Document:

Exhibit
4.1

REGISTRATION RIGHTS
AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
is made and entered into as of May 9, 2007, by and among Global Partners LP, a
Delaware limited partnership (the “Partnership”), and the Purchasers
listed on the signature pages to this Agreement (each, a “Purchaser” and
collectively, the “Purchasers”).

WHEREAS, this Agreement is made in connection with the
Closing of the issuance and sale of the Purchased Units pursuant to the Class B
Unit Purchase Agreement, dated as of March 17, 2007, by and among the
Partnership and the Purchasers, as amended by the First Amendment to Class B
Unit Purchase Agreement effective as of May 9, 2007 (as amended, the “Purchase
Agreement”);

WHEREAS, the Partnership has agreed to provide the
registration and other rights set forth in this Agreement for the benefit of
the Purchasers pursuant to the Purchase Agreement; and

WHEREAS, it is a condition to the obligations of each
Purchaser and the Partnership under the Purchase Agreement that this Agreement
be executed and delivered.

NOW THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by
each party hereto, the parties hereby agree as follows:

ARTICLE I

DEFINITIONS

Section 1.01           Definitions.  Capitalized terms used herein without
definition shall have the meanings given to them in the Purchase
Agreement.  The terms set forth below are
used herein as so defined:

“Affiliate” means, with respect to a specified
Person, any other Person, whether now in existence or hereafter created,
directly or indirectly controlling, controlled by or under direct or indirect
common control with such specified Person. 
For purposes of this definition, “control” (including, with correlative
meanings, “controlling,” “controlled by,” and “under common control with”)
means the power to direct or cause the direction of the management and policies
of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise.

“Agreement” has the meaning specified therefor
in the introductory paragraph.

“Effectiveness Period” has the meaning
specified therefor in Section 2.01(a) of this Agreement.

“General Partner” means Global GP LLC, a
Delaware limited liability company and the general partner of the Partnership.

“Holder” means the record holder of (i) any
Registrable Securities and (ii) Purchased Units prior to their conversion into
Common Units.

“Included Registrable Securities” has the
meaning specified therefor in Section 2.02(a) of this Agreement.

“Liquidated Damages” has the meaning specified
therefor in Section 2.01(b) of this Agreement.

“Liquidated Damages Multiplier” means the
product of $28.00 times the number of Purchased Units purchased by such
Purchaser.

“Losses” has the meaning specified therefor in Section
2.08(a) of this Agreement.

“Managing Underwriter” means, with respect to
any Underwritten Offering, the book-running lead manager of such Underwritten
Offering.

“NYSE” means The New York Stock Exchange, Inc.

“Purchase Agreement” has the meaning specified
therefor in the Recitals of this Agreement.

“Purchaser” and “Purchasers” have the
meanings specified therefor in the introductory paragraph of this Agreement.

“Registrable Securities” means: (i) the Common
Units issuable upon conversion of the Purchased Units, (ii) any Common Units
issued as Liquidated Damages pursuant to Section 2.01 of this Agreement,
if any, and (iii) any Common Units issuable upon conversion of Class B Units
issued as Liquidated Damages pursuant to Section 2.01 if any, all of
which Registrable Securities are subject to the rights provided herein until
such rights terminate pursuant to the provisions hereof.

“Registration Expenses” has the meaning
specified therefor in Section 2.07(b) of this Agreement.

“Selling Expenses” has the meaning specified
therefor in Section 2.07(b) of this Agreement.

“Selling Holder” means a Holder who is selling
Registrable Securities pursuant to a registration statement.

“Shelf Registration Statement” means a
registration statement on Form S-3 under the Securities Act to permit the
resale of the Registrable Securities from time to time, including as permitted
by Rule 415 under the Securities Act (or any similar provision then in force
under the Securities Act).

“Underwritten Offering” means an offering
(including an offering pursuant to a Shelf Registration Statement) in which
Common Units are sold to an underwriter on a firm

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commitment basis for
reoffering to the public or an offering that is a “bought deal” with one or
more investment banks.

Section 1.02           Registrable
Securities.  Any Registrable Security
will cease to be a Registrable Security when (a) a registration statement
covering such Registrable Security has been declared effective by the
Commission and such Registrable Security has been sold or disposed of pursuant
to such effective registration statement; (b) such Registrable Security has
been disposed of pursuant to any section of Rule 144 (or any similar provision
then in force under the Securities Act); (c) such Registrable Security can be
disposed of pursuant to Rule 144(k) (or any similar provision then in force
under the Securities Act) by the Holder, (d) such Registrable Security is held
by the Partnership or one of its subsidiaries; or (e) such Registrable Security
has been sold in a private transaction in which the transferor’s rights under
this Agreement are not assigned to the transferee of such securities.

ARTICLE II

REGISTRATION RIGHTS

Section 2.01           Shelf
Registration.

(a)           Deadline
To Go Effective.  As soon as
practicable following the Closing, but in any event within 90 days of the
Closing, the Partnership shall prepare and file a Shelf Registration Statement
under the Securities Act with respect to all of the Registrable
Securities.  The Partnership shall use
its commercially reasonable efforts to cause the Shelf Registration Statement
to become effective no later than 180 days after the date of the Closing. The
Partnership will use its commercially reasonable efforts to cause the Shelf
Registration Statement filed pursuant to this Section 2.01 to be
continuously effective under the Securities Act until the earliest of (i) when
all such Registrable Securities are sold by the Purchasers, (ii) two years from
the Closing Date and (iii) when all of the Registrable Securities become
eligible for resale under Rule 144(k) (or any successor provision then in force
under the Securities Act) by the Holder (the “Effectiveness Period”).  The Shelf Registration Statement when
declared effective (including the documents incorporated therein by reference)
will comply as to form in all material respects with all applicable
requirements of the Securities Act and the Exchange Act and will not contain an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
(and, in the case of the prospectus contained in such Shelf Registration
Statement, in the light of the circumstances under which a statement is made).

(b)           Failure
To Go Effective.  If the Shelf
Registration Statement required by Section 2.01 is not declared
effective within 180 days, then each Purchaser shall be entitled to a payment
(with respect to the Purchased Units of each such Purchaser), as liquidated
damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier per
30-day period, that shall accrue daily, for the first 60 days following the
180th day, increasing by an additional 0.25% of the Liquidated Damages
Multiplier per 30-day period, that shall accrue daily, for each subsequent 60
days, up to a maximum of 1.00% of the Liquidated Damages Multiplier per 30-day
period (the “Liquidated Damages”); provided, however,
the aggregate amount of Liquidated Damages payable by the Partnership under
this Agreement to each Purchaser shall not exceed 10.00% of the Liquidated
Damages Multiplier with respect to such Purchaser.  The Liquidated Damages

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payable pursuant to the
immediately preceding sentence shall be payable within ten Business Days after
the end of each such 30-day period.  Any
Liquidated Damages shall be paid to each Purchaser in immediately available
funds; provided, however, if the Partnership
certifies that it is unable to pay Liquidated Damages in cash because such
payment would result in a breach under a credit facility or other debt
instrument filed as exhibits to the SEC Documents, then the Partnership may pay
the Liquidated Damages in kind in the form of the issuance of (A) Common Units
and/or (B) additional Class B Units. 
Class B Units may only be issued as Liquidated Damages if and to the
extent required by the NYSE or similar regulation.  If Class B Units are issued as Liquidated
Damages as a result of a requirement by the NYSE or similar regulation, then
Common Units will first be issued to each Purchaser on a pro rata
basis based on the number of Purchased Units purchased by such Purchaser until
the maximum aggregate number of Common Units permitted by the NYSE or similar
regulation have been issued, and afterwards, Class B Units shall then be issued
to each such Purchaser as payment of the balance of any such Liquidated Damages
owed to such Purchaser. Upon any issuance of Common Units and/or Class B Units
as Liquidated Damages, the Partnership shall promptly prepare and file an
amendment to the Shelf Registration Statement prior to its effectiveness adding
such Common Units and/or Common Units issuable upon conversion of such Class B
Units to such Shelf Registration Statement as additional Registrable
Securities. The determination of the number of Common Units to be issued as
Liquidated Damages shall be equal to the amount of Liquidated Damages divided
by the average closing price of the Partnership’s Common Units on the NYSE for
the ten trading days immediately preceding the date on which the Liquidated
Damages payment is due, less a discount to such average closing price of
2.63%.  The determination of the number
of Class B Units to be issued as Liquidated Damages shall be equal to the
amount of Liquidated Damages divided by the average closing price of the
Partnership’s Common Units on the NYSE for the ten trading days immediately
preceding the date on which the Liquidated Damages payment is due, less a
discount to such average closing price of 4.63%.  The payment of the Liquidated Damages to a
Purchaser shall cease at such time as the Purchased Units of such Purchaser
become eligible for resale under Rule 144(k) under the Securities Act.  As soon as practicable following the date
that the Shelf Registration Statement becomes effective, but in any event
within three Business Days of such date, the Partnership shall provide the
Purchasers with written notice of the effectiveness of the Shelf Registration
Statement. 

(c)           Waiver
of Liquidated Damages.  If the
Partnership is unable to cause a Shelf Registration Statement to go effective
within the 180 days as a result of an acquisition, merger, reorganization,
disposition or other similar transaction, then the Partnership may request a
waiver of the Liquidated Damages, and each Holder may individually grant  or withhold its consent to such
request in its discretion.

(d)           Delay
Rights.  Notwithstanding anything to
the contrary contained herein, the Partnership may, upon written notice to any
Selling Holder whose Registrable Securities are included in the Shelf
Registration Statement, suspend such Selling Holder’s use of any prospectus
that is a part of the Shelf Registration Statement (in which event the Selling
Holder shall discontinue sales of the Registrable Securities pursuant to the
Shelf Registration Statement) if (i) the Partnership is pursuing an
acquisition, merger, reorganization, disposition or other similar transaction
and the Partnership determines in good faith that the Partnership’s ability to
pursue or consummate such a transaction would be materially adversely affected
by any required disclosure of such transaction in the Shelf Registration Statement
or (ii) the Partnership has

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experienced some other
material non-public event the disclosure of which at such time, in the good
faith judgment of the Partnership, would materially adversely affect the
Partnership; provided, however,
in no event shall the Purchasers be suspended for a period that exceeds an
aggregate of 60 days in any 180-day period or 90 days in any 365-day period, in
each case, exclusive of days covered by any lock-up agreement executed by a
Purchaser in connection with any Underwritten Offering.  If, however, such suspension exceeds such
periods, the Purchasers shall be entitled to receive Liquidated Damages from
the Partnership as provided in Section 2.01(e). 
Upon disclosure of such information or the termination of the condition
described above, the Partnership shall provide prompt notice to the Selling
Holders whose Registrable Securities are included in the Shelf Registration
Statement, and shall promptly terminate any suspension of sales it has put into
effect and shall take such other actions to permit registered sales of
Registrable Securities as contemplated in this Agreement.

(e)           Additional
Rights to Liquidated Damages. If (i) the Holders shall be prohibited from
selling their Registrable Securities under the Shelf Registration Statement as
a result of a suspension pursuant to Section 2.01(d) of this Agreement in
excess of the periods permitted therein or (ii) the Shelf Registration
Statement is filed and declared effective but, during the Effectiveness Period,
shall thereafter cease to be effective or fail to be usable for its intended
purpose, then, until the suspension is lifted, but not including any day on
which a suspension is lifted, the Partnership shall owe the Holders an amount
equal to the Liquidated Damages, accruing on a daily basis from (x) the date on
which the suspension period exceeded the permitted period or (y) the tenth
Business Day after the Shelf Registration Statement ceased to be effective or
failed to be useable for its intended purposes, as liquidated damages and not
as a penalty. For purposes of this Section 2.01(e), a suspension shall be
deemed lifted on the date that notice that the suspension has been lifted is
delivered to the Holders pursuant to Section 3.01 of this Agreement.

Section 2.02           Piggyback
Rights.

(a)           Participation.
If (i) at any time after the Lock-up Date and after the Shelf Registration
Statement has been declared effective the Partnership proposes to file a
prospectus supplement to an effective shelf registration statement, including
the Shelf Registration Statement contemplated by Section 2.01, or (ii)
at any time after the Lock-up Date the Partnership proposes to file a
registration statement, other than a shelf registration statement, in either
case, for the sale of Common Units in an Underwritten Offering for its own
account and/or the account of another Person, then as soon as practicable but
not less than three (3) Business Days prior to the filing of (x) any
preliminary prospectus supplement relating to such Underwritten Offering
pursuant to Rule 424(b) under the Securities Act, (y) the prospectus supplement
relating to such Underwritten Offering pursuant to Rule 424(b) under the
Securities Act (if no preliminary prospectus supplement is used) or (z) such
registration statement, as the case may be, then, the Partnership shall give
notice of such proposed Underwritten Offering to the Holders and such notice
shall offer the Holders the opportunity to include in such Underwritten
Offering such number of Registrable Securities (the “Included Registrable
Securities”) as each such Holder may request in writing; provided, however, that if the Partnership
has been advised by the Managing Underwriter that the inclusion of Registrable
Securities for sale for the benefit of the Holders will have an adverse effect
on the price, timing or distribution of the Common Units in the Underwritten
Offering, then the amount of

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Registrable Securities to
be offered for the accounts of Holders shall be determined based on the
provisions of Section 2.02(b); and provided, further,
that the Partnership shall not be obligated to include any Registrable
Securities in any Underwritten Offering unless the Holders request inclusion of
at least $5 million of Registrable Securities in such offering.  The notice required to be provided in this Section
2.02(a) to Holders shall be provided on a Business Day pursuant to Section
3.01 hereof.  Each such Holder shall
then have three Business Days after receiving such notice to request inclusion
of Registrable Securities in the Underwritten Offering, except that such Holder
shall have one Business Day after such Holder confirms receipt of the notice to
request inclusion of Registrable Securities in the Underwritten Offering in the
case of a “bought deal” or “overnight transaction” where no preliminary
prospectus is used.  If no request for
inclusion from a Holder is received within the specified time, each such Holder
shall have no further right to participate in such Underwritten Offering.  If, at any time after giving written notice
of its intention to undertake an Underwritten Offering and prior to the closing
of such Underwritten Offering, the Partnership shall determine for any reason
not to undertake or to delay such Underwritten Offering, the Partnership may,
at its election, give written notice of such determination to the Selling Holders
and, (x) in the case of a determination not to undertake such Underwritten
Offering, shall be relieved of its obligation to sell any Included Registrable
Securities in connection with such terminated Underwritten Offering, and (y) in
the case of a determination to delay such Underwritten Offering, shall be
permitted to delay offering any Included Registrable Securities for the same
period as the delay in the Underwritten Offering. Any Selling Holder shall have
the right to withdraw such Selling Holder’s request for inclusion of such
Selling Holder’s Registrable Securities in such offering by giving written
notice to the Partnership of such withdrawal up to and including the time of
pricing of such offering.  Each Holder’s
rights under this Section 2.02(a) shall terminate when such Holder
(together with any Affiliates of such Holder) holds less than $10 million of
Purchased Units, based on the then fair market value of such units.

