Document:

Exhibit 4.5

 

Execution Version

 

 

INTERCREDITOR AGREEMENT

(2020-1)

 

Dated as of

October 28, 2020

 

AMONG

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

not in its individual capacity

but solely as Trustee under the

United Airlines Pass Through Trust 2020-1A

 

GOLDMAN
SACHS BANK USA

as a Class A Liquidity Provider

 

BARCLAYS BANK PLC

as a Class A Liquidity Provider

 

MORGAN STANLEY BANK, N.A.

as a Class A Liquidity Provider

 

AND

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

not in its individual capacity except

as expressly set forth herein but

solely as Subordination Agent and Trustee

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE
    I DEFINITIONS	2
	 	 	 
	SECTION 1.1.	Definitions	2
	 	 	 
	ARTICLE
    II TRUST ACCOUNTS; CONTROLLING PARTY	19
	 	 	 
	SECTION 2.1.	Agreement to Terms of Subordination; Payments
    from Monies Received Only	19
	SECTION 2.2.	Trust Accounts	20
	SECTION 2.3.	Deposits to the Collection Account and Special
    Payments Account	21
	SECTION 2.4.	Distributions of Special Payments	21
	SECTION 2.5.	Designated Representatives	22
	SECTION 2.6.	Controlling Party	23
	 	 	 
	ARTICLE
    III RECEIPT, DISTRIBUTION AND APPLICATION OF AMOUNTS RECEIVED	25
	 	 	 
	SECTION 3.1.	Written Notice of Distribution	25
	SECTION 3.2.	Distribution of Amounts on Deposit in the Collection
    Account	26
	SECTION 3.3.	Other Payments	29
	SECTION 3.4.	Payments to the Trustees and the Liquidity Providers	29
	SECTION 3.5.	Liquidity Facilities	29
	 	 	 
	ARTICLE
    IV EXERCISE OF REMEDIES	37
	 	 	 
	SECTION 4.1.	Directions from the Controlling Party	37
	SECTION 4.2.	Remedies Cumulative	39
	SECTION 4.3.	Discontinuance of Proceedings	39
	SECTION 4.4.	Right of Certificateholders and the Liquidity
    Providers to Receive Payments Not to Be Impaired	39
	SECTION 4.5.	Undertaking for Costs	39
	 	 	 
	ARTICLE
    V DUTIES OF THE SUBORDINATION AGENT; AGREEMENTS OF TRUSTEES, ETC.	40
	 	 	 
	SECTION 5.1.	Notice of Indenture Default or Triggering Event	40
	SECTION 5.2.	Indemnification	41
	SECTION 5.3.	No Duties Except as Specified in this Intercreditor
    Agreement	41
	SECTION 5.4.	Notice from the Liquidity Providers and Trustees	42

 

    i

     

    

 

	 	 	Page
	ARTICLE
    VI THE SUBORDINATION AGENT	42
	 	 	 
	SECTION 6.1.	Authorization; Acceptance of Trusts and Duties	42
	SECTION 6.2.	Absence of Duties	42
	SECTION 6.3.	No Representations or Warranties as to Documents	42
	SECTION 6.4.	No Segregation of Monies; No Interest	43
	SECTION 6.5.	Reliance; Agents; Advice of Counsel	43
	SECTION 6.6.	Capacity in Which Acting	43
	SECTION 6.7.	Compensation	43
	SECTION 6.8.	May Become Certificateholder	44
	SECTION 6.9.	Subordination Agent Required; Eligibility	44
	SECTION 6.10.	Money to Be Held in Trust	44
	SECTION 6.11.	Notice of Substitution of Airframe	44
	 	 	 
	ARTICLE
    VII INDEMNIFICATION OF SUBORDINATION AGENT	44
	 	 	 
	SECTION 7.1.	Scope of Indemnification	45
	 	 	 
	ARTICLE
    VIII SUCCESSOR SUBORDINATION AGENT	45
	 	 	 
	SECTION 8.1.	Replacement of Subordination Agent; Appointment
    of Successor	45
	 	 	 
	ARTICLE
    IX SUPPLEMENTS AND AMENDMENTS	46
	 	 	 
	SECTION 9.1.	Amendments, Waivers, Possible Future Issuance
    of an Additional Class of Certificates, etc	46
	SECTION 9.2.	Subordination Agent Protected	50
	SECTION 9.3.	Effect of Supplemental Agreements	50
	SECTION 9.4.	Notice to Rating Agencies	50
	 	 	 
	ARTICLE
    X MISCELLANEOUS	50
	 	 	 
	SECTION 10.1.	Termination of Intercreditor Agreement	50
	SECTION 10.2.	Intercreditor Agreement for Benefit of Trustees,
    Liquidity Providers and Subordination Agent	50
	SECTION 10.3.	Notices	51
	SECTION 10.4.	Severability	52
	SECTION 10.5.	No Oral Modifications or Continuing Waivers	52
	SECTION 10.6.	Successors and Assigns	52
	SECTION 10.7.	Headings	52
	SECTION 10.8.	Counterpart Form	52
	SECTION 10.9.	Subordination	53
	SECTION 10.10.	Governing Law	54
	SECTION 10.11.	Submission to Jurisdiction; Waiver of Jury Trial;
    Waiver of Immunity	54

 

    ii

     

    

 

INTERCREDITOR AGREEMENT

 

INTERCREDITOR AGREEMENT (this “Agreement”)
dated as of October 28, 2020, among WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association (“WTNA”),
not in its individual capacity but solely as Trustee of each Trust (each as defined below); GOLDMAN SACHS BANK USA, as a Class
A Liquidity Provider; BARCLAYS BANK PLC, as a Class A Liquidity Provider; MORGAN STANLEY BANK, N.A. as a Class A Liquidity Provider;
and WILMINGTON TRUST NATIONAL ASSOCIATION, not in its individual capacity except as expressly set forth herein, but solely as
Subordination Agent and trustee hereunder (in such capacity, together with any successor appointed pursuant to Article VIII hereof,
the “Subordination Agent”).

 

WHEREAS, all capitalized terms used herein
shall have the respective meanings referred to in Article I hereof;

 

WHEREAS, pursuant to the Indenture, United
will issue on a recourse basis the Series A Equipment Note;

 

WHEREAS, pursuant to the Indenture and the
Security Agreements, the Series A Equipment Note will be secured by, among other things, the Aircraft, Spare Engines and Spare
Parts Collateral.

 

WHEREAS, pursuant to the Operative Agreements,
the Class A Trust will acquire the Series A Equipment Note having an interest rate equal to the Stated Interest Rate applicable
to the Class A Certificates to be issued by the Class A Trust;

 

WHEREAS, pursuant to the Class A Trust Agreement,
the Class A Trust created thereby proposes to issue the Class A Certificates having the interest rate and the final distribution
date described in the Class A Trust Agreement on the terms and subject to the conditions set forth therein;

 

WHEREAS, pursuant to the Underwriting Agreement,
the Underwriters propose to purchase the Class A Certificates issued by the Class A Trust in the aggregate face amount set forth
opposite the name of the Class A Trust on Schedule I thereto on the terms and subject to the conditions set forth therein;

 

WHEREAS, each Class A Liquidity Provider
proposes to enter into a revolving credit agreement relating to the Class A Certificates with the Subordination Agent, as agent
for the Class A Trustee for the benefit of the Class A Certificateholders; and

 

WHEREAS, it is a condition precedent to the
obligations of the Underwriters under the Underwriting Agreement that the Subordination Agent, the Class A Trustee and the Liquidity
Providers agree to the terms of subordination set forth in this Agreement in respect of each Class of Certificates, and the Subordination
Agent, the Class A Trustee and the Liquidity Providers, by entering into this Agreement, hereby acknowledge and agree to such
terms of subordination and the other provisions of this Agreement.

 

     

     

    

 

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

 

ARTICLE
I

DEFINITIONS

 

SECTION 1.1.           
Definitions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise
requires:

 

(1)       the
terms used herein that are defined in this Article have the meanings assigned to them in this Article, and include the plural
as well as the singular;

 

(2)       all
references in this Agreement to designated “Articles”, “Sections” and other subdivisions are to the designated
Articles, Sections and other subdivisions of this Agreement;

 

(3)       the
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Article, Section or other subdivision; and

 

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

 

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

 

“Actual Disposition Event”
means, in respect of any Equipment Note: (i) the disposition of all or substantially all of the Collateral securing such
Equipment Note, (ii) the occurrence of the mandatory redemption date for such Equipment Note following an Event of Loss (as
defined in the Indenture or any Security Agreement) with respect to all or substantially all of the then remaining Collateral
or (iii) the sale of such Equipment Note.

 

“Additional Certificateholders”
has the meaning specified in Section 9.1(d).

 

“Additional Certificates”
has the meaning specified in Section 9.1(d).

 

“Additional Equipment Notes”
has the meaning specified in Section 9.1(d).

 

“Additional Trust” has
the meaning specified in Section 9.1(d).

 

“Additional Trust Agreement”
has the meaning specified in Section 9.1(d).

 

“Additional Trustee” has
the meaning specified in Section 9.1(d).

 

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“Adjusted Interest” means,
with respect to any Additional Certificates, and, as applicable, the Additional Equipment Note of the related series, as of any
Current Distribution Date: (I) any interest described in clause (II) of this definition accruing prior to the immediately
preceding Distribution Date which remains unpaid and (II) the sum of (A) interest determined at the Stated Interest Rate
for the such Additional Certificates for the number of days during the period commencing on, and including, the immediately preceding
Distribution Date (or, if the Current Distribution Date is the first Distribution Date for such Additional Certificates, the applicable
issuance date with respect thereto) and ending on, but excluding the Current Distribution Date, on the Preferred Pool Balance
for such Additional Certificates on such Current Distribution Date and (B) (i) for any Aircraft or Spare Engine, or all or substantially
all of the Spare Parts Collateral, in any case for which a disposition, distribution or sale (contemplated in clause (B)(i) of
the definition of Preferred Pool Balance) has occurred since the immediately preceding Distribution Date (but only if both (x)
no such event has previously occurred with respect to such specific Collateral and (y) no sale or Deemed Note Disposition Event
has occurred with respect to such Additional Equipment Note on or before the date of such disposition, distribution or sale),
interest, determined at the Stated Interest Rate for such Additional Certificates, for each day during the period commencing on,
and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date
for such Additional Certificates, the applicable issuance date with respect thereto) and ending on, but excluding, the date of
disposition, distribution or sale, on the applicable portion of the principal amount of such Additional Equipment Note calculated
pursuant to clause (B)(i) of the definition of Preferred Pool Balance with respect to such specific Collateral, and (ii) without
duplication of any interest described in clause (i) above, in the event a sale or Deemed Note Disposition Event with respect to
such Additional Equipment Note has occurred since the immediately preceding Distribution Date (but only if no such event has previously
occurred), interest at the Stated Interest Rate for such Additional Certificates for each day during the period commencing on,
and including, the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution Date
for such Additional Certificates, the applicable issuance date with respect thereto) and ending on, but excluding, the date of
the earliest of such sale or Deemed Note Disposition Event with respect to such Additional Equipment Note, on the principal amount
of such Additional Equipment Note calculated pursuant to clause (B)(ii) or (iii), as applicable, of the definition of Preferred
Pool Balance.

 

“Administration Expenses”
has the meaning specified in clause “first” of Section 3.2.

 

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

 

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

 

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“Aircraft” means the “Aircraft”
referred to in the Indenture.

 

“AISI” means Aircraft
Information Services Inc.

 

“Alton” means Alton Aviation
Consultancy.

 

“Appraisal” has the meaning
specified in Section 4.1(a)(iv).

 

“Appraised Current Market Value”
of all or any Aircraft, Engine or Spare Engine means the lower of the average and the median of the three most recent Post-Default
Appraisals of such Collateral, and with respect to Spare Parts, the most recent Post-Default Appraisal.

 

“Appraisers” means (i)
with respect to Spare Parts, any of mba, ICF or Alton, (ii) with respect to Spare Engines or Aircraft, (a) any of mba, BK, AISI
and ICF for Half-Life Base Values (as defined in the Indenture) and (b) any of mba and ICF for Maintenance Adjusted Base Values
(as defined in the Indenture) or Maintenance Reports (as defined in the Indenture) reflecting any applicable maintenance adjustment
factor for determination thereof, and (iii) if United is unable to engage any of the foregoing appraisers after using reasonable
efforts, any other nationally recognized independent ISTAT-certified appraisal firm, as selected and retained by United or, as
applicable for any Post-Default Appraisal where a Person other than United is engaging such Appraiser, as selected by such Person,
acting reasonably, and reasonably satisfactory to the Subordination Agent and the Controlling Party.

 

“Available Amount” means,
with respect to any Liquidity Facility on any date, the Maximum Available Commitment (as defined therein) on such date.

 

“Bankruptcy Code” means
the United States Bankruptcy Code, 11 U.S.C. Sections 101 et seq.

 

“Basic Agreement” means
the Pass Through Trust Agreement dated as of October 3, 2012, between United (formerly known as Continental Airlines, Inc.) and
WTNA, not in its individual capacity, except as otherwise expressly provided therein, but solely as trustee.

 

“BK” means BK Associates,
Inc.

 

“Business Day” means any
day other than a Saturday or Sunday or a day on which commercial banks are required or authorized to close in Chicago, Illinois,
New York, New York, or, so long as any Certificate is outstanding, the city and state in which any Trustee, the Subordination
Agent or any Loan Trustee maintains its Corporate Trust Office and that, solely with respect to the making and repayment of Advances
under any Liquidity Facility, also is a “Business Day” as defined in such Liquidity Facility.

 

“Cash Collateral Account”
means, with respect to any Liquidity Facility, a Class A Cash Collateral Account.

 

“Certificate” means a
Class A Certificate and/or any Additional Certificates, as the context may so require.

 

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

 

“Class” means a class
of Certificates issued by the Class A Trust and/or any Additional Trust, as the context may so require.

 

“Class A Cash Collateral Account”
means, with respect to any Liquidity Facility with respect to the Class A Certificates, an Eligible Deposit Account in the name
of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it shall so qualify,
into which all amounts drawn under such Class A Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(m) shall
be deposited.

 

“Class A Certificateholder”
means, at any time, any holder of one or more Class A Certificates.

 

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

 

“Class A Liquidity Facility”
means, initially, each Revolving Credit Agreement dated as of the Closing Date, between the Subordination Agent, as agent and
trustee for the Class A Trust, a Closing Date Class A Liquidity Provider, and from and after each replacement of all or any portion
of such Revolving Credit Agreement pursuant hereto, the Replacement Liquidity Facility therefor, in each case as amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

“Class A Liquidity Provider”
means initially, each Closing Date Class A Liquidity Provider and, if applicable, any Replacement Liquidity Provider which has
issued a Replacement Liquidity Facility to replace any Class A Liquidity Facility (or portion thereof) pursuant to Section 3.5(e)
or Section 3.5(l).

 

“Class A Trust” means
the United Airlines Pass Through Trust 2020-1A created and administered pursuant to the Class A Trust Agreement.

 

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

 

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

 

“Class B Certificates”
means certificates generally subordinated to the Class A Certificates, but no other Additional Certificates, issued by an Additional
Trust.

 

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“Class C Certificates”
means certificates generally subordinated to the Class A Certificates and the Class B Certificates, but no other Additional Certificates,
issued by an Additional Trust.

 

“Closing Date” means October
28, 2020.

 

“Closing Date Class A Liquidity
Providers” means each of (i) Goldman Sachs Bank USA, (ii) Barclays Bank PLC and (iii) Morgan Stanley Bank, N.A.

 

“Code” means the Internal
Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder.

 

“Collateral” has the meaning
specified in the Indenture.

 

“Collection Account” means
the Eligible Deposit Account established by the Subordination Agent pursuant to Section 2.2(a)(i) which the Subordination Agent
shall make deposits in and withdrawals from in accordance with this Agreement.

 

“Controlling Party” means
the Person entitled to act as such pursuant to the terms of Section 2.6.

 

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

 

“Current Distribution Date”
means a Distribution Date specified as a reference date for calculating the Expected Distributions with respect to the Certificates
of any Trust as of such Distribution Date.

 

“Deemed Note Disposition Event”
means, in respect of any Equipment Note, the continuation of an Indenture Default in respect of such Equipment Note without an
Actual Disposition Event occurring in respect of such Equipment Note for a period of five years from the date of the occurrence
of such Indenture Default.

 

“Designated Representatives”
means the Subordination Agent Representatives, the Trustee Representatives and the Provider Representatives identified under Section
2.5.

 

“Distribution Date” means
a Regular Distribution Date or a Special Distribution Date.

 

“Dollars” or “$”
means United States dollars.

 

“Downgrade Date” has the
meaning specified in Section 3.5(c).

 

“Downgrade Drawing” has
the meaning specified in Section 3.5(c).

 

“Downgrade
Event” means, with respect to any Liquidity Facility, a downgrading of the Long-Term Rating of the Liquidity Provider
thereunder then issued by any Rating Agency

 

    6

     

    

 

below the applicable Threshold Rating (or, if a confirmation was provided by a Rating
Agency in connection with the occurrence of a previous Downgrade Event in accordance with Section 3.5(c)(ii)(B), an additional
downgrading by such Rating Agency of the Long-Term Rating of such Liquidity Provider), or if any such rating has been withdrawn
or suspended.

 

“Downgraded Facility”
has the meaning specified in Section 3.5(c).

 

“Drawing” means an Interest
Drawing, a Final Drawing, a Special Termination Drawing, a Non-Extension Drawing or a Downgrade Drawing, as the case may be.

 

“DTC” means The Depository
Trust Company.

 

“Eligible
Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account
with the corporate trust department of a depository institution organized under the laws of the United States of America or any
one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution has a long-term
unsecured debt rating of at least A3 from Moody’s and a long-term issuer credit rating of at least A- from S&P. An Eligible
Deposit Account may be maintained with a Liquidity Provider so long as such Liquidity Provider is an Eligible Institution; provided
that such Liquidity Provider shall have waived all rights of set-off and counterclaim with respect to such account.

 

“Eligible Institution”
means (a) the corporate trust department of the Subordination Agent or any Trustee, as applicable, or (b) a depository institution
organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any
U.S. branch of a foreign bank), which has a long-term unsecured debt rating from Moody’s of at least A3 or its equivalent
or a long-term issuer credit rating from S&P of at least A- or its equivalent.

 

“Eligible
Investments” means (a) investments in obligations of, or guaranteed by, the United States government having maturities
no later than 90 days following the date of such investment, (b) investments in open market commercial paper of any corporation
incorporated under the laws of the United States of America or any state thereof with a short-term issuer credit rating issued
by Moody’s and S&P of at least P-1 and A-, respectively, having maturities no later than 90 days following the date
of such investment or (c) investments in negotiable certificates of deposit, time deposits, banker’s acceptances, commercial
paper or other direct obligations of, or obligations guaranteed by, commercial banks organized under the laws of the United States
or of any political subdivision thereof (or any U.S. branch of a foreign bank) with a short-term unsecured debt rating by Moody’s
of at least P-1 and a short-term issuer credit rating by S&P of at least A-, having maturities no later than 90 days following
the date of such investment; provided, however, that (x) all Eligible Investments that are bank obligations shall
be denominated in Dollars; and (y) the aggregate amount of Eligible Investments at any one time that are bank obligations issued
by any one bank shall not be in excess of 5% of such bank’s capital and surplus; provided further that any investment
of the types described in clauses (a), (b) and (c) above may be made through a repurchase agreement in commercially reasonable
form with a bank or other financial institution qualifying as an Eligible Institution so long as such

 

    7

     

    

 

investment is held by a
third party custodian also qualifying as an Eligible Institution; provided further, however, that in the case of
any Eligible Investment issued by a domestic branch of a foreign bank, the income from such investment shall be from sources within
the United States for purposes of the Code. Notwithstanding the foregoing, no investment of the types described in clause (b)
above which is issued or guaranteed by United or any of its Affiliates, and no investment in the obligations of any one bank in
excess of $10,000,000, shall be an Eligible Investment unless a Ratings Confirmation shall have been received with respect to
the making of such investment.

 

“Equipment Note Special Payment”
means a Special Payment on account of the redemption, purchase or prepayment of Equipment Notes issued pursuant to the Indenture.

 

“Equipment Notes” means,
at any time, the Series A Equipment Note, any Additional Equipment Note and any Equipment Notes issued in exchange therefor or
replacement thereof pursuant to the terms of the Indenture.

 

“Expected Distributions”
means, with respect to the Certificates of any Trust on any Current Distribution Date, the difference between (A) the Pool Balance
of such Certificates as of the immediately preceding Distribution Date (or, if the Current Distribution Date is the first Distribution
Date after the issuance of such Certificates, the original aggregate face amount of the Certificates of such Trust) and (B) the
Pool Balance of such Certificates as of the Current Distribution Date calculated on the basis that (i) the principal of the Non-Performing
Equipment Notes held in such Trust has been paid in full and such payments have been distributed to the holders of such Certificates,
(ii) the principal of the Performing Equipment Notes held in such Trust has been paid when due (without giving effect to any Acceleration
of Performing Equipment Notes) and such payments have been distributed to the holders of such Certificates and (iii) the principal
of any Equipment Notes formerly held in such Trust that have been sold pursuant to the terms hereof has been paid in full and
such payments have been distributed to the holders of such Certificates. For purposes of calculating Expected Distributions with
respect to the Certificates of any Trust, any Premium paid on the Equipment Notes held in such Trust which has not been distributed
to the Certificateholders of such Trust (other than such Premium or a portion thereof applied to the payment of interest on the
Certificates of such Trust or the reduction of the Pool Balance of such Trust) shall be added to the amount of such Expected Distributions.

 

“Expiry Date” means, with
respect to any Liquidity Facility, the “Expiry Date” as defined in such Liquidity Facility.

 

“Facility Office” means,
with respect to any Liquidity Facility, the office of the Liquidity Provider thereunder, presently located in New York, or such
other office as such Liquidity Provider from time to time shall notify the applicable Trustee as its “Facility Office”
under any such Liquidity Facility; provided that such Liquidity Provider shall not change its Facility Office to another
Facility Office outside the United States of America except in accordance with Section 3.01, 3.02 or 3.03 of any such Liquidity
Facility or with the prior consent of United.

 

    8

     

    

 

“Fee Letter” means, collectively,
(i) any fee letter dated as of the date hereof among a Liquidity Provider and the Subordination Agent, and acknowledged by United,
with respect to the Liquidity Facility of such Liquidity Provider and (ii) any fee letter entered into among the Subordination
Agent, any Replacement Liquidity Provider and United in respect of any Replacement Liquidity Facility.

 

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

 

“Final Distributions”
means, with respect to the Certificates of any Trust on any Distribution Date, the sum of (x) the aggregate amount of all accrued
and unpaid interest on such Certificates and (y) the Pool Balance of such Certificates as of the immediately preceding Distribution
Date. For purposes of calculating Final Distributions with respect to the Certificates of any Trust, any Premium paid on the Equipment
Note held in such Trust which has not been distributed to the Certificateholders of such Trust (other than such Premium or a portion
thereof applied to the payment of interest on the Certificates of such Trust or the reduction of the Pool Balance of such Trust)
shall be added to the amount of such Final Distributions.

 

“Final Drawing” has the
meaning specified in Section 3.5(i).

 

“Final Legal Distribution Date”
means with respect to the Class A Certificates, April 15, 2029.

 

“Financing Agreement”
means each of the Indenture, the Security Agreements and the Note Purchase Agreement.

 

“ICF” means ICF International
Inc.

 

“Indenture” means the
Indenture and Security Agreement entered into by the Loan Trustee and United as of the date hereof, as may be amended, supplemented
or otherwise modified from time to time in accordance with its terms.

 

“Indenture Default” means,
with respect to the Indenture, any Event of Default (as such term is defined in the Indenture) thereunder.

 

“Interest Drawing” has
the meaning specified in Section 3.5(a).

 

“Initial Liquidity Facility”
means the Class A Liquidity Facility provided by the Initial Liquidity Provider.

 

“Initial Liquidity Provider”
means Goldman Sachs Bank USA, in its capacity as a Class A Liquidity Provider.

 

“Interest Payment Date”
means, with respect to any Liquidity Facility, each date on which interest is due and payable under such Liquidity Facility on
a Downgrade Drawing, Non-Extension Drawing, Special Termination Drawing or Final Drawing thereunder, other than any such date
on which interest is due and payable under such Liquidity Facility only on an

 

    9

     

    

 

Applied Provider Advance or Applied Special Termination
Advance (as such terms are defined in such Liquidity Facility).

 

“Investment Earnings”
means investment earnings on funds on deposit in the Trust Accounts net of losses and investment expenses of the Subordination
Agent in making such investments.

 

“Lien” means any mortgage,
pledge, lien, charge, claim, disposition of title, encumbrance, lease, sublease, sub-sublease or security interest of any kind,
including, without limitation, any thereof arising under any conditional sales or other title retention agreement.

 

“Liquidity Event of Default”,
with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

 

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

 

“Liquidity Facility” means,
at any time, any Class A Liquidity Facility.

 

“Liquidity Obligations”
means all principal, interest, fees and other amounts owing to the Liquidity Providers under the Liquidity Facilities, Section
8.1 of the Note Purchase Agreement or any Fee Letter.

 

“Liquidity Provider” means,
at any time, any Class A Liquidity Provider.

 

“Loan Trustee” means,
with respect to each of the Indenture and each Security Agreement, the mortgagee thereunder.

 

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

 

“mba” means mba Aviation.

 

“Minimum Sale Price” means,
with respect to any Spare Part (or group of Spare Parts to be sold in a single transaction), Spare Engine or Aircraft, 75% of
the Appraised Current Market Value of such Spare Part (or group of Spare Parts to be sold in a single transaction), Spare Engine
or Aircraft or, with respect to the Equipment Notes, 85% of the Appraised Current Market Value of the Collateral.

 

“Moody’s” means
Moody’s Investor Services, Inc.

 

“Non-Controlling Party”
means, at any time, any Trustee, Liquidity Provider or other Person which is not the Controlling Party at such time.

 

“Non-Extended Facility”
has the meaning specified in Section 3.5(d).

 

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“Non-Extension Drawing”
has the meaning specified in Section 3.5(d).

 

“Non-Performing Equipment Note”
means an Equipment Note issued pursuant to the Indenture that is not a Performing Equipment Note.

 

“Note Purchase Agreement”
means the Note Purchase Agreement, dated as of the date hereof, among United, the Class A Trustee and the Subordination Agent,
as amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Notice Date” has the
meaning specified in Section 3.5(d).

 

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

 

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

 

(i)       Certificates
of such Class theretofore canceled by the Registrar (as defined in such Trust Agreement) or delivered to the Trustee thereunder
or such Registrar for cancellation;

 

(ii)       Certificates
of such Class for which money in the full amount required to make the Final Distribution with respect to such Certificates pursuant
to Section 11.01 of such Trust Agreement has been theretofore deposited with the related Trustee in trust for the holders of such
Certificates as provided in Section 4.01 of such Trust Agreement pending distribution of such money to such Certificateholders
pursuant to such Final Distribution payment; and

 

(iii)      Certificates
of such Class in exchange for or in lieu of which other Certificates have been authenticated and delivered pursuant to such Trust
Agreement;

 

provided, however, that in determining whether
the holders of the requisite Outstanding amount of such Certificates have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, any Certificates owned by United or any of its Affiliates shall be disregarded and deemed
not to be Outstanding, except that, in determining whether such Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Certificates that such Trustee knows to be so owned shall be so disregarded.
Certificates so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the applicable Trustee the pledgee’s right so to act with respect to such Certificates and that the pledgee is not United
or any of its Affiliates.

 

“Overdue Scheduled Payment”
means any Scheduled Payment which is not in fact received by the Subordination Agent within five days after the Scheduled Payment
Date relating thereto.

 

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“Payees” has the meaning
specified in Section 2.4(c).

 

“Performing Equipment Note”
means an Equipment Note with respect to which no payment default has occurred and is continuing (without giving effect to any
Acceleration); provided that in the event of a bankruptcy proceeding under the Bankruptcy Code in which United is a debtor
any payment default existing during the 60-Day Period (or such longer period as may apply under Section 1110(b) of the Bankruptcy
Code or as may apply for the cure of such payment default under Section 1110(a)(2)(B) of the Bankruptcy Code) shall not be taken
into consideration until the expiration of the applicable period.

 

“Performing Note Deficiency”
means any time that the Equipment Note (other than any Additional Equipment Notes issued under the Indenture) is not a Performing
Equipment Note.

 

“Person” means any individual,
corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, trustee, unincorporated
organization or government or any agency or political subdivision thereof.

 

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

 

“Post-Default Appraisals”
has the meaning specified in Section 4.1(a)(iv).

 

“Preferred Pool Balance”
means, with respect to any Class of Additional Certificates, and, as applicable, the Additional Equipment Note of the related
series, as of any date, the excess of (A) the Pool Balance of such Class as of the immediately preceding Distribution Date
(or, if such date is on or before the first Distribution Date, the original aggregate face amount of such Class) (after giving
effect to distributions made on such date) over (B) (i) for so long as neither clause (ii) nor clause (iii) below is applicable,
the sum of (x) with respect to each Aircraft and Spare Engine, and all or substantially all of the Spare Parts Collateral,
in each case having been previously sold or disposed for cash by the Loan Trustee (in connection with its exercise of remedies),
the portion, if any of the Pro Rata Allocable Amount in respect of such specific Collateral that remains unpaid as of such date
subsequent to such sale or disposition and after giving effect to any distributions of the proceeds of such sale or disposition
applied under the Indenture to the payment of such Additional Equipment Note (with any principal so applied to such Additional
Equipment Note being deemed to be applied to payment of such Pro Rata Allocable Amount), and (y) with respect to each Aircraft
and Spare Engine having suffered an Event of Loss (as defined in the Indenture) requiring an applicable mandatory redemption of
Equipment Notes pursuant to the Indenture or any Security Agreement, the portion, if any, of the Pro Rata Allocable Amount in
respect of such specific Collateral that

 

    12

     

    

 

remains unpaid as of such date subsequent to the scheduled date of such mandatory redemption
after giving effect to the distributions of any proceeds in respect of such Event of Loss (and any other payments in respect of
such mandatory redemption) applied under the Indenture to the payment of such Additional Equipment Note; provided, however,
that if more than one of the foregoing clauses (i)(x) and (i)(y) is applicable to any specific Collateral, only the amount determined
pursuant to the clause that first became applicable shall be counted with respect to such Collateral; (ii) the excess, if
any, of (x) the outstanding amount of principal and interest as of the date of sale of such Additional Equipment Note previously
sold over (y) the purchase price received with respect to the sale of such Additional Equipment Note (net of any applicable
costs and expenses of sale); and (iii) if a Deemed Note Disposition Event has occurred, the outstanding principal amount of such
Additional Equipment Note; provided, however, that if any one or more of the clauses (ii) and (iii) is applicable to such Additional
Equipment Note, only the amount determined pursuant to the first such clause that became applicable shall be counted with respect
to such Additional Equipment Note (and any amount determined pursuant to clause (i) shall be disregarded).

 

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

 

“Pro Rata Allocable Amount”
means, with respect to any Additional Equipment Note and occurrence of any event or circumstance described in clause (B)(i) of
the definition of “Preferred Pool Balance” with respect to any specific Collateral, the principal amount of such Additional
Equipment Note then allocated to, or required to be redeemed or prepaid in connection with or as a result of such event or circumstance
in respect of, as applicable, such specific Collateral pursuant to the Indenture (as amended to provide for the issuance of such
Additional Equipment Note).

 

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

 

“Proportionate Share”
means, with respect to any Liquidity Facility with respect to any Class of Certificates, a fraction, the numerator of which is
the Stated Amount of such Liquidity Facility, and the denominator of which is the sum of the Stated Amounts under all Liquidity
Facilities with respect to such Class of Certificates.

 

“Provider Incumbency Certificate”
has the meaning specified in Section 2.5(c).

 

“Provider Representatives”
has the meaning specified in Section 2.5(c).

 

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

 

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“Rating Agencies” means,
collectively, at any time, each nationally recognized rating agency which shall have been requested to rate the Certificates and
which shall then be rating the Certificates. The initial Rating Agencies will be Moody’s and S&P.

 

“Ratings Confirmation”
means, with respect to any action proposed to be taken, a written confirmation from each of the Rating Agencies that such action
would not result in (i) a reduction of the rating for any Class of Certificates below the then current rating for such Class of
Certificates or (ii) a withdrawal or suspension of the rating of any Class of Certificates.

 

“Refinancing Certificateholders”
has the meaning specified in Section 9.1(c).

 

“Refinancing Certificates”
has the meaning specified in Section 9.1(c).

 

“Refinancing Equipment Notes”
has the meaning specified in Section 9.1(c).

 

“Refinancing Trust” has
the meaning specified in Section 9.1(c).

 

“Refinancing Trust Agreement”
has the meaning specified in Section 9.1(c).

 

“Refinancing Trustee”
has the meaning specified in Section 9.1(c).

 

“Regular Distribution Dates”
means each January 15, April 15, July 15 and October 15, commencing on January 15, 2021; provided, however, that,
if any such day shall not be a Business Day, the related distribution shall be made on the next succeeding Business Day without
distribution of interest for such additional period.

 

“Replacement Liquidity Facility”
means, (i) with respect to any Liquidity Facility being replaced other than in connection with a transfer covered by clause (ii)
below, an irrevocable revolving credit agreement (or agreements) in substantially the form of such Liquidity Facility, including
reinstatement provisions, or an agreement (or agreements) in such other form (which may include a letter of credit) as shall permit
the Rating Agencies to confirm in writing their respective ratings then in effect for the related Certificates (before downgrading
of such ratings, if any, as a result of the downgrading of the applicable Liquidity Provider), in a face amount (or in an aggregate
face amount) equal to the then Required Amount of such Liquidity Facility and issued by a Person (or Persons) having a long-term
unsecured debt rating or long-term issuer credit rating, as the case may be, issued by each Rating Agency which are equal to or
higher than the Threshold Rating or (ii) with respect to any Liquidity Facility for which all or any portion of the commitments
thereunder have been transferred and reduced pursuant to Section 3.5(l), an irrevocable revolving credit agreement (or agreements)
in substantially the form of the replaced Liquidity Facility, including reinstatement provisions, or an agreement (or agreements)
in such other form (which may include a letter of credit) as shall permit the Rating Agencies to confirm in writing their respective
ratings then in effect for the related Certificates and issued by a Person (or Persons) having a long-term unsecured debt rating
or long-term issuer credit rating, as the case may be, issued by each Rating Agency which are equal to or higher than the Threshold
Rating. Without limitation of the form that a Replacement Liquidity Facility otherwise may have pursuant to the preceding sentence,
a Replacement Liquidity Facility for any Class of Certificates may have a stated expiration date earlier than 15

 

    14

     

    

 

days after the
Final Legal Distribution Date of such Class of Certificates so long as such Replacement Liquidity Facility provides for a Non-Extension
Drawing as contemplated by Section 3.5(d) hereof.

 

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

 

“Representative” means
Goldman Sachs & Co. LLC.

