Document:

ex10-1.htm

    
      

    

    Exhibit
      10.1

    
       

       

      DELTA
        AIR LINES, INC.

       

      Pass
        Through Certificates, Series 2007-1

       

      PURCHASE
        AGREEMENT

       

       

       

       

       

       

       

       

       

      Dated:  October
        4, 2007

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      DELTA
        AIR LINES, INC.

       

      Pass
        Through Certificates, Series 2007-1

       

      PURCHASE
        AGREEMENT

       

      October
        4, 2007

       

      

       

      Merrill
        Lynch, Pierce, Fenner & Smith Incorporated

      Credit
        Suisse Securities (USA) LLC

      

      c/o
        Merrill Lynch & Co.

            
Merrill
        Lynch, Pierce, Fenner & Smith Incorporated

      4
        World
        Financial Center

      New
        York,
        NY 10080

      

      c/o
        Credit Suisse Securities (USA) LLC

      11
        Madison Avenue

      New
        York,
        New York 10010

      

       

      Ladies
        and Gentlemen:

       

      Delta
        Air
        Lines, Inc., a Delaware corporation (the “Company”), confirms its agreement with
        Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated
        (“Merrill Lynch”), Credit Suisse Securities (USA) LLC (“Credit Suisse”) and each
        of the other Initial Purchasers named in Schedule I hereto (collectively,
        the
“Initial Purchasers,” which term shall also include any initial purchaser
        substituted as hereinafter provided in Section 8 hereof), for whom Merrill
        Lynch
        and Credit Suisse are acting as representatives (in such capacity as the
        “Representatives”), with respect to the issue and sale by U.S. Bank Trust
        National Association (“U.S. Bank Trust”), acting not in its individual capacity
        but solely as pass through trustee (the “Trustee”) under the Pass Through Trust
        Agreement, dated as of November 16, 2000 (the “Basic Agreement”) and
        supplemented as described below, between the Company and the Trustee, as
        successor in interest to State Street Bank and Trust Company of Connecticut,
        National Association, to the Initial Purchasers of the Delta Air Lines Pass
        Through Certificates, Series 2007-1A (the “Class A Certificates”), the Delta Air
        Lines Pass Through Certificates, Series 2007-1B (the “Class B Certificates”),
        and the Delta Air Lines Pass Through Certificates, Series 2007-1C (the “Class C
        Certificates” and, together with the Class A Certificates and the Class B
        Certificates, the “Certificates”), each in the aggregate amounts and with the
        interest rates and final expected distribution dates set forth in Schedule
        II
        hereto, on the terms and conditions stated herein.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      The
        Basic
        Agreement is supplemented with respect to (a) the Class A Certificates by
        a
        trust supplement, to be dated as of October 11, 2007 (the “Class A Trust
        Supplement”), which relates to the creation and administration of the Delta Air
        Lines Pass Through Trust, Series 2007-1A (the “Class A Trust”), (b) the Class B
        Certificates by a trust supplement, to be dated as of October 11, 2007 (the
“Class B Trust Supplement”), which relates to the creation and administration of
        the Delta Air Lines Pass Through Trust, Series 2007-1B (the “Class B Trust”),
        and (c) the Class C Certificates by a trust supplement, to be dated as of
        October 11, 2007 (the “Class C Trust Supplement” and, together with the Class A
        Trust Supplement and the Class B Trust Supplement, the “Trust Supplements”),
        which relates to the creation and administration of the Delta Air Lines Pass
        Through Trust, Series 2007-1C (the “Class C Trust” and, together with the Class
        A Trust and the Class B Trust, the “Trusts”).  The Basic Agreement as
        supplemented by the related Trust Supplements are collectively defined as
        the
“Designated Agreements”.

       

      The
        cash
        proceeds of the offering of Certificates by each Trust will be paid to U.S.
        Bank
        National Association, as escrow agent (the “Escrow Agent”), under an Escrow and
        Paying Agent Agreement among the Escrow Agent, the Initial Purchasers, the
        Trustee and U.S. Bank Trust, as paying agent (the “Paying Agent”), for the
        benefit of the holders of Certificates issued by such Trust (each, an “Escrow
        Agreement” and collectively, the “Escrow Agreements”).  The Escrow
        Agent will deposit such cash proceeds (each, a “Deposit” and collectively, the
“Deposits”) with Credit Suisse, New York Branch (the “Depositary”), in
        accordance with a deposit agreement relating to such Trust (each a “Deposit
        Agreement” and collectively, the “Deposit Agreements”), and will withdraw
        Deposits upon request to allow the Trustee of such Trust to purchase Equipment
        Notes (as defined in the Note Purchase Agreement referred to herein) from
        time
        to time pursuant to a Note Purchase Agreement to be dated as of the Closing
        Time
        (as defined in Section 2(b) hereof) (the “Note Purchase Agreement”) among the
        Company, the Trustee of each of the Trusts and U.S. Bank Trust, as Subordination
        Agent (as hereinafter defined), Paying Agent and Escrow Agent.  With
        respect to each Certificate, the Escrow Agent will issue a receipt to be
        attached to such Certificate (each an “Escrow Receipt”) representing a
        fractional undivided interest of the holder of such Certificate in amounts
        deposited with the Depository on behalf of the Escrow Agent and will pay
        to such
        holders through the related Paying Agent interest accrued on the Deposits
        and
        received by such Paying Agent pursuant to the related Deposit Agreement at
        a
        rate per annum equal to the interest rate applicable to such
        Certificate.  Subject to the terms and conditions of the Note Purchase
        Agreement and the relevant participation agreement between the Company and
        U.S.
        Bank Trust (each, a “Participation Agreement”), the Equipment Notes will be
        issued in three series under up to 36 separate Indenture and Security Agreements
        between the Company and U.S. Bank Trust, as Loan Trustee (the “Loan Trustee”)
        (each, including any supplements thereto, an “Indenture” and collectively, the
“Indentures”).

       

      The
        holders of the Class A and Class B Certificates will be entitled to the benefits
        of a liquidity facility with respect to certain amounts of interest payable
        thereon.  Landesbank Hessen-Thüringen Girozentrale (the “Liquidity
        Provider”) will enter into a revolving credit agreement with respect to the
        Class A Trust and the Class B Trust, respectively (each, a “Liquidity Facility”
and together, the “Liquidity Facilities”), to be dated as of the Closing Time,
        for the benefit of the holders of the Class A Certificates and the Class
        B
        Certificates.  The Liquidity Provider and the holders of the Class A
        Certificates, the Class B Certificates and the Class C Certificates will
        be
        entitled to the benefits of an Intercreditor Agreement, to be dated as of
        the
        Closing Time (the “Intercreditor Agreement”) among U.S. Bank Trust as Trustee of
        the Class A Trust, the Class B Trust and the Class C Trust, the Liquidity
        Provider and U.S. Bank Trust, as Subordination Agent (the “Subordination
        Agent”).

       

      
        
          
          

        

        
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      Capitalized
        terms used but not otherwise defined in this Agreement shall have the meanings
        specified in or pursuant to the Designated Agreements or the Intercreditor
        Agreement; provided that, as used in this Agreement, the term “Operative
        Documents” shall mean the Intercreditor Agreement, the Liquidity Facilities, the
        Fee Letter, the Designated Agreements, the Participation Agreements, the
        Indentures, the Escrow Agreements, the Deposit Agreements and the Note Purchase
        Agreement.

       

      The
        Company understands that the Initial Purchasers propose to make an offering
        of
        the Certificates on the terms and in the manner set forth herein and agrees
        that
        the Initial Purchasers may resell, subject to the conditions set forth herein,
        all or a portion of the Certificates to purchasers (“Subsequent Purchasers”) at
        any time after this Agreement has been executed and delivered.  The
        Certificates are to be offered and sold through the Initial Purchasers without
        being registered under the Securities Act of 1933, as amended (the
“Securities Act”), in reliance upon exemptions
        therefrom.  Pursuant to the terms of the Certificates and the
        applicable Designated Agreements, investors that acquire Certificates may
        only
        resell or otherwise transfer such Certificates if such Certificates are
        hereafter registered under the Securities Act or if an exemption from the
        registration requirements of the Securities Act is available (including the
        exemption afforded by Rule 144A (“Rule 144A”) of the rules and
        regulations promulgated under the Securities Act by the Securities and
        Exchange Commission (the “Commission”)), and if such investors comply with the
        transfer restrictions relating to the Certificates, which include limiting
        resales to qualified institutional buyers within the meaning of Rule 144A
        (each,
        a “QIB”).

       

      The
        Initial Purchasers and their direct and indirect transferees will be entitled
        to
        the benefits of a Registration Rights Agreement to be dated as of the Closing
        Time among the Company, the Initial Purchasers and the Trustee of the Class
        A
        Trust, the Class B Trust and the Class C Trust (the “Registration Rights
        Agreement”).

       

      The
        Company has prepared and delivered to each Initial Purchaser copies of a
        preliminary offering memorandum dated October 3, 2007 (the “Preliminary
        Memorandum”) and will prepare and will deliver to each Initial Purchaser copies
        of a final offering memorandum dated October 4, 2007 (the “Final Memorandum”),
        each for use by such Initial Purchaser in connection with its solicitation
        of
        purchases of, or offering of, the Certificates.  “Offering Memorandum”
means, with respect to any date or time referred to in this Agreement, the
        most
        recent offering memorandum (whether the Preliminary Memorandum or the Final
        Memorandum, as amended or supplemental at any such date or time), including
        exhibits thereto and any documents (or portion thereof) incorporated therein
        by
        reference, which has been prepared and delivered by the Company to the Initial
        Purchasers in connection with their solicitation of purchases of, or offering
        of, the Certificates.

       

      All
        references in this Agreement to financial statements and schedules and other
        information which is “contained,” “included” or “stated” in the Offering
        Memorandum (or other references of like import) shall be deemed to mean and
        include all such financial statements and schedules and other information
        which
        are incorporated by reference in the Offering Memorandum; and all references
        in
        this Agreement to amendments or supplements to the Offering Memorandum shall
        be
        deemed to mean and include the filing of any document under the Securities
        Exchange Act of 1934 (the “Exchange Act”) which is incorporated by
        reference in the Offering Memorandum.

       

      
        
          
          

        

        
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      As
        used
        herein, unless the context otherwise requires, the term “you” shall mean the
        Representatives.

       

      1.  Representations
        and Warranties of the Company.  The Company represents and
        warrants to each Initial Purchaser as of the date hereof and as of the Closing
        Time, and agrees with each Initial Purchaser, as follows:

       

      (a)  The
        Offering Memorandum as of the Applicable Time (as defined below) as supplemented
        by the final pricing term sheet, in the form attached hereto as Schedule
        III
        (the “Pricing Supplement”), that has been prepared and delivered by the Company
        to the Initial Purchasers in connection with their solicitation of offers
        to
        purchase Certificates all considered together (collectively, the “Disclosure
        Package”) did not, as of the Applicable Time and will not, as of the Closing
        Time, and any individual Supplemental Offering Materials (as defined below),
        when considered together with the Disclosure Package did not, as of the
        Applicable Time, include any untrue statement of a material fact or omit
        to
        state any material fact necessary in order to make the statements therein,
        in
        the light of the circumstances under which they were made, not
        misleading.  “Applicable Time” means 4:30 pm (Eastern time) on October
        4, 2007 or such other time as agreed by the Company and Merrill
        Lynch.

       

      “Supplemental
        Offering Materials” means any “written communication” (within the meaning of the
        Securities Act Regulations (as defined below)) prepared by or on behalf of
        the
        Company, or used or referred to by the Company, that constitutes an offer
        to
        sell or a solicitation of an offer to buy the Certificates other than the
        Offering Memorandum or amendments or supplements thereto (including the Pricing
        Supplement), including, without limitation,  any road show relating to
        the Certificates that constitutes such a written communication.

       

      As
        of its
        date and as of the Closing Time, the Final Memorandum will not include an
        untrue
        statement of a material fact or omit to state a material fact necessary in
        order
        to make the statements therein, in the light of the circumstances under which
        they were made, not misleading.

