Document:

Revolving Credit Agreement (2009-1A), dated as of October 13, 2009

 Exhibit 4.3 
  
  
  
 REVOLVING CREDIT AGREEMENT 
 (2009-1A) 
 dated as of October 13, 2009 
 between 
 WILMINGTON TRUST COMPANY, 
 not in its individual capacity, but solely as Subordination Agent, 
 as Agent and Trustee for the 
 United Air Lines Pass Through Trust 2009-1A, 
 as Borrower 
 and 
 MORGAN STANLEY BANK, N.A., 
 as Liquidity Provider 
  
  
  
 Relating to United Air Lines 
 Pass Through Trust 2009-1A

 United Air Lines Pass Through Certificates, Series 2009-1A 
  
  
  
  
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
			
	ARTICLE I	 	 DEFINITIONS
	  	1 
			
	 Section 1.01
	  	 Certain Defined Terms
	  	1 
			
	ARTICLE II	 	 AMOUNT AND TERMS OF THE COMMITMENT
	  	8 
			
	 Section 2.01
	  	 The Advances
	  	8 
			
	 Section 2.02
	  	 Making the Advances
	  	8 
			
	 Section 2.03
	  	 Fees
	  	10 
			
	 Section 2.04
	  	 Automatic Reductions and Termination of the Maximum Commitment
	  	10 
			
	 Section 2.05
	  	Repayments of Interest Advances, the Special Termination Advance or the Final Advance	  	10 
			
	 Section 2.06
	  	 Repayments of Provider Advances
	  	11 
			
	 Section 2.07
	  	 Payments to the Liquidity Provider Under the Intercreditor Agreement
	  	12 
			
	 Section 2.08
	  	 Book Entries
	  	13 
			
	 Section 2.09
	  	 Payments from Available Funds Only
	  	13 
			
	 Section 2.10
	  	 Extension of the Expiry Date; Non-Extension Advance
	  	13 
			
	ARTICLE III	 	 OBLIGATIONS OF THE BORROWER
	  	13 
			
	 Section 3.01
	  	 Increased Costs
	  	13 
			
	 Section 3.02
	  	 Capital Adequacy
	  	14 
			
	 Section 3.03
	  	 Payments Free of Deductions
	  	15 
			
	 Section 3.04
	  	 Payments
	  	16 
			
	 Section 3.05
	  	 Computations
	  	16 
			
	 Section 3.06
	  	 Payment on Non-Business Days
	  	16 
			
	 Section 3.07
	  	 Interest
	  	17 
			
	 Section 3.08
	  	 Replacement of Borrower
	  	18 
			
	 Section 3.09
	  	 Funding Loss Indemnification
	  	18 
			
	 Section 3.10
	  	 Illegality
	  	18 
			
	ARTICLE IV	 	 CONDITIONS PRECEDENT
	  	19 
			
	 Section 4.01
	  	 Conditions Precedent to Effectiveness of Section 2.01
	  	19 
			
	 Section 4.02
	  	 Conditions Precedent to Borrowing
	  	20 
			
	 Section 4.03
	  	 Representations and Warranties
	  	21 

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	 	  	Page
			
	ARTICLE V	 	 COVENANTS
	  	21 
			
	 Section 5.01
	  	 Affirmative Covenants of the Borrower
	  	21 
			
	 Section 5.02
	  	 Negative Covenants of the Borrower
	  	21 
			
	ARTICLE VI	 	 LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION
	  	21 
			
	 Section 6.01
	  	 Liquidity Events of Default and Special Termination
	  	21 
			
	ARTICLE VII	 	 MISCELLANEOUS
	  	22 
			
	 Section 7.01
	  	 Amendments, Etc
	  	22 
			
	 Section 7.02
	  	 Notices, Etc
	  	22 
			
	 Section 7.03
	  	 No Waiver; Remedies
	  	23 
			
	 Section 7.04
	  	 Further Assurances
	  	23 
			
	 Section 7.05
	  	 Indemnification; Survival of Certain Provisions
	  	24 
			
	 Section 7.06
	  	 Liability of the Liquidity Provider
	  	24 
			
	 Section 7.07
	  	 Costs, Expenses and Taxes
	  	25 
			
	 Section 7.08
	  	 Binding Effect; Participations
	  	25 
			
	 Section 7.09
	  	 Severability
	  	26 
			
	 Section 7.10
	  	 GOVERNING LAW
	  	26 
			
	 Section 7.11
	  	 Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity
	  	26 
			
	 Section 7.12
	  	 Execution in Counterparts
	  	27 
			
	 Section 7.13
	  	 Entirety
	  	27 
			
	 Section 7.14
	  	 Headings
	  	27 
			
	 Section 7.15
	  	 Transfer
	  	27 
			
	 Section 7.16
	  	 LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES
	  	27 
			
	 Section 7.17
	  	 Patriot Act
	  	28 

  

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

  

 ii 

					
	 Annex VII
	 	-	  	    Special Termination Advance Notice of Borrowing
	 Annex VIII
	 	-	  	    Notice of Special Termination

 REVOLVING CREDIT AGREEMENT (2009-1A) 
 THIS REVOLVING CREDIT AGREEMENT (2009-1A) dated as of October 13, 2009 (this “Agreement”), between
WILMINGTON TRUST COMPANY, a Delaware banking corporation, not in its individual capacity but solely as Subordination Agent under the Intercreditor Agreement (each as defined below), as agent and trustee for the Class A Trust (as defined
below) (the “Borrower”), and MORGAN STANLEY BANK, N.A., a national banking association (the “Liquidity Provider”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the Class A Trust Agreement (such term and all other capitalized terms used in these recitals having the meanings set forth or referred to in Section 1.01), the
Class A Trust is issuing the Class A Certificates; and 
 WHEREAS, the Borrower, in order to support the timely
payment of a portion of the interest on the Class A Certificates in accordance with their terms, has requested the Liquidity Provider to enter into this Agreement, providing in part for the Borrower to request in specified circumstances that
Advances be made hereunder. 
 NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows:

 ARTICLE I 
 DEFINITIONS 
 Section 1.01    Certain Defined
Terms. (a) Definitions. As used in this Agreement and unless otherwise expressly indicated, or unless the context clearly requires otherwise, the following capitalized terms shall have the following respective meanings for all
purposes of this Agreement: 
 “Additional Costs” has the meaning assigned to such term in
Section 3.01. 
 “Advance” means an Interest Advance, a Final Advance, a Provider Advance, a
Special Termination Advance, an Applied Special Termination Advance or an Applied Provider Advance, as the case may be. 
 “Applicable Liquidity Rate” has the meaning assigned to such term in Section 3.07(g). 
 “Applicable Margin” means (x) with respect to any Unpaid Advance (other than an Unapplied Special Termination Advance) or Applied Provider Advance, the rate per annum specified in the Fee Letter, or
(y) with respect to any Unapplied Provider Advance, the rate per annum specified in the Fee Letter, or (z) with respect to any Unapplied Special Termination Advance, the rate per annum specified in the Fee Letter. 
 “Applied Downgrade Advance” has the meaning assigned to such term in Section 2.06(a). 

 [Revolving Credit Agreement (2009-1A)] 
  

 “Applied Non-Extension Advance” has the meaning assigned to such
term in Section 2.06(a). 
 “Applied Provider Advance” has the meaning assigned to such term in
Section 2.06(a). 
 “Applied Special Termination Advance” has the meaning assigned to such term in
Section 2.05. 
 “Assignment and Assumption Agreement” means the Assignment and Assumption
Agreement to be entered into between the Borrower and the trustee of the Successor Trust, substantially in the form of Exhibit C to the Trust Supplement No. 2009-1A-O, dated as of the date of execution and delivery thereof, relating to the
Class A Trust. 
 “Base Rate” means, for any given day, a fluctuating interest rate per annum in
effect from time to time, which rate per annum shall at all times be equal to (a) the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the preceding Business Day) by the Federal Reserve Bank of New York, or if such rate is not so published for any day that is a Business Day, the average of the quotations for such
day for such transactions received by the Liquidity Provider from three Federal funds brokers of recognized standing selected by it (the “Federal Funds Rate”), plus (b) one-quarter of one percent ( 1/4 of 1%). 
 “Base Rate Advance” means an Advance that bears interest at a rate based upon the Base Rate. 
 “Borrower” has the meaning assigned to such term in the recital of parties to this Agreement. 
 “Borrowing” means the making of Advances requested by delivery of a Notice of Borrowing. 
 “Business Day” means any day other than a Saturday or Sunday or a day on which commercial banks are required or
authorized to close in Chicago, Illinois, New York, New York or, so long as any Class A Certificate is outstanding, the city and state in which the Class A Trustee, the Borrower or any Loan Trustee maintains its corporate trust office or
receives or disburses funds, and, if the applicable Business Day relates to any Advance or other amount bearing interest based on the LIBOR Rate, on which dealings in dollars are carried on in the London interbank market. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Deposit Agreement” means the Deposit Agreement dated as of the date hereof between Wilmington Trust Company, as
Escrow Agent, and the Depositary pertaining to the Class A Certificates, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 
 “Depositary” has the meaning assigned to such term in the Deposit Agreement. 
  

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 [Revolving Credit Agreement (2009-1A)] 
  

 “Deposits” has the meaning assigned to such term in the Deposit
Agreement. 
 “Downgrade Advance” means an Advance made pursuant to Section 2.02(c). 
 “Downgrade Event” means a downgrading of the Liquidity Provider’s short-term unsecured debt rating or
short-term issuer credit rating (as applicable) issued by either Rating Agency below the applicable Threshold Rating unless each Rating Agency shall have confirmed in writing on or prior to the fifth (5th) Business Day immediately following
such downgrading that such downgrading will not result in the downgrading, withdrawal or suspension of the ratings of the Class A Certificates, in which case such downgrading of the Liquidity Provider’s short-term unsecured debt rating or
short-term issuer credit rating (as applicable) shall not constitute a Downgrade Event. 
 “Effective
Date” has the meaning assigned to such term in Section 4.01. The delivery of the certificate of the Liquidity Provider contemplated by Section 4.01(e) shall be conclusive evidence that the Effective Date has occurred.

 “Excluded Taxes” means (i) Taxes imposed on, based on, or measured by the overall net income,
capital, franchises or receipts (other than Taxes which are or are in the nature of sales or use Taxes or value added Taxes) of the Liquidity Provider or of its Lending Office by the jurisdiction where such Liquidity Provider’s principal office
or such Lending Office is located or any other taxing jurisdiction in which such Tax is imposed as a result of the Liquidity Provider being, or having been, organized in, or conducting, or having conducted, any activities unrelated to the
transactions contemplated by the Operative Agreements in such jurisdiction, and (ii) Excluded Withholding Taxes. 
 “Excluded Withholding Taxes” means (i) withholding Taxes imposed by the United States except (but only in the case of a successor Liquidity Provider organized under the laws of a jurisdiction outside the United
States) to the extent that such United States withholding Taxes are imposed or increased as a result of any change in applicable law (excluding from change in applicable law for this purpose a change in an applicable treaty or other change in law
affecting the applicability of a treaty) after the date hereof, or in the case of a successor Liquidity Provider (including a transferee of an Advance), after the date on which such successor Liquidity Provider obtains its interest, (ii) any
withholding Taxes imposed by the United States which are imposed or increased as a result of the Liquidity Provider failing to deliver to the Borrower any certificate or document (which certificate or document in the good faith judgment of the
Liquidity Provider it is legally entitled to provide) which is reasonably requested by the Borrower to establish that payments under this Agreement are exempt from (or entitled to a reduced rate of) withholding Tax, and (iii) withholding Taxes
imposed by the United States on payments to a recipient in any other jurisdiction to which such Lending Office is moved if, under the laws in effect at the time of such move, such laws would require greater withholding of Taxes on payments to such
Liquidity Provider acting from an office in such jurisdiction than would be required on payments to such Liquidity Provider acting from an office in the jurisdiction from which such Lending Office was moved. 
 “Expenses” means liabilities, obligations, damages, settlements, penalties, claims, actions, suits, costs, expenses,
and disbursements (including, without limitation, reasonable fees and disbursements of legal counsel and costs of investigation), provided that Expenses shall not include any Taxes. 
  

 3 

 [Revolving Credit Agreement (2009-1A)] 
  

 “Expiry Date” means the anniversary date of the Closing Date
immediately following the date on which the Liquidity Provider has provided written notice to the Borrower pursuant to Section 2.10 that the Liquidity Provider’s obligation to make Advances shall not be extended beyond such anniversary
date. 
 “Federal Funds Rate” has the meaning assigned to such term in the definition of “Base
Rate”. 
 “Final Advance” means an Advance made pursuant to Section 2.02(d). 
 “GAAP” means generally accepted accounting principles as set forth in the statements of financial accounting
standards issued by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants, as such principles may at any time or from time to time be varied by any applicable financial accounting rules or regulations
issued by the Securities and Exchange Commission and, with respect to any person, shall mean such principles applied on a basis consistent with prior periods except as may be disclosed in such person’s financial statements. 
 “Indemnified Tax” has the meaning assigned to such term in Section 3.03(a). 
 “Intercreditor Agreement” means the Intercreditor Agreement dated as of the date hereof among the Trustee, the
Liquidity Provider and the Subordination Agent, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Interest Advance” means an Advance made pursuant to Section 2.02(a). 
 “Interest Period” means, with respect to any LIBOR Advance, each of the following periods: 
 (i)        the period beginning on the third Business Day following either
(x) the date of the Liquidity Provider’s receipt of the Notice of Borrowing for such LIBOR Advance or (y) the date of the withdrawal of funds from the Cash Collateral Account for the purpose of paying interest on the Class A
Certificates as contemplated by Section 2.06(a) hereof and, in either case, ending on the next Regular Distribution Date (or, if such day is not a Business Day, the next succeeding Business Day); and 
 (ii)      each subsequent period commencing on the last day of the immediately preceding
Interest Period and ending on the next Regular Distribution Date (or, if such day is not a Business Day, the next succeeding Business Day); 
 provided, however, that if (x) the Final Advance shall have been made, or (y) other outstanding Advances shall have been converted into the Final Advance, then the Interest Periods shall be successive periods of one month
beginning on the third Business Day following the Liquidity Provider’s receipt of the Notice of Borrowing for such Final Advance (in the case of clause (x) above) or the Regular Distribution Date (or, if such day is not a Business Day, the
next succeeding Business Day) following such conversion (in the case of clause (y) above). 
  

 4 

 [Revolving Credit Agreement (2009-1A)] 
  

 “Lending Office” means the office of the Liquidity Provider
presently located in New York, New York, or such other office as the Liquidity Provider from time to time shall notify the Borrower as its Lending Office hereunder; provided that the Liquidity Provider shall not change its Lending Office to another
Lending Office outside the United States of America except in accordance with Section 3.01, 3.02 or 3.03 hereof. 
 “LIBOR Advance” means an Advance bearing interest at a rate based upon the LIBOR Rate or the Market Disruption Base Rate pursuant Section 3.07(h). 
 “LIBOR Rate” means, with respect to any Interest Period, 
 (i)        the rate per annum appearing on Bloomberg L.P. page “BBAM” (or
any successor or substitute therefor) at approximately 11:00 a.m. (London time) two Business Days before the first day of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period, or 

(ii)      if the rate calculated pursuant to clause (i) above is not available, the
average (rounded upwards, if necessary, to the next 1/16 of 1%) of the rates per annum at which deposits in dollars are offered for the relevant Interest Period by three banks of recognized standing selected by the Liquidity Provider in the London
interbank market at approximately 11:00 a.m. (London time) two Business Days before the first day of such Interest Period in an amount approximately equal to the principal amount of the LIBOR Advance to which such Interest Period is to apply
and for a period comparable to such Interest Period; 
 provided, that if the LIBOR Rate determined as provided above with respect to any LIBOR
Advance for any Interest Period would be less than 2.00% per annum, then the LIBOR Rate with respect to such LIBOR Advance for such Interest Period shall be deemed to be 2.00% per annum. 
 “Liquidity Event of Default” means the occurrence of either (a) the Acceleration of all of the Series A
Equipment Notes (provided that, with respect to the period prior to the Deposit Period Termination Date, such Series A Equipment Notes have an aggregate outstanding principal balance in excess of $150,000,000) or (b) a United Bankruptcy
Event. 
 “Liquidity Indemnitee” means (i) the Liquidity Provider, (ii) the directors,
officers, employees and agents of the Liquidity Provider, and (iii) the successors and permitted assigns of the persons described in clauses (i) and (ii) inclusive. 
 “Liquidity Provider” has the meaning assigned to such term in the recital of parties to this Agreement. 

“Market Disruption Base Rate” means, with respect to any Interest Period, a fluctuating rate per annum equal to
the highest of (a) the Federal Funds Rate plus  1/2 of 1.00%, (b) the rate of interest per annum from time to time published in the “Money Rates” section of The Wall Street Journal as being the “Prime Lending 

  

 5 

 [Revolving Credit Agreement (2009-1A)] 
  

 
Rate” or, if more than one rate is published as the Prime Lending Rate, then the highest of such rates (each change in the Prime Lending Rate to be effective as of the date of publication in
The Wall Street Journal of a “Prime Lending Rate” that is different from that published on the preceding Business Day), provided that in the event that The Wall Street Journal shall, for any reason, fail or cease to publish the Prime
Lending Rate, the Liquidity Provider shall choose a reasonably comparable index or source to use as the basis for the “Prime Lending Rate” and (c) the LIBOR Rate plus 1.00%. Each change in any interest rate provided for herein based
upon the Market Disruption Base Rate shall take effect at the time of such change in the Prime Lending Rate. 
 “Maximum Available Commitment” means, subject to the proviso contained in the third sentence of Section 2.02(a), at any time of determination, (a) the Maximum Commitment at such time less (b) the
aggregate amount of each Interest Advance outstanding at such time; provided that following a Provider Advance, a Special Termination Advance or a Final Advance, the Maximum Available Commitment shall be zero. 
 “Maximum Commitment” means initially $106,248,048.40, as such amount may be reduced from time to time in accordance
with Section 2.04(a). 
 “Non-Extension Advance” means an Advance made pursuant to
Section 2.02(b). 
 “Notice Date” has the meaning assigned to such term in Section 2.10.

 “Notice of Borrowing” has the meaning assigned to such term in Section 2.02(e). 
 “Notice of Replacement Subordination Agent” has the meaning assigned to such term in Section 3.08. 

“Performing Note Deficiency” means any time that less than 65% of the then aggregate outstanding principal amount
of all Series A Equipment Notes are Performing Equipment Notes. 
 “Prospectus Supplement” means
the final Prospectus Supplement dated October 5, 2009 relating to the Class A Certificates, as such Prospectus Supplement may be amended or supplemented. 
 “Provider Advance” means a Downgrade Advance or a Non-Extension Advance. 
 “Regulatory Change” has the meaning assigned to such term in Section 3.01. 
 “Replenishment Amount” has the meaning assigned to such term in Section 2.06(b). 
 “Required Amount” means, for any day, the sum of the aggregate amount of interest, calculated at the rate per annum equal to the Stated Interest Rate for the Class A
Certificates, that would be payable on the Class A Certificates on each of the three successive semi-annual Regular Distribution Dates immediately following such day or, if such day is a Regular Distribution Date, on such day and the succeeding
two semi-annual Regular Distribution Dates, in each case calculated on the basis of the Pool Balance of the Class A Certificates on such day and without regard to expected future distributions of principal on the Class A Certificates.

  

 6 

 [Revolving Credit Agreement (2009-1A)] 
  

 “Special Termination Advance” means an Advance made pursuant to
Section 2.02(g). 
 “Special Termination Notice” means the Notice of Termination substantially in
the form of Annex VIII to this Agreement. 
 “Special Termination Replenishment Amount” has the meaning
assigned to such term in Section 2.06(c). 
 “Successor Trust” means United Air Lines Pass Through
Trust 2009-1A-S. 
 “Termination Date” means the earliest to occur of the following: (i) the Expiry
Date; (ii) the date on which the Borrower delivers to the Liquidity Provider a certificate, signed by a Responsible Officer of the Borrower, certifying that all of the Class A Certificates have been paid in full (or provision has been made
for such payment in accordance with the Intercreditor Agreement and the Class A Trust Agreement) or are otherwise no longer entitled to the benefits of this Agreement; (iii) the date on which the Borrower delivers to the Liquidity Provider
a certificate, signed by a Responsible Officer of the Borrower, certifying that a Replacement Liquidity Facility has been substituted for this Agreement in full pursuant to Section 3.5(e) of the Intercreditor Agreement; (iv) the fifth
Business Day following the receipt by the Borrower of a Termination Notice or Special Termination Notice from the Liquidity Provider pursuant to Section 6.01 hereof; and (v) the date on which no Advance is or may (including by reason of
reinstatement as herein provided) become available for a Borrowing hereunder. 
 “Termination Notice”
means the Notice of Termination substantially in the form of Annex V to this Agreement. 
 “Transferee” has the meaning assigned to such term in Section 7.08(b). 
 “Unapplied Downgrade Advance” means any Downgrade Advance other than an Applied Downgrade Advance. 
 “Unapplied Non-Extension Advance” means any Non-Extension Advance other than an Applied Non-Extension Advance. 
 “Unapplied Provider Advance” means any Provider Advance other than an Applied Provider Advance. 
 “Unapplied Special Termination Advance” means any Special Termination Advance other than an Applied Special Termination Advance. 
 “Unpaid Advance” has the meaning assigned to such term in Section 2.05. 
 (b)        Terms Defined in the Intercreditor Agreement. Capitalized terms not otherwise
defined in this Agreement shall have the respective meanings assigned to such terms in the Intercreditor Agreement. 
  

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 [Revolving Credit Agreement (2009-1A)] 
  

 ARTICLE II 
 AMOUNT AND TERMS OF THE COMMITMENT 
 Section 2.01    The Advances. The Liquidity Provider hereby irrevocably agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any Business Day during
the period from the Effective Date until 1:00 p.m. (New York City time) on the Expiry Date (unless the obligations of the Liquidity Provider shall be earlier terminated in accordance with the terms of Section 2.04(b)) in an aggregate
amount at any time outstanding not to exceed the Maximum Commitment. 
 Section 2.02    Making the
Advances. (a) Interest Advances shall be made in one or more Borrowings by delivery to the Liquidity Provider of one or more written and completed Notices of Borrowing in substantially the form of Annex I attached hereto, signed by a
Responsible Officer of the Borrower, in an amount not exceeding the Maximum Available Commitment at such time and shall be used solely for the payment when due of interest on the Class A Certificates at the Stated Interest Rate therefor in
accordance with Section 3.5(a) of the Intercreditor Agreement. Each Interest Advance made hereunder shall automatically reduce the Maximum Available Commitment and the amount available to be borrowed hereunder by subsequent Advances by the
amount of such Interest Advance (subject to reinstatement as provided in the next sentence). Upon repayment to the Liquidity Provider in full or in part of the amount of any Interest Advance made pursuant to this Section 2.02(a), together with
accrued interest thereon (as provided herein), the Maximum Available Commitment shall be reinstated by an amount equal to the amount of the Interest Advance so repaid but not to exceed the Maximum Commitment; provided, however, that the Maximum
Available Commitment shall not be so reinstated (x) at any time if (i) a Liquidity Event of Default shall have occurred and be continuing and (ii) there is a Performing Note Deficiency or (y) at any time after the making of a
Provider Advance, a Final Advance or a Special Termination Advance or after any Interest Advance shall have been converted into a Final Advance. 
 (b)        A Non-Extension Advance shall be made in a single Borrowing if this Agreement is not extended in accordance with Section 3.5(d) of the Intercreditor
Agreement (unless a Replacement Liquidity Facility to replace this Agreement shall have been delivered to the Borrower as contemplated by said Section 3.5(d) within the time period specified in such Section) by delivery to the Liquidity
Provider of a written and completed Notice of Borrowing in substantially the form of Annex II attached hereto, signed by a Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be
used solely to fund the Cash Collateral Account in accordance with said Section 3.5(d) and Section 3.5(f) of the Intercreditor Agreement. 
 (c)        A Downgrade Advance shall be made in a single Borrowing upon the occurrence of a Downgrade Event (as provided for in Section 3.5(c) of the
Intercreditor Agreement) unless a Replacement Liquidity Facility to replace this Agreement shall have been previously delivered to the Borrower in accordance with said Section 3.5(c), by delivery to the Liquidity Provider of a written and
completed Notice of Borrowing in substantially the form of Annex III attached hereto, signed by a Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be used solely to fund the
Cash Collateral Account in accordance with said Section 3.5(c) and Section 3.5(f) of the Intercreditor Agreement. 
  