 

“Required Amount” means
with respect to any Liquidity Facility or Cash Collateral Account, for any day, the sum of the aggregate amount of interest, calculated
at the rate per annum equal to the Stated Interest Rate for the related Class of Certificates, that would be payable on such Class
of Certificates on each of the six successive Regular Distribution Dates immediately following such day or, if such day is a Regular
Distribution Date, on such day and the succeeding five Regular Distribution Dates, in each case calculated on the basis of the
Pool Balance of such Class of Certificates on such day and without regard to expected future distributions of principal on such
Class of Certificates and, where there is more than a single Liquidity Facility for such Class, calculated with respect to each
such Liquidity Facility by reference to its respective Proportionate Share.

 

“Responsible Officer”
means (i) with respect to the Subordination Agent and any Trustee, any officer in the corporate trust administration department
of the Subordination Agent or such Trustee or any other officer customarily performing functions similar to those performed by
the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of
his knowledge of and familiarity with a particular subject and (ii) with respect to each Liquidity Provider, any authorized officer
or authorized signatory of such Liquidity Provider.

 

“Scheduled Payment” means,
with respect to any Equipment Note, (i) any payment of principal or interest on such Equipment Note (other than an Overdue
Scheduled Payment) due from the obligor thereon, which payment represents the installment of principal at the stated maturity
of such installment of principal on such Equipment Note, the payment of regularly scheduled interest accrued on the unpaid principal
amount of such Equipment Note, or both or (ii) any payment of interest on the corresponding Class of Certificates with funds drawn
under any Liquidity Facility or withdrawn from any Cash Collateral Account, which payment represents the payment of regularly
scheduled interest accrued on the unpaid principal amount of the related Equipment Note; provided that any payment of principal
of, Premium, if any, or interest resulting from the redemption or purchase of any Equipment Note shall not constitute a Scheduled
Payment.

 

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

 

“Section 2.4 Fraction”
means, with respect to any Special Distribution Date, a fraction, the numerator of which shall be the amount of principal of the
Series A Equipment Note being redeemed, purchased or prepaid on such Special Distribution Date, and the denominator of

 

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which shall
be the aggregate unpaid principal amount of the Series A Equipment Note outstanding as of such Special Distribution Date.

 

“Security Agreement” means
each of the Spare Parts Security Agreement and the Spare Engines Security Agreement.

 

“Series A Equipment Note”
means the Series A Equipment Note issued pursuant to the Indenture by United and authenticated by the Loan Trustee thereunder,
and any such Equipment Note issued in exchange therefor or replacement thereof pursuant to the terms of the Indenture.

 

“S&P” means Standard
 & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.

 

“60-Day Period” means
the 60-day period specified in Section 1110(a)(2)(A) of the Bankruptcy Code.

 

“Spare Engines” means
the “Spare Engines” referred to in the Indenture and pledged pursuant to the Spare Engines Security Agreement.

 

“Spare Engines Security Agreement”
means that certain Spare Engines Security Agreement, dated as of the Closing Date, between United and the Loan Trustee, as the
same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Spare Parts” means “Spare
Parts” as defined in the Indenture.

 

“Spare Parts Collateral”
means the “Spare Parts Collateral” referred to in the Indenture and pledged as Collateral pursuant to the Spare Parts
Security Agreement.

 

“Spare Parts Security Agreement”
means that certain Spare Parts Security Agreement, dated as of the Closing Date, between United and the Loan Trustee, as the same
may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

 

“Special Distribution Date”
means, with respect to any Special Payment, the date chosen by the Subordination Agent pursuant to Section 2.4(a) for the distribution
of such Special Payment in accordance with this Agreement, whether distributed pursuant to Section 2.4 or Section 3.2
hereof.

 

“Special Payment” means
any payment (other than a Scheduled Payment) in respect of, or any proceeds of, any Equipment Note or Collateral (excluding, for
avoidance of doubt, any amounts held as Collateral and not yet applied to any such Equipment Note pursuant to the Indenture and
the Security Agreements).

 

“Special Payments Account”
means the Eligible Deposit Account created pursuant to Section 2.2(a)(ii) as a sub-account to the Collection Account.

 

“Special Termination Drawing”
has the meaning specified in Section 3.5(m).

 

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“Special Termination Notice”,
with respect to any Liquidity Facility, has the meaning specified in such Liquidity Facility.

 

“Stated Amount”, with
respect to any Liquidity Facility, means the Maximum Commitment (as defined in such Liquidity Facility) of the applicable Liquidity
Provider.

 

“Stated Interest Rate”
means, (i) with respect to the Class A Certificates, 5.875% per annum, computed on the basis of a 360-day year and of twelve 30-day
months, and (ii) with respect to any other Class, the applicable interest rate for the Certificates of such Class.

 

“Subordination Agent”
has the meaning specified in the preamble to this Agreement.

 

“Subordination Agent Incumbency
Certificate” has the meaning specified in Section 2.5(a).

 

“Subordination Agent Representatives”
has the meaning specified in Section 2.5(a).

 

“Tax” and “Taxes”
mean any and all taxes, fees, levies, duties, tariffs, imposts, and other charges of any kind (together with any and all interest,
penalties, loss, damage, liability, expense, additions to tax and additional amounts or costs incurred or imposed with respect
thereto) imposed or otherwise assessed by the United States of America or by any state, local or foreign government (or any subdivision
or agency thereof) or other taxing authority, including, without limitation: taxes or other charges on or with respect to income,
franchises, windfall or other profits, gross receipts, property, sales, use, capital stock, payroll, employment, social security,
workers’ compensation, unemployment compensation, or net worth and similar charges; taxes or other charges in the nature
of excise, withholding, ad valorem, stamp, transfer, value added, taxes on goods and services, gains taxes, license, registration
and documentation fees, customs duties, tariffs, and similar charges.

 

“Termination Notice”,
with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

 

“Threshold Rating” means
(a) in the case of Moody’s, a Long-Term Rating of Baa2 and (b) in the case of S&P, a Long-Term Rating of A-.

 

“Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions
of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury
Regulations.

 

“Triggering Event” means
(x) the occurrence of an Indenture Default resulting in a PTC Event of Default with respect to the most senior Class of Certificates
then Outstanding, (y) the Acceleration of all of the outstanding Equipment Notes or (z) the occurrence of a United Bankruptcy
Event.

 

“Trust” means the Class
A Trust and any Additional Trust.

 

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“Trust Accounts” has the
meaning specified in Section 2.2(a).

 

“Trust Agreement” means
the Class A Trust Agreement and/or any Additional Trust Agreement, as the context may so require.

 

“Trust Property”, with
respect to any Trust, has the meaning set forth in the Trust Agreement for such Trust.

 

“Trustee” means either
of the Class A Trustee and/or any Additional Trustee, as the context may require.

 

“Trustee Incumbency Certificate”
has the meaning specified in Section 2.5(b).

 

“Trustee Representatives”
has the meaning specified in Section 2.5(b).

 

“Unapplied Provider Advance”,
with respect to any Liquidity Facility, has the meaning specified in such Liquidity Facility.

 

“Unapplied Special Termination Advance”
means any Special Termination Advance other than an Applied Special Termination Advance.

 

“Underwriters” means the
several firms named as Underwriters in Schedule II to the Underwriting Agreement.

 

“Underwriting Agreement”
means the Underwriting Agreement dated October 20, 2020 among the Representatives of the Underwriters and United, relating to
the purchase of the Certificates by the Underwriters, as the same may be amended, supplemented or otherwise modified from time
to time in accordance with its terms.

 

“United” means United
Airlines, Inc., a Delaware corporation, and its successors and assigns.

 

“United Bankruptcy Event”
means the occurrence and continuation of any of the following:

 

(a)       United
shall consent to the appointment of or the taking of possession by a receiver, trustee or liquidator of itself or of a substantial
part of its property, or United shall admit in writing its inability to pay its debts generally as they come due, or does not
pay its debts generally as they become due or shall make a general assignment for the benefit of creditors, or United shall file
a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief in
a case under any bankruptcy laws or other insolvency laws (as in effect at such time) or an answer admitting the material allegations
of a petition filed against United in any such case, or United shall seek relief by voluntary petition, answer or consent, under
the provisions of any other bankruptcy or other similar law providing for the reorganization or winding-up of corporations (as
in effect at such time) or United shall seek an agreement, composition, extension or adjustment with its creditors under such
laws, or United’s board of directors

 

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shall adopt a resolution authorizing corporate action in furtherance of any of the
foregoing; or

 

(b)       an
order, judgment or decree shall be entered by any court of competent jurisdiction appointing, without the consent of United, a
receiver, trustee or liquidator of United or of any substantial part of its property, or any substantial part of the property
of United shall be sequestered, or granting any other relief in respect of United as a debtor under any bankruptcy laws or other
insolvency laws (as in effect at such time), and any such order, judgment or decree of appointment or sequestration shall remain
in force undismissed, unstayed and unvacated for a period of 60 days after the date of entry thereof; or

 

(c)       a
petition against United in a case under any bankruptcy laws or other insolvency laws (as in effect at such time) is filed and
not withdrawn or dismissed within 60 days thereafter, or if, under the provisions of any law providing for reorganization or winding-up
of corporations which may apply to United, any court of competent jurisdiction assumes jurisdiction, custody or control of United
or of any substantial part of its property and such jurisdiction, custody or control remains in force unrelinquished, unstayed
and unterminated for a period of 60 days.

 

“United Provisions” has
the meaning specified in Section 9.1(a).

 

“Written Notice” means,
from the Subordination Agent, any Trustee or any Liquidity Provider, a written instrument executed by the Designated Representative
of such Person. An invoice delivered by a Liquidity Provider pursuant to Section 3.1 in accordance with its normal invoicing procedures
shall constitute Written Notice under such Section.

 

“WTNA” has the meaning
specified in the recitals to this Agreement.

 

ARTICLE
II

TRUST ACCOUNTS; CONTROLLING PARTY

 

SECTION 2.1.           
Agreement to Terms of Subordination; Payments from Monies Received Only. (a) Each Trustee hereby acknowledges and
agrees to the terms of subordination and distribution set forth in this Agreement in respect of each Class of Certificates and
agrees to enforce such provisions and cause all payments in respect of each Equipment Note held by the Subordination Agent and
the Liquidity Facilities to be applied in accordance with the terms of this Agreement. In addition, the each Trustee hereby agrees
to cause each Equipment Note purchased by the related Trust to be registered in the name of the Subordination Agent or its nominee,
as agent and trustee for such Trustee, to be held in trust by the Subordination Agent solely for the purpose of facilitating the
enforcement of the subordination and other provisions of this Agreement.

 

(b)       Except
as otherwise expressly provided in the next succeeding sentence of this Section 2.1(b), all payments to be made by the Subordination
Agent hereunder shall be made only from amounts received by it that constitute Scheduled Payments, Special Payments or

 

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payments
under Section 8.1 of the Note Purchase Agreement and only to the extent that the Subordination Agent shall have received sufficient
income or proceeds therefrom to enable it to make such payments in accordance with the terms hereof. Each of the Trustees and
the Subordination Agent hereby agrees and, as provided in the Class A Trust Agreement, each Certificateholder, by its acceptance
of a Certificate and each Liquidity Provider, by entering into each Liquidity Facility to which it is a party, has agreed to look
solely to such amounts to the extent available for distribution to it as provided in this Agreement and that none of the Trustees,
the Loan Trustees and the Subordination Agent is personally liable to any of them for any amounts payable or any liability under
this Agreement, any Trust Agreement, any Liquidity Facility or such Certificate, except (in the case of the Subordination Agent)
as expressly provided herein or (in the case of the Trustees) as expressly provided in each Trust Agreement or (in the case of
the Loan Trustee) as expressly provided in any Operative Agreement.

 

SECTION 2.2.           
Trust Accounts. (a) Upon the execution of this Agreement, the Subordination Agent shall establish and maintain in
its name (i) the Collection Account as an Eligible Deposit Account, bearing a designation clearly indicating that the funds deposited
therein are held in trust for the benefit of the Trustees, the Certificateholders and, if applicable, the Liquidity Providers
and (ii) as a sub-account in the Collection Account, the Special Payments Account as an Eligible Deposit Account, bearing
a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Trustees, the Certificateholders
and, if applicable, the Liquidity Providers. The Subordination Agent shall establish and maintain the Cash Collateral Accounts
pursuant to and under the circumstances set forth in Section 3.5(f) hereof. Upon such establishment and maintenance under Section
3.5(f) hereof, the Cash Collateral Accounts shall, together with the Special Payments Account and the Collection Account, constitute
the “Trust Accounts” hereunder. Without limiting the foregoing, all monies credited to the Trust Accounts shall
be, and shall remain, the property of the relevant Trust(s).

 

(b)       Funds
on deposit in the Trust Accounts shall be invested and reinvested by the Subordination Agent in Eligible Investments selected
by the Subordination Agent if such investments are reasonably available and have maturities no later than the earlier of (i) 90
days following the date of such investment and (ii) the Business Day immediately preceding the Regular Distribution Date or the
date of the related distribution pursuant to Section 2.4 hereof, as the case may be, next following the date of such investment;
provided, however, that following the making of a Special Termination Drawing or a Downgrade Drawing under any Liquidity
Facility, the Subordination Agent shall invest and reinvest such funds in Eligible Investments at the direction of United (or,
if and to the extent so specified to the Subordination Agent by United with respect to any Liquidity Facility, the Liquidity Provider
with respect to such Liquidity Facility); provided further, however, that, notwithstanding the foregoing
proviso, following the making of a Non-Extension Drawing under any Liquidity Facility, the Subordination Agent shall invest and
reinvest the amounts in the Cash Collateral Account with respect to such Liquidity Facility in Eligible Investments pursuant to
the written instructions of the Liquidity Provider funding such Drawing; provided further, however,
that upon the occurrence and during the continuation of a Triggering Event, the Subordination Agent shall invest and reinvest
such amounts in Eligible Investments in accordance with the written instructions of the Controlling Party. Unless otherwise expressly
provided in this Agreement (including, without limitation, with respect to Investment Earnings on amounts on deposit in the Cash
Collateral Accounts

 

    20

     

    

 

pursuant to Section 3.5(f) hereof), any Investment Earnings shall be deposited in the Collection Account when
received by the Subordination Agent and shall be applied by the Subordination Agent in the same manner as the other amounts on
deposit in the Collection Account are to be applied and any losses shall be charged against the principal amount invested, in
each case net of the Subordination Agent’s reasonable fees and expenses in making such investments. The Subordination Agent
shall not be liable for any loss resulting from any investment, reinvestment or liquidation required to be made under this Agreement
other than by reason of its willful misconduct or gross negligence (or, with respect to the handling or transfer of funds, its
own negligence). Eligible Investments and any other investment required to be made hereunder shall be held to their maturities
except that any such investment may be sold (without regard to its maturity) by the Subordination Agent without instructions whenever
such sale is necessary to make a distribution required under this Agreement. Uninvested funds held hereunder shall not earn or
accrue interest.

 

(c)       The
Subordination Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts
and in all proceeds thereof (including all income thereon, except as otherwise expressly provided in Section 3.3(b) with respect
to Investment Earnings). The Trust Accounts shall be held in trust by the Subordination Agent under the sole dominion and control
of the Subordination Agent for the benefit of the Trustees, the Certificateholders and the Liquidity Providers, as the case may
be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Subordination Agent shall within
10 Business Days (or such longer period, not to exceed 30 calendar days, for which a Ratings Confirmation for each Class of Certificates
shall have been obtained) establish a new Collection Account, Special Payments Account or Cash Collateral Accounts, as the case
may be, as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Collection Account, Special
Payments Account or Cash Collateral Accounts, as the case may be. So long as WTNA is an Eligible Institution, the Trust Accounts
shall be maintained with it as Eligible Deposit Accounts.

 

SECTION 2.3.           
Deposits to the Collection Account and Special Payments Account. (a) The Subordination Agent shall, upon receipt
thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the
express terms hereof is to be deposited to a Cash Collateral Account).

 

(b)       The
Subordination Agent shall, on each date when one or more Special Payments are made to the Subordination Agent as holder of the
Equipment Notes, deposit in the Special Payments Account the aggregate amount of such Special Payments.

 

SECTION 2.4.           
Distributions of Special Payments. (a) Notice of Special Payment. Except as provided in Section 2.4(c) below,
upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or,
in the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall
promptly give notice thereof to each Trustee and each Liquidity Provider. The Subordination Agent shall promptly calculate the
amount of the redemption or purchase of Equipment Notes, the amount of any Overdue Scheduled Payment or the proceeds of Equipment
Notes or Collateral, as the case may be, comprising such Special Payment under the Indenture and shall promptly send to each Trustee
and each Liquidity Provider a Written Notice

 

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of such amount and the amount allocable to each Trust. Such Written Notice shall
also set the distribution date for such Special Payment (a “Special Distribution Date”), which shall be the
Business Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice and (y) the
date the Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments
Account shall be distributed in accordance with Sections 2.4(b) and 2.4(c) and Article III hereof, as applicable.

 

For the purposes of the application of any
Equipment Note Special Payment distributed on a Special Distribution Date in accordance with Section 3.2 hereof, so long as no
Indenture Default shall have occurred and be continuing under the Indenture:

 

(i)            the
amount of accrued and unpaid Liquidity Expenses that are not yet due that are payable pursuant to clause “second”
thereof shall be multiplied by the Section 2.4 Fraction;

 

(ii)           clause
 “third” thereof shall be deemed to read as follows: “third, (x) such amount as shall be required
to pay accrued and unpaid interest then in arrears on all Liquidity Obligations (at the rate, or in the amount, provided in the
applicable Liquidity Facility) plus an amount equal to the amount of accrued and unpaid interest on the Liquidity Obligations
not in arrears multiplied by the Section 2.4 Fraction shall be distributed to the Liquidity Providers pro rata on the basis of
the amounts owed to each Liquidity Provider, and (y) if a Special Termination Drawing has been made under any Liquidity Facility
and has not been converted into a Final Drawing, the outstanding amount of such Special Termination Drawing shall be distributed
to the Liquidity Providers, pro rata on the basis of the amounts owed to each Liquidity Provider”; and

 

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

 

(b)       Investment
of Amounts in Special Payments Account. Any amounts on deposit in the Special Payments Account prior to the distribution thereof
pursuant to Section 2.4 or 3.2 shall be invested in accordance with Section 2.2(b). Investment Earnings on such investments shall
be distributed in accordance with Article III hereof.

 

(c)       Certain
Payments. Except for amounts constituting Liquidity Obligations which shall be distributed as provided in Section 3.2, the
Subordination Agent will distribute promptly upon receipt thereof (i) any indemnity payment or expense reimbursement received
by it from United in respect of any Trustee or any Liquidity Provider (collectively, the “Payees”) and (ii)
any compensation received by it from United under any Operative Agreement in respect of any Payee, directly to the Payee entitled
thereto.

 

SECTION 2.5.           
Designated Representatives. (a) With the delivery of this Agreement, the Subordination Agent shall furnish to each
Liquidity Provider and the each

 

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Trustee, and from time to time thereafter may furnish to each Liquidity Provider and each Trustee,
at the Subordination Agent’s discretion, or upon any Liquidity Provider’s or such Trustee’s request (which request
shall not be made more than one time in any 12-month period), a certificate (a “Subordination Agent Incumbency Certificate”)
of a Responsible Officer of the Subordination Agent certifying as to the incumbency and specimen signatures of the officers of
the Subordination Agent and the attorney-in-fact and agents of the Subordination Agent (the “Subordination Agent Representatives”)
authorized to give Written Notices on behalf of the Subordination Agent hereunder. Until each Liquidity Provider and each Trustee
receives a subsequent Subordination Agent Incumbency Certificate, it shall be entitled to rely on the last Subordination Agent
Incumbency Certificate delivered to it hereunder.

 

(b)       With
the delivery of this Agreement, each Trustee shall furnish to the Subordination Agent, and from time to time thereafter may furnish
to the Subordination Agent, at such Trustee’s discretion, or upon the Subordination Agent’s request (which request
shall not be made more than one time in any 12-month period), a certificate (a “Trustee Incumbency Certificate”)
of a Responsible Officer of such Trustee certifying as to the incumbency and specimen signatures of the officers of such Trustee
and the attorney-in-fact and agents of such Trustee (the “Trustee Representatives”) authorized to give Written
Notices on behalf of such Trustee hereunder. Until the Subordination Agent receives a subsequent Trustee Incumbency Certificate,
it shall be entitled to rely on the last Trustee Incumbency Certificate delivered to it hereunder.

 

(c)       With
the delivery of this Agreement, each Liquidity Provider shall furnish to the Subordination Agent, and from time to time thereafter
may furnish to the Subordination Agent, at such Liquidity Provider’s discretion, or upon the Subordination Agent’s
request (which request shall not be made more than one time in any 12-month period), a certificate (each, a “Provider
Incumbency Certificate”) of any Responsible Officer of such Liquidity Provider certifying as to the incumbency and specimen
signatures of any officer, attorney-in-fact, agent or other designated representative of such Liquidity Provider (in each case,
the “Provider Representatives” and, together with the Subordination Agent Representatives and the Trustee Representatives,
the “Designated Representatives”) authorized to give Written Notices on behalf of such Liquidity Provider hereunder.
Until the Subordination Agent receives a subsequent Provider Incumbency Certificate, it shall be entitled to rely on the last
Provider Incumbency Certificate delivered to it hereunder by the relevant Liquidity Provider.

 

SECTION 2.6.           
Controlling Party. (a)  The Trustees and the Liquidity Providers hereby agree that, with respect to the
Indenture and each Security Agreement at any given time, the Loan Trustee thereunder will be directed in taking, or refraining
from taking, any action under the Indenture or the Security Agreements or with respect to the Equipment Notes (i) so long as no
Indenture Default has occurred and is continuing, by the holders of at least a majority of the outstanding principal amount of
the Equipment Notes (provided that, for so long as the Subordination Agent is the registered holder of the Equipment Notes, the
Subordination Agent shall act with respect to this clause (i) in accordance with the directions of the Trustees (in the case of
each such Trustee, with respect to the Equipment Note issued under the Indenture and held as Trust Property of such Trust) constituting,
in the aggregate, directions with respect to at least a majority of outstanding principal amount of the Equipment Notes except
as provided in Section 9.1(b)), and (ii) after the occurrence and during the continuance of an Indenture Default

 

    23

     

    

 

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

 

(b)       The
 “Controlling Party” shall be (x) the Class A Trustee and (y) if any Additional Certificates have been issued pursuant
to Section 9.1(d), upon payment of Final Distributions to the holders of Class A Certificates, the Additional Trustee of the most
senior Class of Additional Certificates for which payment of the applicable Final Distributions has not occurred. For purposes
of giving effect to the provisions of Section 2.6(a) and this Section 2.6(b), the Trustees (other than the Controlling Party,
and, if other than the Class A Trustee, upon its entry into this agreement, shall) irrevocably agree (and the Certificateholders
(other than the Certificateholders represented by the Controlling Party) shall be deemed to agree by virtue of their purchase
of Certificates) that the Subordination Agent, as record holder of the Equipment Notes, shall exercise its voting rights in respect
of the Equipment Notes so held by the Subordination Agent as directed by the Controlling Party and any vote so exercised shall
be binding upon the Trustees and all Certificateholders.

 

The Subordination Agent shall give Written
Notice to all of the other parties to this Agreement promptly upon a change in the identity of the Controlling Party. Each of
the parties hereto agrees that it shall not exercise any of the rights of the Controlling Party at such time as it is not the
Controlling Party hereunder; provided, however, that nothing herein contained shall prevent or prohibit any Non-Controlling
Party from exercising such rights as shall be specifically granted to such Non-Controlling Party hereunder and under the other
Operative Agreements.

 

(c)       Notwithstanding
the foregoing provisions of clauses (a) and (b) above, at any time after 18 months from the earliest to occur of (i) the date
on which the entire Required Amount as of such date under any Liquidity Facility shall have been drawn (excluding a Downgrade
Drawing, a Non-Extension Drawing or a Special Termination Drawing but including a Final Drawing or a Downgrade Drawing, a Non-Extension
Drawing or a Special Termination Drawing that has been converted to a Final Drawing under such Liquidity Facility) and shall remain
unreimbursed, (ii) the date on which the portion of any Downgrade Drawing, Non-Extension Drawing or Special Termination Drawing
equal to the Required Amount as of such date under any Liquidity Facility shall have become and remain “Applied Downgrade
Advances”, “Applied Non-Extension Advances” or “Applied Special Termination Advances”, as the case
may be, under and as defined in such Liquidity Facility and (iii) the date on which all Equipment Notes under the Indenture shall
have been Accelerated (provided that in the event of a bankruptcy proceeding under the Bankruptcy Code in which United
is a debtor, any amounts payable in respect of Equipment Notes which have become immediately due and payable by declaration or
otherwise shall not be considered Accelerated for purposes of this sub-clause (iii) until the expiration of the 60-Day Period
or such longer period as may apply under Section 1110(a)(2)(B) or Section 1110(b) of the Bankruptcy Code), the Liquidity
Provider with the highest outstanding aggregate amount of Liquidity Obligations owed to it (so long as such Liquidity Provider
has not defaulted in its obligation to make any Drawing under any Liquidity Facility) shall have the right to elect, by Written
Notice to the Subordination Agent and each of the Trustees, to become the Controlling Party hereunder at any time from and including
the last

 

    24

     

    

 

day of such 18-month period; provided, that, the non-defaulting Liquidity Providers of any Class may, among themselves
and by notice to the parties hereto, agree to different voting rights with respect to the election to become the Controlling Party
hereunder. For the avoidance of doubt, no such agreement will affect the rights of any other Liquidity Provider not a party to
such agreement to elect to become the Controlling Party hereunder.

 

(d)       The
exercise of remedies by the Controlling Party under this Agreement shall be expressly limited by Sections 4.1(a)(ii) and 4.1(a)(iii)
hereof.

 

(e)       The
Controlling Party shall not be entitled to require or obligate any Non-Controlling Party to provide funds necessary to exercise
any right or remedy hereunder.

 

ARTICLE
III

RECEIPT, DISTRIBUTION AND APPLICATION

OF AMOUNTS RECEIVED

 

SECTION 3.1.           
Written Notice of Distribution. (a) No later than 3:00 P.M. (New York City time) on the Business Day immediately
preceding each Distribution Date, each of the following Persons shall deliver to the Subordination Agent a Written Notice setting
forth the following information as at the close of business on such Business Day:

 

(i)       with
respect to the Class A Certificates, the Class A Trustee shall separately set forth the amounts to be paid in accordance with
clause “first” of Section 3.2 hereof (to reimburse payments made by such Trustee or the Class A Certificateholders,
as the case may be, pursuant to subclause (ii) or (iv) of clause “first”), subclauses (ii) and (iii) of clause “sixth”
of Section 3.2 hereof and clauses “seventh” and “eighth” of Section 3.2 hereof;

 

(ii)       [Reserved.]

 

(iii)      with
respect to each Liquidity Facility, the Liquidity Provider thereunder shall separately set forth the amounts to be paid to it
in accordance with subclauses (iii) and (iv) of clause “first” of Section 3.2 hereof, clause “second”
of Section 3.2 hereof, clause “third” of Section 3.2 hereof, clause “fourth” of Section 3.2 hereof and
clause “fifth” of Section 3.2 hereof; and

 

(iv)      each
Trustee shall set forth the amounts to be paid in accordance with clause “sixth” of Section 3.2 hereof.

 

(b)       At
such time as a Trustee or a Liquidity Provider shall have received all amounts owing to it (and, in the case of a Trustee, the
Certificateholders for which it is acting) pursuant to Section 3.2 hereof, as applicable, and, in the case of a Liquidity Provider,
its commitment or obligations under the related Liquidity Facility shall have terminated or expired, such Person shall, by a Written
Notice, so inform the Subordination Agent and each other party to this Agreement.

 

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(c)       As
provided in Section 6.5 hereof, the Subordination Agent shall be fully protected in relying on any of the information set forth
in a Written Notice provided by any Trustee or any Liquidity Provider pursuant to paragraphs (a) and (b) above and shall have
no independent obligation to verify, calculate or recalculate any amount set forth in any Written Notice delivered in accordance
with such paragraphs.

 

(d)       Any
Written Notice delivered by a Trustee, a Liquidity Provider or the Subordination Agent, as applicable, pursuant to Section 3.1(a)
hereof, if made prior to 10:00 A.M. (New York City time) on any Business Day, shall be effective on the date delivered (or if
delivered later on a Business Day or if delivered on a day which is not a Business Day shall be effective as of the next Business
Day). Subject to the terms of this Agreement, the Subordination Agent shall as promptly as practicable comply with any such instructions;
provided, however, that any transfer of funds pursuant to any instruction received after 10:00 A.M. (New York
City time) on any Business Day may be made on the next succeeding Business Day.

 

(e)       In
the event the Subordination Agent shall not receive from any Person any information set forth in paragraph (a) above which is
required to enable the Subordination Agent to make a distribution to such Person pursuant to Section 3.2 hereof, the Subordination
Agent shall request such information and, failing to receive any such information, the Subordination Agent shall not make such
distribution(s) to such Person. In such event, the Subordination Agent shall make distributions pursuant to clauses “first”
through “eighth” of Section 3.2 to the extent it shall have sufficient information to enable it to make such distributions,
and shall continue to hold any funds remaining, after making such distributions, until the Subordination Agent shall receive all
necessary information to enable it to distribute any funds so withheld.

 

(f)       On
such dates (but not more frequently than monthly) as any Liquidity Provider or any Trustee shall request, but in any event automatically
at the end of each calendar quarter, the Subordination Agent shall send to such party a written statement reflecting all amounts
on deposit with the Subordination Agent pursuant to Section 3.1(e) hereof.

 

The notices required under Section 3.1(a)
may be in the form of a schedule or similar document provided to the Subordination Agent by the parties referenced therein or
by any one of them, which schedule or similar document may state that, unless there has been a prepayment of the Certificates,
such schedule or similar document is to remain in effect until any substitute notice or amendment shall be given to the Subordination
Agent by the party providing such notice.

 

SECTION 3.2.           
Distribution of Amounts on Deposit in the Collection Account. Except as otherwise provided in Sections 2.4, 3.1(e),
3.3, 3.5(b), 3.5(k) and 3.5(m), amounts on deposit in the Collection Account (including amounts on deposit in the Special Payments
Account) shall be promptly distributed on each Regular Distribution Date (or, in the case of any amount described in Section 2.4(a),
on the Special Distribution Date thereof) in the following order of priority and in accordance with the information provided to
the Subordination Agent pursuant to Section 3.1(a) hereof:

 

    26

     

    

 

first, such amount as
shall be required to reimburse (i) the Subordination Agent for any reasonable out-of-pocket costs and expenses actually incurred
by it (to the extent not previously reimbursed) or reasonably expected to be incurred by it for the period ending on the next
succeeding Regular Distribution Date (which shall not exceed $150,000 unless approved in writing by the Controlling Party) in
the protection of, or the realization of the value of, the Equipment Notes or any Collateral, shall be applied by the Subordination
Agent in reimbursement of such costs and expenses, (ii) any Trustee for any amounts of the nature described in clause (i)
above actually incurred by it under the applicable Trust Agreement (to the extent not previously reimbursed), shall be distributed
to such Trustee, (iii) any Liquidity Provider for any amounts of the nature described in clause (i) above actually incurred
by it (to the extent not previously reimbursed), shall be distributed to such Liquidity Provider, and (iv) any Liquidity
Provider or any Certificateholder for payments, if any, made by it to the Subordination Agent or any Trustee in respect of amounts
described in clause (i) above actually incurred by it (to the extent not previously reimbursed) (collectively, the “Administration
Expenses”), shall be distributed to such Liquidity Provider or the applicable Trustee for the account of such Certificateholder,
in each such case, pro rata on the basis of all amounts described in clauses (i) through (iv) above;

 

second, such amount as
shall be required to pay all accrued and unpaid Liquidity Expenses owed to each Liquidity Provider shall be distributed to the
Liquidity Providers pro rata on the basis of the amount of Liquidity Expenses owed to each Liquidity Provider;

 

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

 

fourth, such amount as
shall be required (A) if any Cash Collateral Account had been previously funded as provided in Section 3.5(f), unless (i)
a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the
relevant Liquidity Facility or (ii) a Final Drawing shall have occurred with respect to such Liquidity Facility or an Interest
Drawing for such Liquidity Facility shall have been converted into a Final Drawing, to fund such Cash Collateral Account up to
its Required Amount shall be deposited in such Cash Collateral Account, (B) if any Liquidity Facility shall become a Downgraded
Facility or a Non-Extended Facility at a time when unreimbursed Interest Drawings under such Liquidity Facility have reduced the
Available Amount thereunder to zero, unless (i) a Performing Note Deficiency exists and a Liquidity Event of Default shall have
occurred and be continuing with respect to the relevant Liquidity Facility or (ii) a Final Drawing shall have occurred with respect
to such Liquidity Facility or an Interest Drawing for such Liquidity Facility shall have been converted into a Final Drawing,
to deposit into the related Cash Collateral Account an

 

    27

     

    

 

amount equal to such Cash Collateral Account’s Required Amount shall
be deposited in such Cash Collateral Account, and (C) if, with respect to any particular Liquidity Facility, neither subclause
(A) nor subclause (B) of this clause “fourth” is applicable, to pay or reimburse the Liquidity Provider in respect
of such Liquidity Facility in an amount equal to the amount of all Liquidity Obligations then due under such Liquidity Facility
(other than amounts payable pursuant to clause “second” or “third” of this Section 3.2), pro rata on the
basis of the amounts of all such deficiencies and/or unreimbursed Liquidity Obligations payable to each Liquidity Provider;

 

fifth, if, with respect
to any particular Liquidity Facility, any amounts are to be distributed pursuant to either subclause (A) or (B) of clause “fourth”
above, then the Liquidity Provider with respect to such Liquidity Facility shall be paid the excess of (x) the aggregate
outstanding amount of unreimbursed Advances (whether or not then due) under such Liquidity Facility over (y) the Required
Amount for such Liquidity Facility, pro rata on the basis of such amounts in respect of each Liquidity Provider;

 

sixth, such amount as
shall be required to reimburse or pay (i) the Subordination Agent for any Tax (other than Taxes imposed on compensation paid
hereunder), expense, fee, charge or other loss incurred by or any other amount payable to the Subordination Agent in connection
with the transactions contemplated hereby (to the extent not previously reimbursed), shall be applied by the Subordination Agent
in reimbursement of such amount, (ii) each Trustee for any Tax (other than Taxes imposed on compensation paid under the applicable
Trust Agreement), expense, fee, charge, loss or any other amount payable to such Trustee under the applicable Trust Agreement
(to the extent not previously reimbursed), shall be distributed to such Trustee, and (iii) each Certificateholder for payments,
if any, made by it pursuant to Section 5.2 hereof in respect of amounts described in clause (i) above, shall be distributed
to the applicable Trustee for the account of such Certificateholder, in each case, pro rata on the basis of all amounts described
in clauses (i) through (iii) above;

 

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

 

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

 

ninth, the balance, if
any, of any such amount remaining thereafter shall be held in the Collection Account for later distribution in accordance with
this Article III.

 

If Additional Certificates have been issued
pursuant to Section 9.1(d) hereof, distributions of Adjusted Interest with respect to such Additional Certificates may be made
immediately after clause “seventh” (and prior to clause “eighth”) above, and all further distributions
of interest or Expected Distributions with respect to such Additional Certificates shall be made following payment of Expected
Distributions with respect to the Class A

 

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Certificates, all as provided in an amendment hereto executed and delivered in connection
with the issuance of such Additional Certificates in accordance with such Section 9.1(d).