       

      The
        representation and warranties in this subsection shall not apply to statements
        in or omissions from the Disclosure Package, the Final Memorandum or any
        Supplemental Offering Materials made in reliance upon and in conformity with
        information relating to any Initial Purchaser furnished in writing to the
        Company in connection with the Disclosure Package and the Final Memorandum
        or
        any Supplemental Offering Materials by or on behalf of such Initial Purchaser
        through the Representatives expressly for use therein, the only such information
        furnished by any Initial Purchaser for inclusion in the Disclosure Package,
        the
        Final Memorandum or in any Supplemental Offering Materials being the information
        identified in Sections 7(a) and 7(b) hereof.

       

      
        
          
          

        

        
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      (b)  The
        consolidated financial statements incorporated by reference in the Disclosure
        Package and the Final Memorandum and any amendments thereof or supplements
        thereto present fairly in all material respects the consolidated financial
        position of the Company and its subsidiaries as of the dates indicated and
        the
        consolidated results of their operations and cash flows for the periods
        specified and have been prepared in conformity with generally accepted
        accounting principles (“GAAP”) applied on a consistent basis during the periods
        involved, except as indicated therein, and the supporting schedules incorporated
        by reference in the Disclosure Package and the Final Memorandum present fairly
        the information required to be stated therein.

       

      (c)  The
        documents incorporated by reference in the Disclosure Package and the Final
        Memorandum and any amendments thereof or supplements thereto, at the time
        they
        were or hereafter are filed with the Commission, complied and will comply
        in all
        material respects with the requirements of the Exchange Act and the rules
        and
        regulations thereunder.

       

      (d)  Since
        the
        date as of which information is given in the Disclosure Package and the Final
        Memorandum, there has been no material adverse change in, or any development
        known to the Company which would have a material adverse effect on, the
        consolidated financial condition or operations of the Company and its
        subsidiaries, taken as a whole, whether or not arising from transactions
        in the
        ordinary course of business (a “Material Adverse Effect”), except as set forth
        or contemplated in the Disclosure Package and the Final Memorandum.

       

      (e)  The
        Company has been duly incorporated and is validly existing as a corporation
        in
        good standing under the laws of the State of Delaware, with power and authority
        (corporate and other) to own its properties and conduct its business as it
        is
        now being conducted except where the failure to have such power or authority
        would not individually or in the aggregate have a Material Adverse
        Effect.

       

      (f)  The
        Company (i) is an “air carrier” within the meaning of 49 U.S.C. Section
        40102(a), (ii) holds an air carrier operating certificate issued by the
        Secretary of Transportation pursuant to Chapter 447 of Title 49 of the United
        States Code for aircraft capable of carrying 10 or more individuals or 6,000
        pounds or more of cargo, (iii) is a “citizen of the United States” as defined in
        49 U.S.C. Section 40102 and (iv) is duly qualified as a foreign corporation
        for
        the transaction of business and in good standing under the laws of each
        jurisdiction (other than the State of Delaware) in which the Company has
        intrastate routes, or has a principal office or major overhaul facility and
        where the failure to so qualify would have a material adverse effect on the
        financial condition or operations of the Company and its subsidiaries, taken
        as
        a whole; and each material subsidiary of the Company has been duly incorporated
        and is validly existing as a corporation in good standing under the laws
        of its
        jurisdiction of incorporation.

       

      
        
          
          

        

        
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      (g)  The
        execution and delivery by the Company of this Agreement, the Equipment Notes
        and
        the Operative Documents to which the Company is, or is to be, a party, the
        consummation by the Company of the transactions herein and therein contemplated
        and the compliance by the Company with the terms hereof and thereof do not
        and
        will not conflict with, or result in a breach or violation of, any of the
        terms
        or provisions of, or constitute a default under, the Amended and Restated
        Certificate of Incorporation or Bylaws, as amended, of the Company or any
        of its
        subsidiaries or any indenture, mortgage, deed of trust, loan agreement or
        other
        agreement or instrument to which the Company or any of its subsidiaries is
        a
        party or by which the Company or any of its subsidiaries is bound or by which
        any of the property or assets of the Company or any of its subsidiaries is
        subject (except for such conflicts, breaches, violations and defaults as
        would
        not have a Material Adverse Effect, and that would not affect the validity
        of
        the Equipment Notes or Certificates), nor will such action result in any
        violation of the provisions of the Amended and Restated Certificate of
        Incorporation or Bylaws of the Company, or any statute or any order, rule
        or
        regulation of any court or governmental agency or body, having jurisdiction
        over
        the Company or any of its subsidiaries or any of their respective properties;
        and except as disclosed in the Disclosure Package and the Final Memorandum,
        no
        consent, approval, authorization, order, registration or qualification of
        or
        with any such court or governmental agency or body is required for the valid
        authorization, issuance and delivery of the Certificates and the Equipment
        Notes, the valid authorization, execution, delivery and performance by the
        Company of this Agreement, the Equipment Notes and the Operative Documents
        to
        which the Company is, or is to be, a party, or the consummation by the Company
        of the transactions contemplated by this Agreement, the Equipment Notes and
        the
        Operative Documents to which the Company is, or is to be, a party, except
        (i)
        such as are required under the Blue Sky or securities laws of the various
        states, (ii) such as are required under the federal and state securities
        laws
        with respect to the Company’s obligations under the Registration Rights
        Agreement, (iii) filings or recordings with the Federal Aviation Administration
        (“FAA”) and under the Uniform Commercial Code as in effect in the State of
        Delaware, which filings or recordings will have been duly made or duly presented
        for filing on or prior to the applicable Closing Date (as defined in the
        applicable Participation Agreement) and (iv) such as may be required in
        connection with the registration of the “international interests” created
        pursuant to the Indentures under the Convention on International Interests
        in
        Mobile Equipment and the Protocol to the Convention on International Interests
        in Mobile Equipment on Matters Specific to Aircraft Equipment signed in Cape
        Town, South Africa on November 16, 2001.

       

      (h)  This
        Agreement, the Equipment Notes and the Operative Documents to which the Company
        is, or is to be, a party have each been duly authorized by the
        Company.  This Agreement and each Operative Document to which the
        Company is, or is to be, a party, have been or (subject to the satisfaction
        of
        conditions precedent set forth in the Note Purchase Agreement and the
        Participation Agreements) will be at or prior to the Closing Time or the
        applicable Closing Date (as defined in the applicable Participation Agreement),
        duly executed and delivered by the Company.  The Equipment Notes will
        be (subject to the satisfaction of conditions precedent set forth in the
        Note
        Purchase Agreement and the Participation Agreements) duly executed and delivered
        by the Company at or prior to the applicable Closing Date (as defined in
        the
        applicable Participation Agreement).  The Equipment Notes and the
        Operative Documents to which the Company is, or is to be, a party, when duly
        executed and delivered by the Company, assuming that such documents constitute
        the legal, valid and binding obligations of each other party thereto and,
        in the
        case of the Equipment Notes, assuming that such Equipment Notes are duly
        authorized by the Loan Trustee, constitute or will constitute the legal,
        valid
        and binding obligations of the Company, except as may be limited by bankruptcy,
        insolvency, reorganization, moratorium or other similar laws affecting
        enforcement of creditors’ rights generally and by general principles of equity;
        and the holders thereof will be entitled to the benefits of the related
        Designated Agreements and except, in the case of the Indentures, as limited
        by
        applicable laws that may affect the remedies provided in the
        Indentures.  When executed, authenticated, issued and delivered in the
        manner provided for in the related Escrow Agreements, the Escrow Receipts
        will
        be legally and validly issued and will be entitled to the benefits of the
        related Escrow Agreements.  The Certificates, the Equipment Notes, the
        Escrow Receipts and the Operative Documents will conform in all material
        respects to the descriptions thereof in the Final Memorandum and any amendments
        thereof or supplements thereto, to the extent described therein.

       

      
        
          
          

        

        
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      (i)  Deloitte
        & Touche LLP, who reported on certain annual consolidated financial
        statements of the Company incorporated by reference in the Disclosure Package
        and the Final Memorandum, were, at the time such reports were prepared,
        independent accountants as required by the Securities Act and the rules and
        regulations thereunder (the “Securities Act Regulations”).

       

      (j)  Ernst
        & Young LLP, who reported on certain annual consolidated financial
        statements of the Company incorporated by reference in the Disclosure Package
        and the Final Memorandum, are independent accountants as required by the
        Securities Act and the Securities Act Regulations.

       

      (k)  When
        duly
        executed, authenticated and delivered by the Trustee in accordance with the
        terms of the related Designated Agreements and offered, sold and paid for
        as
        provided in this Agreement, the Certificates will be validly issued pursuant
        to
        the related Designated Agreements, and will constitute the legal, valid and
        binding obligations of the related Trustees enforceable against such Trustees
        in
        accordance with their terms, except as may be limited by bankruptcy, insolvency,
        reorganization, moratorium or other similar laws affecting enforcement of
        creditors’ rights generally and by general principles of equity; and the holders
        thereof will be entitled to the benefits of the related Designated
        Agreements.

       

      (l)  The
        Equipment Notes, when duly executed and delivered by the Company and when
        duly
        authenticated by the Loan Trustee in accordance with the terms of the related
        Indentures, will be duly issued under such Indentures and will constitute
        the
        legal, valid and binding obligations of the Company, except as may be limited
        by
        bankruptcy, insolvency, reorganization, moratorium or other similar laws
        affecting enforcement of creditors’ rights generally and by general principles
        of equity; and, as so limited, the holders thereof will be entitled to the
        benefits of the related Indentures.

       

      (m)  The
        statements set forth in the Disclosure Package and the Final Memorandum under
        the headings “Certain U.S. Federal Income Tax Consequences”, “Certain Delaware
        Taxes” and “Certain ERISA Considerations”, insofar as such statements purport to
        summarize the laws and legal matters, referred to therein, constitute accurate
        summaries thereof in all material respects.

       

      (n)  Other
        than as set forth in the Disclosure Package and the Final Memorandum, there
        are
        no legal or governmental proceedings pending to which the Company or any
        of its
        subsidiaries is a party or of which any property of the Company or any of
        its
        subsidiaries is the subject which, in the reasonable judgment of the Company,
        individually or in the aggregate are likely to have a Material Adverse Effect;
        and, to the best of the Company’s knowledge, no such proceedings are threatened
        or contemplated by governmental authorities or threatened by
        others.

       

      
        
          
          

        

        
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      (o)  The
        Company has authorized capital stock as set forth in the Disclosure Package
        and
        the Final Memorandum, and all of the issued shares of capital stock of the
        Company have been duly and validly authorized and issued and are fully paid
        and
        non-assessable; and all of the issued shares of capital stock of each material
        subsidiary (except for Aero Assurance Ltd. for which the Company owns
        approximately a 90% equity interest) of the Company have been fully and validly
        authorized and issued, are fully paid and non-assessable and, except for
        directors’ qualifying shares and other than pursuant to the Company’s senior
        secured exit financing facility or as disclosed in the Disclosure Package
        and
        the Final Memorandum, are owned directly or indirectly by the
        Company.

       

      (p)  Within
        the preceding six months, neither the Company nor any affiliate (as defined
        in
        Rule 501(b) of Regulation D under the Securities Act, an “Affiliate”) of the
        Company has directly, or through any agent, (i) sold, offered for sale,
        solicited offers to buy or otherwise negotiated in respect of, any security
        (as
        defined in the Securities Act) which is or will be integrated with the sale
        of
        the Certificates in a manner that would require the registration under the
        Securities Act of the Certificates or (ii) offered, solicited offers to buy
        or
        sold the Certificates by any form of general solicitation or general advertising
        (as those terms are used in Regulation D under the Securities Act) or in
        any
        manner involving a public offering within the meaning of Section 4(2) of
        the
        Securities Act.

       

      (q)  Assuming
        the accuracy of the representations and warranties of, and compliance with
        the
        agreements made by, the Initial Purchasers in this Agreement, (i) the offer
        and
        sale of the Certificates to the Initial Purchasers and the initial resale
        of the
        Certificates by the Initial Purchasers to investors in the manner contemplated
        by this Agreement, the Disclosure Package and the Final Memorandum and (ii)
        any
        offer and sale of the Equipment Notes that may be deemed to occur by virtue
        of
        such offer and sale of the Certificates will be exempt from the registration
        requirements of Securities Act; it is not necessary to qualify any of the
        Indentures  or the Designated Agreements under the Trust Indenture Act
        of 1939, as amended (the “Trust Indenture Act”).

