which it is or is to become a party and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Supplement, the Intercreditor Agreement, the
Class A Certificates and the Note Documents to which it is or is to become a party; 
 (b) the execution, delivery and performance by
the Trustee of this Trust Supplement, the Intercreditor Agreement, the Class A Certificates and the Note Documents to which it is or is to become a party (i) will not violate any provision of any United States federal law or the law of the
state of the United States where it is located governing the banking and trust powers of the Trustee or any order, writ, judgment, or decree of any court, arbitrator or governmental authority applicable to the Trustee or any of its assets,
(ii) will not violate any provision of the articles of association or by-laws of the Trustee, and (iii) will not violate any provision of, or constitute, with or without notice or lapse of time, a
default under, or result in the creation or imposition of any lien on any properties included in the Trust Property pursuant to the provisions of, any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which
violation, default or lien could reasonably be expected to have an adverse effect on the Trustee’s performance or ability to perform its duties hereunder or thereunder or on the transactions contemplated herein or therein; 

  

					
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 (c) the execution, delivery and performance by the Trustee of this Trust Supplement, the
Intercreditor Agreement, the Class A Certificates and the Note Documents to which it is or is to become a party will not require the authorization, consent, or approval of, the giving of notice to, the filing or registration with, or the taking
of any other action in respect of, any governmental authority or agency of the United States or the state of the United States where it is located regulating the banking and corporate trust activities of the Trustee; and 

(d) this Trust Supplement, the Intercreditor Agreement, the Class A Certificates and the Note Documents to which it is or is to become a
party have been, or will be, as applicable, duly executed and delivered by the Trustee and constitute, or will constitute, as applicable, the legal, valid and binding agreements of the Trustee, enforceable against it in accordance with their
respective terms; provided, however, that enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and (ii) general
principles of equity. 
 Section 7.05 Trustee Liens. The Trustee in its individual capacity agrees, in addition to the
agreements contained in Section 7.17 of the Basic Agreement, that it will at its own cost and expense promptly take any action as may be necessary to duly discharge and satisfy in full any Trustee’s Liens on or with respect to the Trust
Property which are attributable to the Trustee in its individual capacity and which are unrelated to the transactions contemplated by the Intercreditor Agreement. 

ARTICLE VIII 

ADDITIONAL AMENDMENT; SUPPLEMENTAL AGREEMENTS 

Section 8.01 Amendment of Sections 5.02 and 6.07 of the Basic Agreement.
(a) Section 5.02 of the Basic Agreement shall be amended, with respect to the Class A Trust, by (i) replacing the phrase “of this Agreement” set forth in paragraph (a) thereof with the phrase “of the Note
Documents and of this Agreement”, (ii) replacing the phrase “under this Agreement” set forth in paragraph (b) thereof with the phrase “under this Agreement and any Note Document” and (iii) deleting the phrase
“and an Opinion of Counsel of the Company” in paragraph (c) thereof. 
 (b) Section 6.07 of the Basic Agreement shall be
amended and restated in its entirety to read as follows: 
 “Section 6.07. Certificateholders May Not Bring Suit Except Under
Certain Conditions. 
 A Certificateholder of any series shall not have the right to institute any suit, action or proceeding at law or
in equity or otherwise with respect to this Agreement, the related Trust Supplement or the Certificates or otherwise, or for the appointment of a receiver or for the enforcement of any other remedy under this Agreement, the related Trust Supplement
or the Certificates or otherwise, unless: 

  

					
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	 	(1)	 such Certificateholder previously shall have given written notice to the Trustee of a continuing Event of
Default; 

  

	 	(2)	 Certificateholders holding Certificates of such series evidencing Fractional Undivided Interests aggregating
not less than 25% of the related Trust shall have requested the Trustee in writing to institute such action, suit or proceeding and shall have offered to the Trustee indemnity as provided in Section 7.03(e); 

 

	 	(3)	 the Trustee shall have refused or neglected to institute any such action, suit or proceeding for 60 days after
receipt of such notice, request and offer of indemnity; and 

  

	 	(4)	 no Direction inconsistent with such written request shall have been given to the Trustee during such 60-day period by either Certificateholders holding Certificates of such series evidencing Fractional Undivided Interests aggregating not less than a majority in interest in the related Trust or the Controlling Party
under the related Intercreditor Agreement. 

 Except to the extent provided in any applicable Intercreditor Agreement or
in any applicable Trust Supplement, it is understood and intended that no one or more of the Certificateholders of any series shall have any right in any manner whatsoever hereunder or under the related Trust Supplement or under the Certificates of
such series to (i) surrender, impair, waive, affect, disturb or prejudice any property in the Trust Property of the related Trust, or the lien of any related Indenture on any property subject thereto, or the rights of the Certificateholders of
such series or the holders of the related Equipment Notes, (ii) obtain or seek to obtain priority over or preference with respect to any other such Certificateholder of such series or (iii) enforce any right under this Agreement, the
related Trust Supplement or under the Certificates of such series, except in the manner provided in this Agreement and for the equal, ratable and common benefit of all the Certificateholders of such series.” 

Section 8.02 Supplemental Agreements Without Consent of Class A Certificateholders. Without limitation of
Section 9.01 of the Basic Agreement, (i) (a) clauses (2) and (3) of such Section 9.01 shall also be deemed to include the Company’s obligations under (in the case of clause (2)), and the Company’s rights and
powers conferred by (in the case of clause (3)), any Participation Agreement, (b) references in clauses (4), (5) and (7) of such Section 9.01 to “any Intercreditor Agreement or any Liquidity Facility” shall
also be deemed to refer to “the Intercreditor Agreement, the Class A Liquidity Facility or any Participation Agreement”, (c) references to “any Intercreditor Agreement, any Participation Agreement, any Indenture or any
Liquidity Facility” and to “any Intercreditor Agreement or any Liquidity Facility” in clause (8) of such Section 9.01 shall also be deemed to refer to “the Intercreditor Agreement, any Indenture, the Class A
Liquidity Facility or any Participation Agreement”, and (d) the reference to “this Basic Agreement or any Trust Supplement” in clause (13) of such Section 9.01 shall also be deemed to refer to “any Participation
Agreement”, (ii) under the terms 

  

					
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of, and subject to the limitations contained in, Section 9.01 of the Basic Agreement, the Company may (but will not be required to), and the Trustee (subject to Section 9.03 of the
Basic Agreement) shall, at the Company’s request, at any time and from time to time, enter into one or more agreements supplemental to any Operative Agreement to provide for the formation of one or more Additional Trusts in existence at any one
time, the issuance of one or more Classes of Additional Certificates from time to time, the purchase by any Additional Trust of applicable Additional Equipment Notes and other matters incidental thereto or as otherwise contemplated by
Section 2.01(b) of the Basic Agreement, all as provided in Section 8.01(d) of the Intercreditor Agreement, (iii) under the terms of, and subject to the limitations contained in, Section 9.01 of the Basic Agreement, the Company
may (but will not be required to), and the Trustee (subject to Section 9.03 of the Basic Agreement) shall, at the Company’s request, at any time and from time to time, enter into one or more agreements supplemental to any Operative
Agreement to provide for the formation of one or more Refinancing Trusts, the issuance of one or more Classes of Refinancing Certificates, the purchase by any Refinancing Trust of applicable Refinancing Equipment Notes and other matters incidental
thereto or as otherwise contemplated by Section 2.01(b) of the Basic Agreement, all as provided in Section 8.01(c) of the Intercreditor Agreement, and (iv) under the terms of, and subject to the limitations contained in,
Section 9.01 of the Basic Agreement, the Company may (but will not be required to), and the Trustee (subject to Section 9.03 of the Basic Agreement) shall, at the request of the Company at any time and from time to time, enter into one or
more agreements supplemental to any Operative Agreement to provide for the substitution of any Aircraft pursuant to Section 7.04(f) of the related Indenture and other matters incidental thereto. In addition, the following provisions of
Section 9.01 of the Basic Agreement shall be amended, with respect to the Class A Trust, as follows: (A) Section 9.01(6) of the Basic Agreement shall be amended by inserting the phrase “(or to facilitate any listing of any
Certificates on any exchange or quotation system) or any requirement of DTC or like depositary,” after the phrase “any exchange or quotation system on which the Certificates of any series are listed” but before the phrase “or of
any regulatory body”; (B) Section 9.01(7) of the Basic Agreement shall be amended by inserting the phrase “to establish or” after the phrase “to such extent as shall be necessary” but before the phrase “to
continue”; and (C) Section 9.01(8) of the Basic Agreement shall be amended by replacing the phrase “and to add to or change” with the phrase “, or to evidence the substitution of a Liquidity Provider with a Replacement
Liquidity Provider, to provide for a Replacement Liquidity Facility or to incorporate appropriate mechanics for multiple instruments for a Replacement Liquidity Facility for a single Trust, all as provided in any Intercreditor Agreement; or to add
to or change”. 
 Section 8.03 Supplemental Agreements with Consent of Class A Certificateholders.
Without limitation of Section 9.02 of the Basic Agreement, the provisions of Section 9.02 of the Basic Agreement shall apply to agreements or amendments for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the Class A Liquidity Facility or modifying in any manner the rights and obligations of the Class A Certificateholders under the Class A Liquidity Facility. 

Section 8.04 Consent of Trustees for Amendment of Section 6.01. Notwithstanding any provision in
Section 8.02 or Section 8.03 of this Trust Supplement to the contrary, no amendment or modification of Section 6.01 of this Trust Supplement shall be effective unless the trustee for each Class of Certificates affected by such
amendment or modification shall have consented thereto. 

  

					
		  	22	  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 Section 8.05 Amendment of Section 7.12(c) of the Basic
Agreement. For purposes of this Agreement, references to the term “corporation” as used in Section 7.12(c) of the Agreement shall be deemed to include a bank or trust company. 

ARTICLE IX 
 [RESERVED]

 ARTICLE X 

MISCELLANEOUS PROVISIONS 

Section 10.01 Final Termination Date. The respective obligations and responsibilities of the Company and the Trustee created
hereby and the Class A Trust created hereby shall terminate upon the distribution to all Class A Certificateholders and the Trustee of all amounts required to be distributed to them pursuant to this Agreement and the disposition of all
property held as part of the Trust Property; provided, however, that in no event shall the Trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, Sr., the
father of John F. Kennedy, former President of the United States, living on the date of this Trust Supplement. 
 Section 10.02
Basic Agreement Ratified. Except and so far as herein expressly provided, all of the provisions, terms and conditions of the Basic Agreement are in all respects ratified and confirmed; and the Basic Agreement and this Trust Supplement shall
be taken, read and construed as one and the same instrument. To the extent that any provisions of the Basic Agreement are superseded by any provisions of this Trust Supplement, any reference to such provisions of the Basic Agreement herein or in the
Basic Agreement shall be deemed to be to such provisions of this Trust Supplement. 
 Section 10.03 Governing Law. THIS
AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK AND THIS AGREEMENT AND THE CLASS A CERTIFICATES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE. 
 Section 10.04 Counterparts. This Trust Supplement may be executed in any number of counterparts (and each of the
parties shall not be required to execute the same counterpart). Each counterpart of this Trust Supplement including a signature page or pages executed by each of the parties hereto shall be an original counterpart of this Trust Supplement, but all
of such counterparts together shall constitute one instrument. 

  

					
		  	23	  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

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

Section 10.06 Submission to Jurisdiction. Each of the parties hereto, to the extent it may do so under applicable law, for
purposes hereof and of all other Operative Agreements hereby (i) irrevocably submits itself to the non-exclusive jurisdiction of the courts of the State of New York sitting in the City of New York and to
the non-exclusive jurisdiction of the United States District Court for the Southern District of New York, for the purposes of any suit, action or other proceeding arising out of this Agreement, the subject
matter hereof or any of the transactions contemplated hereby brought by any party or parties hereto or thereto, or their successors or permitted assigns and (ii) waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in
any such suit, action or proceeding, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof or any of the transactions
contemplated hereby may not be enforced in or by such courts. 
 Section 10.07 Successor and Assigns. All covenants, agreements,
representations and warranties in this Agreement by the Trustee and the Company shall bind and, to the extent permitted hereby, shall inure to the benefit of and be enforceable by their respective successors and assigns, whether so expressed or not.
Any request, notice, direction, consent, waiver or other instrument or action by any Class A Certificateholder shall bind the successors and assigns of such Class A Certificateholder. 

Section 10.08 Normal Commercial Relations. Anything contained in this Agreement to the contrary notwithstanding, the Trustee and
any Class A Certificateholder, or any bank or other affiliate of any such party, may conduct any banking or other financial transactions, and have banking and other commercial relationships, with the Company fully to the same extent as if this
Agreement were not in effect, including without limitation the making of loans or other extensions of credit to the Company for any purpose whatsoever, whether related to any of the transactions contemplated hereby or otherwise. 

Section 10.09 No Recourse against Others. No past, present or future director, officer, employee, agent, member, manager, trustee
or stockholder, as such, of the Company or any successor Person shall have any liability for any obligations of the Company or any successor Person, either directly or through the Company or any successor Person, under the Class A Certificates
or this Agreement or for any claim based on, in respect of or by reason of such obligations or their creation, whether by virtue of any rule of law, statute or constitutional provision of by the enforcement of any assessment or by any legal or
equitable proceeding or otherwise. By accepting a Class A Certificate, each Class A Certificateholder agrees to the provisions of this Section 10.09 and waives and releases all such liability. Such waiver and release shall be part of
the consideration for the issue of the Class A Certificates. 

  

					
		  	24	  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 Section 10.10 U.S.A. Patriot Act. The parties hereto acknowledge that in
accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each
person or legal entity that establishes a relationship or opens an account with the Trustee. Each party to this Trust Supplement agrees for itself that it will provide the Trustee with such information relating to such party as it may reasonably
request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  

					
		  	25	  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

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

			
	DELTA AIR LINES, INC.
		
	By:	 	 /s/ Kenneth W. Morge II

		 	Name: Kenneth W. Morge II
		 	Title: Vice President & Treasurer

  
 [Signature Page
to Trust Supplement No. 2020-1A (2020-1 EETC)] 

 
			
	U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ David W. Doucette

		 	Name: David W. Doucette
		 	Title: Vice President

  
 [Signature Page
to Trust Supplement No. 2020-1A (2020-1 EETC)] 

 EXHIBIT A to 

TRUST SUPPLEMENT NO. 2020-1A 

FORM OF CERTIFICATE 
 [UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE
FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 
 BY ITS ACQUISITION HEREOF, THE HOLDER (A) REPRESENTS THAT EITHER (1) NO ASSETS OF A PLAN
OR ANY TRUST ESTABLISHED WITH RESPECT TO A PLAN HAVE BEEN USED TO PURCHASE OR HOLD THIS CERTIFICATE OR AN INTEREST HEREIN, OR (2) THE PURCHASE AND HOLDING OF THIS CERTIFICATE OR INTEREST HEREIN BY SUCH A PERSON ARE EXEMPT FROM THE PROHIBITED
TRANSACTION RESTRICTIONS OF ERISA AND THE CODE OR PROVISIONS OF SIMILAR LAW PURSUANT TO ONE OR MORE PROHIBITED TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS OR SIMILAR EXEMPTIONS UNDER SIMILAR LAW, AND (B) DIRECTS THE TRUSTEE TO INVEST IN
THE ASSETS HELD IN THE CLASS A TRUST PURSUANT TO THE TERMS AND CONDITIONS DESCRIBED IN THE PROSPECTUS SUPPLEMENT RELATED THERETO. CERTAIN TERMS USED IN THIS PARAGRAPH SHALL HAVE THE MEANINGS SPECIFIED IN THE AGREEMENT. 

 

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

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 [GLOBAL CERTIFICATE]† 

DELTA AIR LINES PASS THROUGH TRUST 2020-1A DELTA AIR LINES PASS 

THROUGH CERTIFICATE, SERIES 2020-1A 

Final Expected Regular Distribution Date: June 10, 2028 

evidencing a fractional undivided interest in the Trust, 

the property of which includes or will include, among 

other things, certain Equipment Notes each secured by 

an Aircraft owned by Delta Air Lines, Inc. 
  

					
	Certificate No.                 	  	$_________ Fractional Undivided Interest representing ___% of the Trust per $1,000 face amount	  	 CUSIP No. [                ]

ISIN No. [                ]

 THIS CERTIFIES THAT
                , for value received, is the registered owner of a $                
(         dollars) Fractional Undivided Interest (or such lesser amounts as shall be the aggregate outstanding face amount hereof as set forth in the records of the Trustee) in the Delta Air Lines Pass Through
Trust, Series 2020-1A (the “Trust”) created by U.S. BANK TRUST NATIONAL ASSOCIATION, as successor trustee (together with any successor in interest and any successor or other trustee
appointed pursuant to the Trust Supplement referred to below, the “Trustee”) under a Pass Through Trust Agreement, dated as of November 16, 2000 (the “Basic Agreement”), between U.S. Bank Trust National Association (as
successor in interest to State Street Bank and Trust Company of Connecticut, National Association) and Delta Air Lines, Inc., a Delaware corporation (together with any successor in interest pursuant to Section 5.02 of the Basic Agreement, the
“Company”), as supplemented by Trust Supplement No. 2020-1A thereto dated as of March 12, 2020 (collectively, and as may be amended from time to time, the “Agreement”), between the
Trustee and the Company, a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Agreement. This
Certificate is one of the duly authorized Certificates designated as “Delta Air Lines Pass Through Certificates, Series 2020-1A” (herein called the “Certificates”). This Certificate is
issued under and is subject to the terms, provisions and conditions of the Agreement. By virtue of its acceptance hereof, the Certificateholder of this Certificate assents to and agrees to be bound by all of the provisions of the Agreement and the
Intercreditor Agreement, including the subordination provisions of Section 9.09 of the Intercreditor Agreement. The Trust Property is expected to include certain Equipment Notes and includes all rights of the Trust and the Trustee, on behalf of
the Trust, to receive any payments under the Intercreditor Agreement and the Class A Liquidity Facility. Each issue of the Equipment Notes will be secured by, among other things, a security interest in the Aircraft owned by the Company. 

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

 

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

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 Subject to and in accordance with the terms of the Agreement and the Intercreditor
Agreement, from funds then available to the Trustee, there will be distributed on each June 10 and December 10 (each, a “Regular Distribution Date”), commencing on June 10, 2020, to the Person in whose name this Certificate
is registered at the close of business on the 15th day preceding the Regular Distribution Date, an amount in respect of the Scheduled Payments on the Series A Equipment Notes due on such Regular Distribution Date, the receipt of which has been
confirmed by the Trustee, equal to the product of the percentage interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Scheduled Payments. Subject to and in accordance with the terms of the Agreement and the
Intercreditor Agreement, in the event that Special Payments on the Series A Equipment Notes are received by the Trustee, from funds then available to the Trustee, there shall be distributed on the applicable Special Distribution Date, to the Person
in whose name this Certificate is registered at the close of business on the 15th day preceding the applicable Special Distribution Date, an amount in respect of such Special Payments on the Series A Equipment Notes, the receipt of which has
been confirmed by the Trustee, equal to the product of the percentage interest in the Trust evidenced by this Certificate and an amount equal to the sum of such Special Payments so received. If a Regular Distribution Date or Special Distribution
Date is not a Business Day, distribution shall be made on the immediately following Business Day and no interest shall accrue during the intervening period. The Trustee shall mail (or in the case of Global Certificates, send electronically in
accordance with DTC’s applicable procedures) notice of each Special Payment and the Special Distribution Date therefor to the Certificateholder of this Certificate. 

Distributions on this Certificate will be made by the Trustee by check mailed to the Person entitled thereto, without the presentation or
surrender of this Certificate or the making of any notation hereon, except that with respect to Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distributions shall be made by wire transfer. Except
as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will be made after notice mailed (or in the case of Global Certificates, sent electronically in accordance with DTC’s applicable
procedures) by the Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the Trustee specified in such notice. 

The Certificates do not represent a direct obligation of, or an obligation guaranteed by, or an interest in, the Company, the Trustee, the
Subordination Agent, any Loan Trustee or any Affiliate of any thereof. The Certificates are limited in right of payment, all as more specifically set forth on the face hereof and in the Agreement. All payments or distributions made to
Certificateholders under the Agreement shall be made only from the Trust Property and only to the extent that the Trustee shall have sufficient income or proceeds from the Trust Property to make such payments in accordance with the terms of the
Agreement. Each Certificateholder of this Certificate, by its acceptance hereof, agrees that it will look solely to the income and proceeds from the Trust Property to the extent available for any payment or distribution to such Certificateholder
pursuant to the terms of the Agreement and that it will not have any recourse to the Company, the Trustee, the Loan Trustees or any Affiliate of any thereof 

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 
except as otherwise expressly provided in the Agreement, in any Note Document or in the Intercreditor Agreement. This Certificate does not purport to summarize the Agreement and reference is made
to the Agreement for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby. A copy of the Agreement may be examined during normal business hours at the principal office of the Trustee, and at
such other places, if any, designated by the Trustee, by any Certificateholder upon request. 
 The Agreement permits, with certain
exceptions therein provided, the amendment thereof, and the modification of the rights and obligations of the Company and the rights of the Certificateholders under the Agreement, at any time by the Company and the Trustee with the consent of the
Certificateholders holding Certificates evidencing Fractional Undivided Interests aggregating not less than a majority in interest in the Trust. Any such consent by the Certificateholder of this Certificate shall be conclusive and binding on such
Certificateholder and upon all future Certificateholders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The
Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholders of any of the Certificates. 