 

With respect to clauses “first”
and “sixth” above, no amounts shall be reimbursable to the Subordination Agent, any Trustee, any Liquidity Provider
or any Certificateholder for any payments made by any such Person in connection with any Equipment Note that is no longer held
by the Subordination Agent (to the extent that such payments relate to periods after such Equipment Note ceases to be held by
the Subordination Agent).

 

SECTION 3.3.           
Other Payments. (a)  Any payments received by the Subordination Agent for which no provision as to the
application thereof is made in this Agreement shall be distributed by the Subordination Agent (i) in the order of priority specified
in Section 3.2 hereof and (ii) to the extent received or realized at any time after the Final Distributions for each Class of
Certificates have been made, in the manner provided in clause “first” of Section 3.2 hereof.

 

(b)       Notwithstanding
the priority of payments specified in Section 3.2, in the event any Investment Earnings on amounts on deposit in any Cash Collateral
Account resulting from an Unapplied Provider Advance or Unapplied Special Termination Advance are deposited in the Collection
Account or the Special Payments Account, such Investment Earnings shall be used to pay interest payable in respect of such Unapplied
Provider Advance or such Unapplied Special Termination Advance, as the case may be, to the extent of such Investment Earnings.

 

(c)       If
the Subordination Agent receives any Scheduled Payment after the Scheduled Payment Date relating thereto, but prior to such payment
becoming an Overdue Scheduled Payment, then the Subordination Agent shall deposit such Scheduled Payment in the Collection Account
and promptly distribute such Scheduled Payment in accordance with the priority of distributions set forth in Section 3.2 hereof;
provided that, for the purposes of this Section 3.3(c) only, each reference in clause “eighth” of Section 3.2
to “Distribution Date” shall be deemed to refer to such Scheduled Payment Date.

 

SECTION 3.4.           
Payments to the Trustees and the Liquidity Providers. Any amounts distributed hereunder to any Liquidity Provider
shall be paid to such Liquidity Provider by wire transfer of funds to the account that such Liquidity Provider shall provide to
the Subordination Agent. The Subordination Agent shall provide a Written Notice of any such transfer to the applicable Liquidity
Provider at the time of such transfer. Any amounts distributed hereunder by the Subordination Agent to the Class A Trustee which
shall not be the same institution as the Subordination Agent shall be paid to the Class A Trustee by wire transfer to the account
such Trustee shall provide to the Subordination Agent.

 

SECTION 3.5.           
Liquidity Facilities. (a)  Interest Drawings. If on any Distribution Date, after giving effect to the
subordination provisions of this Agreement, the Subordination Agent shall not have sufficient funds for the payment of any amounts
due and owing in respect of accrued interest on the Class A Certificates (at the Stated Interest Rate), then, prior to 12:30 P.M.
(New York City time) on such Distribution Date, (i) the Subordination Agent shall request a drawing (each such drawing, an
 “Interest Drawing”) under each Liquidity Facility with respect to such Certificates in an amount equal to the
lesser of, with respect to such

 

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 Liquidity Facility (x)  the product of (1) an amount sufficient to pay the amount of such
accrued interest (at the Stated Interest Rate for such Certificates) and (2) the Proportionate Share of such Liquidity Facility
and (y) the Available Amount under such Liquidity Facility, and (ii) the Subordination Agent shall pay such amount to the
Trustee with respect to such Class of Certificates in payment of such accrued interest.

 

(b)       Application
of Interest Drawings. Notwithstanding anything to the contrary contained in this Agreement, all payments received by the Subordination
Agent in respect of an Interest Drawing under any Class A Liquidity Facility and all amounts withdrawn by the Subordination Agent
from the applicable Class A Cash Collateral Account, and payable in each case to the Class A Certificateholders or the Class A
Trustee, shall be promptly distributed to the Class A Trustee.

 

(c)       Downgrade
Drawings. (i) Each Liquidity Provider shall promptly, but in any event within ten days of the occurrence of a Downgrade Event
with respect to it (the date of such occurrence, the “Downgrade Date”), deliver notice of such Downgrade Event
and the related Downgrade Date to the Subordination Agent and United. With respect to each Liquidity Facility, a Downgrade Drawing
shall be requested by the Subordination Agent thereunder as provided in Section 3.5(c)(iii), if at any time a Downgrade Event
shall have occurred with respect to such Liquidity Facility (such Liquidity Facility following a Downgrade Event being referred
to as a “Downgraded Facility”), unless an event described in clause (A) or (B) of Section 3.5(c)(ii) occurs
with respect to such Liquidity Facility.

 

(ii)       If
at any time any Liquidity Facility becomes a Downgraded Facility, the Subordination Agent shall request a Downgrade Drawing thereunder
in accordance with Section 3.5(c)(iii), unless (A) the Liquidity Provider under such Downgraded Facility or United arranges for
a Replacement Liquidity Provider to issue and deliver a Replacement Liquidity Facility to the Subordination Agent within 35 days
after the applicable Downgrade Date (but not later than the expiration date of such Downgraded Facility) or (B) on or before the
date 30 days after such Downgrade Date, the Rating Agency downgrading, withdrawing or suspending the rating of the applicable
Liquidity Provider provides a written confirmation to the Subordination Agent that such downgrading, withdrawal or suspension
will not result in a downgrading, withdrawal or suspension of the rating then in effect for the Class A Certificates by such Rating
Agency. In the event the relevant Rating Agency does not provide the written confirmation contemplated in clause (B) of the preceding
sentence on or before the 30th day after such Downgrade Date and no Replacement Liquidity Provider has been arranged in accordance
with clause (A) of the preceding sentence, the Liquidity Provider shall notify the Subordination Agent and United that a Downgrade
Drawing will be required on the date 35 days after such Downgrade Date (but not later than the expiration date of such Downgraded
Facility).

 

(iii)      Upon
the occurrence of any Downgrade Event with respect to any Liquidity Facility, unless a Replacement Liquidity Facility is arranged
as provided in Section 3.5(c)(ii)(A) or the relevant Rating Agency provides the written confirmation as provided in Section 3.5(c)(ii)(B),
the Subordination Agent shall, on the 35th day after the applicable Downgrade Event (or if such 35th day is not a Business Day,
on the next succeeding Business Day) (or, if earlier, the expiration date of such Downgraded Facility), request a drawing in accordance
with and to the extent permitted by such Downgraded Facility (such drawing, a

 

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“Downgrade Drawing”) of the Available
Amount thereunder. Amounts drawn pursuant to a Downgrade Drawing shall be maintained and invested as provided in Section 3.5(f)
hereof. The applicable Liquidity Provider may also arrange for a Replacement Liquidity Provider to issue and deliver a Replacement
Liquidity Facility at any time after such Downgrade Drawing so long as such Downgrade Drawing has not been reimbursed in full
to such Liquidity Provider.

 

(iv)      For
the avoidance of doubt, the provisions of this Section 3.5(c) shall apply to each occurrence of a Downgrade Event with respect
to a Liquidity Provider until a Downgrade Drawing shall have been made under the applicable Liquidity Facility, regardless of
whether or not one or more Downgrade Events have occurred prior thereto and whether or not any confirmation by a Rating Agency
specified in Section 3.5(c)(ii)(B) has been obtained with respect to any prior occurrence of a Downgrade Event.

 

(v)       If
at any time after making a Downgrade Drawing, the applicable Liquidity Provider satisfies the Threshold Rating and delivers Written
Notice to such effect to the Subordination Agent and United, as of the second Business Day following receipt of such notice, (i)
the Downgraded Facility shall cease to be a Downgraded Facility and (ii) the Subordination Agent shall withdraw the unapplied
amount of such Downgrade Drawing on deposit in the applicable Cash Collateral Account and reimburse such amount to the applicable
Liquidity Provider.

 

(d)       Non-Extension
Drawings. Except in the case of a Liquidity Facility that is scheduled to expire on a date no earlier than 15 days after the
Final Legal Distribution Date, if in any calendar year before the 25th day prior to the anniversary date of the Closing
Date in such calendar year (such 25th day, the “Notice Date”), the Liquidity Provider under any
Liquidity Facility shall have advised the Subordination Agent that the Expiry Date under such Liquidity Facility shall not be
extended beyond such anniversary date and on or before such Notice Date, such Liquidity Facility shall not have been replaced
in accordance with Section 3.5(e), the Subordination Agent shall, on the Notice Date (or as soon as possible thereafter), in accordance
with the terms of such Liquidity Facility (a “Non-Extended Facility”), request a drawing under such expiring
Liquidity Facility (such drawing, a “Non-Extension Drawing”) of the Available Amount thereunder. Amounts drawn
pursuant to a Non-Extension Drawing shall be maintained and invested in accordance with Section 3.5(f) hereof.

 

(e)       Issuance
of Replacement Liquidity Facility. (i)  At any time, United may, at its option, with cause or without cause, arrange
for a Replacement Liquidity Facility to replace any Liquidity Facility of any Class (including any Replacement Liquidity Facility
provided pursuant to Section 3.5(e)(ii) hereof); provided, however, that the Initial Liquidity Provider shall not
be replaced by United as a Class A Liquidity Provider without the consent of the Initial Liquidity Provider (such consent not
to be unreasonably withheld or delayed) during the period prior to the third anniversary of the Closing Date unless (A) there
shall have become due to the Initial Liquidity Provider, or the Initial Liquidity Provider shall have demanded, amounts pursuant
to Section 3.01, 3.02 or 3.03 of the Initial Liquidity Facility and the replacement of the Initial Liquidity Provider would reduce
or eliminate the obligation to pay such amounts or United determines in good faith that there is a substantial likelihood that
the Initial Liquidity Provider will have the right to claim any such amounts (unless the Initial Liquidity Provider waives, in
writing, any right it may have to claim such amounts), which determination shall be

 

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set forth in a certificate delivered by United
to the Initial Liquidity Provider setting forth the basis for such determination and accompanied by an opinion of outside counsel
selected by United and reasonably acceptable to the Initial Liquidity Provider verifying the legal conclusions, if any, of such
certificate relating to such basis, provided that, in the case of any likely claim for such amounts based upon any proposed,
or proposed change in, law, rule, regulation, interpretation, directive, requirement, request or administrative practice, such
opinion may assume the adoption or promulgation of such proposed matter, (B) it shall become unlawful or impossible for the Initial
Liquidity Provider (or its Facility Office) to maintain or fund its LIBOR Advances as described in Section 3.10 of the Initial
Liquidity Facility, (C) any Liquidity Facility of the Initial Liquidity Provider shall become a Downgraded Facility or a Non-Extended
Facility or a Downgrade Drawing or a Non-Extension Drawing shall have occurred under any Liquidity Facility of the Initial Liquidity
Provider or (D) such Initial Liquidity Provider shall have breached any of its payment (including, without limitation, funding)
obligations under any Liquidity Facility in respect of which it is the Liquidity Provider. If such Replacement Liquidity Facility
is provided at any time after a Downgrade Drawing, a Non-Extension Drawing or a Special Termination Drawing has been made, all
funds on deposit in the relevant Cash Collateral Account will be returned to the Liquidity Provider being replaced.

 

(ii)       If
any Liquidity Provider shall determine not to extend any of its Liquidity Facilities in accordance with Section 3.5(d), then
such Liquidity Provider may, at its option, arrange for a Replacement Liquidity Facility to replace such Liquidity Facility during
the period no earlier than 40 days and no later than 25 days prior to the then effective Expiry Date of such Liquidity Facility.
At any time after a Non-Extension Drawing has been made under any Liquidity Facility, the Liquidity Provider thereunder may, at
its option, arrange for a Replacement Liquidity Facility to replace the Liquidity Facility under which such Non-Extension Drawing
has been made.

 

(iii)      No
Replacement Liquidity Facility arranged by United or a Liquidity Provider in accordance with clause (i) or (ii) above or pursuant
to Section 3.5(c), respectively, shall become effective and no such Replacement Liquidity Facility shall be deemed a “Liquidity
Facility” under the Operative Agreements, unless and until (A) each of the conditions referred to in sub-clauses (iv)(x)
and (z) below shall have been satisfied, (B) if such Replacement Liquidity Facility shall materially adversely affect the rights,
remedies, interests or obligations of the Class A Certificateholders under any of the Operative Agreements, the applicable Trustee
shall have consented, in writing, to the execution and issuance of such Replacement Liquidity Facility and (C) in the case of
a Replacement Liquidity Facility arranged by a Liquidity Provider under Section 3.5(e)(ii) or pursuant to Section 3.5(c), such
Replacement Liquidity Facility is acceptable to United.

 

(iv)     In connection
with the issuance of each Replacement Liquidity Facility pursuant to this Section 3.5(e), the Subordination Agent shall (x) prior
to the issuance of such Replacement Liquidity Facility, obtain written confirmation from each Rating Agency that such Replacement
Liquidity Facility will not cause a reduction of the rating then in effect for the related Class of Certificates by such Rating
Agency (without regard to any downgrading of any rating of any Liquidity Provider being replaced pursuant to Section 3.5(c) hereof),
(y) pay all Liquidity Obligations then owing to each replaced Liquidity Provider (which payment shall be made first from
available funds in the applicable Cash Collateral Account as described in clause

 

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(iii) of Section 3.5(f) hereof, and thereafter
from any other available source, including, without limitation, a drawing under the Replacement Liquidity Facility) and (z) cause
the issuer of the Replacement Liquidity Facility to deliver the Replacement Liquidity Facility to the Subordination Agent, together
with a legal opinion opining that such Replacement Liquidity Facility is an enforceable obligation of such Replacement Liquidity
Provider.

 

(v)      Upon
satisfaction of the conditions set forth in clauses (iii) and (iv) of this Section 3.5(e) with respect to a Replacement Liquidity
Facility, (w) each replaced Liquidity Facility shall terminate, (x) the Subordination Agent shall, if and to the extent so requested
by United or a Liquidity Provider being replaced, execute and deliver any certificate or other instrument required in order to
terminate the applicable replaced Liquidity Facility, shall surrender such replaced Liquidity Facility to the applicable Liquidity
Provider being replaced and shall execute and deliver the Replacement Liquidity Facility and any associated Fee Letter, (y) each
of the parties hereto shall enter into any amendments to this Agreement necessary to give effect to (1) the replacement of the
applicable Liquidity Provider with the applicable Replacement Liquidity Provider and (2) the replacement of each applicable Liquidity
Facility with the applicable Replacement Liquidity Facility and (z) the applicable Replacement Liquidity Provider shall be deemed
to be a Liquidity Provider with the rights and obligations of a Liquidity Provider hereunder and under the other Operative Agreements
and such Replacement Liquidity Facility shall be deemed to be a Liquidity Facility hereunder and under the other Operative Agreements.

 

(f)       Cash
Collateral Accounts; Withdrawals; Investments. In the event the Subordination Agent shall draw all available amounts under
any Class A Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(m) hereof, or in the event amounts are to be
deposited in the applicable Class A Cash Collateral Account pursuant to subclause (A) or (B) of clause “fourth” of
Section 3.2, amounts so drawn or to be deposited, as the case may be, shall be deposited by the Subordination Agent in such Class
A Cash Collateral Account. All amounts on deposit in each Cash Collateral Account shall be invested and reinvested in Eligible
Investments in accordance with Section 2.2(b) hereof.

 

On each Interest Payment Date (or, in the
case of any Special Distribution Date with respect to the distribution of a Special Payment, on such Special Distribution Date),
Investment Earnings on amounts on deposit in each Cash Collateral Account with respect to any Liquidity Facility (or, in the case
of any Special Distribution Date with respect to the distribution of a Special Payment, so long as no Indenture Default shall
have occurred and be continuing under the Indenture, a fraction of such Investment Earnings equal to the Section 2.4 Fraction)
shall be deposited in the Collection Account (or, in the case of any Special Distribution Date with respect to the distribution
of a Special Payment, the Special Payments Account) and applied on such Interest Payment Date (or Special Distribution Date, as
the case may be) in accordance with Section 3.2 or 3.3 (as applicable). The Subordination Agent shall deliver a written statement
to United and each Liquidity Provider one day prior to each Interest Payment Date and Special Distribution Date setting forth
the aggregate amount of Investment Earnings held in the Cash Collateral Accounts as of such date. In addition, from and after
the date funds are so deposited, the Subordination Agent shall make withdrawals from such accounts as follows:

 

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(i)        on
each Distribution Date, the Subordination Agent shall, to the extent it shall not have received funds to pay accrued and unpaid
interest due and owing on the Class A Certificates (at the Stated Interest Rate for the Class A Certificates) after giving effect
to the subordination provisions of this Agreement, withdraw from each Class A Cash Collateral Account of each Class A Liquidity
Provider that has not already funded its Proportionate Share in full via an Interest Drawing, and pay to the Class A Trustee,
an amount equal to the lesser of (x) the product of (1) an amount necessary to pay accrued and unpaid interest (at the Stated
Interest Rate for the Class A Certificates) on the Class A Certificates and (2) the Proportionate Share (or any outstanding portion
thereof) of the related Liquidity Facility and (y) the amount on deposit in such Class A Cash Collateral Account;

 

(ii)       [Reserved];

 

(iii)      on
each date on which the Pool Balance of the Class A Trust shall have been reduced by payments made to the Class A Certificateholders
pursuant to Section 3.2 hereof for such Class, the Subordination Agent shall withdraw from each Class A Cash Collateral Account
such amount as is necessary so that, after giving effect to the reduction of the Pool Balance on such date (and any reduction
in the amounts on deposit in such Class A Cash Collateral Account resulting from a prior withdrawal of amounts on deposit in such
Class A Cash Collateral Account on such date) and any transfer of Investment Earnings from such Cash Collateral Account to the
Collection Account or the Special Payments Account on such date, an amount equal to the sum of the Required Amount for the applicable
Class A Liquidity Facility plus (if on a Distribution Date not coinciding with an Interest Payment Date) Investment Earnings on
deposit in such Cash Collateral Account (after giving effect to any such transfer of Investment Earnings) will be on deposit in
such Class A Cash Collateral Account and shall first, pay such withdrawn amount to the applicable Class A Liquidity Provider until
the Liquidity Obligations (with respect to the Class A Certificates) owing to such Liquidity Provider shall have been paid in
full, and second, deposit any remaining withdrawn amount in the Collection Account;

 

(iv)       [Reserved];

 

(v)       if
a Replacement Liquidity Facility for any Liquidity Facility shall be delivered to the Subordination Agent following the date on
which funds have been deposited into the Cash Collateral Account related to the Liquidity Facility to be replaced, and, if applicable,
any required consents pursuant to Section 3.5(l) have been obtained, the Subordination Agent shall withdraw all amounts on deposit
in such Cash Collateral Account and shall pay such amounts to the replaced Liquidity Provider until all Liquidity Obligations
owed to such Person shall have been paid in full, and shall deposit any remaining amount in the Collection Account;

 

(vi)      if
the Liquidity Provider with respect to a Downgraded Facility satisfies the Threshold Rating and delivers written notice to such
effect to the Subordination Agent and United, on the second Business Day following receipt of such notice, the Subordination Agent
shall withdraw all amounts remaining on deposit in the applicable

 

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Cash Collateral Account constituting the unapplied amount of
any Downgrade Drawing and shall pay such amounts to such Liquidity Provider and the obligations of the Liquidity Provider shall
be reinstated in accordance with the applicable Liquidity Facility; and

 

(vii)     following
the payment of Final Distributions with respect to any Class of Certificates, on the date on which the Subordination Agent shall
have been notified by any Liquidity Provider for such Class of Certificates that the Liquidity Obligations owed to such Liquidity
Provider with respect to such Class of Certificates have been paid in full, the Subordination Agent shall withdraw all amounts
on deposit in the Cash Collateral Account related to such Liquidity Facility in respect of such Class of Certificates and shall
deposit such amount in the Collection Account.

 

(g)       Reinstatement.
With respect to any Interest Drawing under any Liquidity Facility for any Trust, upon the reimbursement of the applicable Liquidity
Provider for all or any part of the amount of such Interest Drawing, together with any accrued interest thereon, the Available
Amount of such Liquidity Facility shall be reinstated by an amount equal to the amount of such Interest Drawing so reimbursed
to the applicable Liquidity Provider but not to exceed the Stated Amount for such Liquidity Facility; provided, however,
that such Liquidity Facility shall not be so reinstated in part or in full at any time if (x) both a Performing Note Deficiency
exists and a Liquidity Event of Default shall have occurred and be continuing with respect to the relevant Liquidity Facility
or (y) a Final Drawing, a Non-Extension Drawing, a Downgrade Drawing or a Special Termination Drawing shall have occurred with
respect to such Liquidity Facility or an Interest Drawing for such Liquidity Facility shall have been converted into a Final Drawing.
In the event that, with respect to any Liquidity Facility, (i) funds are withdrawn from the related Cash Collateral Account
pursuant to clause (i) or (ii) of Section 3.5(f) hereof or (ii) such Liquidity Facility shall become a Downgraded Facility or
a Non-Extended Facility at a time when unreimbursed Interest Drawings under such Liquidity Facility have reduced the Available
Amount thereunder to zero, then funds received by the Subordination Agent at any time other than (x) any time when a Liquidity
Event of Default shall have occurred and be continuing with respect to such Liquidity Facility and a Performing Note Deficiency
exists or (y) any time after a Final Drawing shall have occurred with respect to such Liquidity Facility or an Interest Drawing
for such Liquidity Facility shall have been converted into a Final Drawing, shall be deposited in such Cash Collateral Account
as and to the extent provided in clause “fourth” of Section 3.2 and applied in accordance with Section 3.5(f) hereof.

 

(h)       Reimbursement.
The amount of each drawing under the Liquidity Facilities shall be due and payable, together with interest thereon, on the dates
and at the rates, respectively, provided in the Liquidity Facilities.

 

(i)        Final
Drawing. Upon receipt from a Liquidity Provider of a Termination Notice with respect to any Liquidity Facility, the Subordination
Agent shall, not later than the date specified in such Termination Notice, in accordance with the terms of such Liquidity Facility,
request a drawing under such Liquidity Facility of all available and undrawn amounts thereunder (a “Final Drawing”).
Amounts drawn pursuant to a Final Drawing shall be maintained and invested in accordance with Section 3.5(f) hereof.

 

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(j)        Adjustments
of Stated Amount. Promptly following each date on which the Required Amount of any Liquidity Facility for a Class of Certificates
is reduced as a result of a reduction in the Pool Balance with respect to such Certificates or otherwise, the Stated Amount of
such Liquidity Facility shall automatically be adjusted to an amount equal to the Required Amount with respect to such Liquidity
Facility (as calculated by the Subordination Agent after giving effect to such payment).

 

(k)       Relation
to Subordination Provisions. Interest Drawings under the Liquidity Facilities and withdrawals from the Cash Collateral Accounts
relating to such Liquidity Facilities, in each case, in respect of interest on the Certificates of any Class, will be distributed
to the Trustee for such Class of Certificates, notwithstanding Section 3.2 hereof.

 

(l)        Assignment
of Liquidity Facility; Transfer of Commitments. The Subordination Agent agrees not to consent to the assignment by any Liquidity
Provider of any of its rights or obligations under any Liquidity Facility or any interest therein, unless (i) United shall
have consented to such assignment (unless such consent is expressly not required or has otherwise been granted pursuant to the
terms of the applicable Fee Letter) and (ii) each Rating Agency shall have provided a Ratings Confirmation in respect of
such assignment (unless, in the case of any assignment or transfer of commitments by the Initial Liquidity Provider prior to the
six-month anniversary of the Closing Date, the applicable Replacement Liquidity Provider satisfies the Threshold Rating and notice
of such Replacement Liquidity Facility is provided to each Rating Agency); provided, that the Subordination Agent shall
consent to such assignment if the conditions in the foregoing clauses (i) and (ii) are satisfied, and the foregoing is not intended
to and shall not be construed to limit the rights of any Liquidity Provider under Section 3.5(e)(ii). Notwithstanding the foregoing,
but subject to the satisfaction of clauses (i) and (ii) above, the Initial Liquidity Provider may at its discretion and from time
to time arrange for the issuance of one or more Replacement Liquidity Facilities with respect to all or a portion of its commitments
under the Initial Liquidity Facility, in each case in accordance with the terms set forth in the applicable Fee Letter, and with
delivery of such Replacement Liquidity Facility to the Subordination Agent, together with a legal opinion opining that such Replacement
Liquidity Facility is an enforceable obligation of such Replacement Liquidity Provider. Upon the effectiveness of any Replacement
Liquidity Facility in compliance with the preceding sentence (including written confirmation from United as to compliance with
the requirements in the applicable Fee Letter), (w) the Stated Amount under the Initial Liquidity Facility shall be reduced by
the Stated Amount of such Replacement Liquidity Facility, (x) each of the parties hereto shall enter into any amendments to this
Agreement necessary to give effect to (1) the replacement of the Initial Liquidity Provider (in whole or in part) with the applicable
Replacement Liquidity Provider and (2) the replacement of the Initial Liquidity Facility (in whole or in part) with the applicable
Replacement Liquidity Facility, (y) the applicable Replacement Liquidity Provider shall be deemed to be a Liquidity Provider (but
not an Initial Liquidity Provider) with the rights and obligations of a Liquidity Provider hereunder and under the other Operative
Agreements and such Replacement Liquidity Facility shall be deemed to be a Liquidity Facility hereunder and under the other Operative
Documents (as defined in the Indenture) and (z) to the extent jointly notified to the Subordination Agent by the Initial Liquidity
Provider and the Liquidity Provider under such Replacement Liquidity Facility, the Initial Liquidity Provider’s interest
in any then outstanding Drawing shall also be so transferred

 

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to such Replacement Liquidity Provider (including by transfer from
the applicable Cash Collateral Account of the Initial Liquidity Provider to the Cash Collateral Account of the Replacement Liquidity
Provider), and such interest shall be reduced in an equivalent amount. Upon any such transfer of an interest in any Drawing, the
Available Amount under the Replacement Liquidity Facility and the Initial Liquidity Facility shall be adjusted accordingly.

 

(m)       Special
Termination Drawing. Upon receipt of a Special Termination Notice with respect to any Liquidity Facility, the Subordination
Agent shall, not later than the date specified in such Special Termination Notice, in accordance with the terms of such Liquidity
Facility, request a drawing under such Liquidity Facility of all available and undrawn amounts thereunder (a “Special
Termination Drawing”). Amounts drawn pursuant to a Special Termination Drawing shall be maintained and invested in accordance
with Section 3.5(f) hereof.

 

ARTICLE
IV

EXERCISE OF REMEDIES

 

SECTION 4.1.           
Directions from the Controlling Party. (a) (i) Following the occurrence and during the continuation of an Indenture
Default, the Controlling Party shall direct the Subordination Agent, as the holder of the Equipment Notes issued under the Indenture
and as a secured party under the Security Agreements, which in turn shall direct the Loan Trustee under the Indenture and the
Security Agreements, in the exercise of remedies available to the holder of such Equipment Note and the secured parties under
the Indenture and the Security Agreements, including, without limitation, the ability to vote such Equipment Notes held by the
Subordination Agent in favor of Accelerating such Equipment Notes in accordance with the provisions of the Indenture. If the Equipment
Notes issued pursuant to the Indenture and held by the Subordination Agent have been Accelerated following an Indenture Default
with respect thereto, the Controlling Party may direct the Subordination Agent to sell, assign, contract to sell or otherwise
dispose of and deliver all (but not less than all) of such Equipment Notes to any Person at public or private sale, at any location
at the option of the Controlling Party, all upon such terms and conditions as it may reasonably deem advisable in accordance with
applicable law.

 

(ii)       Following
the occurrence and during the continuation of an Indenture Default, in the exercise of remedies pursuant to the Indenture and
the Security Agreements, the Loan Trustee may be directed to lease the related Collateral to any Person (including United) so
long as the Loan Trustee in doing so acts in a “commercially reasonable” manner within the meaning of Article 9 of
the Uniform Commercial Code as in effect in any applicable jurisdiction (including Sections 9-610 and 9-627 thereof).

 

(iii)       Notwithstanding
the foregoing, so long as any Certificates remain Outstanding, during the period ending on the date which is nine months after
the earlier of (x) the Acceleration of the Equipment Notes issued pursuant to the Indenture and (y) the occurrence of a United
Bankruptcy Event, without the consent of each Trustee, no Collateral subject to the Lien of the Indenture or the Security Agreements
or such Equipment Notes may be sold if the net proceeds from such sale would be less than the Minimum Sale Price for such Collateral
or such Equipment Notes.

 

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(iv)      Upon
the occurrence and continuation of an Indenture Default, the Subordination Agent will obtain three desktop appraisals from the
Appraisers selected by the Controlling Party setting forth the current market value, current lease rate and distressed value (in
each case, as defined by the International Society of Transport Aircraft Trading or any successor organization) of each Aircraft
and Spare Engine, and the current market value and the distressed value of the Spare Parts Collateral, in each case then subject
to the Indenture and the Security Agreements (each such appraisal, an “Appraisal” and the current market value
appraisals being referred to herein as the “Post-Default Appraisals”). For so long as any Indenture Default
shall be continuing, and without limiting the right of the Controlling Party to request more frequent Appraisals, the Subordination
Agent will obtain updated Appraisals on the date that is 364 days from the date of the most recent Appraisal (or if
a United Bankruptcy Event shall have occurred and is continuing, on the date that is 180 days from the date of the most
recent Appraisal).

 

(b)       Following
the occurrence and during the continuance of an Indenture Default, the Controlling Party shall take such actions as it may reasonably
deem most effectual to complete the sale or other disposition of the Collateral or Equipment Notes. In addition, in lieu of any
sale, assignment, contract to sell or other disposition, the Controlling Party may maintain or cause the Subordination Agent to
maintain possession of such Equipment Notes and continue to apply monies received in respect of such Equipment Notes in accordance
with Article III hereof. In addition, in lieu of such sale, assignment, contract to sell or other disposition, or in lieu of such
maintenance of possession, the Controlling Party may, subject to the terms and conditions of the Indenture and the Security Agreements,
instruct the Loan Trustee to foreclose on the Lien on the Collateral or to take any other remedial action permitted under the
Indenture and the Security Agreements or under any applicable law.

 

(c)       If
following a United Bankruptcy Event and during the pendency thereof, the Controlling Party receives a proposal from or on behalf
of United to restructure the financing of all or any part of the Collateral, the Controlling Party shall promptly thereafter give
the Subordination Agent and each Trustee notice of the material economic terms and conditions of such restructuring proposal whereupon
the Subordination Agent acting on behalf of each Trustee shall endeavor using reasonable commercial efforts to make such terms
and conditions of such restructuring proposal available to all Certificateholders (whether by posting on DTC’s Internet
board or otherwise) and to each Liquidity Provider that has not made a Final Advance. Thereafter, neither the Subordination Agent
nor any Trustee, whether acting on instructions of the Controlling Party or otherwise, may, without the consent of each Trustee,
enter into any term sheet, stipulation or other agreement (whether in the form of an adequate protection stipulation, an extension
under Section 1110(b) of the Bankruptcy Code or otherwise) to effect any such restructuring proposal with or on behalf of United
unless and until the material economic terms and conditions of such restructuring shall have been made available to all Certificateholders
and to each Liquidity Provider that has not made a Final Advance for a period of not less than 15 calendar days (except that such
requirement shall not apply to any such term sheet, stipulation or other agreement that is entered into on or prior to the expiry
of the 60-Day Period and that is effective for a period not longer than three months from the expiry of the 60-Day Period). In
the event that any Additional Certificateholder gives irrevocable notice of the exercise of its right to purchase all (but not
less than all) of the Class of Certificates represented by the then Controlling

 

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Party pursuant to the applicable Trust Agreement
prior to the expiry of the 15-day notice period specified above, such Controlling Party may not direct the Subordination Agent
or any Trustee to enter into any such restructuring proposal with respect to all or any part of the Collateral unless and until
such Certificateholder shall fail to purchase such Class of Certificates on the date that it is required to make such purchase.

 

SECTION 4.2.           
Remedies Cumulative. Each and every right, power and remedy given to the Trustees, the Liquidity Providers, the
Controlling Party or the Subordination Agent specifically or otherwise in this Agreement shall be cumulative and shall be in addition
to every other right, power and remedy herein specifically given or now or hereafter existing at law, in equity or by statute,
and each and every right, power and remedy whether specifically herein given or otherwise existing may, subject always to the
terms and conditions hereof, be exercised from time to time and as often and in such order as may be deemed expedient by any Trustee,
any Liquidity Provider, the Controlling Party or the Subordination Agent, as appropriate, and the exercise or the beginning of
the exercise of any power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter
any other right, power or remedy. No delay or omission by any Trustee, any Liquidity Provider, the Controlling Party or the Subordination
Agent in the exercise of any right, remedy or power or in the pursuit of any remedy shall impair any such right, power or remedy
or be construed to be a waiver of any default or to be an acquiescence therein.

 

SECTION 4.3.           
Discontinuance of Proceedings. In case any party to this Agreement (including the Controlling Party in such capacity)
shall have instituted any Proceeding to enforce any right, power or remedy under this Agreement by foreclosure, entry or otherwise,
and such Proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Person
instituting such Proceeding, then and in every such case each such party shall, subject to any determination in such Proceeding,
be restored to its former position and rights hereunder, and all rights, remedies and powers of such party shall continue as if
no such Proceeding had been instituted.

 

SECTION 4.4.           
Right of Certificateholders and the Liquidity Providers to Receive Payments Not to Be Impaired. Anything in this
Agreement to the contrary notwithstanding but subject to each Trust Agreement, the right of any Certificateholder or any Liquidity
Provider, respectively, to receive payments hereunder (including without limitation pursuant to Section 3.2 hereof) when due,
or to institute suit for the enforcement of any such payment on or after the applicable Distribution Date, shall not be impaired
or affected without the consent of such Certificateholder or such Liquidity Provider, respectively.

 

SECTION 4.5.           
Undertaking for Costs. In any Proceeding for the enforcement of any right or remedy under this Agreement or in any
Proceeding against any Controlling Party or the Subordination Agent for any action taken or omitted by it as Controlling Party
or Subordination Agent, as the case may be, a court in its discretion may require the filing by any party litigant in the suit
of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. The provisions of this Section do not apply to a suit instituted by the Subordination
Agent, a Liquidity Provider or a Trustee or a suit by

 

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Certificateholders holding more than 10% of the original principal amount
of any Class of Certificates.

 

ARTICLE
V

DUTIES OF THE SUBORDINATION AGENT;

AGREEMENTS OF TRUSTEES, ETC.

 

SECTION 5.1.           
Notice of Indenture Default or Triggering Event. (a) In the event the Subordination Agent shall have actual knowledge
of the occurrence of an Indenture Default or a Triggering Event, as promptly as practicable, and in any event within 10 days after
obtaining knowledge thereof, the Subordination Agent shall transmit by mail or courier to the Rating Agencies, the Liquidity Providers
and the Trustees notice of such Indenture Default or Triggering Event, unless such Indenture Default or Triggering Event shall
have been cured or waived. For all purposes of this Agreement, in the absence of actual knowledge on the part of a Responsible
Officer, the Subordination Agent shall not be deemed to have knowledge of any Indenture Default or Triggering Event unless notified
in writing by one or more Trustees, one or more of the Liquidity Providers or one or more Certificateholders.