       

      (r)  The
        Certificates satisfy the requirements set forth in Rule 144A(d)(3) under
        the
        Securities Act.

       

      (s)  The
        Company is subject to Section 13 or 15(d) of the Exchange Act.

       

      (t)  Except
        as
        otherwise disclosed in the Disclosure Package and the Final Memorandum, no
        labor
        problem or dispute with the employees of the Company or any of its subsidiaries,
        that could reasonably be expected to have a Material Adverse Effect, exists
        or,
        to the knowledge of the Company, is threatened.

       

      (u)  Except
        as
        described in the Disclosure Package and the Final Memorandum the Company
        and
        each material subsidiary possess all licenses, certificates, authorizations
        and
        permits issued by the appropriate federal, state or foreign regulatory
        authorities necessary to conduct their respective businesses, except to the
        extent that the failure to possess such licenses, certificates, authorizations
        or permits would not have a Material Adverse Effect; and to the Company’s
        knowledge neither the Company nor any Significant Subsidiary (as defined
        in
        Registration S-X under the Securities Act) has received any notice of
        proceedings relating to the revocation or modification of any such certificate,
        authorization or permit, with respect to which any unfavorable decision,
        ruling
        or finding would singly or in the aggregate, result in a Material Adverse
        Effect.

       

      
        
          
          

        

        
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      (v)  Except
        as
        otherwise disclosed in the Disclosure Package and the Final Memorandum, the
        Company and its subsidiaries (i) are in compliance with any and all applicable
        foreign, federal, state and local laws and regulations relating to the
        protection of human health (to the extent related to exposure to hazardous
        or
        toxic substances or wastes, pollutants or contaminants), the environment
        or
        hazardous or toxic substances or wastes, pollutants or contaminants
        (“Environmental Laws”); (ii) have received and are in compliance with all
        permits, licenses or other approvals required of them under applicable
        Environmental Laws to conduct their respective businesses; and (iii) have
        not
        received notice of any actual or potential liability for the investigation
        or
        remediation of any disposal or release of hazardous or toxic substances or
        wastes, pollutants or contaminants, except where such non-compliance with
        Environmental Laws, failure to receive required permits, licenses or other
        approvals, or liability would not, individually or in the aggregate, result
        in a
        Material Adverse Effect.

       

      (w)  None
        of
        the Company or any Trust is, and after giving effect to the offering and
        sale of
        the Certificates and the application of the proceeds thereof as described
        in the
        Disclosure Package and the Final Memorandum, none of the Company or the Trusts
        will be, required to register as an “investment company”, within the meaning of
        the Investment Company Act of 1940, as amended (the “1940 Act”) nor will the
        escrow arrangements relating to the Trusts contemplated by the respective
        Escrow
        Agreements result in the creation of, an “investment company”, as defined in the
        1940 Act.

       

      (x)  The
        Company and each of its subsidiaries maintain a system of internal accounting
        controls sufficient to provide reasonable assurances that (i) transactions
        are
        executed in accordance with management’s general or specific authorization; (ii)
        transactions are recorded as necessary to permit preparation of financial
        statements in conformity with GAAP and to maintain accountability for assets;
        (iii) access to assets is permitted only in accordance with management’s general
        or specific authorization; and (iv) the recorded accountability for assets
        is
        compared with the existing assets at reasonable intervals and appropriate
        action
        is taken with respect to any differences.  Except as described in the
        Disclosure Package and the Final Memorandum, since the end of the Company’s most
        recent audited fiscal year, there has been (1) no material weakness identified
        by management or by the Company’s auditors and communicated to Management in the
        Company’s internal control over financial reporting (whether or not remediated)
        and (2) no change in the Company’s internal control over financial reporting
        that has materially affected, or is reasonably likely to materially affect,
        the
        Company’s internal control over financial reporting.

       

      (y)  Any
        statistical and market-related data included in the Disclosure Package and
        the
        Final Memorandum are based on or derived from sources that the Company believes
        to be reliable and accurate, and the Company has obtained the written consent
        to
        the use of such data from such sources.

       

      2.  Purchase
        and Sale.  (a)  On the basis of the representations and
        warranties herein contained and subject to the terms and conditions herein
        set
        forth, the Company agrees to cause the Trustee to sell to each Initial
        Purchaser, and each Initial Purchaser agrees, severally and not jointly,
        to
        purchase from the Trustee, the aggregate principal amount of Certificates
        set
        forth opposite the name of such Initial Purchaser in Schedule I, plus any
        additional principal amount of Certificates which such Initial Purchaser
        may
        become obligated to purchase pursuant to the provisions of Section 8
        hereof.  Concurrently with the issuance of the Certificates, the
        Escrow Agent shall issue and deliver to the Trustee the Escrow Receipts in
        accordance with the terms of the Escrow Agreements, which Escrow Receipts shall
        be attached to the related Certificates.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      (b)  Payment
        of the purchase price for, and delivery of, the Certificates (with attached
        Escrow Receipts) shall be made at the offices of Debevoise & Plimpton LLP at
        10:00 am on October 11, 2007, or at such other date, time or location or
        locations as shall be agreed upon by the Company and you, or as shall otherwise
        be provided in Section 7 (such date and time being herein called the “Closing
        Time”).  Payment shall be made to or upon the order of the Trustee by
        federal funds wire transfer or other immediately available funds against
        delivery to the account of Merrill Lynch at DTC for the respective accounts
        of
        the several Initial Purchasers of the Certificates.  The Certificates
        (with attached Escrow Receipts) will be registered in the name of Cede & Co.
        or in such other names, and in such authorized denominations as you may request
        in writing at least two full business days before the Closing
        Time.  Certificates for such Certificates (with attached Escrow
        Receipts), which may be in temporary form, will be made available for
        examination and packaging by you at the location or locations at which they
        are
        to be delivered at the Closing Time not later than 9:30 A.M., New York City
        time, on the business day prior to the Closing Time.

       

      (c)  The
        Company will pay to Merrill Lynch at the Closing Time for the accounts of
        the
        Initial Purchasers the sum of $9,869,139.  Such payment will be made
        by federal funds wire transfer or other immediately available
        funds.

       

      3.  Agreements.  The
        Company covenants with each Initial Purchaser as follows:

       

      (a)  Immediately
        following the execution of this Agreement, the Company will prepare a Final
        Memorandum in a form reasonably approved by you, which sets forth the principal
        amount of the Certificates and their terms not otherwise specified in the
        Preliminary Memorandum, the name of each Initial Purchaser participating
        in the
        offering and the principal amount of the Certificates that each severally
        has
        agreed to purchase, the price at which the Certificates are to be purchased
        by
        the Initial Purchaser from the Trustee, any offering price, any selling
        concession and reallowance, and such other information as you and the Company
        deem appropriate in connection with the offering of the Certificates. The
        Company will furnish to the Initial Purchasers as many copies of the Offering
        Memorandum, any documents incorporated by reference therein and any supplements
        and amendments thereto as you shall reasonably request.

       

      (b)  Before
        amending or supplementing the Offering Memorandum, the Company will give
        you
        notice of its intention to make any such amendment, furnish you a copy of
        any
        such proposed amendment or supplement and will not use any such proposed
        amendment or supplement in a form to which you shall reasonably
        object.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      (c)  If,
        at
        any time during such period after the date hereof and prior to the date on
        which
        all of the Certificates shall have been sold by the Initial Purchasers, any
        event occurs as a result of which the Disclosure Package, any Offering
        Memorandum or any Supplemental Offering Material (when considered together
        with
        the Disclosure Package) would include any untrue statement of a material
        fact or
        omit to state any material fact necessary to make the statements therein,
        in the
        light of the circumstances under which they were made, not misleading, or
        if it
        shall be necessary to amend or supplement the Offering Memorandum to comply
        with
        applicable law, the Company promptly will prepare and furnish, at its own
        expense, to the Initial Purchasers, either amendments or supplements to the
        Offering Memorandum so that the statements in the Offering Memorandum as
        so
        amended or supplemented will not, in light of the circumstances when the
        Offering Memorandum is delivered to a purchaser, be misleading or so that
        the
        Offering Memorandum, as amended or supplemented, will comply with applicable
        law.

       

      (d)  The
        Company will promptly take such actions as you may reasonably request to
        qualify
        the Certificates for offer and sale under the laws of such jurisdictions
        as you
        may reasonably request and will maintain such qualifications in effect so
        long
        as required for the distribution of such Certificates.  The Company,
        however, shall not be obligated to qualify as a foreign corporation or file
        any
        general consent to service of process under the laws of any such jurisdiction
        or
        subject itself to taxation as doing business in any such
        jurisdiction.

       

      (e)  The
        Company or any of its Affiliates will not sell, offer for sale or solicit
        offers
        to buy or otherwise negotiate in respect of any security (as defined in the
        Securities Act) which could be integrated with the sale of the Certificates
        in a
        manner which would require the registration under the Securities Act of the
        Certificates.

       

      (f)  The
        Company or any of its Affiliates will not solicit any offer to buy or offer
        or
        sell the Certificates by means of any form of general solicitation or general
        advertising (as those terms are used in Regulation D under the Securities
        Act)
        or in any manner involving a public offering within the meaning of Section
        4(2)
        of the Securities Act.

       

      (g)  While
        any
        of the Certificates remain “restricted securities” within the meaning of the
        Securities Act and for so long as any Class C Certificates remain outstanding,
        the Company will make available, upon request, to any seller of such
        Certificates the information specified in Rule 144A(d)(4) under the Securities
        Act, unless the Company is then subject to Section 13 or 15(d) of the Exchange
        Act.

       

      (h)  The
        Company will cooperate with you in your efforts to permit the Class C
        Certificates to be designated PORTAL securities in accordance with the rules
        and
        regulations adopted by the National Association of Securities Dealers, Inc.
        relating to trading in the PORTAL Market.

       

      (i)  During
        the period of two years after the Closing Time, the Company will not, and
        will
        not permit any of its affiliates (as defined in Rule 144 under the Securities
        Act (“Rule 144”)) to, resell any of the Certificates which constitute
“restricted securities” under Rule 144 that have been reacquired by any of
        them.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      (j)  The
        Company will not take any action prohibited by Regulation M under the Exchange
        Act in connection with the distribution of the Certificates contemplated
        hereby.

       

      4.  Conditions
        to the Obligations of the Initial Purchasers.  The obligations of
        the Initial Purchasers to purchase and pay for the Certificates pursuant
        to this
        Agreement shall be subject in their discretion to the accuracy of and compliance
        with the representations and warranties of the Company contained herein as
        of
        the date hereof and the Closing Time, to the accuracy of the statements of
        the
        Company’s officers made in any certificates furnished pursuant to the provisions
        hereof, to the performance by the Company of its covenants and other obligations
        hereunder and to the following additional conditions:

       

      (a)  At
        the
        Closing Time, you shall have received:

       

      (1)  An
        opinion and a separate negative assurance letter, each dated the day of the
        Closing Time, of Kenneth F. Khoury, Executive Vice President - General Counsel
        of the Company, in form and substance reasonably satisfactory to counsel
        for the
        Initial Purchasers, together with signed or reproduced copies of such letters
        for each of the other Initial Purchasers to the effect set forth in Exhibit
        A
        hereto.

       

      (2)  An
        opinion and a separate negative assurance letter, each dated the day of the
        Closing Time, of Debevoise & Plimpton LLP, special counsel for the Company,
        in form and substance reasonably satisfactory to counsel for the Initial
        Purchasers, together with signed or reproduced copies of such letter for
        each of
        the other Initial Purchasers to the effect set forth in Exhibit B
        hereto.

       

      (3)  An
        opinion, dated the day of the Closing Time, of Shipman & Goodwin LLP,
        counsel for U.S. Bank Trust National Association, as the Trustee, Subordination
        Agent, Loan Trustee, Securities Intermediary under the Indentures and Paying
        Agent in form and substance reasonably satisfactory to counsel for the Initial
        Purchasers, together with signed or reproduced copies of such letter for
        each of
        the other Initial Purchasers to the effect set forth in Exhibit C
        hereto.