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 [Revolving Credit Agreement (2009-1A)] 
  

 (d)        A Final Advance shall be made in a
single Borrowing upon the receipt by the Borrower of a Termination Notice from the Liquidity Provider pursuant to Section 6.01 hereof by delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form
of Annex IV attached hereto, signed by a Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be used solely to fund the Cash Collateral Account (in accordance with
Sections 3.5(f) and 3.5(i) of the Intercreditor Agreement). 
 (e)        Each
Borrowing shall be made on notice in writing (a “Notice of Borrowing”) in substantially the form required by Section 2.02(a), 2.02(b), 2.02(c), 2.02(d) or 2.02 (g), as the case may be, given by the Borrower to the
Liquidity Provider. Each Notice of Borrowing shall be effective upon receipt of a copy thereof by the Liquidity Provider’s office at the address specified in Section 7.02. If a Notice of Borrowing is delivered by the Borrower in respect of
any Borrowing no later than 1:00 p.m. (New York City time) on a Business Day, upon satisfaction of the conditions precedent set forth in Section 4.02 with respect to a requested Borrowing, the Liquidity Provider shall make available to the
Borrower, in accordance with its payment instructions, the amount of such Borrowing in U.S. dollars and immediately available funds, before 4:00 p.m. (New York City time) on such Business Day or on such later Business Day specified in such
Notice of Borrowing. If a Notice of Borrowing is delivered by the Borrower in respect of any Borrowing on a day that is not a Business Day or after 1:00 p.m. (New York City time) on a Business Day, upon satisfaction of the conditions precedent
set forth in Section 4.02 with respect to a requested Borrowing, the Liquidity Provider shall make available to the Borrower, in accordance with its payment instructions, the amount of such Borrowing in U.S. dollars and in immediately available
funds, before 12:00 Noon (New York City time) on the first Business Day next following the day of receipt of such Notice of Borrowing or on such later Business Day specified by the Borrower in such Notice of Borrowing. Payments of proceeds of a
Borrowing shall be made by wire transfer of immediately available funds to the Borrower in accordance with such wire transfer instructions as the Borrower shall furnish from time to time to the Liquidity Provider for such purpose. Each Notice of
Borrowing shall be irrevocable and binding on the Borrower. 
 (f)        Upon the
making of any Advance requested pursuant to a Notice of Borrowing, in accordance with the Borrower’s payment instructions, the Liquidity Provider shall be fully discharged of its obligation hereunder with respect to such Notice of Borrowing,
and the Liquidity Provider shall not thereafter be obligated to make any further Advances hereunder in respect of such Notice of Borrowing to the Borrower or to any other Person. If the Liquidity Provider makes an Advance requested pursuant to a
Notice of Borrowing before 12:00 Noon (New York City time) on the second Business Day after the date of payment specified in Section 2.02(e), the Liquidity Provider shall have fully discharged its obligations hereunder with respect to such
Advance and an event of default shall not have occurred hereunder. Following the making of any Advance pursuant to Section 2.02(b), (c), (d) or (g) hereof to fund the Cash Collateral Account, the Liquidity Provider shall have no
interest in or rights to the Cash Collateral Account, the funds constituting such Advance or any other amounts from time to time on deposit in the Cash Collateral Account; provided that the foregoing shall not affect or impair the obligations
of the Subordination Agent to make the distributions contemplated by

  

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Section 3.5(e) or (f) of the Intercreditor Agreement, and provided further, that the foregoing shall not affect or impair the rights of the Liquidity Provider to provide written
instructions with respect to the investment and reinvestment of amounts in the Cash Collateral Account to the extent provided in Section 2.2(b) of the Intercreditor Agreement. By paying to the Borrower proceeds of Advances requested by the
Borrower in accordance with the provisions of this Agreement, the Liquidity Provider makes no representation as to, and assumes no responsibility for, the correctness or sufficiency for any purpose of the amount of the Advances so made and
requested. 
 (g)        A Special Termination Advance shall be made in a single
Borrowing upon the receipt by the Borrower of a Special Termination Notice from the Liquidity Provider pursuant to Section 6.01(b), by delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form
of Annex VII, signed by a Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be used solely to fund the Cash Collateral Account (in accordance with Section 3.5(f) and
Section 3.5(k) of the Intercreditor Agreement). 
 Section 2.03    Fees. The Borrower
agrees to pay to the Liquidity Provider the fees set forth in the Fee Letter applicable to this Agreement. 
 Section 2.04    Automatic Reductions and Termination of the Maximum Commitment. 
 (a)        Automatic Reduction. Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class A Certificates or
otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower); provided that on the first Regular Distribution Date, the Maximum Commitment shall automatically be
reduced to the then Required Amount. The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall
not affect such automatic reduction of the Maximum Commitment. 
 (b)        Termination. Upon the making of any Provider Advance or Special Termination Advance or the making of or conversion to a Final Advance hereunder or the occurrence of the Termination
Date, the obligation of the Liquidity Provider to make further Advances hereunder shall automatically and irrevocably terminate, and the Borrower shall not be entitled to request any further Borrowing hereunder. 
 Section 2.05    Repayments of Interest Advances, the Special Termination Advance or the Final Advance.
Subject to Sections 2.06, 2.07 and 2.09 hereof, the Borrower hereby agrees, without notice of an Advance or demand for repayment from the Liquidity Provider (which notice and demand are hereby waived by the Borrower), to pay, or to cause to be
paid, to the Liquidity Provider on each date on which the Liquidity Provider shall make an Interest Advance, the Special Termination Advance or the Final Advance, an amount equal to (a) the amount of such Advance (any such Advance, until
repaid, is referred to herein as an “Unpaid Advance”) (if multiple Interest Advances are outstanding any such repayment to be applied in the order in

  

 10 

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which such Interest Advances have been made, starting with the earliest), plus (b) interest on the amount of each such Unpaid Advance as provided in Section 3.07 hereof; provided that
if (i) the Liquidity Provider shall make a Provider Advance at any time after making one or more Interest Advances which shall not have been repaid in accordance with this Section 2.05 or (ii) this Liquidity Facility shall become a
Downgraded Facility or Non-Extended Facility at any time when unreimbursed Interest Advances have reduced the Maximum Available Commitment to zero, then such Interest Advances shall cease to constitute Unpaid Advances and shall be deemed to have
been changed into an Applied Downgrade Advance or an Applied Non-Extension Advance, as the case may be, for all purposes of this Agreement (including, without limitation, for the purpose of determining when such Interest Advance is required to be
repaid to the Liquidity Provider in accordance with Section 2.06 and for the purposes of Section 2.06(b)); provided, further, that amounts in respect of a Special Termination Advance withdrawn from the Cash Collateral Account
for the purpose of paying interest on the Class A Certificates in accordance with Section 3.5(f) of the Intercreditor Agreement (the amount of any such withdrawal being an “Applied Special Termination Advance”) shall
thereafter (subject to Section 2.06(b)) be treated as an Interest Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon; and provided, further, that if, following the
making of a Special Termination Advance, the Liquidity Provider delivers a Termination Notice to the Borrower pursuant to Section 6.01(a), such Special Termination Advance shall thereafter be converted to and treated as a Final Advance under
this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the obligation for repayment thereof and as an Applied Special Termination Advance for purposes of Section 2.6(c) of the Intercreditor
Agreement. The Borrower and the Liquidity Provider agree that the repayment in full of each Interest Advance, Special Termination Advance and Final Advance on the date such Advance is made is intended to be a contemporaneous exchange for new value
given to the Borrower by the Liquidity Provider. 
 Section 2.06    Repayments of Provider
Advances. (a) Amounts advanced hereunder in respect of a Provider Advance shall be deposited in the Cash Collateral Account, invested and withdrawn from the Cash Collateral Account as set forth in Sections 3.5(c), (d), (e) and
(f) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09, the Borrower agrees to pay to the Liquidity Provider, on each Regular Distribution Date, commencing on the first Regular Distribution Date after the making of a Provider
Advance, interest on the principal amount of any such Provider Advance as provided in Section 3.07; provided, however, that amounts in respect of a Provider Advance withdrawn from the Cash Collateral Account for the purpose of paying
interest on the Class A Certificates in accordance with Section 3.5(f) of the Intercreditor Agreement (the amount of any such withdrawal being (y) in the case of a Downgrade Advance, an “Applied Downgrade
Advance” and (z) in the case of a Non-Extension Advance, an “Applied Non-Extension Advance” and, together with an Applied Downgrade Advance, an “Applied Provider Advance”) shall
thereafter (subject to Section 2.06(b)) be treated as an Interest Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the dates on which such interest is payable; provided
further, however, that if, following the making of a Provider Advance, the Liquidity Provider delivers a Termination Notice to the Borrower pursuant to Section 6.01(a) hereof, such Provider Advance shall thereafter be converted to and treated
as a Final Advance under this Agreement for purposes of determining the Applicable Liquidity Rate for interest payable thereon and the obligation for repayment thereof and as an Applied Downgrade Advance or Applied Non-Extension Advance, as the case
may be, for the purposes of

  

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 [Revolving Credit Agreement (2009-1A)] 
  

 
Section 2.6(c) of the Intercreditor Agreement. Subject to Sections 2.07 and 2.09 hereof, immediately upon the withdrawal of any amounts from the Cash Collateral Account on account of a
reduction in the Required Amount, the Borrower shall repay to the Liquidity Provider a portion of the Provider Advances in a principal amount equal to the amount of such reduction, plus interest on the principal amount prepaid as provided in
Section 3.07 hereof. 
 (b)        At any time when an Applied Provider Advance (or
any portion thereof) is outstanding, upon the deposit in the Cash Collateral Account of any amount pursuant to clause “fourth” of Section 3.2 of the Intercreditor Agreement (any such amount being a “Replenishment
Amount”) for the purpose of replenishing or increasing the balance thereof up to the amount of the Required Amount at such time, (i) the aggregate outstanding principal amount of all Applied Provider Advances (and of Provider
Advances treated as an Interest Advance for purposes of determining the Applicable Liquidity Rate for interest payable thereon) shall be automatically reduced by the amount of such Replenishment Amount (if multiple Applied Provider Advances are
outstanding, such Replenishment Amount to be applied in the order in which such Applied Provider Advances have been made, starting with the earliest) and (ii) the aggregate outstanding principal amount of all Unapplied Provider Advances shall
be automatically increased by the amount of such Replenishment Amount. 
 (c)        At
any time when an Applied Special Termination Advance (or any portion thereof) is outstanding, upon the deposit in the Cash Collateral Account of any amount pursuant to clause “fourth” of Section 3.2 of the Intercreditor
Agreement (any such amount being a “Special Termination Replenishment Amount”) for the purpose of replenishing or increasing the balance thereof up to the Required Amount at such time, (i) the aggregate outstanding principal
amount of all Applied Special Termination Advances (and of Special Termination Advances treated as an Interest Advance for purposes of determining the Applicable Liquidity Rate for interest payable thereon) shall be automatically reduced by the
amount of such Special Termination Replenishment Amount and (ii) the aggregate outstanding principal amount of all Unapplied Special Termination Advances shall be automatically increased by the amount of such Special Termination Replenishment
Amount. 
 (d)        Upon the provision of a Replacement Liquidity Facility in
replacement of this Agreement in accordance with Section 3.5(e) of the Intercreditor Agreement, amounts remaining on deposit in the Cash Collateral Account after giving effect to any Applied Provider Advance or Applied Special Termination
Advance on the date of such replacement shall be reimbursed to the replaced Liquidity Provider, but only to the extent such amounts are necessary to repay in full to the replaced Liquidity Provider all amounts owing to it hereunder. 
 Section 2.07    Payments to the Liquidity Provider Under the Intercreditor Agreement. In order to provide
for payment or repayment to the Liquidity Provider of any amounts hereunder, the Intercreditor Agreement provides that amounts available and referred to in Articles II and III of the Intercreditor Agreement, to the extent payable to the
Liquidity Provider pursuant to the terms of the Intercreditor Agreement (including, without limitation, Section 3.5(f) of the Intercreditor Agreement), shall be paid to the Liquidity Provider in accordance with the terms thereof. Amounts so
paid to, and not required to be returned by, the Liquidity Provider shall be applied by the Liquidity Provider to Liquidity Obligations then due and payable in accordance

  

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 [Revolving Credit Agreement (2009-1A)] 
  

 
with the Intercreditor Agreement and shall discharge in full the corresponding obligations of the Borrower hereunder (or, if not provided for in the Intercreditor Agreement, then in such manner
as the Liquidity Provider shall deem appropriate). 
 Section 2.08    Book Entries. The
Liquidity Provider shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower resulting from Advances made from time to time and the amounts of principal and interest payable hereunder and
paid from time to time in respect thereof; provided, however, that the failure by the Liquidity Provider to maintain such account or accounts shall not affect the obligations of the Borrower in respect of Advances. 
 Section 2.09    Payments from Available Funds Only. All payments to be made by the Borrower under this
Agreement, including, without limitation, Sections 7.05 and 7.07, shall be made only from the amounts that constitute Scheduled Payments, Special Payments or payments under the Fee Letter, Section 4(a)(v) of the Note Purchase Agreement and
Section 7.1 of the Participation Agreements and only to the extent that the Borrower shall have sufficient income or proceeds therefrom to enable the Borrower to make payments in accordance with the terms hereof after giving effect to the
priority of payments provisions set forth in the Intercreditor Agreement. The Liquidity Provider agrees that it will look solely to such amounts in respect of payments to be made by the Borrower hereunder to the extent available for distribution to
it as provided in the Intercreditor Agreement and this Agreement and that the Borrower, in its individual capacity, is not personally liable to it for any amounts payable or liability under this Agreement except as expressly provided in this
Agreement, the Intercreditor Agreement or any Participation Agreement. Amounts on deposit in the Cash Collateral Account shall be available to the Borrower to make payments under this Agreement only to the extent and for the purposes expressly
contemplated in Section 3.5(f) of the Intercreditor Agreement. 
 Section 2.10    Extension of
the Expiry Date; Non-Extension Advance. If the Liquidity Provider advises the Borrower before the 25th day prior to the immediately following anniversary date of the Closing Date (the “Notice Date”) that its obligation to make
Advances hereunder shall not be so extended beyond such anniversary date (and if the Liquidity Provider shall not have been replaced in accordance with Section 3.5(e) of the Intercreditor Agreement), the Borrower shall be entitled on and after
the Notice Date (but prior to such anniversary date) to request a Non-Extension Advance in accordance with Section 2.02(b) hereof and Section 3.5(d) of the Intercreditor Agreement. 
 ARTICLE III 
 OBLIGATIONS OF THE BORROWER 

 Section 3.01    Increased Costs. The Borrower shall pay to the Liquidity Provider from time
to time such amounts as may be necessary to compensate the Liquidity Provider for any increased costs incurred by the Liquidity Provider which are attributable to its making or maintaining any Advances hereunder or its obligation to make any such
Advances hereunder, or any reduction in any amount receivable by the Liquidity Provider under this Agreement or the Intercreditor Agreement in respect of any such Advances or such obligation (such increases in costs and reductions in amounts
receivable being herein called “Additional Costs”), resulting from

  

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any change after the date of this Agreement in U.S. federal, state, municipal, or foreign laws or regulations (including Regulation D of the Board of Governors of the Federal Reserve System), or
the adoption or making after the date of this Agreement of any interpretations, directives, or requirements applying to a class of banks including the Liquidity Provider under any U.S. federal, state, municipal, or any foreign laws or regulations
(whether or not having the force of law) by any court, central bank or monetary authority charged with the interpretation or administration thereof (a “Regulatory Change”), which: (1) changes the basis of taxation of any
amounts payable to the Liquidity Provider under this Agreement in respect of any such Advances or such obligation (other than with respect to Excluded Taxes or Indemnified Taxes); or (2) imposes or modifies any reserve, special deposit,
compulsory loan or similar requirements relating to any extensions of credit or other assets of, or any deposits with other liabilities of, the Liquidity Provider (including any such Advances or such obligation or any deposits referred to in the
definition of LIBOR Rate or Market Disruption Base Rate or related definitions). The Liquidity Provider agrees to use reasonable efforts (consistent with its internal policies and applicable legal and regulatory restrictions) to change the
jurisdiction of its Lending Office if making such change would avoid the need for, or reduce the amount of, any amount payable under this Section that may thereafter accrue and would not, in the reasonable judgment of the Liquidity Provider, be
otherwise disadvantageous to the Liquidity Provider. 
 The Liquidity Provider will notify the Borrower of any event occurring
after the date of this Agreement that will entitle the Liquidity Provider to compensation pursuant to this Section 3.01 as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, which notice
shall describe in reasonable detail the calculation of the amounts owed under this Section; provided, that if the Liquidity Provider fails to give such notice within 180 days after it obtains such knowledge, the Liquidity Provider shall, with
respect to any costs resulting from such event, only be entitled to payment under this Section 3.01 for costs incurred from and after the date 180 days prior to the date the Liquidity Provider does give such notice. Determinations by the
Liquidity Provider for purposes of this Section 3.01 of the effect of any Regulatory Change on its costs of making or maintaining Advances or on amounts receivable by it in respect of Advances, and of the additional amounts required to
compensate the Liquidity Provider in respect of any Additional Costs, shall be prima facie evidence of the amount owed under this Section. 
 Notwithstanding the preceding two paragraphs, the Liquidity Provider and the Subordination Agent agree that any permitted assignee or participant of the initial Liquidity Provider which is not a bank,
shall not be entitled to the benefits of the preceding two paragraphs (but without limiting the provisions of Section 7.08 hereof). 
 Section 3.02    Capital Adequacy. If (1) the adoption, after the date hereof, of any applicable governmental law, rule or regulation regarding capital adequacy,
(2) any change, after the date hereof, in the interpretation or administration of any such law, rule or regulation by any central bank or other governmental authority charged with the interpretation or administration thereof or
(3) compliance by the Liquidity Provider or any corporation or bank controlling the Liquidity Provider with any applicable guideline or request of general applicability, issued after the date hereof, by any central bank or other governmental
authority (whether or not having the force of law) that constitutes a change of the nature described in clause (2), has the effect of requiring an increase in the amount of capital required to be maintained by the Liquidity Provider or any

  

 14 

 [Revolving Credit Agreement (2009-1A)] 
  

 
corporation controlling the Liquidity Provider and such increase is based upon the Liquidity Provider’s obligations hereunder (including funded obligations) and other similar obligations,
the Borrower shall, subject to the provisions of the next paragraph, pay to the Liquidity Provider from time to time such additional amount or amounts as are necessary to compensate the Liquidity Provider for such portion of such increase as shall
be reasonably allocable to the Liquidity Provider’s obligations to the Borrower hereunder. 
 The Liquidity Provider will
notify the Borrower of any event occurring after the date of this Agreement that will entitle the Liquidity Provider to compensation pursuant to this Section 3.02 as promptly as practicable after it obtains knowledge thereof and determines to
request such compensation, which notice shall describe in reasonable detail the calculation of the amounts owed under this Section; provided, that if the Liquidity Provider fails to give such notice within 180 days after it obtains such knowledge,
the Liquidity Provider shall, with respect to any costs resulting from such event, only be entitled to payment under this Section 3.02 for costs incurred from and after the date 180 days prior to the date the Liquidity Provider does give such
notice. Determinations by the Liquidity Provider for purposes of this Section 3.02 of the effect of any increase in the amount of capital required to be maintained by the Liquidity Provider and of the amount allocable to the Liquidity
Provider’s obligations to the Borrower hereunder shall be prima facie evidence of the amounts owed under this Section, absent manifest error. 
 Notwithstanding the preceding two paragraphs, the Liquidity Provider and the Subordination Agent agree that any permitted assignee or participant of the initial Liquidity Provider which is not a bank,
shall not be entitled to the benefits of the preceding two paragraphs (but without limiting the provisions of Section 7.08 hereof). 
 Section 3.03    Payments Free of Deductions. (a) Unless required by applicable law, all payments made by the Borrower under this Agreement shall be made free and clear
of, and without reduction for or on account of, any present or future Taxes of any nature whatsoever now or hereafter imposed, levied, collected, withheld or assessed. If any Taxes are required to be withheld from any amounts payable to the
Liquidity Provider under this Agreement, (i) the Borrower shall within the time prescribed therefor by applicable law pay to the appropriate governmental or taxing authority the full amount of any such Taxes (and any additional Taxes in respect
of the additional amounts payable under clause (ii) hereof) and make such reports or returns in connection therewith at the time or times and in the manner prescribed by applicable law, and (ii) in the case of Taxes, other than Excluded
Taxes (such non-excluded Taxes being referred to herein, collectively, as “Indemnified Taxes” and each, individually, as a “Indemnified Tax”), the amounts so payable to the Liquidity Provider shall be
increased to the extent necessary to yield to the Liquidity Provider (after payment of all Taxes) interest or any other such amounts payable under this Agreement at the rates or in the amounts specified in this Agreement. The Liquidity Provider
agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Lending Office if making such change would avoid the need for, or reduce the amount of, any such
additional amounts that may thereafter accrue and would not, in the reasonable judgment of the Liquidity Provider, be otherwise disadvantageous to the Liquidity Provider. From time to time upon the reasonable request of the Borrower, the Liquidity
Provider agrees to provide to the Borrower such original Internal Revenue Service Forms (including W-8BEN, W-8ECI or W-9), as appropriate with respect to Liquidity Provider, or any successor or other form prescribed by the

  

 15 

 [Revolving Credit Agreement (2009-1A)] 
  

 
Internal Revenue Service, certifying as to any available exemption from or reduction in the rate of United States withholding tax on payments pursuant to this Agreement. Within 30 days after the
date of each payment hereunder, the Borrower shall furnish to the Liquidity Provider the original or a certified copy of (or other documentary evidence of) the payment of the Indemnified Taxes applicable to such payment. 
 (b)        Unless required by applicable law, all payments (including, without limitation, Advances)
made by the Liquidity Provider under this Agreement shall be made free and clear of, and without reduction for or on account of, any Taxes. If any Taxes are required to be withheld or deducted from any amounts payable to the Borrower under this
Agreement, the Liquidity Provider shall (i) within the time prescribed therefor by applicable law pay to the appropriate governmental or taxing authority the full amount of any such Taxes (and any additional Taxes in respect of the additional
amounts payable under clause (ii) hereof) and make such reports or returns in connection therewith at the time or times and in the manner prescribed by applicable law, and (ii) pay to the Borrower an additional amount which (after
deduction of all such Taxes) will be sufficient to yield to the Borrower the full amount which would have been received by it had no such withholding or deduction been made. Within 30 days after the date of each payment hereunder, the Liquidity
Provider shall furnish to the Borrower the original or a certified copy of (or other documentary evidence of) the payment of the Taxes applicable to such payment. 
 (c)        If any exemption from, or reduction in the rate of, any Taxes is reasonably available to the Borrower to establish that payments under this Agreement are
exempt from (or entitled to a reduced rate of) tax, the Borrower shall deliver to the Liquidity Provider such form or forms and such other evidence of the eligibility of the Borrower for such exemption or reduction as the Liquidity Provider may
reasonably identify to the Borrower as being required as a condition to exemption from, or reduction in the rate of, any Taxes. 
 Section 3.04    Payments. The Borrower shall make or cause to be made each payment to the Liquidity Provider under this Agreement so as to cause the same to be received by the Liquidity Provider not later
than 1:00 P.M. (New York City time) on the day when due. The Borrower shall make all such payments in lawful money of the United States of America, to the Liquidity Provider in immediately available funds, by wire transfer to the account of
Morgan Stanley Bank, N.A. at Citibank, N.A., New York, ABA No. 021-000-089, Account No. 304-40-947, Reference: United Air Lines 2009-1 EETC, or to such other account as the Liquidity Provider may from time to time direct the Borrower.