 

(b)       Other
Notices. The Subordination Agent will furnish to each Liquidity Provider and each Trustee, promptly upon receipt thereof,
duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and other instruments furnished
to the Subordination Agent as registered holder of the Equipment Notes or otherwise in its capacity as Subordination Agent to
the extent the same shall not have been otherwise directly distributed to such Liquidity Provider or Trustee, as applicable, pursuant
to the express provision of any other Operative Agreement.

 

(c)       Securities
Position. Upon the occurrence of an Indenture Default, the Subordination Agent shall instruct the Trustees to, and the Trustees
shall, request that DTC post on its Internet bulletin board a securities position listing setting forth the names of all the parties
reflected on DTC’s books as holding interests in the Certificates.

 

(d)       Reports.
Promptly after the occurrence of a Triggering Event or an Indenture Default resulting from the failure of United to make payments
on any Equipment Note and on every Regular Distribution Date while the Triggering Event or such Indenture Default shall be continuing,
the Subordination Agent will provide to the Trustee, the Liquidity Providers, the Rating Agencies and United a statement setting
forth the following information:

 

(i)       after
a United Bankruptcy Event, with respect to the Collateral, whether such Collateral is (A) subject to the 60-day period
of Section 1110(a)(2)(A) of the Bankruptcy Code, (B) subject to an election by United under Section 1110(a) of
the Bankruptcy Code, (C) covered by an agreement contemplated by Section 1110(b) of the Bankruptcy Code or (D) not
subject to any of (A), (B) or (C);

 

(ii)       to
the best of the Subordination Agent’s knowledge, after requesting such information from United, (A) whether any Spare
Engine or Aircraft is currently in service or parked in storage, (B) the maintenance status of such Spare Engine or Aircraft
and

 

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(C) the location of such Spare Engine or any Engine (as defined in the Indenture) and of the Spare Parts Collateral;

 

(iii)       the
current Pool Balance of the Certificates, the Preferred Pool Balance with respect to any additional Class of Certificates and
the outstanding principal amount of all Equipment Notes;

 

(iv)       the
expected amount of interest which will have accrued on the Equipment Notes and on the Certificates as of the next Regular Distribution
Date;

 

(v)       the
amounts paid to each Person on such Distribution Date pursuant to this Agreement;

 

(vi)       details
of the amounts paid on such Distribution Date identified by reference to the relevant provision of this Agreement and the source
of payment (by party and applicable Spare Parts Collateral, Spare Engine or Aircraft);

 

(vii)       if
the Subordination Agent has made a Final Drawing under any Liquidity Facility;

 

(viii)       the
amounts currently owed to each Liquidity Provider;

 

(ix)       the
amounts drawn under each Liquidity Facility; and

 

(x)       after
a United Bankruptcy Event, any operational reports filed by United with the bankruptcy court which are available to the Subordination
Agent on a non-confidential basis.

 

SECTION 5.2.           
Indemnification. The Subordination Agent shall not be required to take any action or refrain from taking any action
under Section 5.1 (other than the first sentence thereof) or Article IV hereof unless the Subordination Agent shall have been
indemnified (to the extent and in the manner reasonably satisfactory to the Subordination Agent) against any liability, cost or
expense (including counsel fees and expenses) which may be incurred in connection therewith. The Subordination Agent shall not
be under any obligation to take any action under this Agreement and nothing contained in this Agreement shall require the Subordination
Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder
or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it. The Subordination Agent shall not be required
to take any action under Section 5.1 (other than the first sentence thereof) or Article IV hereof, nor shall any other provision
of this Agreement be deemed to impose a duty on the Subordination Agent to take any action, if the Subordination Agent shall have
been advised by counsel that such action is contrary to the terms hereof or is otherwise contrary to law.

 

SECTION 5.3.           
No Duties Except as Specified in this Intercreditor Agreement. The Subordination Agent shall not have any duty or
obligation to take or refrain from taking any

 

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action under, or in connection with, this Agreement, except as expressly provided
by the terms of this Agreement; and no implied duties or obligations shall be read into this Agreement against the Subordination
Agent. The Subordination Agent agrees that it will, in its individual capacity and at its own cost and expense (but without any
right of indemnity in respect of any such cost or expense under Section 5.2 or 7.1 hereof) promptly take such action as may be
necessary to duly discharge all Liens on any of the Trust Accounts or any monies deposited therein which result from claims against
it in its individual capacity not related to its activities hereunder or any other Operative Agreement.

 

SECTION 5.4.           
Notice from the Liquidity Providers and Trustees. If any Liquidity Provider or Trustee has notice of an Indenture
Default or a Triggering Event, such Person shall promptly give notice thereof to each other party hereto, provided, however,
that no such Person shall have any liability hereunder as a result of its failure to deliver any such notice.

 

ARTICLE
VI

THE SUBORDINATION AGENT

 

SECTION 6.1.           
Authorization; Acceptance of Trusts and Duties. The Class A Trustee hereby designates and appoints the Subordination
Agent as the agent and trustee of the Class A Trustee under each Liquidity Facility and authorizes the Subordination Agent to
enter into each Liquidity Facility as agent and trustee for the Class A Trustee. Each of the Liquidity Providers and each Trustee
hereby designates and appoints the Subordination Agent as the Subordination Agent under this Agreement. WTNA hereby accepts the
duties hereby created and applicable to it as the Subordination Agent and agrees to perform the same but only upon the terms of
this Agreement and agrees to receive and disburse all monies received by it in accordance with the terms hereof. The Subordination
Agent shall not be answerable or accountable under any circumstances, except (a) for its own willful misconduct or gross negligence
(or ordinary negligence in the handling of funds), (b) as provided in Sections 2.2 or 5.3 hereof and (c) for liabilities that
may result from the material inaccuracy of any representation or warranty of the Subordination Agent made in its individual capacity
in any Operative Agreement. The Subordination Agent shall not be liable for any error of judgment made in good faith by a Responsible
Officer of the Subordination Agent, unless it is proved that the Subordination Agent was negligent in ascertaining the pertinent
facts.

 

SECTION 6.2.           
Absence of Duties. The Subordination Agent shall have no duty to see to any recording or filing of this Agreement
or any other document, or to see to the maintenance of any such recording or filing.

 

SECTION 6.3.           
No Representations or Warranties as to Documents. The Subordination Agent in its individual capacity does not make
nor shall be deemed to have made any representation or warranty as to the validity, legality or enforceability of this Agreement
or any other Operative Agreement or as to the correctness of any statement contained in any thereof, except for the representations
and warranties of the Subordination Agent, made in its individual capacity, under any Operative Agreement to which it is a party.
The Certificateholders, the Trustees and the Liquidity Providers make no representation or warranty hereunder whatsoever.

 

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SECTION 6.4.           
No Segregation of Monies; No Interest. Any monies paid to or retained by the Subordination Agent pursuant to any
provision hereof and not then required to be distributed to any Trustee or any Liquidity Provider as provided in Articles II and
III hereof or deposited into one or more Trust Accounts need not be segregated in any manner except to the extent required by
such Articles II and III and by law, and the Subordination Agent shall not (except as otherwise provided in Section 2.2 hereof)
be liable for any interest thereon; provided, however, that any payments received or applied hereunder by the Subordination
Agent shall be accounted for by the Subordination Agent so that any portion thereof paid or applied pursuant hereto shall be identifiable
as to the source thereof.

 

SECTION 6.5.           
Reliance; Agents; Advice of Counsel. The Subordination Agent shall not incur liability to anyone in acting upon
any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or
paper believed by it to be genuine and believed by it to be signed by the proper party or parties. As to the Pool Balance of any
Trust as of any date, the Subordination Agent may for all purposes hereof rely on a certificate signed by any Responsible Officer
of the applicable Trustee, and such certificate shall constitute full protection to the Subordination Agent for any action taken
or omitted to be taken by it in good faith in reliance thereon. As to any fact or matter relating to the Liquidity Providers or
the Trustees the manner of ascertainment of which is not specifically described herein, the Subordination Agent may for all purposes
hereof rely on a certificate, signed by any Responsible Officer of the applicable Liquidity Provider or Trustee, as the case may
be, as to such fact or matter, and such certificate shall constitute full protection to the Subordination Agent for any action
taken or omitted to be taken by it in good faith in reliance thereon. The Subordination Agent shall assume, and shall be fully
protected in assuming, that each of the Liquidity Providers and each of the Trustees are authorized to enter into this Agreement
and to take all action to be taken by them pursuant to the provisions hereof, and shall not inquire into the authorization of
the Liquidity Providers and the Trustees with respect thereto. In the administration of the trusts hereunder, the Subordination
Agent may execute any of the trusts or powers hereof and perform its powers and duties hereunder directly or through agents or
attorneys and may consult with counsel, accountants and other skilled persons to be selected and retained by it, and the Subordination
Agent shall not be liable for the acts or omissions of any agent appointed with due care or for anything done, suffered or omitted
in good faith by it in accordance with the advice or written opinion of any such counsel, accountants or other skilled persons.

 

SECTION 6.6.           
Capacity in Which Acting. The Subordination Agent acts hereunder solely as agent and trustee herein and not in its
individual capacity, except as otherwise expressly provided in the Operative Agreements.

 

SECTION 6.7.           
Compensation. The Subordination Agent shall be entitled to reasonable compensation, including expenses and disbursements,
for all services rendered hereunder and shall have a priority claim to the extent set forth in Article III hereof on all monies
collected hereunder for the payment of such compensation, to the extent that such compensation shall not be paid by others. The
Subordination Agent agrees that it shall have no right against the Class A Trustee or any Liquidity Provider for any fee as compensation
for its services as agent under this Agreement. The provisions of this Section 6.7 shall survive the termination of this Agreement.

 

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SECTION 6.8.           
May Become Certificateholder. The institution acting as Subordination Agent hereunder may become a Certificateholder
and have all rights and benefits of a Certificateholder to the same extent as if it were not the institution acting as the Subordination
Agent.

 

SECTION 6.9.           
Subordination Agent Required; Eligibility. There shall at all times be a Subordination Agent hereunder which shall
be a corporation or national banking association organized and doing business under the laws of the United States of America or
of any State or the District of Columbia having a combined capital and surplus of at least $100,000,000 (or the obligations of
which, whether now in existence or hereafter incurred, are fully and unconditionally guaranteed by a corporation or national banking
association organized and doing business under the laws of the United States of America, any State thereof or of the District
of Columbia and having a combined capital and surplus of at least $100,000,000), if there is such an institution willing and able
to perform the duties of the Subordination Agent hereunder upon reasonable or customary terms. Such corporation or national banking
association shall be a citizen of the United States and shall be authorized under the laws of the United States or any State thereof
or of the District of Columbia to exercise corporate trust powers and shall be subject to supervision or examination by federal,
state or District of Columbia authorities. If such corporation or national banking association publishes reports of condition
at least annually, pursuant to law or to the requirements of any of the aforesaid supervising or examining authorities, then,
for the purposes of this Section 6.9, the combined capital and surplus of such corporation or national banking association shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

 

In case at any time the Subordination Agent
shall cease to be eligible in accordance with the provisions of this Section, the Subordination Agent shall resign immediately
in the manner and with the effect specified in Section 8.1.

 

SECTION 6.10.       
Money to Be Held in Trust. All Equipment Notes, monies and other property deposited with or held by the Subordination
Agent pursuant to this Agreement shall be held in trust for the benefit of the parties entitled to such Equipment Notes, monies
and other property. All such Equipment Notes, monies or other property shall be held in the trust department of the institution
acting as Subordination Agent hereunder.

 

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

 

ARTICLE
VII

INDEMNIFICATION OF SUBORDINATION AGENT

 

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SECTION 7.1.           
Scope of Indemnification. The Subordination Agent shall be indemnified hereunder to the extent and in the manner
described in Section 8.1 of the Note Purchase Agreement. The indemnities contained in such Sections of such agreements shall survive
the termination of this Agreement.

 

ARTICLE
VIII

SUCCESSOR SUBORDINATION AGENT

 

SECTION 8.1.           
Replacement of Subordination Agent; Appointment of Successor. The Subordination Agent may resign at any time by
so notifying each other party hereto. The Controlling Party may remove the Subordination Agent for cause by so notifying the Subordination
Agent and may appoint a successor Subordination Agent. The Controlling Party shall remove the Subordination Agent if:

 

(1)       the
Subordination Agent fails to comply with Section 6.9 hereof;

 

(2)       the
Subordination Agent is adjudged bankrupt or insolvent;

 

(3)       a
receiver or other public officer takes charge of the Subordination Agent or its property; or

 

(4)       the
Subordination Agent otherwise becomes incapable of acting.

 

If the Subordination Agent resigns or is
removed or if a vacancy exists in the office of Subordination Agent for any reason (the Subordination Agent in such event being
referred to herein as the retiring Subordination Agent), the Controlling Party shall promptly appoint a successor Subordination
Agent.

 

A successor Subordination Agent shall deliver
(x) a written acceptance of its appointment as Subordination Agent hereunder to the retiring Subordination Agent and (y) a written
assumption of its obligations hereunder and under each Liquidity Facility to each party hereto, upon which the resignation or
removal of the retiring Subordination Agent shall become effective, and the successor Subordination Agent shall have all the rights,
powers and duties of the Subordination Agent under this Agreement. The successor Subordination Agent shall mail a notice of its
succession to each other party hereto. The retiring Subordination Agent shall promptly transfer its rights under each of the Liquidity
Facilities and all of the property held by it as Subordination Agent to the successor Subordination Agent.

 

If a successor Subordination Agent does not
take office within 60 days after the retiring Subordination Agent resigns or is removed, the retiring Subordination Agent or one
or more of the Trustees may petition any court of competent jurisdiction for the appointment of a successor Subordination Agent.

 

If the Subordination Agent fails to comply
with Section 6.9 hereof (to the extent applicable), one or more of the Trustees or one or more of the Liquidity Providers may
petition

 

    45

     

    

 

any court of competent jurisdiction for the removal of the Subordination Agent and the appointment of a successor Subordination
Agent.

 

Notwithstanding the foregoing, no resignation
or removal of the Subordination Agent shall be effective unless and until a successor has been appointed. No appointment of a
successor Subordination Agent shall be effective unless and until the Rating Agencies shall have delivered a Ratings Confirmation.

 

ARTICLE
IX

SUPPLEMENTS AND AMENDMENTS

 

SECTION 9.1.           
Amendments, Waivers, Possible Future Issuance of an Additional Class of Certificates, etc. (a)  This Agreement
may not be supplemented, amended or modified without the consent of each Trustee (acting, except in the case of any amendment
pursuant to Section 3.5(e)(v)(y) or the penultimate sentence of Section 3.5(l) hereof with respect to any Replacement Liquidity
Facility or any amendment contemplated by the last sentence of this Section 9.1(a), with the consent of holders of Certificates
of the related Class evidencing interests in the related Trust aggregating not less than a majority in interest in such Trust
or as otherwise authorized pursuant to the relevant Trust Agreement), the Subordination Agent and each Liquidity Provider; provided,
however, that this Agreement may be supplemented, amended or modified without the consent of any Trustee if such supplement,
amendment or modification (i) is in accordance with Section 9.1(c) or Section 9.1(d) hereof or (ii) cures an ambiguity or
inconsistency or does not materially adversely affect such Trustee or the holders of the related Class of Certificates; provided further,
however, that, if such supplement, amendment or modification (A) would (x) directly or indirectly modify or supersede,
or otherwise conflict with, Section 2.2(b), Section 3.5(e), Section 3.5(f)(other than the last sentence thereof), Section 3.5(l),
the last sentence of this Section 9.1(a), Section 9.1(c), Section 9.1(d), the second sentence of Section 10.6 or this proviso
(collectively, the “United Provisions”) or (y) otherwise adversely affect the interests of a potential
Replacement Liquidity Provider or of United with respect to its ability to replace any Liquidity Facility or with respect to its
payment obligations under any Operative Agreement or (B) is made pursuant to the last sentence of this Section 9.1(a) or pursuant
to Section 9.1(c) or Section 9.1(d), then such supplement, amendment or modification shall not be effective without the additional
written consent of United. Notwithstanding the foregoing, without the consent of each Certificateholder and each Liquidity Provider,
no supplement, amendment or modification of this Agreement may (i) reduce the percentage of the interest in any Trust evidenced
by the Certificates issued by such Trust necessary to consent to modify or amend any provision of this Agreement or to waive compliance
therewith or (ii) except as provided in this Section 9.1(a), Section 9.1(c) or Section 9.1(d), modify Section 2.4 or 3.2 hereof,
relating to the distribution of monies received by the Subordination Agent hereunder from the Equipment Notes or pursuant to the
Liquidity Facilities. Nothing contained in this Section shall require the consent of a Trustee at any time following the payment
of Final Distributions with respect to the related Class of Certificates. If the Replacement Liquidity Facility for any Liquidity
Facility in accordance with Section 3.5(e) hereof is to be comprised of more than one instrument as contemplated by the definition
of the term “Replacement Liquidity Facility”, then each of the parties hereto agrees to amend this Agreement, if necessary,
to incorporate appropriate mechanics for multiple Liquidity Facilities for an individual Trust.

 

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(b)       In
the event that the Subordination Agent, as the registered holder of any Equipment Notes, receives a request for the giving of
any notice or for its consent to any amendment, supplement, modification, consent or waiver under such Equipment Notes or the
Indenture, any Security Agreement or other related document, (i) if no Indenture Default shall have occurred and be continuing,
the Subordination Agent shall request directions with respect to each Series of such Equipment Notes from the Trustee of the Trust
which holds such Equipment Notes and shall vote or consent in accordance with the directions of such Trustee, and (ii) if any
Indenture Default shall have occurred and be continuing, the Subordination Agent will exercise its voting rights with respect
to such Equipment Notes as directed by the Controlling Party (subject to Sections 4.1 and 4.4 hereof); provided that no
such amendment, supplement, modification, consent or waiver shall, without the consent of each affected Certificateholder and
each Liquidity Provider, reduce the amount of principal or interest payable by United under any Equipment Note or change the time
of payment or method of calculation of any amount under any Equipment Note.

 

(c)       If
any series of Additional Equipment Notes issued pursuant to Section 9.1(d) are repaid and re-issued in accordance with Section
6.1.5 of the Note Purchase Agreement, such series of re-issued Equipment Notes (the “Refinancing Equipment Notes”)
shall be issued to a new pass through trust (a “Refinancing Trust”) that issues a class of pass through certificates
(the “Refinancing Certificates”) to certificateholders (the “Refinancing Certificateholders”)
pursuant to a pass through trust agreement (a “Refinancing Trust Agreement”) with a trustee (a “Refinancing
Trustee”). A Refinancing Trust, a Refinancing Trustee and the Refinancing Certificates shall be subject to all of the
provisions of this Agreement in the same manner as the Class A Trust or the applicable Additional Trust, the Class A Trustee or
the applicable Additional Trustee and the Class A Certificates or the applicable Additional Certificates, whichever corresponds
to the series of the refinanced Equipment Notes, including the subordination of the Refinancing Certificates to the Administration
Expenses, the Liquidity Obligations and the Class A Certificates and, if applicable, any previously issued class of Additional
Certificates. Such issuance of Refinancing Equipment Notes and Refinancing Certificates and the amendment of this Agreement as
provided below shall require Ratings Confirmation and shall not materially adversely affect any of the Trustees. This Agreement
shall be amended by written agreement of United and the Subordination Agent to give effect to the issuance of any Refinancing
Certificates subject to the following terms and conditions:

 

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

 

(ii)       the
definitions of “Certificate”, “Class”, “Final Legal Distribution Date”, “Trust”,
 “Trust Agreement” and “Controlling Party” (and such other applicable definitions) shall be revised, as
appropriate, to reflect such issuance (and the subordination of the Refinancing Certificates and the Refinancing Equipment Notes);

 

(iii)       with
respect to any refinancing of any series of Additional Equipment Notes, the Refinancing Certificates may have the benefit of credit
support similar to the Liquidity Facilities, or different therefrom; provided that (A) claims for fees, interest, expenses, reimbursement
of advances and other obligations arising from such credit support (1) may, in the case of any refinancing of the Class B Certificates
or Class C Certificates, if issued (but not to any other classes of Additional Certificates), rank pari

 

    47

     

    

 

passu with similar claims
in respect of each Class A Liquidity Facility so long as the prior written consent of each Class A Liquidity Provider, and, in
the case of Class C Certificates, each equivalent liquidity provider in respect of the Class B Certificates, if any, shall have
been obtained or (2) shall, in the case of all Classes of Additional Certificates to which clause (1) is not applicable, be subordinated
to the Administration Expenses, the Liquidity Obligations, the Class A Certificates and any Additional Certificates that rank
senior in right of payment to the applicable Refinancing Certificates and (B) in each case, a Ratings Confirmation with respect
to each such Class of Certificates then rated by the Rating Agencies shall have been obtained from each such Rating Agency;

 

(iv)       the
Refinancing Certificates cannot be issued to United but may be issued to any of United’s Affiliates so long as such Affiliate
shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents
and any subsequent transfer of the Refinancing Certificates to any Affiliate of United shall be similarly restricted; and

 

(v)       the
scheduled payment dates on the Refinancing Equipment Notes shall be on the Regular Distribution Dates.

 

The issuance of the Refinancing Certificates
in compliance with all of the foregoing terms of this Section 9.1(c) shall not require the consent of any of the Trustees or the
holders of any Class of Certificates. Each of the Liquidity Providers hereby agrees and confirms that it shall be deemed to consent
to any issuance and amendment in accordance with this Section 9.1(c) (subject to each Class A Liquidity Provider’s consent
right in Section 9.1(c)(iii)) and any such issuance and amendment shall not affect any of its respective obligations under the
Liquidity Facilities.

 

(d)       Pursuant
to the terms of Section 2.02 of the Indenture and Section 6.1.5 of the Note Purchase Agreement, one or more additional series
of Equipment Notes (the “Additional Equipment Notes”), which shall be subordinated in right of payment to the
Series A Equipment Note under the Indenture, may be issued at any time, and from time to time, on or after the Closing Date. If
any series of Additional Equipment Notes are issued under the Indenture, each such series of Additional Equipment Notes shall
be issued to a new pass through trust (an “Additional Trust”) that issues a class of pass through certificates
(the “Additional Certificates”) to certificateholders (the “Additional Certificateholders”)
pursuant to a pass through trust agreement (an “Additional Trust Agreement”) with a trustee (an “Additional
Trustee”). In such case, this Agreement shall be amended by written agreement of United and the Subordination Agent
to provide for the subordination of the Additional Certificates to the Administration Expenses, the Liquidity Obligations, the
Class A Certificates and, if applicable, any previously issued class of Additional Certificates (subject to clause (iii) below).
Such issuance and the amendment of this Agreement as provided below shall require Ratings Confirmation and shall not materially
adversely affect any of the Trustees. This Agreement shall be amended by written agreement of United and the Subordination Agent
to give effect to the issuance of any Additional Certificates subject to the following terms and conditions:

 

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

 

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(ii)       the
definitions of “Certificate”, “Class”, “Equipment Notes”, “Final Legal Distribution
Date”, “Trust”, “Trust Agreement” and “Controlling Party” (and such other applicable
definitions) shall be revised, as appropriate, to reflect the issuance of the Additional Certificates (and the subordination thereof);

 

(iii)       Section
3.2 may be revised to provide for the distribution of “Adjusted Interest” for such class of Additional Certificates
after, if applicable, any “Adjusted Interest” for any previously issued class of Additional Certificates, but before
Expected Distributions on the Class A Certificates;

 

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

 

(v)       the
Additional Certificates may have the benefit of credit support similar to the Liquidity Facilities, or different therefrom; provided
that (A) claims for fees, interest, expenses, reimbursement of advances and other obligations arising from such credit support
(1) may, in the case of Class B Certificates or Class C Certificates (but not to any other classes of Additional Certificates),
rank pari passu with similar claims in respect of each Class A Liquidity Facility so long as the prior written consent of each
Class A Liquidity Provider and, in the case of Class C Certificates, each equivalent liquidity provider with respect to the Class
B Certificates, if any, shall have been obtained, or (2) shall, in the case of all Classes of Additional Certificates to which
clause (1) is not applicable, be subordinated to the Administration Expenses, the Liquidity Obligations, the Class A Certificates
and (B) Ratings Confirmation with respect to each such Class of Certificates then rated by the Rating Agencies shall have been
obtained from each such Rating Agency;

 

(vi)       the
Additional Certificates cannot be issued to United but may be issued to any of United’s Affiliates so long as such Affiliate
shall have bankruptcy remote and special purpose provisions in its certificate of incorporation or other organizational documents
and any subsequent transfer of the Additional Certificates to any Affiliate of United shall be similarly restricted;

 

(vii)       the
provisions of this Agreement governing payments with respect to Certificates and related notices, including Sections 2.4, 3.1
and 3.2, shall be revised to provide for distributions on such class of the Additional Certificates after payment of Administration
Expenses, the Liquidity Obligations, the Class A Certificates (and, if applicable, any previously issued class of Additional Certificates),
subject to clause (iii) above;

 

(viii)       the
scheduled payment dates on such series of Additional Equipment Notes shall be on the Regular Distribution Dates; and

 

(ix)       the
applicable provisions of Article X hereof shall be revised to account for such Additional Certificates.

 

The issuance of the Additional Certificates
in compliance with all of the foregoing terms of this Section 9.1(d) shall not require the consent of any of the Trustees or the
holders of any Class of Certificates. Each of the Liquidity Providers hereby agrees and confirms that it shall be deemed to consent
to any issuance and amendment in accordance with this

 

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Section 9.1(d) and any such issuance and amendment shall not affect
any of its respective obligations under the Liquidity Facilities.

 

SECTION 9.2.           
Subordination Agent Protected. If, in the reasonable opinion of the institution acting as the Subordination Agent
hereunder, any document required to be executed pursuant to the terms of Section 9.1 affects any right, duty, immunity or indemnity
with respect to it under this Agreement or any Liquidity Facility, the Subordination Agent may in its discretion decline to execute
such document.

 

SECTION 9.3.           
Effect of Supplemental Agreements. Upon the execution of any amendment, consent or supplement hereto pursuant to
the provisions hereof, this Agreement shall be and be deemed to be and shall be modified and amended in accordance therewith and
the respective rights, limitations of rights, obligations, duties and immunities under this Agreement of the parties hereto and
beneficiaries hereof shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such amendment, consent or supplement shall be and be deemed to be and
shall be part of the terms and conditions of this Agreement for any and all purposes. In executing or accepting any amendment,
consent or supplement permitted by this Article IX, the Subordination Agent shall be entitled to receive, and shall be fully protected
in relying upon, an opinion of counsel stating that the execution of such amendment, consent or supplement is authorized or permitted
by this Agreement.

 

SECTION 9.4.           
Notice to Rating Agencies. Promptly upon receipt of any amendment, consent, modification, supplement or waiver contemplated
by this Article IX and prior to taking any action required to be taken thereunder, the Subordination Agent shall send a copy thereof
to each Rating Agency.

 

ARTICLE
X

MISCELLANEOUS

 

SECTION 10.1.       
Termination of Intercreditor Agreement. Following payment of Final Distributions with respect to the Class A Certificates
and the payment in full of all Liquidity Obligations to the Liquidity Providers and provided that there shall then be no
other amounts due to the Class A Certificateholders, the Class A Trustee, the Liquidity Providers and the Subordination Agent
hereunder or under the Class A Trust Agreement, and that the commitment of the Liquidity Providers under the Liquidity Facilities
shall have expired or been terminated, this Agreement and the trusts created hereby shall terminate and this Agreement shall be
of no further force or effect. Except as aforesaid or otherwise provided, this Agreement and the trusts created hereby shall continue
in full force and effect in accordance with the terms hereof.

 

SECTION 10.2.       
Intercreditor Agreement for Benefit of Trustees, Liquidity Providers and Subordination Agent. Subject to the second
sentence of Section 10.6 and the provisions of Sections 4.4 and 9.1, nothing in this Agreement, whether express or implied,
shall be construed to give to any Person other than the Class A Trustee, the Liquidity Providers and

 

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the Subordination Agent any
legal or equitable right, remedy or claim under or in respect of this Agreement.

 

SECTION 10.3.       
Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands,
authorizations, directions, consents, waivers or documents provided or permitted by this Agreement to be made, given, furnished
or filed shall be in writing, mailed by certified mail, postage prepaid, or by confirmed telecopy and

 

(i)       if
to the Subordination Agent, addressed to at its office at:

 

Wilmington Trust,
National Association

1100 North Market
Square

Wilmington, Delaware
19890-1605

Attention: Corporate
Capital Market Services

Telephone: (302)
636-6296

Telecopy: (302)
636-4140

 

(ii)       if
to any Trustee, addressed to it at its office at:

 

Wilmington Trust,
National Association

1100 North Market
Square

Wilmington, Delaware
19890-1605

Attention: Corporate
Capital Market Services

Telephone: (302)
636-6296

Telecopy: (302)
636-4140

 

(iii)       if
to any Class A Liquidity Provider, addressed to it at its office at:

 

		(a)	Goldman Sachs Bank USA

200 West Street

New York, NY 10282

Attention: Jordan Travis

Telephone: 972-368-8076

Fax: 917-977-3966

Email: gs-pfi-servicing@ny.email.gs.com

 

		(b)	Barclays Bank PLC

745 7th Avenue

New York, NY 10019

Attention: Anh Tran

Telephone: (212) 412-3806

Facsimile: (1) 972 535 5728

Email: Anh.Tran@barclays.com; Ltmny@barclays.com;

xraUSOversightteamCh@barclays.com;

19725355728@tls.ldsprod.com

 

    51

     

    

 

		(c)	Morgan Stanley Bank, N.A.

                                         1300 Thames Street Wharf, 4th Floor

Baltimore, MD 21231

Attention: Gloria Tubene and John M. Badibanga

Telephone: 443-627-4355

Facsimile: 718-233-2140

Email: Gloria.Tubene@morganstanley.com;

John.Badibanga@morganstanley.com;

MSLoanNotices@morganstanley.com;

msloanservicing@morganstanley.com

 

 

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

 

SECTION 10.4.       
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

SECTION 10.5.       
No Oral Modifications or Continuing Waivers. No terms or provisions of this Agreement may be changed, waived, discharged
or terminated orally, but only by an instrument in writing signed by the party or other Person against whom enforcement of the
change, waiver, discharge or termination is sought and any other party or other Person whose consent is required pursuant to this
Agreement and any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.

 

SECTION 10.6.       
Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit
of, each of the parties hereto and the successors and assigns of each, all as herein provided. In addition, the United Provisions
shall inure to the benefit of United and its successors and assigns, and (without limitation of the foregoing) United is hereby
constituted, and agreed to be, an express third party beneficiary of the United Provisions.

 

SECTION 10.7.       
Headings. The headings of the various Articles and Sections herein and in the table of contents hereto are for convenience
of reference only and shall not define or limit any of the terms or provisions hereof.

 

SECTION 10.8.       
Counterpart Form. This Agreement may be executed by the parties hereto in separate counterparts, each of which when
so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same agreement.

 

    52

     

    

 

SECTION 10.9.       
Subordination. (a)  As between the Liquidity Providers (and any additional liquidity provider in respect
of any Refinancing Certificates), on the one hand, and the Class A Trustee (and any Refinancing Trustees or Additional Trustee)
and the Certificateholders (and any Refinancing Certificateholders or Additional Certificateholders), on the other hand, and as
among the Class A Trustee (and any Refinancing Trustees or Additional Trustee) and the Class A Certificateholders (and any Refinancing
Certificateholders or Additional Certificateholders), this Agreement shall be a subordination agreement for purposes of Section 510
of the United States Bankruptcy Code, as amended from time to time.

 

(b)       Notwithstanding
the provisions of this Agreement, if prior to the payment in full to the Liquidity Providers of all Liquidity Obligations then
due and payable, any party hereto shall have received any payment or distribution in respect of Equipment Notes or any other amount
under the Indenture or other Operative Agreements which, had the subordination provisions of this Agreement been properly applied
to such payment, distribution or other amount, would not have been distributed to such Person, then such payment, distribution
or other amount shall be received and held in trust by such Person and paid over or delivered to the Subordination Agent for application
as provided herein.

 

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

 

(d)       The
Class A Trustee (on behalf of itself and the holders of the Class A Certificates), the Liquidity Providers and the Subordination
Agent confirm that the payment priorities specified in Section 3.2 shall apply in all circumstances, notwithstanding the fact
that the obligations owed to the Class A Trustee and the holders of Class A Certificates are secured by certain assets and the
Liquidity Obligations may not be so secured. The Class A Trustee expressly agrees (on behalf of itself and the holders of the
Class A Certificates) not to assert priority over the holders of Liquidity Obligations (except as specifically set forth in Section
3.2) due to their status as secured creditors in any bankruptcy, insolvency or other legal proceeding.

 

(e)       The
Class A Trustee (on behalf of itself and the holders of the Class A Certificates), the Liquidity Providers and the Subordination
Agent may take any of the following actions without impairing their rights under this Agreement:

 

(i)       obtain
a Lien on any property to secure any amounts owing to it hereunder, including, in the case of the Liquidity Providers, the Liquidity
Obligations,

 

(ii)       obtain
the primary or secondary obligation of any other obligor with respect to any amounts owing to it hereunder, including, in the
case of the Liquidity Providers, any of the Liquidity Obligations,

 

    53

     

    

 

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

 

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

 

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

 

provided, however, that the taking of any such
actions by the Class A Trustee, the Liquidity Providers or the Subordination Agent shall not prejudice the rights or adversely
affect the obligations of any other party under this Agreement.

 

SECTION 10.10.   
Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

 

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

 

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

 

(i)       submits
for itself and its property in any legal action or proceeding relating to this Agreement or any other Operative Agreement, or
for recognition and enforcement of any judgment in respect hereof or thereof, to the nonexclusive general jurisdiction of the
courts of the State of New York, the courts of the United States of America for the Southern District of New York, and the appellate
courts from any thereof;

 

(ii)       consents
that any such action or proceeding may be brought in such courts, and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agrees not to plead or claim the same;

 

(iii)       agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to each party hereto at its address set forth in Section 10.3
hereof, or at such other address of which the other parties shall have been notified pursuant thereto; and

 

(iv)       agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction.

 

(b)       EACH
OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS

 

    54

     

    

 

BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP
THAT IS BEING ESTABLISHED, including, without limitation, contract claims, tort claims, breach of duty claims and all other common
law and statutory claims. Each of the parties warrants and represents that it has reviewed this waiver with its legal counsel,
and that it knowingly and voluntarily waives its jury trial rights following consultation with such legal counsel. THIS WAIVER
IS IRREVOCABLE, AND CANNOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

(c)       To
the extent that any Liquidity Provider or any of the properties of any Liquidity Provider has or may hereafter acquire any right
of immunity, whether characterized as sovereign immunity or otherwise, and whether under the United States Foreign Sovereign Immunities
Act of 1976 (or any successor legislation) or otherwise, from any legal proceedings, whether in the United States or elsewhere,
to enforce or collect upon this Agreement, including, without limitation, immunity from suit or service of process, immunity from
jurisdiction or judgment of any court or tribunal or execution of a judgment, or immunity of any of its property from attachment
prior to any entry of judgment, or from attachment in aid of execution upon a judgment, such Liquidity Provider hereby irrevocably
and expressly waives any such immunity, and agrees not to assert any such right or claim in any such proceeding, whether in the
United States or elsewhere.