       

      (4)  An
        opinion, dated the day of the Closing Time, of Shipman & Goodwin LLP,
        counsel for U.S. Bank National Association, as the Escrow Agent in form and
        substance reasonably satisfactory to counsel for the Initial Purchasers,
        together with signed or reproduced copies of such letter for each of the
        other
        Initial Purchasers to the effect set forth in Exhibit D hereto.

       

      (5)  An
        opinion, dated the day of the Closing Time, of Richards, Layton & Finger,
        P.A., tax counsel for the Trustee, in form and substance reasonably satisfactory
        to counsel for the Initial Purchasers, together with signed or reproduced
        copies
        of such letter for each of the other Initial Purchasers to the effect set
        forth
        in Exhibit E hereto.

       

      (6)  An
        opinion, dated the day of the Closing Time, of Dr. Petra Geiger and Jürgen
        Necker, counsel for the Liquidity Provider, in form and substance reasonably
        satisfactory to counsel for the Initial Purchasers, together with signed
        or
        reproduced copies of such letter for each of the other Initial Purchasers
        to the
        effect set forth in Exhibit F hereto.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      (7)  An
        opinion, dated the day of the Closing Time, of Pillsbury Winthrop Shaw Pittman
        LLP, counsel for the Liquidity Provider, in form and substance reasonably
        satisfactory to counsel for the Initial Purchasers, together with signed
        or
        reproduced copies of such letter for each of the other Initial Purchasers
        to the
        effect set forth in Exhibit G hereto.

       

      (8)  An
        opinion, dated the day of the Closing Time, of Christian Schmid, Esq., Swiss
        counsel for the Depositary, in form and substance reasonably satisfactory
        to
        counsel for the Initial Purchasers, together with signed or reproduced copies
        of
        such letter for each of the other Initial Purchasers to the effect set forth
        in
        Exhibit H hereto.

       

      (9)  An
        opinion, dated the day of the Closing Time, of Barbara Nottebohm, New York
        counsel for the Depositary, in form and substance satisfactory to counsel
        for
        the Initial Purchasers, together with signed or reproduced copies of such
        letter
        for each of the other Initial Purchasers to the effect set forth in Exhibit
        I
        hereto and to such further effect as counsel to the Initial Purchasers may
        reasonably request.

       

      (10)  An
        opinion, dated the day of the Closing Time, from Shearman & Sterling LLP,
        counsel for the Depositary, with respect to the enforceability of the Deposit
        Agreements and other related matters as the Representatives may reasonably
        require.

       

      (11)  An
        opinion, dated the day of the Closing Time, from Shearman & Sterling LLP,
        counsel for the Initial Purchasers, with respect to the issuance and sale
        of the
        Certificates, the Disclosure Package, the Final Memorandum and other related
        matters as the Representatives may reasonably require.

       

      (b)  On
        or
        after the date hereof, there shall not have been (i) any change or decrease,
        specified in the letters referred to in paragraph (c) of this Section 4 or
        (ii)
        any change, or any development involving a prospective change, in or affecting
        the business or properties of the Company and its subsidiaries, taken as
        a
        whole, the effect of which, in any case referred to in clause (i) or (ii)
        above,
        is, in your reasonable judgment, so material and adverse as to make it
        impractical or inadvisable to proceed with the offering or the delivery of
        the
        Certificates as contemplated by the Disclosure Package and the Final Memorandum;
        and you shall have received a certificate of the President, an Executive
        Vice
        President, a Senior Vice President or a Vice President of the Company, dated
        as
        of the Closing Time, to the effect that (i) there has been no such material
        adverse change, in the case of clause (ii) above, in the Company and its
        subsidiaries, (ii) that the representations and warranties in Section 1 hereof
        and also the representations and warranties of the Company contained in the
        Operative Documents are true and correct with the same force and effect as
        though made at such Closing Time, and as to such other matters as you may
        reasonably request.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      (c)  At
        the
        time of the execution of this Agreement and also at the Closing Time, (i)
        Ernst
& Young LLP shall have furnished to you a letter or letters, dated the
        respective dates of delivery thereof, in form and substance reasonably
        satisfactory to you, together with signed or reproduced copies of such letter
        or
        letters for each of the other Initial Purchasers containing statements and
        information of the type ordinarily included in accountants’ “comfort letters” to
        the Initial Purchasers with respect to the financial statements and certain
        financial information contained in the Disclosure Package and the Final
        Memorandum, (ii) Deloitte & Touche LLP shall have furnished to you a letter
        or letters, dated the respective dates of delivery thereof, in form and
        substance reasonably satisfactory to you, together with signed or reproduced
        copies of such letter or letters for each of the other Initial Purchasers
        containing statements and information of the type ordinarily included in
        accountants’ “comfort letters” to initial purchasers with respect to the
        financial statements and certain financial information contained in the
        Disclosure Package and the Final Memorandum, and (iii) you shall have received
        a
        certificate of Edward H. Bastian, President and Chief Financial Officer of
        the
        Company, dated the respective dates thereof, substantially in the form of
        Exhibit J hereto.

       

      (d)  The
        Company shall have furnished to you and your counsel, in form and substance
        satisfactory to them, such other documents, certificates and opinions as
        such
        counsel may reasonably request for the purpose of enabling such counsel to
        pass
        upon the matters to be covered by the opinions required to be delivered under
        subsections (a)(10) and (a)(11) of this Section 4 and in order to evidence
        the
        accuracy and completeness of any of the representations, warranties or
        statements, the performance of any covenant by the Company theretofore to
        be
        performed, or the compliance with any of the conditions herein
        contained.

       

      (e)  Each
        of
        the Appraisers shall have furnished to the Initial Purchasers a letter from
        such
        Appraiser, addressed to the Company and dated the day of the Closing Time,
        confirming that such Appraiser and each of its directors and officers (i)
        is not
        an affiliate of the Company or any of its affiliates, (ii) does not have
        any
        substantial interest, direct or indirect, in the Company or any of its
        affiliates and (iii) is not connected with the Company or any of its affiliates
        as an officer, employee, promoter, Initial Purchaser, trustee, partner, director
        or person performing similar functions.

       

      (f)  At
        Closing Time, the Class A Certificates shall be rated at least A- by Standard
        & Poor's Ratings Services, a division of the McGraw-Hill Companies, Inc.
        (“S&P”), Baa1 by Moody's Investors Service, Inc. (“Moody’s”) and A- by Fitch
        Ratings, Inc., respectively, the Class B Certificates shall be rated at least
        BBB- by S&P and Ba2 by Moody’s, respectively, and the Class C Certificates
        shall be rated at least B by S&P and B1 by Moody’s, respectively, and such
        ratings shall not be under surveillance or review with possible negative
        implications.

       

      (g)  On
        or
        after the date hereof (i) no downgrading shall have occurred in the rating
        accorded the Company's unsecured debt securities by any “nationally recognized
        statistical rating organization”, as that term is defined by the Commission for
        purposes of Rule 436(g)(2) under the Act, and (ii) no such organization shall
        have publicly announced that it has under surveillance or review, with possible
        negative implications, its rating of any of the Company's unsecured debt
        securities.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      All
        such
        opinions, certificates, letters and documents shall be deemed to be in
        compliance with the provisions hereof only if they are in all respects
        reasonably satisfactory to you and your counsel.

       

      If
        any
        condition specified in this Section shall not have been fulfilled when and
        as
        required to be fulfilled, other than by reason of any default by any Initial
        Purchaser, such failure to fulfill a condition may be waived by you, or this
        Agreement may be terminated by you by notice to the Company at any time at
        or
        prior to the Closing Time, and such termination shall be without liability
        of
        any party to any other party, except as provided in Sections 5, 7 and 10
        hereof,
        which provisions shall remain in effect notwithstanding such
        termination.

       

      5.  Payment
        of Expenses.  The Company will pay or cause to be paid all
        expenses incident to the performance of the obligations of the Company under
        this Agreement, including (i) expenses relating to the preparation, printing,
        filing and distribution of the Disclosure Package and the Final Memorandum
        and
        any amendments thereof or supplements thereto, (ii) expenses relating to
        the
        preparation, printing and distribution of any agreement among Initial
        Purchasers, this Agreement, the Certificates, the Equipment Notes, the Operative
        Documents, the Blue Sky Survey by the Initial Purchaser’s counsel, (iii)
        expenses relating to the issuance and delivery of the Certificates to the
        Initial Purchasers, (iv) the fees and disbursements of the Company’s counsel and
        accountants, (v) expenses of qualifying the Certificates under state securities
        laws in accordance with Section 3(d), including filing fees and fees and
        disbursements of counsel for the Initial Purchasers in connection therewith
        and
        in connection with the Blue Sky Survey, (vi) the fees and expenses of the
        Trustee, the Subordination Agent, the Liquidity Provider, the Escrow Agent,
        the
        Paying Agent, the Loan Trustee and the Depositary, and the fees and
        disbursements of their respective counsel, (vii) any fees charged by rating
        agencies for rating the Class A Certificates and the Class B Certificates
        and
        (viii) certain fees and expenses of counsel for the Initial Purchasers as
        heretofore agreed.  The Company will also cause to be paid all
        expenses incident to the performance of its obligations under the Operative
        Documents and each of the other agreements and instruments referred to therein
        which are not otherwise specifically provided for in this Section.  It
        is understood, however, that, except as provided in this Section, and Sections
        7
        and 11 hereof, the Initial Purchasers will pay all of their own costs and
        expenses, including the fees of their counsel, transfer taxes on resale of
        any
        of the Certificates by them, and any advertising expenses connected with
        any
        offers they may make.

       

      6.  Offering
        of Certificates; Restrictions on Transfer.  (a) Each Initial
        Purchaser, severally and not jointly, represents and warrants that such Initial
        Purchaser is a QIB.  Each Initial Purchaser, severally and not
        jointly, agrees with the Company that (i) it will not solicit offers for,
        or
        offer or sell, any Certificates by any form of general solicitation or general
        advertising (as those terms are used in Regulation D under the Securities
        Act)
        or in any manner involving a public offering within the meaning of Section
        4(2)
        of the Securities Act and (ii) it will solicit offers for such Certificates
        only
        from, and will offer and sell such Certificates only to, persons that it
        reasonably believes to be QIBs that, in purchasing Certificates, are deemed
        to
        have represented and agreed as provided in the Disclosure Package and the
        Final
        Memorandum under the caption “Transfer Restrictions”.

       

      (b)  The
        Initial Purchasers agree that (A) in the aggregate, each class of Certificates
        will be widely offered and (B) each class of Certificates will be primarily
        offered in the United States to United States persons.  As used in the
        preceding sentence, the term “United States person” shall have the meaning set
        forth in Section7701(a)(30) of the Internal Revenue Code of 1986, as
        amended.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      (c)  Each
        Initial Purchaser represents that it will not resell or otherwise transfer
        any
        Certificates acquired pursuant to this Agreement that are not rated in one
        of
        the four highest categories assigned long-term debt or in an equivalent
        short-term category (within either of which there may be subcategories or
        gradations indicating relative standing) by at least one nationally recognized
        statistical rating organization that is not an affiliated person of the Company
        or the applicable Trust or any person involved in the organization of the
        Company or the applicable Trust to any person if the Certificates do not
        have an
        Investment Grade Rating, other than to a QIB in compliance with Rule 144A,
        whether or not the Certificates are freely transferable for purposes of the
        Securities Act, including after the expiration of the holding period applicable
        to sales thereof under Rule 144(k) under the Securities Act (or any successor
        provision).

       

      (d)  The
        Company represents and agrees that it has not made and, unless it obtains
        the
        prior consent of the Representatives, that it will not make, and each of
        the
        Initial Purchasers represents and agrees that it has not made and, unless
        it
        obtains the prior consent of the Company and the Representatives, that it
        will
        not make, any offer relating to the Certificates that would constitute an
        “issuer free writing prospectus,” as defined in Rule 433, or that would
        otherwise constitute a “free writing prospectus” as defined in Rule
        405.