(b)           Priority.
If the Managing Underwriter or Underwriters of any proposed Underwritten
Offering of Common Units included in an Underwritten Offering involving
Included Registrable Securities advises that the total amount of Common Units
that the Selling Holders and any other Persons intend to include in such
offering exceeds the number that can be sold in such offering without being
likely to have an adverse effect on the price, timing or distribution of the
Common Units offered or the market for the Common Units, then the Common Units
to be included in such Underwritten Offering shall include the number of Common
Units that such Managing Underwriter or Underwriters advises can be sold
without having such adverse effect, with such number to be allocated (i) first,
to the Partnership and (ii) second, pro rata among the Selling Holders and any
other Persons who have been or are granted registration rights on or after the
date of this Agreement (including the General Partner, “Other Holders”)
who have requested participation in the Piggyback Offering (based, for each
such Selling Holder or Other Holder, on the percentage computed, for each
Selling Holder or Other Holder, on the fraction derived by dividing (x) the
number of Common Units proposed to be sold by such Selling Holder or Other
Holder, as applicable, in such Underwritten Offering by (y) the aggregate
number of Common Units proposed to be sold by all Selling Holders or Other
Holders, as applicable, in such Underwritten Offering).  As of the date of execution of this
Agreement, there are no other Persons with Registration Rights relating to the
Common Units or the Class B Units other than pursuant to this Agreement and
Section 7.12 of the Partnership Agreement.

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Section 2.03           Underwritten
Offerings.

(a)           General
Procedures.  In connection with any
Underwritten Offering under this Agreement, the Partnership shall be entitled
to select the Managing Underwriter or Underwriters.  In connection with an Underwritten Offering
contemplated by this Agreement in which a Selling Holder participates, each
Selling Holder and the Partnership shall be obligated to enter into an
underwriting agreement that contains such representations, covenants,
indemnities and other rights and obligations as are customary in underwriting
agreements for firm commitment offerings of securities.  No Selling Holder may participate in such
Underwritten Offering unless such Selling Holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities and other documents
reasonably required under the terms of such underwriting agreement.  Each Selling Holder may, at its option,
require that any or all of the representations and warranties by, and the other
agreements on the part of, the Partnership to and for the benefit of such
underwriters also be made to and for such Selling Holder’s benefit and that any
or all of the conditions precedent to the obligations of such underwriters
under such underwriting agreement also be conditions precedent to its
obligations.  No Selling Holder shall be
required to make any representations or warranties to or agreements with the
Partnership or the underwriters other than representations, warranties or
agreements regarding such Selling Holder, its authority to enter into such
underwriting agreement and to sell, and its ownership of, the securities being
registered on its behalf, its intended method of distribution and any other
representation required by Law.  If any
Selling Holder disapproves of the terms of an underwriting, such Selling Holder
may elect to withdraw therefrom by notice to the Partnership and the Managing
Underwriter; provided, however,
that such withdrawal must be made up to and including the time of pricing of
such Underwritten Offering. No such withdrawal shall affect the Partnership’s
obligation to pay Registration Expenses. The Partnership’s management may but
shall not be required to participate in a roadshow or similar marketing effort
in connection with any Underwritten Offering.

(b)           No
Demand Rights. Notwithstanding any other provision of this Agreement, no
Holder of Registrable Securities shall be entitled to any “demand” rights or
similar rights that would require the Partnership to effect an Underwritten
Offering solely on behalf of such Holder.

Section 2.04           Sale
Procedures.  In connection with its
obligations under this Article II, the Partnership will, as
expeditiously as possible:

(a)           prepare
and file with the Commission such amendments and supplements to the Shelf
Registration Statement and the prospectus used in connection therewith as may
be necessary to keep the Shelf Registration Statement effective for the
Effectiveness Period and as may be necessary to comply with the provisions of
the Securities Act with respect to the disposition of all Registrable Securities
covered by the Shelf Registration Statement;

(b)           if
a prospectus supplement will be used in connection with the marketing of an
Underwritten Offering from the Shelf Registration Statement and the Managing
Underwriter at any time shall notify the Partnership in writing that, in the
sole judgment of such Managing Underwriter, inclusion of detailed information
to be used in such prospectus supplement is of material importance to the
success of the Underwritten Offering of such Registrable Securities,

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the Partnership shall use
its commercially reasonable efforts to include such information in such
prospectus supplement;

(c)           furnish
to each Selling Holder (i) as far in advance as reasonably practicable before
filing the Shelf Registration Statement or any other registration statement
contemplated by this Agreement or any supplement or amendment thereto, upon
request, copies of reasonably complete drafts of all such documents proposed to
be filed (including exhibits and each document incorporated by reference
therein to the extent then required by the rules and regulations of the
Commission), and provide each such Selling Holder the opportunity to object to
any information pertaining to such Selling Holder and its plan of distribution
that is contained therein and make the corrections reasonably requested by such
Selling Holder with respect to such information prior to filing the Shelf
Registration Statement or such other registration statement or supplement or
amendment thereto, and (ii) such number of copies of the Shelf Registration
Statement or such other registration statement and the prospectus included
therein and any supplements and amendments thereto as such Persons may
reasonably request in order to facilitate the public sale or other disposition of
the Registrable Securities covered by such Shelf Registration Statement or
other registration statement;

(d)           if
applicable, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by the Shelf Registration Statement or any other
registration statement contemplated by this Agreement under the securities or
blue sky laws of such jurisdictions as the Selling Holders or, in the case of
an Underwritten Offering, the Managing Underwriter, shall reasonably request; provided, however, that the Partnership
will not be required to qualify generally to transact business in any
jurisdiction where it is not then required to so qualify or to take any action
that would subject it to general service of process in any such jurisdiction
where it is not then so subject;

(e)           promptly
notify each Selling Holder and each underwriter, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of (i)
the filing of the Shelf Registration Statement or any other registration
statement contemplated by this Agreement or any prospectus or prospectus
supplement to be used in connection therewith, or any amendment or supplement
thereto, and, with respect to such Shelf Registration Statement or any other registration
statement or any post-effective amendment thereto, when the same has become
effective; and (ii) any written comments from the Commission with respect to
any filing referred to in clause (i) and any written request by the Commission
for amendments or supplements to the Shelf Registration Statement or any other
registration statement or any prospectus or prospectus supplement thereto;

(f)            immediately
notify each Selling Holder and each underwriter, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of (i)
the happening of any event as a result of which the prospectus or prospectus
supplement contained in the Shelf Registration Statement or any other
registration statement contemplated by this Agreement, as then in effect,
includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading (in the case of the prospectus contained therein, in the light
of the circumstances under which a statement is made); (ii) the issuance or
threat of issuance by the Commission of any stop order suspending the
effectiveness of the Shelf Registration Statement or any other

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registration statement
contemplated by this Agreement, or the initiation of any proceedings for that
purpose; or (iii) the receipt by the Partnership of any notification with
respect to the suspension of the qualification of any Registrable Securities
for sale under the applicable securities or blue sky laws of any
jurisdiction.  Following the provision of
such notice, the Partnership agrees to as promptly as practicable amend or
supplement the prospectus or prospectus supplement or take other appropriate
action so that the prospectus or prospectus supplement does not include an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
in the light of the circumstances then existing and to take such other
reasonable action as is necessary to remove a stop order, suspension, threat
thereof or proceedings related thereto;

(g)           upon
request and subject to appropriate confidentiality obligations, furnish to each
Selling Holder copies of any and all transmittal letters or other
correspondence with the Commission or any other governmental agency or
self-regulatory body or other body having jurisdiction (including any domestic
or foreign securities exchange) relating to such offering of Registrable
Securities;

(h)           in
the case of an Underwritten Offering, furnish upon request, (i) an opinion of
counsel for the Partnership dated the date of the closing under the
underwriting agreement, and (ii) a “cold comfort” letter, dated the pricing
date of such Underwritten Offering (to the extent available) and a letter of
like kind dated the date of the closing under the underwriting agreement, in
each case, signed by the independent public accountants who have certified the
Partnership’s financial statements included or incorporated by reference into
the applicable registration statement, and each of the opinion and the “cold
comfort” letter shall be in customary form and covering substantially the same
matters with respect to such registration statement (and the prospectus and any
prospectus supplement included therein) as have been customarily covered in
opinions of issuer’s counsel and in accountants’ letters delivered to the
underwriters in Underwritten Offerings of securities by the Partnership and
such other matters as such underwriters and Selling Holders may reasonably
request;

(i)            otherwise
use its commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission, and make available to its security holders, as
soon as reasonably practicable, an earnings statement, which earnings statement
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule
158 promulgated thereunder;

(j)            make
available to the appropriate representatives of the Managing Underwriter and
Selling Holders access to such information and Partnership personnel as is
reasonable and customary to enable such parties to establish a due diligence
defense under the Securities Act;

(k)           cause
all such Registrable Securities registered pursuant to this Agreement to be
listed on each securities exchange or nationally recognized quotation system on
which similar securities issued by the Partnership are then listed;

(l)            use
its commercially reasonable efforts to cause the Registrable Securities to be
registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Partnership
to enable the Selling Holders to consummate the disposition of such Registrable
Securities;

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(m)          provide
a transfer agent and registrar for all Registrable Securities covered by such
registration statement not later than the effective date of such registration
statement; and

(n)           enter
into customary agreements and take such other actions as are reasonably
requested by the Selling Holders or the underwriters, if any, in order to
expedite or facilitate the disposition of such Registrable Securities.

Each Selling Holder, upon receipt of notice from the
Partnership of the happening of any event of the kind described in subsection
(f) of this Section 2.04, shall forthwith discontinue disposition of the
Registrable Securities until such Selling Holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by subsection (f) of this Section
2.04 or until it is advised in writing by the Partnership that the use of
the prospectus may be resumed, and has received copies of any additional or
supplemental filings incorporated by reference in the prospectus, and, if so
directed by the Partnership, such Selling Holder will, or will request the
managing underwriter or underwriters, if any, to deliver to the Partnership (at
the Partnership’s expense) all copies in their possession or control, other
than permanent file copies then in such Selling Holder’s possession, of the
prospectus covering such Registrable Securities current at the time of receipt
of such notice.

Section 2.05           Cooperation
by Holders.  The Partnership shall
have no obligation to include in the Shelf Registration Statement, or in an
Underwritten Offering pursuant to Section 2.02(a), Common Units of a
Selling Holder who has failed to timely furnish such information that, in the
opinion of counsel to the Partnership, is reasonably required in order for the
registration statement or prospectus supplement, as applicable, to comply with
the Securities Act.

Section 2.06           Restrictions
on Public Sale by Holders of Registrable Securities.  For one year following the Closing Date, each
Holder of Registrable Securities who is included in the Shelf Registration
Statement agrees not to effect any public sale or distribution of the
Registrable Securities during the 30-day period beginning on the date of
pricing of an Underwritten Offering of equity securities by the Partnership
(except as provided in this Section 2.06); provided, however, that the duration of the foregoing
restrictions shall be no longer than the duration of the shortest restriction
generally imposed by the underwriters on the officers or directors or any other
unitholder of the Partnership on whom a restriction is imposed.  In addition, the lock-up provisions in this Section
2.06 shall not apply with respect to a Holder that (A) owns less than $10
million of Purchased Units, based on the purchase price per unit under the
Purchase Agreement, or (B) has submitted a notice requesting the inclusion of
Registrable Securities in an Underwritten Offering pursuant to Section
2.02(a) but is unable to do so as a result of the priority provisions
contained in Section 2.02(b).

Section 2.07           Expenses.

(a)             Expenses.  The Partnership will pay all reasonable
Registration Expenses including, in the case of an Underwritten Offering,
whether or not any sale is made pursuant to such Underwritten Offering. Each
Selling Holder shall pay all Selling Expenses in connection with any sale of
its Registrable Securities hereunder. In addition, except as otherwise provided
in Section 2.08 hereof, the Partnership shall not be responsible for
legal fees incurred by Holders in connection with the exercise of such Holders’
rights hereunder.

 10
 

(b)           Certain
Definitions.  “Registration
Expenses” means all expenses incident to the Partnership’s performance
under or compliance with this Agreement to effect the registration of
Registrable Securities on the Shelf Registration Statement pursuant to Section
2.01 or an Underwritten Offering covered under this Agreement, and the
disposition of such securities, including, without limitation, all
registration, filing, securities exchange listing and NYSE fees, all
registration, filing, qualification and other fees and expenses of complying
with securities or blue sky laws, fees of the National Association of
Securities Dealers, Inc., fees of transfer agents and registrars, all word
processing, duplicating and printing expenses, any transfer taxes and the fees
and disbursements of counsel and independent public accountants for the
Partnership, including the expenses of any special audits or “cold comfort”
letters required by or incident to such performance and compliance.  “Selling Expenses” means all underwriting
fees, discounts and selling commissions allocable to the sale of the
Registrable Securities.

Section 2.08           Indemnification.

(a)           By
the Partnership.  In the event of a
registration of any Registrable Securities under the Securities Act pursuant to
this Agreement, the Partnership will indemnify and hold harmless each Selling
Holder thereunder, its directors, officers, employees and agents, and each
underwriter, pursuant to the applicable underwriting agreement with such
underwriter, of Registrable Securities thereunder and each Person, if any, who
controls such Selling Holder within the meaning of the Securities Act and the
Exchange Act, and its directors, officers, employees or agents, against any
losses, claims, damages, expenses or liabilities (including reasonable
attorneys’ fees and expenses) (collectively, “Losses”), joint or
several, to which such Selling Holder, director, officer, employee, agent or
underwriter or controlling Person may become subject under the Securities Act,
the Exchange Act or otherwise, insofar as such Losses (or actions or
proceedings, whether commenced or threatened, in respect thereof) arise out of
or are based upon any untrue statement or alleged untrue statement of any
material fact (in the case of any prospectus, in light of the circumstances
under which such statement is made) contained in the Shelf Registration
Statement or any other registration statement contemplated by this Agreement,
any preliminary prospectus or prospectus supplement, free writing prospectus or
final prospectus or prospectus supplement contained therein, or any amendment
or supplement thereof, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein (in the case of a prospectus, in
light of the circumstances under which they were made) not misleading, and will
reimburse each such Selling Holder, its directors, officers, employee and
agents, each such underwriter and each such controlling Person for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such Loss or actions or proceedings as such expenses are
incurred; provided, however, that
the Partnership will not be liable in any such case if and to the extent that
any such Loss arises out of or is based upon an untrue statement or alleged
untrue statement or omission or alleged omission so made in conformity with
information furnished by such Selling Holder, its directors, officers,
employees and agents or any underwriter or such controlling Person in writing
specifically for use in the Shelf Registration Statement or such other
registration statement, or prospectus or any amendment or supplement thereto,
as applicable. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such Selling Holder or any such
directors, officers, employees agents or any underwriter or controlling Person,
and shall survive the transfer of such securities by such Selling Holder.