 Section 3.05    Computations. All computations of interest based on the Base Rate shall be
made on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest based on the LIBOR Rate or the Market Disruption Base Rate shall be made on the basis of a year of 360 days, in each case for the actual number of
days (including the first day but excluding the last day) occurring in the period for which such interest is payable. 
 Section 3.06    Payment on Non-Business Days. Whenever any payment to be made hereunder to the Liquidity Provider shall be stated to be due on a day other than a Business Day, such payment shall be made on
the next succeeding Business Day without any additional interest (and if so made, shall be deemed to have been made when due). 
  

 16 

 [Revolving Credit Agreement (2009-1A)] 
  

 Section 3.07    Interest. (a) Subject to
Section 2.09, the Borrower shall pay, or shall cause to be paid, without duplication, interest on (i) the unpaid principal amount of each Advance from and including the date of such Advance (or, in the case of an Applied Provider Advance
or Applied Special Termination Advance, from and including the date on which the amount thereof was withdrawn from the Cash Collateral Account to pay interest on the Class A Certificates) to but excluding the date such principal amount shall be
paid in full (or, in the case of an Applied Provider Advance or Applied Special Termination Advance, the date on which the Cash Collateral Account is fully replenished in respect of such Advance) and (ii) any other amount due hereunder (whether
fees, commissions, expenses or other amounts or, to the extent permitted by law, installments of interest on Advances or any such other amount) that is not paid when due (whether at stated maturity, by acceleration or otherwise) from and including
the due date thereof to but excluding the date such amount is paid in full, in each such case, at a fluctuating interest rate per annum for each day equal to the Applicable Liquidity Rate (as defined below) for such Advance or such other amount, as
the case may be, as in effect for such day, but in no event at a rate per annum greater than the maximum rate permitted by applicable law; provided, however, that, if at any time the otherwise applicable interest rate as set forth in
this Section 3.07 shall exceed the maximum rate permitted by applicable law, then any subsequent reduction in such interest rate will not reduce the rate of interest payable pursuant to this Section 3.07 below the maximum rate permitted by
applicable law until the total amount of interest accrued equals the amount of interest that would have accrued if such otherwise applicable interest rate as set forth in this Section 3.07 had at all times been in effect. 
 (b)        Except as provided in clause (e) below, each Advance (other than any Unapplied
Provider Advance or Unapplied Special Termination Advance) will be either a Base Rate Advance or a LIBOR Advance as provided in this Section. Each such Advance will be a Base Rate Advance for the period from the date of its borrowing to (but
excluding) the third Business Day following the Liquidity Provider’s receipt of the Notice of Borrowing for such Advance. Thereafter, such Advance shall be a LIBOR Advance. 
 (c)        Each LIBOR Advance shall bear interest during each Interest Period at a rate per annum
equal to the LIBOR Rate for such Interest Period plus the Applicable Margin for such LIBOR Advance, payable in arrears on the last day of such Interest Period and, in the event of the payment of principal of such LIBOR Advance on a day other than
such last day, on the date of such payment (to the extent of interest accrued on the amount of principal repaid). 
 (d)        Each Base Rate Advance shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin for such Base Rate Advance, payable in arrears on each Regular Distribution
Date and, in the event of the payment of principal of such Base Rate Advance on a day other than a Regular Distribution Date, on the date of such payment (to the extent of interest accrued on the amount of principal repaid). 
 (e)        Each outstanding Unapplied Non-Extension Advance, Unapplied Downgrade Advance and
Unapplied Special Termination Advance shall bear interest in an amount equal to the Investment Earnings on amounts on deposit in the Cash Collateral Account plus the Applicable Margin for such Unapplied Non-Extension Advance, Unapplied Downgrade
Advance or Unapplied Special Termination Advance, as applicable, on the amount of such Unapplied Non-Extension Advance, Unapplied Downgrade Advance or Unapplied Special Termination Advance from time to time, payable in arrears on each Regular
Distribution Date. 
  

 17 

 [Revolving Credit Agreement (2009-1A)] 
  

 (f)        Each amount not paid when due
hereunder (whether fees, commissions, expenses or other amounts or, to the extent permitted by applicable law, installments of interest on Advances but excluding Advances) shall bear interest at a rate per annum equal to the Base Rate plus
2.00% per annum until paid. 
 (g)        Each change in the Base Rate shall become
effective immediately. The rates of interest specified in this Section 3.07 with respect to any Advance or other amount shall be referred to as the “Applicable Liquidity Rate”. 
 (h)        If at any time the Liquidity Provider shall have determined (which determination shall be
conclusive and binding upon the Borrower, absent manifest error) that, by reason of circumstances affecting the relevant interbank lending market generally, the LIBOR Rate determined or to be determined for such Interest Period will not adequately
and fairly reflect the cost to the Liquidity Provider (as conclusively certified by the Liquidity Provider, absent manifest error) of making or maintaining Advances, the Liquidity Provider shall give facsimile or telephonic notice thereof (a
“Rate Determination Notice”) to the Borrower. Following the receipt of a Rate Determination Notice by the Borrower, the LIBOR Rate shall be the Market Disruption Base Rate until the Interest Period that immediately follows
the withdrawal of such Rate Determination Notice. The Liquidity Provider shall withdraw a Rate Determination Notice given hereunder when the Liquidity Provider determines that the circumstances giving rise to such Rate Determination Notice no longer
apply to the Liquidity Provider. 
 Section 3.08    Replacement of Borrower. From time to time
and subject to the successor Borrower’s meeting the eligibility requirements set forth in Section 6.9 of the Intercreditor Agreement applicable to the Subordination Agent, upon the effective date and time specified in a written and
completed Notice of Replacement Subordination Agent in substantially the form of Annex VI attached hereto (a “Notice of Replacement Subordination Agent”) delivered to the Liquidity Provider by the then Borrower, the successor
Borrower designated therein shall be substituted for the Borrower for all purposes hereunder. 
 Section 3.09    Funding Loss Indemnification. The Borrower shall pay to the Liquidity Provider, upon the request of the Liquidity Provider, such amount or amounts as shall be sufficient (in the reasonable
opinion of the Liquidity Provider) to compensate it for any loss, cost, or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by the Liquidity Provider to fund or maintain any LIBOR Advance (but
excluding loss of anticipated profits) incurred as a result of: 
 (1)        Any repayment of a LIBOR Advance on a date other than the last day of the Interest Period for such Advance; or 
 (2)        Any failure by the Borrower to borrow a LIBOR Advance on the date for
borrowing specified in the relevant notice under Section 2.02. 
 Section 3.10    Illegality. Notwithstanding any other provision in this Agreement, if any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any

  

 18 

 [Revolving Credit Agreement (2009-1A)] 
  

 
governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Liquidity Provider (or its Lending Office) with any
request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for the Liquidity Provider (or its Lending Office) to maintain or fund its LIBOR Advances,
then upon notice to the Borrower by the Liquidity Provider, the outstanding principal amount of the LIBOR Advances shall be converted to Base Rate Advances (a) immediately upon demand of the Liquidity Provider, if such change or compliance with
such request, in the judgment of the Liquidity Provider, requires immediate repayment; or (b) at the expiration of the last Interest Period to expire before the effective date of any such change or request. The Liquidity Provider agrees to use
reasonable efforts (consistent with its internal policies and applicable legal and regulatory restrictions) to change the jurisdiction of its Lending Office if making such change would avoid or cure the aforesaid illegality and would not, in the
reasonable judgment of the Liquidity Provider, be otherwise disadvantageous to the Liquidity Provider. 
 ARTICLE IV 

 CONDITIONS PRECEDENT 
 Section 4.01    Conditions Precedent to Effectiveness of Section 2.01. Section 2.01 of this Agreement shall become effective on and as of the first date (the
“Effective Date”) on which the following conditions precedent have been satisfied or waived: 
 (a)        The Liquidity Provider shall have received each of the following, and in the case of each document delivered pursuant to paragraphs (i), (ii) and (iii), each in form and substance
satisfactory to the Liquidity Provider: 
     (i)        This
Agreement duly executed on behalf of the Borrower and the Fee Letter applicable to this Agreement duly executed on behalf of the Borrower and United; 
     (ii)       The Intercreditor Agreement duly executed on behalf of each of the parties thereto (other than the Liquidity Provider); 
     (iii)      Fully executed copies of each of the Operative Agreements executed and
delivered on or before the Issuance Date (other than this Agreement, the Fee Letter and the Intercreditor Agreement); 
     (iv)      A copy of the Prospectus Supplement and specimen copies of the Class A Certificates; 
     (v)       An executed copy of each document, instrument, certificate and opinion delivered on or before the Issuance Date pursuant to the
Class A Trust Agreement, the Note Purchase Agreement, the Intercreditor Agreement and the other Operative Agreements (in the case of each such opinion, other than the opinion of counsel for the Underwriters, either addressed to the Liquidity
Provider or accompanied by a letter from the counsel rendering such opinion to the effect that the Liquidity Provider is entitled to rely on such opinion as of its date as if it were addressed to the Liquidity Provider); 
  

 19 

 [Revolving Credit Agreement (2009-1A)] 
  

     (vi)      Evidence that there
shall have been made and shall be in full force and effect, all filings, recordings and/or registrations, and there shall have been given or taken any notice or other similar action as may be reasonably necessary or, to the extent reasonably
requested by the Liquidity Provider, reasonably advisable, in order to establish, perfect, protect and preserve the right, title and interest, remedies, powers, privileges, liens and security interests of, or for the benefit of, the Trustee, the
Borrower and the Liquidity Provider created by the Operative Agreements executed and delivered on or before the Closing Date; 
     (vii)     An agreement from United, pursuant to which United agrees to provide copies of quarterly financial statements and audited annual financial statements to the Liquidity Provider
provided that so long as United is subject to the reporting requirements of the Securities Exchange Act of 1934, such information will be considered provided if it is made available on the EDGAR database of the Securities and Exchange Commission;

     (viii)    Legal opinions from (a) Morris James, LLP, special Delaware
counsel to the Borrower and (b) Vedder Price P.C., special counsel to United, each in form and substance reasonably satisfactory to the Liquidity Provider; and 
     (ix)      Such other documents, instruments, opinions and approvals pertaining to the transactions contemplated hereby or by the other Operative
Agreements as the Liquidity Provider shall have reasonably requested, including, without limitation, such documentation as the Liquidity Provider may require to satisfy its “know your customer” policies. 
 (b)        The following statement shall be true on and as of the Effective Date: no event has
occurred and is continuing, or would result from the entering into of this Agreement or the making of any Advance, which constitutes a Liquidity Event of Default. 
 (c)        The Liquidity Provider shall have received payment in full of all fees and other sums required to be paid to or for the account of the Liquidity Provider
on or prior to the Effective Date. 
 (d)        All conditions precedent to the
issuance of the Certificates under the Trust Agreement shall have been satisfied or waived and all conditions precedent to the purchase of the Class A Certificates by the Underwriters under the Underwriting Agreement shall have been satisfied
or waived. 
 (e)        The Borrower shall have received a certificate, dated the date
hereof, signed by a duly authorized representative of the Liquidity Provider, certifying that all conditions precedent to the effectiveness of Section 2.01 have been satisfied or waived. 
 Section 4.02    Conditions Precedent to Borrowing. The obligation of the Liquidity Provider to make an
Advance on the occasion of each Borrowing shall be subject to the conditions precedent that the Effective Date shall have occurred and, on or prior to the date of such Borrowing, the Borrower shall have delivered a Notice of Borrowing which conforms
to the terms and conditions of this Agreement and has been completed as may be required by the relevant form of the Notice of Borrowing for the type of Advance requested. 
  

 20 

 [Revolving Credit Agreement (2009-1A)] 
  

 Section 4.03    Representations and Warranties. The
representations and warranties of the Borrower in Section 4.2 of the Participation Agreements shall be deemed to be incorporated into this Agreement as if set out in full herein and as if such representations and warranties were made by the
Borrower to the Liquidity Provider as of the date hereof. 
 ARTICLE V 
 COVENANTS 
 Section 5.01    Affirmative Covenants of the Borrower. So long as any Advance shall remain unpaid or the Liquidity Provider shall have any Maximum Commitment hereunder or the Borrower shall have any
obligation to pay any amount to the Liquidity Provider hereunder, the Borrower will, unless the Liquidity Provider shall otherwise consent in writing: 
 (a)        Performance of this and Other Agreements. Punctually pay or cause to be paid all amounts payable by it under this Agreement and the other
Operative Agreements and observe and perform in all material respects the conditions, covenants and requirements applicable to it contained in this Agreement and the other Operative Agreements. 
 (b)        Reporting Requirements. Furnish to the Liquidity Provider with reasonable
promptness, such information and data with respect to the transactions contemplated by the Operative Agreements as from time to time may be reasonably requested by the Liquidity Provider; and permit the Liquidity Provider, upon reasonable notice, to
inspect the Borrower’s books and records with respect to such transactions and to meet with officers and employees of the Borrower to discuss such transactions. 
 (c)        Certain Operative Agreements. Furnish to the Liquidity Provider with reasonable promptness, such Operative Agreements entered into after the date
hereof as from time to time may be reasonably requested by the Liquidity Provider. 
 Section 5.02    Negative Covenants of the Borrower. So long as any Advance shall remain unpaid or the Liquidity Provider shall have any Maximum Commitment hereunder or the Borrower shall have any obligation
to pay any amount to the Liquidity Provider hereunder, the Borrower will not appoint or permit or suffer to be appointed any successor Borrower without the prior written consent of the Liquidity Provider, which consent shall not be unreasonably
withheld or delayed. 
 ARTICLE VI 
 LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION 
 Section 6.01    Liquidity Events of Default and Special Termination. (a) If (i) any Liquidity Event of Default has occurred and is continuing and (ii) there is a Performing Note Deficiency, the
Liquidity Provider may, in its discretion, deliver to the Borrower a Termination Notice, the effect of which shall be to cause (A) the obligation of the Liquidity Provider to make Advances hereunder to expire on the fifth Business Day after the
date on which such Termination Notice is received by the Borrower, (B) the Borrower to promptly request, and the Liquidity Provider to promptly make, a Final Advance in accordance with Section 2.02(d) hereof and Section 3.5(i) of the
Intercreditor Agreement, (C) all other outstanding Advances to be

  

 21 

 [Revolving Credit Agreement (2009-1A)] 
  

 
automatically converted into Final Advances for purposes of determining the Applicable Liquidity Rate for interest payable thereon, and (D) subject to Sections 2.07 and 2.09 hereof, all
Advances (including, without limitation, any Provider Advance and Applied Provider Advance), any accrued interest thereon and any other amounts outstanding hereunder to become immediately due and payable to the Liquidity Provider. 
 (b)        If the aggregate Pool Balance of the Class A Certificates is greater than the
aggregate outstanding principal amount of the Series A Equipment Notes (other than any Series A Equipment Notes previously sold or with respect to which the collateral securing such Series A Equipment Notes has been disposed of) at any time during
the 18 month period prior to November 1, 2016 the Liquidity Provider may, in its discretion, deliver to the Borrower a Special Termination Notice, the effect of which shall be to cause (i) the obligation of the Liquidity Provider to make
Advances hereunder to expire on the fifth Business Day after the date on which such Special Termination Notice is received by the Borrower, (ii) the Borrower to promptly request, and the Liquidity Provider to promptly make, a Special
Termination Advance in accordance with Section 2.02(g) and Section 3.5(k) of the Intercreditor Agreement, and (iii) subject to Sections 2.07 and 2.09, all Advances (including, without limitation, any Provider Advance and Applied
Provider Advance), any accrued interest thereon and any other amounts outstanding hereunder to become immediately due and payable to the Liquidity Provider. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01    Amendments, Etc. No amendment or waiver of any provision of this Agreement, nor consent to
any departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Liquidity Provider, and, in the case of an amendment or of a waiver by the Borrower, the Borrower, and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given. 
 Section 7.02    Notices, Etc. Except as otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including telecopier and mailed or delivered or
sent by telecopier) addressed to the applicable party at its address set forth below: 
 Borrower: 

Wilmington Trust Company 
 1100 North Market Street 
 Wilmington, DE 19890-0001 

Attention: Corporate Trust Administration 
 Telephone: (302) 676-6002 
 Fax: (302) 676-4140 
 with a copy to: 
  

 22 

 [Revolving Credit Agreement (2009-1A)] 
  

 United Air Lines, Inc. 
 77 West Wacker Drive 
 Chicago, IL 60601 
 Attention: Stephen R. Lieberman, Vice

                  President & Treasurer 
 E-Mail: stephen.lieberman@united.com 
 Telephone:
(312) 997-8000 
 Facsimile:  (312) 997-8333; and 
 Paul R. Lovejoy, Senior Vice President, General Counsel and 
 Secretary 
 E-Mail:paul.lovejoy@united.com, 
 Telephone:
(312) 997-8000 
 Facsimile:  (312) 997-8333 
 Liquidity Provider: 
 Morgan Stanley Bank, N.A. 
 1 Pierrepont Plaza, 7th Floor

 Brooklyn, NY 11201 
 Attention: Dana Weisberg 
 Telephone: (718) 754-4454 
 Fax: (212) 507-8080

 or to such other address as shall be designated by such Person in a written notice to the others. All such notices and communications shall
be effective (i) if given by telecopier, when transmitted to the telecopier number specified above with receipt confirmed electronically, and received in legible form, (ii) if given by mail, five Business Days after being deposited in the
mails addressed as specified above, and (iii) if given by other means, when delivered at the address specified above, except that written notices to the Liquidity Provider pursuant to the provisions of Article II and Article III
hereof shall not be effective until received by the Liquidity Provider. 
 Section 7.03    No
Waiver; Remedies. No failure on the part of the Liquidity Provider to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this
Agreement preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 7.04    Further Assurances. The Borrower agrees to do such further acts and things and to execute
and deliver to the Liquidity Provider such additional assignments, agreements, powers and instruments as the Liquidity Provider may reasonably require or deem advisable to carry into effect the purposes of this Agreement and the other Operative
Agreements or to better assure and confirm unto the Liquidity Provider its rights, powers and remedies hereunder and under the other Operative Agreements. 
  

 23 

 [Revolving Credit Agreement (2009-1A)] 
  

 Section 7.05    Indemnification; Survival of Certain
Provisions. The Liquidity Provider shall be indemnified hereunder to the extent and in the manner described in Section 7.1 of the Participation Agreements. In addition, the Borrower agrees to indemnify, protect, defend and hold harmless the
Liquidity Provider from, against and in respect of, and shall pay on demand, all Expenses of any kind or nature whatsoever (other than any Expenses of the nature described in Section 3.01, 3.02 or 7.07 hereof or in the Fee Letter applicable to
this Agreement (regardless of whether indemnified against pursuant to said Sections or in such Fee Letter)), that may be imposed on, incurred by or asserted against any Liquidity Indemnitee, in any way relating to, resulting from, or arising out of
or in connection with any action, suit or proceeding by any third party against such Liquidity Indemnitee and relating to this Agreement, the Fee Letter, the Intercreditor Agreement or any Participation Agreement; provided, however,
that the Borrower shall not be required to indemnify, protect, defend and hold harmless any Liquidity Indemnitee in respect of any Expense of such Liquidity Indemnitee to the extent such Expense is (i) attributable to the gross negligence or
willful misconduct of such Liquidity Indemnitee or any other Liquidity Indemnitee, (ii) ordinary and usual operating overhead expense, (iii) attributable to the failure by such Liquidity Indemnitee or any other Liquidity Indemnitee to
perform or observe any agreement, covenant or condition on its part to be performed or observed in this Agreement, the Intercreditor Agreement, the Fee Letter applicable to this Agreement or any other Operative Agreement to which it is a party; or
(iv) a Tax. The indemnities contained in Section 7.1 of the Participation Agreements, and the provisions of Sections 3.01, 3.02, 3.03, 3.09, 7.05 and 7.07 hereof, shall survive the termination of this Agreement. 
 Section 7.06    Liability of the Liquidity Provider. (a) Neither the Liquidity Provider nor any of its
officers, employees, directors or Affiliates shall be liable or responsible for: (i) the use which may be made of the Advances or any acts or omissions of the Borrower or any beneficiary or transferee in connection therewith; (ii) the
validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; or (iii) the making of Advances by the Liquidity
Provider against delivery of a Notice of Borrowing and other documents which do not comply with the terms hereof; provided, however, that the Borrower shall have a claim against the Liquidity Provider, and the Liquidity Provider shall
be liable to the Borrower, to the extent of any damages suffered by the Borrower which were the result of (A) the Liquidity Provider’s willful misconduct or negligence in determining whether documents presented hereunder comply with the
terms hereof, or (B) any breach by the Liquidity Provider of any of the terms of this Agreement or the Intercreditor Agreement, including, but not limited to, the Liquidity Provider’s failure to make lawful payment hereunder after the
delivery to it by the Borrower of a Notice of Borrowing strictly complying with the terms and conditions hereof. In no event, however, shall the Liquidity Provider be liable on any theory of liability for any special, indirect, consequential or
punitive damages (including, without limitation, any loss of profits, business or anticipated savings). 
 (b)        Neither the Liquidity Provider nor any of its officers, employees, directors or Affiliates shall be liable or responsible in any respect for (i) any error, omission, interruption or
delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with this Agreement or any Notice of Borrowing delivered hereunder, or (ii) any action, inaction or omission which may be taken by it in
good faith, absent willful misconduct or gross negligence (in which event the extent of the Liquidity Provider’s potential liability to the Borrower shall be limited as set forth in the immediately preceding paragraph), in connection with this
Agreement or any Notice of Borrowing. 
  

 24 

 [Revolving Credit Agreement (2009-1A)] 
  

 Section 7.07    Costs, Expenses and Taxes. The Borrower
agrees to pay, or cause to be paid (A) on the Effective Date and on such later date or dates on which the Liquidity Provider shall make demand, all reasonable out-of-pocket costs and expenses (including, without limitation, the reasonable fees
and expenses of outside counsel for the Liquidity Provider) of the Liquidity Provider in connection with the preparation, negotiation, execution, delivery, filing and recording of this Agreement, any other Operative Agreement and any other documents
which may be delivered in connection with this Agreement and (B) on demand, all reasonable costs and expenses (including reasonable counsel fees and expenses) of the Liquidity Provider in connection with (i) the enforcement of this
Agreement or any other Operative Agreement, (ii) the modification or amendment of, or supplement to, this Agreement or any other Operative Agreement or such other documents which may be delivered in connection herewith or therewith (whether or
not the same shall become effective) or any waiver or consent thereunder (whether or not the same shall become effective) or (iii) any action or proceeding relating to any order, injunction, or other process or decree restraining or seeking to
restrain the Liquidity Provider from paying any amount under this Agreement, the Intercreditor Agreement or any other Operative Agreement or otherwise affecting the application of funds in the Cash Collateral Account. In addition, the Borrower shall
pay any and all recording, stamp and other similar taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement, any other Operative Agreement and such other documents, and
agrees to hold the Liquidity Provider harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such taxes or fees. 
 Section 7.08    Binding Effect; Participations. (a) This Agreement shall be binding upon and inure to
the benefit of the Borrower and the Liquidity Provider and their respective successors and assigns, except that neither the Liquidity Provider (except as otherwise provided in this Section 7.08 and in Section 3.5(l) of the Intercreditor
Agreement) nor (except as contemplated by Section 3.08) the Borrower shall have the right to assign its rights or obligations hereunder or any interest herein without the prior written consent of the other party, subject to the requirements of
Section 7.08(b). The Liquidity Provider may grant participations herein or in any of its rights hereunder (including, without limitation, funded participations and participations in rights to receive interest payments hereunder) and under the
other Operative Agreements to such Persons (other than United and its Affiliates) as the Liquidity Provider may in its sole discretion select, subject to the requirements of Section 7.08(b). No such granting of participations by the Liquidity
Provider, however, will relieve the Liquidity Provider of its obligations hereunder. In connection with any participation or any proposed participation, the Liquidity Provider may disclose to the participant or the proposed participant any
information that the Borrower is required to deliver or to disclose to the Liquidity Provider pursuant to this Agreement. The Borrower acknowledges and agrees that the Liquidity Provider’s source of funds may derive in part from its
participants. Accordingly, references in this Agreement and the other Operative Agreements to determinations, reserve and capital adequacy requirements, increased costs, reduced receipts, additional amounts due pursuant to Section 3.03 and the
like as they pertain to the Liquidity Provider shall be deemed also to include those of each of its participants that are banks (subject, in each case, to the maximum amount that would have been incurred by or attributable to the Liquidity Provider
directly if the Liquidity Provider, rather than the participant, had held the interest participated). 
  