       

      7.  Indemnification
        and Contribution.  (a)  The Company will indemnify and
        hold harmless each Initial Purchaser, and each person who controls such Initial
        Purchaser within the meaning of either the Securities Act or the Exchange
        Act,
        against any losses, claims, damages or liabilities, joint or several, to
        which
        any of them may become subject, under the Securities Act or otherwise, insofar
        as such losses, claims, damages or liabilities (or actions in respect thereof)
        arise out of or are based upon an untrue statement or alleged untrue statement
        of a material fact contained in any Preliminary Memorandum, the Disclosure
        Package, the Final Memorandum or any Supplemental Offering Materials (taken
        together with the Disclosure Package) or any amendment thereof or supplement
        thereto, or arise out of or are based upon the omission or alleged omission
        to
        state therein a material fact necessary to make the statements therein not
        misleading, and will reimburse each such party for any legal or other expenses
        reasonably incurred by such Initial Purchaser in connection with investigating
        or defending any such action or claim as such expenses are incurred;
provided, however, (i) that the Company shall not be
        liable in any such case to the extent that any such loss, claim, damage or
        liability arises out of or is based upon an untrue statement or alleged untrue
        statement or omission or alleged omission made therein in reliance upon,
        and in
        conformity with, written information furnished to the Company by any Initial
        Purchaser through Merrill Lynch specifically for use in connection with the
        preparation thereof,  it being understood and agreed that the only
        such information furnished by any Initial Purchaser for inclusion in the
        Preliminary Memorandum, the Disclosure Package, the Final Memorandum or any
        Supplemental Offering Materials consists of the following information in
        the
        Offering Memorandum furnished on behalf of each Initial Purchaser: the third
        sentence in the fourth paragraph and the sixth paragraph under the caption
“Plan
        of Distribution” and (iii) the Company will not be liable for any such loss,
        claim, damage or liability in connection with any settlement of any pending
        or
        threatened litigation or any pending or threatened governmental agency
        investigation or proceeding if that settlement is effected without the prior
        written consent of the Company, which consent shall not be unreasonably
        withheld.  This indemnity agreement will be in addition to any
        liability which the Company may otherwise have.

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      (b)  Each
        Initial Purchaser severally agrees to indemnify and hold harmless the Company,
        each of its directors and officers and each person who controls the Company
        within the meaning of either the Securities Act or the Exchange Act, to the
        same
        extent as the foregoing indemnity from the Company to each Initial Purchaser
        and
        agrees to reimburse each such indemnified party, as incurred, for any legal
        or
        other expenses reasonably incurred by them in connection with investigating
        or
        defending any loss, claim, damage, liability or action, but only with reference
        to written information furnished to the Company by such Initial Purchaser
        specifically for inclusion in the Preliminary Memorandum, the Disclosure
        Package, the Final Memorandum or any Supplemental Offering Materials (taken
        together with the Disclosure Package) or in any amendment thereof or supplement
        thereto, it being understood and agreed that the only such information furnished
        by any Initial Purchaser for inclusion in the Preliminary Memorandum, the
        Disclosure Package, the Final Memorandum or any Supplemental Offering Materials
        consists of the following information in the Offering Memorandum furnished
        on
        behalf of each Initial Purchaser: the third sentence in the fourth paragraph
        and
        the sixth paragraph under the caption “Plan of Distribution”.  This
        indemnity agreement will be in addition to any liability which any Initial
        Purchaser may otherwise have.

       

      (c)  Promptly
        after receipt by an indemnified party under this Section 7 of notice of the
        commencement of any action or proceeding (including any governmental
        investigation), such indemnified party will, if a claim for indemnification
        in
        respect thereof is to be made against the indemnifying party under Section
        7(a)
        or (b) hereof, notify the indemnifying party in writing of the commencement
        thereof; but the omission so to notify the indemnifying party will not relieve
        it from any liability which it may have to any indemnified party otherwise
        than
        under Section 7(a) or (b) hereof, and then only to the extent that the
        indemnifying party is prejudiced thereby.  In case any such action or
        proceeding is brought against any indemnified party, and it notifies the
        indemnifying party of the commencement thereof, the indemnifying party will
        be
        entitled to participate therein (jointly with any other indemnifying party
        similarly notified), and to the extent that it may elect, by written notice,
        delivered to such indemnified party promptly after receiving the aforesaid
        notice from such indemnified party, to assume the defense thereof, with counsel
        reasonably satisfactory to such indemnified party; provided, however, that
        if
        the defendants (including any impleaded parties) in any such action include
        both
        the indemnified party and the indemnifying party and the indemnified party
        shall
        have reasonably concluded that there may be legal defenses available to it
        and/or other indemnified parties which are different from or additional to
        those
        available to the indemnifying party, the indemnified party or parties shall
        have
        the right to select separate counsel to defend such action on behalf of such
        indemnified party or parties.  Upon receipt of notice from the
        indemnifying party to such indemnified party of its election so to appoint
        counsel to defend such action and approval by the indemnified party of such
        counsel, the indemnifying party will not be liable to such indemnified party
        under this Section 7 for any legal or other expenses subsequently incurred
        by
        such indemnified party in connection with the defense thereof unless (i)
        the
        indemnified party shall have employed separate counsel in accordance with
        the
        proviso to the next preceding sentence (it being understood, however, that
        the
        indemnifying party shall not be liable for the expense of more than one separate
        counsel (in addition to any local counsel), approved by the Initial Purchasers
        in the case of paragraph (a) of this Section 7, representing the indemnified
        parties under such paragraph (a) who are parties to such action), (ii) the
        indemnifying party shall not have employed counsel reasonably satisfactory
        to
        the indemnified party to represent the indemnified party within a reasonable
        time after notice or commencement of the action or (iii) the indemnifying
        party
        has authorized the employment of counsel for the indemnified party at the
        expense of the indemnifying party; and except that, if clause (i) or (iii)
        is
        applicable, such liability shall be only in respect of the counsel referred
        to
        in such clause (i) or (iii).

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

         

      

      (d)  In
        order
        to provide for just and equitable contribution in circumstances in which
        the
        indemnification provided for in paragraph (a) or (b) of this Section 7 is
        due in
        accordance with its terms but is for any reason unavailable on grounds of
        policy
        or otherwise, the Company and the Initial Purchasers shall contribute to
        the
        aggregate losses, claims, damages and liabilities (including legal or other
        expenses reasonably incurred in connection with investigation or defending
        same)
        to which the Company and one or more of the Initial Purchasers may be subject
        in
        such proportion as is appropriate to reflect the relative benefits received
        by
        the Company on the one hand and the Initial Purchasers on the other, from
        the
        offering of the Certificates to which such loss, claim, damage, or liability
        (or
        action in respect thereof) relates.  If the allocation provided by the
        immediately preceding sentence is not permitted by applicable law or if the
        indemnified party failed to give the notice required under subsection (c)
        above,
        then each indemnifying party shall contribute to such amount paid or payable
        to
        such indemnified party in such proportion as is appropriate to reflect not
        only
        such relative benefits but also the relative fault of the Company on the
        one
        hand and the Initial Purchasers on the other in connection with the statements
        or omissions which resulted in such losses, claims, damages or liabilities
        (or
        actions in respect thereof), as well as any other relevant equitable
        considerations.  The relative benefits received by the Company on the
        one hand and the Initial Purchaser on the other hand in connection with the
        offering of the Certificates pursuant to this Agreement shall be deemed to
        be in
        the same proportion as the total net proceeds from the offering of the
        Certificates pursuant to this Agreement (net of compensation paid to the
        Initial
        Purchasers but before deducting expenses) received by the Company as set
        forth
        in the Final Memorandum and the total discounts and commissions received
        by the
        Initial Purchasers as set forth in this Agreement, bears to the aggregate
        offering price of the Certificates as set forth on the cover of the Final
        Memorandum.  The relative fault shall be determined by reference to,
        among other things, whether the untrue or alleged untrue statement of a material
        fact or the omission or alleged omission to state a material fact relates
        to
        information supplied by the Company or such Initial Purchaser and the parties’
relative intent, knowledge, access to information and opportunity to correct
        or
        prevent such statement or omission.  The Company and the Initial
        Purchasers agree that it would not be just and equitable if contribution
        pursuant to this subsection (d) were determined by pro rata allocation (even
        if
        the Initial Purchasers were treated as one entity for such purpose) or by
        any
        other method of allocation which does not take account of the equitable
        considerations referred to above in this subsection (d).  The amount
        paid or payable by an indemnified party as a result of the losses, claims,
        damages or liabilities (or actions in respect thereof) referred to above
        in this
        subsection (d) shall be deemed to include any legal or other expenses reasonably
        incurred by such indemnified party in connection with investigating or defending
        any such action or claim.  Notwithstanding the provisions of this
        subsection (d), no Initial Purchaser shall be required to contribute hereunder
        in aggregate any amount in excess of the amount by which (i) the total price
        at
        which the Certificates resold by it in the initial placement of such
        Certificates were offered to investors exceeds (ii) the amount of any
        damages which such Initial Purchaser has otherwise been required to pay by
        reason of such untrue or alleged untrue statement or omission or alleged
        omission.  No person guilty of fraudulent misrepresentation (within
        the meaning of Section 11(f) of the Securities Act) shall be entitled to
        contribution from any person who was not guilty of such fraudulent
        misrepresentation.  For purposes of this Section 7, each person who
        controls any Initial Purchaser within the meaning of either the Section 15
        of
        the Securities Act or Section 20 of the Exchange Act shall have the same
        rights
        to contribution as any Initial Purchaser, and each person who controls the
        Company within the meaning of either the Securities Act or the Exchange Act,
        each officer of the Company and each director of the Company shall have the
        same
        rights to contribution as the Company, subject in each case to the provisions
        of
        this paragraph (d).  The obligations of the Initial Purchasers of
        Certificates in this subsection (d) to contribute are several in proportion
        to
        their respective purchase obligations with respect to such Certificates and
        not
        joint.

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      8.  Default.  (a)  If
        any Initial Purchaser shall default in its obligation to purchase the
        Certificates which it has agreed to purchase hereunder, you may in your
        discretion arrange for you or another party or other parties to purchase
        such
        Certificates on the terms contained herein.  If within thirty-six
        hours after such default by any Initial Purchaser you do not arrange for
        the
        purchase of such Certificates, then the Company shall be entitled to a further
        period of thirty-six hours within which to procure another party or other
        parties satisfactory to you to purchase such Certificates on such
        terms.  In the event that, within the respective prescribed periods,
        you notify the Company that you have so arranged for the purchase of such
        Certificates, or the Company notifies you that it has so arranged for the
        purchase of such Certificates, you or the Company shall have the right to
        postpone the Closing Date for a period of not more than seven days, in order
        to
        effect whatever changes may thereby be made necessary in the Final Memorandum,
        or in any other documents or arrangements, and the Company agrees to prepare
        promptly any amendments to the Offering Memorandum which in your reasonable
        opinion may thereby be made necessary.  The term “Initial Purchaser”
as used in this Agreement shall include any person substituted under this
        Section with like effect as if such person had originally been a party to
        this
        Agreement with respect to such Certificates.

       

      (b)  If,
        after
        giving effect to any arrangements for the purchase of the Certificates of
        a
        defaulting Initial Purchaser or Initial Purchasers by you and the Company
        as
        provided in subsection (a) above, the aggregate principal amount of Certificates
        which remains unpurchased does not exceed one-eleventh of the aggregate
        principal amount of all the Certificates, then the Company shall have the
        right
        to require each non-defaulting Initial Purchaser to purchase the principal
        amount of Certificates which such Initial Purchaser agreed to purchase hereunder
        and, in addition, to require each non-defaulting Initial Purchaser to purchase
        its pro rata share (based on the principal amount of Certificates which such
        Initial Purchaser agreed to purchase hereunder) of the Certificates of such
        defaulting Initial Purchaser or Initial Purchasers for which such arrangements
        have not been made; but nothing herein shall relieve a defaulting Initial
        Purchaser from liability for its default.