 11
 

(b)           By
Each Selling Holder.  Each Selling
Holder agrees severally and not jointly to indemnify and hold harmless the
Partnership, its directors, officers, employees and agents and each Person, if
any, who controls the Partnership within the meaning of the Securities Act or
of the Exchange Act, and its directors, officers, employees and agents, to the
same extent as the foregoing indemnity from the Partnership to the Selling
Holders, but only with respect to information regarding such Selling Holder
furnished in writing by or on behalf of such Selling Holder expressly for
inclusion in the Shelf Registration Statement or prospectus supplement relating
to the Registrable Securities, or any amendment or supplement thereto; provided, however, that the liability of
each Selling Holder shall not be greater in amount than the dollar amount of
the proceeds (net of any Selling Expenses) received by such Selling Holder from
the sale of the Registrable Securities giving rise to such indemnification.

(c)           Notice.  Promptly after receipt by an indemnified
party hereunder of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the
indemnifying party hereunder, notify the indemnifying party in writing thereof,
but the omission so to notify the indemnifying party shall not relieve it from
any liability that it may have to any indemnified party other than under this Section
2.08.  In any action brought against
any indemnified party, it shall notify the indemnifying party of the
commencement thereof.  The indemnifying
party shall be entitled to participate in and, to the extent it shall wish, to
assume and undertake the defense thereof with counsel reasonably satisfactory
to such indemnified party and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under this Section 2.08 for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than
reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the
indemnifying party has failed to assume the defense or employ counsel
reasonably acceptable to the indemnified party or (ii) if the defendants in any
such action include both the indemnified party and the indemnifying party and
counsel to the indemnified party shall have concluded that there may be
reasonable defenses available to the indemnified party that are different from
or additional to those available to the indemnifying party, or if the interests
of the indemnified party reasonably may be deemed to conflict with the
interests of the indemnifying party, then the indemnified party shall have the
right to select a separate counsel and to assume such legal defense and
otherwise to participate in the defense of such action, with the reasonable
expenses and fees of such separate counsel and other reasonable expenses
related to such participation to be reimbursed by the indemnifying party as
incurred.  Notwithstanding any other
provision of this Agreement, no indemnified party shall settle any action brought
against it with respect to which it is entitled to indemnification hereunder
without the consent of the indemnifying party, unless the settlement thereof
imposes no liability or obligation on, and includes a complete and
unconditional release from all liability of, the indemnifying party.

(d)           Contribution.  If the indemnification provided for in this Section
2.08 is held by a court or government agency of competent jurisdiction to
be unavailable to any indemnified party or is insufficient to hold them
harmless in respect of any Losses, then each such indemnifying party, in lieu
of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such Loss in such proportion
as is appropriate to reflect the relative fault of the indemnifying party on
the one hand and of such indemnified party on the other in connection with the
statements or omissions that resulted in such Losses, as well

 12
 

as any other relevant
equitable considerations; provided, however,
that in no event shall such Selling Holder be required to contribute an
aggregate amount in excess of the dollar amount of proceeds (net of Selling
Expenses) received by such Selling Holder from the sale of Registrable
Securities giving rise to such indemnification. 
The relative fault of the indemnifying party on the one hand and the
indemnified party on the other shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact has been made by, or
relates to, information supplied by such party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.  The parties
hereto agree that it would not be just and equitable if contributions pursuant
to this paragraph were to be determined by pro rata allocation or by any other
method of allocation that does not take account of the equitable considerations
referred to herein.  The amount paid by
an indemnified party as a result of the Losses referred to in the first
sentence of this paragraph shall be deemed to include any legal and other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any Loss that is the subject of this paragraph. No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person
who is not guilty of such fraudulent misrepresentation.

(e)           Other
Indemnification.  The provisions of
this Section 2.08 shall be in addition to any other rights to
indemnification or contribution that an indemnified party may have pursuant to
law, equity, contract or otherwise.

Section 2.09           Rule
144 Reporting.  With a view to making
available the benefits of certain rules and regulations of the Commission that
may permit the sale of the Registrable Securities to the public without
registration, the Partnership agrees to use its commercially reasonable efforts
to:

(a)           Make
and keep public information regarding the Partnership available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times
from and after the date hereof;

(b)           File
with the Commission in a timely manner all reports and other documents required
of the Partnership under the Exchange Act at all times from and after the date
hereof; and

(c)           So
long as a Holder owns any Registrable Securities, furnish to such Holder
forthwith upon request a copy of the most recent annual or quarterly report of
the Partnership, and such other reports and documents so filed as such Holder
may reasonably request in availing itself of any rule or regulation of the
Commission allowing such Holder to sell any such securities without
registration.

Section 2.10           Transfer
or Assignment of Registration Rights. 
The rights to cause the Partnership to register Registrable Securities
granted to the Purchasers by the Partnership under this Article II may
be transferred or assigned by any Purchaser to one or more transferee(s) or
assignee(s) of such Registrable Securities (or Purchased Units prior to
conversion) or counterparties to any total return swaps; provided, however, that (a) unless such
transferee is an Affiliate of such Purchaser or a counterparty to a total return
swap, each such transferee or

 13
 

assignee holds
Registrable Securities (or Purchased Units prior to conversion) representing
either (i) at least $10 million of the Registrable Securities (or Purchased
Units prior to conversion), based on the purchase price per unit under the
Purchase Agreement with respect to any Purchaser that purchased $10 million or
more of Purchased Units or (ii) all of the Purchased Units (or Registrable
Securities following conversion) with respect to any Purchaser that purchased
less than $10 million of Purchased Units, (b) the Partnership is given written
notice prior to any said transfer or assignment, stating the name and address
of each such transferee and identifying the securities with respect to which
such registration rights are being transferred or assigned, and (c) each such
transferee assumes in writing responsibility for its portion of the obligations
of such Purchaser under this Agreement.

Section 2.11.          Limitation
on Subsequent Registration Rights. 
From and after the date hereof, the Partnership shall not, without the
prior written consent of the Holders of the outstanding Registrable Securities,
enter into any agreement with any current or future holder of any securities of
the Partnership that would allow such current or future holder to require the
Partnership to include securities in any registration statement filed by the
Partnership on a basis other than pari passu
with, or subject to priority in favor of, the Registrable Seucirities.

ARTICLE III

MISCELLANEOUS

Section 3.01           Communications.  All notices and other communications provided
for or permitted hereunder shall be made in writing by facsimile, electronic
mail, courier service or personal delivery:

(a)           if
to Purchaser, to the address set forth in Schedule B to the Purchase Agreement;

(b)           if
to a transferee of Purchaser, to such Holder at the address provided pursuant
to Section 2.10 above; and

(c)           if
to the Partnership at Global Partners LP, P.O. Box 9161, 800 South St.,
Waltham, Massachusetts 02454-9161, Facsimile: (781) 398-4165  Attn: General Counsel, with a copy to Vinson
& Elkins L.L.P., 666 Fifth Avenue, 26th Floor, New York, New York 10103,
Attention: Alan Baden, Facsimile: (212) 237-0100.

All such notices and communications shall be deemed to
have been received at the time delivered by hand, if personally delivered; when
receipt acknowledged, if sent via facsimile or sent via Internet electronic
mail; and when actually received, if sent by courier service or any other
means.

Section 3.02           Successor
and Assigns.  This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each
of the parties, including subsequent Holders of Registrable Securities to the
extent permitted herein.

 14
 

Section 3.03           Assignment
of Rights.  All or any portion of the
rights and obligations of any Purchaser under this Agreement may be transferred
or assigned by such Purchaser in accordance with Section 2.10 hereof.

Section 3.04           Recapitalization,
Exchanges, Etc. Affecting the Common Units. 
The provisions of this Agreement shall apply to the full extent set
forth herein with respect to any and all units of the Partnership or any
successor or assign of the Partnership (whether by merger, consolidation, sale
of assets or otherwise) that may be issued in respect of, in exchange for or in
substitution of, the Registrable Securities, and shall be appropriately
adjusted for combinations, unit splits, recapitalizations and the like
occurring after the date of this Agreement.

Section 3.06           Specific
Performance.  Damages in the event of
breach of this Agreement by a party hereto may be difficult, if not impossible,
to ascertain, and it is therefore agreed that each such Person, in addition to
and without limiting any other remedy or right it may have, will have the right
to an injunction or other equitable relief in any court of competent
jurisdiction, enjoining any such breach, and enforcing specifically the terms
and provisions hereof, and each of the parties hereto hereby waives any and all
defenses it may have on the ground of lack of jurisdiction or competence of the
court to grant such an injunction or other equitable relief.  The existence of this right will not preclude
any such Person from pursuing any other rights and remedies at law or in equity
that such Person may have.

Section 3.07           Counterparts.  This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which counterparts, when so executed and delivered, shall be deemed to be an
original and all of which counterparts, taken together, shall constitute but
one and the same Agreement.

Section 3.08           Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

Section 3.09           Governing
Law.  The Laws of the State of New
York shall govern this Agreement.

Section 3.10           Severability
of Provisions.  Any provision of this
Agreement that 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 or
affecting or impairing the validity or enforceability of such provision in any
other jurisdiction.

Section 3.11           Entire
Agreement.  This Agreement is
intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of
the parties hereto in respect of the subject matter contained herein.  There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the rights granted by the Partnership set forth herein.  This Agreement and the Purchase Agreement
supersede all prior agreements and understandings between the parties with
respect to such subject matter.

Section 3.12           Amendment.  This Agreement may be amended only by means
of a written amendment signed by the Partnership and the Holders of a majority
of the then

 15
 

outstanding Registrable
Securities; provided, however,
that no such amendment shall materially and adversely affect the rights of any
Holder hereunder without the consent of such Holder.

Section 3.13           No
Presumption.  If any claim is made by
a party relating to any conflict, omission, or ambiguity in this Agreement, no
presumption or burden of proof or persuasion shall be implied by virtue of the
fact that this Agreement was prepared by or at the request of a particular
party or its counsel.

Section 3.14           Aggregation of Purchased Units.  All Purchased Units held or acquired by
Persons who are Affiliates of one another shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement. In
addition, all Registrable Securities held or acquired by Fiduciary/Claymore MLP
Opportunity Fund and its Affiliates, on one hand, and Energy Income and Growth
Fund and its Affiliates, on the other hand, shall be aggregated together for
purposes of determining the availability of the rights and obligations with
respect to such Purchasers under this Agreement.

Section 3.15           Obligations Limited to Parties to
Agreement.  Each of the Parties
hereto covenants, agrees and acknowledges that no Person other than the
Partnership and the Purchasers shall have any obligation hereunder and that,
notwithstanding that one or more of the Purchasers may be a corporation,
partnership or limited liability company, no recourse under this Agreement or
under any documents or instruments delivered in connection herewith or
therewith shall be had against any former, current or future director, officer,
employee, agent, general or limited partner, manager, member, stockholder or
Affiliate of any of the Purchaser or any former, current or future director,
officer, employee, agent, general or limited partner, manager, member,
stockholder or Affiliate of any of the foregoing, whether by the enforcement of
any assessment or by any legal or equitable proceeding, or by virtue of any
applicable Law, it being expressly agreed and acknowledged that no personal
liability whatsoever shall attach to, be imposed on or otherwise by incurred by
any former, current or future director, officer, employee, agent, general or
limited partner, manager, member, stockholder or Affiliate of any of the
Purchasers or any former, current or future director, officer, employee, agent,
general or limited partner, manager, member, stockholder or Affiliate of any of
the foregoing, as such, for any obligations of the Purchasers under this
Agreement or any documents or instruments delivered in connection herewith or
therewith or for any claim based on, in respect of or by reason of such
obligation or its creation, except in each case for any assignee of a Purchaser
hereunder.

Section 3.16           Interpretation.  Article and Section references to this
Agreement, unless otherwise specified. 
All references to instruments, documents, contracts and agreements are
references to such instruments, documents, contracts and agreements as the same
may be amended, supplemented and otherwise modified from time to time, unless
otherwise specified. The word “including” shall mean “including but not limited
to.” Whenever any determination, consent or approval is to be made or given by
a Purchaser under this Agreement, such action shall be in such Purchaser’s sole
discretion unless otherwise specified.

[Signature pages to follow]

 16

IN WITNESS WHEREOF, the Parties hereto execute this
Agreement, effective as of the date first above written.

	
  

  	
  GLOBAL PARTNERS LP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Global GP LLC,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

Signature
Page to Registration Rights Agreement

 

	
  

  	
  KAYNE ANDERSON MLP INVESTMENT 

  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

	
  

  	
  FIDUCIARY/CLAYMORE MLP

  OPPORTUNITY FUND

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

	
  

  	
  ENERGY
  INCOME AND GROWTH FUND

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

	
  

  	
  TORTOISE
  ENERGY INFRASTRUCTURE

  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

	
  

  	
  TORTOISE
  ENERGY CAPITAL

  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:EXHIBIT 10.1

FIRST
AMENDMENT, dated as of March 9, 2007 (this “Amendment”), to the Super
Priority Debtor In Possession and Exit Credit and Guarantee Agreement, dated as
of August 21, 2006, (as further amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among NORTHWEST AIRLINES
CORPORATION, a Delaware corporation, a debtor and debtor in possession under
Chapter 11 of the Bankruptcy Code (as defined below) or such entity that
becomes a guarantor and a loan party hereunder pursuant to Section 5.5 of the
Credit Agreement, as applicable (“Holdings”), NORTHWEST AIRLINES
HOLDINGS CORPORATION, a Delaware corporation, a debtor and debtor in possession
under Chapter 11 of the Bankruptcy Code or such entity that becomes a guarantor
and a loan party hereunder pursuant to Section 5.5 of the Credit Agreement, as
applicable (“NWAC”), NWA INC., a Delaware corporation, a debtor and
debtor in possession under Chapter 11 of the Bankruptcy Code or such entity
that becomes a guarantor and a loan party hereunder pursuant to Section 5.5 of
the Credit Agreement, as applicable (“NWA”), NORTHWEST AIRLINES, INC., a
Minnesota corporation, a debtor and debtor in possession under Chapter 11 of
the Bankruptcy Code or such entity that becomes the borrower and loan party
hereunder pursuant to Section 5.5 of the Credit Agreement, as applicable (the “Borrower”);
the several banks and other financial institutions or entities from time to
time parties to the Credit Agreement (the “Lenders”); the Syndication
Agent, the Documentation Agent, the Co-Syndication Agent, the Co-Documentation
Agent, the Agent, the Co-Arrangers, the Joint Lead Arrangers and the Collateral
Agent named therein; and CITICORP USA,
INC., as Administrative Agent for both the DIP Facilities and the Exit
Facilities (in such capacity, the “Administrative Agent”).