 25 

 [Revolving Credit Agreement (2009-1A)] 
  

 (b)        If, pursuant to subsection (a)
above, the Liquidity Provider sells any participation in this Agreement to any bank or other entity (each, a “Transferee”), the Transferee shall not be entitled to receive any greater payment under Section 3.01, 3.02 or
3.03 than the Liquidity Provider would have been entitled to receive with respect to the participation sold to such Transferee. A Transferee shall not be entitled to the benefits of Section 3.03 unless the Borrower and United is notified of the
participation sold to such Transferee and such Transferee agrees, for the benefit of the Borrower, to comply with the certification requirements of Section 3.03 as though it were the Liquidity Provider. Unless the Borrower has received forms or
other documents reasonably satisfactory to it (and required by applicable law) indicating that payments hereunder are not subject to United States federal withholding tax, the Borrower will withhold taxes as required by law from such payments at the
applicable statutory rate. 
 (c)        Notwithstanding the other provisions of this
Section 7.08, the Liquidity Provider may assign and pledge all or any portion of the Advances owing to it to any Federal Reserve Bank or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the
Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Advances made by the Borrower to the Liquidity Provider in accordance with the terms of this Agreement shall
satisfy the Borrower’s obligations hereunder in respect of such assigned Advance to the extent of such payment. No such assignment shall release the Liquidity Provider from its obligations hereunder. 
 Section 7.09    Severability. Any provision of this Agreement which is prohibited, unenforceable or not
authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or
legality of such provision in any other jurisdiction. 
 Section 7.10    GOVERNING LAW. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 
 Section 7.11    Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity. (a) Each of the parties hereto hereby irrevocably and unconditionally:

     (i)       submits for itself and its property in any legal action
or proceeding relating to this Agreement or any other Operative Agreement, or for recognition and enforcement of any judgment in respect hereof or thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts
of the United States of America for the Southern District of New York, and the appellate courts from any thereof; 
     (ii)      consents that any such action or proceeding may be brought in such courts, and waives any objection that it may now or hereafter have to the venue of any such action or
proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
  

 26 

 [Revolving Credit Agreement (2009-1A)] 
  

     (iii)     agrees that service of
process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to each party hereto at its address set forth in Section 7.02
hereof, or at such other address of which the Liquidity Provider shall have been notified pursuant thereto; and 
     (iv)     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)        THE BORROWER AND THE LIQUIDITY PROVIDER EACH HEREBY AGREE TO WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS BEING ESTABLISHED, including,
without limitation, contract claims, tort claims, breach of duty claims and all other common law and statutory claims. The Borrower and the Liquidity Provider each warrant and represent that it has reviewed this waiver with its legal counsel, and
that it knowingly and voluntarily waives its jury trial rights following consultation with such legal counsel. THIS WAIVER IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. 
 Section 7.12    Execution in
Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which
counterparts, taken together, shall constitute but one and the same Agreement. 
 Section 7.13    Entirety. This Agreement, the Intercreditor Agreement and the other Operative Agreements to which the Liquidity Provider is a party constitute the entire agreement of the parties hereto with
respect to the subject matter hereof and supersedes all prior understandings and agreements of such parties. 
 Section 7.14    Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 Section 7.15    Transfer. The Liquidity Provider hereby acknowledges and consents to the Transfer
contemplated by the Assignment and Assumption Agreement. 
 Section 7.16    LIQUIDITY
PROVIDER’S OBLIGATION TO MAKE ADVANCES. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS OF THE LIQUIDITY PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE BORROWER’S RIGHTS TO DELIVER NOTICES OF BORROWING REQUESTING THE
MAKING OF ADVANCES HEREUNDER, SHALL BE UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR PERFORMED, IN EACH CASE STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT. 
  

 27 

 [Revolving Credit Agreement (2009-1A)] 
  

 Section 7.17    Patriot Act. The Liquidity Provider
hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), the Liquidity Provider is required to obtain, verify and record,
and the Borrower shall provide to the Liquidity Provider upon request, information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Liquidity Provider to identify
the Borrower in accordance with the Act and such other information as the Liquidity Provider may reasonably request to satisfy its “know your customer” policies. 
  

 28 

 [Revolving Credit Agreement (2009-1A)] 
  

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

					
	 WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as agent and trustee for
the Class A Trust,
 as Borrower

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	MORGAN STANLEY BANK, N.A., as Liquidity Provider
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 29 

 [Revolving Credit Agreement (2009-1A)] 
  

 ANNEX I 
 TO 
 REVOLVING CREDIT AGREEMENT 
 INTEREST ADVANCE NOTICE OF BORROWING 
 The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Morgan Stanley Bank, N.A. (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2009-1A) dated as of October 13, 2009, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and
not otherwise defined herein being used herein as therein defined or referenced), that: 
 (1)        The Borrower is the Subordination Agent under the Intercreditor Agreement. 
 (2)        The Borrower is delivering this Notice of Borrowing for the making of an Interest Advance by the Liquidity Provider to be used, subject to
clause (3)(v) below, for the payment of interest on the Class A Certificates which was payable on                     ,
         (the “Distribution Date”) in accordance with the terms and provisions of the Class A Trust Agreement and the Class A Certificates, which Advance is requested to be
made on                     ,         . The Interest Advance should be transferred to [name of bank/wire
instructions/ABA number] in favor of account number [        ], reference [        ]. 
 (3)        The amount of the Interest Advance requested hereby (i) is
$[                    ], to be applied in respect of the payment of the interest which was due and payable on the Class A Certificates on the
Distribution Date, (ii) does not include any amount with respect to the payment of principal of, or premium on, the Class A Certificates, or principal of, or interest or premium on, any Additional Certificates, (iii) was computed in
accordance with the provisions of the Class A Certificates, the Liquidity Agreement, the Class A Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), (iv) does not exceed
the Maximum Available Commitment on the date hereof, and (v) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing. 
 (4)        Upon receipt by or on behalf of the Borrower of the amount requested hereby, (a) the Borrower will apply the same in accordance with the terms of
Section 3.5(b) of the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower for any other purpose and (c) no portion of such amount until so applied shall be commingled with other funds held by
the Borrower. 
 The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, the making of the Interest Advance
as requested by this Notice of Borrowing shall automatically reduce, subject to reinstatement in accordance with the terms of the Liquidity Agreement, the Maximum Available Commitment by an amount equal to the amount of the Interest Advance
requested to be made hereby as set forth in clause (i) of paragraph (3) of this Notice of Borrowing and such reduction shall automatically result in corresponding reductions in the amounts available to be borrowed pursuant to a subsequent
Advance. 
  

 ANNEX I 
 Page 1 

 [Revolving Credit Agreement (2009-1A)] 
  

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

  

					
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-1A, as Borrower
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 ANNEX I 
 Page 2 

 [Revolving Credit Agreement (2009-1A)] 
  

 SCHEDULE I 
 TO 
 INTEREST ADVANCE NOTICE OF BORROWING

 [Insert copy of computations in accordance with Interest Advance Notice of Borrowing] 
  

 ANNEX I 
 Page 3 

 [Revolving Credit Agreement (2009-1A)] 
  

 ANNEX II 
 TO 
 REVOLVING CREDIT AGREEMENT 
 NON-EXTENSION ADVANCE NOTICE OF BORROWING 
 The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Morgan Stanley Bank, N.A. (the “Liquidity
Provider”), with reference to the Revolving Credit Agreement (2009-1A) dated as of October 13, 2009, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and
not otherwise defined herein being used herein as therein defined or referenced), that: 
 (1)      The Borrower is the Subordination Agent under the Intercreditor Agreement. 
 (2)      The Borrower is delivering this Notice of Borrowing for the making of the Non-Extension Advance by the Liquidity Provider to be used for the funding of the Cash
Collateral Account in accordance with Section 3.5(d) of the Intercreditor Agreement, which Advance is requested to be made on
                    ,         . The Non-Extension Advance should be transferred to [name of bank/wire
instructions/ABA number] in favor of account number [    ], reference [                    ]. 
 (3)      The amount of the Non-Extension Advance requested hereby (i) is
$                            .    , which equals the Maximum Available Commitment on the
date hereof and is to be applied in respect of the funding of the Cash Collateral Account in accordance with Section 3.5(d) of the Intercreditor Agreement, (ii) does not include any amount with respect to the payment of the principal of,
or premium on, the Class A Certificates, or principal of, or interest or premium on, any Additional Certificates, (iii) was computed in accordance with the provisions of the Class A Certificates, the Liquidity Agreement, the
Class A Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity
Agreement. 
 (4)      Upon receipt by or on behalf of the Borrower of the amount
requested hereby, (a) the Borrower will deposit such amount in the Cash Collateral Account and apply the same in accordance with the terms of Section 3.5(d) of the Intercreditor Agreement, (b) no portion of such amount shall be
applied by the Borrower for any other purpose and (c) no portion of such amount until so applied shall be commingled with other funds held by the Borrower. 
 The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Non-Extension Advance as requested by this Notice of Borrowing shall automatically and irrevocably
terminate the obligation of the Liquidity Provider to make further Advances under the Liquidity Agreement; and (B) following the making by the Liquidity Provider of the Non-Extension Advance requested by this Notice of Borrowing, the Borrower
shall not be entitled to request any further Advances under the Liquidity Agreement. 
  

 ANNEX II 
 Page 1 

 [Revolving Credit Agreement (2009-1A)] 
  

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

  

					
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-1A, as Borrower
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 ANNEX II 
 Page 2 

 [Revolving Credit Agreement (2009-1A)] 
  

 SCHEDULE I 
 TO 
 NON-EXTENSION ADVANCE NOTICE OF BORROWING 

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

 ANNEX II 
 Page 3 

 [Revolving Credit Agreement (2009-1A)] 
  

 ANNEX III 
 TO 
 REVOLVING CREDIT AGREEMENT 
 DOWNGRADE ADVANCE NOTICE OF BORROWING 
 The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Morgan Stanley Bank, N.A. (the “Liquidity
Provider”), with reference to the REVOLVING CREDIT AGREEMENT (2009-1A) dated as of October 13, 2009, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined or referenced), that: 
 (1)      The Borrower is the Subordination Agent under the Intercreditor Agreement. 
 (2)      The Borrower is delivering this Notice of Borrowing for the making of the Downgrade Advance by the Liquidity Provider to be used for the funding of the Cash
Collateral Account in accordance with Section 3.5(c) of the Intercreditor Agreement by reason of the occurrence of a Downgrade Event, which Advance is requested to be made on
                    ,         . The Downgrade Advance should be transferred to [name of bank/wire
instructions/ABA number] in favor of account number [    ], reference [        ]. 
 (3)      The amount of the Downgrade Advance requested hereby (i) is
$                        .    , which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Cash Collateral Account in accordance with Section 3.5(c) of the Intercreditor Agreement, (ii) does not include any amount with respect to the payment of the principal of, or premium on, the
Class A Certificates, or principal of, or interest or premium on, any Additional Certificates, (iii) was computed in accordance with the provisions of the Class A Certificates, the Liquidity Agreement, the Class A Trust Agreement
and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing under the Liquidity Agreement. 
 (4)      Upon receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower will deposit such amount in the Cash Collateral Account and apply the same in accordance with the terms of Section 3.5(c) of the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower
for any other purpose and (c) no portion of such amount until so applied shall be commingled with other funds held by the Borrower. 
 The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Downgrade Advance as requested by this Notice of Borrowing shall automatically and irrevocably
terminate the obligation of the Liquidity Provider to make further Advances under the Liquidity Agreement; and (B) following the making by the Liquidity Provider of the Downgrade Advance requested by this Notice of Borrowing, the Borrower shall
not be entitled to request any further Advances under the Liquidity Agreement. 
  

 ANNEX III 
 Page 1 

 [Revolving Credit Agreement (2009-1A)] 
  

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

  

					
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-1A, as Borrower
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 ANNEX III 
 Page 2 

 [Revolving Credit Agreement (2009-1A)] 
  

 SCHEDULE I 
 TO 
 DOWNGRADE ADVANCE NOTICE OF BORROWING

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

 ANNEX III 
 Page 3 

 [Revolving Credit Agreement (2009-1A)] 
  

 ANNEX IV 
 TO 
 REVOLVING CREDIT AGREEMENT 
 FINAL ADVANCE NOTICE OF BORROWING 
 The undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Morgan Stanley Bank, N.A. (the “Liquidity
Provider”), with reference to the REVOLVING CREDIT AGREEMENT (2009-1A) dated as of October 13, 2009, between the Borrower and the Liquidity Provider (the “Liquidity Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined or referenced), that: 
 (1)      The Borrower is the Subordination Agent under the Intercreditor Agreement. 
 (2)      The Borrower is delivering this Notice of Borrowing for the making of the Final Advance by the Liquidity Provider to be used for the funding of the Cash Collateral
Account in accordance with Section 3.5(i) of the Intercreditor Agreement by reason of the receipt by the Borrower of a Termination Notice from the Liquidity Provider with respect to the Liquidity Agreement, which Advance is requested to be made
on                     ,         . The Final Advance should be transferred to [name of bank/wire
instructions/ABA number] in favor of account number [    ], reference [        ]. 
 (3)      The amount of the Final Advance requested hereby (i) is
$                            .    , which equals the Maximum Available Commitment on the
date hereof and is to be applied in respect of the funding of the Cash Collateral Account in accordance with Section 3.5(i) of the Intercreditor Agreement, (ii) does not include any amount with respect to the payment of principal of, or
premium on, the Class A Certificates, or principal of, or interest or premium on, any Additional Certificates, (iii) was computed in accordance with the provisions of the Class A Certificates, the Liquidity Agreement, the Class A
Trust Agreement and the Intercreditor Agreement (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing. 
 (4)      Upon receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower will deposit such amount in the Cash Collateral Account and apply the same in accordance with the terms of Section 3.5(i) of the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower
for any other purpose and (c) no portion of such amount until so applied shall be commingled with other funds held by the Borrower. 
 (5)      The Borrower hereby requests that the Advance requested hereby be a Base Rate Advance and that such Base Rate Advance be converted into a LIBOR Advance on the third
Business Day following your receipt of this notice. 
 The Borrower hereby acknowledges that, pursuant to the Liquidity
Agreement, (A) the making of the Final Advance as requested by this Notice of Borrowing shall automatically and irrevocably terminate the

  

 ANNEX IV 
 Page 1 

 [Revolving Credit Agreement (2009-1A)] 
  

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

 ANNEX IV 
 Page 2 

 [Revolving Credit Agreement (2009-1A)] 
  

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

  

					
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-1A, as Borrower
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 ANNEX IV 
 Page 3 

 [Revolving Credit Agreement (2009-1A)] 
  

 SCHEDULE I 
 TO 
 FINAL ADVANCE NOTICE OF BORROWING

 [Insert copy of computations in accordance with Final Advance Notice of Borrowing] 
  

 ANNEX IV 
 Page 4 

 [Revolving Credit Agreement (2009-1A)] 
  

 ANNEX V 
 TO 
 REVOLVING CREDIT AGREEMENT 
 NOTICE OF TERMINATION 
 [Date] 
 Wilmington Trust Company, 
   as Subordination Agent, as Borrower 
 1100 North Market Square 
 Wilmington, DE 19890-0001 
 Attention:  Corporate Trust Administration 
 Revolving Credit Agreement dated as of October 13, 2009
between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the United Air Lines Pass Through Trust, 2009-1A-[O/S], as Borrower, and Morgan Stanley Bank, N.A. (the “Liquidity Agreement”) 
 Ladies and Gentlemen: 
 You are
hereby notified that pursuant to Section 6.01(a) of the Liquidity Agreement, by reason of the occurrence of a Liquidity Event of Default and the existence of a Performing Note Deficiency (each as defined therein), we are giving this notice to
you in order to cause (i) our obligations to make Advances (as defined therein) under such Liquidity Agreement to terminate on the fifth Business Day after the date on which you receive this notice, (ii) you to request a Final Advance
under the Liquidity Agreement pursuant to Section 3.5(i) of the Intercreditor Agreement (as defined in the Liquidity Agreement) as a consequence of your receipt of this notice and (iii) any Interest Advance, Provider Advance or Special
Termination Advance to be converted to and treated as a Final Advance. 
  

 ANNEX V 
 Page 1 

 [Revolving Credit Agreement (2009-1A)] 
  

 THIS NOTICE IS THE “NOTICE OF TERMINATION” PROVIDED FOR UNDER THE LIQUIDITY
AGREEMENT. OUR OBLIGATIONS TO MAKE ADVANCES UNDER THE LIQUIDITY AGREEMENT WILL TERMINATE ON THE FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE THIS NOTICE. 
  

											
		 		 		 	 Very truly yours,
  
 MORGAN STANLEY BANK, N.A., as Liquidity Provider

					
		 		 		 	By:	 	  

		 		 		 		 	Name:	 	
		 		 		 		 	Title:	 	
						
	cc:	 	 Wilmington Trust Company,
 as
Class A Trustee
	 		 		 		 	

  

 ANNEX V 
 Page 2 

 [Revolving Credit Agreement (2009-1A)] 
  

 ANNEX VI 
 TO 
 REVOLVING CREDIT AGREEMENT 
 NOTICE OF REPLACEMENT SUBORDINATION AGENT 
 [Date] 
 Attention: 
 Revolving Credit Agreement dated as of October 13, 2009, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the United Air Lines Pass Through Trust, 2009-1A-[O/S], as
Borrower, and Morgan Stanley Bank, N.A. (the “Liquidity Agreement”) 
 Ladies and Gentlemen: 
 For value received, the undersigned beneficiary hereby irrevocably transfers to: 
  
  
  
 [Name of Transferee]

   
  
 [Address of
Transferee] 
 all rights and obligations of the undersigned as Borrower under the Liquidity Agreement referred to above. The transferee has
succeeded the undersigned as Subordination Agent under the Intercreditor Agreement referred to in the first paragraph of the Liquidity Agreement, pursuant to the terms of Section 8.1 of the Intercreditor Agreement. 
 By this transfer, all rights of the undersigned as Borrower under the Liquidity Agreement are transferred to the transferee and the
transferee shall hereafter have the sole rights and obligations as Borrower thereunder. The undersigned shall pay any costs and expenses of such transfer, including, but not limited to, transfer taxes or governmental charges. 
 We ask that this transfer be effective as of
                            ,         . 
  

					
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust
2009-1A, as Borrower
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 ANNEX VI 
 Page 1 

 [Revolving Credit Agreement (2009-1A)] 
  

 ANNEX VII TO 
 REVOLVING CREDIT AGREEMENT 
 SPECIAL TERMINATION
ADVANCE NOTICE OF BORROWING 
 The undersigned, a duly authorized signatory of the undersigned borrower (the
“Borrower”), hereby certifies to Morgan Stanley Bank, N.A. (the “Liquidity Provider”), with reference to the Revolving Credit Agreement (2009-1A), dated as of October 13, 2009, between the Borrower and the
Liquidity Provider (the “Liquidity Agreement”); the terms defined therein and not otherwise defined herein being used herein as therein defined or referenced), that: 
 (1)      The Borrower is the Subordination Agent under the Intercreditor Agreement.

 (2)      The Borrower is delivering this Notice of Borrowing for the making of
the Special Termination Advance by the Liquidity Provider to be used for the funding of the Cash Collateral Account in accordance with Section 3.5(k) of the Intercreditor Agreement by reason of the receipt by the Borrower of a Special
Termination Notice from the Liquidity Provider with respect to the Liquidity Agreement, which Advance is requested to be made on
                            . The Special Termination Advance should be transferred to [name of bank/wire
instructions/ABA number] in favor of account number [    ], reference [        ]. 
 (3)      The amount of the Special Termination Advance requested hereby (i) is
$                            , which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Cash Collateral Account in accordance with Section 3.5(k) of the Intercreditor Agreement, (ii) does not include any amount with respect to the payment of principal of, or premium on, the
Class A Certificates or principal of or interest or premium on any Additional Certificates, (iii) was computed in accordance with the provisions of the Class A Certificates, the Class A Trust Agreement and the Intercreditor
Agreement (a copy of which computation is attached hereto as Schedule I), and (iv) has not been and is not the subject of a prior or contemporaneous Notice of Borrowing. 
 (4)      Upon receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower shall deposit such amount in the Cash Collateral Account and apply the same in accordance with the terms of Section 3.5(k) of the Intercreditor Agreement, (b) no portion of such amount shall be applied by the Borrower
for any other purpose and (c) no portion of such amount until so applied shall be commingled with other funds held by the Borrower. 
 The Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, (A) the making of the Special Termination Advance as requested by this Notice of Borrowing shall automatically and
irrevocably terminate the obligation of the Liquidity Provider to make further Advances under the Liquidity Agreement; and (B) following the making by the Liquidity Provider of the Special Termination Advance requested by this Notice of
Borrowing, the Borrower shall not be entitled to request any further Advances under the Liquidity Agreement. 
  

 ANNEX VII 
 Page 1 

 [Revolving Credit Agreement (2009-1A)] 
  

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

  

					
	 WILMINGTON TRUST COMPANY,
 not in its individual capacity but solely as Subordination Agent, as Agent and Trustee for the United Air Lines Pass Through Trust 2009-1A, as Borrower

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 ANNEX VII 
 Page 2 

 [Revolving Credit Agreement (2009-1A)] 
  

 SCHEDULE I TO SPECIAL TERMINATION ADVANCE NOTICE OF BORROWING 
 [Insert Copy of Computations in accordance with 
 Special Termination Advance Notice of Borrowing] 
  

 ANNEX VII 
 Page 3 

 [Revolving Credit Agreement (2009-1A)] 
  

 ANNEX VIII TO 
 REVOLVING CREDIT AGREEMENT 
 NOTICE OF SPECIAL
TERMINATION 
 [Date] 
 Wilmington Trust Company 
 1100 North Market Square 
 Wilmington, DE 19890-0001 
 Attention:  Corporate Trust Administration 
  

	 	Re:	Revolving Credit Agreement, dated as of October 13, 2009, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the United Airlines
Pass Through Trust, 2009-1A-[O/S], as Borrower, and Morgan Stanley Bank, N.A. (the “Liquidity Agreement”) 

 Ladies and Gentlemen: 
 You are hereby notified that pursuant to Section 6.01(b) of the Liquidity Agreement, by
reason of the aggregate Pool Balance of the Class A Certificates exceeding the aggregate outstanding principal amount of the Series A Equipment Notes (other than any Series A Equipment Notes previously sold or with respect to which the
collateral securing such Series A Equipment Notes has been disposed of) during the 18 month period prior to November 1, 2016, we are giving this notice to you in order to cause (i) our obligations to make Advances (as defined therein)
under such Liquidity Agreement to terminate on the fifth Business Day after the date on which you receive this notice and (ii) you to request a Special Termination Advance under the Liquidity Agreement pursuant to Section 3.5(k) of the
Intercreditor Agreement (as defined in the Liquidity Agreement) as a consequence of your receipt of this notice. 
 THIS NOTICE
IS THE “NOTICE OF SPECIAL TERMINATION” PROVIDED FOR UNDER THE LIQUIDITY AGREEMENT. OUR OBLIGATIONS TO MAKE ADVANCES UNDER THE LIQUIDITY AGREEMENT SHALL TERMINATE ON THE FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE THIS NOTICE.