       

      (c)  If,
        after
        giving effect to any arrangements for the purchase of the Certificates of
        a
        defaulting Initial Purchaser or Initial Purchasers by you and the Company
        as
        provided in subsection (a) above, the aggregate principal amount of Certificates
        which remains unpurchased exceeds one-eleventh of the aggregate principal
        amount
        of all the Certificates, or if the Company shall not exercise the right
        described in subsection (b) above to require non-defaulting Initial Purchasers
        to purchase Certificates of a defaulting Initial Purchaser or Initial
        Purchasers, then this Agreement shall thereupon terminate, without liability
        on
        the part of any non-defaulting Initial Purchaser or the Company, except for
        the
        expenses to be borne by the Company and the Initial Purchasers as provided
        in
        Section 5 hereof and the indemnity and contribution agreements in Section
        7
        hereof; but nothing herein shall relieve a defaulting Initial Purchaser from
        liability for its default.

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      9.  Termination.  This
        Agreement shall be subject to termination in your discretion, by notice given
        to
        the Company prior to Closing Time, if prior to such time (i) trading in the
        Company’s common stock shall have been suspended by the Commission or the New
        York Stock Exchange or trading in securities generally on the New York Stock
        Exchange shall have been suspended or materially limited or minimum prices
        shall
        have been established on such Exchange, (ii) a banking moratorium shall have
        been declared either by Federal or New York State authorities or (iii) there
        shall have occurred any material outbreak or material escalation of hostilities
        or other calamity or crisis the effect of which on the financial markets
        of the
        United States is such as to make it, in your reasonable judgment, impracticable
        or inadvisable to market the Certificates or to enforce contracts for sale
        of
        the Certificates.

       

      10.  Representations,
        Warranties, Indemnities and Agreements to Survive Delivery.  The
        respective indemnities, agreements, representations, warranties and other
        statements of the Company and the several Initial Purchasers, as set forth
        in
        this Agreement or made by or on behalf of them, respectively, pursuant to
        this
        Agreement, shall remain in full force and effect, regardless of any
        investigation (or any statement as to the results thereof) made by or on
        behalf
        of any Initial Purchaser or any controlling person of any Initial Purchaser
        or
        the Company or any officer or director or controlling person of the Company
        and
        shall survive delivery of and payment for the Certificates.

       

      11.  Liability
        upon Termination.  If this Agreement shall be terminated pursuant
        to Section 8 hereof, the Company shall not then be under any liability to
        any
        Initial Purchaser except as provided in Sections 5 and 7 hereof; but, if
        for any
        other reason, the Certificates are not delivered by or on behalf of the Company
        as provided herein, because the Company fails to satisfy any of the conditions
        set forth in Section 4 hereof (other than the condition in Section 4(p) or
        because of any refusal, inability or failure of the Company to perform any
        agreement herein or to comply with any provision hereof, other than by reason
        of
        a default by the Initial Purchasers), the Company will reimburse the Initial
        Purchasers through the Representatives for all out-of-pocket expenses approved
        in writing by the Representatives, including fees and disbursements of counsel,
        reasonably incurred by the Initial Purchasers in making preparations for
        the
        purchase, sale and delivery of such Certificates, but the Company shall then
        be
        under no further liability to any Initial Purchaser with respect to such
        Certificates except as provided in Section 5 and Section 7 hereof.

       

      12.  Notices.  In
        all dealings hereunder, you shall act on behalf of each of the Initial
        Purchasers, and the parties hereto shall be entitled to act and rely upon
        any
        statement, request, notice or agreement on behalf of any Initial Purchaser
        made
        or given by you jointly or by the Representatives on behalf of you as the
        representatives.  It is understood and agreed that Merrill Lynch and
        Credit Suisse are joint book runners for the private placement and any
        determinations or other actions to be made under this Agreement by you shall
        require the concurrence of both Merrill Lynch and Credit Suisse.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      All
        statements, requests, notices and agreements hereunder shall be in writing,
        and
        if to the Initial Purchasers shall be delivered or sent by mail, telex or
        facsimile transmission to you as the Representatives, if to Merrill Lynch,
        in
        care of Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World
        Financial Center, New York, NY 10080, Attention:  Structured Finance
        Group; if to Credit Suisse, in care of Credit Suisse Securities (USA) LLC,
        One
        Madison Avenue, New York, NY 10010, Attention: General Counsel of the Americas;
        and if to the Company shall be delivered or sent by mail, telex or facsimile
        transmission to the address of the Company set forth in the Final Memorandum,
        Attention:  Chief Financial Officer (with a copy to the General
        Counsel).  Any such statements, requests, notices or agreements shall
        take effect upon receipt thereof.

       

      13.  Parties.  This
        Agreement shall be binding upon, and inure solely to the benefit of, the
        Initial
        Purchasers, the Company and, to the extent provided in Sections 7 and 10
        hereof,
        the officers and directors of the Company and each person who controls the
        Company or any Initial Purchaser, and their respective heirs, executors,
        administrators, successors and assigns, and no other person shall acquire
        or
        have any right under or by virtue of this Agreement.  No purchaser of
        any of the Certificates from any Initial Purchaser shall be deemed a successor
        or assign by reason merely of such purchase.

       

      14.  Time
        of the Essence.  Time shall be of the essence of this
        Agreement

       

      15.  No
        Advisory or Fiduciary Relationship.  The Company acknowledges and
        agrees that (a) the purchase and sale of the Certificates pursuant to this
        Agreement, including the determination of the offering price of the Certificates
        and any related discounts and commissions, is an arm’s-length commercial
        transaction between the Company, on the one hand, and the several Initial
        Purchasers, on the other hand, (b) in connection with the offering contemplated
        hereby and the process leading to such transaction each Initial Purchaser
        is and
        has been acting solely as a principal and is not the agent or fiduciary of
        the
        Company, or its stockholders, creditors, employees or any other party, (c)
        no
        Initial Purchaser has assumed or will assume an advisory or fiduciary
        responsibility in favor of the Company with respect to the offering contemplated
        hereby or the process leading thereto (irrespective of whether such Initial
        Purchaser has advised or is currently advising the Company on other matters)
        and
        no Initial Purchaser has any obligation to the Company with respect to the
        offering contemplated hereby except the obligations expressly set forth in
        this
        Agreement, (d) the Initial Purchasers and their respective affiliates may
        be
        engaged in a broad range of transactions that involve interests that differ
        from
        those of each of the Company, and (e) the Initial Purchasers have not provided
        any legal, accounting, regulatory or tax advice with respect to the offering
        contemplated hereby and the Company has consulted its own legal, accounting,
        regulatory and tax advisors to the extent it deemed appropriate.

       

      16.  Governing
        Law.  This Agreement shall be governed by and construed in
        accordance with the laws of the State of New York.

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      17.  Counterparts.  This
        Agreement may be executed by any one or more of the parties hereto in any
        number
        of counterparts, each of which shall be deemed to be an original, but all
        such
        respective counterparts shall together constitute one and the same
        instrument.

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

      If
        the
        foregoing is in accordance with your understanding, please sign and return
        one
        to each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit
        Suisse Securities (USA) LLC, plus one for our counsel a counterpart hereof,
        whereupon this letter shall constitute a binding agreement between each of
        the
        Initial Purchasers and the Company.  It is understood that your
        acceptance of this letter on behalf of each of the Initial Purchasers is
        pursuant to the authority set forth in a form of Agreement among Initial
        Purchasers, the form of which shall be submitted to the Company for examination
        upon request, but without warranty on your part as to the authority of the
        signers thereof.

       

       

      

       

      

      

       

                                                                                
        
          	 	 	 	Very
                  truly yours,	 
	 	 	 	 	 
	 	 	 	DELTA
                  AIR LINES, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
                  By: 
                    

                	/s/
                  Paul A. Jacobson	 
	 	 	 	Name: Paul
                  A. Jacobson	 
	 	 	 	
                  
                    Title:  
                      Vice President and Treasurer

                  

                	 
	 	 	 	 	 
	 	 	 	 	 

        

      

       

       

      Accepted
        as of the date hereof:

       

      Acting
        on
        behalf of themselves and the several Initial Purchasers

       

      

       

      MERRILL
        LYNCH, PIERCE, FENNER & SMITH INCORPORATED

       

      By:
        /s/ Andrew
        Loadsman                            

            
Name:  Andrew
        Loadsman

            
Title:    Director

      

      

      CREDIT
        SUISSE SECURITIES (USA) LLC

      

      By:
        /s/ James R. Palen
        Jr.                               

            
Name:  James
        R. Palen Jr.

            
Title:    Director

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      SCHEDULE
        I

      to

      Purchase
        Agreement

      

       

      
        	
                INITIAL
                  PURCHASER

              	 	
                
                  FACE

                  AMOUNT
                    OF

                  CLASS
                    A

                  CERTIFICATES

                

              	 	 	
                
                  FACE

                  AMOUNT
                    OF

                  CLASS
                    B

                  CERTIFICATES

                

              	 	 	
                
                  FACE

                  AMOUNT
                    OF

                  CLASS
                    C

                  CERTIFICATES

                

              	 
	 	 	 	 	 	 	 	 	 	 
	
                Merrill
                  Lynch, Pierce, Fenner & Smith  Incorporated

              	 	$	
                392,874,000

              	 	 	$	
                112,781,000

              	 	 	$	
                93,544,000

              	 
	
                Credit
                  Suisse Securities (USA) LLC

              	 	$	
                392,874,000

              	 	 	$	
                112,781,000

              	 	 	$	
                93,543,000

              	 
	
                Barclays
                  Capital Inc.

              	 	$	
                34,665,000

              	 	 	$	
                9,951,000

              	 	 	$	
                8,254,000

              	 
	
                Calyon
                  Securities (USA) Inc.

              	 	$	
                34,665,000

              	 	 	$	
                9,951,000

              	 	 	$	
                8,254,000

              	 
	
                Goldma,
                  Sachs & Co.

              	 	$	
                34,665,000

              	 	 	$	
                9,951,000

              	 	 	$	
                8,254,000

              	 
	
                UBS
                  Securities LLC

              	 	$	
                34,665,000

              	 	 	$	
                9,951,000

              	 	 	$	
                8,254,000

              	 
	
                Total

              	 	$	
                924,408,000

              	 	 	$	
                265,366,000

              	 	 	$	
                220,103,000

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        II

      to

      Purchase
        Agreement

      

       

      
        	
                
                  Class
                    of

                  Pass
                    Through

                  Certificates

                

              	 	
                
                  Aggregate

                  Face

                  Amount

                

              	 	
                
                  Interest
                    Rate

                

              	 	
                
                  Final
                    Expected

                  Regular
                    Distribution

                  Date

                

              
	 	 	 	 	 	 	 
	
                Class
                  A Certificates

              	 	
                $924,408,000

              	 	
                 6.821%

              	 	
                August
                  10, 2022

              
	
                Class
                  B Certificates

              	 	
                $265,366,000

              	 	
                 8.021%

              	 	
                August
                  10, 2022

              
	
                Class
                  C Certificates

              	 	
                $220,103,000

              	 	
                 8.954%

              	 	
                August
                  10, 2014

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      SCHEDULE
        III

      

       

      Pricing
        Supplement

       

       

      CONFIDENTIAL

      Pricing
        Supplement dated October 4, 2007 to
        the

      Preliminary
        Offering Memorandum dated October 3, 2007

       

      $1,409,877,000

       

       

      Delta
        Air Lines, Inc.

       

       

      2007-1
        PASS THROUGH TRUSTS

       

       

      PASS
        THROUGH CERTIFICATES, SERIES 2007-1

      

      This
        Pricing Supplement is qualified in
        its entirety by reference to the Preliminary Offering Memorandum dated October
        3, 2007.  Capitalized terms used but not defined in this Pricing
        Supplement have the meanings ascribed to them in the Preliminary Offering
        Memorandum.  The information in this Pricing Supplement supplements
        the Preliminary Offering Memorandum and supersedes the information in the
        Preliminary Offering Memorandum to the extent inconsistent with the information
        in the Preliminary Offering Memorandum.

      

      Investing
        in the Certificates involves
        risks.  See “Risk Factors” beginning on page 19 of the Preliminary
        Offering Memorandum.

      

      The
        Class
        A, Class B and Class C Certificates have not been registered under the
        Securities Act of 1933, as amended (the “Securities Act”), or any other
        securities laws. Accordingly, the Class A, Class B and Class C Certificates
        are
        being offered only to qualified institutional buyers, as defined in, and
        in
        reliance on, Rule 144A under the Securities Act.  The Class A, Class B
        and Class C Certificates may only be transferred in compliance with the
        restrictions described under “Transfer Restrictions” beginning on page 133 of
        the Preliminary Offering Memorandum.