R  E  C  I  T  A  L  S:

A.            The Borrower has requested that the
Lenders agree to amend certain provisions of the Credit Agreement as herein set
forth.

B.            The Lenders hereby consent to such
amendments on the terms and conditions contained herein.

NOW
THEREFORE, the parties hereto hereby agree as follows:

1.             Defined Terms.  Unless otherwise defined herein, capitalized
terms which are defined in the Credit Agreement are used herein as therein
defined.

2.             Amendments.

(a)           Subject to the satisfaction of the
conditions precedent set forth in Section 3(a) of this Amendment, the following
amendments to the Credit Agreement shall become effective:

(i)             The definition of the term “Hedging
Obligations” shall be amended and restated to read in its entirety as follows:

“Hedging
Obligations”:  as to any Person, all
obligations and liabilities of such Person under any Interest Rate Protection
Agreement, Fuel Hedging Agreement or Currency Exchange Rate Protection Agreement,
which are payable upon the termination of such agreement.  Hedging Obligations under Specified Hedging
Agreements shall be valued on a mark-to-market basis from time to time 

pursuant to a methodology
agreed to among the Borrower, the applicable counterparty, and the
Administrative Agent, which shall also include an agreement among the Borrower,
the applicable counterparty, and the Administrative Agent as to the maximum
amount of Hedging Obligations under such Specified Hedging Agreements that can
be included as “Obligations” under and
as defined in this Agreement.

(ii)            The definition of the term “Specified
Currency Exchange Rate Protection Agreement” shall be amended and restated to
read in its entirety as follows:

“Specified
Currency Exchange Rate Protection Agreement”:  any Currency Exchange Rate Protection
Agreement entered into by the Borrower and any Person that, at the time such
Person entered into such Currency Exchange Rate Protection Agreement, was a
Lender or Lender Affiliate designated by the relevant Lender and the Borrower,
by written notice to the Administrative Agent, as a Specified Currency Exchange
Rate Protection Agreement, which notice shall include a copy of an agreement
providing for (i) a methodology agreed to by the Borrower, such Lender or
Lender Affiliate and the Administrative Agent of valuing on a mark-to-market
basis the amount of Hedging Obligations under such Specified Currency Exchange
Rate Protection Agreement from time to time and (ii) an agreed upon
maximum amount of Hedging Obligations under such Specified Currency Exchange
Rate Protection Agreement that can be included as “Obligations” under and as defined in this Agreement.

(iii)           The definition of the term “Specified
Hedging Agreement” shall be amended and restated to read in its entirety as
follows:

“Specified
Hedging Agreement”;  any Specified
Currency Exchange Rate Protection Agreement, any Specified Interest Rate
Protection Agreement or any Specified Fuel Hedging Agreement.

(iv)          The definition of the term “Specified
Interest Rate Protection Agreement” shall be amended and restated to read in
its entirety as follows:

“Specified
Interest Rate Protection Agreement”: 
any Interest Rate Protection Agreement entered into by the Borrower and
any Person that, at the time such Person entered into such Interest Rate
Protection Agreement, was a Lender or Lender Affiliate designated by the
relevant Lender and the Borrower, by written notice to the Administrative
Agent, as a Specified Interest Rate Protection Agreement, which notice shall
include a copy of an agreement providing for (i) a methodology agreed to
by the Borrower, such Lender or Lender Affiliate and the Administrative Agent
of valuing on a mark-to-market basis the amount of Hedging Obligations under
such Specified Interest Rate Protection Agreement from time to time and
(ii) an agreed upon maximum amount of Hedging Obligations under such
Specified Interest Rate Protection Agreement that can be included as “Obligations” under and as defined in this
Agreement.

(v)           Section 1.1 of the Credit Agreement
shall be amended by adding the following new definitions in the appropriate
alphabetical order:

 2
 

“First
Amendment Date”: March 9, 2007.

“Fuel
Hedging Agreement”:  any swap, collars,
forward, future or derivative
transactions or options or similar agreements or arrangements involving, or
settled by reference to, fuel commodities.

“Specified
Fuel Hedging Agreement”:  any Fuel
Hedging Agreement entered into by the Borrower and any Person that, at the time
such Person entered into such Fuel Hedging Agreement, was a Lender or Lender
Affiliate designated by the relevant Lender and the Borrower, by written notice
to the Administrative Agent, as a Specified Fuel Hedging Agreement, which
notice shall include a copy of an agreement providing for (i) a
methodology agreed to by the Borrower, such Lender or Lender Affiliate and the
Administrative Agent of valuing on a mark-to-market basis the amount of Hedging
Obligations under such Specified Fuel Hedging Agreement from time to time and
(ii) an agreed upon maximum amount of Hedging Obligations under such
Specified Fuel Hedging Agreement that can be included as “Obligations” under and as defined in this
Agreement.

(vi)          The first sentence of Section 2.8(a)
of the Credit Agreement shall be amended and restated to read in its entirety
as follows:

The
Borrower will pay a fee on all outstanding Letters of Credit at a per annum
rate equal to the Applicable Rate then in effect with respect to Eurodollar
Loans, shared ratably among the Revolving Lenders and payable quarterly in
arrears on each L/C Fee Payment Date after the issuance date (it being
understood that with respect to all Letters of Credit amounts outstanding prior
to the First Amendment Date, such fee shall be at a per annum rate equal to the
Applicable Rate as in effect with respect to Eurodollar Loans prior to the
First Amendment Date and with respect to all Letter of Credit amounts
outstanding on or after the First Amendment Date, such fee shall be at a per
annum rate equal to the Applicable Rate as in effect with respect to Eurodollar
Loans on or after the First Amendment Date).

(vii)         Section 6.2(h) of the Credit Agreement
shall be amended by replacing the phrase “the Chief Financial Officer”
appearing therein with the phrase “a Responsible Officer”.

(b)           Subject to the satisfaction of the
conditions precedent set forth in Section 3(a) and Section 3(b) of this
Amendment, the definition of the term “Applicable Rate” shall be amended and
restated to read in its entirety as follows:

“Applicable
Rate”:

(a) with
respect to Loans outstanding prior to the First Amendment Date, (i) 
1.50%,  in the case of ABR Loans, and (ii)
2.50%, in the case of Eurodollar Loans, and

(b)
with respect to Loans outstanding on or after the First Amendment Date,
(i) 1.00%,  in the case of ABR Loans, and
(ii) 2.00%, in the case of Eurodollar Loans.

 3
 

(c)           Subject to the satisfaction of the
conditions precedent set forth in Section 3(a) and Section 3(c) of this
Amendment, the following amendments to the Credit Agreement shall become
effective:

(i)             The proviso
in the definition of the term “Obligations” shall be amended and restated to
read in its entirety as follows:

provided, however, that the aggregate amount of all Hedging
Obligations under all Specified Hedging Agreements at any time outstanding that shall be included as “Obligations” shall not exceed $150,000,000.

(ii)            Clause (ii) of the first paragraph
of Section 2.4 of the Credit Agreement shall be amended and restated to read in
its entirety as follows:

(ii)
does not result in (A) the sum of (1)  the aggregate unpaid principal
amount of the Term Loans then outstanding plus (2) the aggregate amount of
Revolving Extensions of Credit of all Revolving Lenders then outstanding exceeding
(B) the Maximum Amount.

(iii)           Clause (z) of Section 2.6(a) of the
Credit Agreement shall be amended and restated to read in its entirety as
follows:

(z) the
sum of (1)  the aggregate unpaid principal amount of the Term Loans then
outstanding plus (2) the aggregate amount of Revolving Extensions of
Credit of all Revolving Lenders then outstanding would exceed the Maximum
Amount.

(iv)          The first sentence of Section 3.2(b)
of the Credit Agreement shall be amended and restated to read in its entirety
as follows:

In
addition, if at any time the sum of (i) the aggregate unpaid principal
amount of the Term Loans then outstanding plus (ii) the aggregate amount
of Revolving Extensions of Credit of all Revolving Lenders then outstanding
exceeds the Maximum Amount, the Borrower shall immediately prepay the Loans in
an amount equal to such excess.

(v)           The definition of the term “Total
Appraised Value Ratio” shall be amended and restated to read in its entirety as
follows:

“Total
Appraised Value Ratio”:  at any time,
the ratio of (a) Total Appraised Value (determined as of the then most recent
Appraisal of the Pool Assets) to (b) the sum of (i) the aggregate unpaid
principal amount of all Term Loans then outstanding, plus (ii) the
aggregate Revolving Commitments of all Revolving Lenders then in effect or, if
the Revolving Commitments have been terminated, the amount of aggregate
Revolving Extensions of Credit of all Revolving Lenders then outstanding, plus
(iii) the amount of all Hedging Obligations under all Specified Hedging
Agreements then outstanding not to exceed $150,000,000, and plus
(iv) any Pari Passu Obligations (for purposes of this definition, Pari
Passu Obligations shall include any Pari Passu Commitments).

3.             Effectiveness.

 4
 

(a)           The effectiveness of this Amendment
(excluding Sections 2(b) and 2(c) hereof) is subject to the satisfaction on the
First Amendment Date of the following conditions precedent:

(i)             the Administrative Agent shall have
received this Amendment, executed and delivered by the Administrative Agent,
Holdings, the Borrower and the Required Lenders;

(ii)            the Bankruptcy Court shall have
entered an order (in substantially the form of Exhibit A hereto and otherwise
in form and substance reasonably satisfactory to the Administrative Agent),
which shall be certified by the Clerk of the Bankruptcy Court as having been
duly entered (the “Authorizing Order”), the Authorizing Order shall be
in full force and effect and shall not have been vacated, reversed, modified,
amended or stayed without the written consent of the Required Lenders and, if
the Authorizing Order is the subject of a pending appeal in any respect,
neither the making of the Loans nor the performance by the Loan Parties of
their respective obligations under the Loan Documents shall be the subject of a
presently effective stay pending appeal.

(iii)           the Administrative Agent shall have
received (1) all fees then due and payable in connection with this Amendment;
and (2) all expenses payable by the Borrower as set forth in the Credit
Agreement for which invoices have been presented (including the reasonable fees
and expenses of legal counsel) on or before the First Amendment Date;

(iv)          the Lenders shall have received an
updated business plan as set forth in the Borrower’s disclosure statement;

(v)           the Administrative Agent shall have
received a certificate of each Loan Party, dated the date hereof substantially
in the form of Exhibit B hereto, with appropriate insertions and attachments;
and

(vi)          The Administrative Agent shall have
received the executed legal opinions of counsel to the Borrower and the
Guarantors, addressing such matters as the Administrative Agent shall
reasonably request, including, without limitation, the enforceability of all
Loan Documents.

(b)           In addition to the satisfaction of
the conditions precedent set forth in Section 3(a) hereof and to the extent not
received by the Administrative Agent on or prior to the First Amendment Date,
the effectiveness of Section 2(b) of this Amendment is subject to the
Administrative Agent’s receipt after the First Amendment Date of this Amendment
executed by each Lender.

(c)           In addition to the satisfaction of
the conditions precedent set forth in Section 3(a) hereof and to the extent not
received by the Administrative Agent on or prior to the First Amendment Date,
the effectiveness of Section 2(c) of this Amendment is subject to the
Administrative Agent’s receipt after the First Amendment Date of a duly
executed amendment to the Intercreditor Agreement in form and substance
satisfactory to the Administrative Agent, together with the appropriate consent
of U.S. Bank National Association.

4.             Representation and Warranties.  Each of the Guarantors and the Borrower
hereby represents and warrants that, after giving effect to the provisions of
this Amendment, (a) each of the representations and warranties made by any Loan
Party in or pursuant to the Loan Documents is true and correct in all material
respects on and as of the date hereof as if made on and as of such date, except
to the extent that such representation and warranty refers to an earlier date,
in which case it is true and correct in 

 5
 

all material respects as of such earlier date, and (b)
no Default or Event of Default has occurred and is continuing.

5.             Continuing Effect of the Credit
Agreement.  This Amendment shall not
constitute an amendment of any other provision of the Credit Agreement not
expressly referred to herein and shall not be construed as a waiver or consent
to any Default, Event of Default or future action on the part of any Loan Party
that would require the consent of the Lenders or the Administrative Agent.  Except as expressly amended hereby, the
provisions of the Credit Agreement are and shall remain in full force and
effect.  Upon the effectiveness of this
Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein” or words of similar import shall mean and be a reference to
the Credit Agreement as amended hereby.

6.             Counterparts.  This Amendment may be executed by the parties
hereto in any number of separate counterparts (including facsimiled
counterparts), each of which shall be deemed to be an original, and all of
which taken together shall be deemed to constitute one and the same instrument.

7.             Expenses.  The Borrower agrees to pay or reimburse the
Administrative Agent for all of its reasonable out-of-pocket costs and expenses
incurred in connection with the preparation, negotiation and execution of this
Amendment, including, without limitation, the reasonable fees and disbursements
of counsel to the Administrative Agent.

8.             Reaffirmation.  Each of the Guarantors hereby acknowledges
and reaffirms all of its obligations and undertakings under each of the Loan
Documents to which it is a party and acknowledges and agrees that subsequent
to, and after taking account of the provisions of this Amendment, each such
Loan Document is and shall remain in full force and effect in accordance with
the terms thereof.

9.             GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

[The
remainder of this page is intentionally left blank.]