As provided in the Agreement and subject to certain limitations set forth therein, the transfer of this Certificate is registrable in the
Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Trustee in its capacity as Registrar, or by any successor Registrar, duly endorsed or accompanied by a written instrument of
transfer in form satisfactory to the Trustee and the Registrar, duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Certificates of authorized
denominations evidencing the same aggregate Fractional Undivided Interest in the Trust will be issued to the designated transferee or transferees. 

The Certificates are issuable only as registered Certificates without coupons in minimum denominations of $2,000 (or such other denomination
that is the lowest integral multiple of $1,000 that is, at the time of issuance, equal to at least 1,000 euros) Fractional Undivided Interest and integral multiples of $1,000 in excess thereof except that one Certificate may be issued in a
different denomination. As provided in the Agreement and subject to certain limitations therein set forth, the Certificates are exchangeable for new Certificates of authorized denominations evidencing the same aggregate Fractional Undivided Interest
in the Trust, as requested by the Certificateholder surrendering the same. 
 No service charge will be made for any such registration of
transfer or exchange, but the Trustee shall require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 

The Company, the Trustee, the Registrar and any Paying Agent shall deem and treat the Person in whose name this Certificate is registered as
the owner hereof for all purposes, and none of the Company, the Trustee, the Registrar or any such agent shall be affected by any notice to the contrary. 

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 Each Certificateholder and Person with a beneficial interest herein, by its acceptance of
this Certificate or such interest, agrees to treat the Trust as a grantor trust for all U.S. federal, state and local income tax purposes. 

The obligations and responsibilities created by the Agreement and the Trust created thereby shall terminate upon the distribution to
Certificateholders of all amounts required to be distributed to them pursuant to the Agreement and the disposition of all property held as part of the Trust Property. 

Any Person acquiring or accepting this Certificate or an interest herein will, by such acquisition or acceptance, be deemed to
(a) represent and warrant to the Company, the Loan Trustees and the Trustee that either: (i) no assets of a Plan or any trust established with respect to a Plan have been used to purchase or hold this Certificate or an interest herein or
(ii) the purchase and holding of this Certificate or interest herein by such Person are exempt from the prohibited transaction restrictions of ERISA and the Code or provisions of Similar Law pursuant to one or more prohibited transaction
statutory or administrative exemptions or similar exemptions under Similar Law and (b) direct the Trustee to invest the assets held in the Trust pursuant to, and take all other actions contemplated by, the terms and conditions of the Basic
Agreement, this Trust Supplement, the Intercreditor Agreement and each Participation Agreement. 
 THIS CERTIFICATE AND THE AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 

Unless the certificate of authentication hereon has been executed by the Trustee, by manual signature, this Certificate shall not be entitled
to any benefit under the Agreement or be valid for any purpose. 

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

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

 

			
	DELTA AIR LINES PASS THROUGH TRUST 2020-1A
		
	By:	 	U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Title:

 Dated: 

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Officer

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 [FORM OF TRANSFER NOTICE] 

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

Insert Taxpayer Identification No. 
  

                       
                                         
                 
 Please print or typewrite name and address including
zip code of assignee 
  

                       
                                         
                 
 the within Certificate and all rights thereunder,
hereby irrevocably constituting and appointing ___________________________________ attorney to transfer said Certificate on the books of the Trustee with full power of substitution in the premises. 

 

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

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 EXHIBIT B to 

TRUST SUPPLEMENT NO. 2020-1A 

DTC LETTER OF REPRESENTATIONS 

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 SCHEDULE I to 

TRUST SUPPLEMENT NO. 2020-1A 

SERIES A EQUIPMENT NOTES, 

PRINCIPAL AMOUNTS, MATURITIES AND AIRCRAFT 
  

							
	 Initial Principal

Amount of Series A

Equipment Notes
	  	 Maturity
	  	 Aircraft
	  	 Aircraft Registration Number

	$ 5,694,000	  	June 10, 2028	  	Airbus A321-211	  	N301DV
	5,750,000	  	June 10, 2028	  	Airbus A321-211	  	N305DN
	5,782,000	  	June 10, 2028	  	Airbus A321-211	  	N306DN
	5,782,000	  	June 10, 2028	  	Airbus A321-211	  	N307DX
	6,075,000	  	June 10, 2028	  	Airbus A321-211	  	N319DN
	4,501,000	  	June 10, 2027	  	Boeing 737-932ER	  	N826DN
	4,556,000	  	June 10, 2027	  	Boeing 737-932ER	  	N827DN
	4,592,000	  	June 10, 2027	  	Boeing 737-932ER	  	N828DN
	4,632,000	  	June 10, 2027	  	Boeing 737-932ER	  	N829DN
	4,704,000	  	June 10, 2027	  	Boeing 737-932ER	  	N830DN
	4,685,000	  	June 10, 2027	  	Boeing 737-932ER	  	N831DN
	4,791,000	  	June 10, 2027	  	Boeing 737-932ER	  	N832DN
	4,852,000	  	June 10, 2027	  	Boeing 737-932ER	  	N834DN
	4,929,000	  	June 10, 2027	  	Boeing 737-932ER	  	N835DN
	4,880,000	  	December 10, 2027	  	Boeing 737-932ER	  	N836DN
	4,829,000	  	December 10, 2027	  	Boeing 737-932ER	  	N837DN
	4,976,000	  	December 10, 2027	  	Boeing 737-932ER	  	N838DN
	4,924,000	  	December 10, 2027	  	Boeing 737-932ER	  	N839DN
	4,877,000	  	December 10, 2027	  	Boeing 737-932ER	  	N840DN
	5,049,000	  	December 10, 2027	  	Boeing 737-932ER	  	N841DN
	5,304,000	  	December 10, 2027	  	Boeing 737-932ER	  	N851DN
	5,225,000	  	December 10, 2027	  	Boeing 737-932ER	  	N852DN
	5,334,000	  	December 10, 2027	  	Boeing 737-932ER	  	N853DN
	5,189,000	  	June 10, 2028	  	Boeing 737-932ER	  	N854DN
	5,196,000	  	June 10, 2028	  	Boeing 737-932ER	  	N855DN
	5,275,000	  	June 10, 2028	  	Boeing 737-932ER	  	N856DN
	5,289,000	  	June 10, 2028	  	Boeing 737-932ER	  	N857DZ
	10,559,000	  	June 10, 2027	  	Airbus A330-302	  	N822NW
	10,604,000	  	June 10, 2027	  	Airbus A330-302	  	N824NW
	10,741,000	  	December 10, 2027	  	Airbus A330-302	  	N823NW
	11,285,000	  	December 10, 2027	  	Airbus A330-302	  	N825NW
	11,132,000	  	June 10, 2028	  	Airbus A330-302	  	N826NW
	12,113,000	  	June 10, 2028	  	Airbus A330-302	  	N831NW

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)

 SCHEDULE II to 

TRUST SUPPLEMENT NO. 2020-1A 

NOTE DOCUMENTS 

Participation Agreement 
 Indenture

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

For each of the aircraft listed in Schedule I. 

  

					
		  		  	 Trust Supplement No. 2020-1A

(2020-1 EETC)EX-4.5

 Exhibit 4.5 

Execution Version 

INTERCREDITOR AGREEMENT 
 (2020-1) 
 Dated as of March 12, 2020 

among 
 U.S. BANK TRUST
NATIONAL ASSOCIATION 
 as Trustee of the 

Delta Air Lines Pass Through Trust 2020-1AA and 

Delta Air Lines Pass Through Trust 2020-1A 

NATIONAL AUSTRALIA BANK LIMITED 

acting through its New York Branch 

as Class AA Liquidity Provider and 

Class A Liquidity Provider 

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

Intercreditor Agreement (2020-1) 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	
	DEFINITIONS	  

	 Section 1.01
	 	Definitions	  	 	2	 
	
	ARTICLE II	  

	
	TRUST ACCOUNTS; CONTROLLING PARTY	  

			
	 Section 2.01
	 	Agreement to Terms of Subordination; Payments from Monies Received Only	  	 	21	 
	 Section 2.02
	 	Trust Accounts	  	 	21	 
	 Section 2.03
	 	Deposits to the Collection Account and Special Payments Account	  	 	23	 
	 Section 2.04
	 	Distributions of Special Payments	  	 	23	 
	 Section 2.05
	 	Designated Representatives	  	 	24	 
	 Section 2.06
	 	Controlling Party	  	 	25	 
	
	ARTICLE III	  

	
	RECEIPT, DISTRIBUTION AND APPLICATION OF AMOUNTS RECEIVED	  

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

	
	EXERCISE OF REMEDIES	  

			
	 Section 4.01
	 	Directions from the Controlling Party	  	 	40	 
	 Section 4.02
	 	Remedies Cumulative	  	 	42	 
	 Section 4.03
	 	Discontinuance of Proceedings	  	 	42	 
	 Section 4.04
	 	Right of Certificateholders and the Liquidity Providers to Receive Payments Not to Be Impaired	  	 	42	 

  
 Intercreditor Agreement
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	ARTICLE V	  

	
	DUTIES OF THE SUBORDINATION AGENT; AGREEMENTS OF TRUSTEES, ETC.	  

			
	 Section 5.01
	 	Notice of Indenture Event of Default or Triggering Event	  	 	43	 
	 Section 5.02
	 	Indemnification	  	 	44	 
	 Section 5.03
	 	No Duties Except as Specified in Intercreditor Agreement	  	 	44	 
	 Section 5.04
	 	Notice from the Liquidity Providers and Trustees	  	 	45	 
	
	ARTICLE VI	  

	
	THE SUBORDINATION AGENT	  

			
	 Section 6.01
	 	Authorization; Acceptance of Trusts and Duties	  	 	45	 
	 Section 6.02
	 	Absence of Duties	  	 	45	 
	 Section 6.03
	 	No Representations or Warranties as to Documents	  	 	45	 
	 Section 6.04
	 	No Segregation of Monies; No Interest	  	 	45	 
	 Section 6.05
	 	Reliance; Agents; Advice of Counsel	  	 	46	 
	 Section 6.06
	 	Capacity in Which Acting	  	 	46	 
	 Section 6.07
	 	Compensation	  	 	46	 
	 Section 6.08
	 	May Become Certificateholder	  	 	46	 
	 Section 6.09
	 	Subordination Agent Required; Eligibility	  	 	46	 
	 Section 6.10
	 	Money to Be Held in Trust	  	 	47	 
	 Section 6.11
	 	Notice of Substitution or Replacement of Airframe	  	 	47	 
	
	ARTICLE VII	  

	
	SUCCESSOR SUBORDINATION AGENT	  

			
	 Section 7.01
	 	Replacement of Subordination Agent; Appointment of Successor	  	 	47	 
	
	ARTICLE VIII	  

	
	SUPPLEMENTS AND AMENDMENTS	  

			
	 Section 8.01
	 	Amendments, Waivers, Etc.	  	 	49	 
	 Section 8.02
	 	Subordination Agent Protected	  	 	54	 
	 Section 8.03
	 	Effect of Supplemental Agreements	  	 	54	 
	 Section 8.04
	 	Notice to Rating Agencies	  	 	55	 
	
	ARTICLE IX	  

	
	MISCELLANEOUS	  

			
	 Section 9.01
	 	Termination of Intercreditor Agreement	  	 	55	 
	 Section 9.02
	 	Intercreditor Agreement for Benefit of Trustees, Liquidity Providers and Subordination Agent	  	 	55	 
	 Section 9.03
	 	Notices	  	 	55	 
	 Section 9.04
	 	Severability	  	 	56	 

  
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	 Section 9.05
	 	No Oral Modifications or Continuing Waivers	  	 	56	 
	 Section 9.06
	 	Successors and Assigns	  	 	57	 
	 Section 9.07
	 	Headings	  	 	57	 
	 Section 9.08
	 	Counterparts	  	 	57	 
	 Section 9.09
	 	Subordination	  	 	57	 
	 Section 9.10
	 	Governing Law	  	 	58	 
	 Section 9.11
	 	Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity	  	 	59	 
	 Section 9.12
	 	Non-Petition	  	 	59	 
	 Section 9.13
	 	U.S.A. Patriot Act	  	 	60	 
	
	 ANNEXES
	  

	
	 Annex A – Aircraft
	  

  
 Intercreditor Agreement
(2020-1) 

 INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT, dated as of March 12, 2020, is made by and among U.S. BANK TRUST NATIONAL ASSOCIATION, a national
banking association (in its individual capacity, together with its successors and permitted assigns, “U.S. Bank”), not in its individual capacity but solely as trustee of each Trust (such term and other
capitalized terms used herein without definition being defined as provided in Article I), NATIONAL AUSTRALIA BANK LIMITED, acting through its New York branch, a company incorporated in the Commonwealth of Australia (“NAB”), as
Class AA Liquidity Provider and Class A Liquidity Provider, and U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity except as expressly set forth herein, but solely as Subordination Agent and trustee hereunder (in
such capacity, together with any successor appointed pursuant to Article VII, the “Subordination Agent”). 
 WHEREAS,
pursuant to each Indenture with respect to an Aircraft, Delta will issue on a recourse basis two series of Equipment Notes secured by, among other things, such Aircraft and may issue one or more series of Additional Equipment Notes and one or more
series of Refinancing Equipment Notes; 
 WHEREAS, pursuant to each Participation Agreement, each Trust will acquire Equipment Notes having
an interest rate identical to the interest rate applicable to the Certificates issued by such Trust; 
 WHEREAS, pursuant to each Trust
Agreement, the Trust created thereby proposes to issue a single Class of Certificates bearing the interest rate and having the final distribution date described in such Trust Agreement on the terms and subject to the conditions set forth
therein; 
 WHEREAS, pursuant to the Underwriting Agreement, the Underwriters propose to purchase the Certificates; 

WHEREAS, the Liquidity Provider proposes to enter into two separate revolving credit agreements with the Subordination Agent, as agent and
trustee for the Trustee of each of the Class AA Trust and the Class A Trust, respectively, for the benefit of the Certificateholders of such Trust; and 

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

  
 Intercreditor Agreement
(2020-1) 

 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. (a) The definitions stated herein apply equally to the singular and the plural forms of the terms
defined. 
 (b) All references in this Agreement to designated “Articles”, “Sections” and other subdivisions are to the
designated Articles, Sections and other subdivisions of this Agreement. 
 (c) The words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision. 

(d) Unless the context otherwise requires, whenever the words “including”, “include” or “includes” are used
herein, it shall be deemed to be followed by the phrase “without limitation”. 
 (e) All references in this Agreement to a Person
shall include successors and permitted assigns of such Person. 
 (f) For purposes of this Agreement, unless the context otherwise requires,
the following capitalized terms shall have the following meanings: 
 “60-Day
Period” means the 60-day period specified in Section 1110(a)(2)(A) of the Bankruptcy Code. 

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

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

“Additional Trust” has the meaning specified in Section 8.01(d). 

  
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 “Additional Trust Agreement” has the meaning specified in
Section 8.01(d). 
 “Additional Trustee” has the meaning specified in Section 8.01(d). 

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

“Advance” means, with respect to any Liquidity Facility, any Advance as defined in such Liquidity Facility. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or
under direct or indirect common control with such Person. For the purposes of this definition, “control”, when used with respect to any specified Person, means the power, directly or indirectly, to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” means this Intercreditor Agreement, as it may be amended, supplemented or otherwise modified from time to
time. 
 “Aircraft” means, with respect to each Indenture, the “Aircraft” referred to therein. 

“Appraisal” has the meaning specified in Section 4.01(a)(iv). 

“Appraised Current Market Value” of any Aircraft means the lower of the average and the median of the three most
recent Post-Default Appraisals of such Aircraft. 
 “Appraisers” means Aircraft Information Services, Inc., BK
Associates, Inc. and Morten Beyer & Agnew, Inc. or, so long as the Person entitled or required hereunder to select such Appraiser acts reasonably, any other nationally recognized appraiser reasonably satisfactory to the Controlling Party.

 “Available Amount” means, with respect to any Liquidity Facility on any drawing date, subject to the proviso
contained in the first sentence of Section 3.05(g), an amount equal to (a) the Stated Amount of such Liquidity Facility at such time, less (b) the aggregate amount of each Interest Drawing honored by the Liquidity Provider under such
Liquidity Facility on or prior to such date that has not been reimbursed or reinstated as of such date; provided that, following a Downgrade Drawing (subject to any reinstatement of the obligations of such Liquidity Provider pursuant to
Section 2.06(d) of such Liquidity Facility), a Non-Extension Drawing, a Special Termination Advance or a Final Drawing under such Liquidity Facility, the Available Amount of such Liquidity Facility shall
be zero. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 United States Code §§101
et seq., as amended, or any successor statutes thereto. 

  
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 “Basic Agreement” means that certain Pass Through Trust Agreement,
dated as of November 16, 2000, between Delta and U.S. Bank, as successor in interest to State Street Bank and Trust Company of Connecticut, National Association, as the same may be amended, supplemented or otherwise modified from time to
time in accordance with its terms, but does not include any Trust Supplement. 
 “Business Day” means, with respect
to the Certificates of any Class, any day other than a Saturday, or a Sunday or a day on which commercial banks are required or authorized to close in New York, New York, Atlanta, Georgia, Wilmington, Delaware, or, so long as any Certificate is
outstanding, the city and state in which any Trustee, the Subordination Agent or any related Loan Trustee maintains its Corporate Trust Office or receives and disburses funds, and that, solely with respect to draws under any Liquidity Facility, also
is a “Business Day” as defined in such Liquidity Facility. 
 “Cash Collateral Account” means the
Class AA Cash Collateral Account or the Class A Cash Collateral Account, as applicable. 
 “Certificate”
means a Class AA Certificate or a Class A Certificate, as applicable. 
 “Certificate
Buy-Out Event” means that a Delta Bankruptcy Event has occurred and is continuing and either of the following events has occurred: (A)
(i) the 60-Day Period has expired, and (ii) Delta has not entered into one or more agreements under Section 1110(a)(2)(A) of the Bankruptcy Code to perform all of its obligations under all
of the Indentures and cured defaults under all of the Indentures in accordance with Section 1110(a)(2)(B) of the Bankruptcy Code or, if it has entered into such agreements, has at any time thereafter failed to cure any default under any of the
Indentures in accordance with Section 1110(a)(2)(B) of the Bankruptcy Code; or (B) prior to the expiry of the 60-Day Period, Delta shall have abandoned any Aircraft. 

“Certificateholder” means, with respect to any Class of Certificates, the Person in whose name a Certificate is
registered in the Register for the Certificates of such Class. 
 “Citizen of the United States” has the meaning
specified for such term in Section 40102(a)(15) of Title 49 of the United States Code or any similar legislation of the United States enacted in substitution or replacement therefor. 

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

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

  
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 “Class AA Certificates” means the
certificates issued by the Class AA Trust, substantially in the form of Exhibit A to the Class AA Trust Agreement, and authenticated by the Class AA Trustee, representing Fractional Undivided Interests in the Class AA Trust,
and any certificates issued in exchange therefor or replacement thereof pursuant to the terms of the Class AA Trust Agreement. 

“Class AA Liquidity Expenses” means all Class AA Liquidity Obligations other
than (i) the principal amount of any Drawings under the Class AA Liquidity Facility and (ii) any interest accrued on any Class AA Liquidity Obligations. 

“Class AA Liquidity Facility” means, initially, the Revolving Credit Agreement (2020-1AA), dated as of the date hereof, between the Subordination Agent, as agent and trustee for the Class AA Trustee, and NAB and, from and after the replacement of such agreement pursuant hereto, the
Replacement Liquidity Facility therefor, if any, in each case as amended, supplemented or otherwise modified from time to time in accordance with its terms; provided that, for purposes of any obligation of Delta, no amendment, modification or
supplement to, or substitution or replacement of, any Class AA Liquidity Facility shall be effective unless consented to by Delta. 

“Class AA Liquidity Obligations” means all principal, interest, fees and other
amounts owing to the Class AA Liquidity Provider under the Class AA Liquidity Facility, Section 4.02 of the Participation Agreements or the applicable Fee Letter. 

“Class AA Liquidity Provider” means NAB, together with any Replacement Liquidity
Provider that has issued a Replacement Liquidity Facility to replace the Class AA Liquidity Facility pursuant to Section 3.05(c) or 3.05(e). 

“Class AA Trust” means the Delta Air Lines Pass Through Trust 2020-1AA created and administered pursuant to the Class AA Trust Agreement. 