       

      
        	
                Securities:

                 

                 

              	
                Class
                  A Pass Through

              	
                Class
                  B Pass Through

              	
                Class
                  C Pass Through

              
	
                Certificates,

              	
                Certificates,

              	
                Certificates,

              
	
                Series
                  2007-1A

              	
                Series
                  2007-1B

              	
                Series
                  2007-1C

              
	
                 

              	
                 

              	
                 

              	 
	
                Amount:

              	
                $924,408,000

              	
                $265,366,000

              	
                $220,103,000

              
	
                Ratings:

                Fitch

                Moody’s

                Standard
                  & Poor’s

              	
                A-

                Baa1

                A-

              	
                Not
                  rated

                Ba2

                BBB-

              	
                Not
                  rated

                B1

                B

              
	
                Public
                  Offering Price:

              	
                100%

              	
                100%

              	
                100%

              
	
                144A
                  CUSIP:

              	
                247367
                  BE4

              	
                247367
                  BF1

              	
                247367
                  BG9

              
	
                144A
                  ISIN:

              	
                US247367BE49

              	
                US247367BF14

              	
                US247367BG96

              
	
                Coupon/Stated
                  Interest Rate:

              	
                    6.821%

              	
                    8.021%

              	
                    8.954%

              
	
                Maximum
                  Commitment under the 

                Liquidity
                  Facilities as of the end

                of
                  the Delivery Period:

              	
                $94,580,804.52

              	
                $31,927,510.29

              	
                -

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	
                Make-Whole
                  Spread in respect of the Equipment Notes:

              	
                   0.40%

              	
                0.55%

              	
                0.75%

              
	
                Face
                  Amount Purchased by the Initial Purchasers:

              	 	 	 
	 	
                Merrill
                  Lynch, Pierce, Fenner & Smith Incorporated:

              	
                $392,874,000

              	
                $112,781,000

              	
                $93,544,000

              
	 	
                Credit
                  Suisse Securities (USA) LLC:

              	
                $392,874,000

              	
                $112,781,000

              	
                $93,543,000

              
	 	
                Barclays
                  Capital Inc.:

              	
                $  34,665,000

              	
                $    9,951,000

              	
                $  8,254,000

              
	 	
                Calyon
                  Securities (USA) Inc.:

              	
                $  34,665,000

              	
                $    9,951,000

              	
                $  8,254,000

              
	 	
                Goldman,
                  Sachs & Co.:

              	
                $  34,665,000

              	
                $    9,951,000

              	
                $  8,254,000

              
	 	
                UBS
                  Securities LLC:

              	
                $  34,665,000

              	
                $    9,951,000

              	
                $  8,254,000

              

      

      

      
        	
                Purchase
                  Agreement Date:

              	
                October
                  4, 2007

              
	
                Trade
                  Date:

              	
                October
                  4, 2007

              
	
                Settlement
                  Date:

              	
                October
                  11, 2007 (T+ 4) closing date, the fourth business day following
                  the date
                  hereof.

              
	
                Use
                  of Proceeds:

              	
                We
                  expect to receive proceeds of approximately $1,396,507,861 from
                  the sale
                  of the Equipment Notes, after taking into account fees paid to
                  the Initial
                  Purchasers and estimated transaction
                  expenses.

              

      

      

      
        
          	 	
                  ANY
                    DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE
                    TO
                    THIS COMMUNICATION AND SHOULD BE DISREGARDED.  SUCH DISCLAIMERS
                    OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF
                    THIS
                    COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.ex10-1.htm

    
      

    

    Exhibit
      10.1

     

    SUBSCRIPTION
      AGREEMENT

    

    Applied
      DNA Sciences, Inc.

    25
      Health
      Sciences Drive, Suite 113

    Stony
      Brook,  New York 11790

    

    Gentlemen
      and Ladies:

    

    The
      undersigned (the “Subscriber”) hereby subscribes for ________ unit(s)
      (the “Units”), at a price of $100,000 per Unit, each consisting of (i) a
      $100,000 principal amount 10% secured convertible promissory note (each a
“Note,” or collectively, the “Notes”) of Applied DNA Sciences,
      Inc., a Nevada corporation (the “Company”), and (ii) a warrant (each a
“Warrant,” or collectively, the “Warrants”) to purchase 200,000
      shares of the Company’s common stock, $0.001 par value (the “Common
      Stock”), exercisable for a period of four years commencing on the first
      anniversary of the date of the closing of the first purchase and sale of such
      Units (the “Closing Date”) at a price of $0.50 per
      share.  These Units are part of an offering of up to twenty (20) such
      Units by the Company to one or more subscribers (the
“Offering”).  Each Warrant may be redeemed at the option of the
      Company at a redemption price of $0.01 upon the earlier of (i) the date three
      years from issuance and (ii) the date the Company’s stock has traded on The Over
      the Counter Bulletin Board or a national securities exchange at or above $1.00
      per share for 20 consecutive trading days.  The Notes and accrued but
      unpaid interest thereon automatically convert into shares of Common Stock on
      the
      first anniversary of the Closing Date at a price equal to 70% of the average
      volume weighted average price of the Common Stock for the ten trading days
      prior
      to the Closing Date (the “Automatic Conversion Price”).  The
      Notes are convertible at the option of the holder into shares of Common Stock
      at
      a price equal to the greater of (i) 50% of the average price of the Common
      Stock
      for the ten trading days prior to the date of the notice of conversion and
      (ii)
      the Automatic Conversion Price, at any time prior to the first anniversary
      of
      the Closing Date.  In addition, at any time prior to conversion, the
      Company will have the right to prepay the Notes and accrued but unpaid interest
      thereon upon 3 days notice, such notice to allow the holders of the Notes to
      convert the Notes into shares of Common Stock prior to such
      repayment.

     

    Until
      the
      principal and interest owed under the Notes are paid in full, or converted
      into
      the Common Stock, the Notes will be secured by a security interest in all of
      the
      assets of the Company.  This security interest will be pari
      passu with the security interest granted to the holders of $150,000 of
      $50,000 principal amount secured convertible promissory notes of the Company
      bearing interest at 10% per annum issued on June 27, 2007 (the “June Notes”),
      with the security interest granted to James A. Hayward, a director, the Chairman
      of the Board of Directors, our President and Chief Executive Officer, for an
      aggregate principal amount of $550,000 in secured convertible promissory notes
      of the Company bearing interest at 10% per annum issued on April 23, 2007,
      June
      30, 2007 and July 30, 2007 (the “Hayward Notes”), and with the security
      interest granted to the holder of a $100,000 principal amount secured
      convertible promissory note of the Company bearing interest at 10% per annum
      issued on August 8, 2007 (the “August Note”).  The Company may
      issue up to $19,200,000 of debt in addition to the amounts sold in the Offering
      that may be secured by a security interest in all of the Company’s assets, which
      would be pari passu to the security interest granted to the holders of
      the Notes, the June Notes, the Hayward Notes and the August Note.

     

    The
      Notes
      bear interest at the rate of 10% per annum.  All principal and all
      accrued and unpaid interest under the Notes shall be payable in full on the
      date
      12-months subsequent to the Closing Date, referred to hereinafter as the
“Maturity Date.”

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    1.  Subscription.
      Subject to the terms and conditions hereof, the Subscriber agrees to pay
      $__________________ by check or wire transfer of immediately available funds
      as
      consideration for the Subscriber’s Note(s) and the Warrant(s).  The
      Subscriber tenders herewith a check made payable at the direction of the Company
      or wire transfer, in the amount of $__________________.  The
      Subscriber acknowledges and agrees that this subscription is irrevocable by
      the
      Subscriber but is subject to acceptance by the Company.

    

    2.  Security.  Until
      the principal and interest owed under the Notes are paid in full, or converted
      into Common Stock, the Notes will be secured by a security interest in all
      of
      the assets of the Company.  This security interest will be pari
      passu with the security interest granted to the holders of the March Notes,
      the June Notes, the Hayward Notes and the August Note.  The Company
      may issue up to $17,700,000 of debt in addition to the amounts sold in the
      Offering that may be secured by a security interest in all of the Company’s
      assets, which would be pari passu to the security interest granted to
      the holders of the Notes,, the June Notes, the Hayward Notes and the August
      Note.

    

    3.  Closing.  The
      Subscriber understands and agrees that the Company intends to make an initial
      closing of this offering of Units in the Company on or before October 31, 2007,
      but that the same may be extended for three additional periods, each such period
      not to exceed thirty (30) days, at the sole decision of the Company, without
      notice to any Subscriber. If the Company does not accept the Subscriber prior
      to
      Closing Date, this Subscription Agreement and Confidential Offering
      Questionnaire, together with the Subscriber’s funds and any other documents
      delivered to the Company, shall be promptly returned to the
      Subscriber.

    

    4.  Subscription
      Compliance.  The Subscriber agrees that this subscription is
      subject to the following terms and conditions:

    

    The
      Company shall have the right, in its sole discretion, to: (i) accept or reject
      this subscription; (ii) determine whether this Subscription Agreement has been
      properly completed by the Subscriber and (iii) determine whether the Subscriber
      has met all of the Company’s requirements for investment in a
      Unit.  If the Company deems this subscription to be defective,
      deficient or otherwise non-compliant with the terms of this offering, the
      Subscriber’s funds will be returned promptly to the Subscriber without interest
      or deduction.

    

    5.           Receipt
      of Information.

    

    
      	
              a.  

            	
              The
                Subscriber and Subscriber’s purchaser representative, if any, have
                received a copy of the Confidential Private Placement Term Sheet
                dated
                September 8, 2007.  The Subscriber, either alone or together
                with Subscriber’s purchaser representative, if any, have such knowledge
                and experience in financial and business matters as to be able to
                evaluate
                the merits and risks of an investment in the
                Company.

            

    

    

    
      	
              b.  

            	
              The
                Subscriber and Subscriber’s representative, if any, have had the
                opportunity to ask questions of and receive answers from the Company
                concerning the terms and conditions of the offering of the Units
                by the
                Company and to obtain any additional information Subscriber has requested
                which is necessary to verify the accuracy of the information furnished
                to
                the Subscriber concerning the Company and such
                offering.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    6.           Representations
      of Subscriber. In connection with the purchase of the Units, the
      Subscriber hereby represents and warrants to the Company as
      follows:

    

    
      	
              a.  

            	
              The
                Subscriber is an “accredited investor” as defined in Rule 501 of
                Regulation D promulgated under the
                Act.

            

    

    

    
      	
              b.  

            	
              The
                Unit(s) is being purchased for the Subscriber’s own account without the
                participation of any other person, with the intent of holding the
                Unit(s)
                for investment and without the intent of participating, directly
                or
                indirectly, in a distribution of the Unit(s) and not with a view
                to, or
                for a resale in connection with, any distribution of the Unit(s)
                or any
                portion thereof, nor is the undersigned aware of the existence of
                any
                distribution of the Company’s securities.  Furthermore, the
                undersigned has no present intention of dividing such Unit(s) with
                others
                or reselling or otherwise disposing of any portion of such Unit(s),
                either
                currently or after the passage of a fixed or determinable period
                of time,
                or upon the occurrence or nonoccurrence of any predetermined event
                or
                circumstance.

            

    

    

    
      	
              c.  

            	
              The
                Subscriber has no need for liquidity with respect to his purchase
                of a
                Unit(s) and is able to bear the economic risk of an investment in
                the
                Unit(s) for an indefinite period of time and is further able to afford
                a
                complete loss of such investment.

            

    

    

    
      	
              d.  

            	
              The
                Subscriber represents that his financial commitment to all investments
                (including his investment in the Company) is reasonable relative
                to his
                net worth and liquid net worth.

            

    

    

    
      	
              e.  

            	
              The
                Subscriber recognizes that the Unit(s) will be: (i) sold to the Subscriber
                without registration under any United States federal or other law
                relating
                to the registration of securities for sale and (ii) issued and sold
                in
                reliance on the exemption from registration under the Nevada Securities
                Act, as amended (the “Nevada
                Act”).