 6

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

	
  

  	
  NORTHWEST AIRLINES CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DANIEL B. MATTHEWS

  
	
   

  	
   

  	
  Name: Daniel B. Matthews

  
	
   

  	
   

  	
  Title: Sr. Vice President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTHWEST AIRLINES HOLDINGS

  
	
   

  	
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DANIEL B. MATTHEWS

  
	
   

  	
   

  	
  Name: Daniel B. Matthews

  
	
   

  	
   

  	
  Title: Sr. Vice President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NWA INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DANIEL B. MATTHEWS

  
	
   

  	
   

  	
  Name: Daniel B. Matthews

  
	
   

  	
   

  	
  Title: Sr. Vice President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NORTHWEST AIRLINES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DANIEL B. MATTHEWS

  
	
   

  	
   

  	
  Name: Daniel B. Matthews

  
	
   

  	
   

  	
  Title: Sr. Vice President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITICORP USA, INC., as

  
	
   

  	
  Administrative Agent, Lender and Issuing Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JAMES MCCARTHY

  
	
   

  	
   

  	
  Name: James McCarthy

  
	
   

  	
   

  	
  Title: Managing Director/Vice President

  

 

SIGNATURE PAGE TO

THE FIRST AMENDMENT TO

THE SUPER PRIORITY DEBTOR IN POSSESSION AND

EXIT CREDIT AND GUARANTY AGREEMENT

 

Signature page to the First

Amendment, dated as of March 9,

2007, to the Northwest

Airlines, Inc. Credit Agreement

 

	
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name of Lender]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

SIGNATURE PAGE TO

THE FIRST AMENDMENT TO

THE SUPER PRIORITY DEBTOR IN POSSESSION AND

EXIT CREDIT AND GUARANTY AGREEMENT

 

 

Exhibit A to the First

Amendment, dated as of March 9,

2007, to the Northwest

Airlines, Inc. Credit Agreement

(attached)

 

UNITED STATES
BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

	
  In re:

  	
  )

  	
  Chapter 11

  
	
   

  	
  )

  	
   

  
	
  NORTHWEST AIRLINES CORPORATION., et al.,

  	
  )

  	
  Case No. 05-17930 (ALG)

  
	
   

  	
  )

  	
   

  
	
  Debtors.              

  	
  )

  	
  Jointly Administered

  

 

FIRST AMENDED
FINAL ORDER AUTHORIZING DEBTORS TO OBTAIN 

SECURED POST-PETITION FINANCING ON A SUPER-

PRIORITY BASIS PURSUANT TO 11 U.S.C. §§ 105, 362, 363, 364, and 507(b)

Upon the motion (the “Motion”) dated February 23, 2007 of the
above-captioned debtors and debtors-in-possession (the “Debtors”),(1) including
Northwest Airlines, Inc. (the “Borrower”), and Northwest Airlines Corporation,
Northwest Airlines Holdings Corporation and NWA Inc. (the “Guarantors” and,
together with the Borrower, the “Loan Parties”), seeking this Court’s
authorization pursuant to sections 364(c), 364(d)(1), and 507(b) of the
Bankruptcy Code, 11 U. S. C. §§ 101-1330 (the “Bankruptcy Code”), and Rules
2002, 4001(c) and 9014 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy
Rules”) (i) for the Loan Parties to enter into a First Amendment to Super
Priority Debtor in Possession and Exit Credit and Guarantee Agreement
substantially in the form of the draft attached hereto as Appendix B
(the “First Amendment”), amending their existing Post-Petition Financing (as
defined below), to, among other things, reduce the interest rate upon the
satisfaction of the condition precedent set forth in Section 3(b) of the First
Amendment, accelerate the payment of certain deferred fees, expand the 

(1)                                                  The
Debtors are the following entities: Northwest Airlines Corporation; NWA Fuel
Services Corporation; Northwest Airlines Holdings Corporation; NWA Inc.;
Northwest Aerospace Training Corp.; Northwest Airlines, Inc.; MLT Inc.; Compass
Airlines, Inc. f/k/a Northwest Airlines Cargo, Inc.; NWA Retail Sales Inc.;
Montana Enterprises, Inc.; NW Red Baron LLC; Aircraft Foreign Sales, Inc.; NWA
Worldclub, Inc.; and NWA Aircraft Finance.

 2
 

definition of “Hedging Obligations” to include fuel hedges and, upon
the satisfaction of the condition precedent set forth in Section 3(c) of the
First Amendment, increase the dollar amount of “Hedging Obligations” included
in the “Obligations”; (ii) for the Loan Parties to continue to obtain
post-petition financing (the “Post-Petition Financing”) under a commitment of
$1,225,000,000 (the “Commitment”) (including up to $75,000,000 of Letters of
Credit (“Letters of Credit”)), pursuant to the Super Priority Debtor in
Possession and Exit Credit and Guarantee Agreement (as amended by the First Amendment
and as further amended from time to time, the “Amended Credit Agreement”)(2)
among the Borrower, the Guarantors, Citicorp USA, Inc., as Administrative Agent
and Collateral Agent (the “A&C Agent”), JPMorgan Chase Bank, N.A., as
syndication agent for the DIP Facilities and the Exit Facilities, Deutsche Bank
Trust Company Americas, as documentation agent for the DIP Facilities and the
Exit Facilities, Morgan Stanley Senior Funding, Inc., as co-syndication agent
for the DIP Facilities and the Exit Facilities, U.S. Bank National Association,
as agent for the DIP Facilities and the Exit Facilities, Citigroup Global
Markets Inc. and J.P. Morgan Securities Inc., as joint lead arrangers and joint
book runners for the DIP Facilities, Citigroup Global Markets Inc. and Deutsche
Bank Securities Inc., as joint lead arrangers and joint book runners for the
Exit Facilities, Morgan Stanley Senior Funding, Inc., as co-arranger, Calyon
New York Branch, as co-documentation agent and co-arranger, and the other
financial institutions from time to time parties to the Amended Credit
Agreement, including, without limitation, the fronting and issuing banks for
the Letters of Credit (collectively, the “Lenders”), and for the Loan Parties
to execute the Amended Credit Agreement, revolving loan promissory notes and
term loan promissory notes to the extent set 

(2)                                                  Capitalized
terms used herein and not otherwise defined shall have the meanings ascribed to
them in the Amended Credit Agreement.

 3
 

forth in the Amended Credit Agreement (the “Notes”),
the Route Security Agreement and other Security Documents and all ancillary
documents in connection with any of the foregoing (collectively, the “Loan
Documents”); (iv) for the Loan Parties to grant the Lenders, pursuant to
sections 364(c) and 364(d) of the Bankruptcy Code, first priority priming liens
and security interests, subject only to (A) the Carve-Out (as hereinafter
defined) and (B) any non-avoidable, valid and perfected Permitted Liens (as
defined in the Amended Credit Agreement) in existence on the Petition Date and
any non-avoidable valid Permitted Liens (as defined in the Amended Credit
Agreement) in existence on the Petition Date that were perfected subsequent to
the Petition Date as permitted by section 546(b) of the Bankruptcy Code, in
each case, other than the Specified Primed Liens (as hereinafter defined)
(collectively, “Pre-Petition Permitted Liens”), in all of the Collateral,
including, without limitation, all Pacific Routes and related Slots and Gate
Leaseholds, and the proceeds and products thereof, to secure the Loan Parties’
obligations under the Loan Documents, including, without limitation, the
Obligations; (iv) for the Loan Parties to grant the Lenders administrative
super-priority in payment with respect to such obligations over any and all
administrative expenses of the kinds specified in sections 503(b), 507(b) and
546(c) of the Bankruptcy Code other than as described below; and (v) for the
Borrower to utilize the proceeds of the Post-Petition Financing to fund, among
other things, (a) fees and expenses (including, without limitation, reasonable
attorneys’ fees and expenses) due and payable under the Loan Documents, (b) the
working capital needs of the Borrower and its Subsidiaries from time to time,
and (c) for other general corporate purposes of the Borrower; and due and
proper notice of the Motion pursuant to Bankruptcy Rule 4001 having been given;
and a hearing on the Motion having been held before this Court on March 8,
2007; and upon the entire record made at the hearing, and this Court having
found good and sufficient cause appearing therefor;

 4
 

IT IS HEREBY FOUND AND CONCLUDED that:

A.            On September 14,
2005 (the “Petition Date”), the Debtors each filed a voluntary petition for
relief with this Court under chapter 11 of the Bankruptcy Code (the “Chapter 11
Cases”).  The Debtors are continuing in
possession of their property, and operating and managing their businesses, as
debtors-in-possession, pursuant to sections 1107 and 1108 of the Bankruptcy
Code.

B.            This Court has
jurisdiction over the Chapter 11 Cases and the Motion pursuant to 28 U.S.C. §§
157(b) and 1334.  The Motion presents a
core proceeding as defined in 28 U.S.C. § 157(b)(2).  Pursuant to an order of the Court, the
Chapter 11 Cases have been consolidated for procedural purposes only and are
being jointly administered.

C.            Prior to the
Petition Date, the Debtors entered into the Pre-Petition Amended Credit
Agreement and various facilities with U.S. Bank National Association, including
among others (i) that certain Second Amended and Restated Reimbursement
Agreement, dated as of September 13, 2005, by and between Borrower and U.S.
Bank National Association (“U.S. Bank”), as amended, (ii) that certain Second
Amended and Restated Merchant Credit Card Processing Agreement dated as of
September 13, 2005, by and between the Borrower and U.S. Bank relating to the
processing of credit cards, as amended, and (iii) that certain Amended and
Restated Guaranty by Borrower in favor of U.S. Bank, as amended, to secure the
obligations of MLT Inc. to U.S. Bank under that certain Amended and Restated
Credit Card Processing Agreement dated as of September 13, 2005, by and between
MLT Inc. and U.S. Bank relating to the processing of credit cards, as amended
(collectively, the “U.S. Bank Facility”). 
The Debtors also entered into, with U.S. Bank, the Processing
Agreements, the Co-Branded Credit Card Agreement, the Corporate Credit
Card Program and two other L/C 

 5
 

Facilities, each of which capitalized terms is
defined in the Final Order issued by this Court on October 7, 2005.  Such Final Order, together with the Final
Orders of this Court issued on January 27, 2006 and April 12, 2006 in respect
of the L/C Facilities are hereinafter called the “U.S. Bank Orders”.

D.            The first $150
million of obligations arising under or related to the U.S. Bank Facility (the “Pari
Passu Obligations”) and the obligations under the $975 million Pre-Petition
Amended Credit Agreement were secured by pari
passu first  priority liens on various
aircraft and other assets owned by the Loan Parties, including the Collateral
(collectively, the “Pre-Petition Collateral”).

E.             All obligations
arising under or relating to the Pre-Petition Amended Credit Agreement are  referred to herein as the “Repaid Obligations.”

F.             After the Pari
Passu Obligations, the next $500 million of obligations arising under or
related to the U.S. Bank Facility (the “Second Lien Obligations”) were secured
by a Lien upon the Pre-Petition Collateral subordinate to the Lien securing the
Repaid Obligations and the Pari Passu Obligations.

G.            Prior to the
Petition Date, the Debtors entered into (i) that certain Payment Agreement,
dated as of July 25, 2003, between the Pension Benefit Guaranty Corporation
(the “PBGC”) and the Borrower, (ii) the Aircraft Mortgage and Security
Agreement by the Borrower in favor of PBGC and (iii) the Route Security
Agreement by the Borrower in favor of PBGC (collectively, the “PBGC Documents”).  All obligations arising under or related to
the PBGC Documents (the “PBGC Obligations”) were secured by a Lien upon the
Pre-Petition Collateral subordinate to the Lien securing the Repaid
Obligations, the Lien securing the Pari Passu Obligations and the Lien securing
the Second Lien Obligations.

 6
 

H.            Upon entry of the
Original Order (as hereinafter defined), the Debtors (i) caused the Liens on
the Pre-Petition Collateral securing the Repaid Obligations to be forever
released and discharged, and (ii) obtained secured financing with a priming
Lien on the Collateral with priority pari  passu with the Liens
securing the Pari Passu Obligations and with priority over the Liens securing
the Second Lien Obligations and the PBGC Obligations.  Subsequent to the entry of the Original
Order, the PBGC Obligations were settled and resolved and the Liens securing
the PBGC Obligations were forever released and discharged.  Pursuant to the terms of the First Amendment,
the Loan Parties intend to amend the existing Intercreditor Agreement among the
Debtors, the A&C Agent, U.S. Bank and the PBGC  to reflect release of the Liens securing the
PBGC Obligations, and the changes in the definitions of Hedging Obligations and
Obligations under the Amended Credit Agreement (the existing Intercreditor
Agreement, as amended and restated as anticipated in the First Amendment (if so
amended and restated) and as otherwise amended from time to time, the “Intercreditor
Agreement”).  Upon entry of this Order,
the Post-Petition Financing shall have a priming Lien on the Collateral with
priority pari  passu with the Liens securing the Pari Passu
Obligations and with priority over the Liens securing the Second Lien
Obligations (collectively, the Pari Passu Obligations and the Second Lien
Obligations are referred to herein as the  “Surviving
Obligations”) pursuant to section 364(d)(1) of the Bankruptcy Code and the
terms of the Intercreditor Agreement. 
The Liens on the Collateral securing the Surviving Obligations are
collectively referred to herein as the “Specified Primed Liens”.

I.              Continuing the
Post-Petition Financing will permit the Debtors to continue to pay employees,
maintain business relationships with vendors, suppliers and customers, make
capital expenditures and satisfy other working capital and operational needs,
and otherwise 

 7
 

finance their operations at a materially lower price
than under the Pre-Petition Amended Credit Agreement or under the Original
Order.  The Post-Petition Financing will
also create certainty with respect to exit financing, at an attractive cost.  Accordingly, replacing the Repaid Obligations
with the Post-Petition Financing was, and amending and restating the
post-petition financing under the Original Order is, in the best interests of
the Debtors’ estates and creditors.

J.             The Debtors are
unable to achieve their stated business goals solely with the use of cash
collateral and are unable to obtain unsecured credit allowable under section
503(b)(l) of the Bankruptcy Code as an administrative expense.  Financing on a post-petition basis is not
otherwise available without the Loan Parties’ granting, pursuant to section
364(c)(1) of the Bankruptcy Code, claims having priority over any and all
administrative expenses of the kinds specified in sections 503(b), 507(b), and
546(c) of the Bankruptcy Code other than as described below, and securing such
indebtedness and obligations with the security interests in and the liens upon
the Collateral as described below pursuant to sections 364(c) and (d) of the
Bankruptcy Code.