  

											
		 		 		 	 Very truly yours,
  
 MORGAN STANLEY BANK, N.A., as Liquidity Provider

					
		 		 		 	By:	 	  

		 		 		 		 	Name:	 	
		 		 		 		 	Title:	 	
						
	cc:	 	Wilmington Trust Company, as Trustee	 		 		 		 	

  

 ANNEX VIII 
 Page 1Intercreditor Agreement, dated as of October 13, 2009

 Exhibit 4.4 
  
  
  
 INTERCREDITOR AGREEMENT 
 (2009-1) 
 Dated as of 
 October 13, 2009 
 AMONG 
 WILMINGTON TRUST COMPANY, 
 not in its individual capacity 
 but solely as Trustee under the 
 United Air Lines Pass Through Trust 2009-1A, 
 MORGAN STANLEY
BANK, N.A., 
 as Liquidity Provider, 
 AND 
 WILMINGTON TRUST COMPANY, 
 not in its individual capacity except 
 as expressly set forth herein but 
 solely as Subordination Agent and Trustee

  
  

 TABLE OF CONTENTS 
  

			
	 	 	 Page

		
	 ARTICLE I DEFINITIONS
	 	2
	     SECTION 1.1.  Definitions
	 	2
		
	 ARTICLE II TRUST ACCOUNTS; CONTROLLING PARTY
	 	16
	     SECTION 2.1.  Agreement to Terms of Subordination; Payments from Monies Received Only
	 	16
	     SECTION 2.2.  Trust Accounts
	 	17
	     SECTION 2.3.  Deposits to the Collection Account and Special Payments Account
	 	18
	     SECTION 2.4.  Distributions of Special Payments
	 	19
	     SECTION 2.5.  Designated Representatives
	 	20
	     SECTION 2.6.  Controlling Party
	 	20
		
	 ARTICLE III RECEIPT, DISTRIBUTION AND APPLICATION OF AMOUNTS RECEIVED
	 	22
	     SECTION 3.1.  Written Notice of Distribution
	 	22
	     SECTION 3.2.  Distribution of Amounts on Deposit in the Collection Account
	 	23
	     SECTION 3.3.  Other Payments
	 	25
	     SECTION 3.4.  Payments to the Trustees and the Liquidity Provider
	 	26
	     SECTION 3.5.  Liquidity Facility
	 	26
		
	 ARTICLE IV EXERCISE OF REMEDIES
	 	32
	     SECTION 4.1.  Directions from the Controlling Party
	 	32
	     SECTION 4.2.  Remedies Cumulative
	 	33
	     SECTION 4.3.  Discontinuance of Proceedings
	 	34
	     SECTION 4.4.  Right of Certificateholders and the Liquidity Provider to Receive
Payments
                                       
   Not to Be Impaired
	 	34
	     SECTION 4.5.  Undertaking for Costs
	 	34
		
	 ARTICLE V DUTIES OF THE SUBORDINATION AGENT; AGREEMENTS OF TRUSTEES, ETC.
	 	34
	     SECTION 5.1.  Notice of Indenture Event of Default or Triggering Event
	 	34
	     SECTION 5.2.  Indemnification
	 	36
	     SECTION 5.3.  No Duties Except as Specified in Intercreditor Agreement
	 	36
	     SECTION 5.4.  Notice from the Liquidity Provider and Trustees
	 	36
		
	 ARTICLE VI THE SUBORDINATION AGENT
	 	37
	     SECTION 6.1.  Authorization; Acceptance of Trusts and Duties
	 	37
	     SECTION 6.2.  Absence of Duties
	 	37
	     SECTION 6.3.  No Representations or Warranties as to Documents
	 	37
	     SECTION 6.4.  No Segregation of Monies; No Interest
	 	37

  

 i 

			
	 	  	 Page

		
	     SECTION 6.5.  Reliance; Agents; Advice of Counsel
	  	37
	     SECTION 6.6.  Capacity in Which Acting
	  	38
	     SECTION 6.7.  Compensation
	  	38
	     SECTION 6.8.  May Become Certificateholder
	  	38
	     SECTION 6.9.  Subordination Agent Required; Eligibility
	  	38
	     SECTION 6.10.  Money to Be Held in Trust
	  	39
		
	 ARTICLE VII INDEMNIFICATION OF SUBORDINATION AGENT
	  	39
	     SECTION 7.1.  Scope of Indemnification
	  	39
		
	 ARTICLE VIII SUCCESSOR SUBORDINATION AGENT
	  	39
	     SECTION 8.1.  Replacement of Subordination Agent; Appointment of Successor
	  	39
		
	 ARTICLE IX SUPPLEMENTS AND AMENDMENTS
	  	40
	     SECTION 9.1.  Amendments, Waivers, etc.
	  	40
	     SECTION 9.2.  Subordination Agent Protected
	  	43
	     SECTION 9.3.  Effect of Supplemental Agreements
	  	43
	     SECTION 9.4.  Notice to Rating Agencies
	  	43
		
	 ARTICLE X MISCELLANEOUS
	  	43
	     SECTION 10.1.  Termination of Intercreditor Agreement
	  	43
	     SECTION 10.2.  Intercreditor Agreement for Benefit of Trustee, Liquidity Provider
and
                                       
     Subordination Agent
	  	44
	     SECTION 10.3.  Notices
	  	44
	     SECTION 10.4.  Severability
	  	45
	     SECTION 10.5.  No Oral Modifications or Continuing Waivers
	  	45
	     SECTION 10.6.  Successors and Assigns
	  	45
	     SECTION 10.7.  Headings
	  	45
	     SECTION 10.8.  Counterpart Form
	  	45
	     SECTION 10.9.  Subordination
	  	45
	     SECTION 10.10.  Governing Law
	  	46
	     SECTION 10.11.  Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity.
	  	47

  

 ii 

 INTERCREDITOR AGREEMENT 
 INTERCREDITOR AGREEMENT (the “Agreement”) dated as of October 13, 2009, among WILMINGTON TRUST COMPANY, a Delaware
corporation (“WTC”), not in its individual capacity but solely as Trustee of the Trust (each as defined below); MORGAN STANLEY BANK, N.A., a national banking association (“Morgan Stanley Bank”), as Liquidity
Provider; and WILMINGTON TRUST COMPANY, 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 VIII
hereof, the “Subordination Agent”). 
 WHEREAS, all capitalized terms used herein shall have the respective
meanings referred to in Article I hereof; 
 WHEREAS, pursuant to the Indentures covering ten Airbus A319-131 aircraft, six
Airbus A320-232 aircraft, seven Boeing 767-322ER aircraft, three Boeing 777-222ER aircraft and five Boeing 747-422 aircraft owned by United, United will issue from time to time on a recourse basis on or before the Cut-Off Date Series A Equipment
Notes and may (at anytime after the Deposit Period Termination Date) issue a single additional series of Equipment Notes all to finance the Aircraft; 
 WHEREAS, pursuant to the Note Purchase Agreement and the Participation Agreements, the Class A Trust will acquire the Series A Equipment Notes having an interest rate equal to the Stated Interest
Rate applicable to the Class A Certificates to be issued by the Class A Trust; 
 WHEREAS, pursuant to the
Class A Trust Agreement, the Class A Trust proposes to issue the Class A Certificates having the interest rate and the final distribution date described in the Class A Trust Agreement on the terms and subject to the conditions
set forth herein and therein; 
 WHEREAS, pursuant to the Underwriting Agreement, the Underwriters propose to purchase the
Class A Certificates issued by the Class A Trust on the Issuance Date in the aggregate face amount set forth on Schedule I thereto on the terms and subject to the conditions set forth therein; 
 WHEREAS, the Liquidity Provider proposes to enter into a revolving credit agreement relating to the Class A Certificates with the
Subordination Agent, as agent for the Class A Trustee for the benefit of the Class A Certificateholders; and 
 WHEREAS, it is a condition precedent to the obligations of the Underwriters under the Underwriting Agreement that the Subordination Agent, the Class A Trustee and the Liquidity Provider agree to the terms of subordination set forth in
this Agreement, and the Subordination Agent, the Class A Trustee 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 for other
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Definitions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (1)       the terms used herein that are defined in this Article have the meanings
assigned to them in this Article, and include the plural as well as the singular; 
 (2)       all references in this Agreement to designated “Articles”, “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Agreement;

 (3)       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; and 
 (4)       the term “including” means “including without limitation”.

 “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. 

“Additional Certificateholders” has the meaning specified in Section 9.1(c). 
 “Additional Certificates” has the meaning specified in Section 9.1(c). 
 “Additional Equipment Notes” has the meaning specified in Section 9.1(c). 
 “Additional Trust” has the meaning specified in Section 9.1(c). 
 “Additional Trust Agreement” has the meaning specified in Section 9.1(c). 
 “Additional Trustee” has the meaning specified in Section 9.1(c). 
 “Administration Expenses” has the meaning specified in clause “first” of Section 3.2. 
 “Advance” means any Advance as defined in the Liquidity Facility. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such Person. For the purposes of this definition, “control” means

  

 2 

 
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. 
 “Aircraft” means, with respect to each Indenture, the “Aircraft” referred to therein. 
 “Appraisal” has the meaning specified in Section 4.1(a)(iv). 
 “Appraised Current
Market Value” of any Aircraft means the lower of the average and the median of the three most recent Post-Default Appraisals of such Aircraft. 
 “Appraisers” means Aircraft Information Systems, Inc., BK Associates, Inc. and Morten Beyer and Agnew, Inc. or, so long as the Person entitled or required hereunder to select such
Appraiser acts reasonably, any other nationally recognized appraiser reasonably satisfactory to the Subordination Agent and the Controlling Party. 
 “Assignment and Assumption Agreement” means the Assignment and Assumption Agreement to be executed between the Class A Trustee in its capacity as trustee of the Original Class A
Trust and as trustee of the Successor Class A Trust in accordance with the Class A Trust Agreement, as the same may be amended, modified or supplemented from time to time. 
 “Available Amount” means, with respect to the Liquidity Facility on any date, the Maximum Available Commitment (as defined
therein) on such date. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Sections 101
et seq. 
 “Basic Agreement” means the Pass Through Trust Agreement dated as of June 26, 2007
between United and WTC, not in its individual capacity, except as otherwise expressly provided therein, but solely as trustee thereunder. 
 “Business Day” means any day other than a Saturday or Sunday or a day on which commercial banks are required or authorized to close in Chicago, Illinois, New York, New York, or, so long
as any Certificate is outstanding, the city and state in which any Trustee, the Subordination Agent or any Loan Trustee maintains its Corporate Trust Office and that, solely with respect to the making and repayment of Advances under the Liquidity
Facility, also is a “Business Day” as defined in the Liquidity Facility. 
 “Cash Collateral
Account” means an Eligible Deposit Account in the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it shall so qualify, into which all amounts drawn under the Liquidity
Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(k) shall be deposited. 
 “Certificate” means
a Class A Certificate or an Additional Certificate, as applicable. 
  

 3 

 “Certificateholder” means any holder of one or more Certificates.

 “Class” means a class of Certificates issued by the Class A Trust and/or the Additional Trust as the
context may require. 
 “Class A Certificateholder” means, at any time, any holder 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 Trust” means (i) prior to
the Transfer, the Original Class A Trust and (ii) after the Transfer, the Successor Class A Trust. 
 “Class A Trust Agreement” means (i) prior to the Transfer, the Basic Agreement, as supplemented by the Supplement No. 2009-1A-O thereto dated as of the date hereof, governing the creation and administration of the
Original Class A Trust 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 and (ii) after the Transfer, the Basic Agreement, as
supplemented by the Supplement No. 2009-1A-S thereto, governing the creation and administration of the Successor Class A Trust 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 WTC, 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. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated
thereunder. 
 “Collateral” has the meaning specified in the Indentures. 
 “Collection Account” means the Eligible Deposit Account established by the Subordination Agent pursuant to
Section 2.2(a)(i) which the Subordination Agent shall make deposits in and withdrawals from in accordance with this Agreement. 
 “Controlling Party” means the Person entitled to act as such pursuant to the terms of Section 2.6. 
 “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. 
  

 4 

 “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. 
 “Cut-Off Date” means the earlier of (i) the Deposit Period Termination Date and (b) the date on which a Triggering Event occurs. 
 “Deposit Agreement” means the Deposit Agreement, dated as of the date hereof, between the Escrow Agent and the Depositary, as the same may be amended, modified or supplemented from time
to time in accordance with the terms thereof. 
 “Deposit Period Termination Date” means the earlier of
(a) the date that is 90 days after the Issuance Date and (b) the date on which the Series A Equipment Notes issued with respect to all of the Aircraft have been purchased by the Class A Trust in accordance with the Note Purchase
Agreement and the Participation Agreements. 
 “Depositary” means JPMorgan Chase Bank, N.A., as depositary
under the Deposit Agreement. 
 “Deposits” has the meaning set forth in the Deposit Agreement. 
 “Designated Representatives” has the meaning specified in Section 2.5(c). 
 “Distribution Date” means a Regular Distribution Date or a Special Distribution Date. 
 “Dollars” or “$” means United States dollars. 
 “Downgrade Drawing” has the meaning specified in Section 3.5(c). 
 “Downgrade Event” has the meaning assigned to such term in the Liquidity Facility. 
 “Downgraded Facility” has the meaning specified in Section 3.5(c). 
 “Drawing” means an Interest Drawing, a Final Drawing, a Special Termination Drawing, a Non-Extension Drawing or a
Downgrade Drawing, as the case may be. 
 “Eligible Deposit Account” means either (a) a segregated
account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of
Columbia (or any U.S. branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution has a long-term unsecured debt rating of at
least A3 from Moody’s and a long-term issuer credit rating of at least A- from Standard & Poor’s. An Eligible Deposit Account may be maintained with the Liquidity Provider so long as the Liquidity Provider is an Eligible
Institution; provided that the Liquidity Provider shall have waived all rights of set-off and counterclaim with respect to such account. 
  

 5 

 “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 unsecured debt rating or issuer credit rating, as the case may be, from each Rating Agency of at least A-3 or its equivalent. 
 “Eligible Investments” means (a) investments in obligations of, or guaranteed by, the United States government having maturities no later than 90 days following the date of such
investment, (b) investments in open market commercial paper of any corporation incorporated under the laws of the United States of America or any state thereof with a short-term unsecured debt rating issued by Moody’s of at least P-1 and a
short-term issuer credit rating issued by Standard & Poor’s of at least A-1 having maturities no later than 90 days following the date of such investment or (c) investments in negotiable 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 U.S. branch of a foreign bank)
with a short-term unsecured debt rating by Moody’s of at least P-1 and a short-term issuer credit rating by Standard & Poor’s of at least A-1, having maturities no later than 90 days following the date of such investment;
provided, however, that (x) all Eligible Investments that are bank obligations shall be denominated in Dollars; and (y) the aggregate amount of Eligible Investments at any one time that are bank obligations issued by any one
bank shall not be in excess of 5% of such bank’s capital surplus; provided further that any investment of the types described in clauses (a), (b) and (c) above may be made through a repurchase agreement in commercially
reasonable form with a bank or other financial institution qualifying as an Eligible Institution so long as such investment is held by a third party custodian also qualifying as an Eligible Institution; provided further,
however, that in the case of any Eligible Investment issued by a domestic branch of a foreign bank, the income from such investment shall be from sources within the United States for purposes of the Code. Notwithstanding the foregoing, no
investment of the types described in clause (b) above which is issued or guaranteed by United or any of its Affiliates, and no investment in the obligations of any one bank in excess of $10,000,000, shall be an Eligible Investment unless a
Ratings Confirmation shall have been received with respect to the making of such investment. 
 “Equipment Note Special
Payment” means a Special Payment on account of the redemption, purchase or prepayment of all of the Equipment Notes issued pursuant to an Indenture. 
 “Equipment Notes” means, at any time, the Series A Equipment Notes and any Additional Equipment Notes, collectively, and in each case, any Equipment Notes issued in exchange therefor or
replacement thereof pursuant to the terms of the Indentures. 
 “Escrow Agent” means WTC, as escrow agent
under the Escrow Agreement, together with its successors in such capacity. 
 “Escrow Agreement” means the
Escrow and Paying Agent Agreement, dated as of the date hereof, among the Escrow Agent, the Underwriters, the Class A Trustee and the Paying Agent, as the same may be amended, modified or supplemented from time to time in accordance with the
terms thereof. 
  

 6 

 “Escrow Receipts” has the meaning assigned to such term in the Escrow and
Agreement. 
 “Expected Distributions” means, with respect to the Class A Certificates on any Current
Distribution Date, the difference between (A) the Pool Balance of the Class A Certificates as of the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date next following the Issuance
Date, the original aggregate face amount of the Class A Certificates) and (B) the Pool Balance of the Class A Certificates as of the Current Distribution Date calculated on the basis that (i) the principal of the Non-Performing
Equipment Notes held in the Class A Trust has been paid in full and such payments have been distributed to the holders of the Class A Certificates, (ii) the principal of the Performing Equipment Notes held in the Class A Trust
has been paid when due (without giving effect to any Acceleration of Performing Equipment Notes) and such payments have been distributed to the holders of the Class A Certificates and (iii) the principal of any Equipment Notes formerly
held in the Class A 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 the Class A Certificates, but without giving effect to any reduction in the Pool
Balance as a result of any distribution attributable to Deposits occurring after the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date, occurring after the Issuance Date). For purposes of
calculating Expected Distributions with respect to the Class A Certificates, any Premium paid on the Series A Equipment Notes held in the Class A Trust which has not been distributed to the Class A Certificateholders (other than such
Premium or a portion thereof applied to the payment of interest on the Class A Certificates or the reduction of the Pool Balance of the Class A Trust) shall be added to the amount of such Expected Distributions. 
 “Facility Office” means the office of the Liquidity Provider, presently located in New York, New York, or such other
office as the Liquidity Provider from time to time shall notify the Class A Trustee as its “Facility Office” under the Liquidity Facility; provided that the Liquidity Provider shall not change its Facility Office to another
Facility Office outside the United States of America except in accordance with Section 3.01, 3.02 or 3.03 of the Liquidity Facility. 
 “Fee Letters” means, collectively, (i) the Fee Letter dated as of the date hereof among Morgan Stanley Bank, the Subordination Agent and United with respect to the Liquidity
Facility, and (ii) any fee letter entered into among the Subordination Agent, any Replacement Liquidity Provider and United in respect of the Liquidity Facility. 
 “Final Distributions” means, with respect to the Class A Certificates on any Distribution Date, the sum of (x) the aggregate amount of all accrued and unpaid interest on the
Class A Certificates (excluding interest, if any, payable with respect to the Deposits relating to the Class A Trust) and (y) the Pool Balance of the Class A Certificates as of the immediately preceding Distribution Date (less
the amount of the Deposits for the Class A Certificates as of such preceding Distribution Date other than any portion of such Deposits thereafter used to acquire the Series A Equipment Notes pursuant to the Note Purchase Agreement). For
purposes of calculating Final Distributions with respect to the Class A Certificates, any Premium paid on the

  

 7 

 
Series A Equipment Notes held in the Class A Trust which has not been distributed to the Class A Certificateholders (other than such Premium or a portion thereof applied to the payment
of interest on the Class A Certificates or the reduction of the Pool Balance of the Class A Trust) shall be added to the amount of such Final Distributions. 
 “Final Drawing” has the meaning assigned to such term in Section 3.5(i). 
 “Final Legal Distribution Date” means (i) with respect to the Class A Certificates, May 1, 2018, and (ii) with respect to any Additional Certificates, the date
specified for such Additional Certificates in an amendment to this Agreement duly executed and delivered by the parties thereto in accordance with the provisions of Section 9.1(c) hereof. 
 “Financing Agreement” means each of the Participation Agreements, the Indentures and the Equipment Notes issued
thereunder. 
 “Indenture” means each of the Trust Indentures entered into by the Loan Trustee and United, as
described in the Note Purchase Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Indenture Event of Default” means, with respect to any Indenture, any Event of Default (as such term is defined in such Indenture) thereunder. 
 “Interest Drawing” has the meaning specified in Section 3.5(a). 
 “Interest Payment Date” means each date on which interest is due and payable under the Liquidity Facility on a Downgrade
Drawing, Non-Extension Drawing, a Special Termination Drawing or Final Drawing thereunder, other than any such date on which interest is due and payable under the Liquidity Facility only on an Applied Provider Advance or Applied Special Termination
Advance (as such terms are defined in the Liquidity Facility). 
 “Interest Period” has the meaning specified
in the Indentures. 
 “Investment Earnings” means investment earnings on funds on deposit in the Trust
Accounts net of losses and investment expenses of the Subordination Agent in making such investments. 
 “Issuance
Date” means October 13, 2009. 
 “Lien” means any mortgage, pledge, lien, charge, claim,
disposition of title, encumbrance, lease, sublease, sub-sublease or security interest of any kind, including, without limitation, any thereof arising under any conditional sales or other title retention agreement. 
 “Liquidity Event of Default” has the meaning assigned to such term in the Liquidity Facility. 
  

 8 

 “Liquidity Expenses” means all Liquidity Obligations other than
(i) the principal amount of any Drawings under the Liquidity Facility and (ii) any interest accrued on any Liquidity Obligations. 
 “Liquidity Facility” means, initially, the Revolving Credit Agreement dated as of the date hereof, between the Subordination Agent, as agent and trustee for the Class A Trust, and
the initial Liquidity Provider, and from and after the replacement of such Revolving Credit 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. 
 “Liquidity Obligations” means all principal, interest, fees and other amounts
owing to the Liquidity Provider under the Liquidity Facility, Section 4(a)(v) of the Note Purchase Agreement, Section 7.1 of the Participation Agreements or the Fee Letters. 
 “Liquidity Provider” means Morgan Stanley Bank or, if applicable, any Replacement Liquidity Provider which has issued a
Replacement Liquidity Facility to replace the Liquidity Facility pursuant to Section 3.5(e). 
 “Loan
Trustee” means, with respect to any Indenture, the mortgagee thereunder. 
 “Minimum Sale Price”
means, with respect to any Aircraft or the Equipment Notes issued in respect of such Aircraft, at any time, in the case of the sale of an Aircraft, 75%, or in the case of the sale of related Equipment Notes, 85%, of the Appraised
Current Market Value of such Aircraft. 
 “Moody’s” means Moody’s Investors Service, Inc.

 “Non-Controlling Party” means, at any time, any Trustee or the Liquidity Provider which is not the
Controlling Party at such time. 
 “Non-Extended Facility” has the meaning specified in Section 3.5(d).

 “Non-Extension Drawing” has the meaning specified in Section 3.5(d). 
 “Non-Performing Equipment Note” means an Equipment Note that is not a Performing Equipment Note. 
 “Note Purchase Agreement” means the Note Purchase Agreement, dated as of the date hereof, among United, the Class A
Trustee, the Subordination Agent, the Escrow Agent and the Paying Agent, as amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Notice Date” has the meaning specified in Section 3.5(d). 
 “Operative Agreements” means this Agreement, the Liquidity Facility, the Note Purchase Agreement, the Trust Agreement, the Underwriting Agreement, the Financing Agreements, the Fee Letters and the Certificates, together
with all exhibits and schedules included with any of the foregoing. 
  

 9 

 “Original Class A Trust” means the United Air Lines Pass Through
Trust 2009-1A-O created and administered pursuant to the Class A Trust Agreement. 
 “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)       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 have been authenticated and delivered pursuant to such Trust Agreement; 
 provided,
however, that in determining whether the holders of the requisite Outstanding amount of such Certificates have given any request, demand, authorization, direction, notice, consent or waiver hereunder, any Certificates owned by United or any
of its Affiliates shall be disregarded and deemed not to be Outstanding, except that, in determining whether such Trustee 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. Certificates so owned that have been pledged in good faith may be regarded as Outstanding 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 United or any of its Affiliates. 
 “Overdue Scheduled Payment” means any Scheduled Payment which is not in fact received by the Subordination Agent within ten Business Days after the Scheduled Payment Date relating thereto. 
 “Participation Agreement” means, with respect to each Indenture, the “Participation Agreement” referred to
therein. 
 “Payee” has the meaning specified in Section 2.4(c). 
 “Paying Agent” means WTC, as paying agent under the Escrow Agreement, together with its successors in such capacity.