            

    

    

    
      	
              f.  

            	
              The
                Subscriber is aware that any resale of the Unit(s) cannot be made
                except
                in accordance with the registration requirements of the United States
                Securities Act of 1933, as amended (the “Securities Act”) or an
                exemption therefrom.

            

    

    

    
      	
              g.  

            	
              The
                Subscriber represents and warrants that all offers and sales of the
                Unit(s) shall be made pursuant to an exemption from registration
                under the
                Act or pursuant to registration under the Act, and the Subscriber
                will not
                engage in any hedging or short selling transactions with regard to
                the
                Unit(s) or the underlying common
                stock.

            

    

    

    
      	
              h.  

            	
              The
                Subscriber is not acquiring the Unit(s) based upon any representation,
                oral or written, by any person with respect to the future value of,
                or
                income from, the Unit(s) but rather upon an independent examination
                and
                judgment as to the prospects of the
                Company.

            

    

    

    
      	
              i.  

            	
              The
                Subscriber understands that the Company is an early stage Company,
                has
                little or no operating funds and has a minimal operating history.
                The
                Subscriber appreciates and understands the risks involved with investing
                in a Company with a limited operating history and has read and understands
                the risk factors set forth in the Confidential Private Placement
                Term
                Sheet dated September 8, 2007 and in the Company’s Annual Report on Form
                10-KSB, filed on January 16, 2007, and in its subsequent quarterly
                reports
                on Form 10-QSB.  Copies of such material are attached to the
                Confidential Private Placement Term Sheet and can be obtained by
                visiting
                the Securities and Exchange Commission’s website at
                http://www.sec.gov.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              j.  

            	
              The
                Subscriber represents, warrants and agrees that it will not sell
                or
                otherwise transfer the Notes and Warrants included in the Units or
                the
                Common Stock issuable upon conversion of the Notes and exercise of
                the
                Warrants without registration under the Securities Act or an exemption
                therefrom, and fully understands and agrees that the Subscriber must
                bear
                the economic risk of its purchase because, among other reasons, the
                Notes
                and Warrants included in the Units and the Common Stock issuable
                upon
                conversion of the Notes and exercise of the Warrants have not been
                registered under the Securities Act or under the securities laws
                of any
                state and, therefore, cannot be resold, pledged, assigned or otherwise
                disposed of unless they are subsequently registered under the Securities
                Act and under the applicable securities laws of such states, or an
                exemption from such registration is available.  In particular,
                the Subscriber is aware that the Notes and Warrants included in the
                Units
                and the Common Stock issuable upon conversion of the Notes and exercise
                of
                the Warrants are “restricted securities,” as such term is defined in Rule
                144 promulgated under the Securities Act (“Rule 144”), and they may
                not be sold pursuant to Rule 144 unless all of the conditions of
                Rule 144
                are met.

            

    

    

    
      	
              k.  

            	
              The
                Company, by and through itself and/or legal counsel, has made no
                representations or warranties as to the suitability of the Subscriber’s
                investment in the Company, the length of time the undersigned will
                be
                required to own the Unit(s), or the profit to be realized, if any,
                as a
                result of investment in the Company.  Neither the Company nor
                its counsel has made an independent investigation on behalf of the
                Subscriber, nor has the Company, by and through itself and counsel,
                acted
                in any advisory capacity to the
                Subscriber.

            

    

    

    
      	
              l.  

            	
              The
                Company, by and through itself and/or legal counsel, has made no
                representations or warranties that the past performance or experience
                on
                the part of the Company, or any partner or affiliate, their partners,
                salesmen, associates, agents, or employees or of any other person,
                will in
                any way indicate the predicted results of the ownership of the
                Unit(s).

            

    

    

    
      	
              m.  

            	
              The
                Company has made available for inspection by the undersigned, and
                his
                purchaser representative, if any, the books and records of the Company.
                Upon reasonable notice, such books and records will continue to be
                made
                available for inspection by investors upon reasonable notice during
                normal
                business hours at the principal place of business of the
                Company.

            

    

    

    
      	
              n.  

            	
              The
                Unit(s) was not offered to the Subscriber by means of publicly
                disseminated advertisement or sales literature, nor is the Subscriber
                aware of any offers made to other persons by such
                means.

            

    

    

    
      	
              o.  

            	
              All
                information which the Subscriber has provided to the Company concerning
                the Subscriber is correct and complete as of the date set forth at
                the end
                of this Subscription Agreement, and if there should be any material
                adverse change in such information prior to receiving notification
                that
                this subscription has been accepted, the undersigned will immediately
                provide the Company with such
                information.

            

    

    

    7.          
      Agreements
      of Subscriber.  The Subscriber agrees as
      follows:

    

    
      	
              c.  

            	
              The
                sale of the Unit(s) by the Company has not been recommended by any
                United
                States federal or other securities commission or regulatory authority.
                Furthermore, the foregoing authorities have not confirmed the accuracy
                or
                determined the adequacy of this Subscription Agreement or the Confidential
                Private Placement Term Sheet dated September 8,
                2007.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              d.  

            	
              The
                Unit(s) and the underlying common stock will not be offered for sale,
                sold, or transferred other than pursuant to: (i) an effective registration
                under the Nevada Act or in a transaction which is otherwise in compliance
                with the Nevada Act; (ii) an effective registration under the Act
                or in a
                transaction otherwise in compliance with the Act; and (iii) evidence
                satisfactory to the Company of compliance with the applicable securities
                laws of other jurisdictions. The Company shall be entitled to rely
                upon an
                opinion of counsel satisfactory to it with respect to compliance
                with the
                above laws.

            

    

    

    
      	
              e.  

            	
              The
                Company is under no obligation to register the Unit(s) or to comply
                with
                any exemption available for sale of the Unit(s) without registration,
                and
                the information necessary to permit routine sales of securities of
                the
                Company under Rule 144 of the Act may not be available when you desire
                to
                resell them pursuant to Rule 144 of the Act. The Company is under
                no
                obligation to act in any manner so as to make Rule 144 available
                with
                respect to the Unit(s).

            

    

    

    
      	
              f.  

            	
              There
                is no established market for the Units and it is not anticipated
                that any
                public market for the Units will develop in the
                future.

            

    

    

    
      	
              g.  

            	
              The
                Company may, if it so desires, refuse to permit the transfer of the
                Unit(s) unless the request for transfer is accompanied by an opinion
                of
                counsel acceptable to the Company to the effect that neither the
                sale nor
                the proposed transfer will result in any violation of the Act or
                the
                applicable securities laws of any other
                jurisdiction.

            

    

    

    
      	
              h.  

            	
              A
                legend indicating that the Unit(s) and the underlying common stock
                have
                not been registered under such securities laws and referring to the
                restrictions and transferability of Unit(s) and the underlying common
                stock may be placed on the certificates or instruments delivered
                to the
                Subscriber or any substitutes thereof and any transfer agent of the
                Company may be instructed to require compliance
                therewith.

            

    

    

    8.           Indemnification
      of the Company. The undersigned understands the meaning and legal
      consequences of the representations and warranties contained herein, and hereby
      agrees to indemnify and hold harmless, the Company, its respective agents,
      officers, managers and affiliates from and against any and all
      damages, losses, costs and expenses (including reasonable attorneys’ fees) which
      they or any of them may incur by reason of the failure of the Subscriber to
      fulfill any of the terms of this Subscription Agreement, or by reason of any
      breach of the representations and warranties made by the Subscriber herein,
      or
      in any document provided by the Subscriber to the Company.

    

    9.           Representative
      Capacity. If an investment in the Company is being made by a
      corporation, trust or estate, the undersigned individual signing on behalf
      of
      the Subscriber, represents that he has all right and authority, in his capacity
      as an officer, managing member, trustee, executor or other representative of
      such corporation, trust or estate, as the case may be, to make such decision
      to
      invest in the Company and to execute and deliver this Subscription Agreement
      on
      behalf of such corporation, trust or estate as the case may be, enforceable
      in
      accordance with its terms. The undersigned individual also represent that any
      such corporation, trust or estate was not formed for the purpose of buying
      the
      Unit(s) hereby subscribed.

    

    10.         Special
      Power of Attorney.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              a.

            	
              The
                Subscriber, by executing this Subscription Agreement, irrevocably
                makes,
                constitutes and appoints any executive officer of the Company, and
                each of
                them individually, as the undersigned’s true and lawful attorney, for the
                undersigned and in the undersigned’s name, place and stead, and for the
                use and benefit of the undersigned, to execute and acknowledge and,
                to the
                extent necessary, to file and
                record:

            

    

    

    
      	
            	
              1.

            	
              such
                certificates, instruments and documents as may be required to be
                filed by
                the Company or which the Company deems advisable to file under the
                laws of
                the State of Nevada or any other state or jurisdiction in which the
                Company transacts business; and

            

    

    

    
      	
            	
              2.

            	
              all
                conveyances or other instruments or documents necessary, appropriate
                or
                convenient to effect the dissolution and termination of the
                Company.

            

    

    

    
      	
            	
              b.

            	
              Such
                a power of attorney:

            

    

    

    
      	
            	
              1.

            	
              is
                a special power of attorney coupled with an interest and is irrevocable;
                and;

            

    

    

    
      	
            	
              2.

            	
              shall
                survive the death or disability of the
                Subscriber.

            

    

    

    
      	
               

            	
              c.

            	
              The
                Subscriber hereby agrees to be bound by any representations made
                by the
                Company or its substitutes acting pursuant to this Special Power
                of
                Attorney, and the undersigned hereby waives any and all defenses
                which may
                be available to him to contest, negate or disaffirm its actions or
                the
                actions of his substitutes under this Special Power of Attorney.
                The
                powers herein granted are granted for the sole and exclusive benefit
                of
                the undersigned and not on behalf of any other person, in whole or
                in
                part.

            

    

    

    11.         Subscription
      Not Revocable. The undersigned hereby acknowledges and agrees that the
      undersigned is not entitled to cancel, terminate or revoke this Subscription
      Agreement or any agreements of the undersigned hereunder and that this
      Subscription Agreement shall survive the dissolution, death or disability of
      the
      undersigned.

    

    12.         Restrictions
      on Transferability. The undersigned understands and agrees that the
      Unit(s) shall not be sold, pledged, hypothecated or otherwise transferred unless
      the Unit(s) is registered under the Act and applicable state securities laws
      or
      an exemption from such registration is available.

    

    13.         Governing
      Law. This Subscription Agreement is being delivered and is intended to
      be performed in the State of New York, and shall be construed and enforced
      in
      accordance with, and the law of such state shall govern the rights of
      parties.

    

    14.         Numbers
      and Gender. In this Agreement, the masculine gender includes the
      feminine gender and the neuter and the singular includes the plural, where
      appropriate to the context.

    

    

    

    

    

    

    

    THIS
      SPACE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    APPLIED
      DNA SCIENCES , INC.

    SIGNATURE
      PAGE TO

    SUBSCRIPTION
      AGREEMENT

    

    Subscriber
      hereby elects to subscribe under the Subscription Agreement for a total of
      $______________ Units (NOTE: to be completed by subscriber) and executes the
      Subscription Agreement.

    

    IN
      WITNESS WHEREOF, the undersigned has executed this Subscription Agreement on
      the
      date set forth below.

    

    Date
      of
      Execution: September __, 2007

    

                                IF
      INDIVIDUAL
      INVESTOR:

    

    

                                                                                                                                           ____________________________________________________

                                (Signature)

    

    
                                                                                                                                             ____________________________________________________

                                                     
(Printed
        Name)

    

    

    

                                IF
      CORPORATION,
      TRUST,

                                ESTATE
      OR
      REPRESENTATIVE:

    

    

    
                                                                                                                                             ____________________________________________________        

    

                                Name
      of
      Investor

     

     

                                                                                                                                                                                       
      By: 
________________________________________________________

                                                                                                                                                                                       
      Name:

                                Title:

    

    

    (Investors
      do not write below this line)

    
      
        

      

    

    

    APPROVED
      THIS ____ DAY OF SEPTEMBER, 2007

    

    APPLIED
      DNA SCIENCES, INC.

    

    

    By: 
      _____________________________                                                   

    Name:

    Title:

     

     

    7

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