“Class AA Trust Agreement” means the Basic Agreement, as supplemented by Trust
Supplement No. 2020-1AA thereto, dated as of the date hereof, governing the creation and administration of the Delta Air Lines Pass Through Trust 2020-1AA and the
issuance of the Class AA Certificates, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

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

“Class A Adjusted Interest” means, as of any Current Distribution Date: (I) any
interest described in clause (II) of this definition accrued prior to the immediately preceding Distribution Date which remains unpaid and (II) the sum of (A) interest determined at the Stated Interest Rate for the Class A
Certificates for the period commencing on, and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, the Closing Date) and ending on, but excluding, the Current Distribution
Date, 

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

“Class A Cash Collateral Account” means, in respect of the Class A Liquidity
Facility, an Eligible Deposit Account in the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it so qualifies, into which amounts shall be deposited as referred to in
Section 3.05(f). 
 “Class A Certificateholder” means, at any time, any
Certificateholder of one or more Class A Certificates. 
 “Class A
Certificates” means the certificates issued by the Class A Trust, substantially in the form of Exhibit A to the Class A Trust Agreement, and authenticated by the Class A Trustee, representing Fractional Undivided
Interests in the Class A Trust, and any certificates issued in exchange therefor or replacement thereof pursuant to the terms of the Class A Trust Agreement. 

“Class A Liquidity Expenses” means all Class A Liquidity Obligations other than
(i) the principal amount of any Drawings under the Class A Liquidity Facility and (ii) any interest accrued on any Class A Liquidity Obligations. 

“Class A Liquidity Facility” means, initially, the Revolving Credit Agreement (2020-1A), dated as of the date hereof, between the Subordination Agent as agent and trustee for the Class A Trustee, and NAB and, from and after the replacement of such agreement pursuant hereto, the
Replacement Liquidity Facility therefor, if any, in each case as amended, supplemented or otherwise modified from time to time in accordance with its terms; provided that, for purposes of any obligation of Delta, no amendment, modification or
supplement to, or substitution or replacement of, any Class A Liquidity Facility shall be effective unless consented to by Delta. 

“Class A Liquidity Obligations” means all principal, interest, fees and other amounts
owing to the Class A Liquidity Provider under the Class A Liquidity Facility, Section 4.02 of the Participation Agreements or the applicable Fee Letter. 

“Class A Liquidity Provider” means NAB, together with any Replacement Liquidity
Provider that has issued a Replacement Liquidity Facility to replace the Class A Liquidity Facility pursuant to Section 3.05(c) or 3.05(e). 

  
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 “Class A Trust” means the Delta Air
Lines Pass Through Trust 2020-1A created and administered pursuant to the Class A Trust Agreement. 

“Class A Trust Agreement” means the Basic Agreement, as supplemented by Trust
Supplement No. 2020-1A thereto, dated as of the date hereof, governing the creation and administration of the Delta Air Lines Pass Through Trust 2020-1A and the
issuance of the Class A Certificates, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

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

“Closing Date” means March 12, 2020. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations
promulgated thereunder. 
 “Collateral” means, with respect to any Indenture, the “Collateral” referred to
therein. 
 “Collection Account” means the Eligible Deposit Account established by the Subordination Agent pursuant
to Section 2.02(a) in and from which the Subordination Agent shall make deposits and withdrawals in accordance with this Agreement. 

“Consent Notice” has the meaning set forth in Section 3.05(d)(ii). 

“Consent Period” has the meaning set forth in Section 3.05(d)(ii). 

“Controlling Party” means the Person entitled to act as such pursuant to the terms of Section 2.06. 

“Corporate Trust Office” means, with respect to any Trustee, the Subordination Agent or any Loan Trustee, the office
of such Person in the city at which, at any particular time, its corporate trust business shall be principally administered, which on the date hereof is the address set forth in Section 9.03. 

“Current Distribution Date” means a Distribution Date specified as a reference date for calculating the Expected
Distributions with respect to the Certificates of any Trust as of such Distribution Date. 
 “Deemed Disposition
Event” means, in respect of any Equipment Note, the continuation of an Indenture Event of Default in respect of such Equipment Note without an Actual Disposition Event occurring in respect of such Equipment Note for a period of five
years from the date of the occurrence of such Indenture Event of Default. 

  
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 “Delta” means Delta Air Lines, Inc., a Delaware corporation, and its
successors and permitted assigns. 
 “Delta Bankruptcy Event” means the occurrence and continuation of any of the
following: 
 (a) Delta consents to the appointment of or the taking of possession by a receiver, trustee or liquidator of
itself or of a substantial part of its property, admits in writing its inability to pay its debts generally as they come due or makes a general assignment for the benefit of creditors; 

(b) Delta files a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or
other relief as a debtor in a case under any bankruptcy laws or insolvency laws (as in effect at such time) or an answer admitting the material allegations of a petition filed against Delta as a debtor in any such case, or Delta seeks relief as a
debtor by voluntary petition, answer or consent, under the provisions of any other bankruptcy or other similar law providing for the reorganization or winding-up of corporations (as in effect at such time), or
Delta seeks an agreement, composition, extension or adjustment with its creditors under such laws; 
 (c) an order, judgment
or decree is entered by any court of competent jurisdiction appointing, without the consent of Delta, a receiver, trustee or liquidator of Delta or sequestering any substantial part of its property, or granting any other relief in respect of Delta
as a debtor under any bankruptcy laws or insolvency laws (as in effect at such time), and any such order, judgment or decree of appointment or sequestration remains in force undismissed, unstayed and unvacated for a period of 90 days after
the date of entry thereof; or 
 (d) a petition against Delta as a debtor in a case under the federal bankruptcy laws or
other insolvency laws (as in effect at such time) is filed and not withdrawn or dismissed within 90 days thereafter, or if, under the provisions of any law providing for reorganization or winding-up
of corporations that applies to Delta, any court of competent jurisdiction assumes jurisdiction, custody or control of Delta or of any substantial part of its property and such jurisdiction, custody or control remains in force unrelinquished,
unstayed and unterminated for a period of 90 days. 
 “Delta Provisions” has the meaning specified in
Section 8.01(a). 
 “Designated Representatives” means the Subordination Agent Representatives, the Trustee
Representatives and the LP Representatives identified under Section 2.05(c). 
 “Distribution Date” means a
Regular Distribution Date or a Special Distribution Date. 
 “Dollars” or “$” means
the lawful currency of the United States. 

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

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

“Downgraded Facility” has the meaning specified in Section 3.05(c)(i). 

“Drawing” means an Interest Drawing, a Final Drawing, a Non-Extension Drawing,
a Special Termination Advance or a Downgrade Drawing, as the case may be. 
 “DTC” means The Depository Trust
Company. 
 “Eligible A Pool Balance” means, as of any date of determination, the excess of (A) the Pool
Balance of the Class A Certificates as of the immediately preceding Distribution Date (or, if such date of determination is on or before the first Distribution Date, the original aggregate face amount of the Class A Certificates) (after
giving effect to distributions made on such date of determination) over (B) the sum of, with respect to each Series A Equipment Note, one of the following amounts, if applicable: (i) if there has previously been a sale or disposition by
the applicable Loan Trustee of the applicable Aircraft for cash under the Indenture pursuant to which such Series A Equipment Note was issued, the outstanding principal amount of such Series A Equipment Note that remains unpaid as of such date of
determination subsequent to such sale or disposition and after giving effect to any distributions of the proceeds of such sale or disposition applied under such Indenture to the payment of such Series A Equipment Note, (ii) if there has
previously been an Event of Loss (as defined in such Indenture) with respect to the applicable Aircraft to which such Series A Equipment Note relates, the outstanding principal amount of such Series A Equipment Note that remains unpaid as of such
date of determination subsequent to the scheduled date of mandatory redemption of such Series A Equipment Note following such Event of Loss and after giving effect to the distributions of any proceeds in respect of such Event of Loss applied under
such Indenture to the payment of such Series A Equipment Note, (iii) if such Series A Equipment Note has previously been sold for cash by the Subordination Agent, the excess, if any, of (x) the outstanding amount of principal and interest
as of the date of such sale by the Subordination Agent of such Series A Equipment Note over (y) the purchase price received with respect to such sale of such Series A Equipment Note for cash (net of any applicable costs and expenses of such
sale) or (iv) if a Deemed Disposition Event has occurred with respect to such Series A Equipment Note, the outstanding principal amount of such Series A Equipment Note; provided, however, that if more than one of the
clauses (i), (ii), (iii) and (iv) is applicable to any one Series A Equipment Note, only the amount determined pursuant to the clause that first became applicable shall be counted with respect to such Series A Equipment Note. 

“Eligible Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a
segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any U.S. branch of a foreign
bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such 

  
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depository institution has a Long-Term Rating (or, if a Long-Term Rating is not available, its Short-Term Rating equivalent) of at least A3 from Moody’s or a Long-Term Rating (or, if a
Long-Term Rating is not available, its Short-Term Rating equivalent) of at least A- from S&P. An Eligible Deposit Account may be maintained with the Subordination Agent or a Liquidity Provider so long as
the Subordination Agent or such Liquidity Provider is an Eligible Institution; provided that the Subordination Agent, in its individual capacity, or such Liquidity Provider shall have waived all rights of
set-off and counterclaim with respect to such account. 
 “Eligible
Institution” means (a) the corporate trust department of the Subordination Agent or any Trustee, as applicable, or (b) a depository institution organized under the laws of the United States of America or any one of the states
thereof or the District of Columbia (or any U.S. branch of a foreign bank), which has a Long-Term Rating (or, if a Long-Term Rating is not available, its Short-Term Rating equivalent) of at least A3 from
Moody’s or a Long-Term Rating (or, if a Long-Term Rating is not available, its Short-Term Rating equivalent) of at least A- from S&P. 

“Eligible Investments” means investments in (a) obligations of the United States government or agencies thereof,
or obligations guaranteed by the United States government having maturities no later than 365 days following the date of such investment, (b) open market commercial paper of any corporation incorporated under the laws of the United
States or any state thereof having a Short-Term Rating of at least P-1 or its equivalent by Moody’s and a Long-Term Rating of at least AA- or its equivalent by S&P and having maturities no later than 365 days following the date of such investment, (c) certificates of deposit, time deposits, banker’s acceptances, commercial
paper or other direct obligations of, or obligations guaranteed by, commercial banks organized under the laws of the United States or of any political subdivision thereof (or any United States branch of a foreign bank) having a combined capital and
surplus in excess of $500,000,000 which banks or their holding companies have a Long-Term Rating of at least Aa3 or its equivalent from Moody’s and a Long-Term Rating of at least AA- or its equivalent from S&P having maturities no later than 365 days following the date of such investment; provided, however, that the aggregate amount at any one time invested in
certificates of deposit issued by any one bank shall not be in excess of 5% of such bank’s capital and surplus, (d) Dollar denominated offshore certificates of deposit issued by, or offshore time deposits with, any commercial bank
described in clause (c) or any subsidiary thereof having maturities no later than 365 days following the date of such investment, (e) repurchase agreements with any financial institution having combined capital and surplus of at
least $500,000,000 with any of the obligations described in clauses (a) through (d) as collateral having maturities no later than 365 days following the date of such investment and (f) shares of United States Securities and
Exchange Commission registered money market mutual fund(s) having a money market fund rating of at least Aaa-mf or its equivalent from Moody’s and a money market fund rating of at least AAAm or its equivalent from S&P. If none of the above
investments is available, the entire amounts to be invested may be used to purchase Federal funds from an entity described in clause (c). All Eligible Investments must be held in an Eligible Deposit Account. Any of the investments described
herein may be made through or with, as applicable, the bank acting as Trustee or its Affiliates. 

  
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 “Equipment Note Special Payment” means a Special Payment on account
of the redemption, purchase or prepayment of all of the Equipment Notes issued pursuant to an Indenture. 
 “Equipment
Notes” means, at any time, the Series AA Equipment Notes and the Series A Equipment Notes and in either case, any Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of the Indentures. 

“Excess Liquidity Obligations” means, with respect to an Indenture, the amounts payable under clauses (a), (b),
(c), (d), (e) and (f) of Section 2.14 of such Indenture. 
 “Expected Distributions” means, with
respect to the Certificates of any Trust on any Current Distribution Date, the difference between (A) the Pool Balance of such Certificates as of the immediately preceding Distribution Date (or, if the Current Distribution Date is the first
Distribution Date after the date of issuance of such Certificates, the original aggregate face amount of the Certificates of such Trust) and (B) the Pool Balance of such Certificates as of the Current Distribution Date calculated on the basis
that (i) the principal of any Non-Performing Equipment Notes held in such Trust has been paid in full and such payments have been distributed to the holders of such Certificates, (ii) the principal
of any Performing Equipment Notes held in such Trust has been paid when due (whether at stated maturity or upon prepayment or purchase or otherwise, but without giving effect to any Acceleration of Performing Equipment Notes) and such payments have
been distributed to the holders of such Certificates and (iii) the principal of any Equipment Notes formerly held in such Trust that have been sold pursuant to the terms hereof has been paid in full and such payments have been distributed to
the holders of such Certificates. For purposes of calculating Expected Distributions with respect to the Certificates of any Trust, any Premium paid on the Equipment Notes held in such Trust which has not been distributed to the Certificateholders
of such Trust (other than such Premium or a portion thereof applied to the payment of interest in respect of the Certificates of such Trust or the reduction of the Pool Balance of such Trust) shall be added to the amount of such Expected
Distributions. 
 “Expiry Date”, with respect to any Liquidity Facility, has the meaning specified in such Liquidity
Facility. 
 “Fee Letter” means any fee letter entered into among the Subordination Agent, Delta and a Liquidity
Provider and “Fee Letters” has a correlative meaning. 
 “Final Distributions” means, with
respect to the Certificates of any Trust on any Distribution Date, the sum of (x) the aggregate amount of all accrued and unpaid interest on such Certificates and (y) the Pool Balance of such Certificates as of the immediately preceding
Distribution Date. For purposes of calculating Final Distributions with respect to the Certificates of any Trust, any Premium paid on the Equipment Notes held in such Trust which has not been distributed to the Certificateholders of such Trust
(other than such Premium or a portion thereof applied to the payment of interest on the Certificates of such Trust or the reduction of the Pool Balance of such Trust) shall be added to the amount of such Final Distributions. 

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

  
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 “Final Legal Distribution Date” means (i) with respect to the
Class AA Certificates, December 10, 2029 and (ii) with respect to the Class A Certificates, December 10, 2029. 

“Fractional Undivided Interest” means the fractional undivided interest in a Trust that is represented by a
Certificate relating to such Trust. 
 “Indenture” means the Indenture and Security Agreement entered into by the
Loan Trustee and Delta with respect to each aircraft described in Annex A hereto (and any aircraft substituted therefor pursuant to the related Indenture and Security Agreement), in each case as the same may be amended, supplemented or
otherwise modified from time to time in accordance with its terms. 
 “Indenture Event of Default” means, with
respect to any Indenture, any Event of Default (as such term is defined in such Indenture) thereunder. 
 “Interest
Drawing” has the meaning specified in Section 3.05(a). 
 “Interest Payment Date” means, with
respect to any Liquidity Facility, each date on which interest is due and payable under such Liquidity Facility on a Downgrade Drawing, Non-Extension Drawing, Special Termination Advance or Final Drawing
thereunder, other than any such date on which interest is due and payable under such Liquidity Facility only on an Applied Provider Advance or an Applied Special Termination Advance (as such terms are defined in such Liquidity Facility). 

“Investment Earnings” means investment earnings on funds on deposit in the Trust Accounts net of losses and the
Subordination Agent’s reasonable expenses in making such investments. 
 “Lending Office” has the meaning
specified in the applicable Liquidity Facility. 
 “Lien” means any mortgage, pledge, lien, charge, claim,
disposition of title, encumbrance, lease, sublease or security interest of any kind, including, without limitation, any of the foregoing arising under any conditional sales or other title retention agreement. 

“Liquidity Event of Default”, with respect to any Liquidity Facility, has the meaning specified in such Liquidity
Facility. 
 “Liquidity Expenses” means the Class AA Liquidity Expenses and the Class A Liquidity
Expenses. 
 “Liquidity Facility” means, at any time, the Class AA Liquidity Facility or the Class A
Liquidity Facility, as applicable. 
 “Liquidity Obligations” means the Class AA Liquidity Obligations
and the Class A Liquidity Obligations. 

  
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 “Liquidity Provider” means, at any time, the Class AA Liquidity
Provider or the Class A Liquidity Provider, as applicable. 
 “Loan Trustee” means, with respect to any
Indenture, the bank, trust company or other financial institution designated as loan trustee thereunder, and any successor to such loan trustee. 

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

“LP Incumbency Certificate” has the meaning specified in Section 2.05(c). 

“LP Representatives” has the meaning specified in Section 2.05(c). 

“Majority in Interest of Noteholders”, with respect to any Indenture, has the meaning specified in such Indenture.

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

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

“Non-Controlling Party” means, at any time, any Trustee, Liquidity Provider or
other Person a party hereto, which, in each case, is not the Controlling Party at such time. 

“Non-Extended Facility” has the meaning specified in Section 3.05(d)(i).

 “Non-Extension Drawing” has the meaning specified in
Section 3.05(d)(i). 
 “Non-Performing Equipment Note” means an
Equipment Note issued pursuant to an Indenture that is not a Performing Equipment Note. 
 “Note Target Price”
means, for any Equipment Note issued under any Indenture, (i) the aggregate outstanding principal amount of such Equipment Note, plus (ii) the accrued and unpaid interest thereon, together with all other sums owing on or in respect of such
Equipment Note under such Indenture (including, without limitation, enforcement costs incurred by the Subordination Agent in respect of such Equipment Note). 

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

“Operative Agreements” means this Agreement, the Liquidity Facilities, the Fee Letter(s), the Indentures, the Trust
Agreements, the Participation Agreements, the Equipment Notes and the Certificates, together with all exhibits and schedules included with any of the foregoing. 

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

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

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

“Participation Agreement” means, with respect to each Indenture, the “Participation Agreement” referred to
therein, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“Payees” has the meaning specified in Section 2.04(c). 

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

“Performing Note Deficiency” means any time that less than 65% of the then aggregate outstanding principal amount
of all Series AA Equipment Notes and Series A Equipment Notes are Performing Equipment Notes. 
 “Person” means any
individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof. 

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

“Post-Default Appraisal” has the meaning specified in Section 4.01(a)(iv). 

“Premium” means any “Make-Whole Amount” as such term is defined in any Indenture. 

“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 

“PTC Event of Default” means, with respect to each Trust Agreement, the failure to distribute within 10 Business
Days after the applicable Distribution Date: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest scheduled for distribution on such
Certificates on any Distribution Date (unless, in the case of the Class AA Trust Agreement or the Class A Trust Agreement, the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account
relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto). 

  
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 “Rating Agencies” means, with respect to any Class of
Certificates, collectively, at any time, each nationally recognized rating agency which shall have been requested to rate such Class of Certificates and which shall then be rating such Class of Certificates. The initial Rating Agencies for
the Certificates will be Moody’s and S&P. 
 “Ratings Confirmation” means, with respect to any action
proposed to be taken, with respect to any Class of Certificates, a written confirmation from each of the Rating Agencies to the effect that such action would not result in (i) a reduction of the rating for such Class of Certificates
below the then current rating for such Class of Certificates or (ii) a withdrawal or suspension of the rating of such Class of Certificates. 

“Refinancing Certificateholders” has the meaning specified in Section 8.01(c). 

“Refinancing Certificate” has the meaning specified in Section 8.01(c). 

“Refinancing Equipment Notes” has the meaning specified in Section 8.01(c). 

“Refinancing Trust” has the meaning specified in Section 8.01(c). 

“Refinancing Trust Agreement” has the meaning specified in Section 8.01(c). 

“Refinancing Trustee” has the meaning specified in Section 8.01(c). 

“Register”, with respect to any Trust, has the meaning ascribed to such term in the Trust Agreement for such Trust.

 “Regular Distribution Dates” means each June 10 and December 10, commencing on June 10, 2020;
provided, however, that, if any such day shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day without additional interest. 

“Replacement Airframe”, with respect to any Indenture, has the meaning specified in such Indenture. 

“Replacement Liquidity Facility” means, for any Liquidity Facility, an irrevocable revolving credit agreement (or
agreements) in substantially the form of the replaced Liquidity Facility, including reinstatement provisions, or an agreement (or agreements) in such other form (which may include, without limitation, one or more letters of credit, surety
bonds, financial insurance policies or guaranties), or any combination thereof, as shall permit the Rating Agencies to confirm in writing their respective ratings then in effect for the Certificates of the Class with respect to which such
Liquidity Facility was issued (before downgrading of such ratings, if any, as a result of the downgrading, if any, of the applicable Liquidity Provider), in a face amount (or in an aggregate face amount) equal to the applicable Required Amount and
issued by a Person (or 

  
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Persons) having the minimum Long-Term Rating specified by each Rating Agency as the applicable Threshold Rating for such Rating Agency and the applicable Class of Certificates. A Replacement
Liquidity Facility for any Class of Certificates may have a stated expiration date earlier than 15 days after the Final Legal Distribution Date of such Class of Certificates so long as such Replacement Liquidity Facility provides
for a Non-Extension Drawing as contemplated by Section 3.05(d) hereof. 