 

    55

     

    

 

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

 

	 	WILMINGTON
    TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee for the Class A Trust
	 	 
	 	By:	/s/ Chad May
	 	Name:
    Chad May
	 	Title:
    Vice President

 

	 	WILMINGTON
    TRUST, NATIONAL ASSOCIATION, not in its individual capacity except as expressly set forth herein but solely as Subordination
    Agent and Trustee
	 	 
	 	By:	/s/ Chad May
	 	Name:
    Chad May
	 	Title:
    Vice President

 

[Signature Page to Intercreditor Agreement]

 

     

     

    

 

	 	GOLDMAN
    SACHS BANK USA, as a Class A Liquidity Provider
	 	 
	 	By	/s/ Charles Johnston
	 	Name:
    Charles Johnston
	 	Title:
    Authorized Signatory

 

[Signature Page to Intercreditor Agreement]

 

     

     

    

 

	 	BARCLAYS
    BANK PLC, as a Class A Liquidity Provider
	 	 
	 	By	/s/ Craig Malloy
	 	Name:  Craig Malloy
	 	Title: Director

 

[Signature Page to Intercreditor Agreement]

 

     

     

    

 

	 	MORGAN
    STANLEY BANK, N.A., as a Class A Liquidity Provider
	 	 
	 	By	/s/ Michael King
	 	Name:  Michael King
	 	Title:
    Authorized Signatory

 

[Signature Page to Intercreditor Agreement]Exhibit 4.6

 

Execution Version

 

 

 

NOTE PURCHASE AGREEMENT

 

Dated as of October 28, 2020

 

Among

 

UNITED AIRLINES, INC.,

Owner,

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

Not in its individual capacity

except as expressly provided herein,

but solely as Mortgagee, Subordination
Agent

under the Intercreditor Agreement and Pass
Through Trustee

under the Pass Through Trust Agreement

 

 

 

    	 	 	 

    	 	 	 

    

 

INDEX TO NOTE PURCHASE AGREEMENT

 

Page

 

	SECTION 1.   DEFINITIONS AND CONSTRUCTION	1
	 	 
	SECTION 2.   Secured Loans; Closing	2
	 	 
	2.1.    Making of Loans and Issuance of Series A Equipment
    Note	2
	2.2.    Closing	2
	 	 
	SECTION 3.   [Intentionally omitted]	2
	 	 
	SECTION 4.   Conditions Precedent	2
	 	 
	4.1.    Conditions Precedent to the Obligations of the
    Pass Through Trustee	2
	 	 
	4.1.1.     Series A Equipment Note	2
	4.1.2.     Delivery of Documents	3
	4.1.3.     Perfected Security Interest	4
	4.1.4.     Violation of Law	4
	4.1.5.     Representations, Warranties and Covenants	4
	4.1.6.     No Event of Default	4
	4.1.7.     No Event of Loss	4
	4.1.8.     Title	5
	4.1.9.     Certification	5
	4.1.10.   Section 1110	5
	4.1.11.   Filing	5
	4.1.12.   No Proceedings	5
	4.1.13.   Governmental Action	5
	 	 
	4.2.    Conditions Precedent to Obligations of Mortgagee	6
	 	 
	4.2.1.     Documents	6
	4.2.2.     Other Conditions Precedent	6
	 	 
	4.3.    Conditions Precedent to Obligations of Owner	6
	 	 
	4.3.1.     Documents	6
	4.3.2.     Other Conditions Precedent	7
	 	 
	4.4.    Post-Registration Opinion	7
	 	 
	SECTION 5.   REPRESENTATIONS AND WARRANTIES	7
	 	 
	5.1.    Owner’s Representations and Warranties	7
	 	 
	5.1.1.     Organization; Qualification	7
	5.1.2.     Corporate Authorization	7
	5.1.3.     No Violation	7
	5.1.4.     Approvals	8
	5.1.5.     Valid and Binding Agreements	8
	5.1.6.     Registration and Recordation	8
	5.1.7.     Owner’s Location	8
	5.1.8.     No Event of Loss	9
	5.1.9.     Compliance With Laws	9

 

    	 	i	 

    	 	 	 

    

 

INDEX TO NOTE PURCHASE AGREEMENT

(Continued)

 

Page

 

	5.1.10.   Securities Laws	9
	5.1.11.   Broker’s Fees	9
	5.1.12.   Section 1110	9
	5.1.13.   Cape Town	9

 

	5.2.   WTNA’s Representations and Warranties	10
	 	 
	5.2.1.     Organization, Etc.	10
	5.2.2.     Corporate Authorization	10
	5.2.3.     No Violation	10
	5.2.4.     Approvals	11
	5.2.5.     Valid and Binding Agreements	11
	5.2.6.     Citizenship	11
	5.2.7.     No Liens	11
	5.2.8.     Litigation	11
	5.2.9.     Securities Laws	12
	5.2.10.   Investment	12
	5.2.11.   Taxes	12
	5.2.12.   Broker’s Fees	12
	 	 
	SECTION 6.   COVENANTS, UNDERTAKINGS AND AGREEMENTS	13
	 	 
	6.1.   Covenants of Owner	13
	 	 
	6.1.1.     Corporate Existence; U.S. Air Carrier	13
	6.1.2.     Notice of Change of Location	13
	6.1.3.     Certain Assurances	13
	6.1.4.     Securities Laws	14
	6.1.5.     Subsequent Issuance of Certificates	14
	 	 
	6.2.   Covenants of WTNA	14
	 	 
	6.2.1.     Liens	14
	6.2.2.     Securities Act	15
	6.2.3.     Performance of Agreements	15
	6.2.4.     Withholding Taxes	15
	 	 
	6.3.   Covenants of Note Holder	15
	 	 
	6.3.1.     Withholding Taxes	15
	6.3.2.     Transfer; Compliance	15
	 	 
	6.4.   Agreements	16
	 	 
	6.4.1.     Quiet Enjoyment	16
	6.4.2.     Consents	16
	6.4.3.     Insurance	16
	6.4.4.     Extent of Interest of Note Holder	17
	6.4.5.     Foreign Registration	17
	6.4.6.     Interest in Certain Engines	18
	 	 
	SECTION 7.   [Intentionally Omitted.]	19

 

    	 	ii	 

    	 	 	 

    

 

INDEX TO NOTE PURCHASE AGREEMENT

(Continued)

 

Page

 

	SECTION 8.   INDEMNIFICATION AND EXPENSES	19
	 	 
	8.1.    General Indemnity	19
	 	 
	8.1.1.   Indemnity	19
	8.1.2.   Exceptions	20
	8.1.3.   Separate Agreement	22
	8.1.4.   Notice	22
	8.1.5.   Notice of Proceedings; Defense of Claims; Limitations	22
	8.1.6.   Information	23
	8.1.7.   Effect of Other Indemnities; Subrogation; Further
    Assurances	23
	8.1.8.   Refunds	23
	 	 
	8.2.    Expenses	23
	 	 
	8.2.1.   Invoices and Payment	23
	8.2.2.   Payment of Other Expenses	24
	 	 
	8.3.    General Tax Indemnity	24
	 	 
	8.3.1.   General	24
	8.3.2.   Certain Exceptions	25
	8.3.3.   Payment	27
	8.3.4.   Contest	28
	8.3.5.   Refund	30
	8.3.6.   Tax Filing	30
	8.3.7.   Forms	31
	8.3.8.   Non-Parties	31
	8.3.9.   Subrogation	31
	 	 
	8.4.    Payments	31
	8.5.    Interest	32
	8.6.    Benefit of Indemnities	32
	 	 
	SECTION 9.   ASSIGNMENT OR TRANSFER OF INTEREST	32
	 	 
	9.1.    Note Holder	32
	9.2.    Effect of Transfer	32
	 	 
	SECTION 10.   SECTION 1110	33
	 	 
	SECTION 11.   CHANGE OF CITIZENSHIP	33
	 	 
	11.1.   Generally	33
	11.2.   Mortgagee	33
	 	 
	SECTION 12.   MISCELLANEOUS	33
	 	 
	12.1.   Amendments	33
	12.2.   Severability	33
	12.3.   Survival	34
	12.4.   Reproduction of Documents	34
	12.5.   Counterparts	34

 

    	 	iii	 

    	 	 	 

    

 

INDEX TO NOTE PURCHASE AGREEMENT

(Continued)

 

Page

 

	12.6.   No Waiver	34
	12.7.   Notices	35
	12.8.   GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE	35
	12.9.   Third-Party Beneficiary	36
	12.10. Entire Agreement	36
	12.11. Further Assurances	36

 

Schedules

 

Schedule 1   Accounts; Addresses

Schedule 2   Commitments

Schedule 3   Certain Terms

Schedule 4   Permitted Countries

 

Exhibits

 

Exhibit A      Opinion
of special counsel to Owner

Exhibit B      Opinion
of Owner’s Legal Department

Exhibit C      Opinion
of special counsel to Mortgagee and to the Pass Through Trustee

Exhibit D      Opinion
of special counsel in Oklahoma City, Oklahoma

 

    	 	iv	 

    	 	 	 

    

 

NOTE PURCHASE AGREEMENT

 

NOTE PURCHASE AGREEMENT, dated as of October
28, 2020 (this “Agreement”), among (a) UNITED AIRLINES, INC., a Delaware corporation (“Owner”), (b) WILMINGTON
TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity, except as expressly provided herein,
but solely as Mortgagee (in its capacity as Mortgagee, “Mortgagee” and in its individual capacity, “WTNA”),
(c) WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, except as expressly provided herein, but solely
as Pass Through Trustee under the Pass Through Trust Agreement (the “Pass Through Trustee”) and (d) WILMINGTON
TRUST, NATIONAL ASSOCIATION, not in its individual capacity, except as expressly provided herein, but solely as Subordination
Agent under the Intercreditor Agreement (“Subordination Agent”).

 

RECITALS

 

A.       Pursuant
to the Pass Through Trust Agreement, the Pass Through Trust was created and the Pass Through Certificates were issued and sold
on the date hereof.

 

B.       The
Pass Through Trustee has agreed to use the proceeds from the issuance and sale of the Pass Through Certificates issued by the
Pass Through Trust to purchase from Owner, on behalf of the related Pass Through Trust, the Series A Equipment Note bearing the
same interest rate as the Pass Through Certificates issued by such Pass Through Trust.

 

C.       Owner
and Mortgagee, concurrently with the execution and delivery hereof, have entered into (1) the Trust Indenture for the benefit
of the Note Holder, pursuant to which, among other things, Owner agrees to issue the Series A Equipment Note, in the amount and
otherwise as provided in the Trust Indenture, and (2) the Security Agreements to mortgage, pledge and assign to Mortgagee
all of Owner’s right, title and interest in the Collateral pursuant to the terms and conditions of the Security Agreements
to secure the Secured Obligations, including, without limitation, Owner’s obligations under the Series A Equipment Note.

 

D.       The
parties hereto wish to set forth in this Agreement the terms and conditions upon and subject to which the aforesaid transactions
shall be effected.

 

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

 

SECTION
1.    DEFINITIONS AND
CONSTRUCTION

 

Capitalized terms used but not defined herein
(including in the initial paragraph and Recitals above) shall have the respective meanings set forth or incorporated by reference,
and shall be construed and interpreted in the manner described, in Annex A to the Trust Indenture.

 

    	 	 	 

    	 	 	 

    

 

SECTION
2.    Secured Loans;
Closing

 

2.1.        Making
of Loans and Issuance of Series A Equipment Note

 

Subject to the terms and conditions of this
Agreement, on the date hereof at the closing under the Underwriting Agreement, upon receipt by the Pass Through Trustee of the
proceeds from the sale of the Pass Through Certificates:

 

(a)      The
Pass Through Trustee listed on Schedule 2 shall make a secured loan to the Owner in the amount in Dollars opposite such Trustee’s
name on Schedule 2; and

 

(b)      Owner
shall issue, pursuant to and in accordance with the provisions of Article II of the Trust Indenture, to the Subordination Agent
as the registered holder on behalf of the Pass Through Trustee, a Series A Equipment Note, dated the Closing Date, in an aggregate
principal amount equal to the amount of the secured loan made by the Pass Through Trustee.

 

In addition, the Owner shall have the option
after the Closing Date to issue (and repay and reissue) from time to time Additional Series Equipment Notes, subject to the terms
of the Intercreditor Agreement. If Additional Series Equipment Notes are so reissued or issued after the Closing Date, the Note
Holder of such Equipment Notes shall be entitled to execute a counterpart to this Agreement and become a party hereto.

 

2.2.        Closing

 

(a)      The
Closing of the transactions contemplated hereby shall take place at the offices of Hughes Hubbard & Reed LLP, One Battery
Park Plaza, New York, New York 10004, or at such other place as the parties shall agree.

 

(b)      All
payments pursuant to this Section 2 shall be made in immediately available funds to such accounts set forth in Schedule 1 hereto.

 

SECTION
3.    [Intentionally omitted]

 

SECTION
4.    Conditions Precedent

 

4.1.        Conditions
Precedent to the Obligations of the Pass Through Trustee

 

The obligation of the Pass Through Trustee
to make the secured loan described in Section 2.1(a) and to participate in the transactions contemplated by this Agreement on
the Closing Date is subject to the fulfillment, prior to or on the Closing Date, of the following conditions precedent:

 

4.1.1.  Series
A Equipment Note

 

The Owner shall have tendered the Series
A Equipment Note to be issued to the Pass Through Trustee to the Mortgagee for authentication and the Mortgagee shall have authenticated
the Series A Equipment Note to be issued to the Pass Through Trustee and shall

 

    	 	2	 

    	 	 	 

    

 

 have tendered the Series A Equipment Note to the
Subordination Agent on behalf of the Pass Through Trustee, against receipt of the loan proceeds, in accordance with Section 2.1.

 

4.1.2.     Delivery
of Documents

 

The Subordination Agent on behalf of the
Pass Through Trustee shall have received executed counterparts or conformed copies of the following documents:

 

(i)           this
Agreement;

 

(ii)          the
Trust Indenture;

 

(iii)         the
initial Trust Indenture Supplement;

 

(iv)         the
Spare Engines Security Agreement;

 

(v)          the
Spare Parts Security Agreement;

 

(vi)         the
broker’s report and insurance certificates required by each Security Agreement;

 

(vii)        (A) a
copy of the Certificate of Incorporation and By-Laws of Owner and resolutions of the board of directors of Owner and/or the executive
committee thereof, in each case certified as of the Closing Date, by the Secretary or an Assistant Secretary of Owner, duly authorizing
the execution, delivery and performance by Owner of the Operative Agreements to which it is party required to be executed and
delivered by Owner on or prior to the Closing Date in accordance with the provisions hereof and thereof; and (B) an incumbency
certificate of Owner as to the person or persons authorized to execute and deliver the Operative Agreements on behalf of Owner;

 

(viii)       an
Officer’s Certificate of Owner, dated as of the Closing Date, stating that its representations and warranties set forth
in this Agreement are true and correct as of the Closing Date (or, to the extent that any such representation and warranty expressly
relates to an earlier date, true and correct as of such earlier date);

 

(ix)         the
Financing Statements;

 

(x)          the
following opinions of counsel, in each case dated the Closing Date:

 

A.          an
opinion of Hughes Hubbard & Reed LLP, special counsel to Owner, substantially in the form of Exhibit A;

 

B.           an
opinion of Owner’s Legal Department, substantially in the form of Exhibit B;

 

C.           an
opinion of Morris James LLP, special counsel to Mortgagee and to the Pass Through Trustee, substantially in the form of Exhibit C;
and

 

    	 	3	 

    	 	 	 

    

 

D.           an
opinion of Lytle Soulé & Felty, special counsel in Oklahoma City, Oklahoma, substantially in the form of Exhibit D;
and

 

(xi)         a
copy of a current, valid Standard Certificate of Airworthiness for each Aircraft duly issued by the FAA.

 

4.1.3.      Perfected
Security Interest

 

On the Closing Date, after giving effect
to the filing of the FAA Filed Documents, the filing of the Financing Statements and the registration of the International Interest
(or Prospective International Interest) of the Mortgagee in each Airframe, Engine and Spare Engine with the International Registry,
Mortgagee shall have received a duly perfected first priority security interest in all of Owner’s right, title and interest
in the Collateral, subject only to Permitted Liens.

 

4.1.4.      Violation
of Law

 

No change shall have occurred after the date
of the Underwriting Agreement in any applicable Law that makes it a violation of Law for (a) Owner, the Pass Through Trustee,
Subordination Agent or Mortgagee to execute, deliver and perform the Operative Agreements to which any of them is a party or (b) the
Pass Through Trustee to make the loan contemplated by Section 2.1, to acquire an Equipment Note or to realize the benefits of
the security afforded by the Security Agreements.

 

4.1.5.      Representations,
Warranties and Covenants

 

The representations and warranties of each
other party to this Agreement made, in each case, in this Agreement and in any other Operative Agreement to which it is a party,
shall be true and accurate in all material respects as of the Closing Date (unless any such representation and warranty shall
have been made with reference to a specified date, in which case such representation and warranty shall be true and accurate as
of such specified date) and each other party to this Agreement shall have performed and observed, in all material respects, all
of its covenants, obligations and agreements in this Agreement and in any other Operative Agreement to which it is a party to
be observed or performed by it as of the Closing Date.

 

4.1.6.      No
Event of Default

 

On the Closing Date, no event shall have
occurred and be continuing, or would result from the mortgage of the Collateral, which constitutes a Default or an Event of Default.

 

4.1.7.      No
Event of Loss

 

No Event of Loss with respect to one or more
Airframes, Aircraft, Engines, Spare Engines or Pledged Spare Parts with an Aggregate Appraised Value, collectively, in excess
of $50,000,000 shall have occurred and no circumstance, condition, act or event that, with the giving of notice or lapse of time
or both, would give rise to or constitute an Event of Loss with respect to one or more Airframes, Aircraft, Engines, Spare Engines
or Pledged Spare Parts with an Aggregate Appraised Value, collectively, in excess of $50,000,000 shall have occurred.

 

    	 	4	 

    	 	 	 

    

 

4.1.8.      Title

 

Owner shall have good title to the Collateral,
free and clear of all Liens, except Permitted Liens.

 

4.1.9.      Certification

 

The Aircraft shall have been duly certificated
by the FAA as to type and airworthiness.

 

4.1.10.    Section
1110

 

Mortgagee shall be entitled to the benefits
of Section 1110 (as currently in effect) with respect to the right to take possession of each Airframe, Engine, Spare Engine
and Spare Part and to enforce any of its other rights or remedies as provided in the Security Agreements in the event of a case
under Chapter 11 of the Bankruptcy Code in which Owner is a debtor.

 

4.1.11.    Filing

 

On the Closing Date (a) the FAA Filed
Documents shall have been duly filed for recordation (or shall be in the process of being so duly filed for recordation) with
the FAA in accordance with the Act, (b) the International Interest (or Prospective International Interest) of the Mortgagee
in each Airframe, Engine and Spare Engine granted (or to be granted) under the Security Agreements shall have been registered
with the International Registry and there shall exist no registered International Interest with respect to any Airframe, Engine
or Spare Engine on the International Registry with a priority over the International Interest of the Mortgagee therein, (c) each
Financing Statement shall have been duly filed (or shall be in the process of being so duly filed) in the appropriate jurisdiction
and (d) the Subordination Agent, on behalf of the Pass Through Trustee, shall have received a printout of the “priority
search certificate” from the International Registry relating to each Airframe, Engine and Spare Engine showing no International
Interest with a priority over the International Interest of the Mortgagee therein.

 

4.1.12.    No
Proceedings

 

No action or proceeding shall have been instituted,
nor shall any action be threatened in writing, before any Government Entity, nor shall any order, judgment or decree have been
issued or proposed to be issued by any Government Entity, to set aside, restrain, enjoin or prevent the completion and consummation
of this Agreement or any other Operative Agreement or the transactions contemplated hereby or thereby.

 

4.1.13.    Governmental
Action

 

All appropriate action required to have been
taken prior to the Closing Date by the FAA, or any governmental or political agency, subdivision or instrumentality of the United
States, in connection with the transactions contemplated by this Agreement shall have been taken, and all orders, permits, waivers,
authorizations, exemptions and approvals of such entities required to be in effect on the Closing Date in connection with the
transactions contemplated by this Agreement shall have been issued.

 

    	 	5	 

    	 	 	 

    

 

4.2.        Conditions
Precedent to Obligations of Mortgagee

 

The obligation of Mortgagee to authenticate
the Series A Equipment Note on the Closing Date is subject to the satisfaction or waiver by Mortgagee, on or prior to the Closing
Date, of the conditions precedent set forth below in this Section 4.2.

 

4.2.1.     Documents

 

Executed originals of the agreements, instruments,
certificates or documents described in Section 4.1.2 shall have been received by Mortgagee, except as specifically provided
therein, unless the failure to receive any such agreement, instrument, certificate or document is the result of any action or
inaction by Mortgagee.

 

4.2.2.     Other
Conditions Precedent

 

Each of the conditions set forth in Sections
4.1.4, 4.1.5, 4.1.6 and 4.1.10 shall have been satisfied unless the failure of any such condition to be satisfied is the result
of any action or inaction by Mortgagee.

 

4.3.        Conditions
Precedent to Obligations of Owner

 

The obligation of Owner to participate in
the transaction contemplated hereby on the Closing Date is subject to the satisfaction or waiver by Owner, on or prior to the
Closing Date, of the conditions precedent set forth below in this Section 4.3.

 

4.3.1.     Documents

 

Executed originals of the agreements, instruments,
certificates or documents described in Section 4.1.2 shall have been received by Owner, except as specifically provided therein,
and shall be satisfactory to Owner, unless the failure to receive any such agreement, instrument, certificate or document is the
result of any action or inaction by Owner. In addition, the Owner shall have received the following:

 

(i)            (A) an
incumbency certificate of WTNA as to the person or persons authorized to execute and deliver the Operative Agreements on behalf
of WTNA and (B) a copy of the Certificate of Incorporation and By-Laws and general authorizing resolution of the board of
directors (or executive committee) or other satisfactory evidence of authorization of WTNA, certified as of the Closing Date by
the Secretary or Assistant or Attesting Secretary of WTNA, which authorize the execution, delivery and performance by WTNA of
the Operative Agreements to which it is a party; and

 

(ii)           an
Officer’s Certificate of WTNA, dated as of the Closing Date, stating that its representations and warranties in its individual
capacity or as Mortgagee, Pass Through Trustee or Subordination Agent, as the case may be, set forth in this Agreement are true
and correct as of the Closing Date (or, to the extent that any such representation and warranty expressly relates to an earlier
date, true and correct as of such earlier date).

 

    	 	6	 

    	 	 	 

    

 

4.3.2.  Other
Conditions Precedent

 

Each of the conditions set forth in Sections 4.1.4,
4.1.5, 4.1.6, 4.1.7, 4.1.8, 4.1.9, 4.1.10, 4.1.11, 4.1.12 and 4.1.13 shall have been satisfied or waived by Owner, unless the
failure of any such condition to be satisfied is the result of any action or inaction by Owner.

 

4.4.        Post-Registration
Opinion

 

Promptly upon the recordation of the FAA
Filed Documents pursuant to the Act, Owner will cause Lytle Soulé & Felty, special counsel in Oklahoma City, Oklahoma,
to deliver to Owner, the Pass Through Trustee and Mortgagee a favorable opinion or opinions addressed to each of them with respect
to such recordation.

 

SECTION
5.    REPRESENTATIONS
AND WARRANTIES

 

5.1.        Owner’s
Representations and Warranties

 

Owner represents and warrants to the Pass
Through Trustee, Subordination Agent and Mortgagee that:

 

5.1.1.  Organization;
Qualification

 

Owner is a corporation duly incorporated,
validly existing and in good standing under the Laws of the State of Delaware, and has the corporate power and authority to conduct
the business in which it is currently engaged and to own or hold under lease its properties and to enter into and perform its
obligations under the Operative Agreements to which it is party. Owner is duly qualified to do business as a foreign corporation
in good standing in each jurisdiction in which the nature and extent of the business conducted by it, or the ownership of its
properties, requires such qualification, except where the failure to be so qualified would not give rise to a Material Adverse
Change to Owner.

 

5.1.2.  Corporate
Authorization

 

Owner has taken, or caused to be taken, all
necessary corporate action (including, without limitation, the obtaining of any consent or approval of stockholders required by
its Certificate of Incorporation or By-Laws) to authorize the execution and delivery of each of the Operative Agreements to which
it is party, and the performance of its obligations thereunder.

 

5.1.3.  No
Violation

 

The execution and delivery by Owner of the
Operative Agreements to which it is party, the performance by Owner of its obligations thereunder and the consummation by Owner
on the Closing Date of the transactions contemplated thereby, do not and will not (a) violate any provision of the Certificate
of Incorporation or By-Laws of Owner, (b) violate any Law applicable to or binding on Owner or (c) violate or constitute
any default under (other than any violation or default that would not result in a Material Adverse Change to Owner), or result
in the creation of any Lien (other than as permitted under a Security Agreement) upon the Collateral under, any indenture, mortgage,
chattel mortgage, deed of trust, conditional sales

 

    	 	7	 

    	 	 	 

    

 

 contract, lease, loan or other material agreement, instrument or document to
which Owner is a party or by which Owner or any of its properties is bound.

 

5.1.4.     Approvals

 

The execution and delivery by Owner of the
Operative Agreements to which Owner is a party, the performance by Owner of its obligations thereunder and the consummation by
Owner on the Closing Date of the transactions contemplated thereby do not and will not require the consent or approval of, or
the giving of notice to, or the registration with, or the recording or filing of any documents with, or the taking of any other
action in respect of, (a) any trustee or other holder of any debt of Owner and (b) any Government Entity, other than
(x) the filings, registrations and recordations referred to in Section 5.1.6 and (y) filings, recordings, notices or
other ministerial actions pursuant to any routine recording, contractual or regulatory requirements applicable to it.

 

5.1.5.     Valid
and Binding Agreements

 

The Operative Agreements to which Owner is
a party have been duly authorized, executed and delivered by Owner and, assuming the due authorization, execution and delivery
thereof by the other party or parties thereto, constitute the legal, valid and binding obligations of Owner and are enforceable
against Owner in accordance with the respective terms thereof, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, receivership, moratorium and other similar Laws affecting the rights of creditors generally and general principles
of equity, whether considered in a proceeding at law or in equity.

 

5.1.6.     Registration
and Recordation

 

Except for (a) the periodic renewal
of the registration of each Aircraft with the FAA pursuant to the Act in the name of Owner, (b) the filing with the FAA of
the AC Forms 8050-135 with respect to the International Interests (or Prospective International Interests) granted under the Trust
Indenture and the Spare Engines Security Agreement and the filing with the FAA for recordation (and recordation) of the FAA Filed
Documents, (c) the registration of the International Interest (or Prospective International Interest) in, each Airframe, Engine
and Spare Engine with the International Registry, (d) the filing of the Financing Statements (and continuation statements
relating thereto at periodic intervals), and (e) the affixation of the nameplates referred to in Section 4.02(f) of the Trust
Indenture and Section 2.02(f) of the Spare Engines Security Agreement, no further action, including any filing or recording of
any document (including any financing statement in respect thereof under Article 9 of the UCC) is necessary in order to establish
and perfect Mortgagee’s security interest in the Aircraft, the Spare Engines and the Spare Parts as against Owner and any
other Person, in each case, in any applicable jurisdictions in the United States.

 

5.1.7.     Owner’s
Location

 

The Owner’s location (as such term
is used in Section 9-307 of the UCC) is Delaware. The full and correct legal name and mailing address of the Owner are correctly
set forth in Schedule 1 hereto in the column “Address for Notices”.

 

    	 	8	 

    	 	 	 

    

 

5.1.8.     No
Event of Loss

 

No Event of Loss with respect to one or more
Airframes, Aircraft, Engines, Spare Engines or Pledged Spare Parts with an Aggregate Appraised Value, collectively, in excess
of $50,000,000 shall have occurred and no circumstance, condition, act or event that, with the giving of notice or lapse of time
or both, would give rise to or constitute an Event of Loss with respect to one or more Airframes, Aircraft, Engines, Spare Engines
or Pledged Spare Parts with an Aggregate Appraised Value, collectively, in excess of $50,000,000 shall have occurred.

 

5.1.9.     Compliance
With Laws

 

(a)         Owner
is a Citizen of the United States and a U.S. Air Carrier.

 

(b)         Owner
holds all licenses, permits and franchises from the appropriate Government Entities necessary to authorize Owner to lawfully engage
in air transportation and to carry on scheduled commercial passenger service as currently conducted, except where the failure
to so hold any such license, permit or franchise would not give rise to a Material Adverse Change to the Owner.

 

(c)         Owner
is not an “investment company” or a company controlled by an “investment company” within the meaning of
the Investment Company Act of 1940, as amended.

 

5.1.10.   Securities
Laws

 

Neither Owner nor any person authorized to
act on its behalf has directly or indirectly offered any beneficial interest or Security relating to the ownership of the Collateral,
or the Series A Equipment Note or any other interest in or security under the Security Agreements, for sale to, or solicited any
offer to acquire any such interest or security from, or has sold any such interest or security to, any person in violation of
the Securities Act.

 

5.1.11.   Broker’s
Fees

 

No Person acting on behalf of Owner is or
will be entitled to any broker’s fee, commission or finder’s fee in connection with the Transactions, other than the
fees and expenses payable by Owner in connection with the sale of the Pass Through Certificates.

 

5.1.12.   Section
1110

 

Mortgagee is entitled to the benefits of
Section 1110 (as currently in effect) with respect to the right to take possession of each Airframe, Engine, Spare Engine and
Spare Part and to enforce any of its other rights or remedies as provided in the Security Agreements in the event of a case under
Chapter 11 of the Bankruptcy Code in which Owner is a debtor.

 

5.1.13.    Cape
Town

 

The Owner is a Transacting User Entity (as
defined in the regulations of the International Registry); is “situated”, for the purposes of the Cape Town Treaty,
in the United

 

    	 	9	 

    	 	 	 

    

 

States; and has the power to
 “dispose” (as such term is used in the Cape Town Treaty) of each Airframe, Engine and Spare Engine. The Trust Indenture
and Spare Engines Security Agreement, as supplemented on the Closing Date, create International Interests in each Airframe, Engine
and Spare Engine. Each Airframe, Engine and Spare Engine is an “aircraft object” (as defined in the Cape Town Treaty);
and the United States is a Contracting State under the Cape Town Treaty.

 

5.2.        WTNA’s
Representations and Warranties

 

WTNA represents and warrants (with respect
to Section 5.2.10, solely in its capacity as Subordination Agent) to Owner that:

 

5.2.1.      Organization,
Etc.

 

WTNA is a national banking association duly
organized, validly existing and in good standing under the Laws of the United States of America, holding a valid certificate to
do business as a national banking association with corporate and banking authority to execute and deliver, and perform its obligations
under, the Pass Through Trustee Agreements and the Operative Agreements to which it is a party.

 

5.2.2.      Corporate
Authorization

 

WTNA has taken, or caused to be taken, all
necessary corporate action (including, without limitation, the obtaining of any consent or approval of stockholders required by
Law or by its Certificate of Incorporation or By-Laws) to authorize the execution and delivery by WTNA, in its individual capacity
or as Mortgagee, Pass Through Trustee or Subordination Agent, as the case may be, of the Pass Through Trustee Agreements and the
Operative Agreements to which it is a party and the performance of its obligations thereunder.

 

5.2.3.      No
Violation

 

The execution and delivery by WTNA, in its
individual capacity or as Mortgagee, Pass Through Trustee or Subordination Agent, as the case may be, of the Pass Through Trustee
Agreements and the Operative Agreements to which it is a party, the performance by WTNA, in its individual capacity or as Mortgagee,
Pass Through Trustee or Subordination Agent, as the case may be, of its obligations thereunder and the consummation on the Closing
Date of the transactions contemplated thereby, do not and will not (a) violate any provision of the Certificate of Incorporation
or By-Laws of WTNA, (b) violate any Law applicable to or binding on WTNA, in its individual capacity or (except in the case
of any Law relating to any Plan) as Mortgagee, Pass Through Trustee or Subordination Agent, or (c) violate or constitute
any default under (other than any violation or default that would not result in a Material Adverse Change to WTNA, in its individual
capacity or Mortgagee, Pass Through Trustee or Subordination Agent), or result in the creation of any Lien (other than the Lien
of each Security Agreement) upon any property of WTNA, in its individual capacity or as Mortgagee, Pass Through Trustee or Subordination
Agent, or any of WTNA’s subsidiaries under, any indenture, mortgage, chattel mortgage, deed of trust, conditional sales
contract, lease, loan or other agreement, instrument or document to which WTNA, in its individual capacity or as Mortgagee, Pass
Through Trustee or 

 

    	 	10	 

    	 	 	 

    

 

Subordination Agent, is a party or by which WTNA, in its individual capacity or as Mortgagee, Pass Through
Trustee or Subordination Agent, or any of their respective properties is bound.

 

5.2.4.      Approvals

 

The execution and delivery by WTNA, in its
individual capacity or as Mortgagee, Pass Through Trustee or Subordination Agent, as the case may be, of the Pass Through Trustee
Agreements and the Operative Agreements to which it is a party, the performance by WTNA, in its individual capacity or as Mortgagee,
Pass Through Trustee or Subordination Agent, as the case may be, of its obligations thereunder and the consummation on the Closing
Date by WTNA, in its individual capacity or as Mortgagee, Pass Through Trustee or Subordination Agent, as the case may be, of
the transactions contemplated thereby do not and will not require the consent, approval or authorization of, or the giving of
notice to, or the registration with, or the recording or filing of any documents with, or the taking of any other action in respect
of, (a) any trustee or other holder of any debt of WTNA or (b) any Government Entity, other than the filing of the FAA
Filed Documents and the Financing Statements.

 

5.2.5.      Valid
and Binding Agreements

 

The Pass Through Trustee Agreements and the
Operative Agreements to which it is a party have been duly authorized, executed and delivered by WTNA and, assuming the due authorization,
execution and delivery by the other party or parties thereto, constitute the legal, valid and binding obligations of WTNA, in
its individual capacity or as Mortgagee, Pass Through Trustee or Subordination Agent, as the case may be, and are enforceable
against WTNA, in its individual capacity or as Mortgagee, Pass Through Trustee or Subordination Agent, as the case may be, in
accordance with the respective terms thereof, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
receivership, moratorium or other similar Laws affecting the rights of creditors generally and general principles of equity, whether
considered in a proceeding at law or in equity.

 

5.2.6.      Citizenship

 

WTNA is a Citizen of the United States.

 

5.2.7.      No
Liens

 

On the Closing Date, there are no Liens attributable
to WTNA in respect of all or any part of the Collateral.

 

5.2.8.      Litigation

 

There are no pending or, to the Actual Knowledge
of WTNA, threatened actions or proceedings against WTNA, in its individual capacity or as Mortgagee, Pass Through Trustee or Subordination
Agent, before any court, administrative agency or tribunal which, if determined adversely to WTNA, in its individual capacity
or as Mortgagee, Pass Through Trustee or Subordination Agent, as the case may be, would materially adversely affect the ability
of WTNA, in its individual capacity or as Mortgagee, Pass Through Trustee or Subordination 

 

    	 	11	 

    	 	 	 

    

 

Agent, as the case may be, to perform
its obligations under any of the Pass Through Trustee Agreements or any of the Operative Agreements to which it is a party.