K.            All of the holders
of the Surviving Obligations, or their duly authorized representatives, have
consented to the Post-Petition Financing, including, without limitation, the
terms and conditions of the Original Order and this Order.  Moreover, pursuant to paragraph 9 hereof, the
holders of the Surviving Obligations are granted certain adequate protection
Liens on all Collateral upon which they were not granted Liens prior to the
Petition Date.  As set forth below, the
Surviving Obligations shall remain outstanding after consummation of the Post-Petition
Financing and the Liens upon the Collateral securing the Surviving Obligations
other than the Pari Passu Obligations shall be subordinated to the Obligations
and the Liens (as hereinafter defined) granted pursuant to the Loan Documents
and this Order pursuant to the 

 8
 

terms and conditions of the Intercreditor Agreement,
and the Liens securing the Pari Passu Obligations and the Liens granted
pursuant to the Loan Documents shall be pari  passu.  As set forth below, the priority of the
Pre-Petition Permitted Liens other than those securing the Surviving
Obligations shall remain unaffected by this Order.  Finally, the Post-Petition Financing will
enable the Debtors to continue operating their business at a lower cost and
thereby preserve and enhance the value of the Collateral for all entities,
including, without limitation, the holders of the Specified Primed Liens, the
holders of any Pre-Petition Permitted Lien and the holders of any other valid,
perfected and enforceable pre-petition Lien upon the Collateral (collectively,
with the Specified Primed Liens and the Pre-Petition Permitted Liens, the “Pre-Petition
Liens”).   Therefore, all Pre-Petition
Liens are adequately protected with respect to the Post-Petition Liens (as
hereinafter defined) granted pursuant to the Loan Documents and this Order, and
no other or further adequate protection is necessary to preserve the claims of
any entity holding a Pre-Petition Lien (except that provided by the U.S. Bank
Orders).

L.             In an effort to
identify the parties with potential Pre-Petition Liens, the Debtors conducted a
diligent review of their books and records to identify all such parties.
Counsel for the Debtors also conducted extensive searches of state UCC filings.

M.           Notice of the hearing
on the Motion and the relief requested in the Motion has been given to (i) the
Office of the United States Trustee for the Southern District of New York; (ii)
attorneys for the holders of the Repaid Obligations and the Surviving
Obligations or their duly authorized representatives; (iii) all creditors known
to the Debtors who may have or assert liens or other charges or interests
against the Collateral; and (iv) counsel for the official committee of
unsecured creditors (the “Committee”) in these Chapter 11 Cases. Based upon all
of the foregoing, sufficient and adequate notice under the circumstances of the
hearing on the 

 9
 

relief requested in the Motion has been given
pursuant to sections 102(l), 364(c), and 364(d) of the Bankruptcy Code and
Bankruptcy Rules 2002 and 4001(c).

N.            The Post-Petition
Financing has been negotiated in good faith and at arms-length between the
Debtors and the Lenders, and any credit extended and loans made to the Debtors
(the “Loans”) and Letters of Credit issued for the account of the Debtors
pursuant to the Amended Credit Agreement shall be deemed to have been extended,
issued or made, as the case may be, in good faith as required by, and within
the meaning of section 364(e) of the Bankruptcy Code, and the Lenders are
entitled to the protections of section 364(e) of the Bankruptcy Code.

O.            The terms of the
Post-Petition Financing are fair and reasonable, reflect the Debtors’
exercise of prudent business judgment consistent with their fiduciary duties,
and are supported by reasonably equivalent value and fair consideration.

P.             This Court concludes
that entry of this Order is in the best interests of the Debtors’ estates and
creditors because its implementation, among other things, will allow for the
availability to the Borrower of working capital which is necessary to sustain
the operations of the Debtors’ existing business and enhance the Debtors’
prospects for successful reorganization.

Q.            On August 8, 2006,
this Court entered a Final Order Authorizing Debtors to Obtain Secured
Post-Petition Financing on a Super Priority Basis Pursuant to 11 U.S.C. §§ 105,
362, 363, 364 and 507(b) (the “Original Order”).

R.            Each of the
foregoing findings by the Court will be deemed a finding of fact if and to the
full extent that it makes and contains factual findings and a conclusion of law
if and to the full extent that it makes legal conclusions.

Based upon the foregoing findings and conclusions, and upon the record
made before this Court at the hearing on the Motion, and good and sufficient
cause appearing therefor,

 10
 

IT IS HEREBY ORDERED that:

1.             The Motion is
granted, subject to the terms and conditions set forth in this Order,  and all objections to the Motion are resolved hereby or, to
the extent not resolved, are overruled.

2.             The Loan Parties are each expressly
authorized and empowered to execute and deliver to the Lenders the Loan
Documents, including without limitation, the Amended Credit Agreement, the
Notes (to the extent requested by the Lenders pursuant to the Loan Documents),
the Route Security Agreement, the First Amendment, the Intercreditor Agreement,
and any other document of any kind required to be executed and delivered in
connection therewith.  The Loan Parties
are each authorized and obligated to comply with and perform, and are bound by,
all of the terms, conditions and waivers contained therein, and the Loan
Parties are each authorized and obligated to repay amounts borrowed, with
interest and any other allowed charges, to the Lenders in accordance with and
subject to the terms and conditions set forth in the Loan Documents and this
Order.  None of the Loan Documents, the
Original Order nor this Order, nor any provision thereof, nor any right arising
under any thereof, shall be voidable or avoidable under section 548 of the
Bankruptcy Code, under any applicable State Uniform Fraudulent Transfer Act,
Uniform Fraudulent Conveyance Act or similar statute or common law, or
otherwise.  The Loan Parties are further
authorized and obligated to pay all facility, commitment and other fees and
expenses, including, without limitation, all reasonable fees and expenses of
professionals engaged by the A&C Agent or any Lender, in accordance with
the terms of the Amended Credit Agreement and without further order of this
Court.  All of the Obligations (as
defined in the Amended Credit Agreement), including, without limitation, all
loans made under the Amended Credit Agreement and interest thereon, together
with all

 11

 

reimbursement and other obligations in respect of
Letters of Credit issued under the Amended Credit Agreement, all Hedging
Obligations (to the extent included in the definition of Obligations under the
Amended Credit Agreement) and all fees, costs, expenses, indebtedness,
obligations and liabilities of the Loan Parties to the A&C Agent and the
Lenders under or in respect of the Loan Documents and this Order, are
hereinafter referred to as the “Obligations.”

3.             The Loan Parties
are expressly authorized to (a) borrow from the Lenders, on the terms and
subject to the conditions and limitations in availability set forth in the Loan
Documents and this Order, a total of up to $1,225,000,000 of Loans (inclusive
of Letters of Credit) and (b) guarantee all of the Obligations, all on the
terms set forth in the Loan Documents. The Borrower is authorized to use the
proceeds of the Loans, and to request the issuance of Letters of Credit under
the Amended Credit Agreement, to fund, among other things, (x) fees and expenses
(including, without limitation, reasonable attorneys’ fees and expenses) due
and payable under the Loan Documents, (y) the working capital needs of the
Borrower and its Subsidiaries from time to time, and (z) for other general
corporate purposes of the Borrower.

4.             Intentionally
Omitted.

5.             Intentionally
Omitted.

6.             Effective upon the
date of the Original Order, the automatic stay pursuant to section 362(a) of
the Bankruptcy Code, and any and all other stays and injunctions which are or
may be applicable, shall be and hereby are modified and vacated as to the
Lenders and the A&C Agent, the holders of the Pari Passu Obligations, the
holders of the Second Lien Obligations and all of the Collateral, (a) so that
if an Event of Default (as defined in the Amended Credit Agreement) occurs,
subject to paragraph 14 of this Order, the Lenders and the A&C Agent shall
be entitled to terminate the Post-Petition Financing and to exercise any
and all

 12
 

 

of their rights and remedies under the Amended Credit
Agreement, the other Loan Documents and this Order and (b) so that the Lenders
and the A&C Agent, the holders of the Pari Passu Obligations and the
holders of the Second Lien Obligations may exercise and discharge their
respective rights and obligations under the Intercreditor Agreement.  Notwithstanding anything herein to the
contrary, no Loans, Letters of Credit, cash Collateral or any portion of the
Carve-Out (as defined below) may be used to (a) object to or contest in
any manner, or raise any defenses to, the validity, perfection, priority,
extent or enforceability of the Obligations owing to the Lenders or A&C
Agent, or the liens in favor of the Lenders or A&C Agent securing such
Obligations, (b) assert any claims or causes of action against the Lenders or A&C
Agent, or their respective agents, affiliates, representatives, attorneys and
advisors, (c) prevent, hinder or intentionally delay the A&C Agent’s or any
Lender’s enforcement or realization on the cash Collateral or the Collateral in
accordance with the Loan Documents and this Order (other than exercising the
Debtors’ rights under paragraph 14 of this Order), or (d) seek to modify any of
the rights granted to the A&C Agent or the Lenders hereunder or under the
Loan Documents, in each of the foregoing cases without such parties’ prior
written consent.

7.             In accordance with
sections 364(c)(1) and 507(b) of the Bankruptcy Code, subject to paragraphs 8
and 10 below, subject to the Intercreditor Agreement, and subject to rights,
claims and causes of action arising under §§ 544-550 of the Bankruptcy Code and
the proceeds thereof (excluding actions relating to the Repaid Obligations and
the Liens securing such Repaid Obligations), the Obligations shall constitute
claims (the “Super-Priority Claims”) with priority in payment over any and all
administrative expenses of the kinds specified or ordered pursuant to any
provision of the Bankruptcy Code, including, but not limited to, sections 105,
326, 328, 330, 331, 503(b), 506(c), 507(a), 507(b) and 546(c) of the Bankruptcy
Code and

 13
 

 

shall at all times be senior to the rights of the
Debtors or any successor trustee to the extent permitted by law, and the claims
of any other creditor (including, without limitation, the holders of the
Surviving Obligations and the Repaid Obligations in the Chapter 11 Cases or any
subsequent proceedings under the Bankruptcy Code, including, without
limitation, any chapter 7 cases if any of the Debtors’ cases are converted to
cases under chapter 7 of the Bankruptcy Code, subject only to the Carve-Out.  No cost or expense of administration under
sections 105, 364(c)(1), 503(b), 506(c), 507(b) of the Bankruptcy Code or
otherwise, shall be senior to, equal to, or pari passu with, the Super-Priority
Claim of the Lenders arising out of the Obligations, subject only to the Carve-Out.  As long as no unwaived Event of Default under
the Amended Credit Agreement has occurred (each a “Carve-Out Event”), the
Debtors shall be permitted to pay compensation and reimbursement of expenses
incurred prior to a Carve-Out Event authorized to be paid under sections 330
and 331 of the Bankruptcy Code or otherwise pursuant to an order of the
Bankruptcy Court, as the same may be due and payable, and such payments shall
not reduce the Carve-Out.

8.             As security for the
Obligations, and as provided in the Loan Documents, the A&C Agent and the
Lenders shall have and are hereby granted (effective and continuing upon the
date of the Original Order and without the necessity of the execution, filing
and/or recordation by the Loan Parties of mortgages, security agreements,
financing statements or otherwise), valid and perfected security interests in
and Liens upon (the “Post-Petition Liens”) all Collateral (as defined in the
Amended Credit Agreement), including, without limitation, all Pacific Routes
and related Slots and Gate Leaseholds, as set forth in the Amended Credit

 14
 

 

Agreement (collectively with all proceeds and products
of any or all of the foregoing, the “Collateral”),(3) with the following
priority:

(a)           pursuant to section 364(c)(2) of the
Bankruptcy Code, a first priority, perfected Post-Petition Lien upon all of the
Loan Parties’ right, title and interest in, to and under all Collateral that is
not otherwise encumbered by a Pre-Petition Lien;

(b)           pursuant to section 364(c)(3) of the
Bankruptcy Code, a perfected Post-Petition Lien upon all of the Loan Parties’
right, title and interest in, to and under all Collateral that is encumbered by
a Pre-Petition Lien, subordinate to the Pre-Petition Permitted Liens; and

(c)           pursuant to section 364(d)(1) of the
Bankruptcy Code, a senior, priming, perfected Post-Petition Lien upon all of
the Loan Parties’ right, title and interest in, to and under the Collateral
that is encumbered by a Pre-Petition Lien, with priority pari  passu
with the Liens securing the Pari Passu Obligations and with priority senior to
all Liens other than the Pre-Petition Permitted Liens;

9.             As adequate
protection with respect to the Post-Petition Liens, U.S. Bank is hereby granted
Liens upon any Collateral upon which it was not granted Liens prior to the
Petition Date.  Such adequate protection
Liens shall have the same priority as U.S. Bank’s Pre-Petition Liens on the
Collateral upon which it was granted Liens prior to the Petition Date after
giving effect to this Order.  Promptly
upon the request of U.S. Bank, the Debtors shall, and are hereby authorized and
directed to, execute and deliver amendments to their pre-petition security

(3)           For
the avoidance of doubt, the Collateral will not include any “equipment” as defined
in section 1110(a)(3) of the Bankruptcy Code.

 15
 

 

documents with U.S. Bank for the sole purpose of
adding any Collateral upon which U.S. Bank was not granted Liens prior to the
Petition Date to the description of collateral under such pre-petition security
documents; provided, however, that the adequate protection Liens granted herein
shall be effective and enforceable by U.S. Bank regardless whether the Debtors
have executed and delivered such amendments.

10.           Notwithstanding any
contrary provision of this Order or the Amended Credit Agreement, including,
without limitation, paragraph 8 hereof, the Post-Petition Liens and Super-Priority
Claims granted to the A&C Agent and the Lenders pursuant to the Amended
Credit Agreement and this Order shall be subject and subordinate to (a) prior
to the occurrence of a Carve-Out Event, unpaid professional fees and
disbursements incurred by the professionals retained, pursuant to sections 327
or 1103(a) of the Bankruptcy Code, by the Debtors, the statutory committee of retired
employees and the Committee, and approved and allowed by this Court pursuant to
sections 330 and 331 of the Bankruptcy Code, the expenses of members of the
Committee and the expenses of members of the statutory committee of retired
employees, (b) following the occurrence and during the pendency of a Carve-Out
Event, the payment of allowed professional fees and disbursements incurred
after the occurrence and during the pendency of a Carve-Out Event by the
professionals retained, pursuant to sections 327 or 1103(a) of the Bankruptcy
Code, by the Debtors, the statutory committee of retired employees and the
Committee, and the expenses of (i) members of the Committee and (ii) members of
the statutory committee of retired employees, in an aggregate amount not to
exceed $30,000,000, and (c) quarterly fees required to be paid pursuant to 28
U.S.C. § 1930(a)(6) and any fees payable to the Clerk of the Bankruptcy Court
and any agent thereof (collectively, the “Carve-Out”), provided, however,
that (x) the Carve-Out shall not be used to pay professional fees and
disbursements

 16
 

 

incurred in connection with asserting any claims or
causes of action against Lenders or A&C Agent, including formal discovery
proceedings in anticipation thereof, and/or challenging any Lien of Lenders or
A&C Agent with respect to the Obligations (but may be used to exercise the
Debtor’s rights under paragraph 14 hereof), and (y) nothing herein shall be
construed to impair the ability of any party to object to any of the fees,
expenses, reimbursement or compensation described above in this paragraph 10.