“Replacement Liquidity Provider” means a Person (or Persons) who issues a Replacement Liquidity Facility. 

“Required Amount” means, with respect to each Liquidity Facility or the Cash Collateral Account for any Class, for any
day, the sum of the aggregate amount of interest, calculated at the rate per annum equal to the Stated Interest Rate for the related Class of Certificates on the basis of a 360-day year comprised of twelve 30-day months, that would be distributable on such Class of Certificates on each of the three successive Regular Distribution Dates immediately following such day or, if such day is a Regular
Distribution Date, on such day and the two succeeding Regular Distribution Dates, in each case calculated on the basis of the Pool Balance of such Class of Certificates on such day and without regard to expected future distributions of
principal on such Class of Certificates. 
 “Responsible Officer” means (i) with respect to the
Subordination Agent and each of the Trustees, any officer in the Corporate Trust Office of the Subordination Agent or such Trustee, as the case may be, who is responsible for the transaction contemplated hereunder, or any other officer customarily
performing functions similar to those performed by the persons who at the time shall be such officers or to whom any corporate trust matter is referred because of his knowledge of and familiarity with a particular subject, and (ii) with respect
to any Liquidity Provider, any authorized officer of such Liquidity Provider. 
 “S&P” means Standard &
Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business. 
 “Scheduled
Payment” means, with respect to any Equipment Note, (i) any payment of principal or interest on such Equipment Note (other than an Overdue Scheduled Payment) or (ii) any distribution in respect of interest on such Equipment
Note to the Certificateholders of Certificates of the corresponding Class of Certificates with funds drawn under the Liquidity Facility for such Class or withdrawn from the Cash Collateral Account for such Class, which payment in the case
of clause (i) or clause (ii) represents an installment of principal on such Equipment Note at the stated maturity of such installment, or the payment of regularly scheduled interest accrued on the unpaid principal amount of such Equipment
Note, or both; provided, however, that any payment of principal, Premium, if any, or interest resulting from the redemption, purchase or prepayment of any Equipment Note shall not constitute a Scheduled Payment. 

“Scheduled Payment Date” means, with respect to any Scheduled Payment, the date on which such Scheduled Payment is
scheduled to be made. 

  
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 “Section 2.04 Fraction” means, with
respect to any Special Distribution Date, a fraction, the numerator of which shall be the amount of principal of the applicable Series AA Equipment Notes and Series A Equipment Notes being redeemed, purchased or prepaid on such Special Distribution
Date, and the denominator of which shall be the aggregate unpaid principal amount of all Series AA Equipment Notes and Series A Equipment Notes outstanding as of such Special Distribution Date immediately before giving effect to such redemption,
purchase or prepayment. 
 “Series AA Equipment Notes” means the equipment notes issued pursuant to each Indenture
by Delta and authenticated by the Loan Trustee thereunder, and designated “Series AA Equipment Notes” thereunder, and any such Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture. 

“Series A Equipment Notes” means the equipment notes issued pursuant to each Indenture by Delta and authenticated by
the Loan Trustee thereunder, and designated “Series A Equipment Notes” thereunder, and any such Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture. 

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

“Special Distribution Date” means, with respect to any Special Payment, the Business Day chosen by the Subordination
Agent pursuant to Section 2.04(a) for the distribution of such Special Payment in accordance with this Agreement. 

“Special Payment” means any payment (other than a Scheduled Payment) in respect of, or any proceeds of, any Equipment
Note or Collateral. 
 “Special Payments Account” means the Eligible Deposit Account created pursuant to
Section 2.02(a) as a sub-account to the Collection Account. 
 “Special Termination
Advance” has the meaning assigned to such term in the applicable Liquidity Facility. 
 “Special Termination
Notice” with respect to any Liquidity Facility has the meaning assigned to such term (if such term is used therein) in such Liquidity Facility. 

“Stated Amount”, with respect to any Liquidity Facility, means the Maximum Commitment (as defined in such Liquidity
Facility) of the applicable Liquidity Provider thereunder. 
 “Stated Expiration Date” has the meaning specified in
Section 3.05(d). 
 “Stated Interest Rate” means (i) with respect to the Class AA Certificates, 2.00%
per annum and (ii) with respect to the Class A Certificates, 2.50% per annum. 

  
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 “Subordination Agent” has the meaning specified in the introductory
paragraph to this Agreement. 
 “Subordination Agent Incumbency Certificate” has the meaning specified in
Section 2.05(a). 
 “Subordination Agent Representatives” has the meaning specified in Section 2.05(a).

 “Substitute Aircraft”, with respect to any Indenture, has the meaning specified in such Indenture. 

“Substitute Airframe”, with respect to any Indenture, has the meaning specified in such Indenture. 

“Tax” and “Taxes” means all governmental fees (including, without limitation, license, filing
and registration fees) and all taxes (including, without limitation, franchise, excise, stamp, value added, income, gross receipts, sales, use and property taxes), withholdings, assessments, levies, imposts, duties or charges, of any nature
whatsoever, together with any related penalties, fines, additions to tax or interest thereon imposed, withheld, levied or assessed by any country, taxing authority or governmental subdivision thereof or therein or by any international authority,
including any taxes imposed on any Person as a result of such Person being required to collect and pay over withholding taxes. 

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

“Threshold Rating” means (i) for the Class AA Trust, a Long-Term Rating of Baa2 as determined by
Moody’s and a Long-Term Rating of A- as determined by S&P and (ii) for the Class A Trust, a Long-Term Rating of Baa2 as determined by Moody’s and a Long-Term Rating of BBB- as determined by S&P. 
 “Treasury Regulations” means regulations,
including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury
Regulations. 
 “Triggering Event” means (x) the occurrence of an Indenture Event of Default under all of the
Indentures resulting in a PTC Event of Default with respect to the most senior Class of Certificates then Outstanding, (y) the Acceleration of all of the outstanding Equipment Notes or (z) the occurrence of a Delta Bankruptcy Event.

 “Trust” means the Class AA Trust or the Class A Trust, as applicable. 

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

“Trust Agreement” means the Class AA Trust Agreement or the Class A Trust Agreement, as applicable. 

  
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 “Trust Property”, with respect to any Trust, has the meaning
specified in the Trust Agreement for such Trust. 
 “Trust Supplement” means an agreement supplemental to the Basic
Agreement pursuant to which (i) a separate trust is created for the benefit of the holders of Certificates of a Class, (ii) the issuance of the Certificates of a Class representing Fractional Undivided Interests in such trust is
authorized and (iii) the terms of the Certificates of such Class are established, as such agreement may from time to time be supplemented, amended or otherwise modified. 

“Trustee” means the Class AA Trustee or the Class A Trustee, as applicable. 

“Trustee Incumbency Certificate” has the meaning specified in Section 2.05(b). 

“Trustee Representatives” has the meaning specified in Section 2.05(b). 

“Unapplied Provider Advance” has the meaning specified in the applicable Liquidity Facility. 

“Unapplied Special Termination Advance ” has the meaning specified in the applicable Liquidity Facility. 

“Underwriters” means Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, BofA Securitie, Inc.,
Goldman Sachs & Co. LLC, Banco Bilbao Vizcaya Argentaria, S.A., Deutsche Bank Securities Inc., PNC Capital Markets LLC and Standard Chartered Bank. 

“Underwriting Agreement” means the Underwriting Agreement, dated March 4, 2020 among the Representatives (as
defined in the Underwriting Agreement) of the Underwriters and Delta, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 

“United States” means the United States of America. 

“U.S. Bank” has the meaning specified in the introductory paragraph of this
Agreement. 
 “Withdrawal Notice” has the meaning specified in Section 3.05(d)(ii). 

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

  
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 ARTICLE II 

TRUST ACCOUNTS; CONTROLLING PARTY 

Section 2.01 Agreement to Terms of Subordination; Payments from Monies Received Only. (a) Each Trustee hereby
(i) acknowledges and agrees to the terms of subordination and distribution set forth in this Agreement in respect of each Class of Certificates and (ii) agrees to enforce such provisions and cause all payments in respect of the
Equipment Notes held by the Subordination Agent and the Liquidity Facilities to be applied in accordance with the terms of this Agreement. In addition, each Trustee hereby agrees to cause the Equipment Notes purchased by the related Trust to be
registered in the name of the Subordination Agent or its nominee, as agent and trustee for such Trustee, to be held in trust by the Subordination Agent solely for the purpose of facilitating the enforcement of the subordination and other provisions
of this Agreement. 
 (b) Except as otherwise expressly provided in the next succeeding sentence of this Section 2.01(b), all payments
to be made by the Subordination Agent hereunder shall be made only from amounts received by it that constitute Scheduled Payments, Special Payments and other payments under the Operative Agreements, including payments under Section 4.02 of the
Participation Agreements and Section 2.14 of the Indentures, and only to the extent that the Subordination Agent shall have received sufficient income or proceeds therefrom to enable it to make such payments in accordance with the terms hereof.
Each Trustee and the Subordination Agent hereby agrees, and each Certificateholder, by its acceptance of a Certificate, and each Liquidity Provider, by entering into the Liquidity Facility to which it is a party, has agreed to look solely to such
amounts to the extent available for distribution to it as provided in this Agreement or the applicable Trust Agreement, as the case may be, and that none of the Trustees, the Loan Trustees or the Subordination Agent is personally liable to any of
them for any amounts payable or any liability arising under this Agreement, any Trust Agreement, any Liquidity Facility or such Certificate, except (in the case of the Subordination Agent) as expressly provided herein or (in the case of the
Trustees) as expressly provided herein and in each Trust Agreement or (in the case of the Loan Trustees) as expressly provided in any Operative Agreement. 

(c) Notwithstanding anything to the contrary in this Agreement and in the other Operative Agreements, the Certificates do not represent
indebtedness of the related Trust, and references in this Agreement and the Operative Agreements to accrued interest or principal amounts payable on the Certificates of any Class are included only for computational purposes. For purposes of
such computations, the Certificates of any Class shall be deemed to be comprised of interest and principal components, with the principal component deemed to be the Pool Balance, and the interest component deemed to equal interest accruing at
the Stated Interest Rate for such Class of Certificates from the later of (1) the date of the issuance thereof and (2) the most recent but preceding Distribution Date to which such interest was distributed to, but excluding, the
applicable date of determination, such interest to be considered payable in arrears and to be calculated on the basis of a 360-day year comprised of
twelve 30-day months. 
 Section 2.02 Trust Accounts. (a) Upon the execution
of this Agreement, the Subordination Agent shall establish and maintain in its name (i) the Collection Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held in trust for the
benefit of the Trustees, the Certificateholders and the Liquidity Providers, and (ii) as a sub-account in the Collection Account, the Special Payments Account as an Eligible Deposit Account, bearing a
designation clearly indicating that the funds deposited therein are held 

  
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in trust for the benefit of the Trustees, the Certificateholders and the Liquidity Providers. The Subordination Agent shall establish and maintain the Cash Collateral Accounts pursuant to and
under the circumstances set forth in Section 3.05(f). Upon such establishment and maintenance under Section 3.05(f), the Cash Collateral Accounts shall, together with the Collection Account, constitute the “Trust Accounts”
hereunder. Without limiting the foregoing, all monies credited to the Trust Accounts shall be, and shall remain, the property of the relevant Trust(s). 

(b) Funds on deposit in the Trust Accounts shall be invested and reinvested by the Subordination Agent in Eligible Investments selected by
Delta or its designated representative if such investments are reasonably available and have maturities no later than the earlier of (i) 90 days following the date of such investment and (ii) the Business Day immediately preceding the
Regular Distribution Date or the date of the related distribution pursuant to Section 2.04, as the case may be, next following the date of such investment; provided, however, that, following the making of a Non-Extension Drawing, a Downgrade Drawing or a Special Termination Advance under any Liquidity Facility, the Subordination Agent shall invest and reinvest the amounts in the applicable Cash Collateral Account in
Eligible Investments pursuant to the written instructions of the Liquidity Provider funding such Drawing, and provided further, however, that upon the occurrence and during the continuation of a Triggering Event, the Subordination Agent shall
invest and reinvest the amounts on deposit in the Trust Accounts (other than amounts in the Cash Collateral Accounts as a result of a Non-Extension Drawing, a Downgrade Drawing or a Special Termination
Advance, which shall be governed by the foregoing proviso) in Eligible Investments in accordance with the written instructions of the Controlling Party. Unless otherwise expressly provided in this Agreement (including, without limitation, with
respect to Investment Earnings on amounts on deposit in the Cash Collateral Accounts, Section 3.05(f)), any Investment Earnings shall be deposited in the Collection Account when received by the Subordination Agent and shall be applied by the
Subordination Agent in the same manner as the other amounts on deposit in the Collection Account are to be applied. The Subordination Agent’s reasonable fees and expenses actually incurred in making such investments and any losses incurred in
such investments shall be charged against the principal amount invested. The Subordination Agent shall not be liable for any loss resulting from any investment, reinvestment or liquidation required to be made under this Agreement other than by
reason of its willful misconduct or negligence. Eligible Investments and any other investment required to be made hereunder shall be held to their maturities except that any such investment may be sold (without regard to its maturity) by the
Subordination Agent without instructions whenever such sale is necessary to make a distribution required under this Agreement. Uninvested funds held hereunder shall not earn or accrue interest. 

(c) The Subordination Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in
all proceeds thereof (including all income thereon, except as otherwise expressly provided herein with respect to Investment Earnings). The Trust Accounts shall be held in trust by the Subordination Agent under the sole dominion and control of the
Subordination Agent for the benefit of the applicable Trustee, the applicable Certificateholders and the applicable Liquidity Provider, as the case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the
Subordination Agent shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, to which a Rating Agency may consent) establish a new Collection Account, Special Payments Account or Cash

  
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Collateral Account, as the case may be, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Collection Account, Special Payments Account or Cash
Collateral Account, as the case may be. So long as the Subordination Agent is an Eligible Institution, the Trust Accounts shall be maintained with it as Eligible Deposit Accounts. 

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

(b) The Subordination Agent shall, on each day when one or more Special Payments are made to the Subordination Agent as holder of the Equipment
Notes, deposit in the Special Payments Account the aggregate amount of such Special Payments. 
 Section 2.04 Distributions of
Special Payments. (a) Notice of Special Payment. Except as provided in Section 2.04(c) below, upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or, in the
absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall promptly give notice thereof to each Trustee and the Liquidity Providers. The Subordination Agent shall promptly calculate the
amount of the proceeds of any redemption, purchase or prepayment of any Equipment Note or the amount of any Overdue Scheduled Payment or the proceeds of Equipment Notes or Collateral, as the case may be, comprising such Special Payment under the
applicable Indenture or Indentures and shall promptly send to each Trustee and the Liquidity Providers a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice shall also set the distribution date for such Special
Payment (a “Special Distribution Date”), which shall be the Business Day which immediately follows the later to occur of (x) the 15th day after the date of such
Written Notice and (y) the date the Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account shall be distributed in accordance with Sections 2.04(b) and 2.04(c)
and Article III hereof, as applicable. 
 For the purposes of the application of any Special Payment in respect of any Equipment Note to
be distributed on any Special Distribution Date in accordance with Section 3.02 hereof, so long as no Indenture Event of Default shall have occurred and be continuing under any Indenture: 

(i) clause “second” thereof shall be deemed to read as follows: “second, accrued and unpaid Liquidity
Expenses then overdue plus an amount equal to all accrued and unpaid Liquidity Expenses not yet overdue multiplied by the Section 2.04 Fraction shall be distributed to the Liquidity Providers pro rata on the basis of the amount of the Liquidity
Expenses owed to each Liquidity Provider”; 
 (ii) clause “third” thereof shall be deemed to read as
follows: “third, (i) such amount as shall be required to pay accrued and unpaid interest then overdue on all Liquidity Obligations (at the rate, or in the amount, provided in the applicable Liquidity Facility) plus an amount equal to the
amount of accrued and unpaid interest on the Liquidity 

  
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Obligations not yet overdue multiplied by the Section 2.04 Fraction, and (ii) if one or more Special Termination Advances have been made under the Liquidity Facilities and have not been
converted into a Final Drawing, the outstanding amount of such Special Termination Advances, shall be distributed to the Liquidity Providers, pro rata on the basis of the amounts owed to each Liquidity Provider”; 

(iii) clause “seventh” thereof shall be deemed to read as follows: “seventh, such amount as shall be
required to pay accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class AA Certificates, together with (without duplication) any other accrued and unpaid interest at the Stated Interest Rate on
the outstanding principal amount of the Series AA Equipment Notes held in the Class AA Trust being redeemed, purchased or prepaid shall be paid to the Class AA Trustee”; 

(iv) clause “eighth” thereof shall be deemed to read as follows: “eighth, such amount as shall be required
to pay any accrued, due and unpaid Class A Adjusted Interest to the holders of the Class A Certificates shall be paid to the Class A Trustee”; and 

(v) clause “tenth” thereof shall be deemed to read as follows: “tenth, such amount as shall be required to
pay in full accrued, due and unpaid interest at the Stated Interest Rate on the outstanding Pool Balance of the Class A Certificates which was not previously paid pursuant to clause “eighth” above to the holders of the
Class A Certificates, together with (without duplication) any other accrued and unpaid interest at the Stated Interest Rate on the outstanding principal amount of the Series A Equipment Notes held in the Class A Trust and being redeemed,
purchased or prepaid shall be paid to the Class A Trustee”. 
 (b) Investment of Amounts in Special Payments Account. Any
amounts on deposit in the Special Payments Account prior to the distribution thereof pursuant to Section 2.04 or 3.02 shall be invested in accordance with Section 2.02(b). Investment Earnings on such investments shall be distributed
in accordance with Article III hereof. 
 (c) Certain Payments. Except for amounts constituting Liquidity Obligations which shall
be distributed as provided in Section 3.02, the Subordination Agent will distribute promptly upon receipt thereof (i) any indemnity payment or expense reimbursement received by it from Delta in respect of any Trustee or any Liquidity
Provider (collectively, the “Payees”) and (ii) any compensation received by it from Delta under any Operative Agreement in respect of any Payee, directly to the Person entitled thereto, provided that if such Payee has
previously received from the Collection Account such payment, compensation or reimbursement, then the Subordination Agent shall deposit such amount in the Collection Account. 

Section 2.05 Designated Representatives. (a) With the delivery of this Agreement, the Subordination Agent shall furnish to
each Liquidity Provider and each Trustee, and from time to time thereafter may furnish to each Liquidity Provider and each Trustee, at the Subordination Agent’s discretion, or upon any Liquidity Provider’s or any Trustee’s request
(which request shall not be made more than one time in any 12-month period), a certificate (a “Subordination Agent Incumbency Certificate”) of a Responsible Officer of the Subordination

  
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Agent certifying as to the incumbency and specimen signatures of the officers of the Subordination Agent and the
attorney-in-fact and agents of the Subordination Agent (the “Subordination Agent Representatives”) authorized to give Written Notices on behalf of the
Subordination Agent hereunder. Until each Liquidity Provider and Trustee receives a subsequent Subordination Agent Incumbency Certificate, it shall be entitled to rely on the last Subordination Agent Incumbency Certificate delivered to it hereunder.

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

  
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Event of Default thereunder, in taking, or refraining from taking, any action under such Indenture or with respect to such Equipment Notes issued thereunder, including exercising remedies
thereunder (including Accelerating the Equipment Notes issued thereunder or foreclosing the Lien created thereunder on the Aircraft securing such Equipment Notes), by the Controlling Party. 

(b) Subject to paragraph (c) below, the “Controlling Party” shall be (i) the Class AA Trustee and (ii) upon
payment of Final Distributions to the holders of Class AA Certificates, but prior to payment of Final Distributions to the holders of Class A Certificates, the Class A Trustee, and (iii) upon payment of Final Distributions to the
holders of Class AA Certificates and Class A Certificates, but, if any class or classes of Additional Certificates are outstanding, prior to payment of Final Distributions to the holders of the most senior, in priority of payment of
“Expected Distributions” under this Agreement, class of Additional Certificates, the Additional Trustee for the Additional Trust related to such most senior class of Additional Certificates. For purposes of giving effect to the provisions
of Section 2.06(a) and this Section 2.06(b), the Trustees (other than the Controlling Party) irrevocably agree (and the Certificateholders (other than the Certificateholders represented by the Controlling Party) shall be deemed to agree by
virtue of their purchase of Certificates) that the Subordination Agent, as record holder of the Equipment Notes, and subject always to the provisions of Section 2.06(a) and Article VIII, shall exercise its voting rights in respect of the
Equipment Notes so held by the Subordination Agent as directed by the Controlling Party and any vote so exercised shall be binding upon the Trustees and all Certificateholders. 