 “Paying Agent Account” has the meaning assigned to such term in the Escrow Agreement. 
 “Performing Equipment Note” means a Series A Equipment Note with respect to which no payment default has occurred and is
continuing (without giving effect to any Acceleration); provided that in the event of

  

 10 

 
a bankruptcy proceeding under the Bankruptcy Code in which United is a debtor any payment default existing during the 60-Day Period (or such longer period as may apply under Section 1110(b)
of the Bankruptcy Code or as may apply for the cure of such payment default under Section 1110(a)(2)(B) of the Bankruptcy Code) shall not be taken into consideration until the expiration of the applicable period. 
 “Performing Note Deficiency” means any time that less than 65% of the then aggregate outstanding principal amount of the
Series A Equipment Notes are Performing Equipment Notes. 
 “Person” means any individual, corporation,
partnership, joint venture, association, limited liability company, joint-stock company, trust, trustee, unincorporated organization or government or any agency or political subdivision thereof. 
 “Pool Balance” means, with respect to the Class A Certificates, as of any date, (i) the original aggregate face
amount of the Class A Certificates less (ii) the aggregate amount of all payments made as of such date in respect of the Class A Certificates or in respect of Deposits relating to the Class A Trust other than payments made
in respect of interest or Premium thereon or reimbursement of any costs and expenses incurred in connection therewith. The Pool Balance for the Class A Trust or for the Class A Certificates as of any date shall be computed after giving
effect to any special distribution with respect to unused Deposits, if any, payment of principal, if any, on the Equipment Notes or payment with respect to other Trust Property held in the Class A Trust and the distribution thereof to be made
on that date. 
 “Post-Default Appraisal” has the meaning specified in Section 4.1(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. 
 “Provider Incumbency Certificate” has the meaning specified in Section 2.5(c). 
 “Provider Representatives” has the meaning specified in Section 2.5(c). 
 “PTC Event of Default” means, with respect to the Class A Trust Agreement, the failure to pay within 10 Business Days
of the due date thereof: (i) the outstanding Pool Balance of the Class A Certificates on the Final Legal Distribution Date for the Class A Certificates or (ii) interest due on the Class A Certificates on any Distribution
Date (unless, in the case of the Class A Trust Agreement, the Subordination Agent shall have made an Interest Drawing and/or a withdrawal from the Cash Collateral Account in an aggregate amount sufficient to pay such interest and shall have
distributed such amount to the Class A Trustee). 
 “Rate Determination Notice” has the meaning assigned
to such term in the Liquidity Facility. 
  

 11 

 “Rating Agencies” means, collectively, at any time, each nationally
recognized rating agency which shall have been requested to rate the Certificates and which shall then be rating the Certificates. The initial Rating Agencies will be Moody’s and Standard & Poor’s. 
 “Ratings Confirmation” means, with respect to any action proposed to be taken, a written confirmation from each of the
Rating Agencies that such action would not result in (i) a reduction of the rating for any Class of Certificates below the then current rating for such Class of Certificates or (ii) a withdrawal or suspension of the rating of any Class of
Certificates. 
 “Regular Distribution Dates” means each May 1 and November 1 commencing on
May 1, 2010; 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. 
 “Replacement Liquidity Facility” means an irrevocable revolving credit agreement (or agreements) in substantially the form
of the replaced Liquidity Facility, including reinstatement provisions, or in such other form (which may include a letter of credit) as shall permit the Rating Agencies to confirm in writing their respective ratings then in effect for the
Class A Certificates (before downgrading of such ratings, if any, as a result of the downgrading of the Liquidity Provider), in a face amount (or in an aggregate face amount) equal to the then Required Amount and issued by a Person (or Persons)
having unsecured short-term debt rating or issuer credit rating, as the case may be, issued by both Rating Agencies which are equal to or higher than the Threshold Rating. Without limitation of the form that a Replacement Liquidity Facility
otherwise may have pursuant to the preceding sentence, a Replacement Liquidity Facility may have a stated expiration date earlier than 15 days after the Final Legal Distribution Date of the Class A Certificates so long as such Replacement
Liquidity Facility provides for a Non-Extension Drawing as contemplated by Section 3.5(d) hereof. 
 “Replacement
Liquidity Provider” means a Person (or Persons) who issues a Replacement Liquidity Facility. 
 “Required
Amount” means with respect to the Liquidity Facility or the Cash Collateral Account, for any day, the sum of the aggregate amount of interest, calculated at the rate per annum equal to the Stated Interest Rate for the Class A
Certificates, that would be payable on the Class A 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 succeeding two Regular
Distribution Dates, in each case calculated on the basis of the Pool Balance of the Class A Certificates on such day and without regard to expected future distributions of principal on the Class A Certificates. 
 “Responsible Officer” means (i) with respect to the Subordination Agent and each of the Trustees, any officer in the
corporate trust administration department of the Subordination Agent or such Trustee or any other officer customarily performing functions similar to those performed by the Persons who at the time shall be such officers, respectively, 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 the Liquidity Provider, any authorized officer of the Liquidity Provider. 
  

 12 

 “Scheduled Payment” means, with respect to any Series A Equipment Note,
(i) any payment of principal or interest on such Series A Equipment Note (other than an Overdue Scheduled Payment) due from the obligor thereon, which payment represents the installment of principal at the stated maturity of such installment of
principal on such Series A Equipment Note, the payment of regularly scheduled interest accrued on the unpaid principal amount of such Equipment Note, or both or (ii) any payment of interest on the Class A Certificates with funds drawn
under the Liquidity Facility or withdrawn from the Cash Collateral Account, which payment represents the payment of regularly scheduled interest accrued on the unpaid principal amount of such Series A Equipment Note; provided that any payment
of principal of, Premium, if any, or interest resulting from the redemption or purchase of any Series A Equipment Note shall not constitute a Scheduled Payment. 
 “Scheduled Payment Date” means, with respect to any Scheduled Payment, the date on which such Scheduled Payment is scheduled to be made. 
 “Section 2.4 Fraction” means, with respect to any Special Distribution Date, a fraction, the numerator of which shall be
the amount of principal of the applicable Series A Equipment Notes being redeemed, purchased or prepaid on such Special Distribution Date, and the denominator of which shall be the aggregate unpaid principal amount of all Series A Equipment Notes
outstanding as of such Special Distribution Date. 
 “Series A Equipment Notes” means the Series A Equipment
Notes issued pursuant to any Indenture by United and authenticated by the Loan Trustee thereunder, and any such Equipment Notes issued in exchange therefor or replacement thereof pursuant to the terms of such Indenture. 
 “60-Day Period” means 60-day period specified in Section 1110(a)(2)(A) of the Bankruptcy Code. 
 “Special Distribution Date” means, with respect to any Special Payment, the date chosen by the Subordination Agent
pursuant to Section 2.4(a) for the distribution of such Special Payment in accordance with this Agreement, whether distributed pursuant to Section 2.4 or Section 3.2 hereof. 
 “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 2.2(a)(ii) as a sub-account to the Collection Account. 
 “Special Termination Drawing” has the
meaning assigned to such term in Section 3.5(k). 
 “Special Termination Notice” has the meaning assigned
to such term in the Liquidity Facility. 
 “Standard & Poor’s” means Standard &
Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business. 
  

 13 

 “Stated Amount” means the Maximum Commitment (as defined in the Liquidity
Facility) of the Liquidity Provider under the Liquidity Facility. 
 “Stated Expiration Date” has the meaning
specified in Section 3.5(d). 
 “Stated Interest Rate” means (i) with respect to the Class A
Certificates, 10.40% per annum and (ii) with respect to any Additional Certificates, the rate per annum or spread over six months or other LIBOR for any applicable Interest Period as specified for such Additional Certificates in an
amendment to this Agreement duly executed and delivered by the parties thereto in accordance with the provisions of Section 9.1(c) hereof. 
 “Subordination Agent” has the meaning assigned to it in the preliminary statements to this Agreement. 
 “Subordination Agent Incumbency Certificate” has the meaning specified in Section 2.5(a). 
 “Subordination Agent Representatives” has the meaning specified in Section 2.5(a). 
 “Successor Class A Trust” means the United Air Lines Pass Through Trust 2009-1A-S created and administered pursuant to the Class A Trust Agreement. 
 “Tax” and “Taxes” mean any and all taxes, fees, levies, duties, tariffs, imposts, and other charges of
similar kind (together with any and all interest, penalties, loss, damage, liability, expense, additions to tax and additional amounts or costs incurred or imposed with respect thereto) imposed or otherwise assessed by the United States of America
or by any state, local or foreign government (or any subdivision or agency thereof) or other taxing authority, including, without limitation: taxes or other charges on or with respect to income, franchises, windfall or other profits, gross receipts,
property, sales, use, capital stock, payroll, employment, social security, workers’ compensation, unemployment compensation, or net worth and similar charges; taxes or other charges in the nature of excise, withholding, ad valorem, stamp,
transfer, value added, taxes on goods and services, gains taxes, license, registration and documentation fees, customs duties, tariffs, and similar charges. 
 “Termination Notice” has the meaning assigned to such term in the Liquidity Facility. 
 “Threshold Rating” means the short-term unsecured debt rating of P-1 by Moody’s and the short-term issuer credit rating of A-1 by Standard & Poor’s. 
 “Transfer” means, with respect to the Class A Trust, the transfers contemplated by the Assignment and Assumption
Agreement. 
 “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. 
  

 14 

 “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 Class A Certificates, (y) the Acceleration of all of the outstanding Series A Equipment Notes or (z) the occurrence of a United Bankruptcy
Event. 
 “Trust” means either of the Class A Trust and/or the Additional Trust, as the context may
require. 
 “Trust Accounts” has the meaning specified in Section 2.2(a). 
 “Trust Agreement” means either the Class A Trust Agreement or the Additional Trust Agreement, as the context may
require. 
 “Trust Property” with respect to any Trust, has the meaning set forth in the Trust Agreement for
such Trust. 
 “Trustee” means either the Class A Trustee or the Additional Trustee, as the context may
require. 
 “Trustee Incumbency Certificate” has the meaning specified in Section 2.5(b). 
 “Trustee Representatives” has the meaning specified in Section 2.5(b). 
 “Unapplied Provider Advance” has the meaning assigned to such term in the Liquidity Facility. 
 “Underwriters” means J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated and Goldman, Sachs &
Co. 
 “Underwriting Agreement” means the Underwriting Agreement dated October 13, 2009, among the
Underwriters, the Depositary and United, relating to the purchase of the Certificates by the Underwriters, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms. 
 “Unindemnified Tax” means (i) any Tax imposed on the net income, net worth or capital, any franchise Tax or similar
doing business Tax of the Subordination Agent and (ii) any withholding Tax imposed by the United States (including, without limitation, any withholding Tax imposed by the United States which is imposed or increased as a result of the
Subordination Agent’s failing to deliver to the Company any certificate or document necessary to establish that payments under this Agreement are exempt from withholding Tax). 
 “United” means United Air Lines, Inc., a Delaware corporation, and its successors and assigns. 
  

 15 

 “United Bankruptcy Event” means the occurrence and continuation of any of
the following: 
 (a)       United shall consent 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, or United shall admit in writing its inability to pay its debts generally as they come due, or does not pay its debts generally as they
become due or shall make a general assignment for the benefit of creditors, or United shall file a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief in a case under any
bankruptcy laws or other insolvency laws (as in effect at such time) or an answer admitting the material allegations of a petition filed against United in any such case, or United shall seek relief 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 United shall seek an agreement, composition, extension or adjustment with its creditors under such
laws, or United’s board of directors shall adopt a resolution authorizing corporate action in furtherance of any of the foregoing; or 
 (b)       an order, judgment or decree shall be entered by any court of competent jurisdiction appointing, without the consent of United, a receiver, trustee or
liquidator of United or of any substantial part of its property, or any substantial part of the property of United shall be sequestered, or granting any other relief in respect of United as a debtor under any bankruptcy laws or other insolvency laws
(as in effect at such time), and any such order, judgment or decree of appointment or sequestration shall remain in force undismissed, unstayed and unvacated for a period of 90 days after the date of entry thereof; or 
 (c)       a petition against United in a case under any 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 which may apply to United, any court of
competent jurisdiction assumes jurisdiction, custody or control of United 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.

 “United Provisions” has the meaning specified in Section 9.1(a). 
 “Written Notice” means, from the Subordination Agent, any Trustee or the Liquidity Provider, a written instrument executed
by the Designated Representative of such Person. An invoice delivered by the Liquidity Provider pursuant to Section 3.1 in accordance with its normal invoicing procedures shall constitute Written Notice under such Section. 
 ARTICLE II 
 TRUST
ACCOUNTS; CONTROLLING PARTY 
 SECTION 2.1. Agreement to Terms of Subordination; Payments from Monies Received Only.
(a) Each Trustee hereby acknowledges and agrees to the terms of subordination and distribution set forth in this Agreement in respect of each Class of Certificates and agrees to enforce such provisions and cause all

  

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payments in respect of the Equipment Notes held by the Subordination Agent and the Liquidity Facility 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 2.1(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 or
payments under the Fee Letter, Section 7.1 of the Participation Agreements or Section 4(a)(v) of the Note Purchase Agreement, 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 of the Trustees and the Subordination Agent hereby agrees and, as provided in each Trust Agreement, each Certificateholder, by its acceptance of a Certificate and the
Liquidity Provider, by entering into the Liquidity Facility, has agreed to look solely to such amounts to the extent available for distribution to it as provided in this Agreement and to the relevant Deposits and that none of the Trustees, Loan
Trustees nor the Subordination Agent is personally liable to any of them for any amounts payable or any liability under this Agreement, any Trust Agreement, the 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 in each Trust Agreement or (in the case of the Loan Trustees) as expressly provided in any Operative Agreement. 
 SECTION 2.2. 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 Provider
and (ii) as a sub-account in the Collection Account, the Special Payments Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Trustees, the
Certificateholders and the Liquidity Provider. The Subordination Agent shall establish and maintain the Cash Collateral Account pursuant to and under the circumstances set forth in Section 3.5(f) hereof. Upon such establishment and maintenance
under Section 3.5(f) hereof, the Cash Collateral Account shall, together with the Special Payments Account and 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 the Subordination Agent 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 2.4 hereof, as the case may be, next following the date of such investment; provided, however, that following the making of a Downgrade Drawing, a Non-Extension Drawing or a Special Termination Drawing under the Liquidity
Facility, the Subordination Agent shall invest and reinvest such amounts in Eligible Investments at the direction of United (or, if and to the extent so specified to the

  

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Subordination Agent by United, the Liquidity Provider); provided further, however, that, notwithstanding the foregoing proviso, following the making of a Non-Extension
Drawing, a Downgrade Drawing or a Special Termination Drawing under the initial Liquidity Facility, the Subordination Agent shall invest and reinvest the amounts in the Cash Collateral Account in Eligible Investments pursuant to the written
instructions of the Liquidity Provider; provided further, however, that notwithstanding the foregoing provisos, upon the occurrence of and during the continuation of a Triggering Event, the Subordination Agent shall invest and
reinvest such amounts 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 Account pursuant to Section 3.5(f) hereof), 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 and any losses shall be charged against the principal amount invested, in each case net of the Subordination Agent’s reasonable fees and expenses in making
such investments. 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 gross negligence (or,
with respect to the handling or transfer of funds, its own 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 in Section 3.3(b) 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 Trustees, the Certificateholders and the 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, for which a Ratings Confirmation for the Class A Certificates shall have been obtained) establish a new
Collection Account, Special Payments Account or Cash Collateral Account, as the case may be, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Collection Account, Special Payments Account or Cash
Collateral Account, as the case may be. So long as WTC is an Eligible Institution, the Trust Accounts shall be maintained with it as Eligible Deposit Accounts. 
 SECTION 2.3. 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 the Cash Collateral Account). 
 (b)       The Subordination Agent shall, on each date 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. 
  

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 SECTION 2.4. Distributions of Special Payments. (a) Notice of Special
Payment. Except as provided in Section 2.4(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 Provider. The Subordination Agent shall promptly calculate the amount of the redemption or purchase of Equipment
Notes, 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 Provider 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 2.4(b) and 2.4(c) and Article III hereof, as applicable. 
 For the purposes of the application of any Equipment Note Special Payment distributed on a Special Distribution Date in accordance with Section 3.2 hereof, so long as no Indenture Event of Default
shall have occurred and be continuing under any Indenture: 
 (i)        the amount of
accrued and unpaid Liquidity Expenses that are not yet due that are payable pursuant to clause “second” thereof shall be multiplied by the Section 2.4 Fraction; 
 (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 in arrears on all Liquidity Obligations (at the rate, or in the amount, provided in the Liquidity Facility) plus an amount equal to the amount of accrued and unpaid
interest on the Liquidity Obligations not in arrears multiplied by the Section 2.4 Fraction, and (ii) if a Special Termination Drawing has been made under the Liquidity Facility and has not been converted into a Final Drawing, the
outstanding amount of such Special Termination Drawing shall be distributed to the Liquidity Provider”; and 
 (iii)      clause “seventh” thereof shall be deemed to read as follows: “seventh, such amount as shall be required to pay accrued, due and unpaid interest at the Stated Interest Rate on
the outstanding Pool Balance of the Class A Certificates together with (without duplication) accrued and unpaid interest at the Stated Interest Rate on the outstanding principal amount of the Series A Equipment Notes held in the Class A
Trust being redeemed, purchased or prepaid, in each case excluding interest, if any, payable with respect to the Deposits relating to the Class A Trust”. 
 (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 2.4 or 3.2 shall be invested in accordance with Section 2.2(b). Investment Earnings on such investments shall be distributed in accordance with Article III hereof. 
  

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 (c)       Certain Payments. Except for amounts
constituting Liquidity Obligations which shall be distributed as provided in Section 3.2, the Subordination Agent will distribute promptly upon receipt thereof (i) any indemnity payment or expense reimbursement received by it from United
in respect of any Trustee, the Liquidity Provider, the Paying Agent, the Depositary or the Escrow Agent (collectively, the “Payees”) and (ii) any compensation received by it from United under any Operative Agreement in respect
of any Payee, directly to the Payee entitled thereto. 
 SECTION 2.5. Designated Representatives. (a) With the
delivery of this Agreement, the Subordination Agent shall furnish to the Liquidity Provider and each Trustee, and from time to time thereafter may furnish to the Liquidity Provider and each Trustee, at the Subordination Agent’s discretion, or
upon the 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 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 the Liquidity Provider and each 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 (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 (the “Trustee Representatives”) authorized to give Written Notices on behalf of such Trustee hereunder. Until the Subordination Agent receives a subsequent Trustee
Incumbency Certificate, it shall be entitled to rely on the last Trustee Incumbency Certificate delivered to it hereunder. 
 (c)       With the delivery of this Agreement, the Liquidity Provider shall furnish to the Subordination Agent, and from time to time thereafter the Liquidity Provider may furnish to the Subordination
Agent, at the 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 (each, a “Provider Incumbency
Certificate”) of any Responsible Officer of the Liquidity Provider certifying as to the incumbency and specimen signatures of any officer, attorney-in-fact, agent or other designated representative of the Liquidity Provider (in each case,
the “Provider Representatives” and, together with the Subordination Agent Representatives and the Trustee Representatives, the “Designated Representatives”) authorized to give Written Notices on behalf of the
Liquidity Provider hereunder. Until the Subordination Agent receives a subsequent Provider Incumbency Certificate, it shall be entitled to rely on the last Provider Incumbency Certificate delivered to it hereunder by the Liquidity Provider.

 SECTION 2.6. Controlling Party. (a) The Trustees and the Liquidity Provider hereby agree that, with respect to
any Indenture at any given time, the Loan Trustee thereunder will be directed in taking, or

  

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refraining from taking, any action under such Indenture or with respect to the Equipment Notes issued thereunder (i) so long as no Indenture Event of Default has occurred and is continuing
thereunder, by the holders of at least a majority of the outstanding principal amount of such Equipment Notes (provided that, for so long as the Subordination Agent is the registered holder of the 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 at least a majority of outstanding principal amount of Equipment Notes except as provided in Section 9.1(b)), and (ii) after the occurrence and during the continuance of an Indenture Event of Default
thereunder, in taking, or refraining from taking, any action under such Indenture or with respect to such Equipment Notes, including exercising remedies thereunder (including Accelerating the Equipment Notes issued thereunder or foreclosing the Lien
on the Aircraft securing such Equipment Notes), by the Controlling Party (except as otherwise provided in Section 2.6(d)). 
 (b)       The “Controlling Party” shall be (x) the Class A Trustee and (y) upon payment of Final Distributions to the holders of Class A Certificates, the Additional Trustee
(if any). For purposes of giving effect to the provisions of Section 2.6(a) and this Section 2.6(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, 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 provisions of clauses (a) and (b) above, 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 the Liquidity Facility shall have been drawn (excluding a Downgrade Drawing, a Non-Extension Drawing or a Special Termination Drawing but including a Final Drawing or a Downgrade Drawing, a
Non-Extension Drawing or a Special Termination Drawing that has been converted to a Final Drawing under the Liquidity Facility) and remains unreimbursed, (ii) the date on which the entire amount of any Downgrade Drawing, Non-Extension Drawing
or a Special Termination Drawing on deposit in the Cash Collateral Account up to the Required Amount as of such date under the Liquidity Facility shall have become and remain “Applied Downgrade Advances” or “Applied Non-Extension
Advances” or “Applied Special Termination Advances”, as the case may be, under and as defined in the Liquidity Facility and (iii) the date on which all Equipment Notes under all Indentures shall have been Accelerated
(provided that (x) with respect to the period prior to the Deposit Period Termination Date, such Equipment Notes have an aggregate outstanding principal balance in excess of $150,000,000 and (y) in the event of a bankruptcy
proceeding under the Bankruptcy Code in which

  

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United is a debtor, any amounts payable in respect of Equipment Notes which have become immediately due and payable by declaration or otherwise shall not be considered Accelerated for purposes of
this sub-clause (iii) until the expiration of the 60-day period under Section 1110(a)(2)(A) of the Bankruptcy Code or such longer period as may apply under Section 1110(a)(2)(B) or Section 1110(b) of the Bankruptcy Code), the
Liquidity Provider (so long as it has not defaulted in its obligation to make any Drawing under the 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 at any time from and including the last day of such 18-month period. 
 (d)       The exercise of remedies by the Controlling Party under this Agreement shall be expressly limited by Sections 4.1(a)(ii) and 4.1(a)(iii) hereof. 
 (e)       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. 
 ARTICLE III 
 RECEIPT, DISTRIBUTION AND APPLICATION 
 OF AMOUNTS RECEIVED 
 SECTION 3.1. 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)        the
Class A Trustee shall separately set forth the amounts to be paid in accordance with clause “first” of Section 3.2 hereof (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”), subclauses (ii) and (iii) of clause “sixth” of Section 3.2 hereof and clauses “seventh” and “eighth” of Section 3.2
hereof; 
 (ii)       the Liquidity Provider shall separately set forth the
amounts to be paid to it in accordance with subclauses (iii) and (iv) of clause “first” of Section 3.2 hereof, clause “second” of Section 3.2 hereof, clause “third” of Section 3.2 hereof, clause
“fourth” of Section 3.2 hereof and clause “fifth” of Section 3.2 hereof; and 
 (iii)      each Trustee shall set forth the amounts, if any, to be paid to it in accordance with clause “sixth” of Section 3.2 hereof. 
 (b)       At such time as a Trustee or the 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 3.2 hereof, and, in the case of the Liquidity Provider, its commitment or obligations under the Liquidity Facility shall have terminated or
expired, such Person shall, by a Written Notice, so inform the Subordination Agent and each other party to this Agreement. 
  