 

5.2.9.    Securities
Laws

 

Neither WTNA nor any person authorized to
act on its behalf has directly or indirectly offered any beneficial interest or Security relating to the ownership of the Collateral
or any interest in the Collateral or the Series A Equipment Note or any other interest in or security under the Collateral for
sale to, or solicited any offer to acquire any such interest or security from, or has sold any such interest or security to, any
Person other than the Subordination Agent and the Pass Through Trustee, except for the offering and sale of the Pass Through Certificates.

 

5.2.10.  Investment

 

The Series A Equipment Note to be acquired
by the Subordination Agent is being acquired by it for the account of the Pass Through Trustee, for investment and not with a
view to any resale or distribution thereof, except that, subject to the restrictions on transfer set forth in Section 9,
the disposition by it of the Series A Equipment Note shall at all times be within its control.

 

5.2.11.  Taxes

 

There are no Taxes payable by the Pass Through
Trustee or WTNA, as the case may be, imposed by the State of Delaware or any political subdivision or taxing authority thereof
in connection with the execution, delivery and performance by the Pass Through Trustee or WTNA, as the case may be, of this Agreement
or any of the Pass Through Trustee Agreements (other than franchise or other taxes based on or measured by any fees or compensation
received by the Pass Through Trustee or WTNA, as the case may be, for services rendered in connection with the transactions contemplated
by any of the Pass Through Trustee Agreements), and there are no Taxes payable by the Pass Through Trustee or WTNA, as the case
may be, imposed by the State of Delaware or any political subdivision thereof in connection with the acquisition, possession or
ownership by the Pass Through Trustee of the Series A Equipment Note (other than franchise or other taxes based on or measured
by any fees or compensation received by the Pass Through Trustee or WTNA, as the case may be, for services rendered in connection
with the transactions contemplated by any of the Pass Through Trustee Agreements), and, assuming that the trust created by the
Pass Through Trust Agreement will not be taxable as corporations, but, rather, each will be characterized as a grantor trust under
subpart E, Part I of Subchapter J of the Code or as a partnership under Subchapter K of the Code, such trusts will not be subject
to any Taxes imposed by the State of Delaware or any political subdivision thereof.

 

5.2.12.  Broker’s
Fees

 

No Person acting on behalf of WTNA, in its
individual capacity or as Mortgagee, the Pass Through Trustee or Subordination Agent, is or will be entitled to any broker’s
fee, commission or finder’s fee in connection with the Transactions.

 

    	 	12	 

    	 	 	 

    

 

SECTION
6.    COVENANTS, UNDERTAKINGS
AND AGREEMENTS

 

6.1.        Covenants
of Owner

 

Owner covenants and agrees, at its own cost
and expense, with Note Holder and Mortgagee as follows:

 

6.1.1.     Corporate
Existence; U.S. Air Carrier

 

Owner shall at all times maintain its corporate
existence, except as permitted by Section 4.07 of the Trust Indenture, and shall at all times remain a U.S. Air Carrier.

 

6.1.2.     Notice
of Change of Location

 

Owner will give Mortgagee timely written
notice (but in any event within 30 days prior to the expiration of the period of time specified under applicable Law to prevent
lapse of perfection) of any change in its location (as such term is used in Section 9-307 of the UCC) or legal name and will
promptly take any action required by Section 6.1.3(c) as a result of such relocation.

 

6.1.3.     Certain
Assurances

 

(a)         Owner
shall duly execute, acknowledge and deliver, or shall cause to be executed, acknowledged and delivered, all such further agreements,
instruments, certificates or documents, and shall do and cause to be done such further acts and things, in any case, as Mortgagee
shall reasonably request for accomplishing the purposes of this Agreement and the other Operative Agreements, provided that
any instrument or other document so executed by Owner will not expand any obligations or limit any rights of Owner in respect
of the transactions contemplated by any Operative Agreement.

 

(b)         Owner
shall promptly take such action with respect to the recording, filing, re-recording and refiling of each Security Agreement and
any supplements thereto, including, without limitation, the initial Trust Indenture Supplement, as shall be necessary to continue
the perfection and priority of the Lien created by the applicable Security Agreement.

 

(c)         Owner,
at its sole cost and expense, will cause the FAA Filed Documents, the Financing Statements and all continuation statements (and
any amendments necessitated by any combination, consolidation or merger of the Owner, or any relocation of its chief executive
office) in respect of the Financing Statements to be prepared and, subject only to the execution and delivery thereof by Mortgagee,
duly and timely filed and recorded, or filed for recordation, to the extent permitted under the Act (with respect to the FAA Filed
Documents) or the UCC or similar law of any other applicable jurisdiction (with respect to such other documents). Mortgagee, and
not Owner, shall be responsible for any amendments to the foregoing documents and filings, recordings and registrations thereof
necessitated in any such case by any combination, consolidation or merger of Mortgagee or change in the Mortgagee’s name,
status, jurisdiction of organization or address.

 

    	 	13	 

    	 	 	 

    

 

(d)         If
the Aircraft has been registered in a country other than the United States pursuant to Section 4.02(e) of the Trust Indenture,
Owner will furnish to Mortgagee annually after such registration, commencing with the calendar year after such registration is
effected, an opinion of special counsel reasonably satisfactory to Mortgagee stating that, in the opinion of such counsel, either
that (i) such action has been taken with respect to the recording, filing, rerecording and refiling of the Operative Agreements
and any supplements and amendments thereto as is necessary to establish, perfect and protect the Lien created by the Trust Indenture,
reciting the details of such actions, or (ii) no such action is necessary to maintain the perfection of such Lien.

 

6.1.4.     Securities
Laws

 

Neither Owner nor any person authorized to
act on its behalf will directly or indirectly offer any beneficial interest or Security relating to the ownership of the Collateral
or any interest in the Series A Equipment Note or any other interest in or security under the Security Agreements, for sale to,
or solicit any offer to acquire any such interest or security from, or sell any such interest or security to, any person in violation
of the Securities Act or applicable state or foreign securities Laws.

 

6.1.5.     Subsequent
Issuance of Certificates

 

Owner shall not issue (or repay and reissue)
any Additional Series Equipment Notes pursuant to the Trust Indenture, unless it shall have obtained written confirmation from
each Rating Agency that the reissuance or issuance of such Equipment Notes, as the case may be, will not result in (i) a reduction
of the rating for any Pass Through Certificates then rated by such Rating Agency that will remain outstanding below the then current
rating for such Pass Through Certificates or (ii) a withdrawal or suspension of the rating of any Pass Through Certificates then
rated by such Rating Agency that will remain outstanding. Any issuance (or repayment and reissuance) of Additional Series Equipment
Notes shall be subject to the terms of Section 9.1 of the Intercreditor Agreement.

 

6.2.        Covenants
of WTNA

 

WTNA in its individual capacity or as Mortgagee,
the Pass Through Trustee or Subordination Agent, as the case may be, covenants and agrees with Owner as follows:

 

6.2.1.     Liens

 

WTNA (a) will not directly or indirectly
create, incur, assume or suffer to exist any Lien attributable to it on or with respect to all or any part of the Collateral,
(b) will, at its own cost and expense, promptly take such action as may be necessary to discharge any Lien attributable to
WTNA on all or any part of the Collateral and (c) will personally hold harmless and indemnify Owner, the Note Holder, each of
their respective Affiliates, successors and permitted assigns, and the Collateral from and against (i) any and all Expenses, (ii) any
reduction in the amount payable out of the Collateral, and (iii) any interference with the possession, operation or other use
of all or any part of the Collateral, imposed on, incurred by or asserted against any of the foregoing as a consequence of any
such Lien.

 

    	 	14	 

    	 	 	 

    

 

6.2.2.    Securities
Act

 

WTNA in its individual capacity or as Mortgagee,
Pass Through Trustee or Subordination Agent, will not offer any beneficial interest or Security relating to the ownership of the
Collateral or any interest in the Collateral, or the Series A Equipment Note or any other interest in or security under any Security
Agreement for sale to, or solicit any offer to acquire any such interest or security from, or sell any such interest or security
to, any Person in violation of the Securities Act or applicable state or foreign securities Laws, provided that the foregoing
shall not be deemed to impose on WTNA any responsibility with respect to any such offer, sale or solicitation by any other party
hereto.

 

6.2.3.    Performance
of Agreements

 

WTNA, in its individual capacity and as Mortgagee,
Pass Through Trustee or Subordination Agent, as the case may be, shall perform its obligations under the Pass Through Trustee
Agreements and the Operative Agreements in accordance with the terms thereof.

 

6.2.4.    Withholding
Taxes

 

WTNA shall indemnify (on an after-tax basis)
and hold harmless Owner against any United States withholding taxes (and related interest, penalties and additions to tax) as
a result of the failure by WTNA to withhold on payments to the Note Holder if the Note Holder failed to provide to Mortgagee necessary
certificates or forms to substantiate the right to exemption from such withholding tax.

 

6.3.        Covenants
of Note Holder

 

The Note Holder (including Subordination
Agent) as to itself only covenants and agrees with Owner and Mortgagee as follows:

 

6.3.1.    Withholding
Taxes

 

The Note Holder (if it is a Non-U.S. Person)
agrees to indemnify (on an after-tax basis) and hold harmless Owner and Mortgagee against any United States withholding taxes
(and related interest, penalties and additions to tax) as a result of the inaccuracy or invalidity of any certificate or form
provided by the Note Holder to Mortgagee in connection with such withholding taxes. Any amount payable hereunder shall be paid
within 30 days after receipt by the Note Holder of a written demand therefor.

 

6.3.2.    Transfer;
Compliance

 

(a)        The
Note Holder will (i) not transfer the Series A Equipment Note or interest therein in violation of the Securities Act or applicable
state or foreign securities Law; provided, that the foregoing provisions of this Section shall not be deemed to impose
on the Note Holder any responsibility with respect to any such offer, sale or solicitation by any other party hereto, and (ii)
perform and comply with the obligations specified to be imposed on it (as a Note Holder) under any Security Agreement and the
form of Equipment Note set forth in the Trust Indenture.

 

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(b)         The
Note Holder will not sell, assign, convey, exchange or otherwise transfer the Series A Equipment Note or any interest in, or represented
by, the Series A Equipment Note (it being understood that this provision is not applicable to the Pass Through Certificates) unless
the proposed transferee thereof first provides Owner with both of the following:

 

(i)            a
written representation and covenant that either (a) no portion of the funds it uses to purchase, acquire and hold the Series A
Equipment Note or interest directly or indirectly constitutes, or may be deemed under the Code or ERISA or any rulings, regulations
or court decisions thereunder to constitute, the assets of any Plan or (b) the transfer, and subsequent holding, of the Series
A Equipment Note or interest shall not involve or give rise to a transaction that constitutes a prohibited transaction within
the meaning of Section 406 of ERISA or Section 4975(c)(1) of the Code involving Owner, the Pass Through Trustee, the Subordination
Agent or the proposed transferee (other than a transaction that is exempted from the prohibitions of such sections by applicable
provisions of ERISA or the Code or administrative exemptions or regulations issued thereunder); and

 

(ii)           a
written covenant that it will not transfer the Series A Equipment Note or any interest in, or represented by, the Series A Equipment
Note unless the subsequent transferee also makes the representation described in clause (i) above and agrees to comply with this
clause (ii).

 

6.4.        Agreements

 

6.4.1.     Quiet
Enjoyment

 

The Pass Through Trustee, Subordination Agent,
the Note Holder and Mortgagee each agrees as to itself with Owner that, so long as no Event of Default shall have occurred and
be continuing, such Person shall not (and shall not permit any Affiliate or other Person claiming by, through or under it to)
interfere with Owner’s rights in accordance with the Security Agreements to the quiet enjoyment, possession and use of the
Collateral.

 

6.4.2.     Consents

 

The Pass Through Trustee, Subordination Agent
and Mortgagee each covenants and agrees, for the benefit of Owner, that it shall not unreasonably withhold its consent to any
consent or approval requested of it under the terms of any of the Operative Agreements which by its terms is not to be unreasonably
withheld.

 

6.4.3.     Insurance

 

The Pass Through Trustee, Subordination Agent,
Mortgagee and the Note Holder each agrees not to obtain or maintain insurance for its own account as permitted by each Security
Agreement if such insurance would limit or otherwise adversely affect the coverage of any insurance required to be obtained or
maintained by Owner pursuant to each Security Agreement.

 

    	 	16	 

    	 	 	 

    

 

 

6.4.4.     
Extent of Interest of Note Holder

 

The Note Holder shall not, as such, have
any further interest in, or other right with respect to, the Collateral when and if the principal and Make-Whole Amount, if any,
of and interest on the Series A Equipment Note held by such Holder, and all other sums, then due and payable to such Holder hereunder
and under any other Operative Agreement, shall have been paid in full.

 

6.4.5.     
Foreign Registration

 

The Note Holder and Mortgagee hereby agree,
for the benefit of Owner but subject to the provisions of Section 4.02(b) of the Trust Indenture:

 

(a)          
that Owner shall be entitled to register any Aircraft or cause any Aircraft to be registered in a country other than the
United States subject to compliance with the following:

 

(i)           
each of the following requirements is satisfied:

 

A.           no
Special Default or Event of Default shall have occurred and be continuing at the time of such registration;

 

B.           such
proposed change of registration is made in connection with a Permitted Lease to a Permitted Air Carrier; and

 

C.           such
country is a country with which the United States then maintains normal diplomatic relations or, if such country is Taiwan, the
United States then maintains diplomatic relations at least as good as those in effect on the Closing Date; and

 

(ii)          
the Mortgagee shall have received an opinion of counsel (subject to customary exceptions) reasonably satisfactory to the
Mortgagee addressed to Mortgagee to the effect that:

 

A.           such
country would recognize the Owner’s ownership interest in such Aircraft;

 

B.            after
giving effect to such change in registration, the Lien of the Trust Indenture on the Owner’s right, title and interest in
and to such Aircraft shall continue as a valid and duly perfected first priority security interest and International Interest
and all filing, recording or other action necessary to protect the same shall have been accomplished (or, if such opinion cannot
be given at the time of such proposed change in registration because such change in registration is not yet effective, (1) the
opinion shall detail what filing, recording or other action is necessary and (2) the Mortgagee shall have received a certificate
from Owner that all possible preparations to accomplish such filing, recording and other action shall have been done, and such
filing, recording and other action shall be accomplished and a supplemental opinion to that

 

    17

     

    

 

effect shall be delivered to the Mortgagee on or prior to the effective date of such change in registration);

 

C.           unless
Owner or the Permitted Air Carrier shall have agreed to provide insurance covering the risk of requisition of use of the Aircraft
by the government of such country (so long as the Aircraft is registered under the laws of such country), the laws of such country
require fair compensation by the government of such country payable in currency freely convertible into Dollars and freely removable
from such country (without license or permit, unless Owner prior to such proposed reregistration has obtained such license or
permit) for the taking or requisition by such government of such use; and

 

D.            it
is not necessary, solely as a consequence of such change in registration and without giving effect to any other activity of the
Mortgagee (or any Affiliate of the Mortgagee), for the Mortgagee to qualify to do business in such jurisdiction as a result of
such reregistration in order to exercise any rights or remedies with respect to such Aircraft.

 

(b)              
In addition, as a condition precedent to any change in registration Owner shall have given to Mortgagee assurances reasonably
satisfactory to Mortgagee:

 

(i)              
to the effect that the provisions of Section 4.06 of the Trust Indenture have been complied with after giving effect
to such change of registration;

 

(ii)             
of the payment by Owner of all reasonable out-of-pocket expenses of the Note Holder and Mortgagee in connection with such
change of registry, including, without limitation (1) the reasonable fees and disbursements of counsel to Mortgagee, (2) any
filing or recording fees, Taxes or similar payments incurred in connection with the change of registration of such Aircraft and
the creation and perfection of the security interest therein in favor of Mortgagee for the benefit of the Note Holder, and (3) all
costs and expenses incurred in connection with any filings necessary to continue in the United States the perfection of the security
interest in such Aircraft in favor of Mortgagee for the benefit of the Note Holder; and

 

(iii)           
to the effect that the tax and other indemnities in favor of each person named as an indemnitee under any other Operative
Agreement afford each such person substantially the same protection as provided prior to such change of registration (or Owner
shall have agreed upon additional indemnities that, together with such original indemnities, in the reasonable judgment of Mortgagee,
afford such protection).

 

6.4.6.     
Interest in Certain Engines

 

The Note Holder and Mortgagee agree, for
the benefit of each of the lessor, conditional seller, mortgagee or secured party of any airframe or engine leased to, or purchased
by, Owner or any Permitted Lessee subject to a lease, conditional sale, trust indenture or other security agreement that it will
not acquire or claim, as against such lessor, conditional seller, mortgagee or secured party, any right, title or interest in
any engine as the result of such engine being installed on any Airframe at any time while such engine is subject to such lease,

 

    18

     

    

 

conditional sale, trust indenture or other security agreement and owned by such lessor or conditional seller or subject to a trust
indenture or security interest in favor of such mortgagee or secured party.

 

SECTION
7.    [Intentionally
Omitted.]

 

SECTION
8.    INDEMNIFICATION
AND EXPENSES

 

8.1.           
General Indemnity

 

8.1.1.     
Indemnity

 

Whether or not any of the transactions contemplated
hereby are consummated, Owner shall indemnify, protect, defend and hold harmless each Indemnitee from, against and in respect
of, and shall pay on a net after-tax basis, any and all Expenses of any kind or nature whatsoever that may be imposed on, incurred
by or asserted against any Indemnitee, relating to, resulting from, or arising out of or in connection with, any one or more of
the following:

 

(a)       The
Operative Agreements, the Pass Through Agreements, or the enforcement of any of the terms of any of the Operative Agreements or
the Pass Through Agreements;

 

(b)       Any
Aircraft, Airframe, Engine, Part, Spare Engine or Spare Part, including, without limitation, with respect thereto, (i) the
manufacture, design, purchase, acceptance, nonacceptance or rejection, ownership, registration, reregistration, deregistration,
delivery, nondelivery, lease, sublease, assignment, possession, use or non-use, operation, maintenance, testing, repair, overhaul,
condition, alteration, modification, addition, improvement, storage, airworthiness, replacement, repair, sale, substitution, return,
abandonment, redelivery or other disposition of such Aircraft, Airframe, Engine, Part, Spare Engine or Spare Part, (ii) any claim
or penalty arising out of violations of applicable Laws by Owner (or any Permitted Lessee), (iii) tort liability, whether or not
arising out of the negligence of any Indemnitee (whether active, passive or imputed), (iv) death or property damage of passengers,
shippers or others, (v) environmental control, noise or pollution and (vi) any Liens in respect of such Aircraft, Engine, Part,
Spare Engine or Spare Part;

 

(c)       The
offer, sale, or delivery of the Series A Equipment Note, Pass Through Certificates or any interest therein or represented thereby;
and

 

(d)       Any
breach of or failure to perform or observe, or any other noncompliance with, any covenant or agreement or other obligation to
be performed by Owner under any Operative Agreement to which it is party or any Pass Through Agreement or the falsity of any representation
or warranty of Owner in any Operative Agreement to which it is party or any Pass Through Agreement.

 

    19

     

    

 

8.1.2.     
Exceptions

 

Notwithstanding anything contained in Section 8.1.1,
Owner shall not be required to indemnify, protect, defend and hold harmless any Indemnitee pursuant to Section 8.1.1 in respect
of any Expense of such Indemnitee:

 

(a)              
For any Taxes or a loss of Tax benefit, whether or not Owner is required to indemnify therefor pursuant to Section 8.3;

 

(b)              
Except to the extent attributable to acts or events occurring prior thereto, acts or events (other than acts or events
related to the performance by Owner of its obligations pursuant to the terms of the Operative Agreements) that occur after the
Security Agreements are required to be terminated in accordance with their terms; provided, that nothing in this clause
(b) shall be deemed to exclude or limit any claim that any Indemnitee may have under applicable Law by reason of an Event of Default
or for damages from Owner for breach of Owner’s covenants contained in the Operative Agreements or to release Owner from
any of its obligations under the Operative Agreements that expressly provide for performance after termination of the Security
Agreements;

 

(c)              
To the extent attributable to any Transfer (voluntary or involuntary) by or on behalf of such Indemnitee of the Series
A Equipment Note or interest therein, except for out-of-pocket costs and expenses incurred as a result of any such Transfer pursuant
to the exercise of remedies under any Operative Agreement;

 

(d)              
[Intentionally Omitted]

 

(e)              
To the extent attributable to the gross negligence or willful misconduct of such Indemnitee or any related Indemnitee (as
defined below) (other than gross negligence or willful misconduct imputed to such person by reason of its interest in the Collateral
or any Operative Agreement);

 

(f)               
[Intentionally Omitted]

 

(g)              
To the extent attributable to the incorrectness or breach of any representation or warranty of such Indemnitee or any related
Indemnitee contained in or made pursuant to any Operative Agreement or any Pass Through Agreement;

 

(h)              
To the extent attributable to the failure by such Indemnitee or any related Indemnitee to perform or observe any agreement,
covenant or condition on its part to be performed or observed in any Operative Agreement or any Pass Through Agreement;

 

(i)                
To the extent attributable to the offer or sale by such Indemnitee or any related Indemnitee of any interest in the Collateral,
the Series A Equipment Note, the Pass Through Certificates, or any similar interest, in violation of the Securities Act or other
applicable federal, state or foreign securities Laws (other than any thereof caused by acts or omissions of the Owner);

 

    20

     

    

 

(j)                
(i) With respect to any Indemnitee (other than Mortgagee), to the extent attributable to the failure of the Mortgagee
to distribute funds received and distributable by it in accordance with the Security Agreements, (ii) with respect to any
Indemnitee (other than the Subordination Agent), to the extent attributable to the failure of the Subordination Agent to distribute
funds received and distributable by it in accordance with the Intercreditor Agreement, (iii) with respect to any Indemnitee
(other than the Pass Through Trustee), to the extent attributable to the failure of the Pass Through Trustee to distribute funds
received and distributable by it in accordance with the Pass Through Trust Agreement, (iv) with respect to Mortgagee, to
the extent attributable to the negligence or willful misconduct of Mortgagee in the distribution of funds received and distributable
by it in accordance with the Security Agreements, (v) with respect to the Subordination Agent, to the extent attributable
to the negligence or willful misconduct of the Subordination Agent in the distribution of funds received and distributable by
it in accordance with the Intercreditor Agreement, and (vi) with respect to the Pass Through Trustee, to the extent attributable
to the negligence or willful misconduct of the Pass Through Trustee in the distribution of funds received and distributable by
it in accordance with the Pass Through Trust Agreement;

 

(k)              
Other than during the continuation of an Event of Default, to the extent attributable to the authorization or giving or
withholding of any future amendments, supplements, waivers or consents with respect to any Operative Agreement or Pass Through
Agreement other than such as have been requested by Owner or as are required by or made pursuant to the terms of the Operative
Agreements or the Pass Through Agreements (unless such requirement results from the actions of an Indemnitee not required by or
made pursuant to the Operative Agreements or the Pass Through Agreements);

 

(l)                
To the extent attributable to any amount which any Indemnitee expressly agrees to pay or such Indemnitee expressly agrees
shall not be paid by or be reimbursed by Owner;

 

(m)            
To the extent that it is an ordinary and usual operating or overhead expense;

 

(n)              
[Intentionally Omitted]

 

(o)              
For any Lien attributable to such Indemnitee or any related Indemnitee;

 

(p)              
If another provision of an Operative Agreement or a Pass Through Agreement specifies the extent of Owner’s responsibility
or obligation with respect to such Expense, to the extent arising from other than failure of Owner to comply with such specified
responsibility or obligation; or

 

(q)              
To the extent incurred by or asserted against an Indemnitee as a result of any “prohibited transaction”, within
the meaning of Section 406 of ERISA or Section 4975(c)(1) of the Code.

 

For purposes of this Section 8.1, a Person
shall be considered a “related” Indemnitee with respect to an Indemnitee if such Person is an Affiliate or employer
of such

 

    21

     

    

 

 Indemnitee, a director, officer, employee, agent, or servant of such Indemnitee or any such Affiliate or a successor or
permitted assignee of any of the foregoing.

 

8.1.3.     
Separate Agreement

 

This Agreement constitutes a separate agreement
with respect to each Indemnitee and is enforceable directly by each such Indemnitee.

 

8.1.4.     
Notice

 

If a claim for any Expense that an Indemnitee
shall be indemnified against under this Section 8.1 is made, such Indemnitee shall give prompt written notice thereof to
Owner. Notwithstanding the foregoing, the failure of any Indemnitee to notify Owner as provided in this Section 8.1.4, or
in Section 8.1.5, shall not release Owner from any of its obligations to indemnify such Indemnitee hereunder, except to the extent
that such failure results in an additional Expense to Owner (in which event Owner shall not be responsible for such additional
expense) or materially impairs Owner’s ability to contest such claim.

 

8.1.5.     
Notice of Proceedings; Defense of Claims; Limitations

 

(a)              
In case any action, suit or proceeding shall be brought against any Indemnitee for which Owner is responsible under this
Section 8.1, such Indemnitee shall notify Owner of the commencement thereof and Owner may, at its expense, participate in
and to the extent that it shall wish (subject to the provisions of the following paragraph), assume and control the defense thereof
and, subject to Section 8.1.5(c), settle or compromise the same.

 

(b)              
Owner or its insurer(s) shall have the right, at its or their expense, to investigate or, if Owner or its insurer(s) shall
agree not to dispute liability to the Indemnitee giving notice of such action, suit or proceeding under this Section 8.1.5
for indemnification hereunder or under any insurance policies pursuant to which coverage is sought, control the defense of, any
action, suit or proceeding, relating to any Expense for which indemnification is sought pursuant to this Section 8.1, and
each Indemnitee shall cooperate with Owner or its insurer(s) with respect thereto; provided, that Owner shall not be entitled
to control the defense of any such action, suit, proceeding or compromise any such Expense during the continuance of any Event
of Default. In connection with any such action, suit or proceeding being controlled by Owner, such Indemnitee shall have the right
to participate therein, at its sole cost and expense, with counsel reasonably satisfactory to Owner; provided, that such
Indemnitee’s participation does not, in the reasonable opinion of the independent counsel appointed by the Owner or its
insurers to conduct such proceedings, interfere with the defense of such case.

 

(c)              
In no event shall any Indemnitee enter into a settlement or other compromise with respect to any Expense without the prior
written consent of Owner, which consent shall not be unreasonably withheld or delayed, unless such Indemnitee waives its right
to be indemnified with respect to such Expense under this Section 8.1.

 

(d)              
In the case of any Expense indemnified by the Owner hereunder which is covered by a policy of insurance maintained by Owner
pursuant to a Security Agreement, at Owner’s expense, each Indemnitee agrees to cooperate with the insurers in the exercise
of their 

 

    22

     

    

 

rights to investigate, defend or compromise such Expense as may be required to retain the benefits of such insurance
with respect to such Expense.

 

(e)              
(e)     If an Indemnitee is not a party to this Agreement, Owner may require such Indemnitee to
agree in writing to the terms of this Section 8 and Section 12.8 prior to making any payment to such Indemnitee under this Section 8.

 

(f)               
Nothing contained in this Section 8.1.5 shall be deemed to require an Indemnitee to contest any Expense or to assume
responsibility for or control of any judicial proceeding with respect thereto.

 

8.1.6.     
Information

 

Owner will provide the relevant Indemnitee
with such information not within the control of such Indemnitee, as is in Owner’s control or is reasonably available to
Owner, which such Indemnitee may reasonably request and will otherwise cooperate with such Indemnitee so as to enable such Indemnitee
to fulfill its obligations under Section 8.1.5. The Indemnitee shall supply Owner with such information not within the control
of Owner, as is in such Indemnitee’s control or is reasonably available to such Indemnitee, which Owner may reasonably request
to control or participate in any proceeding to the extent permitted by Section 8.1.5.

 

8.1.7.     
Effect of Other Indemnities; Subrogation; Further Assurances

 

Upon the payment in full by Owner of any
indemnity provided for under this Agreement, Owner, without any further action and to the full extent permitted by Law, will be
subrogated to all rights and remedies of the person indemnified (other than with respect to any of such Indemnitee’s insurance
policies or in connection with any indemnity claim such Indemnitee may have under Section 6.03 of the Trust Indenture) in respect
of the matter as to which such indemnity was paid. Each Indemnitee will give such further assurances or agreements and cooperate
with Owner to permit Owner to pursue such claims, if any, to the extent reasonably requested by Owner and at Owner’s expense.

 

8.1.8.     
Refunds

 

If an Indemnitee receives any refund, in
whole or in part, with respect to any Expense paid by Owner hereunder, it will promptly pay the amount refunded (but not an amount
in excess of the amount Owner or any of its insurers has paid in respect of such Expense) over to the Owner unless an Event of
Default shall have occurred and be continuing, in which case such amounts shall be paid over to Mortgagee to hold as security
for Owner’s obligations under the Operative Agreements or, if requested by Owner, applied to satisfy such obligations.

 

8.2.           
Expenses

 

8.2.1.     
Invoices and Payment

 

The Mortgagee, the Pass Through Trustee and
the Subordination Agent shall promptly submit to Owner for its prompt approval (which shall not be unreasonably withheld) copies
of invoices in reasonable detail of the Transaction Expenses for which it is responsible for 

 

    23

     

    

 

providing information as they are
received (but in no event later than the 90th day after the Closing Date). If so submitted and approved, the Owner agrees promptly,
but in any event no later than the 105th day after the Closing Date, to pay Transaction Expenses.

 

8.2.2.     
Payment of Other Expenses

 

Owner shall pay (i) the ongoing fees and
expenses of Mortgagee, (ii) all reasonable out-of-pocket costs and expenses (including the reasonable fees and disbursements of
counsel) incurred by Mortgagee or any Note Holder attributable to any waiver, amendment or modification of any Operative Agreement
to the extent requested by Owner and (iii) to the Subordination Agent when due an amount or amounts equal to the fees payable
to the Liquidity Provider under Section 2.03 of the Liquidity Facility and the related Fee Letter (as defined in the Intercreditor
Agreement).

 

8.3.           
General Tax Indemnity

 

8.3.1.     
General

 

Except as provided in Section 8.3.2, Owner
agrees that each payment paid by Owner under the Series A Equipment Note, and any other payment or indemnity paid by Owner to
a Tax Indemnitee under any Operative Agreement, shall be free of all withholdings or deductions with respect to Taxes of any nature
(other than U.S. federal, state or local withholding taxes on, based on or measured by gross or net income, including, without
limitation, any such taxes imposed under FATCA), and in the event that Owner shall be required by applicable law to make any such
withholding or deduction for any such payment (x) Owner shall make all such withholdings or deductions, (y) the amount payable
by Owner shall be increased so that after making all required withholdings or deductions such Tax Indemnitee receives the same
amount that it would have received had no such withholdings or deductions been made, and (z) Owner shall pay the full amount
withheld or deducted to the relevant Taxing Authority in accordance with applicable law. Except as provided in Section 8.3.2 and
whether or not any of the transactions contemplated hereby are consummated, Owner shall pay, indemnify, protect, defend and hold
each Tax Indemnitee harmless from all Taxes imposed by any Taxing Authority that may from time to time be imposed on or asserted
against any Tax Indemnitee or any Aircraft, Airframe, Engine, Part, Spare Engine or Spare Part or any interest in any of the foregoing
(whether or not indemnified against by any other Person), upon or with respect to the Operative Agreements or the transactions
or payments contemplated thereby, including but not limited to any Tax imposed upon or with respect to (x) any Aircraft,
Airframe, Engine, Part, Spare Engine or Spare Part, any Operative Agreement (including without limitation any Equipment Notes)
or any data or any other thing delivered or to be delivered under an Operative Agreement, (y) the purchase, manufacture,
acceptance, rejection, sale, transfer of title, return, ownership, mortgaging, delivery, transport, charter, rental, lease, re-lease,
sublease, assignment, possession, repossession, presence, use, condition, storage, preparation, maintenance, modification, alteration,
improvement, operation, registration, transfer or change of registration, reregistration, repair, replacement, overhaul, location,
control, the imposition of any Lien, financing, refinancing requested by the Owner, abandonment or other disposition of any Aircraft,
Airframe, Engine, Part, Spare Engine or Spare Part, any data or any other thing delivered or to be delivered under an Operative
Agreement or (z) interest, fees or any other income, proceeds, receipts or 

 

    24

     

    

 

earnings, whether actual or deemed, arising upon,
in connection with, or in respect of, any of the Operative Agreements (including the property or income or other proceeds with
respect to property held as part of the Collateral) or the transactions contemplated thereby.

 

8.3.2.     
Certain Exceptions

 

The provisions of Section 8.3.1 shall not
apply to, and Owner shall have no liability hereunder for, Taxes:

 

(a)              
imposed on a Tax Indemnitee by the federal government of the United States or any Taxing Authority or governmental subdivision
of the United States or therein (including any state or local Taxing Authority) (i) on, based on, or measured by, gross or net
income or gross or net receipts, including capital gains taxes, excess profits taxes, minimum taxes from tax preferences, alternative
minimum taxes, branch profits taxes, accumulated earnings taxes, personal holding company taxes, succession taxes and estate taxes,
and any withholding taxes on, based on or measured by gross or net income or receipts, including, without limitation, any such
taxes imposed under FATCA or (ii) on, or with respect to, or measured by, capital or net worth or in the nature of a franchise
tax or a tax for the privilege of doing business (other than, in the case of clause (i) or (ii), sales, use, license or property
Taxes);

 

(b)              
imposed on a Tax Indemnitee by any Taxing Authority or governmental subdivision thereof or therein outside of the United
States (including any Taxing Authority in or of a territory, possession or commonwealth of the United States) (i) on, based on,
or measured by, gross or net income or gross or net receipts, including capital gains taxes, excess profits taxes, minimum taxes
from tax preferences, alternative minimum taxes, branch profits taxes, accumulated earnings taxes, personal holding company taxes,
succession taxes and estate taxes, and any withholding taxes on, based on or measured by gross or net income or receipts or (ii)
on, or with respect to, or measured by, capital or net worth or in the nature of a franchise tax or a tax for the privilege of
doing business (other than, in the case of clause (i) or (ii), (A) sales, use, license or property Taxes, or (B) any Taxes imposed
by any Taxing Authority (other than a Taxing Authority within whose jurisdiction such Tax Indemnitee is incorporated or organized
or maintains its principal place of business) if such Tax Indemnitee would not have been subject to Taxes of such type by such
jurisdiction but for (I) the location, use or operation of the Aircraft, the Airframe, any Engine or any Part thereof by an Owner
Person within the jurisdiction of the Taxing Authority imposing such Tax, or (II) the activities of any Owner Person in such jurisdiction,
including, but not limited to, use of any other aircraft by Owner in such jurisdiction, (III) the status of any Owner Person as
a foreign entity or as an entity owned in whole or in part by foreign persons, (IV) Owner having made (or having been deemed to
have made) payments to such Tax Indemnitee from the relevant jurisdiction or (V) in the case of the Pass Through Trustee,
the Note Holder or any related Tax Indemnitee, the Owner being incorporated or organized or maintaining a place of business or
conducting activities in such jurisdiction);

 

(c)              
on, or with respect to, or measured by, any trustee fees, commissions or compensation received by the Pass Through Trustee,
Subordination Agent or Mortgagee;

 

(d)              
that are being contested as provided in Section 8.3.4 hereof;

  

    25

     

    

 

(e)              
imposed on any Tax Indemnitee to the extent that such Taxes result from the gross negligence or willful misconduct of such
Tax Indemnitee or any Affiliate thereof;

 

(f)               
imposed on or with respect to a Tax Indemnitee (including the transferee in those cases in which the Tax on transfer is
imposed on, or is collected from, the transferee) as a result of a transfer or other disposition (including a deemed transfer
or disposition) by such Tax Indemnitee or a related Tax Indemnitee of any interest in any Aircraft, Airframe, Engine, Part, Spare
Engine or Spare Part, any interest arising under the Operative Agreements or any Equipment Note or as a result of a transfer or
disposition (including a deemed transfer or disposition) of any interest in a Tax Indemnitee (other than (A) a substitution or
replacement of any Aircraft, Airframe, Engine, Part, Spare Engine or Spare Part by an Owner Person that is treated for Tax purposes
as a transfer or disposition, or (B) a transfer pursuant to an exercise of remedies upon an Event of Default that shall have occurred
and have been continuing);

 

(g)              
Taxes in excess of those that would have been imposed had there not been a transfer or other disposition by or to such
Tax Indemnitee or a related Tax Indemnitee described in paragraph (f) above;

 

(h)              
consisting of any interest, penalties or additions to tax imposed on a Tax Indemnitee as a result of (in whole or in part)
failure of such Tax Indemnitee or a related Tax Indemnitee to file any return properly and timely, unless such failure shall be
caused by the failure of the Owner to fulfill its obligations, if any, under Section 8.3.6 with respect to such return;

 

(i)                
resulting from, or that would not have been imposed but for, any Liens arising as a result of claims against, or acts or
omissions of, or otherwise attributable to such Tax Indemnitee or a related Tax Indemnitee that the Owner is not obligated to
discharge under the Operative Agreements;

 

(j)                
imposed on any Tax Indemnitee as a result of the breach by such Tax Indemnitee or a related Tax Indemnitee of any covenant
of such Tax Indemnitee or any Affiliate thereof contained in any Operative Agreement or the inaccuracy of any representation or
warranty by such Tax Indemnitee or any Affiliate thereof in any Operative Agreement;

 

(k)              
in the nature of an intangible or similar Tax (i) upon or with respect to the value or principal amount of the interest
of any Note Holder in any Equipment Note or the loan evidenced thereby but only if such Taxes are in the nature of franchise Taxes
or result from the Tax Indemnitee doing business in the taxing jurisdiction and are imposed because of the place of incorporation
or the activities unrelated to the transactions contemplated by the Operative Agreements in the taxing jurisdiction of such Tax
Indemnitee;

 

(l)                
imposed on a Tax Indemnitee by a Taxing Authority of a jurisdiction outside the United States to the extent that such Taxes
would not have been imposed but for a connection between the Tax Indemnitee or a related Tax Indemnitee and such jurisdiction
imposing such Tax unrelated to the transactions contemplated by the Operative Agreements; or

 

(m)            
Taxes relating to ERISA or Section 4975 of the Code.