The Subordination Agent shall give Written Notice to all of the other parties to this Agreement promptly upon a change in the identity of the
Controlling Party. Each of the parties hereto agrees that it shall not exercise any of the rights of the Controlling Party at such time as it is not the Controlling Party hereunder; provided, however, that nothing herein contained
shall prevent or prohibit any Non-Controlling Party from exercising such rights as shall be specifically granted to such Non-Controlling Party hereunder and under the
other Operative Agreements. 
 (c) Notwithstanding the foregoing, at any time after 18 months from the earliest to occur of
(i) the date on which the entire Available Amount as of such date under any Liquidity Facility shall have been drawn (for any reason other than a Downgrade Drawing or a Non-Extension Drawing but including
a Final Drawing, a Special Termination Advance or a Downgrade Drawing or Non-Extension Drawing that has been converted into a Final Drawing under such Liquidity Facility) and remains unreimbursed,
(ii) the date on which the entire amount of any Downgrade Drawing or Non-Extension Drawing under any Liquidity Facility shall have become and remain “Applied Downgrade Advances” or “Applied
Non-Extension Advances”, as the case may be, under and as defined in such Liquidity Facility and (iii) the date on which all Equipment Notes under all Indentures shall have been Accelerated
(provided that in the event of a bankruptcy proceeding under the Bankruptcy Code in which Delta is a debtor, any amounts payable in respect of Equipment Notes which have become immediately due and payable by declaration or otherwise shall not
be considered Accelerated for purposes of this subclause (iii) until the expiration of the 60-Day Period or such longer period as may apply under Section 1110(a)(2)(B) or Section 1110(b) of
the Bankruptcy Code), the Liquidity Provider with the greatest amount of unreimbursed Liquidity Obligations owed to it (so long as such Liquidity 

  
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Provider has not defaulted in its obligation to make any Drawing under its Liquidity Facility) shall have the right to elect, by Written Notice to the Subordination Agent and each of the
Trustees, to become the Controlling Party hereunder with respect to any Indenture at any time from and including the last day of such 18-month period. 

(d) [Reserved]. 
 (e) The exercise
of remedies by the Controlling Party under this Agreement shall be expressly limited by Sections 4.01(a)(ii) and 4.01(a)(iii) hereof. 

(f) The Controlling Party shall not be entitled to require or obligate any Non-Controlling Party to
provide funds necessary to exercise any right or remedy hereunder. 
 (g) Notwithstanding anything contained herein, neither the Controlling
Party nor the Subordination Agent shall be authorized or empowered to do anything that would cause any Trust to fail to qualify as a “grantor trust” for federal income tax purposes. 

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

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

(c) As provided in Section 6.05, the Subordination Agent shall be fully protected in relying on any of the information set forth in a
Written Notice provided by any Trustee or any Liquidity Provider pursuant to paragraphs (a) and (b) above and shall have no independent obligation to verify, calculate or recalculate any amount set forth in any Written Notice delivered in
accordance with such paragraphs. 
 (d) Any Written Notice delivered by a Trustee, a Liquidity Provider or the Subordination Agent, as
applicable, pursuant to Section 3.01, if made prior to 10:00 A.M. (New York City time) on any Business Day shall be effective on the date delivered (or if delivered later on a Business Day or if delivered on a day that is not a Business
Day shall be effective as of the next Business Day). Subject to the terms of this Agreement, the Subordination Agent shall as promptly as practicable comply with any such instructions; provided, however, that any transfer of funds
pursuant to any instruction received after 10:00 A.M. (New York City time) on any Business Day may be made on the next succeeding Business Day. 

(e) In the event the Subordination Agent shall not receive from any Person any information set forth in paragraph (a) above which is
required to enable the Subordination Agent to make a distribution to such Person pursuant to Section 3.02 hereof, the Subordination Agent shall request such information and, failing to receive any such information, the Subordination Agent shall
not make such distribution(s) to such Person. In such event, the Subordination Agent shall make distributions pursuant to clauses “first” through “eleventh” of Section 3.02 to the extent it shall have sufficient
information to enable it to make such distributions, and shall continue to hold any funds remaining on the terms hereof, including Section 2.02(b), after making such distributions, until the Subordination Agent shall receive all necessary
information to enable it to distribute any funds so withheld, and upon receipt of the information necessary to distribute any funds so withheld, the Subordination Agent shall distribute such funds. 

(f) On such dates (but not more frequently than monthly) as any Liquidity Provider or any Trustee shall request, but in any event automatically
at the end of each calendar quarter, the Subordination Agent shall send to such party a written statement reflecting all amounts on deposit with the Subordination Agent pursuant to Section 3.01(e). 

The notices required under Section 3.01(a) may be in the form of a schedule or similar document provided to the Subordination Agent by
the parties referenced therein or by any one of them, which schedule or similar document may state that, unless there has been a prepayment of the Equipment Notes, such schedule or similar document is to remain in effect until any substitute notice
or amendment shall be given to the Subordination Agent by the party providing such notice. 

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

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

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

  
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 fourth, such amount as shall be required (A) if any Cash
Collateral Account had been previously funded as provided in Section 3.05(f), unless (i) on such Distribution Date a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to
the relevant Liquidity Facility or (ii) a Final Drawing shall have occurred with respect to such Liquidity Facility or an Interest Drawing for such Liquidity Facility shall have been converted into a Final Drawing, to fund such Cash Collateral
Account up to its Required Amount shall be deposited in such Cash Collateral Account, (B) if any Liquidity Facility shall become a Downgraded Facility or a Non-Extended Facility at a time when
unreimbursed Interest Drawings under such Liquidity Facility have reduced the Available Amount thereunder to zero, unless (i) on such Distribution Date a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and
be continuing with respect to the relevant Liquidity Facility or (ii) a Final Drawing shall have occurred with respect to such Liquidity Facility or an Interest Drawing for such Liquidity Facility shall have been converted into a Final Drawing,
to fund such Cash Collateral Account up to its Required Amount shall be deposited in the related Cash Collateral Account, and (C) if, with respect to any particular Liquidity Facility neither subclause (A) nor subclause (B) of this
clause “fourth” is applicable, to pay or reimburse the Liquidity Provider in respect of such Liquidity Facility in an amount equal to the outstanding amount of all Liquidity Obligations then due under such Liquidity Facility (other
than amounts distributed pursuant to clauses “first”, “second” or “third” of this Section 3.02), pro rata on the basis of the amounts of all such fundings and/or unreimbursed Liquidity Obligations payable to
each Liquidity Provider; 
 fifth, if, with respect to any particular Liquidity Facility, any amounts are to be
distributed pursuant to either subclause (A) or (B) of clause “fourth” above, then the Liquidity Provider with respect to such Liquidity Facility shall be paid the excess of (x) the aggregate outstanding amount of
unreimbursed Advances (whether or not then due) under such Liquidity Facility over (y) the Required Amount for the relevant Cash Collateral Account without duplication of any amounts distributed pursuant to clauses “first”,
“second”, “third”, and “fourth” of this Section 3.02, pro rata on the basis of such amounts in respect of such Liquidity Provider; 

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

  
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 seventh, such amount as shall be required to pay in full accrued and
unpaid interest at the Stated Interest Rate on the Pool Balance of the Class AA Certificates shall be distributed to the Class AA Trustee; 

eighth, such amount as shall be required to pay unpaid Class A Adjusted Interest to the holders of the Class A
Certificates shall be distributed to the Class A Trustee; 
 ninth, such amount as shall be required to pay in
full Expected Distributions to the holders of the Class AA Certificates on such Distribution Date shall be distributed to the Class AA Trustee; 

tenth, such amount as shall be required to pay in full accrued and unpaid interest at the Stated Interest Rate on the
Pool Balance of the Class A Certificates which was not previously paid pursuant to clause “eighth” above to the holders of the Class A Certificates shall be distributed to the Class A Trustee; 

eleventh, such amount as shall be required to pay in full Expected Distributions to the holders of the Class A
Certificates on such Distribution Date shall be distributed to the Class A Trustee; and 
 twelfth, the balance,
if any, of any such amount remaining thereafter shall be held in the Collection Account for later distribution in accordance with this Article III. 

With respect to clauses “first” and “sixth” above, no amounts shall be reimbursable to the Subordination Agent, any
Trustee, any Liquidity Provider or any Certificateholder for any payments made by any such Person in connection with any Equipment Note that is no longer held by the Subordination Agent (to the extent that such payments relate to periods after such
Equipment Note ceases to be held by the Subordination Agent). 
 Section 3.03 Other Payments. (a) Any payments received by
the Subordination Agent for which no provision as to the application thereof is made in this Agreement shall be distributed by the Subordination Agent (i) in the order of priority specified in Section 3.02 hereof and (ii) to the
extent received or realized at any time after the Final Distributions for each Class of Certificates have been made, in the manner provided in clause “first” of Section 3.02 hereof. 

(b) Notwithstanding the priority of payments specified in Section 3.02, in the event any Investment Earnings on amounts on deposit in any
Cash Collateral Account resulting from an Unapplied Provider Advance or an Unapplied Special Termination Advance are deposited in the Collection Account or the Special Payments Account, such Investment Earnings shall be used to pay interest payable
in respect of such Unapplied Provider Advance or such Unapplied Special Termination Advance, as the case may be, to the extent of such Investment Earnings. 

  
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 (c) If the Subordination Agent receives any Scheduled Payment after the Scheduled Payment
Date relating thereto, but prior to such payment becoming an Overdue Scheduled Payment, then the Subordination Agent shall deposit such Scheduled Payment in the Collection Account and promptly distribute such Scheduled Payment in accordance with the
priority of distributions set forth in Section 3.02; provided that, for the purposes of this Section 3.03(c) only, each reference in clauses “ninth” and “eleventh” of Section 3.02 to “Distribution
Date” shall be deemed to refer to such Scheduled Payment Date. 
 Section 3.04 Payments to the Trustees and the Liquidity
Providers. Any amounts distributed hereunder to any Liquidity Provider shall be paid by wire transfer of funds to the account that such Liquidity Provider shall provide to the Subordination Agent. The Subordination Agent shall provide a Written
Notice of any such transfer to the applicable Liquidity Provider at the time of such transfer. Any amounts distributed hereunder by the Subordination Agent to any Trustee that is not the same institution as the Subordination Agent shall be paid to
such Trustee by wire transfer of funds at the account such Trustee shall provide to the Subordination Agent. 
 Section 3.05
Liquidity Facilities. (a) Interest Drawings. If on any Distribution Date, after giving effect to the subordination provisions of this Agreement, the Subordination Agent shall not have sufficient funds for the payment of any
amounts due and owing in respect of accrued interest on the Class AA Certificates or the Class A Certificates (at the Stated Interest Rate for such Class of Certificates), then, prior to 12:30 p.m. (New York City time) on such
Distribution Date, (i) the Subordination Agent shall request a drawing (each such drawing, an “Interest Drawing”) under the Liquidity Facility with respect to such Class of Certificates in an amount equal to the lesser of
(x) an amount sufficient to pay the amount of such accrued interest shortfall (at the applicable Stated Interest Rate for such Class of Certificates) and (y) the Available Amount under such Liquidity Facility, and (ii) the
Subordination Agent shall upon receipt of such amount pay such amount to the Trustee with respect to each such Class of Certificates in payment of such accrued interest shortfall. 

(b) Application of Interest Drawings. Notwithstanding anything to the contrary contained in this Agreement, (i) all payments
received by the Subordination Agent in respect of an Interest Drawing under the Class AA Liquidity Facility and all amounts withdrawn by the Subordination Agent from the Class AA Cash Collateral Account, and payable in each case to the
Class AA Certificateholders or the Class AA Trustee, shall be promptly distributed to the Class AA Trustee and (ii) all payments received by the Subordination Agent in respect of an Interest Drawing under the Class A
Liquidity Facility and all amounts withdrawn by the Subordination Agent from the Class A Cash Collateral Account, and payable in each case to the Class A Certificateholders or the Class A Trustee, shall be promptly distributed to the
Class A Trustee. 
 (c) Downgrade Drawings. (i) Each Liquidity Provider will promptly, but in any event
within 10 days of the occurrence of a Downgrade Event with respect to it (the date of such occurrence, the “Downgrade Date”), deliver notice to the Subordination Agent and Delta of the occurrence of such Downgrade Event
and the Downgrade Date therefor. After the occurrence of a Downgrade Event with respect to any Liquidity Provider, each Liquidity Facility provided by such Liquidity Provider shall become a “Downgraded Facility” on the 35th day after the related 

  
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Downgrade Date, unless, not later than such 35th day (or, if earlier, the expiration date of such Downgraded Facility), the Rating Agency
whose downgrading of such Liquidity Provider resulted in such Downgrade Event shall have provided a written confirmation to the effect that the occurrence of such Downgrade Event will not result in the downgrading, withdrawal or suspension of the
ratings then issued by such Rating Agency of the related Class of Certificates. Notwithstanding the foregoing, if at any time after the occurrence of such Downgrade Event, such Liquidity Provider notifies the Subordination Agent in writing that
no such confirmation will be provided by such Rating Agency, each Liquidity Facility provided by such Liquidity Provider shall become a Downgraded Facility as of the date of such notice to the Subordination Agent. 

(ii) If at any time any Liquidity Facility becomes a Downgraded Facility, not later than the 35th day after the related Downgrade Date (or, if earlier, the expiration date of such Downgraded Facility), the Liquidity Provider under such Downgraded Facility (at its own expense, except as provided
in the applicable Fee Letter) or Delta (at its own expense, except as provided in the applicable Fee Letter) may arrange for a Replacement Liquidity Provider to issue and deliver a Replacement Liquidity Facility to the Subordination Agent in
accordance with Section 3.05(e). 
 (iii) If a Downgraded Facility has not been replaced by a Replacement Liquidity Facility in
accordance with Section 3.05(c)(ii), the Subordination Agent shall, on the 35th day referred to in Section 3.05(c)(ii) (or if such 35th day is not a Business Day, on the next succeeding Business Day) (or, if earlier, the expiration date of such Downgraded Facility), request a drawing in accordance with and to the extent permitted by
such Downgraded Facility (such drawing, a “Downgrade Drawing”) of the Available Amount thereunder. Amounts drawn pursuant to a Downgrade Drawing shall be maintained and invested as provided in Section 3.05(f) hereof. Subject to
Section 3.05(e)(iii), the applicable Liquidity Provider may also arrange for a Replacement Liquidity Provider to issue and deliver a Replacement Liquidity Facility at any time after such Downgrade Drawing so long as such Downgrade Drawing has
not been reimbursed in full to such Liquidity Provider. 
 (iv) For the avoidance of doubt, the provisions of this Section 3.05(c) shall
apply to each occurrence of a Downgrade Event with respect to a Liquidity Provider, regardless of whether or not one or more Downgrade Events have occurred prior thereto and whether or not any confirmation by a Rating Agency specified in
Section 3.05(c)(i) has been obtained with respect to any prior occurrence of a Downgrade Event. 
 (v) If, at any time after making a
Downgrade Drawing, the applicable Liquidity Provider satisfies the Threshold Rating and delivers written notice to such effect to the Subordination Agent and Delta, as of the second Business Day following receipt of such notice, (A) such
Downgraded Facility shall cease to be a Downgraded Facility, (B) the Subordination Agent shall withdraw the unapplied amount of such Downgrade Drawing on deposit in the applicable Cash Collateral Account and reimburse such amount to such
Liquidity Provider, (C) any applied amount of such Downgrade Drawing shall be deemed to have been converted to an Interest Drawing as of such date in accordance with the applicable Liquidity Facility, (D) the obligations of such Liquidity
Provider shall be reinstated in accordance with the applicable Liquidity Facility, and (E) the proviso in the definition of Available Amount shall no longer apply to such Downgrade Drawing. 

  
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 (d) Non-Extension Drawings. If any Liquidity
Facility with respect to any Class of Certificates is scheduled to expire on a date (the “Stated Expiration Date”) prior to the date that is 15 days after the Final Legal Distribution Date for such Class of
Certificates, then the following provisions shall apply: 
 (i) In the case of either initial Liquidity Facility or any other
Liquidity Facility having extension provisions identical to those set forth in Section 2.10 of either initial Liquidity Facility, then, if before the 60th day prior to any anniversary
date of the Closing Date (such 60th day, the “Notice Date”), the Liquidity Provider shall have advised the Subordination Agent and Delta that such Liquidity Facility shall
not be extended beyond the immediately following anniversary date of the Closing Date and on or before the 25th day prior to such anniversary date such Liquidity Facility shall not have been
replaced in accordance with Section 3.05(e), the Subordination Agent shall, on such 25th day (or as soon thereafter as possible but prior to the date of expiration of the expiring
Liquidity Facility (a “Non-Extended Facility”), in accordance with the terms of such Non-Extended Facility, request a drawing under such Non-Extended Facility (such drawing, a “Non-Extension Drawing”) of the Available Amount thereunder. 

(ii) In the case of any other Liquidity Facility, no earlier than
the 60th day and no later than the 40th day prior to the then applicable Stated Expiration Date, the Subordination Agent shall
request in writing that such Liquidity Provider extend the Stated Expiration Date to the earlier of (i) the date that is 15 days after the Final Legal Distribution Date for such Class of Certificates and (ii) the date that
is the day immediately preceding the 364th day after the last day of the Consent Period (unless the obligations of such Liquidity Provider thereunder are earlier terminated in accordance with
such Liquidity Facility). Whether or not the applicable Liquidity Provider has received a request from the Subordination Agent, such Liquidity Provider shall by notice (the “Consent Notice”) to the Subordination Agent, during the
period commencing on the date that is 60 days prior to the then effective Stated Expiration Date (or if earlier, the date of such Liquidity Provider’s receipt of such request, if any, from the Subordination Agent) and ending on the
date that is 25 days prior to such Stated Expiration Date (the “Consent Period”) advise the Subordination Agent whether, in its sole discretion, it agrees to so extend the Stated Expiration Date; provided, that such
extension shall not be effective with respect to such Liquidity Provider if, by notice (the “Withdrawal Notice”) to the Subordination Agent prior to the end of the Consent Period, such Liquidity Provider revokes its Consent Notice.
If a Liquidity Provider advises the Subordination Agent on or before the end of the Consent Period that such Stated Expiration Date shall not be so extended or fails to irrevocably and unconditionally advise the Subordination Agent on or before the
end of the Consent Period that such Stated Expiration Date shall be so extended or gives a Withdrawal Notice to the Subordination Agent prior to the end of the Consent Period (and, in each case, if such Liquidity Provider shall not have been
replaced in accordance with Section 3.05(e)), the Subordination Agent shall, on the date on which the Consent Period ends (or as soon as possible thereafter but prior to the Stated Expiration Date), in accordance with and to the extent
permitted by the terms of the Non-Extended Facility, request a Non-Extension Drawing under such Non-Extended Facility of the
Available Amount thereunder. 

  
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 (iii) Amounts drawn pursuant to a
Non-Extension Drawing shall be maintained and invested in accordance with Section 3.05(f). 

(e) Issuance of Replacement Liquidity Facility. (i) Subject to Section 3.05(e)(iii) and the agreements, if any, in the
applicable Fee Letter, at any time, Delta may, at its option and at its own expense, with cause or without cause, arrange for a Replacement Liquidity Facility to replace any Liquidity Facility for any Class of Certificates (including any
Replacement Liquidity Facility provided pursuant to Section 3.05(e)(ii)). If such Replacement Liquidity Facility is provided at any time after a Downgrade Drawing, a Non-Extension Drawing or a Special
Termination Advance has been made, all funds on deposit in the relevant Cash Collateral Account resulting from such Downgrade Drawing, Non-Extension Drawing or Special Termination Advance will be returned to
the Liquidity Provider being replaced. 
 (ii) If any Liquidity Provider shall determine not to extend its Liquidity Facility in accordance
with Section 3.05(d), then such Liquidity Provider may, at its option and its own expense, arrange for a Replacement Liquidity Facility to replace such Liquidity Facility during the period no earlier than 40 days and no later
than 25 days prior to the then effective Stated Expiration Date of such Liquidity Facility. At any time after a Non-Extension Drawing has been made under any Liquidity Facility, the Liquidity
Provider thereunder may, at its option and its own expense, arrange for a Replacement Liquidity Facility to replace the Liquidity Facility under which such Non-Extension Drawing has been made. 

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

(iv) In connection with the issuance of each Replacement Liquidity Facility, the Subordination Agent shall (x) prior to the issuance of
such Replacement Liquidity Facility, obtain written confirmation from each Rating Agency to the effect that such Replacement Liquidity Facility will not cause a reduction, withdrawal or suspension of any rating then in effect for the related
Class of Certificates by such Rating Agency (without regard to any downgrading of any rating of the Liquidity Provider being replaced pursuant to Section 3.05(c)), (y) pay all Liquidity Obligations then owing to the replaced Liquidity
Provider (which payment shall be made first from available funds in the applicable Cash Collateral Account as described in Section 3.05(f), and thereafter from any other available source, including, without limitation, a drawing under the
Replacement Liquidity Facility) and (z) cause the issuer of the Replacement Liquidity Facility to deliver the Replacement Liquidity Facility to the Subordination Agent, together with a legal opinion opining that such Replacement Liquidity
Facility is an enforceable obligation of such Replacement Liquidity Provider. 