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 (c)       As provided in Section 6.5 hereof, 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 the 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 any Trustee, the Liquidity Provider or the Subordination Agent, as applicable, pursuant to Section 3.1(b) hereof, 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 which 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 3.2 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 “eighth” of Section 3.2 to the extent it shall have sufficient information to enable it to make such distributions, and shall
continue to hold any funds remaining, after making such distributions, until the Subordination Agent shall receive all necessary information to enable it to distribute any funds so withheld. 
 (f)        On such dates (but not more frequently than monthly) as the 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 3.1(e) hereof. 
 The notices required under Section 3.1(a) hereof 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 any Equipment Note, 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. 
 SECTION 3.2. Distribution of Amounts on Deposit in the Collection Account. Except as otherwise provided in Sections 2.4, 3.1(e), 3.3, 3.5(b) and 3.5(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 Section 2.4(a), 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 3.1(a) hereof: 
 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) 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) the Class A Trustee for any amounts of the nature described in
clause (i) above actually incurred by it under the Class A Trust Agreement (to the extent not previously reimbursed), shall be distributed to the Class A Trustee, (iii) the 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 the Liquidity Provider, and (iv) the Liquidity Provider or any Class A Certificateholder for payments, if any,
made by it to the Subordination Agent or the Class A 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 the Liquidity Provider or the Class A Trustee for the account of the Class A Certificateholder, in each such case, pro rata on the basis of all amounts described in clauses (i) through (iv) above;

  

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 second, such amount as shall be required to pay all accrued and
unpaid Liquidity Expenses owed to the Liquidity Provider shall be distributed to the 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 Liquidity Facility) and (ii) if a Special
Termination Drawing has been made under the Liquidity Facility and has not been converted into a Final Drawing, the outstanding amount of such Special Termination Drawing, shall be distributed to the Liquidity Provider; 
 fourth, such amount as shall be required (A) if the Cash Collateral Account had been previously funded as
provided in Section 3.5(f), unless (i) a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the Liquidity Facility or (ii) a Final Drawing shall have occurred, to
fund the Cash Collateral Account up to its Required Amount shall be deposited in the Cash Collateral Account, (B) if the Liquidity Facility shall become a Downgraded Facility or a Non-Extended Facility at a time when unreimbursed Interest
Drawings under the Liquidity Facility have reduced the Available Amount thereunder to zero, unless (i) a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the Liquidity
Facility or (ii) a Final Drawing shall have occurred, to deposit into the Cash Collateral Account an amount equal to the Required Amount shall be deposited in the Cash Collateral Account, and (C) if neither subclause (A) nor subclause
(B) of this clause “fourth” is applicable, to pay or reimburse the Liquidity Provider in an amount equal to the amount of all Liquidity Obligations then due (other than amounts payable pursuant to clause “second” or
“third” of this Section 3.2); 
 fifth, if any amounts are to be distributed pursuant to
either subclause (A) or (B) of clause “fourth” above, then the Liquidity Provider shall be paid the excess of (x) the aggregate outstanding amount of unreimbursed Advances (whether or not then due) under the Liquidity
Facility over (y) the Required Amount; 
  

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 sixth, such amount as shall be required to reimburse or pay
(i) the Subordination Agent for any Tax (other than Unindemnified Taxes), 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) the Class A Trustee for any Tax (other than Unindemnified Taxes), expense, fee, charge, loss or any other amount payable
to the Class A Trustee under the Class A Trust Agreement (to the extent not previously reimbursed), shall be distributed to the Class A Trustee, and (iii) each Class A Certificateholder for payments, if any, made by it
pursuant to Section 5.2 hereof in respect of amounts described in clause (i) above, shall be distributed to the Class A Trustee for the account of such Class A Certificateholder; 
 seventh, such amount as shall be required to pay in full accrued and unpaid interest at the Stated Interest Rate on
the Pool Balance of the Class A Certificates (excluding interest, if any, payable with respect to the Deposits relating to the Class A Trust) shall be distributed to the Class A Trustee; 
 eighth, 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 
 ninth,
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. 
 If Additional Certificates have been issued pursuant to Section 9.1(c) hereof, any and all distributions with respect to such Additional Certificates shall be made following payment of Expected
Distributions with respect to the Class A Certificates, all as provided in an amendment hereto executed and delivered in connection with the issuance of such Additional Certificates. 
 With respect to clauses “first” and “sixth” above, no amounts shall be reimbursable to the Subordination Agent, any
Trustee, the 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 3.3. 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 3.2 hereof and
(ii) to the extent received or realized at any time after the Final Distributions for the Class A Certificates have been made, in the manner provided in clause “first” of Section 3.2 hereof. 
 (b)       Notwithstanding the priority of payments specified in Section 3.2, in the event any
Investment Earnings on amounts on deposit in the Cash Collateral Account resulting from an Unapplied

  

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Provider Advance are deposited in the Collection Account or the Special Payments Account, such Investment Earnings shall be used to pay interest payable in respect of such Unapplied Provider
Advance to the extent of such Investment Earnings. 
 (c)       If the Subordination Agent
receives any Scheduled Payment after the Scheduled Payment Date relating thereto, but prior to such payment becoming an Overdue Scheduled Payment, then the Subordination Agent shall deposit such Scheduled Payment in the Collection Account and
promptly distribute such Scheduled Payment in accordance with the priority of distributions set forth in Section 3.2 hereof; provided that, for the purposes of this Section 3.3(c) only, the reference in clause “eighth” of
Section 3.2 to “Distribution Date” shall be deemed to refer to such Scheduled Payment Date. 
 (d)       Payments in respect of Liquidity Obligations under Section 3.2 shall be without duplication of any indemnity payment, expense reimbursement or compensation previously paid to the Liquidity
Provider under Section 2.4(c). 
 SECTION 3.4. Payments to the Trustees and the Liquidity Provider. Any amounts
distributed hereunder to the Liquidity Provider shall be paid to the Liquidity Provider by wire transfer of funds to the account that the Liquidity Provider shall provide to the Subordination Agent. The Subordination Agent shall provide a Written
Notice of any such transfer to the Liquidity Provider at the time of such transfer. Any amounts distributed hereunder by the Subordination Agent to any Trustee which shall not be the same institution as the Subordination Agent shall be paid to such
Trustee by wire transfer of funds to the account that such Trustee shall provide to the Subordination Agent. 
 SECTION 3.5.
Liquidity Facility. (a) Interest Drawings. If on any Distribution Date, after giving effect to the subordination provisions of this Agreement, the Subordination Agent shall not have sufficient funds for the payment of any amounts
due and owing in respect of accrued interest on the Class A Certificates (at the Stated Interest Rate for the Class A Certificates) (other than any amount of interest which was due and payable on the Class A Certificates on such
Distribution Date but which remains unpaid due to the failure of the Depositary to pay any amount of accrued interest on the Deposits on or prior to such Distribution Date), then, prior to 12:30 p.m. (New York City time) on such Distribution Date,
the Subordination Agent shall request a drawing (each such drawing, an “Interest Drawing”) under the Liquidity Facility in an amount equal to the lesser of (i) an amount sufficient to pay the amount of such accrued interest (at
the Stated Interest Rate for the Class A Certificates) and (ii) the Available Amount, and shall pay such amount to the Class A Trustee in payment of such accrued interest. 
 (b)       Application of Interest Drawings. Notwithstanding anything to the contrary contained in
this Agreement, all payments received by the Subordination Agent in respect of an Interest Drawing under the Liquidity Facility and all amounts withdrawn by the Subordination Agent from the 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) A Downgrade Drawing shall be requested by the Subordination Agent as provided in Section 3.5(c)(iii), if at any time a Downgrade Event shall have occurred
with respect to the Liquidity Facility (a “Downgraded Facility”), unless an event described in Section 3.5(c)(ii) occurs with respect to the Liquidity Facility. 
  

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  (ii)   If at any time the Liquidity Facility becomes a Downgraded
Facility, the Subordination Agent shall request a Downgrade Drawing thereunder in accordance with Section 3.5(c)(iii), unless the Liquidity Provider or United arranges for a Replacement Liquidity Provider to issue and deliver a Replacement
Liquidity Facility to the Subordination Agent within 10 days after receiving notice of a Downgrade Event (but not later than the expiration date of the Downgraded Facility). 
  (iii)  Upon the occurrence of any Downgrade Event, unless a Replacement Liquidity Facility is arranged as provided in
Section 3.5(c)(ii), the Subordination Agent shall, on the 10th day referred to in Section 3.5(c)(ii) (or if such 10th day is not a Business Day, on the next succeeding Business Day) (or, if earlier, the expiration date of the Downgraded
Facility), request a drawing in accordance with and to the extent permitted by the 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 3.5(f) hereof. The 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 the Liquidity Provider. 
 (d)       Non-Extension Drawings. Except if the Liquidity Facility is scheduled to expire on a date (the “Stated Expiration Date”) no earlier than 15 days after the Final Legal
Distribution Date for the Class A Certificates, if before the 25th day prior to any anniversary date of the Issuance Date (such 25th day, the “Notice Date”) the Liquidity Provider shall have advised the Subordination Agent that the
Liquidity Facility shall not be extended beyond such anniversary date and on or before the Notice Date the Liquidity Facility shall not have been replaced in accordance with Section 3.5(e), the Subordination Agent shall, on the Notice Date (or
as soon as possible thereafter), in accordance with the terms of the Liquidity Facility (a “Non-Extended Facility”), request a drawing under the Liquidity Facility (such drawing, a “Non-Extension Drawing”) of the
Available Amount thereunder. Amounts drawn pursuant to a Non-Extension Drawing shall be maintained and invested in accordance with Section 3.5(f) hereof. 
 (e)       Issuance of Replacement Liquidity Facility. (i) At any time, United may, at its option, with cause or without cause, arrange for a Replacement
Liquidity Facility to replace the Liquidity Facility (including any Replacement Liquidity Facility provided pursuant to Section 3.5(e)(ii) hereof); provided, however, that the Liquidity Provider shall not be replaced by United as
the Liquidity Provider prior to the first anniversary of the Issuance Date unless (A) there shall have become due to the Liquidity Provider, or the Liquidity Provider shall have demanded, amounts pursuant to Section 3.01, 3.02 or 3.03 of
the Liquidity Facility and the replacement of the Liquidity Provider would reduce or eliminate the obligation to pay such amounts or United determines in good faith that there is a substantial likelihood that the Liquidity Provider will have the
right to claim any such amounts (unless the Liquidity Provider waives, in writing, any right it may have to claim such amounts), which determination shall be set forth in a certificate delivered by United to the Liquidity Provider setting forth the
basis for such determination and accompanied by an opinion of outside counsel selected by United and reasonably acceptable to the Liquidity Provider verifying the legal conclusions, if any, of such certificate

  

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relating to such basis, provided that, in the case of any likely claim for such amounts based upon any proposed, or proposed change in, law, rule, regulation, interpretation, directive,
requirement, request or administrative practice, such opinion may assume the adoption or promulgation of such proposed matter, (B) it shall become unlawful or impossible for the Liquidity Provider (or its Facility Office) to maintain or fund
its LIBOR Advances as described in Section 3.10 of the Liquidity Facility, (C) the Liquidity Facility of such Liquidity Provider shall become a Downgraded Facility or a Non-Extended Facility or a Downgrade Drawing or a Non-Extension
Drawing shall have occurred under the Liquidity Facility of the Liquidity Provider, (D) the Liquidity Provider shall have breached any of its payment (including, without limitation, funding) obligations under the Liquidity Facility or
(E) a Rate Determination Notice has been issued and has not been withdrawn. If such Replacement Liquidity Facility is provided at any time after a Downgrade Drawing, a Non-Extension Drawing or Special Termination Drawing has been made, all
funds on deposit in the Cash Collateral Account will be returned to the Liquidity Provider being replaced. 
  (ii)       If the Liquidity Provider shall determine not to extend the Liquidity Facility in accordance with Section 3.5(d), then the Liquidity Provider may, at its option, arrange for a
Replacement Liquidity Facility to replace the 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 the Liquidity Facility. At any time after a Non-Extension
Drawing has been made under the Liquidity Facility, the Liquidity Provider may, at its option, arrange for a Replacement Liquidity Facility to replace the Liquidity Facility under which such Non-Extension Drawing has been made. 
  (iii)      No Replacement Liquidity Facility arranged by United or the Liquidity Provider in accordance
with clause (i) or (ii) above or pursuant to Section 3.5(c), respectively, shall become effective and no such Replacement Liquidity Facility shall be deemed the “Liquidity Facility” under the Operative Agreements, unless and
until (A) each of the conditions referred to in sub-clauses (iv)(x) and (z) below shall have been satisfied, (B) if such Replacement Liquidity Facility shall materially adversely affect the rights, remedies, interests or obligations
of the Class A Certificateholders under any of the Operative Agreements, the Class A 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 the Liquidity Provider under Section 3.5(e)(ii) or pursuant to Section 3.5(c), such Replacement Liquidity Facility is acceptable to United. 
  (iv)       In connection with the issuance of a Replacement Liquidity Facility, the Subordination
Agent shall (x) prior to the issuance of such Replacement Liquidity Facility, obtain written confirmation from each Rating Agency that such Replacement Liquidity Facility will not cause a reduction of any rating then in effect for any Class of
Certificates by such Rating Agency (without regard to any downgrading of any rating of the Liquidity Provider being replaced pursuant to Section 3.5(c) hereof), (y) pay all Liquidity Obligations then owing to the replaced Liquidity
Provider (which payment shall be made first from available funds in the Cash Collateral Account as described in clause (v) of Section 3.5(f) hereof, 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. 
  

 28 

  (v)       Upon satisfaction of the conditions set
forth in clauses (iii) and (iv) of this Section 3.5(e) with respect to a Replacement Liquidity Facility, (w) the replaced Liquidity Facility shall terminate, (x) the Subordination Agent shall, if and to the extent so
requested by United 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 Letters, (y) each of the parties hereto shall enter into any amendments to this Agreement necessary to give effect to (1) the
replacement of the Liquidity Provider with the Replacement Liquidity Provider and (2) the replacement of the Liquidity Facility with the Replacement Liquidity Facility and (z) the Replacement Liquidity Provider shall be deemed to be the
Liquidity Provider with the rights and obligations of the Liquidity Provider hereunder and under the other Operative Agreements and such Replacement Liquidity Facility shall be deemed to be the 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 Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(k) hereof, or in the event amounts are to be deposited in the Cash Collateral
Account pursuant to subclause (A) or (B) of clause “fourth” of Section 3.2, amounts so drawn or to be deposited, as the case may be, shall be deposited by the Subordination Agent in the Cash Collateral Account. All amounts
on deposit in the Cash Collateral Account shall be invested and reinvested in Eligible Investments in accordance with Section 2.2(b) hereof. 
 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 the Cash Collateral Account (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, such
Investment Earnings multiplied by the Section 2.4 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 3.2 or 3.3 (as applicable). The Subordination Agent shall deliver a written statement to United and the 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 Account as of such date. In addition, from and after the date funds are so deposited, the
Subordination Agent shall make withdrawals from such accounts as follows: 
 (i)        on each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued and unpaid interest due and owing on the Class A Certificates
(at the Stated Interest Rate for the Class A Certificates) after giving effect to the subordination provisions of this Agreement, withdraw from the 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

  

 29 

 
for the Class A Certificates) on the Class A Certificates (excluding interest, if any, payable with respect to the Deposits relating to the Class A Trust) and (y) the amount
on deposit in the Cash Collateral Account; 
 (ii)       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 3.2 hereof or pursuant to Section 2.03 of the Escrow Agreement, the Subordination Agent
shall withdraw from the 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 Cash Collateral Account resulting from a
prior withdrawal of amounts on deposit in the Cash Collateral Account on such date) and any transfer of Investment Earnings from the 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 plus (if on a Distribution Date not coinciding with an Interest Payment Date) Investment Earnings on deposit in the Cash Collateral Account (after giving effect to any such transfer of Investment Earnings) will be on
deposit in the Cash Collateral Account and shall first, pay such withdrawn amount to the Liquidity Provider until the Liquidity Obligations owing to the Liquidity Provider shall have been paid in full, and second, deposit any remaining withdrawn
amount in the Collection Account; 
 (iii)      if a Replacement Liquidity
Facility shall be delivered to the Subordination Agent following the date on which funds have been deposited into the Cash Collateral Account, the Subordination Agent shall withdraw all amounts on deposit in the Cash Collateral Account and shall pay
such amounts to the replaced Liquidity Provider until all Liquidity Obligations owed to such Person shall have been paid in full, and shall deposit any remaining amount in the Collection Account; and 
 (iv)      following the payment of Final Distributions with respect to the Class A
Certificates, on the date on which the Subordination Agent shall have been notified by the Liquidity Provider that the Liquidity Obligations owed to the Liquidity Provider have been paid in full, the Subordination Agent shall withdraw all amounts on
deposit in the Cash Collateral Account and shall deposit such amount in the Collection Account. 
 (g)       Reinstatement. With respect to any Interest Drawing under the Liquidity Facility, upon the reimbursement of the Liquidity Provider for all or any part of the amount of such Interest
Drawing, together with any accrued interest thereon, the Available Amount shall be reinstated by an amount equal to the amount of such Interest Drawing so reimbursed to the Liquidity Provider but not to exceed the Stated Amount; provided,
however, that the Liquidity Facility shall not be so reinstated in part or in full at any time if (x) both a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the
Liquidity Facility or (y) a Final Drawing, a Non-Extension Drawing, a Downgrade Drawing or a Special Termination Drawing shall have occurred with respect to the Liquidity Facility or an Interest Drawing shall have been converted into a Final
Drawing. In the event that (i) funds are withdrawn from the Cash Collateral Account pursuant to clause (i) or (ii) of Section 3.5(f) hereof or (ii) the Liquidity Facility shall become a Downgraded Facility or a Non-Extended
Facility at a time when unreimbursed Interest Drawings under the Liquidity Facility have reduced the Available Amount thereunder to zero, then funds received

  

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by the Subordination Agent at any time other than (x) any time when a Liquidity Event of Default shall have occurred and be continuing with respect to the Liquidity Facility and a Performing
Note Deficiency exists or (y) any time after a Final Drawing shall have occurred with respect to the Liquidity Facility or an Interest Drawing shall have been converted into a Final Drawing, shall be deposited in the Cash Collateral Account as
and to the extent provided in clause “fourth” of Section 3.2 and applied in accordance with Section 3.5(f) hereof. 
 (h)       Reimbursement. The amount of each drawing under the Liquidity Facility shall be due and payable, together with interest thereon, on the dates and at the
rates, respectively, provided in the Liquidity Facility. 
 (i)        Final
Drawing. Upon receipt from the Liquidity Provider of a Termination Notice with respect to the Liquidity Facility, the Subordination Agent shall, not later than the date specified in such Termination Notice, in accordance with the terms of the
Liquidity Facility, request a drawing under the Liquidity Facility of all available and undrawn amounts thereunder (a “Final Drawing”). Amounts drawn pursuant to a Final Drawing shall be maintained and invested in accordance with
Section 3.5(f) hereof. 
 (j)        Adjustments of Stated Amount. Promptly
following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance with respect to the Class A Certificates or otherwise, the Stated Amount shall automatically be adjusted to an amount equal to the
Required Amount (as calculated by the Subordination Agent after giving effect to such payment). 
 (k)       Special Termination Drawing. Upon receipt from the Liquidity Provider of a Special Termination Notice, the Subordination Agent shall, not later than the date specified in such Special
Termination Notice, in accordance with the terms of the Liquidity Facility, request a drawing under the Liquidity Facility of all available and undrawn amounts thereunder (a “Special Termination Drawing”). Amounts drawn pursuant to
a Special Termination Drawing shall be maintained and invested in accordance with Section 3.5(f) hereof. 
 (l)        Relation to Subordination Provisions. Interest Drawings under the Liquidity Facility and withdrawals from the Cash Collateral Account, in each case, in respect of interest on the
Class A Certificates, will be distributed to the Class A Trustee, notwithstanding Section 3.2 hereof. 
 (m)      Assignment of Liquidity Facility. The Subordination Agent agrees not to consent to the assignment by the Liquidity Provider of any of its rights or obligations under the Liquidity Facility or
any interest therein, unless (i) United shall have consented to such assignment and (ii) each Rating Agency shall have provided a Ratings Confirmation in respect of 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 the initial Liquidity Provider under
Section 3.5(e)(ii). 
  

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 ARTICLE IV 
 EXERCISE OF REMEDIES 
 SECTION 4.1. 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 (except as otherwise provided in Section 2.6(d)) shall direct the Subordination Agent, as the
holder of 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 holder 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. If the Equipment Notes issued pursuant to any Indenture and held by the Subordination Agent
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 it may reasonably deem advisable 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 United) 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 and (y) the occurrence of a United Bankruptcy Event, without the consent of each Trustee, 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 during the continuation of an Indenture Event of Default under any
Indenture, the Subordination Agent will obtain three desktop appraisals from the Appraisers selected by the Controlling Party setting forth the current market value, current lease rate and distressed value (in each case, as defined by the
International Society of Transport Aircraft Trading or any successor organization) of the Aircraft subject to such Indenture (each such appraisal, an “Appraisal” and the current market value appraisals being referred to herein as
the “Post-Default Appraisals”). For so long as any Indenture Event of Default shall be continuing under any Indenture, and without limiting the right of the Controlling Party to request more frequent Appraisals, the
Subordination Agent will obtain updated Appraisals on the date that is 364 days from the date of the most recent Appraisal (or if a United Bankruptcy Event shall have occurred and is continuing, on the date that is 180 days from
the date of the most recent Appraisal). The Subordination Agent shall promptly deliver copies of the Appraisals to the Liquidity Provider. 
  

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 (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, 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 United Bankruptcy Event and during the pendency thereof, the Controlling Party
receives a proposal from or on behalf of United to restructure the financing of any one or more of the Aircraft, the Controlling Party shall promptly thereafter give the Subordination Agent and each Trustee notice of the material economic terms and
conditions of such restructuring proposal whereupon the Subordination Agent acting on behalf of each Trustee shall endeavor using reasonable commercial efforts to make such terms and conditions of such restructuring proposal available to all
Certificateholders (whether by posting on DTC’s Internet board or otherwise). 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, enter into any term sheet, stipulation or other agreement (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 United unless and until the material economic terms and conditions of such restructuring shall have been made available to all Certificateholders for a period of not less than 15 calendar days (except that such requirement shall
not apply to any such term sheet, stipulation or other agreement that is entered into on or prior to the expiry of the 60-Day Period and that is effective for a period not longer than three months from the expiry of the 60-Day Period). 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 A Certificates pursuant to the applicable Trust Agreement prior to the expiry of the 15-day notice period
specified above, the 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 the
Class A Certificates on the date that it is required to make such purchase. 
 SECTION 4.2. Remedies Cumulative.
Each and every right, power and remedy given to the Trustees, the Liquidity Provider, 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, the Liquidity Provider, the Controlling Party or the Subordination Agent, as appropriate, and the exercise or the beginning
of the exercise of any 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, the Liquidity Provider, the Controlling Party
or the Subordination Agent in the exercise of any

  

 33 

 
right, remedy or power or in the pursuit of any remedy shall impair any such right, power or remedy or be construed to be a waiver of any default or to be an acquiescence therein. 
 SECTION 4.3. 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 4.4. Right of Certificateholders and the Liquidity
Provider to Receive Payments Not to Be Impaired. Anything in this Agreement to the contrary notwithstanding, the right of any Certificateholder (subject to the applicable Trust Agreement) or the Liquidity Provider, respectively, to receive
payments hereunder (including without limitation pursuant to Section 3.2 hereof) 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 the Liquidity Provider, respectively. 
 SECTION 4.5. Undertaking for Costs. In any
Proceeding for the enforcement of any right or remedy under this Agreement or in any Proceeding against any Controlling Party or the Subordination Agent for any action taken or omitted by it as Controlling Party or Subordination Agent, as the case
may be, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and
expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. The provisions of this Section do not apply to a suit instituted by the Subordination Agent, the
Liquidity Provider or a Trustee or a suit by Certificateholders holding more than 10% of the original principal amount of any Class of Certificates. 
 ARTICLE V 
 DUTIES OF THE SUBORDINATION AGENT; 
 AGREEMENTS OF TRUSTEES, ETC. 
 SECTION 5.1. Notice of Indenture Event of Default or Triggering Event. (a) In the event the Subordination Agent shall have actual knowledge of the occurrence of an Indenture Event of Default
or a Triggering Event, as promptly as practicable, and in any event within 10 days after obtaining knowledge thereof, the Subordination Agent shall transmit by mail or courier to the Rating Agencies, the Liquidity Provider and the Trustees notice of
such Indenture Event of Default or Triggering Event, 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 on the part of a Responsible
Officer, the Subordination Agent shall not be

  

 34 

 
deemed to have knowledge of any Indenture Event of Default or Triggering Event unless notified in writing by one or more Trustees, the Liquidity Provider or one or more Certificateholders.