 

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For purposes hereof, a Tax Indemnitee and
any other Tax Indemnitees that are successors, assigns, agents, servants or Affiliates of such Tax Indemnitee shall be related
Tax Indemnitees.

 

8.3.3.     
Payment

 

(a)              
Owner’s indemnity obligation to a Tax Indemnitee under this Section 8.3 shall equal the amount which, after taking
into account any Tax imposed upon the receipt or accrual of the amounts payable under this Section 8.3 and any tax benefits actually
recognized by such Tax Indemnitee as a result of the indemnifiable Tax (including, without limitation, any benefits recognized
as a result of an indemnifiable Tax being utilized by such Tax Indemnitee as a credit against Taxes not indemnifiable under this
Section 8.3), shall equal the amount of the Tax indemnifiable under this Section 8.3.

 

(b)              
At Owner’s request, the computation of the amount of any indemnity payment owed by Owner or any amount owed by a
Tax Indemnitee to Owner pursuant to this Section 8.3 shall be verified and certified by an independent public accounting firm
selected by such Tax Indemnitee and reasonably satisfactory to Owner. Such verification shall be binding. The costs of such verification
(including the fee of such public accounting firm) shall be borne by Owner unless such verification shall result in an adjustment
in Owner’s favor of 5% or more of the net present value of the payment as computed by such Tax Indemnitee, in which case
the costs shall be paid by such Tax Indemnitee.

 

(c)              
Each Tax Indemnitee shall provide Owner with such certifications, information and documentation as shall be in such Tax
Indemnitee’s possession and as shall be reasonably requested by Owner to minimize any indemnity payment pursuant to this
Section 8.3; provided, that notwithstanding anything to the contrary contained herein, no Tax Indemnitee shall be required to
provide Owner with any Tax returns.

 

(d)              
Each Tax Indemnitee shall promptly forward to Owner any written notice, bill or advice received by it from any Taxing Authority
concerning any Tax for which it seeks indemnification under this Section 8.3. Owner shall pay any amount for which it is liable
pursuant to this Section 8.3 directly to the appropriate Taxing Authority if legally permissible or upon demand of a Tax Indemnitee,
to such Tax Indemnitee within 30 days of such demand (or, if a contest occurs in accordance with Section 8.3.4, within 30 days
after a Final Determination (as defined below)), but in no event more than one Business Day prior to the date the Tax to which
such amount payable hereunder relates is due. If requested by a Tax Indemnitee in writing, Owner shall furnish to the appropriate
Tax Indemnitee the original or a certified copy of a receipt for Owner’s payment of any Tax paid by Owner or such other
evidence of payment of such Tax as is acceptable to such Tax Indemnitee. Owner shall also furnish promptly upon written request
such data as any Tax Indemnitee may reasonably require to enable such Tax Indemnitee to comply with the requirements of any taxing
jurisdiction unless such data is not reasonably available to the Owner or, unless such data is specifically requested by a Taxing
Authority, is not customarily furnished by domestic air carriers under similar circumstances. For purposes of this Section 8.3,
a “Final Determination” shall mean (i) a decision, judgment, decree or other order by any court of competent jurisdiction
that occurs pursuant to the provisions of Section 8.3.4, which decision, judgment, decree or other order has become final and
unappealable, (ii) a closing 

 

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agreement or settlement agreement entered into in accordance with Section 8.3.4 that has become binding
and is not subject to further review or appeal (absent fraud, misrepresentation, etc.), or (iii) the termination of administrative
proceedings and the expiration of the time for instituting a claim in a court proceeding.

 

(e)              
If any Tax Indemnitee shall actually realize a tax savings by reason of any Tax paid or indemnified by Owner pursuant to
this Section 8.3 (whether such tax savings shall be by means of a foreign tax credit, depreciation or cost recovery deduction
or otherwise) and such savings is not otherwise taken into account in computing such payment or indemnity such Tax Indemnitee
shall pay to Owner an amount equal to the lesser of (i) the amount of such tax savings, plus any additional tax savings recognized
as the result of any payment made pursuant to this sentence, when, as, if, and to the extent, realized or (ii) the amount of all
payments pursuant to this Section 8.3 by Owner to such Tax Indemnitee (less any payments previously made by such Tax Indemnitee
to Owner pursuant to this Section 8.3.3 (e)) (and the excess, if any, of the amount described in clause (i) over the amount described
in clause (ii) shall be carried forward and applied to reduce pro tanto any subsequent obligations of the Owner to make payments
to such Tax Indemnitee pursuant to this Section 8.3); provided, that such Tax Indemnitee shall not be required to make any payment
pursuant to this sentence so long as a Event of Default of a monetary nature has occurred and is continuing. If a tax benefit
is later disallowed or denied, the disallowance or denial shall be treated as a Tax indemnifiable under Section 8.3.1 without
regard to the provisions of Section 8.3.2 (other than Section 8.3.2 (f)). Each such Tax Indemnitee shall in good faith use reasonable
efforts in filing its tax returns and in dealing with Taxing Authorities to seek and claim any such tax benefit.

 

8.3.4.     
Contest

 

(a)              
If a written claim is made against a Tax Indemnitee for Taxes with respect to which Owner could be liable for payment or
indemnity hereunder, or if a Tax Indemnitee makes a determination that a Tax is due for which Owner could have an indemnity obligation
hereunder, such Tax Indemnitee shall promptly give Owner notice in writing of such claim (provided, that failure to so notify
Owner shall not relieve Owner of its indemnity obligations hereunder unless such failure to notify effectively forecloses Owner’s
rights to require a contest of such claim) and shall take no action with respect to such claim without the prior written consent
of Owner for 30 days following the receipt of such notice by Owner; provided, that, in the case of a claim made against a Tax
Indemnitee, if such Tax Indemnitee shall be required by law to take action prior to the end of such 30-day period, such Tax Indemnitee
shall, in such notice to Owner, so inform Owner, and such Tax Indemnitee shall take no action for as long as it is legally able
to do so (it being understood that a Tax Indemnitee shall be entitled to pay the Tax claimed and sue for a refund prior to the
end of such 30-day period if (i)(A) the failure to so pay the Tax would result in substantial penalties (unless immediately
reimbursed by Owner) and the act of paying the Tax would not materially prejudice the right to contest or (B) the failure to so
pay would result in criminal penalties and (ii) such Tax Indemnitee shall take any action so required in connection with so paying
the Tax in a manner that is the least prejudicial to the pursuit of the contest). In addition, such Tax Indemnitee shall (provided,
that Owner shall have agreed to keep such information confidential other than to the extent necessary in order to contest the
claim) furnish Owner with copies of any requests for information from any Taxing Authority relating to such Taxes with respect
to which Owner may be required to indemnify

 

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 hereunder. If requested by Owner in writing within 30 days after its receipt of such
notice, such Tax Indemnitee shall, at the expense of Owner (including, without limitation, all reasonable costs, expenses and
reasonable attorneys’ and accountants’ fees and disbursements), in good faith contest (or, if permitted by applicable
law, allow Owner to contest) through appropriate administrative and judicial proceedings the validity, applicability or amount
of such Taxes by (I) resisting payment thereof, (II) not paying the same except under protest if protest is necessary and proper
or (III) if the payment is made, using reasonable efforts to obtain a refund thereof in an appropriate administrative and/or judicial
proceeding. If requested to do so by Owner, the Tax Indemnitee shall appeal any adverse administrative or judicial decision, except
that the Tax Indemnitee shall not be required to pursue any appeals to the United States Supreme Court. If and to the extent the
Tax Indemnitee is able to separate the contested issue or issues from other issues arising in the same administrative or judicial
proceeding that are unrelated to the transactions contemplated by the Operative Agreements without, in the good faith judgment
of such Tax Indemnitee, adversely affecting such Tax Indemnitee, such Tax Indemnitee shall permit Owner to control the conduct
of any such proceeding and shall provide to the Owner (at Owner’s cost and expense) with such information or data that is
in such Tax Indemnitee’s control or possession that is reasonably necessary to conduct such contest. In the case of a contest
controlled by a Tax Indemnitee, such Tax Indemnitee shall consult with Owner in good faith regarding the manner of contesting
such claim and shall keep Owner reasonably informed regarding the progress of such contest. A Tax Indemnitee shall not fail to
take any action expressly required by this Section 8.3.4 (including, without limitation, any action regarding any appeal of an
adverse determination with respect to any claim) or settle or compromise any claim without the prior written consent of the Owner
(except as contemplated by Section 8.3.4(b) or (c)).

 

(b)              
Notwithstanding the foregoing, in no event shall a Tax Indemnitee be required to pursue any contest (or to permit Owner
to pursue any contest) unless (i) Owner shall have agreed to pay such Tax Indemnitee on demand all reasonable costs and expenses
incurred by such Tax Indemnitee in connection with contesting such Taxes, including, without limitation, all reasonable out of
pocket costs and expenses and reasonable attorneys’ and accountants’ fees and disbursements, (ii) if such contest
shall involve the payment of the claim, Owner shall advance the amount thereof (to the extent indemnified hereunder) plus interest,
penalties and additions to tax with respect thereto that are required to be paid prior to the commencement of such contest on
an interest-free after-Tax basis to such Tax Indemnitee (and such Tax Indemnitee shall promptly pay to the Owner any net realized
tax benefits resulting from such advance including any tax benefits resulting from making such payment), (iii) such Tax Indemnitee
shall have reasonably determined that the action to be taken will not result in any material risk of forfeiture, sale or loss
of the Aircraft (unless Owner shall have made provisions to protect the interests of any such Tax Indemnitee in a manner reasonably
satisfactory to such Tax Indemnitee) (provided, that such Tax Indemnitee agrees to notify Owner in writing promptly after it becomes
aware of any such risk), (iv) no Event of Default shall have occurred and be continuing unless Owner has provided security for
its obligations hereunder by advancing to such Tax Indemnitee before proceeding or continuing with such contest, the amount of
the Tax being contested, plus any interest and penalties and an amount estimated in good faith by such Tax Indemnitee for expenses,
and (v) prior to commencing any judicial action controlled by Owner, Owner shall have acknowledged its liability for such claim
hereunder, provided that Owner shall not be bound by its acknowledgment if the Final Determination articulates

 

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 conclusions of
law and fact that demonstrate that Owner has no liability for the contested amounts hereunder. Notwithstanding the foregoing,
if any Tax Indemnitee shall release, waive, compromise or settle any claim which may be indemnifiable by Owner pursuant to this
Section 8.3 without the written permission of Owner, Owner’s obligation to indemnify such Tax Indemnitee with respect to
such claim (and all directly related claims and claims based on the outcome of such claim) shall terminate, subject to Section
8.3.4(c), and subject to Section 8.3.4(c), such Tax Indemnitee shall repay to the Owner any amount previously paid or advanced
to such Tax Indemnitee with respect to such claim, plus interest at the rate that would have been payable by the relevant Taxing
Authority with respect to a refund of such Tax.

 

(c)              
Notwithstanding anything contained in this Section 8.3, a Tax Indemnitee will not be required to contest the imposition
of any Tax and shall be permitted to settle or compromise any claim without Owner’s consent if such Tax Indemnitee (i) shall
waive its right to indemnity under this Section 8.3 with respect to such Tax (and any directly related claim and any claim the
outcome of which is determined based upon the outcome of such claim), (ii) shall pay to the Owner any amount previously paid or
advanced by Owner pursuant to this Section 8.3 with respect to such Tax, plus interest at the rate that would have been payable
by the relevant Taxing Authority with respect to a refund of such Tax, and (iii) shall agree to discuss with Owner the views or
positions of any relevant Taxing Authority with respect to the imposition of such Tax.

 

8.3.5.     
Refund

 

If any Tax Indemnitee shall receive a refund
of, or be entitled to a credit against other liability for, all or any part of any Taxes paid, reimbursed or advanced by Owner,
such Tax Indemnitee shall pay to Owner within 30 days of such receipt an amount equal to the lesser of (a) the amount of such
refund or credit plus any net tax benefit (taking into account any Taxes incurred by such Tax Indemnitee by reason of the receipt
of such refund or realization of such credit) actually realized by such Tax Indemnitee as a result of any payment by such Tax
Indemnitee made pursuant to this sentence (including this clause (a)) and (b) such tax payment, reimbursement or advance by Owner
to such Tax Indemnitee theretofore made pursuant to this Section 8.3 (and the excess, if any, of the amount described in clause
(a) over the amount described in clause (b) shall be carried forward and applied to reduce pro tanto any subsequent obligation
of Owner to make payments to such Tax Indemnitee pursuant to this Section 8.3). If, in addition to such refund or credit, such
Tax Indemnitee shall receive (or be credited with) an amount representing interest on the amount of such refund or credit, such
Tax Indemnitee shall pay to Owner within 30 days of such receipt or realization of such credit that proportion of such interest
that shall be fairly attributable to Taxes paid, reimbursed or advanced by Owner prior to the receipt of such refund or realization
of such credit.

 

8.3.6.     
Tax Filing

 

If any report, return or statement is required
to be filed with respect to any Tax which is subject to indemnification under this Section 8.3, Owner shall timely file the same
(except for any such report, return or statement which a Tax Indemnitee has timely notified the Owner in writing that such Tax
Indemnitee intends to file, or for which such Tax Indemnitee is required by law to file, in its own name); provided, that the
relevant Tax Indemnitee shall furnish

 

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Owner with any information in such Tax Indemnitee’s possession or control that is
reasonably necessary to file any such return, report or statement and is reasonably requested in writing by Owner (it being understood
that the Tax Indemnitee shall not be required to furnish copies of its actual tax returns, although it may be required to furnish
relevant information contained therein). Owner shall either file such report, return or statement and send a copy of such report,
return or statement to such Tax Indemnitee, or, where Owner is not permitted to file such report, return or statement, it shall
notify such Tax Indemnitee of such requirement and prepare and deliver such report, return or statement to such Tax Indemnitee
in a manner satisfactory to such Tax Indemnitee within a reasonable time prior to the time such report, return or statement is
to be filed.

 

8.3.7.     
Forms

 

Each Tax Indemnitee agrees to furnish from
time to time to the Owner or Mortgagee or to such other person as Owner or Mortgagee may designate, at Owner’s or Mortgagee’s
request, such duly executed and properly completed forms as may be necessary or appropriate in order to claim any reduction of
or exemption from any withholding or other Tax imposed by any Taxing Authority, if (x) such reduction or exemption is available
to such Tax Indemnitee and (y) Owner has provided such Tax Indemnitee with any information necessary to complete such form not
otherwise reasonably available to such Tax Indemnitee.

 

8.3.8.     
Non-Parties

 

If a Tax Indemnitee is not a party to this
Agreement, Owner may require the Tax Indemnitee to agree in writing, in a form reasonably acceptable to Owner, to the terms of
this Section 8.3 and Section 12.8 prior to making any payment to such Tax Indemnitee under this Section 8.3.

 

8.3.9.     
Subrogation

 

Upon payment of any Tax by Owner pursuant
to this Section 8.3 to or on behalf of a Tax Indemnitee, Owner, without any further action, shall be subrogated to any claims
that such Tax Indemnitee may have relating thereto. Such Tax Indemnitee shall cooperate with Owner (to the extent such cooperation
does not result in any unreimbursed cost, expense or liability to such Tax Indemnitee) to permit Owner to pursue such claims.

 

8.4.           
Payments

 

Any payments made pursuant to Section 8.1
or 8.3 shall be due on the 60th day after demand therefor and shall be made directly to the relevant Indemnitee or Tax Indemnitee
or to Owner, in immediately available funds at such bank or to such account as specified by such Indemnitee or Tax Indemnitee
or Owner, as the case may be, in written directives to the payor, or, if no such direction shall have been given, by check of
the payor payable to the order of, and mailed to, such Indemnitee or Tax Indemnitee or Owner, as the case may be, by certified
mail, postage prepaid, at its address as set forth in this Agreement.

 

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8.5.           
Interest

 

If any amount, payable by Owner, any Indemnitee
or any Tax Indemnitee under Section 8.1 or 8.3 is not paid when due, the person obligated to make such payment shall pay
on demand, to the extent permitted by Law, to the person entitled thereto, interest on any such amount for the period from and
including the due date for such amount to but excluding the date the same is paid, at the Payment Due Rate. Such interest shall
be paid in the same manner as the unpaid amount in respect of which such interest is due.

 

8.6.           
Benefit of Indemnities

 

The obligations of the Owner in respect of
all indemnities, obligations, adjustments and payments in Section 8.1 or 8.3 are expressly made for the benefit of, and shall
be enforceable by, the Indemnitee or Tax Indemnitee entitled thereto, notwithstanding any provision of the Security Agreements.

 

SECTION
9.    ASSIGNMENT OR
TRANSFER OF INTEREST

 

9.1.           
Note Holder

 

Subject to Section 6.3.2 hereof, and
Section 2.07 of the Trust Indenture the Note Holder may, at any time and from time to time, Transfer or grant participations in
all or any portion of the Series A Equipment Note and/or all or any portion of its beneficial interest in the Series A Equipment
Note to any person (it being understood that the sale or issuance of Pass Through Certificates by the Pass Through Trustee shall
not be considered a Transfer or participation); provided, that any participant in any such participation shall not have
any direct rights under the Operative Agreements or any Lien on all or any part of the Collateral and Owner shall not have any
increased liability or obligations as a result of any such participation. In the case of any such Transfer, the Transferee, by
acceptance of the Series A Equipment Note in connection with such Transfer, shall be deemed to be bound by (i) all of the covenants
of the Note Holder contained in the Operative Agreements and (ii) certain terms of the Intercreditor Agreement as specified in
the Series A Equipment Note and/or Section 2.07 of the Trust Indenture.

 

9.2.           
Effect of Transfer

 

Upon any Transfer in accordance with Section 9.1
(other than any Transfer by the Note Holder, to the extent it only grants participation in the Series A Equipment Note or in its
beneficial interest therein), Transferee shall be deemed a “Note Holder,” for all purposes of this Agreement and the
other Operative Agreements, and the transferring Note Holder shall be released from all of its liabilities and obligations under
this Agreement and any other Operative Agreements to the extent such liabilities and obligations arise after such Transfer and,
in each case, to the extent such liabilities and obligations are assumed by the Transferee; provided, that such transferring
Note Holder (and its respective Affiliates, successors, assigns, agents, servants, representatives, directors and officers) will
continue to have the benefit of any rights or indemnities under any Operative Agreement vested or relating to circumstances, conditions,
acts or events prior to such Transfer.

 

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SECTION
10.                       
SECTION 1110

 

It is the intention of each of the Owner,
the Note Holder (such intention being evidenced by its acceptance of the Series A Equipment Note), and Mortgagee that Mortgagee
shall be entitled to the benefits of Section 1110 in the event of a case under Chapter 11 of the Bankruptcy Code in which
Owner is a debtor.

 

SECTION
11.                       
CHANGE OF CITIZENSHIP

 

11.1.       
Generally

 

Without prejudice to the representations,
warranties or covenants regarding the status of any party hereto as a Citizen of the United States, each of the Owner, WTNA and
Mortgagee agrees that it will, immediately upon obtaining knowledge of any facts that would cast doubt upon its continuing status
as a Citizen of the United States and promptly upon public disclosure of negotiations in respect of any transaction which would
or might adversely affect such status, notify in writing all parties hereto of all relevant matters in connection therewith.

 

11.2.       
Mortgagee

 

Upon WTNA giving any notice in accordance
with Section 11.1, Mortgagee shall (if and so long as such citizenship is necessary under the Act as in effect at such time
or, if it is not necessary, if and so long as Mortgagee’s citizenship could have any adverse effect on Owner, or any Note
Holder), subject to Section 9.02 of the Trust Indenture, resign as Mortgagee promptly upon its ceasing to be such a citizen.

 

SECTION
12.                       
MISCELLANEOUS

 

12.1.       
Amendments

 

No provision of this Agreement may be amended,
supplemented, waived, modified, discharged, terminated or otherwise varied orally, but only by an instrument in writing that specifically
identifies the provision of this Agreement that it purports to amend, supplement, waive, modify, discharge, terminate or otherwise
vary and is signed by the party against which the enforcement of the amendment, supplement, waiver, modification, discharge, termination
or variance is sought. Each such amendment, supplement, waiver, modification, discharge, termination or variance shall be effective
only in the specific instance and for the specific purpose for which it is given. No provision of this Agreement shall be varied
or contradicted by oral communication, course of dealing or performance or other manner not set forth in an agreement, document
or instrument in writing and signed by the party against which enforcement of the same is sought.

 

12.2.       
Severability

 

If any provision hereof shall be held invalid,
illegal or unenforceable in any respect in any jurisdiction, then, to the extent permitted by Law, (a) all other provisions
hereof shall remain in full force and effect in such jurisdiction and (b) such invalidity, illegality or unenforceability
shall not affect the validity, legality or enforceability of such provision in any 

 

    33

     

    

 

other jurisdiction. If, however, any Law pursuant
to which such provisions are held invalid, illegal or unenforceable may be waived, such Law is hereby waived by the parties hereto
to the full extent permitted, to the end that this Agreement shall be deemed to be a valid and binding agreement in all respects,
enforceable in accordance with its terms.

 

12.3.       
Survival

 

The indemnities set forth herein shall survive
the Transfer of any interest by the Note Holder of the Series A Equipment Note and the expiration or other termination of this
Agreement or any other Operative Agreement.

 

12.4.       
Reproduction of Documents

 

This Agreement, all schedules and exhibits
hereto and all agreements, instruments and documents relating hereto, including, without limitation, (a) consents, waivers and
modifications that may hereafter be executed and (b) financial statements, certificates and other information previously
or hereafter furnished to any party hereto, may be reproduced by such party by any photographic, photostatic, microfilm, micro-card,
miniature photographic or other similar process, and such party may destroy any original documents so reproduced. Any such reproduction
shall be as admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original
is in existence and whether or not such reproduction was made by such party in the regular course of business) and any enlargement,
facsimile or further reproduction of such reproduction likewise is admissible in evidence.

 

12.5.       
Counterparts

 

This Agreement and any amendments, waivers,
consents or supplements hereto may be executed in any number of counterparts (or upon separate signature pages bound together
into one or more counterparts), each of which when so executed shall be deemed to be an original, and all of which counterparts,
taken together, shall constitute one and the same instrument.

 

12.6.       
No Waiver

 

No failure on the part of any party hereto
to exercise, and no delay by any party hereto in exercising, any of its respective rights, powers, remedies or privileges under
this Agreement or provided at Law, in equity or otherwise shall impair, prejudice or constitute a waiver of any such right, power,
remedy or privilege or be construed as a waiver of any breach hereof or default hereunder or as an acquiescence therein nor shall
any single or partial exercise of any such right, power, remedy or privilege preclude any other or further exercise thereof by
it or the exercise of any other right, power, remedy or privilege by it. No notice to or demand on any party hereto in any case
shall, unless otherwise required under this Agreement, entitle such party to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of any party hereto to any other or further action in any circumstances
without notice or demand.

 

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12.7.       
Notices

 

Unless otherwise expressly permitted by the
terms hereof, all notices, requests, demands, authorizations, directions, consents, waivers and other communications required
or permitted to be made, given, furnished or filed hereunder shall be in writing (it being understood that the specification of
a writing in certain instances and not in others does not imply an intention that a writing is not required as to the latter),
shall refer specifically to this Agreement or other applicable Operative Agreement, and shall be personally delivered, sent by
facsimile or telecommunication transmission (which in either case provides written confirmation to the sender of its delivery),
sent by email, sent by registered mail or certified mail, return receipt requested, postage prepaid, or sent by overnight courier
service, in each case to the respective address, email address, or facsimile number set forth for such party in Schedule 1, or
to such other address, email address, facsimile or other number as each party hereto may hereafter specify by notice to the other
parties hereto. Each such notice, request, demand, authorization, direction, consent, waiver or other communication shall be effective
when received by the addressee or delivery is refused.

 

12.8.       
GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE

 

(a)       THIS
AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE. THIS AGREEMENT IS BEING DELIVERED IN THE STATE OF NEW YORK.

 

(b)       EACH
PARTY HERETO HEREBY IRREVOCABLY AGREES, ACCEPTS AND SUBMITS ITSELF TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE
OF NEW YORK IN THE CITY AND COUNTY OF NEW YORK AND OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN CONNECTION WITH
ANY LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTER RELATING TO OR ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

 

(c)       EACH
PARTY HERETO HEREBY IRREVOCABLY CONSENTS AND AGREES TO THE SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS
OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE MADE BY MAILING COPIES THEREOF BY REGISTERED
OR CERTIFIED MAIL, POSTAGE PREPAID, AT THE ADDRESS SET FORTH PURSUANT TO SECTION 12.7. EACH PARTY HERETO HEREBY AGREES THAT
SERVICE UPON IT, OR ANY OF ITS AGENTS, IN EACH CASE IN ACCORDANCE WITH THIS SECTION 12.8(c), SHALL CONSTITUTE VALID AND EFFECTIVE
PERSONAL SERVICE UPON SUCH PARTY, AND EACH PARTY HERETO HEREBY AGREES THAT THE FAILURE OF ANY OF ITS AGENTS TO GIVE ANY NOTICE
OF SUCH SERVICE TO ANY SUCH PARTY SHALL NOT IMPAIR OR AFFECT IN ANY WAY THE VALIDITY OF SUCH SERVICE ON SUCH PARTY OR ANY JUDGMENT
RENDERED IN ANY ACTION OR PROCEEDING BASED THEREON.

 

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(d)       EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, AND AGREES NOT TO ASSERT, BY WAY OF MOTION,
AS A DEFENSE, OR OTHERWISE, IN ANY LEGAL ACTION OR PROCEEDING BROUGHT HEREUNDER IN ANY OF THE ABOVE-NAMED COURTS, THAT SUCH ACTION
OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT VENUE FOR THE ACTION OR PROCEEDING IS IMPROPER OR THAT THIS AGREEMENT
OR ANY OTHER OPERATIVE AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS.

 

(e)       EACH
PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN ANY COURT IN ANY JURISDICTION
BASED UPON OR ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

12.9.       
Third-Party Beneficiary

 

This Agreement is not intended to, and shall
not, provide any person not a party hereto (other than the Indenture Indemnitees, each of which is an intended third party beneficiary
with respect to the provisions of Section 8.1 (and, in the case of the Tax Indemnitees, Section 8.3) and the persons referred
to in Section 6.4.6, which are intended third party beneficiaries with respect to such Section) with any rights of any nature
whatsoever against any of the parties hereto and no person not a party hereto (other than the Indenture Indemnitees, with respect
to the provisions of Section 8.1 (and, in the case of the Tax Indemnitees, Section 8.3), and the persons referred to in Section
6.4.6 with respect to the provisions of such Section) shall have any right, power or privilege in respect of any party hereto,
or have any benefit or interest, arising out of this Agreement.

 

12.10.   
Entire Agreement

 

This Agreement, together with the other Operative
Agreements, on and as of the date hereof, constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, and all prior or contemporaneous understandings or agreements, whether written or oral, among any of the parties hereto
with respect to such subject matter are hereby superseded in their entireties.

 

12.11.   
Further Assurances

 

Each party hereto shall execute, acknowledge
and deliver or shall cause to be executed, acknowledged and delivered, all such further agreements, instruments, certificates
or documents, and shall do and cause to be done such further acts and things, in any case, as any other party hereto shall reasonably
request in connection with the administration of, or to carry out more effectually the purposes of, or to better assure and confirm
into such other party the rights and benefits to be provided under this Agreement and the other Operative Agreements.

 

[This space intentionally left blank]

 

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IN WITNESS WHEREOF, each of the parties has
caused this Note Purchase Agreement to be duly executed and delivered as of the day and year first above written.

 

	 	UNITED AIRLINES, INC.
	 	 	 
		By	/s/ Pamela S. Hendry
		Name:	Pamela S. Hendry
		Title:	Vice President and Treasurer

  

    

     

    

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	not in its individual capacity, except as expressly provided herein, but solely as Mortgagee
	 	 	 
		By	/s/ Chad May
		 	Name:	Chad May
		 	Title:	Vice President

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	not in its individual capacity, except as expressly provided herein, but solely as Pass Through
               Trustee for the United Airlines Pass Through Trust, 2020-1A
	 	 	 
		By	/s/ Chad May
		Name:	Chad May
		Title:	Vice President

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	not in its individual capacity, except as expressly provided herein, but solely as Subordination
               Agent
	 	 	 
		By	/s/ Chad May
		Name:	Chad May
		Title:	Vice President

 

    

     

    

 

SCHEDULE 1 to

Note Purchase Agreement

 

ACCOUNTS;
ADDRESSES

 

	 	 	Account for Payments
	 	Address for Notices
	 	 	 	 	 
	United Airlines, Inc.	 	JPMorgan Chase New York, NY 10005

        Account No.: 51-67795

        ABA#: 021000021

        Attention: Joe Miller

        Voice: (313) 256-0323

        Facsimile: (313) 263-3814

        Reference: United 2020-1A
	 	United Airlines, Inc.

        233 S. Wacker Drive

        Chicago, Illinois 60606

        Attention: Treasurer

        Facsimile: (872) 825-0316

	 	 	 	 	 
	Wilmington Trust, National Association, Mortgagee	 	Wilmington Trust, National Association

        Wilmington, Delaware 19890-1605

        Account No.: 143370-000

        ABA#: 031-100092

        Attention: Corporate Trust

        Administration

        Reference: United 2020-1A
	 	Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890-1605

        Attention: Corporate Trust

        Administration

        Facsimile: (302) 636-4140

	 	 	 	 	 
	Wilmington Trust, National Association, as Subordination Agent	 	Wilmington Trust, National Association

        Wilmington, Delaware 19890-1605

        Account No.: 143369-000

        ABA#: 031-100092

        Attention: Corporate Trust

        Administration

        Reference: United 2020-1A
	 	Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890-1605

        Attention: Corporate Trust

        Administration

        Facsimile: (302) 636-4140

	 	 	 	 	 
	Wilmington Trust, National Association, as Pass Through Trustee for the 2020-1A Pass Through
    Trust	 	Wilmington Trust, National Association

        Wilmington, Delaware 19890-1605

        Account No.: 143367-000

        ABA#: 031-100092

        Attention: Corporate Trust

        Administration

        Reference: United 2020-1A
	 	Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890-1605

        Attention: Corporate Trust

         Administration

        Facsimile: (302) 636-4140

 

    

     

    

 

SCHEDULE 2 to

Note Purchase Agreement

 

COMMITMENTS

 

	Pass Through
    Trustee	 	Series
                                         of
 Equipment
                                         Notes
	 	Dollar
    Amount
 of Loan	 
	 	 	 	 	 	 	 
	2020-1A	 	Series A	 	$	3,000,000,000	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    

     

    

 

SCHEDULE 3 to

Note Purchase Agreement

 

CERTAIN TERMS

 

	Defined Term	 	Definition
	 	 	 
	Minimum Liability Insurance Amount	 	means (a) $550,000,000 for any widebody aircraft (or related engine), (b) $350,000,000 for any
    narrowbody aircraft (or related engine) and (c) $250,000,000 for any Eligible Regional Aircraft (or related engine)
	 	 	 
	Threshold Amount	 	means (a) $18,000,000 for any widebody aircraft (or related engine), (b) $8,000,000 for any narrowbody
    aircraft (or related engine), (c) $5,000,000 for any Eligible Regional Aircraft (or related engine), (d) $5,000,000 for any
    Spare Engine and (e) $5,000,000 for Spare Parts

 

    

     

    

 

SCHEDULE 4 to

Note Purchase Agreement

 

PERMITTED COUNTRIES

 

	Argentina	Luxembourg
	Australia	Malaysia
	Austria	Malta
	Bahamas	Mexico
	Belgium	Morocco
	Bolivia	Netherlands
	Brazil	Netherlands
    Antilles
	Canada	New
    Zealand
	Chile	Norway
	Colombia	Panama
	Czech
    Republic	People’s
    Republic of China
	Denmark	Peru
	Egypt	Philippines
	Ecuador	Poland
	Finland	Portugal
	France	Republic
    of China (Taiwan)
	Germany	Russia
	Greece	Singapore
	Guatemala	South
    Africa
	Hungary	South
    Korea
	Iceland	Spain
	India	Sweden
	Indonesia	Switzerland
	Ireland	Thailand
	Italy	Trinidad
    and Tobago
	Jamaica	Turkey
	Japan	United
    Kingdom
	Jordan	Uruguay
	Kuwait	Venezuela

 

    

     

    

 

EXHIBIT A to

Note Purchase Agreement

 

OPINION OF SPECIAL COUNSEL TO THE OWNER

 

    	 	 	 

     

    

 

EXHIBIT A

TO

NOTE PURCHASE AGREEMENT

 

[Form of Opinion of Owner’s Special
Counsel]

 

October 28, 2020

 

To the Persons Listed on Schedule I Attached Hereto

 

		Re:	Note Purchase Agreement relating to United Airlines Pass Through Certificates, Series 2020-1A

 

Ladies and Gentlemen:

 

We have been requested by United Airlines, Inc.,
a Delaware corporation (the “Company”), to act as special counsel with respect to, and to render this opinion
letter in connection with, the transactions contemplated by the Note Purchase Agreement, dated as of October 28, 2020 (the
 “Note Purchase Agreement”), among the Company, as Owner, and Wilmington Trust, National Association, a national
banking association (“WTNA”), in its capacity as Mortgagee (the “Mortgagee”), as Subordination Agent
under the Intercreditor Agreement and as Pass Through Trustee under the Pass Through Trust Agreement. Capitalized terms used herein
and not otherwise defined herein have the respective meanings given to those terms pursuant to the Note Purchase Agreement.