  
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 (v) Upon satisfaction of the conditions set forth in clauses (iii) and (iv) of
this Section 3.05(e) with respect to a Replacement Liquidity Facility, (1) the replaced Liquidity Facility shall terminate, (2) the Subordination Agent shall, if and to the extent so requested by Delta or the Liquidity Provider being
replaced, execute and deliver any certificate or other instrument required in order to terminate the replaced Liquidity Facility, shall surrender the replaced Liquidity Facility to the Liquidity Provider being replaced and shall execute and deliver
the Replacement Liquidity Facility and any associated Fee Letter, (3) each of the parties hereto shall enter into any amendments to this Agreement necessary to give effect to (a) the replacement of the applicable Liquidity Provider with
the applicable Replacement Liquidity Provider and (b) the replacement of the applicable Liquidity Facility with the applicable Replacement Liquidity Facility, and (4) the applicable Replacement Liquidity Provider shall be deemed to be a
Liquidity Provider with the rights and obligations of a Liquidity Provider hereunder and under the other Operative Agreements and such Replacement Liquidity Facility shall be deemed to be a Liquidity Facility hereunder and under the other Operative
Agreements. 
 (f) Cash Collateral Accounts; Withdrawals; Investments. In the event the Subordination Agent shall draw all Available
Amounts under the Class AA Liquidity Facility or the Class A Liquidity Facility pursuant to Section 3.05(c), 3.05(d), 3.05(i) or 3.05(k), or in the event amounts are to be deposited in the Class AA Cash Collateral Account or
the Class A Cash Collateral Account pursuant to subclause (A) or (B) of clause “fourth” of Section 3.02, amounts so drawn or to be deposited, as the case may be, shall be deposited by the Subordination Agent in the
Class AA Cash Collateral Account or the Class A Cash Collateral Account, as applicable. All amounts on deposit in each Cash Collateral Account shall be invested and reinvested in Eligible Investments in accordance with
Section 2.02(b). 
 On each Interest Payment Date (or, in the case of any Special Distribution Date with respect to the distribution of
a Special Payment, on such Special Distribution Date), Investment Earnings on amounts on deposit in each Cash Collateral Account with respect to any Liquidity Facility (or in the case of any Special Distribution Date with respect to the distribution
of a Special Payment, so long as no Indenture Event of Default shall have occurred and be continuing under any Indenture, a fraction of such Investment Earnings equal to the Section 2.04 Fraction) shall be deposited in the Collection Account
(or, in the case of any Special Distribution Date with respect to the distribution of a Special Payment, the Special Payments Account) and applied on such Interest Payment Date (or Special Distribution Date, as the case may be) in accordance with
Section 3.02 or 3.03 (as applicable). The Subordination Agent shall deliver a written statement to Delta and each Liquidity Provider one day prior to each Interest Payment Date and Special Distribution Date setting forth the aggregate
amount of Investment Earnings held in the Cash Collateral Accounts as of such date. In addition, from and after the date funds are so deposited, the Subordination Agent shall make withdrawals from such accounts as follows: 

(i) on each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued and
unpaid interest due and owing on the Class AA Certificates (at the Stated Interest Rate for the Class AA Certificates) after giving 

  
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effect to the subordination provisions of this Agreement, withdraw from the Class AA Cash Collateral Account, and pay to the Class AA Trustee, an amount equal to the lesser of
(x) an amount necessary to pay accrued and unpaid interest (at the Stated Interest Rate for the Class AA Certificates) on the Class AA Certificates and (y) the amount on deposit in the Class AA Cash Collateral Account; 

(ii) on each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued
and unpaid interest due and owing on the Class A Certificates (at the Stated Interest Rate for the Class A Certificates) after giving effect to the subordination provisions of this Agreement, withdraw from the Class A Cash Collateral
Account, and pay to the Class A Trustee, an amount equal to the lesser of (x) an amount necessary to pay accrued and unpaid interest (at the Stated Interest Rate for the Class A Certificates) on the Class A Certificates and
(y) the amount on deposit in the Class A Cash Collateral Account; 
 (iii) on each date on which the Pool Balance
of the Class AA Trust shall have been reduced by payments made to the Class AA Certificateholders pursuant to Section 3.02 hereof, the Subordination Agent shall withdraw from the Class AA Cash Collateral Account such amount as is
necessary so that, after giving effect to the reduction of the Pool Balance on such date (and any reduction in the amounts on deposit in the Class AA Cash Collateral Account resulting from a prior withdrawal of amounts on deposit in the
Class AA Cash Collateral Account on such date) and any transfer of Investment Earnings from such Cash Collateral Account to the Collection Account or the Special Payments Account on such date, an amount equal to the sum of the Required Amount
(with respect to the Class AA Liquidity Facility) plus (if on a Distribution Date not coinciding with an Interest Payment Date) Investment Earnings on deposit in such Cash Collateral Account (after giving effect to any such transfer of
Investment Earnings) will remain on deposit in the Class AA Cash Collateral Account and shall first, pay such withdrawn amount to the Class AA Liquidity Provider until the Class AA Liquidity Obligations owing to such Liquidity
Provider shall have been paid in full, and second, deposit any remaining withdrawn amount in the Collection Account; 
 (iv)
on each date on which the Pool Balance of the Class A Trust shall have been reduced by payments made to the Class A Certificateholders pursuant to Section 3.02 hereof, the Subordination Agent shall withdraw from the Class A Cash
Collateral Account such amount as is necessary so that, after giving effect to the reduction of the Pool Balance on such date (and any reduction in the amounts on deposit in the Class A Cash Collateral Account resulting from a prior withdrawal
of amounts on deposit in the Class A Cash Collateral Account on such date) and any transfer of Investment Earnings from such Cash Collateral Account to the Collection Account or the Special Payments Account on such date, an amount equal to the
sum of the Required Amount (with respect to the Class A Liquidity Facility) plus (if on a Distribution Date not coinciding with an Interest Payment Date) Investment Earnings on deposit in such Cash Collateral Account (after giving effect to any
such transfer of Investment Earnings) will remain on deposit in the Class A Cash Collateral Account and shall first, pay such withdrawn amount to the Class A Liquidity Provider until the Class A Liquidity Obligations owing to such
Liquidity Provider shall have been paid in full, and second, deposit any remaining withdrawn amount in the Collection Account; 

  
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 (v) if a Replacement Liquidity Facility for any relevant Class of
Certificates shall be delivered to the Subordination Agent following the date on which funds have been deposited into the Cash Collateral Account for such Class of Certificates, the Subordination Agent shall withdraw all amounts remaining on
deposit in such Cash Collateral Account and shall pay such amounts to the replaced Liquidity Provider, if any, until all Liquidity Obligations owed to such Person shall have been paid in full, and deposit any remaining amount in the Collection
Account; 
 (vi) if the Liquidity Provider with respect to a Downgraded Facility satisfies the Threshold Rating and delivers
written notice to such effect to the Subordination Agent and Delta, on the second Business Day following receipt of such notice, the Subordination Agent shall withdraw all amounts remaining on deposit in the applicable Cash Collateral Account
constituting the unapplied amount of any Downgrade Drawing and shall pay such amounts to such Liquidity Provider and the obligations of such Liquidity Provider shall be reinstated in accordance with the applicable Liquidity Facility; and 

(vii) following (x) the payment of Final Distributions or (y) the Final Legal Distribution Date with respect to any
Class of Certificates covered by a Liquidity Facility, on the date on which the Subordination Agent shall have been notified by the Liquidity Provider for such Class of Certificates that the Liquidity Obligations owed to such Liquidity
Provider have been paid in full, or, if earlier, the first Business Day after such Final Legal Distribution Date, the Subordination Agent shall withdraw all amounts on deposit in the Cash Collateral Account in respect of such Class of
Certificates, if any, and shall deposit such amounts in the Collection Account. 
 (g) Reinstatement. With respect to any Interest
Drawing under the Liquidity Facility for any relevant Trust, upon the reimbursement of the applicable Liquidity Provider for all or any part of the amount of such Interest Drawing, together with any accrued interest thereon, the Available Amount of
such Liquidity Facility shall be reinstated by an amount equal to the amount of such Interest Drawing so reimbursed to the applicable Liquidity Provider but not to exceed the Stated Amount for such Liquidity Facility; provided,
however, that the Available Amount of such Liquidity Facility shall not be so reinstated in part or in full pursuant to the foregoing provisions of this Section 3.05(g) at any time if (x) both a Performing Note Deficiency exists and
a Liquidity Event of Default shall have occurred and be continuing with respect to the relevant Liquidity Facility or (y) a Final Drawing, Downgrade Drawing, Non-Extension Drawing or Special Termination
Advance shall have occurred with respect to such Liquidity Facility or an Interest Drawing shall have been converted into a Final Drawing. Notwithstanding anything to the contrary, in the event that, with respect to any particular Liquidity
Facility, (i) funds are withdrawn from the related Cash Collateral Account pursuant to clause (i) or (ii) of Section 3.05(f) or (ii) such Liquidity Facility shall become a Downgraded Facility or a Non-Extended Facility at a time when unreimbursed Interest Drawings under such Liquidity Facility have reduced the Available Amount thereunder to zero, then funds received by the Subordination Agent at any time,

  
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other than (x) any time when both a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to such Liquidity Facility or
(y) any time after a Final Drawing shall have occurred with respect to such Liquidity Facility or an Interest Drawing for such Liquidity Facility shall have been converted into a Final Drawing, shall be deposited in such Cash Collateral Account
as and to the extent provided in clause “fourth” of Section 3.02 and applied in accordance with Section 3.05(f). 

(h) Reimbursement. The amount of each drawing under the Liquidity Facilities shall be due and payable, together with interest thereon,
on the dates and at the rates, respectively, provided in the Liquidity Facilities. 
 (i) Final Drawing. Upon receipt from a Liquidity
Provider of a Termination Notice with respect to its applicable Liquidity Facility, the Subordination Agent shall, not later than the date specified in such Termination Notice, in accordance with the terms of such Liquidity Facility, request a
drawing under such Liquidity Facility of the Available Amount thereunder (a “Final Drawing”). Amounts drawn pursuant to a Final Drawing shall be maintained and invested in accordance with Section 3.05(f). 

(j) Adjustments of Stated Amount. Promptly following each date on which the Required Amount of the Liquidity Facility for a relevant
Class of Certificates is reduced as a result of a reduction in the Pool Balance with respect to such Certificates or otherwise, the Subordination Agent shall, if any such Liquidity Facility provides for reductions of the Stated Amount of such
Liquidity Facility and if such reductions are not automatic, request such Liquidity Provider for such Class of Certificates to reduce such Stated Amount to an amount equal to the Required Amount with respect to such Liquidity Facility (as
calculated by the Subordination Agent after giving effect to such payment). Each such request shall be made in accordance with the provisions of the applicable Liquidity Facility. 

(k) Special Termination Advance. Upon receipt from a Liquidity Provider of a Special Termination Notice with respect to any Liquidity
Facility, the Subordination Agent shall, not later than the date specified in such Special Termination Notice, in accordance with the terms of such Liquidity Facility, request a Special Termination Advance under such Liquidity Facility. Amounts
drawn pursuant to a Special Termination Advance shall be maintained and invested in accordance with Section 3.05(f) hereof. 
 (l)
Relation to Subordination Provisions. Interest Drawings under the Liquidity Facilities and withdrawals from the Cash Collateral Accounts, in each case, in respect of interest on the Certificates of any Class, will be distributed to the
Trustee for such Class of Certificates, notwithstanding Sections 2.01(b) and 3.02. 
 (m) Assignment of Liquidity
Facility. The Subordination Agent agrees not to consent to the assignment by any Liquidity Provider of any of its rights or obligations under any Liquidity Facility or any interest therein unless (i) Delta shall have consented to such
assignment and (ii) each Rating Agency shall have provided a Ratings Confirmation with respect to each Class of Certificates then rated by such Rating Agency in connection with such assignment; provided, that the Subordination Agent
shall consent to such assignment if the conditions in the foregoing clauses (i) and (ii) are satisfied, and the foregoing is not intended to and shall not be construed to limit the rights of any initial Liquidity Provider under
Section 3.05(e)(ii). 

  
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 ARTICLE IV 

EXERCISE OF REMEDIES 

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

(iv) Upon the occurrence and continuation of an Indenture Event of Default under any Indenture, the Subordination Agent will obtain a desktop
appraisal from each of the three Appraisers selected by the Controlling Party setting forth the current market value, current lease rate and distressed value (in each case, as defined by the International Society of Transport Aircraft Trading or any
successor organization) of the Aircraft subject to such Indenture (each such appraisal, an “Appraisal” and the current market value appraisals being referred to herein as the “Post-Default Appraisals”). For so long
as any Indenture Event of Default shall be continuing under any Indenture, and without limiting the right of the Controlling Party to request more frequent Appraisals, the Subordination Agent will obtain updated Appraisals on the date that

  
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is 364 days from the date of the most recent Appraisal (or if a Delta Bankruptcy Event shall have occurred and is continuing, on the date that is 180 days from the date of the
most recent Appraisal) and shall (acting on behalf of each Trustee) post such Appraisals on DTC’s Internet bulletin board or make such other commercially reasonable efforts as the Subordination Agent may deem appropriate to make such Appraisals
available to all Certificateholders. 
 (b) Following the occurrence and during the continuance of an Indenture Event of Default under any
Indenture, the Controlling Party shall take such actions as it may reasonably deem most effectual to complete the sale or other disposition of the relevant Aircraft or Equipment Notes. In addition, in lieu of any sale, assignment, contract to sell
or other disposition, the Controlling Party may maintain or cause the Subordination Agent to maintain possession of such Equipment Notes and continue to apply monies received in respect of such Equipment Notes in accordance with Article III
hereof. In addition, in lieu of such sale, assignment, contract to sell or other disposition, or in lieu of such maintenance of possession, the Controlling Party may direct the Subordination Agent to, subject to the terms and conditions of the
related Indenture, instruct the Loan Trustee under such Indenture to foreclose on the Lien on the related Aircraft or to take any other remedial action permitted under such Indenture or under any applicable law. 

(c) If following a Delta Bankruptcy Event and during the pendency thereof, the Controlling Party receives a proposal from or on behalf of Delta
to restructure the financing of any one or more of the Aircraft, the Controlling Party shall promptly thereafter give the Subordination Agent, each Trustee and each Liquidity Provider that has not made a Final Drawing notice of the material economic
terms and conditions of such restructuring proposal whereupon the Subordination Agent acting on behalf of each Trustee shall post such terms and conditions of such restructuring proposal on DTC’s Internet bulletin board or make such other
commercially reasonable efforts as the Subordination Agent may deem appropriate to make such terms and conditions available to all Certificateholders. Thereafter, neither the Subordination Agent nor any Trustee, whether acting on instructions of the
Controlling Party or otherwise, may, without the consent of each Trustee and each Liquidity Provider that has not made a Final Drawing, enter into any term sheet, stipulation or other agreement (a “Restructuring Arrangement”)
(whether in the form of an adequate protection stipulation, an extension under Section 1110(b) of the Bankruptcy Code or otherwise) to effect any such restructuring proposal with or on behalf of Delta unless and until the material economic
terms and conditions of such restructuring proposal shall have been made available to all Certificateholders and each Liquidity Provider that has not made a Final Drawing for a period of not less than 15 days (except that such requirement
shall not apply to any such term sheet, stipulation or other agreement that is to be effective on or as of any date occurring during the 60-Day Period and that is initially effective for a period not
exceeding three months from the expiry of the 60-Day Period (an “Interim Restructuring Arrangement”)). The foregoing provisions of this Section 4.01(c): (i) shall not apply to any
extension of a Restructuring Arrangement with respect to which such provisions have been complied with in connection with the original entry thereof if the possibility of such extension has been disclosed in satisfaction of the notification
requirements of such provisions and such extension shall not amend or modify any of the other terms and conditions of such Restructuring Arrangement and (ii) shall apply to the initial extension of an Interim Restructuring Arrangement beyond
the three months following the expiry of the 60-Day Period but not to any subsequent extension of such Interim Restructuring 

  
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Arrangement, if the possibility of such subsequent extension has been disclosed in satisfaction of the notification requirements of such provisions and such subsequent extension shall not amend
or modify any of the other terms and conditions of such Interim Restructuring Arrangement. In the event that any Certificateholder gives irrevocable notice of the exercise of its right to purchase all (but not less than all) of the Class of
Certificates represented by the then Controlling Party pursuant to the applicable Trust Agreement, prior to the expiry of the 15-day notice period specified above, such Controlling Party may not direct
the Subordination Agent or any Trustee to enter into any such restructuring proposal with respect to any of the Aircraft, unless and until such Certificateholder shall fail to purchase such Class of Certificates on the date that it is required
to make such purchase. 
 Section 4.02 Remedies Cumulative. To the extent permitted by applicable law, each and every right,
power and remedy given to the Trustees, the Liquidity Providers, the Controlling Party or the Subordination Agent specifically or otherwise in this Agreement shall be cumulative and shall be in addition to every other right, power and remedy herein
specifically given or now or hereafter existing at law, in equity or by statute, and each and every right, power and remedy whether specifically herein given or otherwise existing may, subject always to the terms and conditions hereof, be exercised
from time to time and as often and in such order as may be deemed expedient by any Trustee, any Liquidity Provider, the Controlling Party or the Subordination Agent, as appropriate, and the exercise or the beginning of the exercise of any right,
power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other right, power or remedy. No delay or omission by any Trustee, any Liquidity Provider, the Controlling Party or the Subordination
Agent in the exercise of any right, remedy or power or in the pursuit of any remedy shall, to the extent permitted by applicable law, impair any such right, power or remedy or be construed to be a waiver of any default or to be an acquiescence
therein. 
 Section 4.03 Discontinuance of Proceedings. In case any party to this Agreement (including the Controlling Party in
such capacity) shall have instituted any Proceeding to enforce any right, power or remedy under this Agreement by foreclosure, entry or otherwise, and such Proceeding shall have been discontinued or abandoned for any reason or shall have been
determined adversely to the Person instituting such Proceeding, then and in every such case each such party shall, subject to any determination in such Proceeding, be restored to its former position and rights hereunder, and all rights, remedies and
powers of such party shall continue as if no such Proceeding had been instituted. 
 Section 4.04 Right of
Certificateholders and the Liquidity Providers to Receive Payments Not to Be Impaired. Anything in this Agreement to the contrary notwithstanding but subject to each Trust Agreement, the right of any Certificateholder or any
Liquidity Provider, respectively, to receive payments hereunder (including, without limitation, pursuant to Section 3.02) when due, or to institute suit for the enforcement of any such payment on or after the applicable Distribution Date, shall
not be impaired or affected without the consent of such Certificateholder or such Liquidity Provider, respectively. 

  
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 ARTICLE V 

DUTIES OF THE SUBORDINATION AGENT; AGREEMENTS OF TRUSTEES, ETC. 

Section 5.01 Notice of Indenture Event of Default or Triggering Event. (a) If the Subordination Agent shall have knowledge of
an Indenture Event of Default or a Triggering Event, the Subordination Agent shall promptly give notice thereof to the Rating Agencies, Delta, the Liquidity Providers and the Trustees by telegram, cable, facsimile or telephone (to be promptly
confirmed in writing), unless such Indenture Event of Default or Triggering Event shall have been cured or waived. For all purposes of this Agreement, in the absence of actual knowledge, the Subordination Agent shall not be deemed to have knowledge
of any Indenture Event of Default or Triggering Event unless notified in writing by Delta, one or more Trustees, one or more Liquidity Providers or one or more Certificateholders; and “actual knowledge” (as used in the foregoing clause) of
the Subordination Agent shall mean actual knowledge of a Responsible Officer of the Subordination Agent. 
 (b) Other Notices. The
Subordination Agent will furnish to each Liquidity Provider and each Trustee, promptly upon receipt thereof, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and other instruments furnished to the
Subordination Agent as registered holder of the Equipment Notes or otherwise in its capacity as Subordination Agent to the extent the same shall not have been otherwise directly distributed to such Liquidity Provider or such Trustee, as applicable,
pursuant to any other Operative Agreement. 
 (c) Securities Position. Upon the occurrence of an Indenture Event of Default, the
Subordination Agent shall instruct the Trustees to, and the Trustees shall, request that DTC post on its Internet bulletin board a securities position listing setting forth the names of all the parties reflected on DTC’s books as holding
interests in the Certificates. 
 (d) Reports. Promptly after the occurrence of a Triggering Event or an Indenture Event of Default
resulting from the failure of Delta to make payments on any Equipment Note and on every Regular Distribution Date while the Triggering Event or such Indenture Event of Default shall be continuing, the Subordination Agent will provide to the
Trustees, the Liquidity Providers, the Rating Agencies and Delta a statement setting forth the following information: 
 (i)
after a Delta Bankruptcy Event, with respect to each Aircraft, whether such Aircraft is (A) subject to the 60-Day Period, (B) subject to an election by Delta under Section 1110(a) of the
Bankruptcy Code, (C) covered by an agreement contemplated by Section 1110(b) of the Bankruptcy Code or (D) not subject to any of (A), (B) or (C); 

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

(iii) the current Pool Balance of each Class of Certificates, the Eligible A Pool Balance and the outstanding principal
amount of all Equipment Notes; 

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

(x) after a Delta Bankruptcy Event, any operational reports filed by Delta with the bankruptcy court which are available to the
Subordination Agent on a non-confidential basis. 
 Section 5.02 Indemnification. The
Subordination Agent shall not be required to take any action or refrain from taking any action under Article IV unless the Subordination Agent shall have received indemnification against any risks that may be incurred in connection therewith in
form and substance reasonably satisfactory to it, including, without limitation, adequate advances against costs (including fees and expenses) that may be incurred by it in connection therewith. The Subordination Agent shall not be required to take
any action under Article IV, nor shall any other provision of this Agreement or any other Operative Agreement be deemed to impose a duty on the Subordination Agent to take any action, if the Subordination Agent shall have been advised by
outside counsel that such action is contrary to the terms hereof or is otherwise contrary to law. Under no circumstances shall the Subordination Agent be required to expend or risk its own funds or otherwise incur any financial liability in
performing its duties or exercising its rights or powers hereunder if it shall have reasonable grounds for believing that repayment of such funds is not assured to it. 