11.           The Loan Parties are
each expressly authorized and empowered to execute and deliver to the Lenders
the Intercreditor Agreement.  The Loans
preserve, maintain and enhance the going concern value of the Debtors and,
other than as provided in this Order, the Intercreditor Agreement and the U.S.
Bank Orders no other or further adequate protection within the meaning of
sections 361 and 364 of the Bankruptcy Code is necessary to preserve the claims
of any entity, including, without limitation, the claims of the holders of any
Pre-Petition Liens.  In the event that it
is subsequently determined that the holders of any Pre-Petition Liens are or
become entitled to the priority status set forth in section 507(b) of the
Bankruptcy Code, such priority treatment shall be subject and subordinate to
the Carve-Out and the Obligations.

12.           None of the Debtors,
the Debtors’ estates or the Debtors’ professionals shall assert a claim under
section 506(c) of the Bankruptcy Code for any costs and expenses incurred in
connection with the preservation, protection or enhancement of, or realization
by the A&C Agent or Lenders upon, the Collateral.  The Lenders shall not be subject to the
equitable doctrine of “marshaling” or any other similar doctrine with respect
to any Collateral.  Neither the A&C
Agent nor any of the Lenders shall be required to file or serve financing
statements, mortgages, notices of lien or similar instruments which otherwise
may be required under federal or state law in any jurisdiction, or take any
action, including taking possession, to validate and

 17
 

 

perfect the Post-Petition Liens.  If, however, the A&C Agent or any Lender,
in their sole discretion, shall determine to file any such financing statements,
mortgages, agreements, notices of lien or similar instruments, or to otherwise
confirm perfection of such Post-Petition Liens, the Debtors are obligated to
cooperate with and assist in such process to the extent provided in the Amended
Credit Agreement, and all such documents shall be deemed to have been perfected
at the time of and on the date of the Original Order, and shall be and hereby
are deemed and adjudicated senior to any other post-petition filing by
any other person or entity with respect to the same collateral.

13.           As long as any
portion of the Obligations remains unpaid, or any Loan Document remains in
effect (without prejudice to other Events of Default set forth in the Amended
Credit Agreement), it shall constitute an Event of Default if (a) there shall
be entered any order dismissing any of the Chapter 11 Cases, or an order with
respect to any of the Chapter 11 Cases shall be entered by the Bankruptcy
Court, or the Debtors shall file an application for an order, converting any of
the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code, (b)
there shall be entered any order appointing a chapter 11 trustee in any of the
Chapter 11 Cases, (c) there shall be entered any order staying, reversing,
vacating or otherwise modifying, in each case without the prior written consent
of the A&C Agent, the Amended Credit Agreement, the Original Order or this
Order, (d) there shall be appointed an examiner in any of the Chapter 11 Cases
having enlarged powers (beyond those set forth under sections 1106(a)(3) and
(4) of the Bankruptcy Code), or (e) there shall be entered in any of the
Chapter 11 Cases or any subsequent chapter 7 case any order which authorizes
under any section of the Bankruptcy Code, including section 105 or 364 of the Bankruptcy
Code, (i) the granting of any lien or security interest in the Collateral in
favor of any party other than the A&C Agent and the Lenders, or (ii)

 18
 

 

the obtaining of credit or the incurring of
indebtedness that is entitled to super-priority administrative status, in
either case equal or superior to that granted to the A&C Agent and the
Lenders pursuant to this Order, or the Debtors seek any of the foregoing relief
in this paragraph 12; unless, in connection with any transaction cited in
clause (e)(i) or (e)(ii) of this paragraph 12, such order requires that the
Obligations shall first be indefeasibly paid in full in cash (including cash
collateralization of all Letters of Credit). 
Otherwise, and in addition to creating an Event of Default, the Debtors,
on behalf of their estates, expressly waive any right to request this Court’s
approval of such a transaction.

14.           Upon the occurrence
of and during the continuance of an Event of Default (copies of which default
provisions are attached hereto as Appendix A to this Order and
incorporated herein by reference), the A&C Agent and the Lenders may,
acting pursuant to the Amended Credit Agreement, exercise rights and remedies
and take all or any of the following actions without further relief from the
automatic stay pursuant to section 362(a) Bankruptcy Code or any other
applicable stay or injunction (which have been modified and vacated, as
heretofore ordered, to the extent necessary to permit such exercise of rights
and remedies and the taking of such actions) or further order of or application
to this Court: (a) terminate the Commitment and thereafter cease to issue
Letters of Credit or make Loans to the Loan Parties; (b) declare the principal
of and accrued interest, fees and other liabilities constituting the
Obligations to be due and payable; (c) set-off amounts in any of the Loan
Parties’ accounts maintained with a Lender or otherwise enforce rights against
any Collateral in the possession of the A&C Agent or Lenders; (d) charge a
default rate of interest as set forth in the Loan Documents; and/or (e) take
any other action or exercise any other right or remedy permitted to the Lenders
under the Loan Documents, this Order, or by operation of law; provided,
however,

 19

that the A&C Agent and the Lenders may not
exercise their rights under clauses (c) or (e) without first providing five
business days’ written notice to counsel for the Debtors and the
Committee.  The Debtors waive any right
to seek relief under the Bankruptcy Code, including, without limitation, under
section 105, to the extent any such relief would in any way restrict or impair
the rights and remedies of the A&C Agent or the Lenders set forth in this
Order and in the Loan Documents.  If any
of the Debtors or any other person challenges the occurrence of an Event of
Default, any such objector’s remedy shall be, and hereby is, limited to
requesting a hearing before this Court on two business days’ written notice to
Lenders and the A&C Agent for the purpose of seeking relief consistent with
this Order and the Loan Documents and, at such hearing, obtaining such relief
if ordered by the Court.  Lenders and the
A&C Agent shall be permitted immediately to take any action described in
clauses (a), (b) and (d) above, but unless the Court orders otherwise, Lenders
and the A&C Agent shall not take the actions described in clauses (c) or
(e) above pending any such hearing.

15.           The Debtors are
authorized to perform all acts, and execute and comply with the terms of such other
documents, instruments and agreements in addition to the Loan Documents, as the
A&C Agent or the Lenders or U.S. Bank may reasonably require, as evidence
of and for the protection of the Obligations and the Pari Passu Obligations, or
which otherwise may be deemed reasonably necessary by the A&C Agent or the
Lenders or U.S. Bank to effectuate the terms and conditions of this Order and
the Loan Documents.  The Debtors, the
A&C Agent and the Lenders are hereby authorized to implement, in accordance
with the terms of the Amended Credit Agreement, any non-material
modifications (including, without limitation, any change in the number or
composition of the Lenders) of the Amended Credit Agreement without further
order of this Court.

 20
 

16.           Without limiting the
rights of access and information afforded the A&C Agent and the Lenders
under the Loan Documents, the Loan Parties shall be required to afford
representatives, agents and/or employees of the A&C Agent and the Lenders
reasonable access to the Loan Parties’ premises and their records in accordance
with the Loan Documents and shall cooperate, consult with, and provide to such
persons all such non-privileged information and information not subject
to a binding confidentiality agreement, as they may reasonably request.

17.           The Loan Parties
shall be liable for all Obligations.

18.           Having been found to
be extending credit, issuing Letters of Credit and making Loans to the Loan
Parties in good faith, based on the record before this Court, the A&C Agent
and the Lenders shall be entitled to the full protection of section 364(e) of
the Bankruptcy Code with respect to the Obligations and the Post-Petition Liens
created, adjudicated or authorized by the Original Order and this Order
(including, without limitation, the priming liens granted herein) in the event
that the Original Order or this Order or any finding, adjudication, or
authorization contained herein is stayed, vacated, reversed or modified on
appeal.  Any stay, modification, reversal
or vacation of the Original Order or this Order shall not affect the validity
of any Obligations of the Loan Parties to the A&C Agent or the Lenders
incurred pursuant to the Original Order or this Order.  Notwithstanding any such stay, modification,
reversal or vacation, all Loans made and all Letters of Credit issued pursuant
to the Original Order and this Order and the Amended Credit Agreement and all
Obligations incurred by the Loan Parties pursuant hereto prior to the effective
date of any such stay, modification, reversal or vacation shall be governed in
all respects by the original provisions of the Original Order and hereof, and
the A&C Agent and the Lenders shall be entitled to all the rights,
privileges and benefits, including without

 21
 

limitation, the liens, security interests and first
priorities granted herein with respect to all such Obligations.

19.           The provisions of
this Order and any actions taken pursuant hereto shall survive entry of any
order (a) confirming any plan of reorganization in the Chapter 11 Cases (and,
to the extent not satisfied in full in cash or converted into the Exit
Facilities in accordance with the terms of the Amended Credit Agreement, the
Obligations shall not be discharged by the entry of any such order, or pursuant
to section 1141(d)(4) of the Bankruptcy Code, the Debtors having hereby waived
such discharge); (b) converting any of the Chapter 11 Cases to a chapter 7
case; or (c) dismissing any of the Chapter 11 Cases, and the terms and
provisions of this Order as well as the Super-Priority Claims and
Post-Petition Liens granted pursuant to this Order and the Loan Documents shall
continue in full force and effect notwithstanding the entry of such order, and
such Super-Priority Claims and Post-Petition Liens shall maintain their
priority as provided by this Order until all of the Obligations are
indefeasibly paid in full in cash and discharged.

20.           To the fullest
extent permitted by law, the provisions of this Order and the Loan Documents
shall be binding upon and inure to the benefit of the A&C Agent, the
Lenders, the Debtors, and their respective successors and assigns, including
any trustee or other fiduciary hereafter appointed in the Chapter 11 Cases or
in subsequent chapter 7 cases as a legal representative of the Debtors or their
estates.

21.           To the extent any
holder of a Pre-Petition Lien can demonstrate that it did not receive actual or
constructive notice of the Motion, its sole and exclusive remedy is, and shall
be limited to, requesting that other or additional adequate protection of its
Pre-Petition Lien be provided by the Debtors. 
The priming liens and all other rights granted to the A&C Agent and
Lenders pursuant to this Order shall not be affected thereby in any way.

 22
 

22.           The A&C Agent
and the Lenders are hereby relieved of the requirement to file proofs of claim
in these Chapter 11 Cases with respect to any Obligations and any other claims
or liens granted hereunder or created hereby.

23.           Nothing in this
Order or in any of the Loan Documents or any other documents related to this
transaction shall in any way be construed or interpreted to impose or allow the
imposition upon the A&C Agent or the Lenders any liability for any claims
arising from the prepetition or post-petition activities of the Debtors in the
operation of their business, or in connection with their restructuring
efforts.  The A&C Agent and the
Lenders shall not be deemed to be in control of the operations of the Debtors
or to be acting as a “responsible person” or “owner or operator” with respect
to the operation or management of the Debtors (as such terms, or any similar
terms, are used in the United States Comprehensive Environmental Response,
Compensation and Liability Act, 29 U.S.C. §§9601 et. seq.
as amended, or any similar federal or state statute).

24.           Prior to the date
that the DIP Facilities are converted into the Exit Facilities, the parties to
the Amended Credit Agreement may enter into waivers, consents or amendments
thereto in accordance with the terms and conditions of the Amended Credit
Agreement without further order of this Court, provided that (i) the agreement
as so modified is not materially more adverse to the Debtors than that
approved, (ii) notice of all amendments is filed with this Court, and (iii)
notice of all amendments (other than those that are ministerial or technical
and do not adversely affect the Debtors) are provided in advance to counsel for
the Committee, all parties required to be served pursuant to prior orders of
this Court governing notice, and the U.S. trustee.

 23
 

25.           To the extent any
provision of this Order conflicts with any provision of the Motion or any Loan
Document, the provisions of this Order shall control.  Nothing herein shall modify or impair any
Liens or security interests in favor of U.S. Bank on any assets of the Debtors
other than the Collateral, including, without limitation, liens or security
interests in the Holdback Amount (defined in the U.S. Bank Orders), as the same
may increase or decrease from time to time, or other cash collateral accounts
or other rights provided to U.S. Bank under the U.S. Bank Orders.

26.           The Court has and
will retain jurisdiction to enforce this Order according to its terms.

27.           This Order shall
become effective and supercede the Original Order upon the satisfaction or
waiver of all conditions precedent to the effectiveness of the First Amendment
set forth in Section 3(a) of the First Amendment.