 

In connection with this opinion letter we
have examined, among other things, originals or copies certified or otherwise identified to our satisfaction of the following documents:

 

		(i)	Note Purchase Agreement;

 

		(ii)	Trust Indenture;

 

		(iii)	Trust Indenture Supplement No. 1;

 

		(iv)	Spare Engines Security Agreement;

 

		(v)	Spare Engines Security Agreement Supplement No. 1;

 

    	 	 	 

     2

    

 

		(vi)	Spare Parts Security Agreement; and

 

		(vii)	Form of Equipment Note.

 

We have also examined and relied upon such
other documents and such other corporate records, certificates and other statements of governmental officials and corporate officers
and other representatives of the Company as we have deemed necessary or appropriate for the purposes of this opinion. As to certain
facts material to the opinions expressed herein, we have relied upon representations and warranties contained in the Operative
Agreements. The opinions expressed herein are subject to the following exceptions, assumptions, qualifications and limitations:

 

A.            The
opinions set forth below are limited to the laws of the State of New York, the federal laws of the United States of America and
the General Corporation Law of the State of Delaware, except that we express no opinion with respect to (i) the laws, regulations
or ordinances of any county, town or municipality or governmental subdivision or agency thereof, (ii) state securities or
blue sky laws or federal securities laws, including the Securities Act and the Investment Company Act of 1940, as amended, (iii) any
federal or state tax, antitrust or fraudulent transfer or conveyance laws, (iv) the Employee Retirement Income Security Act
of 1974, as amended, or (v) the Act (except as expressly provided in paragraph 5 below), the Cape Town Treaty or any
other laws, rules or regulations governing, regulating or relating to the acquisition, ownership, registration, use or sale
of the Qualified Spare Parts, the Spare Engines or the Aircraft or to the particular nature of the equipment to be subject to the
Lien of the applicable Security Agreement. In addition, our opinions are based upon a review of those laws, statutes, rules and
regulations which, in our experience, are normally applicable to transactions of the type contemplated by the Note Purchase Agreement.

 

B.            The
opinions set forth in paragraph 3 below are subject to (i) limitations on enforceability arising from applicable bankruptcy,
insolvency, reorganization, moratorium, receivership, fraudulent conveyance, fraudulent transfer, preferential transfer and similar
laws relating to or affecting the rights and remedies of creditors generally and the effect of general principles of equity, including,
without limitation, laches and estoppel as equitable defenses and concepts of materiality, reasonableness, good faith and fair
dealing (regardless of whether such enforceability is considered or applied in a proceeding in equity or at law) and considerations
of impracticability or impossibility of performance, and defenses based upon unconscionability of otherwise enforceable obligations
in the context of the factual circumstances under which enforcement thereof is sought and (ii) the qualification that the
remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the
discretion of the court before which any proceeding therefor may be brought. In addition, certain remedial and procedural provisions
of the Company Documents (as defined in paragraph 2 below) are or may be unenforceable in whole or in part, but the inclusion of
such provisions does not affect the validity of those agreements and does not, in our opinion, make the remedies

 

    	 	 	 

     3

    

 

provided
in those agreements, or otherwise available under applicable law, inadequate for the practical realization of the substantive
benefits purported to be provided thereby, except for the economic consequences resulting from any delay imposed by, or any procedure
required by, applicable laws, rules, regulations and by constitutional requirements. We express no opinion as to (i) any
provision contained in any Operative Agreement (a) providing for indemnification or exculpation of any Person for such Person’s
gross negligence, willful misconduct, recklessness or unlawful conduct or in respect of liabilities under the Securities Act,
(b) providing for a premium, late payment charges or an increase in interest rate upon delinquency in payment or the occurrence
of a default or other specified event but only to the extent such provision is deemed to constitute a penalty or liquidated damages
provision, (c) as such provision relates to the subject matter jurisdiction of federal courts or the waiver of inconvenient
forum with respect to proceedings in federal courts, (d) that purports to establish (or may be construed to establish) evidentiary
standards, (e) providing for the waiver of any statutory right or any broadly or vaguely stated rights or unknown future
rights, or any waiver which is against public policy considerations or (f) providing for severability of the provisions of
an Operative Agreement or (ii) Section 12.8(e) of the Note Purchase Agreement or any comparable provision of any
other Operative Agreement. Under certain circumstances the requirement that the provisions of an Operative Agreement may be modified
or waived only in writing or only in a specific instance and provisions to the effect that failure or delay in exercising any
right, remedy, power and/or privilege will not impair or waive such right, remedy, power and/or privilege may be unenforceable
to the extent that an oral agreement has been effected or a course of dealing has occurred modifying such provisions. A court
may modify or limit contractual agreements regarding attorneys’ fees.

 

C.            To
the extent that our opinions expressed herein involve conclusions as to the matters set forth in the opinions dated the date hereof
of the United Airlines, Inc. Legal Department, Morris James LLP or Lytle, Soulé & Felty, P.C., being delivered
to you on the date hereof, we have assumed, without independent investigation, the correctness of the matters set forth in such
opinions.

 

D.            We
have assumed the due authorization, execution and delivery of the Operative Agreements by each of the parties thereto, that each
of such parties (other than the Company) has the power and authority to execute, deliver and perform each such Operative Agreement
and has obtained or made all necessary consents, approvals, filings and registrations in connection therewith (except any required
under New York law by the Company), that such execution, delivery and performance does not violate its charter, by-laws or similar
instrument, that value has been given by the Pass Through Trustee to the Company under the Trust Indenture, that the Company has
rights in the Collateral and that WTNA is duly organized, validly existing and in good standing in its jurisdiction of organization
and qualified to transact business in each other jurisdiction where such qualification is required.

 

    	 	 	 

     4

    

 

E.            We
have assumed the due authentication of the Series A Equipment Note by the Mortgagee and the delivery thereof against payment
therefor, all in accordance with the Note Purchase Agreement and the Trust Indenture, and that the Series A Equipment Note
conforms to the form thereof examined by us. We have assumed that the Company holds an air carrier operating certificate issued
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.

 

F.            We
have assumed that all signatures on documents examined by us are genuine, that all persons signing such documents have legal capacity,
that all documents submitted to us as originals are authentic and that all documents submitted to us as copies or specimens conform
with the originals, which facts we have not independently verified.

 

G.            We
express no opinion as to any provision in any Operative Agreement that is contrary to Sections 9-401, 9-406, 9-407 or 9-408 or
Part VI of Article 9, of the UCC.

 

H.            We
have not made any examination of, and express no opinion with respect to (and to the extent relevant have assumed the accuracy
and sufficiency of), (i) descriptions of, the legal or beneficial ownership of, or the title or condition of title to, the
Collateral or any other property covered by any of the Operative Agreements, (ii) except as expressly set forth in paragraphs
5 and 7 below, the existence, creation, validity or attachment of any Lien thereon, (iii) except as expressly set forth in
paragraph 5 below, the perfection of any Lien thereon and (iv) the priority or enforcement of any Lien thereon.

 

I.             In
giving an opinion regarding the valid existence and good standing of the Company, we have relied solely upon certificates of public
officials.

 

J.             The
opinions expressed herein are given as of the date hereof. We assume no obligation to advise you of any facts or circumstance that
may come to our attention, or any changes in law that may occur after the date hereof, which may affect the opinion expressed herein.

 

Based on and subject to the foregoing, we
are of the opinion that:

 

1.            The
Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware.

 

2.            The
Company has all necessary corporate power to execute, deliver and perform its obligations under the Note Purchase Agreement, the
Trust Indenture, the Trust Indenture Supplement No. 1, the Spare Engines Security Agreement, the Spare Engines Security Agreement
Supplement No. 1, the Spare Parts Security Agreement and the Series A Equipment Note (collectively, the “Company
Documents”). Neither the execution nor delivery of the Company Documents by the Company nor the consummation of the transactions
contemplated thereby will result in any violation of (a) its Amended and Restated Certificate of Incorporation 

 

    	 	 	 

     5

    

 

or Amended
and Restated By-laws or (b) any law, governmental rule or regulation known to us to be applicable to, or binding on,
the Company, or requires the approval of the stockholders of the Company.

 

3.            Each
Company Document constitutes the valid and binding obligation of the Company and is enforceable against the Company in accordance
with its terms.

 

4.            Except
for the matters referred to in clauses (i) through (iv) of paragraph 5 below, no approval, authorization or other action
by or filing with any governmental authority is required for the execution and delivery by the Company of the Company Documents
or the consummation of the transactions contemplated thereby to occur at the Closing.

 

5.            Except
for (i) the filing and recordation in accordance with the Act of the FAA Filed Documents, and assuming that at the time of
such filing no other unrecorded document relating to any Aircraft, Spare Engine or Pledged Spare Part has been filed pursuant
to the Act, (ii) the filing with the FAA pursuant to the FAA Regulations of the Forms 8050-135 referred to in Section 5.1.6
of the Note Purchase Agreement, (iii) the filing of Financing Statements referred to in Section 4.1.11 of the Note Purchase
Agreement (and the filing of periodic continuation statements with respect thereto), and (iv) the periodic renewal of the
registration of each Aircraft in the name of the Company with the FAA pursuant to the Act, (a) no further filing or recording
of any document is necessary (x) to establish the Company’s title to the Aircraft, the Spare Engines or the Pledged
Spare Parts, and (y) to create a valid security interest in the Company’s interest as owner of the Aircraft, the Spare
Engines or the Pledged Spare Parts (to the extent a security interest therein is created by the applicable Security Agreement)
in favor of the Mortgagee pursuant to the applicable Security Agreement and (b) no further filing or recording of any document
in the State of New York or under the Act is required to perfect a security interest in the Company’s interest as owner of
the Aircraft, the Spare Engines or the Pledged Spare Parts (to the extent a security interest therein is created by the applicable
Security Agreement) in favor of the Mortgagee pursuant to the applicable Security Agreement.

 

6.            The
Mortgagee will be entitled to the benefits of Section 1110 of Title 11 of the United States Code with respect to the
Aircraft, the Spare Engines and the Pledged Spare Parts in connection with any case commenced by or against the Company under Chapter 11
of Title 11 of the United States Code.

 

7.            Upon
issuance, execution, authentication and delivery of the Series A Equipment Note at the Closing, each of the Trust Indenture,
the Spare Engines Security Agreement and the Spare Parts Security Agreement creates the security interest in favor of the Mortgagee,
as trustee for the benefit of the holder of the Series A Equipment Note, in the Aircraft, the Spare Engines and the Pledged
Spare Parts, respectively, it purports to create to the extent that the UCC applies to a security interest in such property.

 

    	 	 	 

     6

    

 

This opinion is being delivered pursuant to
Section 4.1.2(x)(A) of the Note Purchase Agreement. This opinion may be relied upon by you (and any permitted Transferee
under Section 9.1 of the Note Purchase Agreement) in connection with the matters set forth herein and, without our prior written
consent, may not be relied upon for any other purpose and may not be relied upon by any other Person for any purpose.

 

		 	Very truly yours,
	 	 	 
	 	 	 

 

    	 	 	 

    	 	 	 

    

 

SCHEDULE I

 

Goldman Sachs & Co. LLC

 

Citigroup Global Markets Inc.

 

Barclays Capital Inc.

 

J.P. Morgan Securities LLC

 

Morgan Stanley & Co. LLC

 

BofA Securities, Inc.

 

Wilmington Trust, National Association, individually and as
Mortgagee, as Subordination Agent and as Pass Through Trustee

 

Goldman Sachs Bank USA, as a Class A Liquidity Provider

 

Barclays Bank PLC, as a Class A Liquidity Provider

 

Morgan Stanley Bank, N.A., as a Class A Liquidity Provider

 

Moody’s Investors Service, Inc.

 

S&P Global Ratings

 

    	 	 	 

    	 	 	 

    

 

EXHIBIT B to

Note Purchase Agreement

 

OPINION OF OWNER’S LEGAL DEPARTMENT

 

    	 	 	 

    	 	 	 

    

 

EXHIBIT B

TO

NOTE PURCHASE AGREEMENT

 

[Form of Opinion of Owner’s Legal
Department]

 

October 28, 2020

 

To the Persons Listed on Schedule I

Attached Hereto

 

		Re:	Note Purchase Agreement relating to United Airlines Pass Through Certificates, Series 2020-1A

 

Ladies and Gentlemen:

 

This opinion letter is being delivered by
United Airlines, Inc., a Delaware corporation (“United”), through its Legal Department in connection with
the transactions contemplated by the Note Purchase Agreement, dated as of October 28, 2020, among Wilmington Trust, National
Association, a national banking association, as Mortgagee, Subordination Agent under the Intercreditor Agreement and as Pass Through
Trustee under the Pass Through Trust Agreement, and United, as Owner (the “Note Purchase Agreement”). All capitalized
terms used herein and not otherwise defined herein shall have the respective meanings given those terms pursuant to the Note Purchase
Agreement. This opinion letter is being furnished to you pursuant to Section 4.1.2(x)(B) of the Note Purchase Agreement.

 

In giving the following opinions, members
of United’s Legal Department or lawyers retained by United’s Legal Department have reviewed the Note Purchase Agreement
and the other Operative Agreements to which United is a party and have relied upon originals, or copies certified or otherwise
identified to our satisfaction, of such records, documents, certificates and other instruments as in our judgment are necessary
or appropriate to enable us to render the opinions expressed below. In addition, United’s Legal Department has assumed and
has not verified the accuracy as to factual matters of each document reviewed. As used herein, the phrase “to our knowledge”
or words of similar import shall mean to the actual knowledge of members of United’s Legal Department after reasonable investigation,
but shall not be interpreted to impute to any member of United’s Legal Department knowledge of others.

 

Based on the foregoing, and subject to the
assumptions and limitations contained herein, United’s Legal Department is of the opinion that:

 

    			 

    	 	 2	 

    

 

(a)            United
is an “air carrier” within the meaning of Section 40102 of the Act, holds an air carrier operating certificate
issued 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, is a “citizen of the United States” as such term is defined in Section 40102
of such Act and holds all authority, necessary licenses and certificates under such Act and the rules and regulations promulgated
thereunder necessary for the conduct of its business and to perform its obligations under the Note Purchase Agreement, the Trust
Indenture, the Trust Indenture Supplement No. 1, the Spare Engines Security Agreement, the Spare Engines Security Agreement
Supplement No. 1, the Spare Parts Security Agreement and the Series A Equipment Note (collectively, the “Agreements”).

 

(b)            The
execution, delivery and performance by United of each of the Agreements do not, to our knowledge, constitute a breach or result
in a default under any indenture, mortgage, deed of trust, credit agreement, conditional sale contract or other loan agreement
to which United is a party or by which United or its property may be bound.

 

(c)            The
execution, delivery and performance of each of the Agreements has been duly authorized by all necessary corporate action on the
part of United, and each of the Agreements has been duly executed and delivered by United.

 

(d)            There
are no pending or, to our knowledge, threatened actions, suits or proceedings before any court or administrative agency or arbitrator
that question the validity of any of the Agreements or that would have been required to be disclosed in United’s Annual Report
on Form 10-K filed for the year ended December 31, 2019, or any subsequent Quarterly Report on Form 10-Q or Current
Report on Form 8-K (or amendment to any of the foregoing), except such as are therein disclosed.

 

The foregoing opinions are limited to the
federal law of the United States of America (other than (i) the Act (except as expressly provided in paragraph (a) above),
the Cape Town Treaty or any other laws, rules or regulations governing, regulating or relating to the acquisition, ownership,
registration, use or sale of the Qualified Spare Parts, the Spare Engines or the Aircraft or to the particular nature of the equipment
to be subject to the Lien of the applicable Security Agreement, (ii) federal securities laws, (iii) federal tax, antitrust
or fraudulent transfer or conveyance laws, as to which we express no opinion), the General Corporation Law of the State of Delaware
and the law of the State of Illinois (other than state securities or blue sky laws, or state tax, antitrust or fraudulent transfer
or conveyance laws, as to which we express no opinion).

 

This opinion letter can be relied upon only
by you for the purpose indicated above, and may not be relied upon by any other Person (except any permitted Transferee under Section 9.1
of the Note Purchase Agreement) or for any other purpose without our written consent.

 

    			 

    	 	 3	 

    

 

	 	Very truly yours,
	 	 
	 	United Airlines, Inc.
	 	Legal Department

 

    			 

    	 	 	 

    

 

SCHEDULE I

 

Goldman Sachs & Co. LLC

 

Citigroup Global Markets Inc.

 

Barclays Capital Inc.

 

J.P. Morgan Securities LLC

 

Morgan Stanley & Co. LLC

 

BofA Securities, Inc.

 

Wilmington Trust, National Association, individually and as
Mortgagee, as Subordination Agent and as Pass Through Trustee

 

Goldman Sachs Bank USA, as a Class A Liquidity Provider

 

Barclays Bank PLC, as a Class A Liquidity Provider

 

Morgan Stanley Bank, N.A., as a Class A Liquidity Provider

 

Moody’s Investors Service, Inc.

 

S&P Global Ratings

 

     

     

    

 

EXHIBIT C to

Note Purchase Agreement

 

OPINION OF SPECIAL COUNSEL TO MORTGAGEE
AND

 TO THE PASS THROUGH TRUSTEE

 

    	 	 	 

    	 	 	 

    

 

EXHIBIT C

TO

NOTE PURCHASE AGREEMENT

 

FORM OF OPINION

 

[Form of Opinion of Special Counsel
to Mortgagee and to the Pass Through Trustee]

 

October 28, 2020

 

To Each of the Parties Listed

on Schedule A Hereto

 

		Re:	United Airlines, Inc.

 

Ladies and Gentlemen:

 

We have acted as counsel to Wilmington Trust,
National Association (“WTNA”), in connection with the Note Purchase Agreement , dated as of October 28, 2020 (the
 “Note Purchase Agreement”), among United Airlines, Inc., as Owner and WTNA, as Mortgagee, Subordination Agent
under the Intercreditor Agreement and as Pass Through Trustee. This opinion is furnished pursuant to Section 4.1.2 (x)(C) of
the Note Purchase Agreement. Capitalized terms used herein and not otherwise defined are used as defined in the Note Purchase Agreement,
except that reference herein to any document shall mean such document as in effect on the date hereof.

 

We have examined originals or copies of the
following documents:

 

(a)            The
Trust Indenture;

 

(b)            Trust
Indenture Supplement No. 1;

 

(c)            The
Note Purchase Agreement;

 

(d)            The
Spare Engines Security Agreement;

 

(e)            Spare
Engines Security Agreement Supplement No. 1;

 

(f)            The
Spare Parts Security Agreement (the documents referred to in paragraphs (a) through (f) above being collectively referred
to as the “Transaction Documents”); and

 

(g)            The
Series A Equipment Note being issued today and authenticated by the 

 

    	 	 	 

    	 	 	 

    

 

To Each of the Parties Listed

on Schedule A Hereto

October 28, 2020

Page 2

 

Mortgagee (the “Equipment Note”).

 

We have also examined originals or copies
of such other documents and such corporate records, certificates and other statements of governmental officials and corporate officers
and other representatives of the corporations or entities referred to herein as we have deemed necessary or appropriate for the
purposes of this opinion. Moreover, as to certain facts material to the opinions expressed herein, we have relied upon representations
and warranties contained in the documents referred to in this paragraph.

 

Based upon the foregoing and upon an examination
of such questions of law as we have considered necessary or appropriate, and subject to the assumptions, exceptions and qualifications
set forth below, we advise you that, in our opinion:

 

1.            WTNA
has been duly incorporated and is validly existing in good standing as a national banking association under the laws of the United
States of America, is a “citizen of the United States” within the meaning of Section 40102(a)(15) of Title 49
of the United States Code, as amended, and has full power, authority and legal right to execute, deliver and perform its obligations
under the Transaction Documents and to authenticate the Equipment Note.

 

2.            The
Mortgagee, the Subordination Agent, the Pass Through Trustee or WTNA, as the case may be, has duly authorized, executed and delivered
each Transaction Document to which it is party, and the Equipment Note, and each such document constitutes a legal, valid and binding
obligation of the Mortgagee, the Subordination Agent, the Pass Through Trustee or WTNA, as the case may be, enforceable against
the Mortgagee, the Subordination Agent, the Pass Through Trustee or WTNA, as the case may be, in accordance with its terms.

 

3.            The
execution, delivery and performance by the Mortgagee, the Subordination Agent, the Pass Through Trustee or WTNA, as the case may
be, of the Transaction Documents to which it is a party, the authentication by the Mortgagee of the Equipment Note and the consummation
by the Mortgagee, the Subordination Agent, the Pass Through Trustee or WTNA, as the case may be, of any of the transactions contemplated
thereby are not in violation of the charter or by-laws of WTNA or of any law, governmental rule or regulation of the State
of Delaware or the United States governing the trust powers of WTNA or, to our knowledge, any indenture, mortgage, bank credit
agreement, note or bond purchase agreement, long-term lease, license or other agreement or instrument to which WTNA is a party
or by which it is bound or, to our knowledge, any judgment or order applicable to WTNA.

 

4.            None
of the execution and delivery by the Mortgagee, the Subordination Agent, the Pass Through Trustee or WTNA, as the case may be,
of the Transaction Documents to which it is a party, the authentication of the Equipment Note or the consummation of any of the
transactions by the Mortgagee, the Subordination Agent, the Pass Through Trustee or WTNA, as the case may be, contemplated thereby,
requires the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect
of, any governmental authority or agency of the State of Delaware or the United States governing the

 

    	 	 	 

    	 	 	 

    

 

To Each of the Parties Listed

on Schedule A Hereto

October 28, 2020

Page 3

 

 trust powers of WTNA or under
any Delaware law.

 

5.            No
taxes, fees or other charges (other than taxes payable by WTNA on or measured by any compensation received by WTNA for its services
as Mortgagee, Subordination Agent or Pass Through Trustee) are required to be paid by the Subordination Agent, the Pass Through
Trustee or the Mortgagee or the trust created by the Trust Indenture under the laws of the State of Delaware, or any political
subdivision thereof, in connection with the execution, delivery or performance of the Transaction Documents to which the Mortgagee,
the Subordination Agent or the Pass Through Trustee is party and the Equipment Note, which taxes, fees or other charges would not
be required to be paid if WTNA were not a national banking association and did not perform its obligations as Mortgagee under the
Trust Indenture in the State of Delaware.

 

6.            The
Equipment Note has been duly and validly authenticated by the Mortgagee in accordance with the Trust Indenture.

 

7.            To
our knowledge, there are no proceedings pending or threatened against or affecting the Mortgagee, the Subordination Agent, the
Pass Through Trustee or WTNA in any court or before any governmental authority, agency, arbitration board or tribunal which, if
adversely determined, individually or in the aggregate, would materially and adversely affect the Mortgaged Property or the right,
power and authority of the Mortgagee, the Subordination Agent, the Pass Through Trustee or WTNA, as the case may be, to enter into
or perform its obligations under the Transaction Documents to which it is party.

 

The foregoing opinions are subject to the
following assumptions, exceptions and qualifications:

 

A.            We
are admitted to practice law in the State of Delaware and we do not hold ourselves out as being experts on the law of any other
jurisdiction. The foregoing opinions are limited to the laws of the State of Delaware (and its political subdivisions to the extent
set forth in paragraph 5 above), the federal laws of the United States of America governing the banking and trust powers of WTNA,
except that we express no opinion with respect to (i) federal securities laws, including the Securities Act of 1933, as amended,
the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended, and the Trust Indenture Act of
1939, as amended, (ii) Part A of Subtitle VII of Title 49 of the United States Code, as amended (except with respect
to the opinion set forth in paragraph 1 above concerning the citizenship of WTNA), (iii) the Federal Communications Act of
1934, as amended, (iv) state securities or blue sky laws, or (v) laws, rules and regulations applicable to the particular
nature of the equipment acquired by the Company. Insofar as the foregoing opinions relate to the validity and enforceability of
the Transaction Documents expressed to be governed by the laws of the State of New York, we have assumed that each such document
is legal, valid, binding and enforceable in accordance with its terms under such laws (as to which we express no opinion).

 

B.            The
foregoing opinions regarding enforceability are subject to (i) applicable bankruptcy, insolvency, moratorium, reorganization,
receivership, fraudulent

 

    	 	 	 

    	 	 	 

    

 

To Each of the Parties Listed

on Schedule A Hereto

October 28, 2020

Page 4

 

conveyance
and similar laws relating to or affecting the enforcement of the rights and remedies of creditors generally, and (ii) principles
of equity (regardless of whether considered and applied in a proceeding in equity or at law).

 

C.            We
have assumed that each of the parties to the Transaction Documents and the Equipment Note (except the Mortgagee, the Subordination
Agent, the Pass Through Trustee or WTNA, as the case may be) has full power, authority and legal right to execute, deliver and
perform each such document and that each such document has been duly authorized, executed and delivered by each such party.

 

D.            We
have assumed that all signatures (other than signatures of officers of WTNA) on documents examined by us are genuine, that all
documents submitted to us as originals are authentic and that all documents submitted to us as copies conform with the originals,
which facts we have not independently verified.

 

E.            We
have assumed that the Note Purchase Agreement and the transactions contemplated thereby are not within the prohibitions of Section 406
of the Employee Retirement Income Security Act of 1974, as amended.

 

F.            No
opinion is expressed as to the creation, attachment, perfection or priority of any mortgage or security interests or as to the
nature or validity of title to any part of the Mortgaged Property.

 

G.            The
opinion set forth in paragraph (1) above concerning the citizenship of WTNA is based upon an affidavit of WTNA, made by one
of its Vice Presidents, the facts set forth in which we have not independently verified.

 

H.            In
basing the opinions set forth herein on “our knowledge,” the words “our knowledge” signify that no information
has come to the attention of the attorneys in the firm who are directly involved in the representation of WTNA in this transaction
that would give us actual knowledge that any such opinions are not accurate. Except as otherwise stated herein, we have undertaken
no independent investigation or verification of such matters.

 

This opinion may be relied upon by you in
connection with the matters set forth herein. This opinion may also be relied upon by any transferee of a Note Holder subject to
the understanding that the opinions expressed herein are rendered as of the date hereof and only with respect to the laws, rules and
regulations in effect as of such date. Otherwise, without our prior written consent, this opinion may not be relied upon by any
other person or entity for any purpose.

 

		 	Very truly yours,

 

LCL/pab

 

    	 	 	 

    	 	 	 

    

 

SCHEDULE A

 

Mortgagee, Subordination Agent and Pass Through Trustee

Wilmington Trust, National Association

 

Owner

United Airlines, Inc.

 

Liquidity Providers

Goldman Sachs Bank USA

Barclays Bank PLC

Morgan Stanley Bank, N.A.

 

Rating Agencies

Moody’s Investors Service, Inc.

S&P Global Ratings

 

    	 	 	 

    	 	 	 

    

 

EXHIBIT D to

Note Purchase Agreement

 

OPINION OF SPECIAL COUNSEL IN OKLAHOMA CITY,
OKLAHOMA

 

    	 	 	 

    	 	 	 

    

 

LYTLE
SOULÉ &
FELTY

 

	MICHAEL
                                         C. FELTY*0

GORE
GAINES

JASON C. HASTY

ROBERT
RAY JONES, JR.

MATTHEW
K. FELTY

M.
DAN CALDWELL

	A
PROFESSIONAL CORPORATION 

EST. JANUARY 1, 1902

ATTORNEYS & COUNSELORS

1200 ROBINSON RENAISSANCE

119 NORTH ROBINSON

OKLAHOMA CITY, OKLAHOMA 73102

PHONE (405) 235-7471

FAX (405) 232-3852

www.lytlesoule.net

 

 

 

 

October   
, 2020

	KRISTI
BYNUM FUNCK 

ERIC L. COMBS

WILL
T. JORDAN+ 

MONTREL D. PRESTON

 

 

 

RICHARD
M. HEALY, III

STEVEN K. MULLINS

OF
COUNSEL

 

*Also
licensed in Texas

+Also
licensed in Arkansas

0Also
admitted in U.S. Patent Office

 

		Re:	The
                                         aircraft with manufacturer’s serial numbers and United States nationality

                                         and registration marks listed on the attached Appendix A (the “Aircraft”)

 

To
the Addressees Listed 

on the Attached Exhibit A

 

Ladies
and Gentlemen:

 

Acting
as special legal counsel in connection with the transactions contemplated by the instruments described below, this opinion is
furnished to you with respect to: (i) registering interests with the International Registry (the “International Registry”)
created pursuant to and in accordance with the provisions of the Convention on International Interests in Mobile Equipment, the
Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, both signed
in Cape Town, South Africa on November 16, 2001, together with the Regulations for the International Registry, the International
Registry Procedures, and all other rules, amendments, supplements, revisions thereto (collectively the “Cape Town Treaty”),
all as in effect on this date in the United States of America, as a Contracting State, as defined in the Cape Town Treaty (a “Contracting
State”), and the requirements of Title 49 of the United States Code (the “Transportation Code”); and (ii) pertaining
to the recordation of instruments and the registration of aircraft pursuant to the Transportation Code and the continued validity
of interests under the Cape Town Treaty and the Transportation Code.

 

This
letter confirms that we filed with the Federal Aviation Administration (the “FAA”) today at : _.M., C.D.T., Trust
Indenture and Mortgage dated as of this date (the “Mortgage”) by United Airlines, Inc. as Owner (the “Owner”)
in favor of Wilmington Trust, National Association, as Mortgagee (the “Mortgagee”), to which was attached Mortgage
Supplement No. 1 dated this date (the “Mortgage Supplement”) covering the Aircraft and the aircraft engines with
manufacturer’s serial numbers listed on the attached Appendix A (the “Engines”).

 

    

     

    

 

Page 2

 

Based
upon our examination of said instrument and of such records of the FAA and the Priority Search Certificates (the “Priority
Search Certificates”) issued bythe International Registry as we deemed necessary to render this opinion and as were made
available to us by the FAA and the International Registry, it is our opinion that:

 

		(a)	based
                                         on the type certificate data sheets issued by the FAA, the Aircraft and the Engines constitute
                                         “aircraft objects” as defined by the Cape Town Treaty;

 

		(b)	the
                                         Mortgage with the Mortgage Supplement attached is in due form for recording and has been
                                         duly filed for recordation with the FAA pursuant to and in accordance with the provisions
                                         of the Transportation Code;

 

		(c)	the
                                         Owner is owner of legal title to the Aircraft, with a Certificate of Aircraft Registration
                                         duly issued to the Owner pursuant to and in accordance with the provisions of the Transportation
                                         Code;

 

		(d)	the
                                         Aircraft and the Engines are free and clear of all Liens (as such term is defined in
                                         the Mortgage) of record with the FAA except the security interest created by the Mortgage,
                                         as supplemented by the Mortgage Supplement;

 

		(e)	the
                                         interest by the Owner to the Mortgagee created pursuant to and recognized by the Cape
                                         Town Treaty in the Mortgage, as supplemented by the Mortgage Supplement (the “Mortgage
                                         International Interest”), constitutes an International Interest as defined in the
                                         Cape Town Treaty with respect to the Aircraft and the Engines;

 

		(f)	based
                                         on the Priority Search Certificates issued by the International Registry, attached hereto,
                                         the Aircraft and the Engines are subject to the Mortgage International Interest assigned
                                         the International Registry File Nos. as listed on the attached Appendix;

 

		(g)	the
                                         Mortgage International Interest is a duly registered first priority International Interest
                                         as defined in the Cape Town Treaty in favor of the Mortgagee in the Aircraft and the
                                         Engines, subject to the terms of the Cape Town Treaty;

 

		(h)	the
                                         Mortgage, as supplemented by the Mortgage Supplement, constitutes a valid, duly perfected
                                         mortgage and security interest in favor of the Mortgagee in
the Aircraft and the Engines pursuant to and in accordance with the Transportation Code, subject to the terms of the Cape Town
Treaty;

 

    

     

    

 

Page 3

 

		(i)	no
                                         further registration with the International Registry of the Mortgage International Interest
                                         is required under the Cape Town Treaty and no filings or recordings of the Mortgage or
                                         the Mortgage Supplement (other than the filings and recordings with the FAA which have
                                         been effected) are necessary to perfect and maintain the effectiveness and priority of
                                         the interests created thereunder; and

 

		(j)	no
                                         authorization, approval, consent, license or order of, or registration with, or giving
                                         of notice to, the FAA Aircraft Registry or the International Registry is required for
                                         the valid authorization, delivery or performance of the Mortgage or the Mortgage Supplement,
                                         or to maintain the effectiveness and priority thereof, except for such authorizations,
                                         approvals, consents, licenses, orders, registrations and notices as have been effected.

 

No
opinion is herein expressed as to: (i) laws other than the federal laws of the United States; (ii) the validity or enforceability
under local law of the Mortgage, as supplemented by the Mortgage Supplement; and (iii) the recognition of the perfection
of the security interest created by the Mortgage, as supplemented by the Mortgage Supplement, as against third parties in any
legal proceedings outside the United States. Since our examination was limited to records maintained by the FAA Aircraft Registry
and the International Registry, our opinion does not cover liens which are perfected without the filing of notice thereof with
the FAA and without the registration of notice thereof with the International Registry, such as federal tax liens, liens arising
under Section 1368(a) of Title 29 of the United States Code and possessory artisans’ liens, and is subject to:
(i) the accuracy of FAA personnel in the filing, indexing, posting, recording and additions to the Registry Modernization
System of instruments filed with the FAA and in the search for encumbrance cross-reference index records for the Engines; (ii) the
accuracy of the information contained in the Priority Search Certificates; and (iii) the inclusion of all registered interests
associated with the Aircraft and the Engines in the Priority Search Certificates. We have assumed that the instruments in the
records maintained by the FAA for the Aircraft and the Engines and the instruments supporting the registrations on the International
Registry are sufficient under the relevant local law to create or terminate the interests they purport to create or terminate.

 

	 	Very truly yours,
	 	 
	 	Jason Hasty

 

    

     

    

 

EXHIBIT A

 

MORTGAGEE
AND SUBORDINATION AGENT

 

Wilmington
Trust, National Association

 

OWNER

 

United
Airlines, Inc.

 

PASS
THROUGH TRUSTEE

 

Wilmington
Trust, National Association

 

LIQUIDITY
PROVIDERS

 

Goldman
Sachs Bank USA

Barclays
Bank PLC

Morgan
Stanley Bank, N.A.

 

RATING
AGENCIES

 

S &
P Global Ratings

Moody’s
Investors Service, Inc.

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