Section 5.03 No Duties Except as Specified in Intercreditor Agreement. The Subordination Agent shall
not have any duty or obligation to take or refrain from taking any action under, or in connection with, this Agreement, except as expressly provided by the terms of this Agreement; and no implied duties or obligations shall be read into this
Agreement against the Subordination Agent. The Subordination Agent agrees that it will, in its individual capacity and at its own cost and expense (but without any right of indemnity in respect of any such cost or expense) promptly take such action
as may be necessary to discharge duly all Liens on any of the Trust Accounts or any monies deposited therein that are attributable to the Subordination Agent in its individual capacity and that are unrelated to the transaction contemplated hereby
and by the other Operative Agreements. 

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

THE SUBORDINATION AGENT 

Section 6.01 Authorization; Acceptance of Trusts and Duties. Each Trustee hereby designates and appoints the Subordination Agent
as the agent and trustee of such Trustee under the applicable Liquidity Facility (if any) and authorizes the Subordination Agent to enter into the applicable Liquidity Facility as agent and trustee for such Trustee. Each of the Liquidity Providers
and the Trustees hereby designates and appoints the Subordination Agent as the Subordination Agent under this Agreement. U.S. Bank accepts the trusts and duties hereby created and applicable to it and agrees to perform such duties, but only
upon the terms of this Agreement and agrees to receive, handle and disburse all monies received by it in accordance with the terms hereof. The Subordination Agent shall have no liability hereunder or any other Operative Agreement except (a) for
its own willful misconduct or negligence, (b) as provided in Section 2.02 and the last sentence of Section 5.03, (c) for liabilities that may result from the inaccuracy of any representation or warranty of the Subordination Agent
made in its individual capacity in any Operative Agreement and (d) as otherwise expressly provided herein or in the other Operative Agreements. 

Section 6.02 Absence of Duties. The Subordination Agent shall have no duty to see to any recording or filing of this Agreement or
any other document, or to see to the maintenance of any such recording or filing. 
 Section 6.03 No Representations or Warranties
as to Documents. The Subordination Agent shall not be deemed to have made any representation or warranty as to the validity, legality or enforceability of this Agreement or any other Operative Agreement or as to the correctness of any statement
contained herein or therein (other than the representations and warranties of the Subordination Agent made in its individual capacity under any Operative Agreement), except that the Subordination Agent hereby represents and warrants that each of
said specified documents to which it is a party has been or will be duly executed and delivered by one of its officers who is and will be duly authorized to execute and deliver such document on its behalf. The Certificateholders, the Trustees and
the Liquidity Providers make no representation or warranty hereunder whatsoever. 
 Section 6.04 No Segregation of Monies; No
Interest. Any monies paid to or retained by the Subordination Agent pursuant to any provision hereof and not then required to be distributed to any Trustee or any Liquidity Provider as provided in Articles II and III or deposited into one or
more Trust Accounts need not be segregated in any manner except to the extent required by such Articles II and III and by law, and the Subordination Agent shall not (except as otherwise provided in Section 2.02) be liable for any interest
thereon; provided, however, that any payments received or applied hereunder by the Subordination Agent shall be accounted for by the Subordination Agent so that any portion thereof paid or applied pursuant hereto shall be identifiable
as to the source thereof. 

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

Section 6.06 Capacity in Which Acting. The Subordination Agent acts hereunder and under the other Operative Agreements solely as
agent or trustee herein and not in its individual capacity, except as otherwise expressly provided herein and in the Operative Agreements. 

Section 6.07 Compensation. The Subordination Agent shall be entitled to such compensation, including reasonable expenses and
disbursements, for all services rendered hereunder as Delta and the Subordination Agent may agree from time to time in writing and shall have a priority claim to the extent set forth in Article III on all monies collected hereunder for the
payment of such compensation, to the extent that such compensation shall not be paid by others. The Subordination Agent agrees that it shall have no right against any Trustee or any Liquidity Provider for any fee as compensation for its services as
agent under this Agreement. The provisions of this Section 6.07 shall survive the termination of this Agreement. 
 Section 6.08
May Become Certificateholder. The institution acting as Subordination Agent hereunder may become a Certificateholder and have all rights and benefits of a Certificateholder to the same extent as if it were not the institution acting as
the Subordination Agent. 
 Section 6.09 Subordination Agent Required; Eligibility. There shall at all times be a Subordination
Agent hereunder that is a Citizen of the United States, a bank, trust company or other financial institution organized and doing business under the laws of the United States or 

  
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any state thereof and eligible to act as a trustee under Section 310(a) of the Trust Indenture Act of 1939, as amended, and that has a combined capital and surplus of at least
$75,000,000 (or a combined capital and surplus in excess of $5,000,000 and the obligations of which, whether now in existence or hereafter incurred, are fully and unconditionally guaranteed by a corporation organized under the laws of the United
States or any State or territory thereof or the District of Columbia and having a combined capital and surplus of at least $75,000,000). If such bank, trust company or other financial institution or such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section 6.09 the combined capital and surplus of such bank, trust
company or other financial institution or such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 

In case at any time the Subordination Agent shall cease to be eligible in accordance with the provisions of this Section 6.09, the
Subordination Agent shall resign immediately in the manner and with the effect specified in Section 7.01. 
 Section 6.10 Money
to Be Held in Trust. All Equipment Notes, monies and other property deposited with or held by the Subordination Agent pursuant to this Agreement shall be held in trust for the benefit of the parties entitled to such Equipment Notes, monies and
other property and the Subordination Agent, in its individual capacity, hereby waives all rights of set-off and counterclaim with respect to all such property. 

Section 6.11 Notice of Substitution or Replacement of Airframe. If the Subordination Agent, in its capacity as a holder of
Equipment Notes issued under an Indenture, receives a notice of substitution of a Substitute Airframe (as defined in such Indenture) pursuant to Section 7.04(e) of such Indenture, a notice of substitution of a Substitute Aircraft (as defined in
such Indenture) pursuant to Section 7.04(f) of such Indenture or a notice of delivery of a Replacement Airframe (as defined in such Indenture) pursuant to Section 7.05(a) of such Indenture, the Subordination Agent shall promptly
(i) provide a copy of such notice to each Trustee, each Liquidity Provider and each Rating Agency and (ii) direct each Trustee to post such notice on DTC’s Internet bulletin board or make such other commercially reasonable efforts as
the Subordination Agent may deem appropriate to make the contents of such notice available to all Certificateholders. 
 ARTICLE VII

 SUCCESSOR SUBORDINATION AGENT 

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

  
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 (1) the Subordination Agent fails to comply with Section 6.09; 

(2) the Subordination Agent is adjudged bankrupt or insolvent or files a bankruptcy petition; 

(3) a receiver of the Subordination Agent shall be appointed or any public officer shall take charge or control of the Subordination Agent or
its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 
 (4) the Subordination Agent otherwise becomes
incapable of acting. 
 If the Subordination Agent resigns or is removed or if a vacancy exists in the office of Subordination Agent for any
reason (the Subordination Agent in such event being referred to herein as the retiring Subordination Agent), the Controlling Party (or the party that would be the Controlling Party if an Indenture Event of Default had occurred) shall promptly
appoint a successor Subordination Agent. If a successor Subordination Agent shall not have been appointed within 60 days after such notice of resignation or removal, the retiring Subordination Agent, one or more of the Trustees or one or
more of the Liquidity Providers may petition any court of competent jurisdiction for the appointment of a successor Subordination Agent to act until such time, if any, as a successor shall have been appointed as provided above. 

A successor Subordination Agent shall deliver (x) a written acceptance of its appointment as Subordination Agent hereunder to the
retiring Subordination Agent and (y) a written assumption of its obligations hereunder and under each Liquidity Facility to each party hereto, upon which the resignation or removal of the retiring Subordination Agent shall become effective, and
the successor Subordination Agent shall have all the rights, powers and duties of the Subordination Agent under this Agreement. The successor Subordination Agent shall mail a notice of its succession to Delta, the Liquidity Providers and the
Trustees. The retiring Subordination Agent shall promptly transfer its rights under each of the Liquidity Facilities and all of the property and all books and records, or true, complete and correct copies thereof, held by it as Subordination Agent
to the successor Subordination Agent. 
 If the Subordination Agent fails to comply with Section 6.09 (to the extent applicable), one
or more of the Trustees or one or more of the Liquidity Providers may petition a court of competent jurisdiction for the removal of the Subordination Agent and the appointment of a successor Subordination Agent. 

Notwithstanding the foregoing, no resignation or removal of the Subordination Agent shall be effective unless and until a successor has been
appointed. No appointment of a successor Subordination Agent shall be effective unless and until the Rating Agencies shall have delivered a Ratings Confirmation with respect to each Class of Certificates then rated by the Rating Agencies. 

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

ARTICLE VIII 

SUPPLEMENTS AND AMENDMENTS 

Section 8.01 Amendments, Waivers, Etc. (a) This Agreement may not be supplemented, amended or modified without the consent of
each Trustee (acting, except in the case of any amendment pursuant to Section 3.05(e)(v) or any amendment contemplated by the last sentence of this Section 8.01(a), with the consent of holders of Outstanding Certificates of the related
Class evidencing Fractional Undivided Interests in the related Trust aggregating not less than a majority in interest in such Trust or as otherwise authorized pursuant to the relevant Trust Agreement (including, without limitation, without the
consent of the Certificateholders to the extent permitted thereby, Section 9.01 thereof)), the Subordination Agent and each Liquidity Provider; provided, however, that this Agreement may be supplemented, amended or modified by a
written agreement of Delta and the Subordination Agent (which will execute such agreement as directed by Delta, to the extent such amendment is in accordance with this Section 8.01(a)) without the consent of any Trustee or any Liquidity
Provider (i) in order to cure any ambiguity or omission or to correct any mistake, (ii) in order to make any other provision in regard to matters or questions arising hereunder that will not materially adversely affect the interests of any
Trustee or the holders of the related Class of Certificates or any Liquidity Provider (provided, that the consent of any Trustee or Liquidity Provider shall be required only if such Trustee’s interests (or the interests of the
holders of the related Class of Certificates) or such Liquidity Provider’s interests, respectively, will be materially adversely affected), (iii) in order to give effect to substitution of any Aircraft pursuant to Section 7.04(f) of
the related Indenture and other matters incidental thereto or (iv) if such supplement, amendment or modification is in accordance with Section 8.01(c) or 8.01(d); provided further, however, that, if such
supplement, amendment or modification (x) would directly or indirectly amend, modify or supersede, or otherwise conflict with, Section 2.02(b), 3.05(c), 3.05(e), 3.05(f), 3.05(m), 4.01(a)(ii) or 4.01(c), this proviso of
Section 8.01(a), the last sentence of Section 8.01(a) or Section 8.01(c), 8.01(d) or 9.06 (collectively, the “Delta Provisions”), (y) would otherwise adversely affect the interests of any potential
Replacement Liquidity Provider or of Delta with respect to Delta’s ability to replace any Liquidity Facility or with respect to Delta’s payment obligations under any Operative Agreement or (z) is made pursuant to the last sentence of
this Section 8.01(a) or pursuant to Section 8.01(c) or pursuant to Section 8.01(d), then such supplement, amendment or modification shall not be effective without the additional written

  
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consent of Delta. Notwithstanding the foregoing, without the consent of each Certificateholder affected thereby and each Liquidity Provider, no supplement, amendment or modification of this
Agreement may (i) reduce the percentage of the interest in any Trust evidenced by the Certificates issued by such Trust necessary to consent to modify or amend any provision of this Agreement or to waive compliance therewith or (ii) except
as provided in the last sentence of this Section 8.01(a) or Section 8.01(c) or Section 8.01(d), modify Section 2.04, 3.02 or 3.03 hereof relating to the distribution of monies received by the Subordination Agent hereunder
from the Equipment Notes or pursuant to the Liquidity Facilities. Nothing contained in this Section 8.01(a) shall require the consent of a Trustee at any time following the payment of Final Distributions with respect to the related
Class of Certificates. If the Replacement Liquidity Facility for any Liquidity Facility is to be comprised of more than one instrument as contemplated by the definition of the term “Replacement Liquidity Facility”, then each party
hereto agrees to amend this Agreement and the other Operative Agreements to incorporate appropriate mechanics for multiple instruments for such Replacement Liquidity Facility for a single Trust (including without limitation clauses (i) and (ii)
of Section 2.04(a) and clauses “first” through “fifth” of Section 3.02, in each case, with respect to the Replacement Liquidity Provider of such Replacement Liquidity Facility). 

(b) In the event that the Subordination Agent, as the registered holder of any Equipment Notes, receives a request for the giving of notice or
its consent to any amendment, supplement, modification, approval, consent or waiver under such Equipment Notes, the Indenture pursuant to which such Equipment Notes were issued, the related Participation Agreement or other related document,
(i) if no Indenture Event of Default shall have occurred and be continuing with respect to such Indenture, the Subordination Agent shall request directions with respect to each series of such Equipment Notes from the Trustee of the Trust which
holds such Equipment Notes and shall vote or consent in accordance with the directions of such Trustee and (ii) if any Indenture Event of Default shall have occurred and be continuing with respect to such Indenture, the Subordination Agent will
exercise its voting rights as directed by the Controlling Party, subject to Sections 4.01 and 4.04. Notwithstanding the foregoing, without the consent of each Liquidity Provider and each affected Certificateholder holding Certificates
representing a Fractional Undivided Interest in the Equipment Notes under the applicable Indenture held by the Subordination Agent, no such amendment, supplement, modification, approval, consent or waiver shall (i) reduce the principal amount
of, Premium, if any, or interest on, any such Equipment Note under such Indenture (other than any change in the principal amount of any such Equipment Note in connection with any substitution pursuant to Section 7.04(f) of such Indenture);
(ii) change the date on which any principal amount of, Premium, if any, or interest on any such Equipment Note under such Indenture, is due or payable; (iii) create any Lien with respect to the Collateral subject to such Indenture prior to
or pari passu with the Lien thereon under such Indenture except such as are permitted by such Indenture; provided that, without the consent of each Certificateholder, no such amendment, supplement, modification, approval, consent or
waiver shall modify Section 3.03 or Section 9.02(a)(3) of such Indenture or deprive any Certificateholder of the benefit of the Lien of such Indenture on such Collateral, except as provided in connection with the exercise of remedies under
Article IV of such Indenture or as otherwise permitted by such Indenture; (iii) reduce the percentage of the outstanding principal amount of the Equipment Notes under such Indenture the consent of whose holders is required for any
supplemental agreement, or the consent of whose holders is required for any waiver of compliance with certain provisions of such 

  
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Indenture or of certain defaults thereunder or their consequences provided for in such Indenture; or (v) make any change in Section 4.05 or Section 9.02 of such Indenture, except
to provide that certain other provisions of such Indenture cannot be modified or waived without the consent of each holder of an Equipment Note under such Indenture affected thereby. 

(c) If (x) the Series A Equipment Notes (or any series of Additional Equipment Notes), with respect to all of the Aircraft for
which Series A Equipment Notes (or such series of Additional Equipment Notes) are at the time outstanding, are redeemed and new Equipment Notes of a corresponding series are to be issued with respect to any or all of the Aircraft under the
applicable Indentures or (y) at any time following the payment in full at maturity or otherwise of the Series A Equipment Notes (or any series of Additional Equipment Notes) with respect to all of the Aircraft for which Series A Equipment Notes
(or such series of Additional Equipment Notes) are at the time outstanding and new Equipment Notes of a corresponding series are to be issued with respect to any or all of the Aircraft under the applicable Indentures, in each case in accordance with
the terms of Section 2.02 of each such Indenture, such series of new Equipment Notes in each case (the “Refinancing Equipment Notes”) shall be issued to a new pass through trust (a “Refinancing Trust”) that
issues a class of pass through certificates (the “Refinancing Certificates”) to certificateholders (each, a “Refinancing Certificateholder”) pursuant to a pass through trust agreement (a “Refinancing Trust
Agreement”) with a trustee (a “Refinancing Trustee”). A Refinancing Trust, a Refinancing Trustee and the Refinancing Certificates shall be subject to all of the provisions of this Agreement in the same manner as the Trust,
the Trustee and the Certificates of the Class corresponding to the series of the refinanced Equipment Notes, including, the subordination of the Refinancing Certificates to the extent provided herein to (A) in the case of any Refinancing
Certificates issued in respect of Class A Certificates, the Administration Expenses, the Liquidity Obligations and the Class AA Certificates and (B) in the case of any Refinancing Certificates issued in respect of any
Additional Certificates, the Administration Expenses, the Liquidity Obligations, the Class AA Certificates, the Class A Certificates, and, if applicable, any other class of Additional Certificates that rank senior, in priority of payment
of “Expected Distributions” under this Agreement, to such Refinancing Certificates. Such issuance of Refinancing Equipment Notes and Refinancing Certificates and the amendment of this Agreement as provided below shall require Ratings
Confirmation with respect to each Class of Certificates then rated by the Rating Agencies and shall not materially adversely affect any of the Trustees in their individual capacities or any of the Liquidity Providers. This Agreement shall be
amended by written agreement of Delta and the Subordination Agent to give effect to the issuance of any Refinancing Certificates subject to the following terms and conditions: 

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

(ii) the definitions of “Certificate”, “Class”, “Class A Certificates”, “Final Legal
Distribution Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable definitions) shall be revised, as appropriate, to reflect such issuance (and the subordination, as applicable, of
the Refinancing Certificates and the Refinancing Equipment Notes); 
 (iii) the Refinancing Certificates may have the benefit
of credit support similar to the Liquidity Facilities or different therefrom and claims for fees, interest, expenses, 

  
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reimbursement of advances and other obligations arising from such credit support (A) in the case of any Refinancing Certificates issued in respect of the Class A Certificates, may
rank pari passu with similar claims in respect of the Class AA Liquidity Facility, (B) in the case of any Refinancing Certificates issued in respect of any class of Additional Certificates generally subordinated to the Class AA
Certificates and Class A Certificates (but not to any other class of Additional Certificates), may rank pari passu with similar claims in respect of the Class AA Liquidity Facility and the Class A Liquidity Facility, and
(C) in the case of any Refinancing Certificates issued in respect of any class of Additional Certificates to which clause (B) is not applicable, shall be subordinated to the Administration Expenses and the Liquidity Obligations relating to
each of the Class AA Certificates, the Class A Certificates and any more senior, in priority of “Expected Distributions” under this Agreement, class of Additional Certificates; provided that, (x) in each case, Ratings
Confirmation with respect to each Class of Certificates then rated by the Rating Agencies shall have been obtained and (y) (1) in the case of clause (A) the prior written consent of the Class AA Liquidity Provider shall have been
obtained and (2) in the case of clause (B) the prior written consent of the Class AA Liquidity Provider and the Class A Liquidity Provider shall have been obtained; 

(iv) the Refinancing Certificates cannot be issued to Delta but may be issued to any of Delta’s Affiliates so long as such
Affiliate shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents and any subsequent transfer of such Refinancing Certificates from such Affiliate to any other Affiliate of
Delta shall be similarly restricted; and 
 (v) the scheduled payment dates on the Refinancing Equipment Notes shall be the
Regular Distribution Dates. 
 The issuance of the Refinancing Certificates in compliance with all of the foregoing terms in
clauses (i) to (v) of this Section 8.01(c) shall be deemed to not materially adversely affect any of the Trustee’s rights and obligations and shall not require the consent of any of the Trustees or the holders of any
Class of Certificates. Each of the Liquidity Providers hereby agrees and confirms that it shall be deemed to consent to any issuance and amendment in accordance with this Section 8.01(c) (without prejudice to the consent rights of the
Liquidity Providers described in the proviso to clause (iii) thereof) and that any such issuance and amendment shall not affect any of its respective obligations under the applicable Liquidity Facility, provided that a condition to the
issuance of any Refinancing Certificates issued in respect of a Class of Certificates with a Liquidity Facility shall be the payment in full of all amounts owed to the Liquidity Provider under such Liquidity Facility and the termination of such
Liquidity Facility upon the issuance of such Refinancing Certificates. The Subordination Agent shall deliver to each Trustee and each Liquidity Provider (other than the Liquidity Provider of such terminated Liquidity Facility) a copy of the
amendments made to this Agreement and all opinions, certificates and other documents delivered in connection with the issuance of any Refinancing Certificates. 