28.           Upon the Exit
Facilities Conversion Date, this Order shall be of no further force and effect.

Dated:    February     , 2007

New York, New York

	
   

  	
   

  	
   

  
	
  

  	
   

  	
  UNITED STATES BANKRUPTCY JUDGE

  

 

 24

Appendix A

Events of Default

a.             the Borrower shall fail to pay any principal of any Loan
when due in accordance with the terms hereof; or the Borrower shall fail to pay
any interest on any Loan, or any other amount payable hereunder or under any
other Loan Document, within five Business Days after any such interest or other
amount becomes due in accordance with the terms hereof, provided that
the Administrative Agent shall have informed the Borrower of the amount owing;
or

b.             any representation or warranty made or deemed made by
any Loan Party herein or in any other Loan Document or that is contained in any
certificate furnished by it at any time under or in connection with this
Agreement or any such other Loan Document shall prove to have been inaccurate in
any material respect on or as of the date made or deemed made, and such default
shall continue unremedied for a period of 30 days after written notice to the
Borrower by the Administrative Agent or the Required Lenders; or

c.             any loan party shall default in the observance or
performance of any agreement contained in sections 6.15(b), 6.16(d), 7.3 (other
than any default resulting from a nonconsensual lien), 7.4, 7.5 or 7.6; or

d.             any Loan Party shall default in the observance or
performance of any other agreement contained in this Agreement or any other
Loan Document (other than as provided in paragraphs (a) through (c) of this
Section), and such default shall continue unremedied for a period of 30 days
(or 15 days in the case of Section 7.1) after notice to the Borrower from the
Administrative Agent or the Required Lenders; or

e.             at any time prior to the Exit Facilities Conversion Date
if any of the following would give rise to an administrative claim under the
Bankruptcy Code, including, but not limited to, those administrative claims
arising under sections 105, 326, 328, 330, 331, 503(b), 506(c), 507(a), 507(b),
546(c) or 726 of the Bankruptcy Code and at any time subsequent to the Exit
Facilities Conversion Date, (i) Holdings or any of its Subsidiaries shall (x)
default in making any payment of any Indebtedness (excluding the Obligations)
which default is in excess of $10,000,000 beyond the period of grace, if any,
provided in the instrument or agreement under which such Indebtedness was
created; or (y) default in the observance or performance of any other agreement
or condition relating to any Indebtedness (excluding the Obligations) if such
Indebtedness is in excess of $25,000,000 in the case of any one issue of
indebtedness or in excess of $50,000,000 in the case of all such Indebtedness
when aggregated with all Lease claims described in clause (iii)(y) or contained
in any instrument or agreement evidencing, securing or relating thereto, or any
other event shall occur or condition exist, the effect of which default or
other event or condition is to cause, or to permit the holder or holders-of
such Indebtedness (or a trustee or agent on behalf of such holder or holders)
to cause, any such Indebtedness to become due prior to its stated maturity; or
(ii) any Indebtedness (other than the Obligations), individually in excess of
$25,000,000, or in the aggregate in excess of $50,000,000 (when aggregated with
all Lease claims described in clause (iii)(y)), of any Loan Party or any of its
Subsidiaries shall be declared to be due and payable, or required to be prepaid
other than by a regularly scheduled required prepayment, prior to the stated
maturity thereof; or (iii) any Loan Party or any of its Subsidiaries shall
default in the observance or performance of any agreement or condition relating
to any Lease if (x) the default is with respect to any payment in excess of
$10,000,000 beyond the period of grace (not to exceed 10 days), if any,
provided in the Lease or (y) the effect of such default is to give the lessor pursuant
to such Lease a claim against any Loan Party (after deducting from such claim
the value of the property subject to such Lease) in excess of $25,000,000 in
the case of any one Lease or in excess of $50,000,000 in the case of all Leases
and all Indebtedness described in clause (i)(y) or (ii) of this Section, or

f.              At any time subsequent to the Exit Facilities
Conversion Date, (i) any Loan Party or any of its Significant Subsidiaries
shall commence any case, proceeding or other action (A) under any existing or
future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for
relief entered with respect to it, or seeking to adjudicate it a bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or its
debts, or (B) seeking appointment of a receiver, trustee, conservator,
custodian or other similar official for all or substantially all of its assets,
or any Loan Party or any of its Significant Subsidiaries shall make a general
assignment for the benefit of its creditors; or (ii) there shall be commenced
against any Loan Party or any of its Significant Subsidiaries any case,
proceeding or other action of a nature referred to in clause (i) above that (A)
results in the entry of an order for relief or any such adjudication or
appointment or (B) remains undismissed, undischarged and unbonded for a period
of 60 days; or (iii) there shall be commenced against any Loan Party or any of
its Significant Subsidiaries any case, proceeding or other action seeking
issuance of a warrant of attachment, execution, distraint or similar process
against all or substantially all of its assets that results in the entry of an
order for any such relief that shall not have been vacated, discharged, stayed
or bonded pending appeal within 60 days from the entry thereof; or (iv) any
Loan Party or any of its Significant Subsidiaries shall take any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in,
any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Loan
Party or any of its Significant Subsidiaries shall generally not, or shall be
unable to, or shall admit in writing its inability to, pay its debts as they
become due; or

g.             ERISA, 
After the Exit Facilities Conversion Date,

i.              any “reportable event” as described in Section 4043 of
ERISA or the regulations thereunder (excluding those events for which the
requirement for notice has been waived by the PBGC), or any other event or
condition, which the Required Lenders determine constitutes reasonable grounds
under Section 4042 of ERISA for the termination of any Pension Plan by the PBGC
or for the appointment by the appropriate United States District Court of a
trustee to administer or liquidate any Pension Plan shall have occurred; or

ii.             a trustee shall be appointed by a United States District
Court to administer any Pension Plan; or

iii.            the PBGC shall institute proceedings to terminate any
Pension Plan or to appoint a trustee to administer any Pension Plan; or

iv.            Holdings or any of its ERISA Affiliates shall become
liable to the PBGC or any other party under Section 4062, 4063 or 4064 of ERISA
with respect to any Pension Plan; or

v.             Holdings or any of its ERISA Affiliates shall become
liable to any Multiemployer Plan under Section 4201 et  seq. of
ERISA; or

vi.            any Pension Plan shall fail to satisfy the minimum
funding standard required for any plan year or part thereof unless a waiver of
such standard or extension of any amortization period is granted under Section
412 of the Code; or

vii.           a contribution required to be made to a Pension Plan or a
Multiemployer Plan has not been timely made; or

viii.          any Loan Party or any Subsidiary of Holdings or any ERISA
Affiliate has incurred or is likely to incur a liability to or on account of a
Plan under Section 502(i), or 502(l) of ERISA or Section 4975 of the Code; or

ix.            any Loan Party or any Subsidiary of any Loan Party has
incurred or is likely to incur liabilities pursuant to one or more employee
welfare benefit plans (as defined in Section 3(1) of ERISA) that provide
benefits to retired employees or other former employees (other than as required
by Section 601 of ERISA) or employee pension benefit plans (as defined in
Section 3(2) of ERISA) other than Pension Plans;

if as of the date thereof or any subsequent date,
the sum of each Loan Party’s and its ERISA Affiliates’ various liabilities
(such liabilities to include, without limitation, any liability to the PBGC or
to any other party under Section 4062, 4063 or 4064 of ERISA with respect to
any Pension Plan, or to any Multiemployer Plan under Section 4201 et  seq.
of ERISA, and to be calculated after giving effect to the tax consequences
thereof) as a result of such events listed in subclauses (i) through (ix) above
exceeds $100,000,000; or

h.             one or more judgments or decrees shall be entered
against any Loan Party or any of its Subsidiaries involving a liability of
$25,000,000 or more in the case of any one such judgment or decree or
$50,000,000 or more in the aggregate for all such judgments and decrees (in
each case to the extent not paid or fully covered by insurance provided by a
carrier that has acknowledged coverage) and any such judgments or decrees shall
not have been vacated, discharged, satisfied or stayed or bonded pending appeal
within 60 days from the entry thereof, or

i.              the guarantee contained in Section 9 shall cease, for
any reason, to be in full force and effect or any Loan Party or any Affiliate
of any Loan Party shall so assert; or

j.              any of the Security Documents shall cease, for any
reason, to be in full force and effect, or any Loan Party, any Affiliate of any
Loan Party or any party to the Intercreditor Agreement shall so assert, or any
Lien created by any of the Security Documents shall cease to be enforceable and
of the same effect and priority purported to be created thereby or any Loan
Party shall assert in writing the invalidity, unenforceability or lack of
priority of such Liens; or

k.             the number of Flights by the Borrower during any fiscal
quarter using the Pacific Routes declines by more than 25% from the number of
Flights by the Borrower using the Pacific Routes during the corresponding
quarterly period in the fiscal year ending December 31, 2004 (and calculated in
the same manner); or

l.              the aggregate number of Disposed Japanese Foreign Slots
plus Unavailable Japanese Foreign Slots shall exceed 15% of the Base Number of
Japanese Foreign Slots; or

m.            prior to the Exit Facilities Conversion Date, the Cases
shall be dismissed (or the Bankruptcy Court shall make a ruling requiring the
dismissal of the Cases), suspended or converted to a case under chapter 7 of
the Bankruptcy Code, or any Loan Party shall file any pleading requesting any
such relief; or a motion shall be filed by any Loan Party for the approval of,
or there shall arise, (i) any other Claim having priority senior to or pari passu with the claims of the Lenders under the Loan
Documents or any other claim having priority over any or all administrative
expenses of the kind specified in clause (b) of Section 503 or clause (b) of
Section 507 of the Bankruptcy Code (other than the Carve-Out) or (ii) any Lien
on the Collateral having a priority senior to or pari passu
with the Liens and security interests granted herein, except as expressly
provided herein and in the DIP Order; or

n.             (i) prior to the Exit Facilities Conversion Date, the
DIP Order shall cease to be in full force and effect, (ii) the Loan Parties
shall fail to comply with the terms of the DIP Order in any material respect or
(iii) the DIP Order shall be amended, supplemented, stayed, reversed, vacated
or otherwise modified (or any Loan Party shall apply for authority to do so) in
any respect materially adverse to the Lenders without the written consent of
the Required Lenders (or any Loan Party shall file, or otherwise support, any
pleading seeking such relief described in this subparagraph); or

o.             prior to the Exit Facilities Conversion Date, the
Bankruptcy Court shall enter an order appointing a trustee under chapter 7 or
chapter 11 of the Bankruptcy Code, or a responsible officer or an examiner with
enlarged powers relating to the operation of the business (powers beyond those
set forth in subclauses (3) and (4) of clause (a) of Section 1106 of the
Bankruptcy Code) under clause (b) of Section 1106 of the Bankruptcy Code in any
of the Cases (or any Loan Party shall file, or otherwise support, any pleading
seeking such relief described in this subparagraph); or

p.             prior to the Exit Facilities Conversion Date, the
exclusive period that the Loan Parties have to file a Plan of Reorganization
under the Cases shall terminate or be otherwise lifted without the Loan Parties
having filed such a plan, or a Plan of Reorganization is filed which, except as
contemplated by Section 5.5, does not provide for the payment in full in cash
of the Obligations on or prior to the date of consummation thereof; or

q.             prior to the Exit Facilities Conversion Date, the Loan
Parties or any of their Subsidiaries shall support (in any such case by way of
any motion or other pleading filed with the Bankruptcy Court or any other
writing to another party-in-interest executed by or on behalf of the Loan
Parties or any of their Subsidiaries) any other Person’s opposition of any
motion made in the Bankruptcy Court by the Lenders seeking confirmation of the
amount of the Lenders’ claim (exclusive of any bona fide dispute regarding the
amount of such claim) or the validity and enforceability of the Liens in favor
of the Collateral Agent; or

r.              prior to the Exit Facilities Conversion Date, the Loan
Parties or any of their Subsidiaries shall seek to, or shall support (in any
such case by way of any motion or other pleading filed with the Bankruptcy
Court or any other writing to another party-in-interest executed by or on
behalf of the Loan Parties or any of their Subsidiaries) any other Person’s
motion to, disallow in whole or in part the Lenders’ claim in respect of the
Obligations (exclusive of any bona fide dispute regarding the amount of such
claim) or to challenge the validity and enforceability of the Liens in favor of
the Collateral Agent, (ii) such Liens and/or super-priority claims shall
otherwise cease to be valid and perfected in all respects or (iii) such Liens
and/or super-priority claims shall otherwise cease to be enforceable in any
material respect.

Appendix B

First Amendment
(see Exhibit 10.1 to 10-Q)

Exhibit B to the First Amendment, dated as of March 9,
2007, to the Northwest Airlines, Inc. Credit Agreement

(attached)

CERTIFICATE

References are hereby made to (i) the Super Priority
Debtor in Possession and Exit Credit and Guarantee Agreement, dated as of
August 21, 2006 (the “Credit Agreement”; terms defined therein being
used herein as therein defined), among Northwest Airlines Corporation (“Holdings”),
Northwest Airlines Holdings Corporation (“NWAC”), NWA Inc. (“NWA”),
Northwest Airlines, Inc. (the “Borrower”), the Documentation Agent,
Co-Documentation Agent, Syndication Agent, Co-Syndication Agent, Co-Arrangers,
and Joint Lead Arrangers named therein, Lenders from time to time party
thereto, and Citicorp USA, Inc., as Administrative Agent (the “Administrative
Agent”) and (ii) the First Amendment to the Credit Agreement, dated as of
the date hereof, among Holdings, NWAC, NWA, Borrower, Lenders party thereto and
the Administrative Agent.

The undersigned Senior Vice President and Treasurer of
each of the Borrower, Holdings, NWAC and NWA (each, a “Certifying Loan Party”)
hereby certifies that the representations and warranties of each Certifying
Loan Party set forth in each of the Loan Documents to which it is a party or
which are contained in any certificate furnished by or on behalf of such
Certifying Loan Party pursuant to any of the Loan Documents to which it is a
party are true and correct in all material respects on and as of the date
hereof with the same effect as if made on the date hereof, except for
representations and warranties expressly stated to relate to a specific earlier
date, in which case such representations and warranties were true and correct
in all material respects as of such earlier date.

The undersigned Secretary of each Certifying Loan
Party certifies as follows:

1.             There
are no liquidation or dissolution proceedings pending or to my knowledge
threatened against any Certifying Loan Party, not has any other event occurred
adversely affecting or threatening the continued corporate existence of any
Certifying Loan Party.

2.             Each
Certifying Loan Party is a corporation duly incorporated, validly existing and
in good standing under the laws of the jurisdiction of its organization.

3.             Annex
2, Annex 3, Annex 4 and Annex 5 attached to the
Closing Certificate dated August 21, 2006 are, respectively, the true and
complete copies of the Amended and Restated Bylaws of the Borrower, the Amended
and Restated Bylaws of Holdings, the Amended and Restated Bylaws of NWAC and
the Amended and Restated Bylaws of NWA, each as in effect on the date hereof.

4.             Annex
6, Annex 7, Annex 8 and Annex 9 attached to the
Closing Certificate dated August 21, 2006 are, respectively, the true and
complete copies of the Restated Articles of Incorporation of the Borrower, the
Restated Certificate of Incorporation of Holdings, the Second Amended and
Restated Certificate of Incorporation of NWAC, and the Restated Certificate of
Incorporation of NWA, each as in effect on the date hereof.

IN
WITNESS WHEREOF, the undersigned have herein set our names as of the date set
forth below.

	
   

  	
   

  	
   

  
	
  Name: Daniel B. Matthews

  	
   

  	
  Name: Michael L. Miller

  
	
  Title: Senior
  Vice President and Treasurer

  	
   

  	
  Title: Secretary

  
	
   

  	
   

  	
   

  
	
  Date: March ___,
  2007

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