 (b)       Other Notices. The Subordination Agent will furnish to the 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 the Liquidity Provider or Trustee, as applicable, pursuant to the express provision of 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 United 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 Provider, the Rating Agencies and United a statement setting forth the following information: 
 (i)        after a United Bankruptcy Event, with respect to each Aircraft, whether such Aircraft is
(A) subject to the 60-day period of Section 1110 of the Bankruptcy Code, (B) subject to an election by United 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 United, (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 the Certificates and the outstanding principal amount of all Equipment Notes; 
 (iv)      the expected amount of interest which will have accrued on the Equipment Notes and on the Certificates as of the next Regular Distribution Date; 
 (v)       the amounts paid to each Person on such Distribution Date pursuant to this Agreement;

 (vi)      details of the amounts paid on such Distribution Date identified by reference to the
relevant provision of this Agreement and the source of payment (by Aircraft and party); 
  

 35 

 (vii)     if the Subordination Agent has made a Final Drawing
under the Liquidity Facility; 
 (viii)    the amounts currently owed to the Liquidity Provider;

 (ix)      the amounts drawn under the Liquidity Facility; and 
 (x)       after a United Bankruptcy Event, any operational reports filed by United with the bankruptcy
court which are available to the Subordination Agent on a non-confidential basis. 
 SECTION 5.2. Indemnification. The
Subordination Agent shall not be required to take any action or refrain from taking any action under Section 5.1 (other than the first sentence thereof) or Article IV hereof unless the Subordination Agent shall have been indemnified (to the
extent and in the manner reasonably satisfactory to the Subordination Agent) against any liability, cost or expense (including counsel fees and expenses) which may be incurred in connection therewith. The Subordination Agent shall not be under any
obligation to take any action under this Agreement and nothing contained in this Agreement shall require the Subordination Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. The Subordination Agent
shall not be required to take any action under Section 5.1 (other than the first sentence thereof) or Article IV hereof, nor shall any other provision of this Agreement be deemed to impose a duty on the Subordination Agent to take any action,
if the Subordination Agent shall have been advised by counsel that such action is contrary to the terms hereof or is otherwise contrary to law. 
 SECTION 5.3. 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 under Section 5.2 or 7.1 hereof) promptly take such action as may be necessary to duly discharge all Liens on any of
the Trust Accounts or any monies deposited therein which result from claims against it in its individual capacity not related to its activities hereunder or any other Operative Agreement. 
 SECTION 5.4. Notice from the Liquidity Provider and Trustees. If the Liquidity Provider or a Trustee has notice of an Indenture
Event of Default or a Triggering Event, such Person shall promptly give notice thereof to each other party hereto, provided, however, that no such Person shall have any liability hereunder as a result of its failure to deliver any such
notice. 
  

 36 

 ARTICLE VI 
 THE SUBORDINATION AGENT 
 SECTION 6.1. Authorization; Acceptance of Trusts and
Duties. The Class A Trustee hereby designates and appoints the Subordination Agent as its agent and trustee under the Liquidity Facility and authorizes the Subordination Agent to enter into the Liquidity Facility as its agent and trustee.
The Liquidity Provider and each Trustee hereby designate and appoint the Subordination Agent as the Subordination Agent under this Agreement. WTC hereby accepts the duties hereby created and applicable to it as the Subordination Agent and agrees to
perform the same but only upon the terms of this Agreement and agrees to receive and disburse all monies received by it in accordance with the terms hereof. The Subordination Agent shall not be answerable or accountable under any circumstances,
except (a) for its own willful misconduct or gross negligence (or ordinary negligence in the handling of funds), (b) as provided in Sections 2.2 or 5.3 hereof and (c) for liabilities that may result from the material inaccuracy of any
representation or warranty of the Subordination Agent made in its individual capacity in any Operative Agreement. The Subordination Agent shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Subordination
Agent, unless it is proved that the Subordination Agent was negligent in ascertaining the pertinent facts. 
 SECTION 6.2.
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 6.3. No Representations or Warranties as to Documents. The Subordination Agent in its individual capacity does not make nor
shall 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 in any thereof, except for the
representations and warranties of the Subordination Agent, made in its individual capacity, under any Operative Agreement to which it is a party. The Certificateholders, the Trustees and the Liquidity Provider make no representation or warranty
hereunder whatsoever. 
 SECTION 6.4. 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 the Liquidity Provider as provided in Articles II and III hereof 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 2.2 hereof) be liable for any interest thereon; provided, however,
that any payments received or applied hereunder by the Subordination Agent shall be accounted for by the Subordination Agent so that any portion thereof paid or applied pursuant hereto shall be identifiable as to the source thereof. 
 SECTION 6.5. Reliance; Agents; Advice of Counsel. The Subordination Agent shall not incur 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

  

 37 

 
Provider 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 Liquidity Provider or the applicable 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. The Subordination Agent shall assume, and shall be fully protected in assuming, that the Liquidity Provider and each of the Trustees are authorized to enter into this Agreement and to take all action to be taken
by them pursuant to the provisions hereof, and shall not inquire into the authorization of the Liquidity Provider and the Trustees with respect thereto. In the administration of the trusts hereunder, the Subordination Agent may execute any of the
trusts or powers hereof and perform its powers and duties hereunder directly or through agents or attorneys and may consult with counsel, accountants and other skilled persons to be selected and retained by it, and the Subordination Agent shall not
be liable for the acts or omissions of any agent appointed with due care or for anything done, suffered or omitted in good faith by it in accordance with the advice or written opinion of any such counsel, accountants or other skilled persons.

 SECTION 6.6. Capacity in Which Acting. The Subordination Agent acts hereunder solely as agent and trustee herein and
not in its individual capacity, except as otherwise expressly provided in the Operative Agreements. 
 SECTION 6.7.
Compensation. The Subordination Agent shall be entitled to reasonable compensation, including expenses and disbursements, except with respect to any Unindemnified Taxes incurred by the Subordination Agent in connection with the transactions
contemplated by this Agreement, for all services rendered hereunder and shall have a priority claim to the extent set forth in Article III hereof on all monies collected hereunder for the payment of such compensation (other than Unindemnified
Taxes), 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 the Liquidity Provider for any fee as compensation for its services as agent under this
Agreement. The provisions of this Section 6.7 shall survive the termination of this Agreement. 
 SECTION 6.8. 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 6.9. Subordination Agent Required; Eligibility. There shall at all times be a
Subordination Agent hereunder which shall be a bank, trust company, corporation or other financial institution organized and doing business under the laws of the United States of America or of any State or the District of Columbia having a combined
capital and surplus of at least $100,000,000 (or the obligations of which, whether now in existence or hereafter incurred, are fully and unconditionally guaranteed by a corporation organized and doing business under the laws of the United States of
America, any State thereof or of the District of Columbia and having a combined capital and surplus of at least $100,000,000), if there is such an institution willing and able to perform the duties of the Subordination Agent hereunder upon
reasonable or customary terms. Such Person shall be a citizen of the United States and shall be authorized under the laws of the United States or any

  

 38 

 
State thereof or of the District of Columbia to exercise corporate trust powers and shall be subject to supervision or examination by federal, state or District of Columbia authorities. If such
Person publishes reports of condition at least annually, pursuant to law or to the requirements of any of the aforesaid supervising or examining authorities, then, for the purposes of this Section 6.9, the combined capital and surplus of such
Person 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, the Subordination Agent shall resign immediately in the manner and with the effect specified in Section 8.1.

 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. All such Equipment Notes, monies or other property shall be held in the trust
department of the institution acting as Subordination Agent hereunder. 
 ARTICLE VII 
 INDEMNIFICATION OF SUBORDINATION AGENT 
 SECTION 7.1. Scope of Indemnification. The Subordination Agent shall be indemnified hereunder to the extent and in the manner described in Section 7.1 of the Participation Agreements. The
indemnities contained in such Section shall survive the termination of this Agreement. 
 ARTICLE VIII 
 SUCCESSOR SUBORDINATION AGENT 
 SECTION 8.1. Replacement of Subordination Agent; Appointment of Successor. The Subordination Agent may resign at any time by so notifying each other party hereto. The Controlling Party may remove
the Subordination Agent for cause by so notifying the Subordination Agent and may appoint a successor Subordination Agent. The Controlling Party shall remove the Subordination Agent if: 
 (1)      the Subordination Agent fails to comply with Section 6.9 hereof; 
 (2)      the Subordination Agent is adjudged bankrupt or insolvent; 
 (3)      a receiver or other public officer takes charge of the Subordination Agent or its
property; or 
 (4)      the Subordination Agent otherwise becomes incapable of
acting. 
  

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 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 shall promptly appoint a successor Subordination Agent. 
 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 the 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 each other party hereto. The retiring
Subordination Agent shall promptly transfer its rights under the Liquidity Facility and all of the property held by it as Subordination Agent to the successor Subordination Agent. 
 If a successor Subordination Agent does not take office within 60 days after the retiring Subordination Agent resigns or is removed, the
retiring Subordination Agent or the Class A Trustee may petition any court of competent jurisdiction for the appointment of a successor Subordination Agent. 
 If the Subordination Agent fails to comply with Section 6.9 hereof (to the extent applicable), the Class A Trustee or the Liquidity Provider may petition any 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 thereto. 
 ARTICLE IX 
 SUPPLEMENTS AND AMENDMENTS 
 SECTION 9.1. Amendments,
Waivers, etc. (a) This Agreement may not be supplemented, amended or modified without the consent of the Class A Trustee (acting, except in the case of any amendment pursuant to Section 3.5(e)(v)(y) hereof with respect to any
Replacement Liquidity Facility or any amendment contemplated by the last sentence of this Section 9.1(a), with the consent of holders of the Class A Certificates evidencing interests in the Class A Trust aggregating not less than a
majority in interest in the Class A Trust or as otherwise authorized pursuant to the Class A Trust Agreement), the Subordination Agent and the Liquidity Provider; provided, however, that this Agreement may be supplemented,
amended or modified without the consent of the Class A Trustee or the Liquidity Provider if such supplement, amendment or modification (i) is in accordance with Section 9.1(c) hereof or (ii) cures an ambiguity or inconsistency or
does not materially adversely affect the Class A Trustee or the holders of the Class A Certificates or the Liquidity Provider; provided further, however, that, if such supplement, amendment or modification
(A) would (x) directly or

  

 40 

 
indirectly modify or supersede, or otherwise conflict with, Section 2.2(b), Section 2.4, Section 3.2, Section 3.5(e), Section 3.5(f) (other than the last sentence
thereof), Section 3.5(l), the last sentence of this Section 9.1(a), Section 9.1(c), the second sentence of Section 10.6 or this proviso (collectively, the “United Provisions”) or (y) otherwise adversely
affect the interests of a potential Replacement Liquidity Provider or of United with respect to its ability to replace the Liquidity Facility or with respect to its payment obligations under any Operative Agreement or (B) is made pursuant to
the last sentence of this Section 9.1(a) or pursuant to Section 9.1(c), then such supplement, amendment or modification shall not be effective without the additional written consent of United. Notwithstanding the foregoing,
(A) without the consent of each Class A Certificateholder and the Liquidity Provider, no supplement, amendment or modification of this Agreement may reduce the percentage of the interest in the Class A Trust necessary to consent to
modify or amend any provision of this Agreement or to waive compliance therewith and (B) without the prior written consent of the Liquidity Provider, no amendment, supplement, modification or waiver of any of the provisions of this Agreement
may alter or modify (i) Section 2.4 or Section 3.2 (except as expressly provided in Section 9.1(c) but in no event shall any such alteration or modification adversely affect the Liquidity Provider), (ii) to the extent such
Section relates to the rights or obligations of the Liquidity Provider, Section 2.6(c) or (iii) to the extent such Section relates to the rights or obligations of the Liquidity Provider, Section 3.5 (except as provided in the last
sentence of this Section 9.1(a)). Nothing contained in this Section shall require the consent of the Class A Trustee at any time following the payment of Final Distributions with respect to the related Class A Certificates. If the
Replacement Liquidity Facility for the Liquidity Facility in accordance with Section 3.5(e) hereof is to be comprised of more than one instrument as contemplated by the definition of the term “Replacement Liquidity Facility”, then
each of the parties hereto agrees to amend this Agreement to incorporate appropriate mechanics for multiple Liquidity Facilities for an individual Trust. 
 (b)       In the event that the Subordination Agent, as the registered holder of any Equipment Notes, receives a request for the giving of any notice or for its consent
to any amendment, supplement, modification, consent or waiver under such Equipment Notes, the Indenture pursuant to which such Equipment Notes were issued, or the related Participation Agreement or other related document, (i) if no Indenture
Event of Default shall have occurred and be continuing with respect to such Indenture, the Subordination Agent shall request directions with respect to each series of such Equipment Notes from the Trustee of the Trust which holds such Equipment
Notes and shall vote or consent in accordance with the directions of such Trustee, and (ii) if any Indenture Event of Default shall have occurred and be continuing with respect to such Indenture, the Subordination Agent will exercise its voting
rights with respect to such Equipment Notes as directed by the Controlling Party (subject to Sections 4.1 and 4.4 hereof); provided that no such amendment, modification or waiver shall, without the consent of each affected Certificateholder and the
Liquidity Provider, reduce the amount of principal or interest payable by United under any Equipment Note or change the time of payments or method of calculation of any amount under any Equipment Note. 
 (c)       After the Deposit Period Termination Date, at any time and from time to time, a single
additional series of Equipment Notes (the “Additional Equipment Notes”) may be issued under Section 2.02 of one or more of the Indentures subject to the terms and conditions of this Section 9.1(c); provided that
(i) the Additional Equipment Notes are subordinated in right of payment to the Series A Equipment Notes under

  

 41 

 
each Indenture and (ii) no more than one series of Additional Equipment Notes may be outstanding at any time. If a series of Additional Equipment Notes is issued under any Indenture, such
series of Additional Equipment Notes shall be issued to a new pass through trust (the “Additional Trust”) that issues a class of pass through certificates (the “Additional Certificates”) to certificateholders (the
“Additional Certificateholders”) pursuant to a pass through trust agreement (the “Additional Trust Agreement”) with a trustee (the “Additional Trustee”). On each Distribution Date, no distributions
or other cash payments may be made on or in respect of the Additional Certificates unless and until the Expected Distributions with respect to the Class A Certificates on such Distribution Date have been made in full; provided that, the
Additional Trustee shall be reimbursed on a pari passu basis with the Class A Trustee for any amounts of the nature described in clause (i) of clause “first” of Section 3.2 hereof but solely to the extent such
amounts (x) constitute ordinary administrative expenses (and for the avoidance of doubt, “ordinary administrative expenses” shall not include any costs or expenses (including any costs of counsel) incurred by the Additional Trustee
related to enforcement under any of the Operative Agreements) and (y) have been actually incurred by the Additional Trustee under the Additional Trust Agreement. 
 In the case of the issuance of any Additional Certificates, this Agreement shall be amended by written agreement of United and the Subordination Agent to provide for the subordination of the Additional
Certificates to the Administration Expenses, the Liquidity Obligations and the Class A Certificates. Any and each such issuance and the amendment of this Agreement as provided below shall require a Ratings Confirmation and shall not materially
adversely affect the Class A Trustee. This Agreement shall be amended by written agreement of United 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)      the Additional Certificates shall not have the benefit of any credit support similar to the Liquidity Facility; 
 (iv)      the Additional Certificates may not be issued to United but may be issued to any of
United’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 the Additional Certificates to any
Affiliate of United shall be similarly restricted; 
 (v)       the
provisions of this Agreement governing payments with respect to Certificates and related notices, including Sections 2.4, 3.1 and 3.2, shall be revised to provide for distributions on the Additional Certificates after payment of the Administration
Expenses, the Liquidity Obligations and the Class A Certificates; and 
  

 42 

 (vi)      the scheduled payment dates for such
series of Additional Equipment Notes shall be on the Regular Distribution Dates. 
 The issuance of the Additional Certificates
in compliance with all of the foregoing terms of this Section 9.1(c) shall not require the consent of the Class A Trustee or the holders of the Class A Certificates. The Liquidity Provider hereby agrees and confirms that it shall be
deemed to consent to any issuance and amendment in accordance with this Section 9.1(c). 
 SECTION 9.2. Subordination
Agent Protected. If, in the reasonable opinion of the institution acting as the Subordination Agent hereunder, any document required to be executed pursuant to the terms of Section 9.1 affects any right, duty, immunity or indemnity with
respect to it under this Agreement or the Liquidity Facility, the Subordination Agent may in its discretion decline to execute such document. 
 SECTION 9.3. Effect of Supplemental Agreements. Upon the execution of any amendment, consent or supplement hereto pursuant to the provisions hereof, this Agreement shall be and be deemed to be and
shall 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 and shall 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 IX, the Subordination Agent shall be entitled to receive, and shall be fully protected in relying upon, an opinion of counsel stating that the
execution of such supplemental agreement is authorized or permitted by this Agreement. 
 SECTION 9.4. Notice to Rating
Agencies. Promptly upon receipt of any amendment, consent, modification, supplement or waiver contemplated by this Article IX and prior to taking any action required to be taken thereunder, the Subordination Agent shall send a copy thereof
to each Rating Agency. 
 ARTICLE X 
 MISCELLANEOUS 
 SECTION 10.1. Termination of Intercreditor Agreement.
Following payment of Final Distributions with respect to the Class A Certificates and the Additional Certificates (if any) and the payment in full of all Liquidity Obligations to the Liquidity Provider and provided that there shall then
be no other amounts due to the Class A Certificateholders, the Additional Certificateholders (if any), the Class A Trustee, the Additional Trustee (if any), the Liquidity Provider and the Subordination Agent hereunder or under the
Class A Trust Agreement or the Additional Trust Agreement (if any), and that the commitment of the Liquidity Provider under the Liquidity Facility 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. 
  

 43 

 SECTION 10.2. Intercreditor Agreement for Benefit of Trustee, Liquidity Provider and
Subordination Agent. Subject to the second sentence of Section 10.6 and the provisions of Sections 4.4 and 9.1, nothing in this Agreement, whether express or implied, shall be construed to give to any Person other than the Class A
Trustee, the Liquidity Provider and the Subordination Agent any legal or equitable right, remedy or claim under or in respect of this Agreement. 
 SECTION 10.3. Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents, waivers or documents provided or
permitted by this Agreement to be made, given, furnished or filed shall be in writing, mailed by certified mail, postage prepaid, or by confirmed telecopy and 
  

			
	(i)	  	if to the Subordination Agent, addressed to at its office at:
		
		  	 WILMINGTON TRUST COMPANY
 One Rodney Square
 1100 N. Market Street
 Wilmington, DE 19890-0001
 Attention: Corporate Trust Administration
 Telecopy: (302) 636-4140
 Telephone:
(302) 636-6000

		
	(ii)	  	if to any Trustee, addressed to it at its office at:
		
		  	 WILMINGTON TRUST COMPANY
 One Rodney Square
 1100 N. Market Street
 Wilmington, DE 19890-0001
 Attention: Corporate Trust Administration
 Telecopy: (302) 636-4140
 Telephone:
(302) 636-6000

		
	(iii)	  	if to the Liquidity Provider, addressed to it at its office at:
		
		  	 MORGAN STANLEY BANK, N.A.
 1
Pierrepont Plaza, 7th Floor
 Brooklyn, NY 11201
 Attention: Dana
Weisberg
 Telecopy: (212) 507-8080
 Telephone: (718) 754-4454

 Whenever any notice in writing is required to be given by any Trustee, the Liquidity Provider or the
Subordination Agent to any of the other of them, such notice shall be deemed given and such requirement satisfied when such notice is received. Any party hereto may change the address to which notices to such party will be sent by giving notice of
such change to the other parties to this Agreement. 
  

 44 

 SECTION 10.4. Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 10.5. No Oral
Modifications or Continuing Waivers. No terms or provisions of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party or other Person against whom enforcement of the
change, waiver, discharge or termination is sought and any other party or other Person whose consent is required pursuant to this Agreement and any waiver of the terms hereof shall be effective only in the specific instance and for the specific
purpose given. 
 SECTION 10.6. Successors and Assigns. All covenants and agreements contained herein shall be binding
upon, and inure to the benefit of, each of the parties hereto and the successors and assigns of each, all as herein provided. In addition, the United Provisions shall inure to the benefit of United and its successors and assigns, and (without
limitation of the foregoing) United is hereby constituted, and agreed to be, an express third party beneficiary of the United Provisions. Upon the occurrence of the Transfer contemplated by the Assignment and Assumption Agreement, the Trustee of the
Original Class A Trust shall (without any further act) be deemed to have transferred all of its rights, title and interest in and to this Agreement to the trustee of the Successor Class A Trust and, thereafter, the trustee of the Successor
Class A Trust shall be deemed to be the “Trustee” of the Class A Trust with the rights and obligations of the “Trustee” hereunder and under the other Operative Agreements and each reference to the Class A Trust
herein shall be deemed a reference to the Successor Class A Trust. 
 SECTION 10.7. 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 10.8. Counterpart Form. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same agreement. 
 SECTION 10.9. Subordination. (a) As between the Liquidity Provider, on the one hand, and the Class A Trustee (and any Additional Trustee) and the Class A Certificateholders (and any Additional Certificateholders), on
the other hand, and as among the Class A Trustee (and any Additional Trustee) and the related Certificateholders (and any Additional Certificateholders), this Agreement shall be a subordination agreement for purposes of Section 510 of the
United States Bankruptcy Code, as amended from time to time. 
 (b)       Notwithstanding
the provisions of this Agreement, if prior to the payment in full to the Liquidity Provider 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

  

 45 

 
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, the Liquidity Provider or the Subordination Agent receives any payment in
respect of any obligations owing hereunder (or, in the case of the Liquidity Provider, 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, in the case of the Liquidity Provider, such Liquidity Obligations) intended to be satisfied shall be revived and continue in full force and effect as if such payment had not
been received. 
 (d)       The Class A Trustee (on behalf of itself and the holders of
the Class A Certificates), the Liquidity Provider and the Subordination Agent confirm that the payment priorities specified in Section 3.2 shall apply in all circumstances. The Class A Trustee expressly agrees (on behalf of itself and
the holders of the Class A Certificates) not to assert priority over the holders of Liquidity Obligations (except as specifically set forth in Section 3.2) due to their status as secured creditors in any bankruptcy, insolvency or other
legal proceeding. 
 (e)       Each of the Class A Trustee (on behalf of itself and the
holders of the Class A Certificates), the Liquidity Provider 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 Provider, 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 Provider, 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 Provider, 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 such 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 Class A Trustee, the Liquidity Provider or the Subordination Agent shall not prejudice the rights or adversely affect the obligations of any other party under this Agreement. 
 SECTION 10.10. Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. 
  

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 SECTION 10.11. Submission to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity.

 (a)       Each of the parties hereto hereby irrevocably and unconditionally: 

(i)        submits for itself and its property in any legal action or proceeding
relating to this Agreement or any other Operative Agreement, or for recognition and enforcement of any judgment in respect hereof or thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United
States of America for the Southern District of New York, and the appellate courts from any thereof; 
 (ii)       consents that any such action or proceeding may be brought in such courts, and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such
court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
 (iii)      agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to each party hereto at its address set forth in Section 10.3 hereof, or at such other address of which the other parties shall have been notified pursuant thereto; and 
 (iv)      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. 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. 
  

 47 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective officers thereunto duly authorized, as of the day and year first above written, and acknowledge that this Agreement has been made and delivered in the City of New York, and this Agreement has become effective only upon such
execution and delivery. 
  

			
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Trustee for the Class A Trust
		
	By	 	  

			
	Name:	 	
	Title:	 	

 [Intercreditor Agreement] 

			
	MORGAN STANLEY BANK, N.A., as Liquidity Provider
		
	By	 	  

			
	Name:	 	
	Title:	 	

 [Intercreditor Agreement] 

			
	WILMINGTON TRUST COMPANY, not in its individual capacity except as expressly set forth herein but solely as Subordination Agent and Trustee
		
	By	 	  

	Name:	 	
	Title:	 	

 [Intercreditor Agreement]

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