(d) Pursuant to the terms of Section 2.02 of each applicable Indenture, one or more additional series of Equipment Notes (the
“Additional Equipment Notes”), which shall be subordinated in right of payment to the Series AA Equipment Notes, the Series A Equipment Notes 

  
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and, if applicable, one or more series of Additional Equipment Notes under such Indenture, may be issued at any time and from time to time with respect to any or all of the Aircraft. If any
series of Additional Equipment Notes are issued under any Indenture, each such series of Additional Equipment Notes shall be issued to a new pass through trust (an “Additional Trust”) that issues a class of pass through certificates
(the “Additional Certificates”) to certificateholders (each, an “Additional Certificateholder”) pursuant to a pass through trust agreement (an “Additional Trust Agreement”) with a trustee (an
“Additional Trustee”). In such case, this Agreement, including without limitation Sections 2.04, 3.01 and 3.02 hereof, shall be amended by written agreement of Delta and the Subordination Agent to provide for the
subordination of such class of Additional Certificates to, and to provide for distributions on the Additional Certificates after payment of, the Administration Expenses, the Liquidity Obligations, the Class AA Certificates, the Class A
Certificates and, if applicable, any other Additional Certificates that rank senior, in priority of payment of “Expected Distributions” under this Agreement, to such Additional Certificates (subject to clause (iii) below). Such
issuance, and the amendment of this Agreement as provided below shall require Ratings Confirmation with respect to each Class of Certificates then rated by the Rating Agencies and shall not materially adversely affect any of the Trustees in
their individual capacities or any of the Liquidity Providers. This Agreement shall be amended by written agreement of Delta and the Subordination Agent to give effect to the issuance of any Additional Certificates subject to the following terms and
conditions: 
 (i) the Additional Trustee shall be added as a party to this Agreement; 

(ii) the definitions of “Certificate”, “Class”, “Equipment Notes”, “Final Legal Distribution
Date”, “Trust”, “Trust Agreement”, and “Controlling Party” (and such other applicable definitions) shall be revised, as appropriate, to reflect the issuance of the Additional Certificates (and the subordination
thereof); 
 (iii) Section 3.02 may be revised, with respect to any class of Additional Certificates, to provide for the
distribution of “Adjusted Interest” for such class of Additional Certificates (calculated in a manner substantially similar to the calculation of Class A Adjusted Interest) after the Class A Adjusted Interest (and, if applicable,
after any “Adjusted Interest” for any Additional Certificates that rank senior, in priority of payment of “Expected Distributions” under this Agreement, to such Additional Certificates) but before Expected Distributions on the
Class AA Certificates; 
 (iv) the Additional Certificates may have the benefit of credit support similar to the
Liquidity Facilities or different therefrom, provided that (A) claims for fees, interest, expenses, reimbursement of advances and other obligations arising from such credit support (1) may, in the case of any class of Additional
Certificates generally subordinated to the Class AA Certificates and the Class A Certificates (but not any other class of Additional Certificates), rank pari passu with similar claims in respect of the Class AA Liquidity
Facility and the Class A Liquidity Facility so long as the prior written consent of the Class AA Liquidity Provider and the Class A Liquidity Provider shall have been obtained or (2) shall, in the case of any class of Additional
Certificates to which clause (1) is not applicable, be subordinated to the Administration Expenses and the Liquidity Obligations relating to each of the Class AA Certificates, Class A Certificates and any more senior, in priority of
“Expected Distributions” under this Agreement, class of Additional Certificates, and (B) Ratings Confirmation with respect to each Class of Certificates then rated by the Rating Agencies shall have been obtained; 

  
 Intercreditor Agreement
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 53 

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

(vi) the Additional Certificates cannot be issued to Delta but may be issued to any of Delta’s Affiliates so long as such
Affiliate shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents and any subsequent transfer of such Additional Certificates from such Affiliate to any other Affiliate of
Delta shall be similarly restricted; and 
 (vii) the scheduled payment dates on such series of Additional Equipment Notes
shall fall on a Regular Distribution Date. 
 The issuance of the Additional Certificates in compliance with all of the foregoing terms in
clauses (i) to (vii) of this Section 8.01(d) shall be deemed to not materially adversely affect any of the Trustee’s rights and obligations and shall not require the consent of any of the Trustees or the holders of any
Class of Certificates. Each of the Liquidity Providers hereby agrees and confirms that it shall be deemed to consent to any issuance and amendment in accordance with this Section 8.01(d) (without prejudice to the consent right of the
Liquidity Providers described in clause (iv)(1) thereof) and that any such issuance and amendment shall not affect any of its respective obligations under the applicable Liquidity Facility. The Subordination Agent shall deliver to each Trustee and
each Liquidity Provider a copy of the amendments made to this Agreement and all opinions, certificates and other documents delivered in connection with the issuance of any Additional Certificates. 

Section 8.02 Subordination Agent Protected. If, in the reasonable opinion of the institution acting as the Subordination Agent
hereunder, any document required to be executed by it pursuant to the terms of Section 8.01 adversely affects any right, duty, immunity or indemnity with respect to such institution under this Agreement or any Liquidity Facility, the
Subordination Agent may in its discretion decline to execute such document. 
 Section 8.03 Effect of Supplemental Agreements.
Upon the execution of any amendment, consent or supplement hereto pursuant to the provisions hereof, this Agreement shall be and shall be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Agreement of the parties hereto and beneficiaries hereof shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental agreement shall be and be deemed to be part of the terms and conditions of this Agreement for any and all purposes. In executing or accepting any supplemental agreement permitted by this Article VIII, the
Subordination Agent shall be entitled to receive, and shall be fully protected in relying upon, an opinion of counsel stating that the execution of such supplemental agreement is authorized or permitted by this Agreement. 

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

ARTICLE IX 

MISCELLANEOUS 

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

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

if to the Subordination Agent, to: 

U.S. Bank Trust National Association 

One Federal Street, 3rd Floor 

Boston, Massachusetts 02110 

Attention: Corporate Trust Administration 

Ref.: Delta 2020-1 EETC 

Telephone: (617) 603-6553 

Telecopy: (617) 603-6683 

if to any Trustee, to: 

  
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 U.S. Bank Trust National Association 

300 Delaware Avenue, 9th Floor 

Mail Code EX-DE-WDAW 

Wilmington, Delaware 19801 

Attention: Corporate Trust Services 

Ref.: Delta 2020-1 EETC 

Telephone: (302) 576-3703 

Telecopy: (302) 576-3717 

if to the Liquidity Provider, to: 

NATIONAL AUSTRALIA BANK LIMITED, acting through its New York Branch 

245 Park Avenue, 28th Floor 

New York, N.Y. 10167 

Attention: Cathy McManus 

Telephone: +1 212-916-9593 

Facsimile: +1 212-490-8087 

Email: ny_lending_administration@nabny.com 

with a copy to: 
 National
Australia Bank Limited 
 245 Park Avenue 

New York, NY 10167 
 Attention:
Director, Asset Finance & Leasing 
 Telephone: +1 (212) 916-9500 

Facsimile: +1 (212) 490-8087 

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

Section 9.04 Severability. To the extent permitted by applicable law, any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 9.05 No Oral
Modifications or Continuing Waivers. No terms or provisions of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party or other Person against whom enforcement of the
change, waiver, discharge or termination is sought and any other party or other Person whose consent is required pursuant to this Agreement and any waiver of the terms hereof shall be effective only in the specific instance and for the specific
purpose given. 

  
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 Section 9.06 Successors and Assigns. All covenants and agreements contained
herein shall bind and inure to the benefit of, and be enforceable by, each of the parties hereto and the successors and permitted assigns of each, all as herein provided. In addition, the Delta Provisions shall inure to the benefit of Delta and its
successors and permitted assigns, and (without limitation of the foregoing) Delta is hereby constituted, and agreed to be, an express third party beneficiary of the Delta Provisions. 

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

Section 9.09 Subordination. (a) As between the Liquidity Providers (and any additional liquidity providers in respect of any
class of Refinancing Certificates or any Additional Certificates), on the one hand, and the Trustees (and any Refinancing Trustees or any Additional Trustees) and the Certificateholders (and any Refinancing Certificateholders or any Additional
Certificateholders), on the other hand, and as among the Trustees (and any Refinancing Trustees or any Additional Trustee) and the related Certificateholders (and any Refinancing Certificateholders or any Additional Certificateholders) this
Agreement shall be a subordination agreement for purposes of Section 510 of the Bankruptcy Code. 
 (b) Notwithstanding the provisions
of this Agreement, if prior to the payment in full to the Liquidity Providers of all Liquidity Obligations then due and payable any party hereto shall have received any payment or distribution in respect of Equipment Notes or any other amount under
the Indentures or other Operative Agreements which, had the subordination provisions of this Agreement been properly applied to such payment, distribution or other amount, would not have been distributed to such Person, then such payment,
distribution or other amount shall be received and held in trust by such Person and paid over or delivered to the Subordination Agent for application as provided herein. 

(c) If any Trustee, any Liquidity Provider or the Subordination Agent receives any payment in respect of any obligations owing or amounts
distributable hereunder (or, in the case of the Liquidity Providers, in respect of the Liquidity Obligations), which is subsequently invalidated, declared preferential, set aside and/or required to be repaid to a trustee, receiver or other party,
then, to the extent of such payment, such obligations or amounts (or, in the case of the Liquidity Providers, such Liquidity Obligations) intended to be satisfied shall be revived and continue in full force and effect as if such payment had not been
received. 

  
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 (d) The Trustees (on behalf of themselves and the holders of Certificates), the Liquidity
Providers and the Subordination Agent expressly confirm and agree that the payment priorities and subordination specified in Articles II and III shall apply in all circumstances, notwithstanding (x) the fact that the obligations owed to the
Trustees are secured by certain assets and the Liquidity Obligations may not be so secured or (y) the occurrence of a Delta Bankruptcy Event or any similar event or occurrence relating to any other Person (it being expressly agreed that the
payment priorities and subordination specified in Articles II and III shall apply whether or not a claim for post-petition or post-filing interest is allowed in the proceedings resulting from such Delta Bankruptcy Event or other event or
occurrence). The Trustees expressly agree (on behalf of themselves and the holders of Certificates) not to assert priority over the holders of Liquidity Obligations (except as specifically set forth in Section 3.02) due to their status as
secured creditors in any bankruptcy, insolvency or other legal proceeding. 
 (e) Each of the Trustees (on behalf of themselves and the
holders of Certificates), the Liquidity Providers and the Subordination Agent may take any of the following actions without impairing its rights under this Agreement: 

(i) obtain a Lien on any property to secure any amounts owing to it hereunder, including, in the case of the Liquidity
Providers, the Liquidity Obligations; 
 (ii) obtain the primary or secondary obligation of any other obligor with respect to
any amounts owing to it hereunder, including, in the case of the Liquidity Providers, any of the Liquidity Obligations; 

(iii) renew, extend, increase, alter or exchange any amounts owing to it hereunder, including, in the case of the Liquidity
Providers, any of the Liquidity Obligations, or release or compromise any obligation of any obligor with respect thereto; 

(iv) refrain from exercising any right or remedy, or delay in exercising any right or remedy, which it may have; or 

(v) take any other action which might discharge a subordinated party or a surety under applicable law; 

provided, however, that the taking of any such actions by any of the Trustees, the Liquidity Providers or the Subordination Agent shall not
prejudice the rights or adversely affect the obligations of any other party under this Agreement. 
 Section 9.10 Governing Law.
THIS AGREEMENT HAS BEEN DELIVERED IN THE STATE OF NEW YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 

  
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 Section 9.11 Submission to Jurisdiction; Waiver of Jury Trial; Waiver of
Immunity. (a) Each of the parties hereto, to the extent it may do so under applicable law, for purposes hereof and of all other Operative Agreements hereby (i) irrevocably submits itself to the
non-exclusive jurisdiction of the courts of the State of New York sitting in the City of New York and to the non-exclusive jurisdiction of the United States
District Court for the Southern District of New York, for the purposes of any suit, action or other proceeding arising out of this Agreement, the subject matter hereof or any of the transactions contemplated hereby brought by any party or parties
hereto or thereto, or their successors or permitted assigns, (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, and (iii) agrees that
nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction. 

(b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty claims and all
other common law and statutory claims. Each of the parties warrants and represents that it has reviewed this waiver with its legal counsel, and that it knowingly and voluntarily waives its jury trial rights following consultation with such legal
counsel. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THIS WAIVER IS IRREVOCABLE AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
AGREEMENT. 
 (c) To the extent that any Liquidity Provider or any of its properties has or may hereafter acquire any right of immunity,
whether characterized as sovereign immunity or otherwise, and whether under the United States Foreign Sovereign Immunities Act of 1976 (or any successor legislation) or otherwise, from any legal proceedings, whether in the United States or
elsewhere, to enforce or collect upon this Agreement, including, without limitation, immunity from suit or service of process, immunity from jurisdiction or judgment of any court or tribunal or execution of a judgment, or immunity of any of its
property from attachment prior to any entry of judgment, or from attachment in aid of execution upon a judgment, each of the Class AA Liquidity Provider and the Class A Liquidity Provider, hereby irrevocably and expressly waives any such
immunity, and agrees not to assert any such right or claim in any such proceeding, whether in the United States or elsewhere. 

Section 9.12 Non-Petition. Each Liquidity Provider covenants that until one year and one
day after the Equipment Notes have been paid in full, it shall not acquiesce, petition or otherwise invoke or cause or join in invoking or causing any Trust or any other Person to invoke the process of any governmental authority for the purpose of
commencing or sustaining a case (whether voluntary or not) against such Trust under any bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of such Trust or
any substantial part of its property or ordering the winding up or liquidation of the affairs of such Trust. 

  
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 Section 9.13 U.S.A. Patriot Act. The parties hereto acknowledge that in
accordance with Section 326 of the U.S.A. Patriot Act, the Subordination Agent, like all financial institutions, in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that
identifies each person or legal entity that establishes a relationship or opens an account with the Subordination Agent. Each party to this Agreement agrees for itself that it will provide the Subordination Agent with such information relating to
such party as it may reasonably request in order for the Subordination Agent to satisfy the requirements of the U.S.A. Patriot Act. 

[Remainder of Page Intentionally Left Blank] 

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

			
	U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee for the Class AA Trust and Class A Trust
		
	By:	 	 /s/ Georgina Nassar

		 	Name: Georgina Nassar
		 	Title: Assistant Vice President
	
	U.S. BANK TRUST NATIONAL ASSOCIATION, as Subordination Agent
		
	By:	 	 /s/ Georgina Nassar

		 	Name: Georgina Nassar
		 	Title: Assistant Vice President

 Signature Page 

  
 Intercreditor Agreement
(2020-1) 

			
	NATIONAL AUSTRALIA BANK LIMITED, acting through its New York Branch,
	as Class AA Liquidity Provider and the Class A Liquidity Provider
		
	By:	 	 /s/ Daniel Carr

		 	Name: Daniel Carr
		 	Title: Director

 Signature Page 

  
 Intercreditor Agreement
(2020-1) 

 ANNEX A to 

INTERCREDITOR AGREEMENT (2020-1) 

AIRCRAFT 
  

													
	 No.
	  	 U.S.
Registration
No.
	  	 Airframe
Manufacturer
	  	 Airframe
Model
(including generic manufacturer
and model)
	  	 Airframe
MSN
	  	 Engine Manufacturer
	  	 Engine Model
(including
generic
manufacturer and model)

	1	  	N301DV	  	Airbus	  	A321-211	  	6923	  	CFM International, Inc.	  	CFM56-5B3/3
	2	  	N305DN	  	Airbus	  	A321-211	  	7149	  	CFM International, Inc.	  	CFM56-5B3/3
	3	  	N306DN	  	Airbus	  	A321-211	  	7165	  	CFM International, Inc.	  	CFM56-5B3/3
	4	  	N307DX	  	Airbus	  	A321-211	  	7214	  	CFM International, Inc.	  	CFM56-5B3/3
	5	  	N319DN	  	Airbus	  	A321-211	  	7479	  	CFM International, Inc.	  	CFM56-5B3/3
	6	  	N826DN	  	Boeing	  	737-932ER	  	31937	  	CFM International, Inc.	  	CFM56-7B26E
	7	  	N827DN	  	Boeing	  	737-932ER	  	31938	  	CFM International, Inc.	  	CFM56-7B26E
	8	  	N828DN	  	Boeing	  	737-932ER	  	31939	  	CFM International, Inc.	  	CFM56-7B26E
	9	  	N829DN	  	Boeing	  	737-932ER	  	31941	  	CFM International, Inc.	  	CFM56-7B26E
	10	  	N830DN	  	Boeing	  	737-932ER	  	31940	  	CFM International, Inc.	  	CFM56-7B26E
	11	  	N831DN	  	Boeing	  	737-932ER	  	31942	  	CFM International, Inc.	  	CFM56-7B26E
	12	  	N832DN	  	Boeing	  	737-932ER	  	31943	  	CFM International, Inc.	  	CFM56-7B26E
	13	  	N834DN	  	Boeing	  	737-932ER	  	31946	  	CFM International, Inc.	  	CFM56-7B26E
	14	  	N835DN	  	Boeing	  	737-932ER	  	31945	  	CFM International, Inc.	  	CFM56-7B26E
	15	  	N836DN	  	Boeing	  	737-932ER	  	31947	  	CFM International, Inc.	  	CFM56-7B26E
	16	  	N837DN	  	Boeing	  	737-932ER	  	31948	  	CFM International, Inc.	  	CFM56-7B26E
	17	  	N838DN	  	Boeing	  	737-932ER	  	31949	  	CFM International, Inc.	  	CFM56-7B26E
	18	  	N839DN	  	Boeing	  	737-932ER	  	31950	  	CFM International, Inc.	  	CFM56-7B26E
	19	  	N840DN	  	Boeing	  	737-932ER	  	31951	  	CFM International, Inc.	  	CFM56-7B26E

  
 Intercreditor Agreement
(2020-1) 

													
	 No.
	  	 U.S.
Registration
No.
	  	 Airframe
Manufacturer
	  	 Airframe
Model
(including generic manufacturer
and model)
	  	 Airframe
MSN
	  	 Engine Manufacturer
	  	 Engine Model
(including
generic
manufacturer and model)

	20	  	N841DN	  	Boeing	  	737-932ER	  	31952	  	CFM International, Inc.	  	CFM56-7B26E
	21	  	N851DN	  	Boeing	  	737-932ER	  	31962	  	CFM International, Inc.	  	CFM56-7B26E
	22	  	N852DN	  	Boeing	  	737-932ER	  	31963	  	CFM International, Inc.	  	CFM56-7B26E
	23	  	N853DN	  	Boeing	  	737-932ER	  	31964	  	CFM International, Inc.	  	CFM56-7B26E
	24	  	N854DN	  	Boeing	  	737-932ER	  	31965	  	CFM International, Inc.	  	CFM56-7B26E
	25	  	N855DN	  	Boeing	  	737-932ER	  	31966	  	CFM International, Inc.	  	CFM56-7B26E
	26	  	N856DN	  	Boeing	  	737-932ER	  	31967	  	CFM International, Inc.	  	CFM56-7B26E
	27	  	N857DZ	  	Boeing	  	737-932ER	  	31968	  	CFM International, Inc.	  	CFM56-7B26E
	28	  	N822NW	  	Airbus	  	A330-302	  	1627	  	General Electric	  	CF6-80E1A4
	29	  	N824NW	  	Airbus	  	A330-302	  	1637	  	General Electric	  	CF6-80E1A4
	30	  	N823NW	  	Airbus	  	A330-302	  	1628	  	General Electric	  	CF6-80E1A4
	31	  	N825NW	  	Airbus	  	A330-302	  	1679	  	General Electric	  	CF6-80E1A4
	32	  	N826NW	  	Airbus	  	A330-302	  	1701	  	General Electric	  	CF6-80E1A4
	33	  	N831NW	  	Airbus	  	A330-302	  	1783	  	General Electric	  	CF6-80E1A4

  
 Intercreditor Agreement
(2020-1)

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